Reserve Account Letter of Credit means a letter of credit or line of credit or other credit facility (other than a Reserve Account Insurance Policy) deposited in the Reserve Account in lieu of or in partial substitution for cash on deposit therein pursuant to Section 4.05(B)(4) hereof.
Reserve Account Letter of Credit means an irrevocable direct pay letter of credit (i) issued by a Reserve Account Letter of Credit Bank, (ii) in form and substance satisfactory to each Rating Agency and the Insurer, (iii) for the benefit of the Indenture Trustee and in form reasonably acceptable to the Indenture Trustee, (iv) providing for the amount thereof to be available to the Indenture Trustee in multiple drawings conditioned only upon presentation of the applicable certificate in the form attached to such Reserve Account Letter of Credit, (v) having an initial term of at least one year and (vi) credited to the Reserve Account.
Reserve Account Letter of Credit means the irrevocable, transferable letter of credit deposited to the credit of the Reserve Account in lieu of or in partial substitution for cash or securities on deposit therein, which letter of credit constitutes an unconditional senior obligation of the issuer thereof. The issuer of such letter of credit shall be Government Development Bank or a banking association, bank or trust company or branch thereof whose senior debt obligations, ranking pari passu with its obligations under such letters of credit are rated at the time of deposit to the credit of the Reserve Account, in any of the three highest rating categories (without regard to any gradations within any such category) by Moody’s and Standard & Poor’s.
Examples of Reserve Account Letter of Credit in a sentence
On the Closing Date, the Letter of Credit Bank will issue a Reserve Account Letter of Credit for the benefit of the Indenture Trustee, the Insurer and the Noteholders.
Any payment made by a Reserve Account Letter of Credit Bank under a Reserve Account Letter of Credit shall be applied solely to the payment of the Notes and for such other purposes as set forth in Section 4.3(b) hereof.
In furtherance of this MOU, employees of the Participating Agency may be permitted to drive FBI owned or leased vehicles for surveillance, case management and investigation in connection with any JTTF investigation.
Such funding can be accomplished either by (i) depositing cash in the Reserve Account, (ii) causing a Reserve Account Letter of Credit to be issued, or (iii) utilizing any combination of clauses (i) and (ii).
The Indenture Trustee shall deposit all amounts paid to it under such Reserve Account Letter of Credit into the Collection Account on the day of receipt of such amounts.
More Definitions of Reserve Account Letter of Credit
Reserve Account Letter of Credit means a letter of credit issued by a commercial bank whose long-term unsecured Debt is rated at least "A" by S&P, "A" by Fitch and "A2" by Moody's.
Reserve Account Letter of Credit means an irrevocable, transferable letter of credit deposited in the Debt Service Reserve Account in lieu of or in partial substitution for cash or securities on deposit therein. The issuer providing such letter of credit shall be a banking association, bank or trust company or branch thereof whose letter of credit results in the Bonds which are secured by such letter of credit being rated in one of the two highest rating categories by each Rating Agency which has a rating outstanding on such Bonds.
Reserve Account Letter of Credit means [ ].]
Reserve Account Letter of Credit means an irrevocable, transferable letter of credit, if any, maintained by the Town in lieu of or in partial substitution for cash or securities on deposit in the Reserve Account, provided that the entity providing such facility is, at the time the Reserve Account Letter of Credit is provided, of sufficient credit quality to entitle debt backed by its facility to be rated in one of the three highest rating categories (without regard to any gradations within such categories) by at least two of the Rating Agencies.
Reserve Account Letter of Credit means that certain letter of credit established and maintained by the Servicer with the Reserve Account Letter of Credit Bank, pursuant to Section 5.01 of the Sale and Servicing Agreement in the name of the Issuing Entity, as beneficiary, for the benefit of the Noteholders [and the Certificateholders].]
Reserve Account Letter of Credit means an unconditional and irrevocable letter of credit or line of credit or other credit facility (other than a Reserve Account Insurance Policy) issued by any bank or national banking association, insurance company or other financial institution and then on deposit in the Reserve Account in lieu of or in partial substitution for cash on deposit therein pursuant to Section 4.06(A)(4) hereof.
Reserve Account Letter of Credit means the irrevocable, transferable letter of credit, if any, deposited in the Debt Service Reserve Account, in lieu of or in partial substitution for cash or securities otherwise required to be on deposit therein. The provider of such letter of credit shall be a banking association, bank or trust company or branch thereof whose letter of credit results in a rating of municipal securities secured by such letter of credit being in one of the three highest full rating categories of a Rating Agency.