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defined in the Trust Agreement) that their then-current ratings of the Offered Certificates will not be downgraded or withdrawn by such Rating Agency (the “Rating Agency Condition”), or (ii) obtain a substitute counterparty that (a) is reasonably acceptable to Party B and satisfies the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:
Downgrade Provisions. (1) It shall be a collateralization event (Collateralization Event) if (A) either (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) or (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 "
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 XxXxxx-Xxxx Companies, Inc. ("S&P"), Xxxxx'x Investors Service, Inc. ("Moody's") and Xxxxx Ratings ("Fitch") (each 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. 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 (A) either (i) the unsecured, long-term senior debt obligations of Party A are rated below "A1" by Mxxxx'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 "
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.
Downgrade Provisions. (1) It shall be a collateralization event (a "Collateralization Event") if (A) (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
Downgrade Provisions. (1) It shall be a collateralization event (COLLATERALIZATION EVENT) if:
Downgrade Provisions
