QUALIFYING LETTER OF CREDIT BANK definition

QUALIFYING LETTER OF CREDIT BANK means any bank or other financial institution whose senior unsecured debt obligations (or long-term deposits) is rated at least rated A3 or higher by Moodx'x xxx A- or higher by S&P. A Qualifying Letter of Credit Bank shall cease to be a Qualifying Letter of Credit Bank if such entity shall at any time be rated below the ratings set forth in the immediately preceding sentence.
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QUALIFYING LETTER OF CREDIT BANK means a bank, the senior unsecured debt obligations (or long-term deposits) of which are rated at least "Aa2" by Moody's and "AA" by S&P.
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QUALIFYING LETTER OF CREDIT BANK means (i) Nationsbank, N.A., First Union National Bank of North Carolina or Wachovia Bank of North Carolina, N.A. provided the senior unsecured debt obligations (or long-term deposits) of any such bank are rated at least "A" by S&P and at least "A2" by Moody's, or (ii) any bank, the senior unsecured debt obligations (or long-term deposits) of which are rated at least "AA" by S&P and Aa2 by Moody's if rated by both such Rating Agencies or having the indicated rating if only rated by one of such Rating Agencies, in either case which meets the then existing credit exposure policies of the Owner Participant as of the date of the issuance of a Qualifying Letter of Credit. A Qualifying Letter of Credit Bank shall cease to be a Qualifying Letter of Credit Bank if the senior unsecured debt obligations (or long-term deposits) of such bank shall at any time be rated below "A+" (or below "A-" in the case of a bank identified in clause (i) of the preceding sentence) by S&P or "A1" (or below "A3" in the case of a bank identified in clause (i) of the preceding sentence) by Moody's.
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More Definitions of QUALIFYING LETTER OF CREDIT BANK

QUALIFYING LETTER OF CREDIT BANK means a banking institution organized in the United States or in another country the Dollar-denominated long-term indebtedness of which is rated on the date on which the relevant Qualifying Letter of Credit is issued, AAA by S&P and Aaa by Moody's (or if rated by only one Rating Agency, rated as aforesaid by such Rating Agency), (i) the unsecured long-term senior Dollar-denominated debt obligations of which are rated A or better by S&P and A2 or better by Moody's, (ii) having a branch in New York City at which the Qualifying Letter of Credit can be drawn upon, (iii) having, on the date
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QUALIFYING LETTER OF CREDIT BANK means (i) Nationsbank, N.A., provided its senior unsecured debt obligations are rated at least "A+" by S&P and at least "A1" by Moody's, or (ii) a United States branch of any bank, the senior unsecured debt obligations (or long-term deposits) of which are rated by at least one Rating Agency and are rated at least "AA" (or the equivalent thereof) by each Rating Agency providing a rating in respect of such obligations (or deposits) as of the date of the issuance of a Qualifying Letter of Credit.
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Related to QUALIFYING LETTER OF CREDIT BANK

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

  • Revolving Letter of Credit means each letter of credit issued pursuant to Section 3.1(a)(i) (including DIP Revolving Letters of Credit deemed issued as Revolving Letters of Credit pursuant to Section 3.10).

  • Existing Letter of Credit means each letter of credit issued prior to the Effective Date by a Person that shall be an Issuing Bank and listed on Schedule 2.06.

  • Canadian Letter of Credit means any letter of credit issued by the Canadian Lender pursuant to Section 2.03. A Canadian Letter of Credit may be a commercial letter of credit or a standby letter of credit. No Letter of Credit shall be or become a Canadian Letter of Credit.

  • Facility Letter of Credit means a Letter of Credit issued hereunder.

  • Supporting Letter of Credit has the meaning specified in Section 2.3(g).

  • Trade Letter of Credit means any Letter of Credit that is issued under the Letter of Credit Facility for the benefit of a supplier of inventory to the Borrower or any of its Subsidiaries to effect payment for such Inventory.

  • Underlying Letter of Credit means a letter of credit that has been issued by an Underlying Issuer.

  • Letter of Credit Facility means, at any time, an amount equal to the amount of the Issuing Bank's Letter of Credit Commitment at such time, as such amount may be reduced at or prior to such time pursuant to Section 2.05.

  • Fronted Letter of Credit means a standby Letter of Credit issued by an Issuing Lender having an L/C Fronting Commitment in which each Lender purchases a risk participation pursuant to Section 3.4.

  • Evergreen Letter of Credit has the meaning set forth in Section 2.01.

  • Letter of Credit Agreement has the meaning specified in Section 2.03(a).

  • U.S. Letter of Credit means any Letter of Credit issued hereunder for the purpose of providing credit support for any U.S. Borrower, any Domestic Subsidiary or any Foreign Subsidiary.

  • Letter of Credit Guaranty means one or more guaranties by the Administrative Agent in favor of the L/C Issuer guaranteeing or relating to the Borrowers' obligations to the L/C Issuer under a reimbursement agreement, Letter of Credit Application or other like document in respect of any Letter of Credit.

  • Facility Letter of Credit Obligations means, as at the time of determination thereof, all liabilities, whether actual or contingent, of the Borrower with respect to Facility Letters of Credit, including the sum of (a) the Reimbursement Obligations and (b) the aggregate undrawn face amount of the then outstanding Facility Letters of Credit.

  • Letter of Credit Cash Collateral Account means a blocked deposit account at Bank of America with respect to which Borrower hereby grants a security interest in such account to Administrative Agent for and on behalf of Lenders as security for Letter of Credit Usage and with respect to which Borrower agrees to execute and deliver from time to time such documentation as Administrative Agent may reasonably request to further assure and confirm such security interest.

  • Dollar Letter of Credit means a Letter of Credit denominated in Dollars.

  • Letter of Credit Account means the account established by the Borrower under the sole and exclusive control of the Administrative Agent maintained at the office of the Administrative Agent at 200 Xxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 designated as the “Delphi Letter of Credit Account” that shall be used solely for the purposes set forth herein.

  • Letter of Credit Agreements means all letter of credit applications and other agreements (including any amendments, modifications or supplements thereto) submitted by the Borrower, or entered into by the Borrower, with the Issuing Bank relating to any Letter of Credit.

  • Eligible Letter of Credit means, as of any date of determination thereof, a Letter of Credit which supports the purchase of Inventory, (i) which Inventory does not constitute Eligible In-Transit Inventory and for which no documents of title have then been issued, (ii) which Inventory, when completed, otherwise would constitute Eligible Inventory, (iii) which Letter of Credit has an expiry within thirty (30) days of the date of initial issuance of such Letter of Credit, and (iv) which Letter of Credit provides that it may be drawn only after the Inventory is completed and after documents of title have been issued for such Inventory reflecting the Borrower, a Subsidiary Guarantor or the Administrative Agent as consignee of such Inventory.

  • Substitute Letter of Credit has the meaning set forth in Section 10.5(c).

  • Outstanding Letters of Credit shall have the meaning given such term in Section 2.02(j).

  • Letter of Credit Liability means, all reimbursement and other liabilities of Borrower or any of its Subsidiaries with respect to each Lender Letter of Credit, whether contingent or otherwise, including: (a) the amount available to be drawn or which may become available to be drawn; (b) all amounts which have been paid or made available by any Lender issuing a Lender Letter of Credit or any bank issuing a Bank Letter of Credit to the extent not reimbursed; and (c) all unpaid interest, fees and expenses related thereto.

  • Standby Letter of Credit Agreement means the Standby Letter of Credit Agreement relating to the issuance of a Standby Letter of Credit in the form from time to time in use by the L/C Issuer.

  • Existing Letters of Credit means the letters of credit issued and outstanding under the Existing Credit Agreement as set forth on Schedule 2.22.

  • Letter of Credit Participation shall have the meaning provided in Section 3.3(a).