Eligible Bank definition

means a bank or trust company (i) that is organized and existing under the laws of the United States of America or Canada, or any state, territory, province or possession thereof, (ii) that, as of the time of the making or acquisition of an Investment in such bank or trust company, has combined capital and surplus in excess of $500.0 million and (iii) the senior Debt of which is rated at least “A-2” by Moody’s or at least “A” by S&P.

means a bank or trust company that (i) is organized and existing under the laws of the United States of America or Canada, or any state, territory, province or possession thereof, (ii) as of the time of the making or acquisition of an Investment in such bank or trust company, has combined capital and surplus in excess of $500.0 million and (iii) the senior Debt of which is rated at least “A-2” by Moody’s or at least “A” by Standard & Poor’s.

Examples of Eligible Bank in a sentence

• Lender may elect to change any financial institution in which the Lock Box Account shall be maintained if such institution is no longer an Eligible Bank, upon not less than five (5) Business Days' notice to the Borrower.
• On or before the date on which Borrower delivers the Defeasance Collateral, Borrower or Successor Borrower (as applicable) shall open at any Eligible Bank the defeasance collateral account (the “Defeasance Collateral Account”) which shall at all times be an Eligible Account.
• The Servicer shall establish the Payahead Account with the Indenture Trustee or another Eligible Bank in the name of the Indenture Trustee on behalf of the Obligors and the Noteholders as their interests may appear pursuant to Section 9.09 of the Trust Agreement.
• All issued and outstanding shares of the iNet Stock have been duly authorized and validly issued and are fully paid and non-assessable.
• The Payahead Account shall be a segregated interest bearing trust account established with the Trustee or an Eligible Bank.

More Definitions of Eligible Bank

means a bank that (i) satisfies the Rating Criteria and (ii) insures the deposits hereunder through the Federal Deposit Insurance Corporation.

means any commercial bank having, or which is the principal banking subsidiary of a bank holding company having, capital and surplus aggregating in excess of $250.0 million (or in the equivalent thereof in a foreign currency as of the date of determination) and a rating of “A” (or such other similar equivalent rating) or higher by at least one nationally recognized statistical rating organization.

means a corporation organized or existing under the laws of the United States or any other state, having combined capital and surplus of at least $100 million and subject to supervision by federal or state authority and which has a branch located in New York, New York.

means any depository institution with trust powers (including the Trustee), organized under the laws of the United States or any State having a net worth in excess of $50,000,000, the deposits of which are insured to the full extent permitted by law by the Federal Deposit Insurance Corporation, which is subject to supervision and examination by Federal or State authorities and which (i) has a long-term unsecured debt rating of at least Baa3 from Moody's or (ii) is approved by each Rating Agency.

means a Person that is an Authorised Firm with an authorisation for deposit taking, or a person in relation to whom all of the following requirements are satisfied:the Person is incorporated in a jurisdiction outside the QFC;the Regulatory Authority has not, by notice, declared that this definition does not apply to the jurisdiction;the Person is regulated as a bank, and principally regulated for prudential purposes, by an overseas regulator in the jurisdiction;the Person is required to prepare audited accounts;the Person has minimum assets of US $10 million (or its equivalent in any other currency at the relevant time); the Person had surplus revenue over expenditure for the Person’s last 2 financial years; andthe Person’s latest annual audit report is not materially qualified.