Eligible LC Backed Account definition

Eligible LC Backed Account any Account owing to a Borrower that is supported by one or more irrevocable standby letters of credit satisfactory to Agent in its Permitted Discretion (as to each of form, substance and issuer or domestic confirming bank) which have been issued to such Borrower as beneficiary, as determined by Agent, in its Permitted Discretion, to be an Eligible LC Backed Account. Any such Account shall be considered an “Eligible LC Backed Account” to the extent of the amount owing in respect thereof and for which drawing under the applicable letter of credit is then available, and after reduction for any offsets or other amounts or claims of the Account Debtor that reduce the amount that may be drawn under the applicable letter of credit, all as determined from time to time by Agent in its Permitted Discretion.
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Examples of Eligible LC Backed Account in a sentence

  • Any such Account shall be considered an "Eligible LC Backed Account" to the extent of the amount owing in respect thereof and for which drawing under the applicable letter of credit is then available, and after reduction for any offsets or other amounts or claims of the Account Debtor that reduce the amount that may be drawn under the applicable letter of credit, all as determined from time to time by Agent in its Permitted Discretion.

Related to Eligible LC Backed Account

  • Linked Account means any controlled disbursement account, controlled balance account or other deposit account maintained by a Collection Account Bank for the Parent, Performance Guarantor, Servicer, Originator or any Affiliate thereof and linked to any Collection Account by a zero balance account connection or other automated funding mechanism or controlled balance arrangement.

  • Eligible LC Bank means either a U.S. commercial bank, or a foreign bank issuing a Letter of Credit through its U.S. branch; and in each case the issuing U.S. commercial bank or foreign bank must be acceptable to Buyer in its sole discretion and such bank must have a Credit Rating of at least: (a) “A-, with a stable designation” from S&P and “A3, with a stable designation” from Moody’s, if such bank is rated by both S&P and Moody’s; or (b) “A-, with a stable designation” from S&P or “A3, with a stable designation” from Moody’s, if such bank is rated by either S&P or Moody’s, but not both, even if such bank was rated by both S&P and Moody’s as of the date of issuance of the Letter of Credit but ceases to be rated by either, but not both of those ratings agencies.

  • Eligible Account Any of (i) an account or accounts maintained with a federal or state chartered depository institution or trust company the short-term unsecured debt obligations of which (or, in the case of a depository institution or trust company that is the principal subsidiary of a holding company, the debt obligations of such holding company) have the highest short-term ratings of each Rating Agency at the time any amounts are held on deposit therein, or (ii) an account or accounts in a depository institution or trust company in which such accounts are insured by the FDIC or the SAIF (to the limits established by the FDIC or the SAIF, as applicable) and the uninsured deposits in which accounts are otherwise secured such that, as evidenced by an Opinion of Counsel delivered to the Trustee and to each Rating Agency, the Certificateholders have a claim with respect to the funds in such account or a perfected first priority security interest against any collateral (which shall be limited to Permitted Investments) securing such funds that is superior to claims of any other depositors or creditors of the depository institution or trust company in which such account is maintained, or (iii) a trust account or accounts maintained with (a) the trust department of a federal or state chartered depository institution or (b) a trust company, acting in its fiduciary capacity or (iv) any other account acceptable to each Rating Agency. Eligible Accounts may bear interest, and may include, if otherwise qualified under this definition, accounts maintained with the Trustee.

  • Credit Card Account means the Account of the Cardmember opened with Maybank for the purpose of this Agreement;

  • Facility LC Collateral Account is defined in Section 2.20.11.