Qualifying Letter of Credit definition

Qualifying Letter of Credit means any legally enforceable and irrevocable letter of credit that is —

Qualifying Letter of Credit means an irrevocable unconditional stand by letter of credit substantially in the form of Exhibit I to the Participation Agreement, issued by a Qualifying Letter of Credit Bank.

Qualifying Letter of Credit means an irrevocable standby letter of credit, substantially in the form of Exhibit D hereto (or in such other form as may be acceptable to, and approved in writing by, the Initial Member), duly issued by an Issuing Bank that is, as of the date of issuance thereof, a Qualified Issuer and delivered to the Initial Member, drawable at such Issuing Bank’s offices in New York City, NY or Washington, D.C., and having an initial term of one year with automatic renewals thereafter (without amendment except for extension of the then current expiry date by an additional year) until the Initial Member has delivered written notice to the Issuing Bank to the effect that such Qualifying Letter of Credit is being released in its entirety.

Examples of Qualifying Letter of Credit in a sentence

• Under no circumstances will the Initial Member be deemed or construed to have waived its right to draw upon any Qualifying Letter of Credit, to proceed against the Private Owner Pledged Account, to foreclose upon the Private Owner Interest or to exercise any of its other rights or remedies unless such waiver is in writing and executed by a duly authorized representative of the Initial Member.

• Any remaining unapplied proceeds (from an exercise of remedies by the Initial Member against the rights of the Private Owner to the Secured Assets or any Qualifying Letter of Credit) so held by the Initial Member will be released in accordance with Section 3.13(i) below.

• Any form of security including cash deposit, surety bond, collateral, property, Qualifying Letter of Credit, or instrument of credit in an amount and form satisfactory to the Planning Board.

• In the event that the Private Owner determines to fulfill its obligation, either in part or in whole, to provide the Additional Security by issuance of a Qualifying Letter of Credit, the Private Owner must cause the issuance and delivery to the Initial Member, on the Closing Date, of a single Qualifying Letter of Credit.

• In the event that the Private Owner determines to fulfill its obligation to provide the Additional Security by issuance of a Qualifying Letter of Credit, the Private Owner must cause the issuance and delivery to the Initial Member, on the Closing Date, of a single Qualifying Letter of Credit in the full amount of such Additional Security.

More Definitions of Qualifying Letter of Credit

Qualifying Letter of Credit as defined in the Participation Agreement (F4) or other collateral substituting or replacing any of the foregoing instruments.

Qualifying Letter of Credit means an irrevocable standby letter of credit (a) delivered to (and naming as sole beneficiary thereunder) the Initial Member substantially in the form of Exhibit D to the LLC Operating Agreement (or in such other form as may be acceptable to, and approved in writing by, the Initial Member), duly issued by an Issuing Bank that is, as of the date of issuance thereof, a Qualified Issuer, (b) drawable either (i) at such Issuing Bank’s offices in New York City, NY or Washington, D.C. or (ii) through a letter of credit department located at its offices in another city which permits presentation and drawing on such letters of credit by facsimile transmission of documents to such office (provided, however, that, with respect to this clause (ii), such Qualified Issuer must confirm to the Initial Member that such Qualified Issuer’s standard institutional practice is to permit presentation and drawing on such letters of credit by facsimile transmission of documents to such office), and (c) having an initial term of one year with automatic renewals thereafter (without amendment except for extension of the then current expiry date by an additional year) until the Initial Member has delivered written notice to the Issuing Bank to the effect that such Qualifying Letter of Credit is being released in its entirety.

Qualifying Letter of Credit means an irrevocable standby letter of credit with an initial term of at least one year for the benefit of Authority, issued by a U.S. commercial bank or a U.S. branch of a foreign bank with such bank having (a) a Credit Rating of at least “A-” from S&P or Fitch or “A3” from Moody’s, and (b) total assets (determined in accordance with generally accepted accounting principles in the United States of America as in effect from time to time) of at least $ (XXX Dollars), and which letter of credit (i) is substantially in the form of Exhibit ## or another form of letter of credit reasonably satisfactory to the Authority, (ii) permits automatic renewal of the relevant Qualifying Letter of Credit for (which may be subject to an outside stated expiration date), and (iii) may be utilized by the beneficiary Party to satisfy all present and future payment obligations of the other Party under this Agreement when due.

Qualifying Letter of Credit has the meaning given in the LLC Operating Agreement. “Rating Agencies” means each of Standard and Poor’s Ratings Service, a division of The XxXxxx-Xxxx Companies, Inc., Fitch, Inc., or Xxxxx’x Investors Service and such other rating agencies as are nationally recognized.

Qualifying Letter of Credit means a Letter of Credit (a) for which the related Underlying Instruments require the Issuer to fully collateralize the Issuer's obligations to the related LOC Agent Bank or obligate the Issuer to make a deposit into a trust in an aggregate amount equal to the related LC Commitment Amount and (b)(1) the collateral posted by the Issuer to the LOC Agent Bank is in the form of, or the proceeds of the deposit made by the Issuer with the LOC Agent Bank are required to be invested in, Eligible Investments (or investments substantially similar to Eligible Investments) and (2) the collateral posted by the Issuer is held by, or the Issuer's deposit is made in a qualifying depository institution meeting the requirements set forth in Section 10.1.

Qualifying Letter of Credit means a letter of credit in the form of letter of credit set forth in the Master Netting Agreement and issued by a financial institution whose (a) short-term senior unsecured debt rating is “Prime-1” and its long-term, unsecured and unsubordinated debt obligations are rated “Aa2” or above by Moody’s, and (b) short-term senior unsecured debt rating is “A-1” or above and its long-term senior unsecured debt rating is “AA” or above. Table of Contents

Qualifying Letter of Credit as defined in the Participation Agreement (N6) or other collateral substituting or replacing any of the foregoing instruments.