Eligible Letter of Credit Bank definition

Eligible Letter of Credit Bank means a financial institution (a) organized in the United States, (b) having total assets in excess of $[***] and with a long term rating of at least “[***]” by S&P or “[***]” by Xxxxx’x and a short term rating of at least “[***]” by S&P or “[***]” by Xxxxx’x, and (c) approved by the Administrative Agent acting on the instructions of the Majority Lenders (such approval not to be unreasonably delayed withheld or delayed).

Eligible Letter of Credit Bank means a financial institution having total assets in excess of $[***] and with a long term rating of at least “[***]” by S&P and a short term rating of at least “[***]” by S&P.

Eligible Letter of Credit Bank means a financial institution having total assets in excess of $[***] and with a long term rating of at least “[***]” by S&P and a short term rating of at least “[***]” by S&P and a long term rating of at least “[***]” by Fitch or a short term rating of at least “[***]” by Fitch. If the issuer of the Letter of Credit fails to be an Eligible Letter of Credit Bank on any date, the Indenture Trustee will be required, upon written direction of the Issuer, the Manager or the Majority Noteholders of the Controlling Class, to draw on the full amount of the Letter of Credit and deposit the proceeds into the Reserve Account or Equipment Replacement Reserve Account, as applicable.

Examples of Eligible Letter of Credit Bank in a sentence

• The Administrative Agent (or the Borrower with the written consent of the Administrative Agent) shall direct the Paying Agent to submit the drawing documents to the applicable Eligible Letter of Credit Bank no later than 5:00 P.M. (New York City time) on the second (2nd) Business Day after the Paying Agent receives such direction.

• The Agent (or the Borrower with the written consent of the Agent) shall direct the Paying Agent to submit the drawing documents to the applicable Eligible Letter of Credit Bank no later than 5:00 P.M. (New York City time) on the second (2nd) Business Day after the Paying Agent receives such direction.

• Each month upon receipt by the Paying Agent of the Facility Administrator Report if such Facility Administrator Report shows a reduction in the Liquidity Reserve Account Required Balance, then the Borrower (or the Facility Administrator on behalf of the Borrower) or the Administrative Agent shall, prior to the related Payment Date, direct the Paying Agent to send the Eligible Letter of Credit Bank a letter in the form provided in the Letter of Credit to reduce the stated amount of the Letter of Credit.

• Fourth, it shall request the Indenture Trustee to enter into a replacement Letter of Credit with one of the interested parties identified as an Eligible Letter of Credit Bank willing to agree to the identical terms as the Letter of Credit.

• Each month upon receipt by the Paying Agent of the Monthly Servicer Report if such Monthly Servicer Report shows a reduction in the Liquidity Reserve Account Required Balance, then the Borrower (or the Manager on behalf of the Borrower) or the Administrative Agent shall, prior to the related Payment Date, direct the Paying Agent to send the Eligible Letter of Credit Bank a letter in the form provided in the Letter of Credit to reduce the stated amount of the Letter of Credit.

More Definitions of Eligible Letter of Credit Bank

Eligible Letter of Credit Bank means an institution with (i) a short-term unsecured debt rating at least equal to “A-1+” from Standard & Poor's and “Prime-1” from Moody’s (in either case, such lower ratings as may be permitted by Standard & Poor’s or Moody’s) and (ii) a long-term unsecured debt rating at least equal to “A1” by Moody’s (or such lower rating as may be permitted by Moody’s).

Eligible Letter of Credit Bank means a financial institution having total assets in excess of $500,000,000 and with a long term rating of at least "A-" by S&P and “A3” by Xxxxx’x and a short term rating of at least “A-1” by S&P and “P-1 (Prime-1)” by Xxxxx’x.

Eligible Letter of Credit Bank means a financial institution having total assets in excess of $[***] and with a long term rating of at least “[***]” by S&P and a short term rating of at least “[***]” by S&P. [***] = Certain confidential information contained in this document, marked by brackets, is filed with the Securities and Exchange Commission pursuant to Rule 406 of the Securities Act of 1933, as amended.

Eligible Letter of Credit Bank means a financial institution having total assets in excess of $[***] and with a long term rating of at least “[***]” by S&P and a short term rating of at least “[***]” by S&P and a long term rating of at least “[***]” by Fitch or a short term rating of at least “[***]” by Fitch. If the issuer of the Letter of Credit fails to be an Eligible Letter of Credit Bank on any date, the Agent will be required, upon written direction of the Borrower, the Manager or the Controlling Party, to draw on the full amount of the Letter of Credit and deposit the proceeds into the Reserve Account or Equipment Replacement Reserve Account, as applicable.

Eligible Letter of Credit Bank means a financial institution having total assets in excess of $500,000,000 and with a long term rating of at least "A-" by S&P and a short term rating of at least "A-1" by S&P. If the issuer of the Letter of Credit fails to be an Eligible Letter of Credit Bank on any date, the Indenture Trustee will be required, upon written direction of the Issuer, the Manager or the Majority Noteholders of the Controlling Class, to draw on the full amount of the Letter of Credit and deposit the proceeds into the Reserve Account or Equipment Replacement Reserve Account, as applicable.

Eligible Letter of Credit Bank shall have the meaning set forth in the LPT Agreement.

Eligible Letter of Credit Bank means a financial institution having total assets in excess of $[***] and with a long term rating of at least "[***]" by S&P and a short term rating of at least "[***]" by S&P and a long term rating of at least "[***]" by Fitch or a short term rating of at least "[***]" by Fitch. If the issuer of the Letter of Credit fails to be an Eligible Letter of Credit Bank on any date, the Indenture Trustee will be required, upon written direction of the Issuer, the Manager or the Majority Noteholders of the Controlling Class, to draw on the full amount of the Letter of Credit and deposit the proceeds into the Reserve Account or Equipment Replacement Reserve Account, as applicable. KL2 3395391.6