Eligible Supporting Letter of Credit Provider means a bank so designated in writing by the Administrative Agent to the Servicer (in the sole discretion of the Administrative Agent); provided that at any time after the long-term unsecured senior debt obligation of such bank is withdrawn or falls below a rating of (a) “BBB-” by S&P on its long-term senior unsecured and uncredit-enhanced debt securities, or (b) “Baa3” by Moody’s on its long-term senior unsecured and uncredit-enhanced debt securities, that the Administrative Agent may revoke (in its sole discretion) any such designation by written notice, which revocation shall be effective on the date so designated, and on such effective date, each letter of credit issued or confirmed by such bank shall cease to be an Eligible Supporting Letter of Credit.
Eligible Supporting Letter of Credit Provider means a bank so designated in writing by the Administrator to the Servicer (in the sole discretion of the Administrator); provided, at any time after the long-term unsecured senior debt obligation of such bank is withdrawn or falls below a rating of (a) “BBB-” by Standard & Poor’s on its long-term senior unsecured and uncredit-enhanced debt securities, or (b) “Baa3” by Moody’s on its long-term senior unsecured and uncredit-enhanced debt securities, that the Administrator may revoke (in the sole discretion) any such designation by written notice, which revocation shall be effective on the date so designated, and on such effective date, each letter of credit issued or confirmed by such bank shall cease to be an Eligible Supporting Letter of Credit.
Eligible Supporting Letter of Credit Provider means a bank so designated in writing by the Administrative Agent to the Servicer (in the reasonable discretion of the Administrative Agent); provided that if (i) at any time, and for so long as, the long-term unsecured and uncredit-enhanced senior debt obligation of such bank is withdrawn or falls below a rating of (a) “A” by S&P, or (b) “A2” by Moody’s or (ii) such bank fails to pay a draw by the Administrative Agent on a Supporting Letter of Credit (to the extent the Administrative Agent is permitted to draw thereunder pursuant to Section 7.09 of this Agreement), then in either case, each letter of credit issued or confirmed by such bank shall cease to be an Eligible Supporting Letter of Credit and such bank shall cease to be an Eligible Supporting Letter of Credit Provider; provided, further, that no bank shall constitute an “Eligible Supporting Letter of Credit Provider” if at any time it is any of the following: (a) a Sanctioned Person or (b) an Affiliate of ADT.
More Definitions of Eligible Supporting Letter of Credit Provider
Eligible Supporting Letter of Credit Provider means a bank so designated in writing by the Administrative Agent to the Servicer (in the sole discretion of the Administrative Agent); provided, at any time after the long-term unsecured senior debt obligation of such bank is withdrawn or falls below a rating of (a) “BBB-” by S&P’s on its long-term senior unsecured and uncredit-enhanced debt securities, or (b) “Baa3” by Moody’s on its long-term senior unsecured and uncredit-enhanced debt securities, that the Administrative Agent may revoke (in the sole discretion) any such designation by written notice, which revocation shall be effective on the date so designated, and on such effective date, each letter of credit issued or confirmed by such bank shall cease to be an Eligible Supporting Letter of Credit.
Eligible Supporting Letter of Credit Provider means a bank so designated in writing by the Administrative Agent to the Servicer (in the sole discretion of the Administrative Agent); provided that if (i) at any time the long-term unsecured and uncredit-enhanced senior debt obligation of such bank is withdrawn or falls below a rating of (a) “A” by Standard & Poor’s, or (b) “A2” by Moody’s or (ii) the Administrative Agent revokes (in the sole discretion of the Administrative Agent) any such designation by five (5) days’ written notice to the Servicer, then in either case, each letter of credit issued or confirmed by such bank shall cease to be an Eligible Supporting Letter of Credit; provided, however, that no bank shall constitute an “Eligible Supporting Letter of Credit Provider” if at any time it is any of the following: (a) a Sanctioned Person or (b) an Affiliate of Centric.
Eligible Supporting Letter of Credit Provider means either (a) a bank whose short-term debt is rated at least “A-2” by Standard & Poor’s and “P-2” by Xxxxx’x or (b) another bank approved in writing by the Administrator.
Eligible Supporting Letter of Credit Provider means a bank so designated in writing by the Administrative Agent to the Servicer (in the sole discretion of the Administrative Agent); provided, at any time after the long-term unsecured senior debt obligation of such bank is withdrawn or falls below a rating of (a) “BBB-” by S&P’s on its long-term senior unsecured and uncredit-enhanced debt securities, or (b) “Baa3” by Moody’s on its long-term senior unsecured
Eligible Supporting Letter of Credit Provider means a bank whose short-term debt is rated at least “A-2” by Standard & Poor’s and “P-2” by Moody’s. “Environmental Laws” means any and all Federal, state, local, and foreign statutes, Laws, regulations, ordinances, rules, judgments, orders, decrees,
Eligible Supporting Letter of Credit Provider means a bank so designated in writing by the Administrative Agent to the Servicer (in the sole discretion of the Administrative Agent); provided, at any time after the long-term unsecured senior debt obligation of such bank is withdrawn or falls below a rating of (a) “BBB-” by S&P’s on its long-term senior unsecured and uncredit-enhanced debt securities, or (b) “Baa3” by Xxxxx’x on its long-term senior unsecured
Eligible Supporting Letter of Credit Provider means a bank so designated in writing by the Administrator to the Servicer (in the reasonable discretion of the Administrator); provided that at any time after the long-term unsecured and uncredit-enhanced senior debt obligation of such bank is withdrawn or falls below a rating of (a) “BBB-” by Standard & Poor’s, or (b) “Baa3” by Moody’s, the Administrator may revoke (in the sole discretion of the Administrator) any such designation by written notice, which revocation shall be effective on the date so designated, and on such effective date, each letter of credit issued or confirmed by such bank shall cease to be an Eligible Supporting Letter of Credit; provided, however, that no bank shall constitute an “Eligible Supporting Letter of Credit Provider” if at any time it is any of the following: (a) a Sanctioned Person or (b) an Affiliate of ACI, the Transferor, the Servicer or any Originator.