Ineligible Interest Reserve Letter of Credit definition

Ineligible Interest Reserve Letter of Credit means an Interest Reserve Letter of Credit with respect to which (i) the short-term debt credit rating of the L/C Provider with respect to such Interest Reserve Letter of Credit is withdrawn by S&P or downgraded by S&P below “A-2” or is withdrawn by Xxxxx’x or downgraded by Xxxxx’x below “P-2” or (ii) the long-term debt credit rating of such L/C Provider is withdrawn by S&P or downgraded by S&P below “BBB” or is withdrawn by Xxxxx’x or downgraded by Xxxxx’x below “Baa2.”
Ineligible Interest Reserve Letter of Credit means an Interest Reserve Letter of Credit with respect to which (i) the short-term debt credit rating of the L/C Provider with respect to such Interest Reserve Letter of Credit is withdrawn or downgraded by S&P and, if it has a rating by KBRA, KBRA below “K-2” or is withdrawn by Xxxxx’x or downgraded by Xxxxx’x below “P-2” or (ii) the long-term debt credit rating of such L/C Provider is withdrawn or downgraded by S&P and, if it has a rating by KBRA, KBRA below “BBB” or is withdrawn by Xxxxx’x or downgraded by Xxxxx’x below “Baa2”; provided that for determining whether an Interest Reserve Letter of Credit is eligible under this definition, an L/C Provider will be deemed to have the short-term debt credit rating or the long-term debt credit rating, as applicable, of such L/C Provider or any guarantor of (or confirming bank for) such L/C Provider. “Initial Closing Date” means August 1, 2018. “Initial Closing Date Contribution Agreements” means the following agreements:
Ineligible Interest Reserve Letter of Credit means an Interest Reserve Letter of Credit with respect to which (i) the short-term debt credit rating of the L/C Provider with respect to such Interest Reserve Letter of Credit is withdrawn or downgraded by S&P and, if it has a rating by KBRA, KBRA below “A-2” or (ii) the long-term debt credit rating of such L/C Provider is withdrawn or downgraded by S&P and, if it has a rating by KBRA, KBRA below “BBB”.

More Definitions of Ineligible Interest Reserve Letter of Credit

Ineligible Interest Reserve Letter of Credit means an Interest Reserve Letter of Credit that either (A) fails to meet the Letter of Credit Criteria or (B) with respect to which (i)(x) the short-term “issuer default rating” for the related LC Provider is withdrawn by Fitch or downgraded by Fitch below “F3”, and (y) the long-term credit assessment rating for the related LC Provider is withdrawn by Fitch or downgraded by Fitch below BBB-, or (ii) the “counterparty risk assessment” rating for the related LC Provider is withdrawn by Xxxxx’x or downgraded by Xxxxx’x below “Baa2.”
Ineligible Interest Reserve Letter of Credit means an Interest Reserve Letter of Credit with respect to which (i) the short-term debt credit rating of the L/C Provider with respect to such Interest Reserve Letter of Credit is withdrawn or downgraded by S&P to below “A-2” and, if it has a rating by KBRA, is withdrawn or downgraded by KBRA below “K2” or is withdrawn by Xxxxx’x or downgraded by Xxxxx’x below “P-2” or (ii) the long-term debt credit rating of such L/C Provider is withdrawn by S&P or downgraded by S&P below “BBB” and, if it has a rating by KBRA, is withdrawn or downgraded by KBRA below “BBB” or is withdrawn by Xxxxx’x or downgraded by Xxxxx’x below “Baa2”; provided that for determining whether an Interest Reserve Letter of Credit is eligible under this definition, an L/C Provider will be deemed to have the short-term debt credit rating or the long-term debt credit rating, as applicable, of such L/C Provider or any guarantor of (or confirming bank for) such L/C Provider.
Ineligible Interest Reserve Letter of Credit means an Interest Reserve Letter of Credit with respect to which (i) the short-term debt credit rating of the L/C Provider with respect to such Interest Reserve Letter of Credit is withdrawn or downgraded by S&P to below “A-2” and, if it has a rating by KBRA, is withdrawn or downgraded by KBRA below “K2” or is withdrawn by Moody’s or downgraded by Moody’s below “P-2” or (ii) the long-term debt credit rating of such L/C Provider is withdrawn by S&P or downgraded by S&P below “BBB” and, if it has a rating by KBRA, is withdrawn or downgraded by KBRA below “BBB” or is withdrawn by Moody’s or downgraded by Moody’s below “Baa2”; provided that for determining whether an Interest Reserve Letter of Credit is eligible under this definition, an L/C Provider will be deemed to have the short-term debt credit rating or the long-term debt credit rating, as applicable, of such L/C Provider or any guarantor of (or confirming bank for) such L/C Provider.
Ineligible Interest Reserve Letter of Credit means an Interest Reserve Letter of Credit that either (A) fails to meet the Letter of Credit Criteria or (B) with respect to which (i)(x) the short-term “issuer default rating” for the related LC Provider is withdrawn by Fitch or downgraded by Fitch below “F3”, and (y) the long-term credit assessment rating for the related LC Provider is withdrawn by Fitch or downgraded by Fitch below BBB-, or (ii) the “counterparty risk assessment” rating for the related LC Provider is withdrawn by Moody’s or downgraded by Moody’s below “Baa2.”
Ineligible Interest Reserve Letter of Credit means an Interest Reserve Letter of Credit with respect to which (i) the short-term debt credit rating of the Letter of Credit Provider with respect to such Interest Reserve Letter of Credit is withdrawn or downgraded below “A-2” (or the then equivalent grade) by any Applicable Rating Agency or (ii) the long-term debt credit rating of such Letter of Credit Provider is withdrawn or downgraded below “A-2” (or the then equivalent grade) by any Applicable Rating Agency; provided that for determining whether an Interest Reserve Letter of Credit is eligible under this definition, a Letter of Credit Provider will be deemed to have the short-term debt credit rating or the long-term debt credit rating, as applicable, of such Letter of Credit Provider or any guarantor of (or confirming bank for) such Letter of Credit Provider; provided further, that the Indenture Trustee shall have no obligation to monitor the Interest Reserve Letter of Credit to determine if it is an Ineligible Interest Reserve Letter of Credit.

Related to Ineligible Interest Reserve Letter of Credit

  • Cash Reserve Account means an Eligible Deposit Account established in the name of the Trust and designated as the Cash Reserve Account for the purposes hereof, the balance of which shall be subject to the control of the Trust for the benefit of the Trust and the Seller and applied in accordance with the terms hereof, which account shall bear interest and shall initially be account number [*], maintained at [*];