Creditworthy Bank definition

Creditworthy Bank means a U.S. state or federally chartered commercial bank (or U.S. branch of a foreign commercial bank) which has (i) assets of at least Ten Billion Dollars ($10,000,000,000) and (ii) senior unsecured long term debt or deposits that, at the time when the letter of credit is delivered, are rated at least “A-” (or its current equivalent) by S&P or Fitch and at least “A3” (or its then current equivalent) by Moody’s.
Sample 1
Creditworthy Bank means a commercial bank having at the applicable time: (a) combined total assets of at least [***]; and (b) a Credit Rating of: (i) A- or better from Standard & Poor’s; or (ii) A3 or better from Xxxxx’x; or (iii) if such bank has a Credit Rating at such time from both Standard & Poor’s and Xxxxx’x, A- or better from Standard & Poor’s and A3 or better from Xxxxx’x.
Sample 1
Creditworthy Bank means a commercial bank having at the applicable time: (a) combined total assets of at least [***]; and (b) a Credit Rating of: (i) A- or better from Standard & Poor’s; or (ii) A3 or better from Moody’s; or (iii) if such bank has a Credit Rating at such time from both Standard & Poor’s and Moody’s, A- or better from Standard & Poor’s and A3 or better from Moody’s.
Sample 1Sample 2

Examples of Creditworthy Bank in a sentence

  • If the issuing bank under LOC-1, LOC-2 or LOC-3, as applicable, has ceased to be a Creditworthy Bank, Supplier shall cause a Creditworthy Bank to re-issue LOC-1, LOC-2 or LOC-3, as applicable, within twenty (20) days of the prior issuing bank ceasing to be a Creditworthy Bank Any draw made by Owner under LOC-1, LOC-2 or LOC-3, as applicable, shall not relieve Supplier of its obligations hereunder.

  • If at any time the bank issuing the Letter of Credit ceases to be a Creditworthy Bank or ceases to have a branch in New York, New York where the Letter of Credit may be drawn upon presentation, Contractor shall replace the 194 Letter of Credit within ten (10) Days with an equivalent instrument issued by a Creditworthy Bank in the United States of America.

  • LOC-1, LOC-2 and LOC-3 shall secure the full and faithful payment obligations of Supplier hereunder, including, without limitation, its obligation to pay any applicable Liquidated Damages and its Warranty obligations under Article 9, and shall be issued by a Creditworthy Bank located in the United States.


More Definitions of Creditworthy Bank

Creditworthy Bank means a commercial bank having a Credit Rating of (a) A-(minus) or better from Standard & Poor’s, (b) A3 or better from Moody’s or (c) if such bank has a Credit Rating at such time from both Standard & Poor’s and Moody’s, A-(minus) or better from Standard & Poor’s and A3 or better from Moody’s.
Sample 1
Creditworthy Bank means a commercial bank having a Credit Rating of (a) A-(minus) or better from Standard & Poor’s,
Sample 1
Creditworthy Bank means a bank which satisfies the requirements of being (i) a member bank of the Farm Credit System, provided such Farm Credit System continues to be a Government Sponsored Enterprise or (ii) a U.S. commercial bank or a foreign bank with a U.S. branch, or (iii) the National Rural Utilities Cooperative Finance Corporation, with such banks or entities described in (ii) and (iii), above, having and maintaining a Credit Rating of at least A- from S&P or A3 from Moody’s.
Sample 1
Creditworthy Bank means a U.S. commercial bank or a U.S. branch of a foreign bank
Sample 1

Related to Creditworthy Bank

  • Specified Insurance Company means any Entity that is an insurance company (or the holding company of an insurance company) that issues, or is obligated to make payments with respect to, a Cash Value Insurance Contract or an Annuity Contract.

  • Affected Financial Institution means (a) any EEA Financial Institution or (b) any UK Financial Institution.

  • Financially Evaluated Entity means the company which has been evaluated for the satisfaction of the financial requirement set forth in Clause 2.1.3 hereof;

  • Financial institution means a Bank, Development Finance Institution, Non Banking Finance Company, Modaraba or an institution registered under relevant laws to provide financial services within or outside Pakistan.

  • Bank is defined in the preamble hereof.

  • Licensed financial institution means a financial institution issued a license under this act.

  • financial creditor means any person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred to;

  • Financially Literate means the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Corporation’s financial statements.

  • regulated financial institution means a state or nationally chartered bank, savings and loan association or savings bank, credit union, trust company, or other state or federally chartered lending institution or a regulated affiliate or regulated subsidiary of any of these entities.

  • Approved Financial Institution means any bank approved by Exchange in accordance with its credit review procedures or policies;

  • Designated Financial Institution shall have the meaning specified in Section 14.12(a).

  • Captive insurance company means a pure captive insurance company, association captive insurance company, captive reinsurance company, sponsored captive insurance company, special purpose captive insurance company, or industrial insured captive insurance company formed or licensed under this chapter. For purposes of this chapter, a branch captive insurance company must be a pure captive insurance company with respect to operations in this State, unless otherwise permitted by the director.

  • your financial institution means the financial institution nominated by you on the DDR at which the account is maintained.

  • financial service means a service of a financial nature, including insurance, and a service incidental or auxiliary to a service of a financial nature;

  • Qualified Financial Institution means, at any time, a financial institution organized under the laws of any jurisdiction in the United States of America or Europe that at such time has outstanding debt obligations with a stated maturity of one year or less from the date of issue and rated A-1 or higher by Standard & Poor’s, a division of The McGraw Hill Companies, Inc., Ratings Group (or any successor) or P-1 or higher by Moody’s Investors Service, Inc. (or any successor) or, in either case, such other comparable rating, if any, then used by such rating agency.

  • Independently procured insurance means insurance procured under Section 31A-15-104.

  • Association captive insurance company means a company that insures risks of the member organizations of the association and their affiliated companies.

  • Financial Counterparty has the meaning given to such term in, and shall be interpreted in accordance with, 12 C.F.R. 252.81, 12 C.F.R. 382.1 and 12 C.F.R. 47.2.

  • Commercial Bank means a bank, defined as a scheduled bank under section 2(e) of the Reserve Bank of India Act, 1934.

  • Reporting Financial Institution means a Reporting Finnish Financial Institution or a Reporting U.S. Financial Institution, as the context requires.

  • Financial Insolvency means, with respect to any Named Entity covered under any Coverage Part designated as “included” in the Declarations attached hereto:

  • Internationally active insurance group means an insurance holding company system:

  • Pure captive insurance company means a company that

  • financial group means a group that consists of a legal person or legal arrangement exercising control and coordinating functions over the rest of the group for the application of group supervision under the Core Principles, and its branches and subsidiaries that are financial institutions as defined in section 27A(6) of the MAS Act or the equivalent financial institutions outside Singapore;

  • Insurance Companies means the companies with whom the Insurance Policies are held.

  • UK Financial Institution means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.