Acceptable Letter of Credit Issuer means a major U.S. commercial bank or a U.S. branch of a foreign bank which, at all times: (a) (i) satisfies all regulatory capital requirements applicable to it (including any individual regulatory capital requirements); (ii) is “well capitalized” within the meaning of Section 38 of the Federal Deposit Insurance Act, as amended, or any successor statute, and any applicable regulations thereunder; (iii) has a senior unsecured credit rating of at least “A” (or its then current equivalent) by Standard & Poor’s Ratings Service (or any successor rating agency thereto) and at least “A2” (or its then current equivalent) by Xxxxx’x Investors Service, Inc. (or any successor rating agency thereto); and (iv) meets the applicable criteria of the demanding Party for letter of credit issuers as in effect at such time, including credit, legal and risk management criteria; or (b) is otherwise acceptable to the demanding Party in its sole discretion.
Acceptable Letter of Credit Issuer means a major U.S. commercial bank or a U.S. branch of a foreign bank which, at all times: (i) (a) satisfies all regulatory capital requirements applicable to it (including any individual regulatory capital requirements); (b) is “well capitalized” within the meaning of Section 38 of the Federal Deposit Insurance Act, as amended, or any successor statute, and any applicable regulations thereunder; and (c) has a senior unsecured credit rating of at least “A-” (or its then-current equivalent) by Standard & Poor’s Ratings Service (or any successor rating agency thereto) and at least “A3” (or its then-current equivalent) by Xxxxx’x Investors Service, Inc. (or any successor rating agency thereto); or (ii) is otherwise reasonably acceptable to the Parties.
Acceptable Letter of Credit Issuer means, at any time, a financial institution organized under the laws of the United States whose (a) senior unsecured unsubordinated indebtedness is rated at least A3 by Xxxxx’x and A- by S&P and (b) combined capital, surplus and undivided profits is not less than $500,000,000, in each case, at such time.
Examples of Acceptable Letter of Credit Issuer in a sentence
If Security is provided in the form of a letter of credit, such letter of credit shall be issued by an Acceptable Letter of Credit Issuer and shall be in a form reasonably acceptable to the demanding Party in its sole discretion.
More Definitions of Acceptable Letter of Credit Issuer
Acceptable Letter of Credit Issuer means a major U.S. commercial bank or a U.S. branch of a foreign bank which, at all times: (i) (a) satisfies all regulatory capital requirements applicable to it (including any individual regulatory capital requirements); (b) is “well capitalized” within the meaning of Section 38 of the Federal Deposit Insurance Act, as amended, or any successor statute, and any applicable regulations thereunder; and (c) has a senior unsecured credit rating of at least “A-” (or its then-current equivalent) by Standard & Poor’s Ratings Service (or any successor rating agency thereto) and at least “A3” (or its then-current equivalent) by Moody’s Investors Service, Inc. (or any successor rating agency thereto); or (ii) is otherwise reasonably acceptable to the Parties.
Acceptable Letter of Credit Issuer means, at any time, any financial institution that is a lender eligible to provide letters of credit under the Amended and Restated Credit Agreement, dated as of September 22, 2017, by and among SOF-XI U.S. Institutional SAR Holdings, L.P., SOF-XI U.S. Mar Holdings, L.P., SOF-XI U.S. NRE Holdings, L.P., SOF-XI U.S. Private SAR Holdings, L.P. and SOF-XI U.S. Public Mar Holdings, L.P., as borrowers, the guarantors party thereto, Wells Fargo Bank, National Association, as administrative agent, and the other parties thereto, as amended, amended and restated, supplemented, waived or otherwise modified from time to time.
Acceptable Letter of Credit Issuer means, at any time, (i) either a financial institution organized under the laws of the United States or a financial institution identified on Part B of Schedule III hereto if not organized under the laws of the United States and, in either case, (ii) whose (a) senior unsecured unsubordinated indebtedness is rated at least A3 by Moody’s and A- by S&P and (b) combined capital, surplus and undivided profits is not less than $10 billion, in each case, at such time.
Acceptable Letter of Credit Issuer means, at any time, a financial institution organized under the laws of the United States that has been approved by each Lender and whose (a) senior unsecured unsubordinated indebtedness is rated at least A3 by Moody’s and A- by S&P and(b) combined capital, surplus and undivided profits is not less than $500,000,000, in each case, at such time.
Acceptable Letter of Credit Issuer means a banking institution domiciled in the United States, Canada or the European Union whose Dollar-denominated long-term senior unsecured debt obligations are rated at least Aa2 by Xxxxx’x and AA by S&P and is not on credit watch with negative implications that would result in a downgrade below such minimum requisite rating (or its guarantor meets such standards) so long as (A) such institution (and its guarantor, if applicable) does not violate the Owner Participant’s credit policies at the date of issuance of the relevant Letter of Credit, including with respect to country credit exposure limits; (B) it is not illegal, at the date of issuance of the relevant Letter of Credit, for the relevant parties to enter into such arrangements with such Acceptable Letter of Credit Issuer (or its guarantor, if applicable); and (C) there is, at the date of issuance of the relevant Letter of Credit, no material litigation, dispute or arbitration proceeding between the Owner Participant and such Acceptable Letter of Credit Issuer (or its guarantor, if applicable) which litigation is threatened, pending or in progress.
Acceptable Letter of Credit Issuer means a bank, insurance company, surety provider or other financial institution (or its guarantor, if applicable) which, as at the date of issuance of any Letter of Credit, has a long-term issuer credit rating of at least A by S&P and a short-term issuer credit rating of at least A-1 by S&P and is reasonably satisfactory to the Securities Provider and the Applicant.
Acceptable Letter of Credit Issuer means either (i) a commercial bank or financial institution (that is not an Affiliate of Tenant or such proposed assignee) organized under the laws of the United States or a political subdivision thereof or (ii) a U.S. branch office of a foreign bank, which, in the case of either clause (i) or clause (ii), has (A) (1) a credit rating of at least "A-" by S&P, "A-" by Fitch and "A3" by Moody’s, if such entity is rated by each such ratings agencies,