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OIDI was disqualified as the DPWH deemed that its bid security-an irrevocable standby letter of credit in the amount of P355 million issued by a universal or commercial bank-was "not in compliance" with the provisions set forth in the guidelines.
In In re Omega Environmental Inc., the bank had issued an irrevocable standby letter of credit in favor of the debtor in exchange for the debtor's promissory note payable to the bank.
13, 1992 (prior to the end of the 2 1/2-month period), the calendar-year taxpayer purchased an irrevocable standby letter of credit to secure its obligation to pay the unpaid vacation benefits accrued during the year ended Dec.
The rating action is in connection with: (ii) conversion of the bonds from an index rate mode, with no tender feature, to a weekly interest rate mode, with a tender feature; (ii) procurement of an irrevocable standby letter of credit (LOC) to support tenders of the bonds; and (ii) the mandatory tender and reoffering of the bonds.
83 when the employer purchased an irrevocable standby letter of credit to secure the payments.
The rating action is in connection with: (i) conversion of the bonds from an index rate mode, with no tender feature, to a weekly interest rate mode, with a tender feature; (ii) procurement of an irrevocable standby letter of credit (LOC) to support tenders of the bonds; and (iii) the mandatory tender and reoffering of the bonds, which will occur on March 29, 2016.