Downgrade Provisions. (1) It shall be a collateralization event (“Collateralization Event”) if (A) either (i) the unsecured, long-term senior debt obligations of Party A are rated below “A1” by Xxxxx’x Investors Service, Inc. (“Moody’s”) or are rated “A1” by Moody’s and such rating is on watch for possible downgrade to below “A1” (but only for so long as it is on watch for possible downgrade) or (ii) the unsecured, short-term debt obligations of Party A are rated below “P-1” by Moody’s or are rated “P-1” by Moody’s and such rating is on watch for possible downgrade to below “P-1” (but only for so long as it is on watch for possible downgrade), (B) no short-term rating is available from Moody’s and the unsecured, long-term senior debt obligations of Party A are rated below “Aa3” by Moody’s or are rated “Aa3” by Moody’s and such rating is on watch for possible downgrade to below “Aa3” (but only for so long as it is on watch for possible downgrade), (C) or either (i) the unsecured, short-term debt obligations of Party A are rated below “A-1” by Standard & Poor’s Rating Services, a division of The XxXxxx-Xxxx Companies, Inc. (“S&P”) or (ii) if Party A does not have a short-term rating from S&P, the unsecured, long-term senior debt obligations of Party A are rated below “A+” by S&P, or (D) the unsecured, long-term senior debt obligations or financial strength ratings of Party A are rated below “A” by Fitch, Inc. (“Fitch”). For the avoidance of doubt, the parties hereby acknowledge and agree that notwithstanding the occurrence of a Collateralization Event, this Agreement and each Transaction hereunder shall continue to be as a Swap Agreement for purposes of the Trust Agreement. Within 30 days from the date a Collateralization Event has occurred and so long as such Collateralization Event is continuing, Party A shall, at its sole expense, either (i) post collateral according to the terms of an ISDA 1994 New York Law Credit Support Annex, which shall receive prior written confirmation from each of the Rating Agencies (as defined in the Trust Agreement) that their then-current ratings of the Offered Certificates will not be downgraded or withdrawn by such Rating Agency (the “Rating Agency Condition”), or (ii) obtain a substitute counterparty that (a) is reasonably acceptable to Party B and satisfies the Rating Agency Condition, (b) satisfies the Hedge Counterparty Ratings Requirement (as defined herein) and (c) assumes the obligations of Party A under this Agreement (through an assignme...
Downgrade Provisions. (1) It shall be a collateralization event (Collateralization Event) if:
(A) with respect to each Relevant Entity, either (i) such Relevant Entity has both a long-term and short-term rating by Moody's Investors Service, Inc. (Moody's) and (x) the unxxxxxxx, unguaranteed and otherwise unsupported long-term senior debt obligations of such Relevant Entity are rated "A3" or below by Moody's or (y) the unsecured, unguaranteed and otherwise unsupported short-term debt obligations of such Relevant Entity are rated "P-2" or below by Moody's, or (ii) no short-term rating is available from Moody's and the unsecured, unguaranteed and otherwise unsupported long-term senior debt obligations of such Relevant Entity are rated "A2" or below by Moody's (such event, a Moody's Collateralization Event), or
(B) with respect to each Relevant Entity, either (i) the unsecured, unguaranteed and otherwise unsupported short-term debt obligations of such Relevant Entity are rated "A-2" or below by Standard & Poor's Rating Services, a division of The McGraw-Hill Companies, Inc. (S&P) or (ii) if such Relevaxx Xxxxxx xoes not have a short-term rating from S&P, the unsecured, unguaranteed and otherwise unsupported long-term senior debt obligations of Party A are rated "A" or below by S&P (such event, an S&P Collateralization Event).
Downgrade Provisions. If a Ratings Event (as defined below) occurs with respect to Party A (or any applicable credit support provider), then Party A shall, subject to the Rating Agency Condition (as hereinafter defined) and the consent of the Note Insurer and the Backup Note Insurer (each as defined in the Ameriquest NIM Trust 2005-RN3 Indenture, dated as of April 27, 2005), at its own expense (unless, within 30 days of such Ratings Event, each of Standard and Poor's, a Division of McGraw-Hill Companies, Ixx. ("X&X"), Moody's Investors Sxxxxxx, Inc. ("Moody's") and Fitch Ratings ("Fitch") (xxxx a "Rating Agency") has reconfirmed the rating of the Certificates and the Notes, without regard to the Note Policy or the Backup Note Policy, which was in effect immediately prior to such Ratings Event), (i) assign this Transaction hereunder to a third party within (30) days of such Ratings Event that meets or exceeds, or as to which any applicable credit support provider of such third party meets or exceeds, the Approved Ratings Thresholds (as defined below) on terms substantially similar to this Confirmation, which party is approved by the applicable Rating Agency and the Note Insurer and the Backup Note Insurer (ii) deliver collateral satisfactory to each Ratings Agency and the Note Insurer and the Backup Note Insurer within (30) days of such Ratings Event, in an amount equal to the Exposure (as defined below), pursuant to an ISDA Credit Support Annex (subject to New York Law) with a form of Paragraph 13 in the form annexed hereto (the "CSA"), (iii) obtain a guaranty of Party A's obligations under this Transaction from a third party that meets or exceeds the Approved Ratings Threshold, in form and substance acceptable to the applicable Rating Agency and the Note Insurer and the Backup Note Insurer or (iv) establish any other arrangement satisfactory to the applicable Rating Agency and the Note Insurer and the Backup Note Insurer which will be sufficient to restore the immediately prior ratings of the Certificates and the Notes, without regard to the Note Policy or the Backup Note Policy. For purposes of this Transaction, a "Ratings Event" shall occur with respect to Party A (or any applicable credit support provider), if its long-term unsecured and unsubordinated debt ceases to be rated at least "A" by S&P and at least "A2" by Moody's and at least A by Fitch (including in connection with a merger, consolidation or other similar transaction by Party A or any applicable credit support p...
Downgrade Provisions. (i) It shall be a collateralization event (a “Collateralization Event”) if:
(A) with respect to each Relevant Entity that is a Financial Institution, either:
(i) the Short-term Rating of such Relevant Entity is "A-2" from S&P, or
(ii) if such Relevant Entity does not have a Short-term Rating from S&P, the Long-term Rating of such Relevant Entity is "A", “A-“ or “BBB+” from S&P (such event, an “S&P Collateralization Event”), or
(B) with respect to each Relevant Entity, the Long-term Rating or financial strength ratings of such Relevant Entity is below “A” from Fitch (such event, a “Fitch Collateralization Event”).
Downgrade Provisions. It shall be a collateralization event (Collateralization Event) if:
Downgrade Provisions. Provisions of the Swap Agreement which are triggered if the short-term or long-term credit ratings of the Swap Provider fall below certain levels specified in the Swap Agreement. DTC: The Depository Trust Company.
Downgrade Provisions. (1) It shall be a collateralization event (Collateralization Event) if:
(i) the unsecured, unguaranteed and otherwise unsupported long-term senior debt obligations of Party A are rated below "A1" by Xxxxx'x Investors Service, Inc. (Moody's) or are rated "A1" by Moody's and such rating is on watch for possible downgrade (but only for so long as it is on watch for possible downgrade) and (ii) the unsecured, unguaranteed and otherwise unsupported short-term debt obligations of Party A are rated below "P-1" by Moody's or are rated "P-1" by Moody's and such rating is on watch for possible downgrade (but only for so long as it is on watch for possible downgrade),
(B) no short-term rating is available from Moody's and the unsecured, unguaranteed and otherwise unsupported long-term senior debt obligations of Party A are rated below "Aa3" by Moody's or are rated "Aa3" by Moody's and such rating is on watch for possible downgrade (but only for so long as it is on watch for possible downgrade),
Downgrade Provisions. (i) It shall be a collateralization event (a “Collateralization Event”) if:
(A) with respect to each Relevant Entity that is a Financial Institution, either:
(i) the Short-term Rating of such Relevant Entity is "A-2" from S&P, or
(ii) if such Relevant Entity does not have a Short-term Rating from S&P, the Long-term Rating of such Relevant Entity is "A", “A-“ or “BBB+” from S&P (such event, an “S&P Collateralization Event”), or
(B) with respect to each Relevant Entity, either
(i) such Relevant Entity has both a Long-term Rating and Short-term Rating from Moody's and (x) the Long-term Rating of such Relevant Entity is "A3" or below from Moody's or (y) the Short-term Rating of such Relevant Entity is "P-2" or below from Moody's, or
(ii) no Short-term Rating is available from Moody’s and the Long-term Rating of such Relevant Entity is "A2" or below from Moody's, or
(iii) such Relevant Entity has no Long-term Rating from Moody's (such event, a “Moody's Collateralization Event”), or
Downgrade Provisions. (a) A “Collateralization Event” shall occur if at any time Party A shall fail to satisfy the First Level Counterparty Ratings Threshold.
(b) If a Collateralization Event has occurred, within 10 Local Business Days Party A shall, at Party A’s expense, (i) post collateral pursuant to and in accordance with the Credit Support Annex; provided that Party A may post collateral within 30 Local Business Days if the Rating Condition is satisfied, (ii) obtain Alternative Credit Support that satisfies the Rating Condition, or (iii) obtain a substitute counterparty that (w) satisfies the Rating Condition (x) is reasonably acceptable to Party B, (y) satisfies the Replacement Counterparty Ratings Threshold with respect to each Rating Agency and (z) assumes the obligations of Party A under this Agreement (through a novation agreement in form and substance reasonably satisfactory to Party B) or replaces the outstanding Transactions hereunder with transactions on identical terms, except that Party A shall be replaced as counterparty, provided that such substitute counterparty, as of the date of such assumption or replacement, will not, as a result thereof, be required to withhold or deduct on account of any Tax under the Agreement or the new transactions, as applicable, and such assumption or replacement will not result in a Termination Event or Event of Default occurring under the Agreement or new transactions, as applicable.
(2) (a) A “Ratings Event” shall occur if at any time Party A shall fail to satisfy the Second Level Counterparty Ratings Threshold.
Downgrade Provisions. (1) (a A “Collateralization Event” shall occur if at any time Party A shall fail to satisfy the First Level Counterparty Ratings Threshold.
