Qualified Commercial Bank means (i) a domestic bank or (ii) subject to the BWS’s approval, acting reasonably, an international bank (or a subsidiary thereof) that is licensed in the United States of America:
Qualified Commercial Bank means a reputable domestic or foreign commercial bank:
Qualified Commercial Bank means a domestic commercial bank or a foreign bank with a U.S. branch, whose long-term debt is rated “A3” or higher by Moody’s Investors Service, Inc., rated “A-” or higher by Fitch, Inc. or rated “A-” or higher by Standard & Poor’s Ratings Services, Inc. (if there is a split rating, the lowest of the three shall apply), and which is a bank organized and existing under the laws of the United States, is subject to federal and State banking regulatory jurisdiction and maintains banking operations in the State of Florida.
Examples of Qualified Commercial Bank in a sentence
The Contractor’s obligations of payment and performance under this Agreement and the Parent Company Guaranty shall be secured by a Letter of Credit issued by a Qualified Commercial Bank.
More Definitions of Qualified Commercial Bank
Qualified Commercial Bank. As defined in Article 8.10.
Qualified Commercial Bank means a domestic commercial bank whose long term debt is rated “A2” or higher by Moody’s, “A” or higher by Fitch, Inc. or “A” or higher by Standard & Poor’s (if there is a split rating, the lower of the three shall apply), and which is a bank organized and existing under the laws of the United States and has an office in New York State within 80 miles of the Facility. At the time the Contractor has knowledge that the Tangible Net Worth of the Guarantor has fallen below $150 million dollars, the Contractor shall promptly notify the Agency, and within twenty (20) days after delivery of such notice also supply the Agency a Step-Up Letter of Credit from a Qualified Commercial Bank. Such Step-Up Letter of Credit shall remain in effect until the Contractor can demonstrate to the reasonable satisfaction of the Agency that the Guarantor’s Tangible Net Worth has increased above $150 million and remained above $150 million for at least 365 continuous days, at which time the Contractor is no longer required to have a Step-Up Letter of Credit and the Agency shall promptly return to the Contractor the Step- Up Letter of Credit, provided, however, that another Step-Up Letter of Credit shall be required in accordance with this Article 8.10 if and when the Tangible Net Worth of the Guarantor again falls below $150 million.
Qualified Commercial Bank means a domestic commercial bank or other domestic financial institution having a combined capital and surplus of at least Five Hundred Million Dollars ($500,000,000).
Qualified Commercial Bank means a commercial bank which satisfies the eligibility criteria set out in paragraph 5 of Schedule 4 to this Loan Agreement;