Counterparty Downgrade Collateral Account. The Account Bank confirms that it has opened the Counterparty Downgrade Collateral Account in the name of and for the benefit of the Issuer with IBAN XX00XXXX00000000000000 which is subject to English law and denominated in Sterling. The Counterparty Downgrade Collateral Account is a cash only account. The Counterparty Downgrade Collateral Account may be supplemented by a securities account to be opened with The Bank of New York Mellon, London Branch following the downgrade of the Swap Counterparty's ratings, and may not go into overdraft.
Counterparty Downgrade Collateral Account. Following the downgrade of a Swap Counterparty's rating, the Account Bank shall, upon request by the Issuer, open the Counterparty Downgrade Collateral Account within ten (10) Business Days in the name of and for the benefit of the Issuer which is subject to English law and denominated in GBP and confirm that it has opened such account to the Issuer. The Counterparty Downgrade Collateral Account shall be a cash only account, which may be supplemented by a securities account to be opened with the Counterparty Downgrade Collateral Account Bank following the downgrade of the ratings of any of the Swap Counterparties, and may not go into overdraft.
Counterparty Downgrade Collateral Account. The Account Bank confirms that it has opened the Counterparty Downgrade Collateral Account in the name of and for the benefit of the Issuer with IBAN: XX00XXXX00000000000000 which is subject to English law and denominated in Sterling. The Counterparty Downgrade Collateral Account is a cash only account. The Counterparty Downgrade Collateral Account may be supplemented by a securities account to be opened with Elavon Financial Services DAC following the downgrade of the Swap Counterparty's ratings, and may not go into overdraft. Upon downgrade of the Swap Counterparty's ratings and to the extent the Swap Counterparty decides to post cash denominated in EUR as collateral under the Swap Counterparty, the Account Bank shall open an additional Counterparty Downgrade Collateral Account which shall be subject to English law and denominated in EUR. Such additional Counterparty Downgrade Collateral Account shall be a cash only account and may not go into overdraft.
