Qualified Financial Institution definition
Examples of Qualified Financial Institution in a sentence
With respect to the TIFIA Reserve Account, any letter of credit, insurance policy or similar instrument shall be issued by a Qualified Financial Institution and, in the case of any letter of credit, such letter of credit shall be an Acceptable Letter of Credit.
The Borrower may replace all or a portion of the required balance on each such Reserve Account, if permitted by and in accordance with the terms of the Bond Documents, with an irrevocable letter of credit, insurance policy or similar instrument provided by a Qualified Financial Institution.
Interest-bearing negotiable certificates of deposit, interest-bearing time deposits, interest-bearing savings accounts or bankers’ acceptances, issued by a Qualified Financial Institution whose unsecured short-term obligations are rated in the Highest Rating Category.
Interest-bearing negotiable certificates of deposit, interest-bearing time deposits or interest-bearing savings accounts, issued by a Qualified Financial Institution, if such deposits or accounts are fully insured by the Federal Deposit Insurance Corporation.
The letter of credit will be procured from a Qualified Financial Institution, and may be drawn down at any time by the Company, only for the purposes set forth in Section 12.07(i), (ii) or (iii) of this Agreement, without diminution because of the insolvency of the Company or the Reinsurer.