Reserve Letter of Credit definition

Reserve Letter of Credit has the meaning given to such term in Section 2.03(a).

Reserve Letter of Credit. An unconditional, irrevocable, direct-pay, letter of credit that is denominated in Dollars, that is issued in favor of the Administrative Agent in its capacity as the Collateral Agent by a bank or other financial institution acceptable to DOE (any bank or financial institution the long-term senior unsecured indebtedness of which is rated at least “A” or its equivalent by any nationally recognized statistical rating organization being deemed acceptable to DOE), and that meets each of the following requirements and is otherwise in form and substance reasonably satisfactory to each Credit Party:

Reserve Letter of Credit. An unconditional, irrevocable, direct-pay, letter of credit that is denominated in Dollars, that is issued in favor of the Collateral Agent by a bank with a branch or representative office in New York, New York, or Connecticut and that is organized under or is licensed as a branch or agency under the laws of the United States or any state thereof that (i) has outstanding unguaranteed and unsecured long-term Indebtedness that is rated “A-” or better by S&P and/or “A3” or better by Moody’s (and, if the applicable rating is “A-” by S&P or “A3” by Moody’s, such rating is not on negative watch) and that is otherwise acceptable to DOE, and (ii) meets each of the following requirements and is otherwise in form and substance satisfactory to DOE in its sole discretion:

Examples of Reserve Letter of Credit in a sentence

• In accordance with Sections 202 and 402(d) of the Basic Resolution, at or prior to the Bond Closing for the Bonds, cash in the amount, or a Reserve Letter of Credit drawable in the amount, of the Minimum Deposit shall be delivered to or by the Issuer as required for the Bonds and further, all other conditions required to be met under Section 202 of the Basic Resolution shall have been met as have the conditions specified herein.

• Any amounts drawn under a Reserve Letter of Credit shall be deposited in the Common Reserve Account.

• On any date on which no Senior Notes are Outstanding, the Master Issuer (or the Manager on its behalf) shall instruct the Trustee in writing to withdraw on such date any funds then on deposit in the Senior Notes Interest Reserve Account and to deposit all remaining funds into the Collection Account and/or to return any outstanding Interest Reserve Letter of Credit maintained with respect to the Senior Notes Interest Reserve Account to the issuer thereof for cancellation.

• Notwithstanding any provisions in the Master Indenture to the contrary, the Issuer covenants not to substitute the cash and Investment Securities on deposit in the Assessment Area One Reserve Account with a Debt Service Reserve Insurance Policy or a Debt Service Reserve Letter of Credit.

• On any date on which no Senior Subordinated Notes are Outstanding, the Master Issuer shall instruct the Trustee in writing to withdraw on such date any funds then on deposit in the Senior Subordinated Notes Interest Reserve Account and to deposit all remaining funds into the Collection Account and the Master Issuer shall terminate any outstanding Interest Reserve Letter of Credit maintained with respect to the Senior Subordinated Notes Interest Reserve Account.

More Definitions of Reserve Letter of Credit

Reserve Letter of Credit shall have the meaning set forth in Section 9.2 hereof.

Reserve Letter of Credit means a Letter of Credit issued by an Acceptable L/C Provider.

Reserve Letter of Credit means one or more irrevocable, direct pay letters of credit issued by the Letter of Credit Issuer in favor of the Depositary Bank with (i) reimbursement obligations with respect thereto being the obligations of any Person other than the Lessee, (ii) an aggregate stated amount equal to an amount when added to the amounts on deposit in the Senior Rent Reserve Account, the Junior Rent Reserve Account, the Well Maintenance Reserve Account or the Indemnity Reserve Account, as applicable, equal the Senior Rent Reserve Requirement, Junior Rent Reserve Requirement, the Well Maintenance Reserve Requirement or the Indemnity Reserve Requirement, respectively, on any given date and (iii) that is drawable at an office of the Letter of Credit Issuer or a confirming bank in New York City upon presentation of a drawing certificate pursuant to which the beneficiary thereof certifies that the applicable Drawing Event has occurred and is continuing, each of which shall (A) permit a drawing thereon by the Depositary Bank (a) if such Letter of Credit is not extended or replaced at least 30 days prior to its expiration, (b) if such Letter of Credit is not replaced within 30 days following the date of any downgrade of the credit rating of the Letter of Credit Issuer below that provided in the definition of Acceptable Letter of Credit Provider and (c) upon the occurrence of the applicable Drawing Event and (B) provide for an automatic draw of the entire undrawn amount thereof if the applicable Letter of Credit Issuer shall not have extended such Letter of Credit or received notice from the Depositary Bank or the Owner Lessor of the replacement of such Letter of Credit at least 30 days prior to its expiration.

Reserve Letter of Credit is defined in Section 7.7.

Reserve Letter of Credit means an irrevocable direct pay letter of credit issued or confirmed by a commercial bank meeting the requirements of clause (b) of the definition of Eligible Investments which shall (i) name the Collateral Agent as the sole beneficiary for the benefit of the Lenders, (ii) not expire prior to the earlier of either 364 days from the date of such letter of credit’s issuance or the scheduled date for the repayment of the Advances in full, (iii) be unconditionally drawable by the Collateral Agent (subject to the requirement of presentation of customary documentation) for deposit into the Collateral Account and (iv) be otherwise acceptable in form and substance to the Agents.

Reserve Letter of Credit means a letter of credit issued by X.X. Xxxxxx Delaware to the Collateral Agent substantially in the form of Exhibit O; provided that such letter of credit may be replaced or the amount thereof reduced if at such time S&P confirms that such replacement or reduction will not result in a reduction of the rating assigned to the Buyer's Certificates.

Reserve Letter of Credit has the meaning set forth in Section 6.28A.