Debt Service Reserve Letter of Credit means the irrevocable, transferable letter or line of credit, if any, deposited for the credit of the Debt Service Reserve Fund or any Account or subaccount therein in lieu of or in partial substitution for cash or securities on deposit therein, which letter or line of credit constitutes an unconditional senior obligation of the issuer thereof. The issuer of such letter or line of credit shall be a banking association, bank or trust company or branch thereof whose senior debt obligations ranking pari passu with its obligations under such letter or line of credit are rated at the time of deposit of the letter or line of credit to the credit of the Debt Service Reserve Fund or any Account or subaccount therein in one of the three highest rating categories (without regard to gradations) of both Moody's and S&P, unless otherwise approved by the Credit Facility Issuer, if any, who has issued a Credit Facility with respect to the Bonds.

Debt Service Reserve Letter of Credit means a letter of credit substantially in the form of Exhibit A, issued or to be issued by the Issuing Bank, or any letter of credit issued by the Issuing Bank in replacement thereof.

Examples of Debt Service Reserve Letter of Credit in a sentence

In any refinancing of such Commitments, the Borrower shall cause the Debt Service Reserve Letter of Credit to be released and returned to the Issuing Bank.
The Debt Service Reserve Letter of Credit shall expire and all obligations of the Issuing Bank and any Bank in respect thereof shall terminate on the Expiration Date.
Promptly upon receipt by a Noteholder of payment in full of the principal of and interest on the Lessor Notes held by it, and all other amounts payable to it hereunder, under the Lessor Notes and under the Operative Documents and under the Debt Service Reserve Letter of Credit such Noteholder shall deliver the appropriate certificate contemplated by the foregoing sentences of this Section 12.1 to be delivered by it.
As among the Borrower, the Agent and the Banks, the Borrower assumes all risks of the acts or omissions of the beneficiaries of the Debt Service Reserve Letter of Credit with respect to the use of the Debt Service Reserve Letter of Credit.
Any deposit made by the Owner Lessor into the Debt Service Reserve Account and any reinstatement of the Debt Service Reserve Letter of Credit other than in connection with the payment by the Facility Lessee of the related overdue Rent shall be deemed to be an exercise by the Owner Lessor of its rights under Section 7.2 hereof for purposes of clause (i) of the last proviso of the last sentence of Section 7.2.

More Definitions of Debt Service Reserve Letter of Credit

Debt Service Reserve Letter of Credit means one or more irrevocable direct pay letters of credit available for the purpose of drawing to pay principal and interest on the Bonds in an amount up to the Debt Service Reserve Requirement and any extensions thereof or any substitute letter of credit therefor in the stated amount contained in such extension or substitute and permitting draws thereon as contemplated by Section 4.1, in each case:

Debt Service Reserve Letter of Credit means one or more irrevocable, direct pay letters of credit issued by any financial institution with a rating of "A" or higher by S&P and "A2" or higher by Xxxxx'x in favor of the Disbursement Agent, secured by the Collateral ratably with the other senior secured indebtedness of the Partnership."

Debt Service Reserve Letter of Credit means that letter of credit maintained at any time by the Owner Lessor in favor of the Lease Indenture Trustee for the benefit of the holders of the Lessor Notes.

Debt Service Reserve Letter of Credit means an Acceptable Letter of Credit that may be drawn in accordance with Section 3.4 of the Depositary Agreement.

Debt Service Reserve Letter of Credit is hereby deleted in its entirety and the following is inserted in lieu thereof:

Debt Service Reserve Letter of Credit is defined in Section 3.2(b) .

Debt Service Reserve Letter of Credit is defined in the Depositary Agreement.