Reserve Account Letter of Credit definition

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

• The reserve account letter of credit bank may be replaced with a replacement reserve account letter of credit bank as described under “The Transfer Agreements and the Indenture—Reserve Account Letter of Credit— Replacement of a Reserve Account Letter of Credit Bank.” Based on a reasonable good faith estimate of maximum probable exposure, the reserve account letter of credit bank is not liable or contingently liable to provide payments representing more than 10% of the cash flow supporting the notes.

• The Issuer may also substitute a Reserve Account Insurance Policy and/or Reserve Account Letter of Credit for cash on deposit in the Reserve Account or a subaccount therein upon compliance with the terms of this Section 4.05(B)(4).

• The Authority has caused to be deposited to the credit of the respective reserve accounts under the 1970 Bond Resolution and the 1978 Bond Resolution reserve account letters of credit issued by The Bank of Nova Scotia acting through its San Juan Branch ("BNS") (each, a "BNS Reserve Account Letter of Credit" and, collectively, the "BNS Reserve Account Letters of Credit") in the respective amounts required by said resolutions to be held to the credit of such reserve accounts.

• All deficiencies in the Reserve Account must be made up no later than 12 months from the date such deficiency first occurred, whether such shortfall was caused by an increase in the applicable Reserve Account Requirement, a decrease in the aggregate market value of the investments therein of more than 5% or withdrawal (whether from cash or a Reserve Account Insurance Policy or Reserve Account Letter of Credit).

• To the payment of all fees due any provider of a Reserve Account Insurance Policy or Reserve Account Letter of Credit.

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 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 [ ].]

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.

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) issued by any bank or national banking institution deposited in any subaccount in the Reserve Account in lieu of or in substitution for cash required to be deposited therein pursuant to Section 7.04(1)(b) 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 on deposit therein. The issuer providing such letter of credit shall be rated, at the time of deposit into the Debt Service Reserve Account, in one of the two highest rating categories of Fitch Ratings Inc. or any successors thereof, Moody’s Investors Service, Inc. or any successors thereof or Standard & Poor’s Ratings Services or any successors thereof.