Template:IETA Master Agreement Letter of Credit

“Letter of Credit” means an irrevocable standby letter of credit payable on demand in a form and substance satisfactory to the Requesting Party and issued or confirmed by a financial institution whose credit rating is at least Standard & Poor’s Rating Services (a division of the McGraw-Hill Companies Inc.) “A-”, Moody’s Investors Services Inc. equivalent, or Fitch, Inc. equivalent.