Purchaser Letter of Credit definition

Purchaser Letter of Credit means an unconditional, irrevocable letter of credit issued by a Qualified Issuer on behalf of Purchaser in form and substance satisfactory to Seller in Seller’s reasonable discretion.
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Purchaser Letter of Credit means the letter of credit to be issued to the Contractor by an international first class bank on behalf of the Purchaser for an amount equal to the Contract Price less the Advance Payment and less the Deposit, have validity as provided in Appendix 2 hereunder and, to be issued within 10 (ten) days of the payment of Advance Payment which is to be in the form provided in Appendix 15.
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Purchaser Letter of Credit means the letter of credit in the form of Annex III to this Agreement
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Examples of Purchaser Letter of Credit in a sentence

  • Purchaser shall have the right in its sole discretion to post a Purchaser Letter of Credit or a Purchaser Guaranty (or a combination thereof) for its security posting obligations under this Section so long as such security meets the requirements for such security set out in this Article 17.

  • If the Purchaser Guarantor ceases to be an Acceptable Guarantor, then Purchaser shall be required to either (i) provide a replacement Purchaser Guaranty from a different Acceptable Guarantor, or (ii) replace the Purchaser Guaranty provided by the unqualified Purchaser Guarantor with a Purchaser Letter of Credit meeting the criteria set forth in this Article 17, in each case, no later than ten (10) Business Days after such the Purchaser Guarantor ceases to be an Acceptable Guarantor.

  • Purchaser shall have delivered to the Shareholders a letter of credit issued by a major U.S. or U.K banking institution reasonably acceptable to the Shareholders in the face amount of $31.5 million (the "Purchaser Letter of Credit"), which Purchaser Letter of Credit shall be in form and substance reasonably satisfactory to the Shareholders.

  • Purchaser shall have (i) obtained and delivered to Parent a full and unconditional release of all of the obligations of Parent and its Affiliates (other than the Companies) with respect to each Parent Guarantee, each of which releases shall be reasonably acceptable to Parent or (ii) delivered to Parent cash collateral or a Purchaser Letter of Credit in an amount equal to the maximum aggregate amount of all Unreleased Parent Guarantees.

  • Purchaser shall have (i) obtained and delivered to Parent a full and unconditional release of all of the obligations of Parent and its Affiliates (other than the Companies) with respect to each Parent Letter of Credit, each of which releases shall be reasonably acceptable to Parent or (ii) delivered to Parent cash collateral or a Purchaser Letter of Credit in an amount equal to the aggregate amount of all Unreleased Parent Letters of Credit.

  • The Payments payable to the Contractor for the Works under the Contract shall be drawn by the Contractor from the Purchaser's Letter of Credit in accordance with the terms of such Purchaser Letter of Credit.

  • Accordingly, in the event of the occurrence of a default under Section 13.2 of this Agreement or any of the other Sale Agreements or in the event that the Purchaser Letter of Credit will expire within thirty (30) days or less, Seller shall have the right to direct Escrow Agent to draw upon the Purchaser Letter of Credit.

  • Subtenant acknowledges that, if Subtenant is asked to move, it will not be a displaced person as that term is defined under the California Government Code Section 7260 et seq.

  • Experts’ agency problems: Evidence from the prescription drug market in Japan.

  • One of the terms defined in cl 1.1 of the Conditions to the EPCC Agreement is the expression 'Purchaser Letter of Credit' to which reference is made in cl 2 of the agreement.


More Definitions of Purchaser Letter of Credit

Purchaser Letter of Credit means an irrevocable, standby letter of credit issued by a major U.S. commercial bank or the U.S. branch office of a foreign bank, which, in either case, has a Credit Rating of at least (i) “A-” by S&P and “A3” by Moody’s, if such entity is rated by both S&P and Moody’s or (ii) “A-” by S&P or “A3” by Moody’s, if such entity is rated by either S&P or Moody’s, but not both, and which letter of credit is in a form and substance reasonably acceptable to Parent.
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Purchaser Letter of Credit. A letter of credit issued by the Purchaser in favor of the Seller guaranteeing the obligations of the Purchaser, a true and correct copy of which is attached as Schedule 11.
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Related to Purchaser Letter of Credit

  • Servicer Letter of Credit means a letter of credit, surety bond or insurance policy issued by a depository institution, insurance company or financial institution having a short-term credit rating at least equal to the Required Deposit Rating and providing that the Indenture Trustee may draw thereupon in the event the Servicer fails to deposit SUBI Collections into the 20[__]-[__] SUBI Collection Account on a monthly basis.

  • Trade Letter of Credit shall have the meaning provided in Section 2.01(a).

  • U.S. Letter of Credit means any letters of credit issued or to be issued by the U.S. Issuing Bank under the U.S. Subfacility for the account of the U.S. Borrowers pursuant to Section 2.13.

  • Dollar Letter of Credit means a Letter of Credit denominated in Dollars.

  • Existing Letter of Credit means a “Letter of Credit” issued pursuant to the terms of, and as defined in, the Existing Credit Agreement and outstanding on the Closing Date and described on Schedule 1.01(B).

  • Facility Letter of Credit means a Letter of Credit issued by the Issuer pursuant to Section 2.2.

  • Underlying Letter of Credit means a letter of credit that has been issued by an Underlying Issuer.

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

  • Supporting Letter of Credit has the meaning specified in Section 1.3(g).

  • Revolving Letter of Credit means a letter of credit issued by a Revolving Fronting Bank pursuant to Section 2.03(a) and shall also include each Existing Letter of Credit.

  • Canadian Letter of Credit means a Letter of Credit that is issued pursuant to this Agreement for the account of the Canadian Borrower.

  • Evergreen Letter of Credit has the meaning set forth in Section 2.01.

  • Master Letter of Credit Agreement means, at any time, with respect to the issuance of Letters of Credit, a master letter of credit agreement or reimbursement agreement in the form, if any, being used by the Issuing Lender at such time.

  • Commercial Letter of Credit means any letter of credit which is a commercial letter of credit issued in respect of the purchase of goods or services by the Borrower or any of its Subsidiaries.

  • Eligible Letter of Credit means, as of any date of determination thereof, a Letter of Credit which supports the purchase of Inventory, (i) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued, (ii) which Inventory, when completed, otherwise would constitute Eligible Inventory, (iii) which Letter of Credit has an expiry within thirty (30) days of the date of initial issuance of such Letter of Credit, and (iv) which Letter of Credit provides that it may be drawn only after the Inventory is completed and after documents of title have been issued for such Inventory reflecting the Borrower, a Subsidiary Guarantor or the Administrative Agent as consignee of such Inventory.

  • Extended Letter of Credit has the meaning given that term in Section 2.3.(b).

  • Letter of Credit Reimbursement Agreement has the meaning specified in Section 2.4(e).

  • Acceptable Letter of Credit means a clean, unconditional, irrevocable letter of credit issued by a Wisconsin bank or any other financial institution acceptable to the commissioner which renews on an annual basis for a 3–year term unless written notice of non- renewal is given to the commissioner and the limited service health organization at least 60 days prior to the renewal date.

  • Letter of Credit Agreement has the meaning specified in Section 2.03(a).

  • Replacement Letter of Credit means any letter of credit issued pursuant to a Replacement Revolving Facility.

  • Letter of Credit Facility means, at any time, an amount equal to the amount of the Issuing Bank’s Letter of Credit Commitment at such time, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

  • Letter of Credit Amount the stated maximum amount available to be drawn under a particular Letter of Credit, as such amount may be reduced or reinstated from time to time in accordance with the terms of such Letter of Credit.

  • Letter of Credit Agreements means all letter of credit applications and other agreements (including any amendments, modifications or supplements thereto) submitted by the Borrower, or entered into by the Borrower, with the Issuing Bank relating to any Letter of Credit.

  • Request for Letter of Credit means a written request for a Letter of Credit substantially in the form of Exhibit D, together with the standard form of application for letter of credit used by the applicable Issuing Bank, signed by a Senior Officer of the applicable Borrower and properly completed to provide all information required to be provided therein.

  • Financial Letter of Credit means any Letter of Credit other than a Performance Letter of Credit.

  • Letter of Credit Documents means, with respect to any Letter of Credit, collectively, any application therefor and any other agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for (a) the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security for any of such obligations, each as the same may be modified and supplemented and in effect from time to time.