Approved Credit Institution definition

Approved Credit Institution means a credit institution within the meaning of the First Council Directive on the co-ordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions (No. 77/780/EEC) that has been approved by the Council of Lloyd’s for the purpose of providing guarantees and issuing or confirming letters of credit comprised (or to be comprised) in a member’s Funds at Lloyd’s.

Approved Credit Institution means a credit institution:

Approved Credit Institution means a credit institution within the meaning of the Council Directive on the co-ordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions (No. 2006/48/EC) which has been approved by the Council of Lloyd’s for the purpose of providing guarantees and issuing or confirming letters of credit comprising a Member’s Funds at Lloyd’s;

Examples of Approved Credit Institution in a sentence

• The Bank (a) represents that, as of the date of this Agreement, the Bank is an Approved Credit Institution and a Qualifying Bank; and (b) agrees that, if at any time it ceases to be an Approved Credit Institution, it will (i) promptly notify ACE and (ii) to the extent practicable, cause an Affiliate thereof that is an Approved Credit Institution and a Qualifying Bank to replace the Bank as the issuer of each LOC that has been issued for Funds at Lloyds.

• The Bank may issue LOCs through any branch or Affiliate thereof that (x) customarily issues letters of credit and (y) is an Approved Credit Institution and a Qualifying Bank or is otherwise approved in writing by ACE.

• Subject to this clause 29, any Lender (the “Existing Lender”) may at any time assign all or any of its rights and benefits under the Finance Documents or transfer by novation any of its rights and obligations to an Approved Credit Institution (the “New Lender”).

• No such assignment shall be made to any assignee which is not an Approved Credit Institution.

• If any Declining Lender delivers a Termination Request, the Account Party may designate by the date which falls no later than two Business Days before the end of the corresponding Declining Lender Notice Period an Approved Credit Institution (which may be an existing Lender or Lenders) (the Substitute Lender) which is willing to assume all of the rights and obligations of the Declining Lender in respect of its participation in the relevant Letter of Credit (the Old Letter of Credit).

More Definitions of Approved Credit Institution

Approved Credit Institution means (i) a credit institution authorised in the European Economic

Approved Credit Institution means an institution recognised or permitted under the law of an EEA State to carry on any of the activities set out in Annex 1 to Council Directive 2006/48/EC relating to the taking up and pursuit of the business of credit institutions (recast);

Approved Credit Institution means a credit institution within the meaning of the First Council Directive on the co-ordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions (No 77/780/EEC) which has been approved by Lloyd’s for the purpose of providing guarantees and issuing or confirming letters of credit comprising a member’s Funds at Lloyd’s; Authorised Signatory means, in relation to an Obligor, any person who is duly authorised (in such manner as may be reasonably acceptable to the Agent) and in respect of whom the Agent has received a certificate signed by a director or another Authorised Signatory of such Obligor setting out the name and signature of such person and confirming such person’s authority to act; Available Commitment means in relation to a Lender at any time and save as otherwise provided herein its Commitment less the amount of its participation in the LC Exposures at such time PROVIDED THAT such amount shall not be less than zero;

Approved Credit Institution means (i) a credit institution authorised in the EEA; (ii) a creditinstitution authorised within a signatory state, other than a EU Member State or a Member of EEA, to the Basle Capital Convergence Agreement of July 1988; or (iii) a credit institution authorised in Australia, Guernsey, Isle of Man Jersey or New Zealand;

Approved Credit Institution means a credit institution within the meaning of the First Council Directive on the co-ordination of laws, regulations and administrative provisions relating -2-to the taking up and pursuit of the business of credit institutions (No. 77/780/EEC) which has been approved by the Council of Lloyd's for the purpose of providing guarantees and issuing or confirming letters of credit comprised (or to be comprised) in a member's Funds at Lloyd's.

Approved Credit Institution means a person who is an "approved bank" (as defined in any applicable relevant premiums trust deed);

Approved Credit Institution means an institution licensed as such under the Banking Act and any other institution approved for such purposes by the competent authority<