Qualified Bank means a bank, trust company, corporation or national banking association organized and doing business under the laws of the United States or any State of the United States that is authorized under those laws to exercise corporate trust powers and that (i) is a DTC Participant or a participant in such other securities depository as is then acting with respect to the Shares, (ii) unless counsel to the Sponsor determines that the following requirement is not necessary for the exception under Section 408(m) of the Code to apply, is a banking institution as defined in Section 408(n) of the Code and (iii) had, as of the date of its most recent annual financial statements, an aggregate capital, surplus and undivided profits of at least $500,000,000.
Qualified Bank means a U.S. commercial bank or the U.S. branch office of a foreign bank, in either case, having (x) assets on its most recent audited balance sheet of at least $10,000,000,000 and (y) a rating for its senior long-term unsecured debt obligations of at least (A) “A-” by S&P and “A3” by Moody’s, if such entity is rated by both S&P and Moody’s or (B) “A-” by S&P or “A3” by Moody’s, if such entity is rated by either S&P or Moody’s but not both.
Qualified Bank as used herein shall mean a bank or trust company that: (I) is organized and existing, or in the case of a branch or agency office of a foreign banking organization is licensed, under the laws of the United States or any state thereof; (II) is regulated, supervised and examined by United States Federal or state authorities having regulatory authority over banks and trust companies; (III) is determined by the Securities Valuation Office of the National Association of Insurance Commissioners to meet such standards of financial condition and standing as are considered necessary and appropriate to regulate the quality of banks and trust companies whose letters of credit will be acceptable to insurance regulatory authorities; (IV) is not a foreign branch office of a bank or trust company organized and existing in the United States; and (V) is not a parent, subsidiary or affiliate of the Reinsured or the Reinsurer.
Examples of Qualified Bank in a sentence
Any cash provided by Seller as Credit Support under this Agreement shall be held an interest bearing deposit account held at a Qualified Bank selected by Buyer in its reasonable discretion.
More Definitions of Qualified Bank
Qualified Bank means (a) any Lender or any Affiliate of a Lender, or (b) a bank that has, or is a wholly-owned subsidiary of a corporation that has, (i) an unsecured long-term debt rating of not less than BBB+ from S&P or Baa1 from Moody’s and (ii) if its unsecured short-term debt is rated, an unsecured short-term debt rating of A2 from S&P or P2 from Moody’s. For the avoidance of doubt, neither the Borrower nor an Affiliate of the Borrower shall qualify as a Qualified Bank.
Qualified Bank. Any domestic bank, the deposits of which are insured to the full extent permitted by law by the Federal Deposit Insurance Corporation, not affiliated with the Seller or the Company (1) having long-term unsecured debt obligations rated in one of the two highest rating categories (without modifiers) of each applicable Rating Agency (and of any other Rating Agency, if such bank's long-term unsecured debt obligations are rated by such additional Rating Agency) or short-term unsecured debt obligations rated in at least one Rating Agency's highest applicable rating category (and of any other Rating Agency's highest applicable rating category if such bank's short-term unsecured debt obligations are rated by such additional Rating Agency), (2) having commercial paper or short-term unsecured debt obligations rated in each applicable Rating Agency's highest applicable rating category, or (3) that is otherwise acceptable to each applicable Rating Agency.
Qualified Bank means (a) any Lender or any Affiliate of a Lender, (b) a bank that has, or is a wholly-owned subsidiary of a corporation that has, (i) an unsecured long-term debt rating of not less than BBB+ from S&P or Baa1 from Moody’s (or BBB+ from S&P and Baa1 from Moody’s if both agencies issue ratings of its unsecured long-term debt) and (ii) if its unsecured short-term debt is rated, an unsecured short-term debt rating of A2 from S&P or P2 from Moody’s (or A2 from S&P and P2 from Moody’s if both agencies issue ratings of its unsecured short-term debt) or (c) in connection with the initial syndication of the Revolving Credit Facility or any Facility Increase, any other bank approved by the Administrative Agent and each of the Arrangers, such approval not to be unreasonably withheld or delayed. For the avoidance of doubt, none of the Borrower, the Company or any of their respective Affiliates or Subsidiaries may be a Qualified Bank for purposes of this Agreement.
Qualified Bank means a U.S. commercial bank (or the U.S. branch of a foreign bank) having (a) assets on its most recent balance sheet of at least $10 billion and (b) a long-term credit rating of at least “A-” by S&P or “A3” by Xxxxx’x (or its equivalent).