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.
Sample 1Sample 2Sample 3
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.
Sample 1Sample 2
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.
Sample 1Sample 2

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.

  • 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.

  • 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.

  • 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.

  • 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.

  • In the event that the Seller draws against any Purchaser Letter of Credit and it is subsequently determined that the Seller was not entitled so to do, then the Seller shall repay such amount to the Purchaser, together with interest thereon from the date of the draw through the date of repayment at the Delayed Payment Rate.

  • The Purchaser Letter of Credit shall be held by Escrow Agent pursuant to an Escrow Agreement in the form attached hereto as Exhibit E modified to conform to the terms of this Agreement and as required by Title Company when Title Company holds a letter of credit (“Escrow Agreement”).

  • In the event that Purchaser elects to terminate this Agreement, the parties shall have no liability to each other hereunder and Purchaser Letter of Credit shall be returned to Purchaser and the Seller Letter of Credit shall be returned to Seller.

  • If the Purchaser provides a replacement or substitute Purchaser Letter of Credit satisfactory to the Seller, the Seller shall return the original Purchaser Letter of Credit within five (5) Business Days after receipt by the Seller of such replacement.


More Definitions of Purchaser Letter of Credit

Purchaser Letter of Credit means the letter of credit in the form of Annex III to this Agreement
Sample 1Sample 2
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.
Sample 1

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 or Trust Agent, as the case may be, may draw thereupon in the event the Servicer satisfies the Monthly Remittance Condition but fails to deposit SUBI Collections into the 2019-B SUBI Collection Account by the related Deposit Date.

  • Trade Letter of Credit means any Letter of Credit that is issued under the Letter of Credit Facility for the benefit of a supplier of inventory to the Borrower or any of its Subsidiaries to effect payment for such Inventory.

  • U.S. Letter of Credit means any Letter of Credit issued hereunder for the purpose of providing credit support for any U.S. Borrower, any Domestic Subsidiary or any Foreign Subsidiary.

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

  • Existing Letter of Credit means each letter of credit issued prior to the Effective Date by a Person that shall be an Issuing Bank and listed on Schedule 2.06.

  • Facility Letter of Credit means a Letter of Credit issued hereunder.

  • Fronted Letter of Credit means a standby Letter of Credit issued by an Issuing Lender having an L/C Fronting Commitment in which each Lender purchases a risk participation pursuant to Section 3.4.

  • 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 2.3(g).

  • Revolving Letter of Credit means each letter of credit issued pursuant to Section 3.1(a)(i) (including DIP Revolving Letters of Credit deemed issued as Revolving Letters of Credit pursuant to Section 3.10).

  • Canadian Letter of Credit means any letter of credit issued by the Canadian Lender pursuant to Section 2.03. A Canadian Letter of Credit may be a commercial letter of credit or a standby letter of credit. No Letter of Credit shall be or become a Canadian Letter of Credit.

  • 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 or similar instrument issued for the purpose of providing the primary payment mechanism in connection with the purchase of any materials, goods or services by Company or any of its Subsidiaries in the ordinary course of business of Company or such Subsidiary.

  • 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 standby letter of credit, issued by a bank or financial institution acceptable to Bank in its Permitted Discretion, in form and substance satisfactory to Bank in its Permitted Discretion, in an amount equal to 105% of the Letter of Credit Usage, naming Bank as beneficiary to reimburse payments of drafts drawn under outstanding Letters of Credit.

  • 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 H, signed by a Responsible Official of Borrower, and properly completed to provide all information required to be included therein.

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