Substitute Bank definition

Substitute Bank means a commercial bank or savings and loan association which has issued a Substitute Letter of Credit.

Substitute Bank means a commercial bank, savings and loan association or savings bank which has issued a Substitute Letter of Credit.

Substitute Bank see Section 13.2.

Examples of Substitute Bank in a sentence

• Notwithstanding the foregoing, in the event that in connection with any amendment, modification or waiver more than one Bank is a Non-Consenting Bank, the Borrowers may not require one Bank to assign its rights and obligations to a Substitute Bank unless all Non-Consenting Banks are required to make such an assignment.

• Any such designation of a Substitute Bank under clause (ii) shall be subject to the prior written consent of the Administrative Agent (which consent shall not be unreasonably withheld).

• If at any time (x) the rating of Bank by LACE is below "B" or (y) the rating of a Substitute Bank is below the rating required by Lender at the time the related Substitute Letter of Credit is accepted by Lender, Borrower shall within 30 days provide to Lender a Substitute Letter of Credit.

• Notwithstanding the foregoing, in the event that in connection with any amendment, modification or waiver more than one Bank is a Nonconsenting Bank, the Borrower may not require one Bank to assign its rights and obligations to a Substitute Bank unless all Nonconsenting Banks are required to make such an assignment.

• Notwithstanding any Nonconsenting Bank's failure or refusal to assign its rights, obligations, Loans and Commitment under this Section 15.2, the Nonconsenting Bank shall cease to be a "Bank" for all purposes of this Agreement and the Substitute Bank substituted therefor upon payment to the Nonconsenting Bank by the Substitute Bank of all amounts set forth in this Section 15.2 without any further action of the Nonconsenting Bank.

More Definitions of Substitute Bank

Substitute Bank means the issuer of a Substitute Letter of Credit, which issuer must be acceptable to Lender in its sole discretion.

Substitute Bank shall have the meaning provided in Section 13.04(c).

Substitute Bank means a commercial bank, bank and trust company, national bank, savings and loan association or savings bank organized and doing business in the United States or a branch or agency of a foreign commercial bank located and doing business in the United States and subject to regulation by state or federal banking regulatory authorities.

Substitute Bank has the meaning set forth in Section 2.08(d)(i) hereof.

Substitute Bank means the issuer of any Alternate Credit Facility.

Substitute Bank means (A) a commercial bank (i) registered with the Ministry of Finance for purposes of Article 195 of the Mexican Income Tax Law and (ii) resident (or the principal office of which is a resident, if lending through a branch or agency) for tax purposes in a jurisdiction (or a branch or agency of a financial institution that is a resident of a jurisdiction) that is party to an income tax treaty with Mexico that is in effect on the date of substitution, acceptable to the Company and the Administrative Agent, each of whose consent will not be unreasonably withheld (including a bank that is already a Bank hereunder) that assumes the Commitment of a Bank, or is an assignee of the Loan of a Bank, pursuant to the terms of this Agreement or (B) a multiple banking institution (institución de banca múltiple) that is organized as a sociedad anónima under Mexican law and is authorized to engage in the business of banking by the Ministry of Finance.

Substitute Bank shall have the meaning set forth in Section 15.2.