Reserve Account Letter of Credit means an irrevocable direct pay letter of credit (i) issued by a Reserve Account Letter of Credit Bank, (ii) in form and substance satisfactory to each Rating Agency and the Insurer, (iii) for the benefit of the Indenture Trustee and in form reasonably acceptable to the Indenture Trustee, (iv) providing for the amount thereof to be available to the Indenture Trustee in multiple drawings conditioned only upon presentation of the applicable certificate in the form attached to such Reserve Account Letter of Credit, (v) having an initial term of at least one year and (vi) credited to the Reserve Account.

Reserve Account Letter of Credit means the irrevocable, transferable letter of credit deposited to the credit of the Reserve Account in lieu of or in partial substitution for cash or securities on deposit therein, which letter of credit constitutes an unconditional senior obligation of the issuer thereof. The issuer of such letter of credit shall be Government Development Bank or a banking association, bank or trust company or branch thereof whose senior debt obligations, ranking pari passu with its obligations under such letters of credit are rated at the time of deposit to the credit of the Reserve Account, in any of the three highest rating categories (without regard to any gradations within any such category) by Moody’s and Standard & Poor’s.

Examples of Reserve Account Letter of Credit in a sentence

Any payment made by a Reserve Account Letter of Credit Bank under a Reserve Account Letter of Credit shall be applied solely to the payment of the Notes and for such other purposes as set forth in Section 4.3(b) hereof.
The reserve account letter of credit bank may be replaced with a replacement reserve account letter of credit bank as described under “The Transfer Agreements and the Indenture—Reserve Account Letter of Credit— Replacement of a Reserve Account Letter of Credit Bank.” Based on a reasonable good faith estimate of maximum probable exposure, the reserve account letter of credit bank is not liable or contingently liable to provide payments representing more than 10% of the cash flow supporting the notes.
The Indenture Trustee shall deposit all amounts paid to it under such Reserve Account Letter of Credit into the Collection Account on the day of receipt of such amounts.
On the Closing Date, the Letter of Credit Bank will issue a Reserve Account Letter of Credit for the benefit of the Indenture Trustee, the Insurer and the Noteholders.
No delay or omission of the Indenture Trustee[, the Insurer, each Reserve Account Letter of Credit Bank] or any Holder of any Note to exercise any right or remedy accruing upon any Default or Event of Default shall impair any such right or remedy or constitute a waiver of any such Default or Event of Default or an acquiescence therein.

More Definitions of Reserve Account Letter of Credit

Reserve Account Letter of Credit means a letter of credit issued by a commercial bank whose long-term unsecured Debt is rated at least "A" by S&P, "A" by Fitch and "A2" by Moody's.

Reserve Account Letter of Credit means an irrevocable, transferable letter of credit deposited in the Debt Service Reserve Account in lieu of or in partial substitution for cash or securities on deposit therein. The issuer providing such letter of credit shall be a banking association, bank or trust company or branch thereof whose letter of credit results in the Bonds which are secured by such letter of credit being rated in one of the two highest rating categories by each Rating Agency which has a rating outstanding on such Bonds.

Reserve Account Letter of Credit means [ ].]

Reserve Account Letter of Credit means an irrevocable, transferable letter of credit, if any, maintained by the Town in lieu of or in partial substitution for cash or securities on deposit in the Reserve Account, provided that the entity providing such facility is, at the time the Reserve Account Letter of Credit is provided, of sufficient credit quality to entitle debt backed by its facility to be rated in one of the three highest rating categories (without regard to any gradations within such categories) by at least two of the Rating Agencies.

Reserve Account Letter of Credit means a letter of credit, in form and substance satisfactory to the Required Senior Creditors and the Trustee, (1) that has been issued by a Letter of Credit Bank, (2) for which the Issuer is not an account party and has no reimbursement obligation, (3) for which the Trustee is the beneficiary, and (4) that is drawable in full if not renewed by the issuing Letter of Credit Bank.

Reserve Account Letter of Credit shall have the meaning set forth in Section 5.1(c)(viii).

Reserve Account Letter of Credit means the irrevocable, transferable letter of credit, if any, to be deposited in the Reserve Account for moneys or securities on deposit therein. The issuer providing such letter of credit shall be a banking association, bank or trust company or branch thereof whose letter of credit results in the rating of municipal obligations secured by such letter of credit to be rated, at the time of deposit into the Reserve Account, in one of the three highest rating categories (without regard to any gradation within such categories) by (i) both Standard & Poor's Corporation or its successor, and Moody's Investors Service, Inc., or its successor, or (ii) if both such corporations shall be dissolved or liquidated or shall no longer perform the functions of a securities rating agency, a nationally recognized securities rating service.