Approved LC Bank definition
Approved LC Bank means (a) a depository institution or trust company insured by the Federal Deposit Insurance Corporation the long-term unsecured debt obligations of which are rated at least (i) “A+” by S&P (and the short-term deposits or short-term unsecured debt obligations or commercial paper of which are rated no less than “A-1” by S&P), (ii) “A+” by Fitch (and the short-term deposits or short-term unsecured debt obligations or commercial paper of which are rated no less than “F1” by Fitch) and (iii) “A1” by ▇▇▇▇▇’▇ (and the short-term deposits or short-term unsecured debt obligations or commercial paper of which are rated no less than “P-1” by ▇▇▇▇▇’▇), and(b) KeyBank National Association, in its capacity as Letter of Credit issuer, provided that the applicable ratings of such entity are not reduced below the ratings in effect as of the Closing Date.
Approved LC Bank means a bank or other financial institution, the long-term unsecured debt rating of which are at least “A+” by S&P, Fitch and DBRS Morningstar and “A1” by M▇▇▇▇’▇ and the short-term unsecured debt ratings of which are at least “A-1” by S&P, “F1” by Fitch, “R-1” by DBRS Morningstar and “P-1” by M▇▇▇▇’▇.