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 and that is organized under or licensed as a branch or agency under the laws of the United States or any state thereof that has (a) outstanding unguaranteed and unsecured long-term Indebtedness that is rated "A-" or better by S&P and/or "A3" or better by Xxxxx'x (and if the applicable rating is "A-" by S&P or "A3" by Xxxxx', such rating is not on negative watch) ); or (b) that is otherwise acceptable to the Loan Servicer and the Collateral Agent. In either case the unconditional, irrevocable, direct-pay, letter of credit must meet each of the following requirements and is otherwise in form and substance satisfactory to the Loan Servicer in its sole discretion:

Examples of Reserve Letter of Credit in a sentence

• In connection with each Interest Reserve Letter of Credit, the Trustee as beneficiary shall be entitled to the benefit of every provision of the Base Indenture limiting the liability of or affording rights, benefits, protections, immunities or indemnities to the Trustee as if they were expressly set forth herein mutatis mutandis.

• The (i) Trustee (at the direction of the Master Issuer) shall or (ii) the Control Party (at the Master Issuer’s request and on the Master Issuer’s behalf) may submit a notice of drawing under such Interest Reserve Letter of Credit issued by such L/C Provider and the proceeds of any such draw shall be deposited into the Senior Notes Interest Reserve Account or the Senior Subordinated Notes Interest Reserve Account, as applicable.

• 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.

• The coordinators enhance the capacity of the district or regional networks – they share best practices, link the groups to technical knowledge and research, and facilitate the sharing of knowledge and innovation exchanges between groups of farmers and or the wider community.

• Promptly upon receipt by a Noteholder of payment in full of the principal of and interest on the Lessor Notes held by it, and all other amounts payable to it hereunder, under the Lessor Notes and under the Operative Documents and under the Debt Service Reserve Letter of Credit such Noteholder shall deliver the appropriate certificate contemplated by the foregoing sentences of this Section 12.1 to be delivered by it.

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

Reserve Letter of Credit means a letter of credit that: (a) is issued by an Eligible LC Bank, (b) has a face amount (denominated and payable in Dollars in the United States) at least equal to the Collateral Account Reserve Amount calculated at the time of the issuance of such letter of credit, (c) is irrevocable and (d) is otherwise reasonably acceptable to the Collateral Agent.

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

Reserve Letter of Credit means either a Debt Service Reserve ------------------------ Letter of Credit or a Maintenance Reserve Letter of Credit.

Reserve Letter of Credit as used herein, shall mean each initial Reserve Letter of Credit and any replacement or renewal letters of credit, and collectively all Reserve Letters of Credit). Upon provision of such Reserve Letter of Credit, the funds held in the Reserve Subaccount(s) for which such Reserve Letter of Credit is provided as a substitute shall be disbursed to Borrower in the amount of such Reserve Letter of Credit. Subject to the provisions of this Section, Lender shall retain custody of each Reserve Letter of Credit until such time as the Loan is repaid in full.