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
Contemporaneously with the execution of this Agreement and the LLC Operating Agreement, the Private Owner shall, pursuant to the applicable provisions in the LLC Operating Agreement and the Custodial and Paying Agency Agreement, establish the Private Owner Pledged Account and deliver (or cause to be delivered) to the Initial Member the Additional Secur ity, in the form of a Qualifying Letter of Credit, in an amount not less than $5,000,000.
More Definitions of Qualifying Letter of Credit
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 as defined in the Participation Agreement (P1) or other collateral substituting or replacing any of the foregoing instruments.
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 Xxxxx’x, 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 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 CONFIDENTIAL PORTIONS HAVE BEEN OMITTED FROM THIS DOCUMENT BASED UPON A REQUEST FOR CONFIDENTIAL TREATMENT PURSUANT TO RULE 24b-2 OF THE SECURITIES EXCHANGE ACT OF 1934 AND HAVE BEEN SEPARATELY FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE LOCATION OF OMITTED TEXT IS INDICATED BY AN ASTERISK (*)
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 as defined in the Participation Agreement (N6) or other collateral substituting or replacing any of the foregoing instruments.