Letter of Credit Bank definition

Letter of Credit Bank means any Person who has provided a Servicer Letter of Credit pursuant to Section 4.02(b).

Letter of Credit Bank means any Person having the Required Rating that has provided a Yield Supplement Letter of Credit in accordance with Section 5.1.

Letter of Credit Bank means any Person which has provided a Servicer Letter of Credit in accordance with Section 15.01.

Examples of Letter of Credit Bank in a sentence

• If a demand for payment is made under any such Letter of Credit, Bank shall treat such demand as an Advance to Borrower of the Dollar Equivalent of the amount thereof (plus fees and charges in connection therewith such as wire, cable, SWIFT or similar charges).

• If a demand for payment is made under any such Letter of Credit, Bank shall treat such demand as an Advance to Borrower of the equivalent of the amount thereof (plus fees and charges in connection therewith such as wire, cable, SWIFT or similar charges) in Dollars at the then-prevailing rate of exchange in San Francisco, California, for sales of the Foreign Currency for transfer to the country issuing such Foreign Currency.

• If a demand for payment is made under any such Letter of Credit, Bank shall treat such demand as an Advance to Borrower of the equivalent of the amount thereof (plus cable charges) in United States currency at the then prevailing rate of exchange in San Francisco, California, for sales of that other currency for cable transfer to the country of which it is the currency.

• For purposes of this Article the phrase “payments made on behalf of Obligors” shall mean payments made by Persons other than the Seller, the Servicer or the Letter of Credit Bank, if any.

• Any such payment to the Letter of Credit Bank shall be accompanied by a copy of the Servicer’s Certificate related to the previous failure to remit funds and an Officer’s Certificate which includes a statement identifying, by reference to the items in such related Servicer’s Certificate, each shortfall in Servicer remittances to which such payment to the Letter of Credit Bank relates.

More Definitions of Letter of Credit Bank

Letter of Credit Bank means the Bank, as issuer of the Letter of Credit, and its lawful successors and assigns, and to the extent applicable, the issuer of any Substitute Letter of Credit.

Letter of Credit Bank means the issuer thereof and its successors and assigns.

Letter of Credit Bank. Any bank holding company, commercial bank or trust company issuing a Letter of Credit to the Trustee.

Letter of Credit Bank means each financial institution in its capacity as a “Letter of Credit Bank” under the Letter of Credit Reimbursement Agreement, together with any successors and permitted assigns.

Letter of Credit Bank means CoBank, ACB.

Letter of Credit Bank means National City Bank, its successors and assigns, in its capacity as issuer of Letters of Credit.

Letter of Credit Bank means Norwest, in its separate capacity as issuer of the Letters of Credit for the account of the Borrower pursuant to Section 2.6.