Eligible Security Issuer definition
Eligible Security Issuer means a reputable financial institution authorized to issue bonds, letters ofcredit, or sureties in the State having either:(a) a long-term unsecured debt ration of at least (i) “A” by Standard & Poor’s Rating Services; (ii)“A” by Fitch, Inc., (iii) “A2” by Moody’s Investor Service, Inc., or (iv) “A” by DBRS, Inc.; or(b) a rating of at least “A-” and “Class VIII” from A.M. Best Company, Inc. “Equity Member” means the members of a Proposer that will contribute shareholders’ equity to the Developer as part of the financing plan for the Project.“Exclusive Negotiating Agreement” means the agreement, in the form of Proposal Form T-15, that Proposers shall submit with their Proposal.“Exclusive Negotiating Period” means the period that the Exclusive Negotiating Agreement is in effect. “Exempt Material” means information exempt from disclosure under Applicable Law.“Final Agreement Draft” means the version of the Project Agreement attached to the Final RFP. “Final RFP” means the last version of this Request for Proposals document package, including any and all Addenda. “Financial Advisor” means the member of the Proposer’s team that will provide financial advisory services in connection with arranging and securing debt financing on behalf of the Developer. “Financial Capacity Information” means the information to be provided in accordance with Section 2.3 of Schedule C‐1 (Financial Proposal Instructions). “Financial Close Security” is defined in Section 4.6.2 (Proposal Security and Closing). “Financial Model” is defined in Section 2.5 of Schedule C-1. “Financial Model Auditor” means the firm engaged by the Proposer, and approved by PGCPS, to provide a preliminary independent audit of the Proposal Financial Model. “Financial Proposal” is detailed in Schedule C‐1 (Financial Proposal Instructions). “Financial Proposal Checklist” means the checklist of Financial Proposal requirements, as described in Schedule A (Summary and Checklist of Proposal Contents). “Financial Proposal Due Date” means September 14, 2020. “Financial Proposal Score” is defined in Section 5.5.2 (Financial Proposal Scoring) of this RFP. “Financing Member“ means each member of the Proposer’s team that will contribute equity to the Developer for purposes of executing the Project, as part of such Proposer’s financing plan or, in the case of a tax-exempt structure, will commit to holding Developer-issued subordinated debt as a long- term ownership interest in the Developer.
Eligible Security Issuer means a bank: (i) which either is (A) a member of the New York Clearing House Association; or (B) a non-member bank reasonably acceptable to ESD; (ii) (A) whose most recent issue of long term debt is rated A or better (as rated by Standard & Poor’s) or A or better (as rated by Moody’s Investors Service, Inc.) and (B) which has (1) assets in excess of seven billion five hundred million United States dollars (US$7,500,000,000) and (2) a net worth in excess of three hundred million United States dollars (US$300,000,000), in each case as adjusted for inflation, from the date hereof to the date of posting each requirement set forth in this clause; and (iii) which has an office in New York City at which a letter of credit issued by such bank may be presented for payment and/or provides a process, satisfactory to ESD, for electronic presentation for payment.
Eligible Security Issuer means a reputable financial institution authorized to issue bonds, letters of credit, or sureties in the State having either: