Servicer Letter of Credit definition

Servicer Letter of Credit means a letter of credit, surety bond or insurance policy issued by a depository institution, insurance company, or financial institution having a short-term credit rating at least equal to the Required Deposit Rating and providing that the Indenture Trustee or Trust Agent, as the case may be, may draw thereupon in the event the Servicer satisfies the Monthly Remittance Condition but fails to deposit SUBI Collections into the 2019-B SUBI Collection Account by the related Deposit Date.

Servicer Letter of Credit means, if the Servicer desires to remit collections on or in respect of the Receivables to the Collection Account on a monthly basis upon satisfaction of the conditions described in Section 4.02(b), (i) an irrevocable letter of credit, issued by a Letter of Credit Bank and naming the Indenture Trustee a beneficiary or (ii) a surety bond, insurance policy or deposit of cash or securities, which is satisfactory to each Rating Agency.

Servicer Letter of Credit has the meaning given such term in Section 7.01(b).

Examples of Servicer Letter of Credit in a sentence

• Any funds held by the Servicer which should have been deposited into the Collection Account but were not, thereby resulting in a payment under the Servicer Letter of Credit, if any, shall not be remitted to the Collection Account, but shall instead be paid immediately and directly to the Letter of Credit Bank.

• Any funds held by the Servicer which it determines are to be remitted (or any of its own funds which the Seller or the Servicer determines to pay to the Letter of Credit Bank) in respect of a failure previously to remit collections which failure resulted in a payment under the Servicer Letter of Credit, if any, shall not be remitted to the Collection Account, but shall instead be paid immediately and directly to the Letter of Credit Bank.

• In the event that the Servicer is permitted to make remittances of collections to the Collection Account pursuant to Section 7.01(b)(ii)(B) hereof, this Agreement may be modified, to the extent necessary to provide for the Servicer Letter of Credit, without the consent of any Securityholder.

• By this transfer, all rights of the undersigned beneficiary in the Servicer Letter of Credit are transferred to the transferee and the transferee shall hereafter have the sole rights as beneficiary thereof; provided, however, that no rights shall be deemed to have been transferred to the transferee until such transfer complies with the requirements of the Servicer Letter of Credit pertaining to transfers.

• You may transfer your rights under this Servicer Letter of Credit in their entirety (but not in part) to any transferee who has succeeded you as trustee pursuant to the Pooling and Servicing Agreement and such transferred rights may be successively transferred.

More Definitions of Servicer Letter of Credit

Servicer Letter of Credit an irrevocable standby letter of credit issued in favor of the Managing Facility Agent and the Purchasers which:

Servicer Letter of Credit means, if the Servicer desires to remit collections on or in respect of the Receivables to the Certificate Account on a monthly basis but the conditions of clause (a) of Section 14.02 are not otherwise satisfied, an irrevocable letter of credit, issued by the Letter of Credit Bank and naming the Trustee as beneficiary, substantially in, except as otherwise provided in the Agreement, the form attached hereto as Exhibit A.

Servicer Letter of Credit means a letter of credit supporting the Servicer's obligations regarding Collections which is delivered to the Trustee in accordance with subsection 4.03(a)(ii).

Servicer Letter of Credit means, with respect to any Exchange Note and Reference Pool, a cash account or a letter of credit, surety bond or insurance policy issued by a depository institution, insurance company or financial institution whose short-term credit obligations have the Required Rating and providing that the Titling Trustee or the related indenture trustee or owner trustee, as the case may be, may withdraw therefrom or draw thereupon in the event that the Monthly Remittance Condition is not satisfied and the Servicer fails to deposit Collections in respect of a Collection Period into the related account by the related Deposit Date or Payment Date, as the case may be, which cash account, letter of credit, surety bond or insurance policy is acceptable to each Rating Agency.

Servicer Letter of Credit is defined in subsection 4.3(a).

Servicer Letter of Credit means a letter of credit for the ------------------------- benefit of the Trustee issued by the Letter of Credit Bank in substantially the form of Exhibit D hereto. ---------

Servicer Letter of Credit a letter of credit issued by the Servicer Letter of Credit Bank for the benefit of the Trustee under the Existing Securitization Facility or any substitute therefore in accordance with the Indenture.