Acceptable Letter of Credit means an irrevocable standby letter of credit on customary terms issued by a bank or branch having a long term unsecured debt rating of at least (or the equivalent) or better by S&P, Moody's or Fitch and drawable by the Administrative Agent upon presentation in New York.
Letter of Credit Application means an application, in the form specified by the Issuing Lender from time to time, requesting the Issuing Lender to issue a Letter of Credit.