Acceptable Letter of Credit Provider definition

Acceptable Letter of Credit Provider means a financial institution rated at all times, as to its senior unsecured unsubordinated indebtedness, at least Baa1 by Moody’s and at least BBB+ by S&P.

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Acceptable Letter of Credit Provider has the meaning given to such term in the Depositary Agreement.

Acceptable Letter of Credit Provider means a financial institution (A) with senior long-term unsecured and unguaranteed debt rated A3 or higher by ▇▇▇▇▇'▇ or A- or higher by S&P, (B) the obligations of which are guaranteed by an entity with senior long-term unsecured and unguaranteed debt rated A3 or higher by ▇▇▇▇▇'▇ or A- or higher by S&P or (C) whose letter of credit is confirmed by an entity with senior long-term unsecured and unguaranteed debt rated A3 or higher by ▇▇▇▇▇'▇ or A- or higher by S&P.

Examples of Acceptable Letter of Credit Provider in a sentence

Any Lender (or an Affiliate of a Lender) may become an Issuing Bank at any time by written agreement between the Borrower, the Administrative Agent, and such Lender; provided that such Person shall be an Acceptable Letter of Credit Provider if it will be a DSR Issuing Bank.
If at any time the issuer of the S▇▇▇ Letter of Credit no longer qualifies as an Acceptable Letter of Credit Provider (as defined herein), S▇▇▇ shall, within five (5) Business Day (as defined herein) of the occurrence of such event, replace the S▇▇▇ Letter of Credit so provided with a S▇▇▇ Letter of Credit satisfactory to the Administrative Agent in its sole discretion and issued by a new Acceptable Letter of Credit Provider (as defined herein).
Any Lender (or an Affiliate of a Lender) may become a DSR LC Issuing Bank at any time by written agreement between the Borrower, the Administrative Agent, and such Lender; provided that such Person shall be an Acceptable Letter of Credit Provider if it will be a DSR LC Issuing Bank.
On or prior to the Execution Date, S▇▇▇ shall provide to Covert and Harquahala, as joint beneficiaries thereof, an irrevocable, on-demand letter of credit in the face amount of $32,500,000, substantially in the form attached hereto as Attachment A, and otherwise in form and substance satisfactory to the Administrative Agent in its sole discretion (the “S▇▇▇ Letter of Credit”) issued by an Acceptable Letter of Credit Provider (as defined herein).

More Definitions of Acceptable Letter of Credit Provider

Acceptable Letter of Credit Provider means a financial institution rated at all times, as to its senior unsecured unsubordinated indebtedness, at least Baa1 by ▇▇▇▇▇’▇ and at least BBB+ by S&P.

Acceptable Letter of Credit Provider means a bank or trust company with a combined capital and surplus of at least $10,000,000,000 whose long-term unsecured senior debt or issuer rating is rated at least “A” by Standard and Poor’s Corporation or at least “A2” by M▇▇▇▇’▇ and who is otherwise reasonably acceptable to the Administrative Agent, Harquahala and Covert.