Eligible Credit Support. The following items will qualify as “Eligible Credit Support” for Party A: Collateral Type Valuation Percentages in respect of Xxxxx’x Valuation Percentages in respect of Fitch Valuation Percentages in respect of DBRS (A) Cash in: Collateral Type Valuation Percentages in respect of Xxxxx’x Valuation Percentages in respect of Fitch Valuation Percentages in respect of DBRS (i) a Base Currency; 100% 100% 100% (ii) US Dollars. 100% 100% 100% (B) Negotiable debt obligations denominated in US Dollars issued by the U.S. Treasury Department (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch and Aa3 by Xxxxx’x) having a remaining time to maturity of: In relation to residual maturity as set out in the corresponding order under Collateral Type: In relation to residual maturity as set out in the corresponding order under Collateral Type: In relation to residual maturity as set out in the corresponding order under Collateral Type: (i) not more than one year; 99% 97.5% 99% (ii) more than one year but not more than 5 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS (iii) more than 5 years but not more than 7 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS (iv) more than 7 years but not more than 10 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS (v) more than 10 years but less than 20 years; or To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS (vi) more than 20 years. To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS C) Treasury bills denominated in CAD issued by the Government of Canada (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch, Aa3 by Xxxxx’x and AA(low) or R-1(mid) by DBRS) having a remaining time to maturity of: (i) not more than one year; 99% 97.5% 99% (ii) more than one year but not more than 3 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS (iii) more than 3 years but not more than 5 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS (iv) more than 5 years but not more than 7 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS (v) more than 7 years but not more than 10 years; or To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
Appears in 2 contracts
Samples: Credit Support Annex, Credit Support Annex
Eligible Credit Support. The following items will qualify as “Eligible Credit Support” for Party A: Collateral Type Valuation Percentages in respect of Xxxxx’x Valuation Percentages in respect of Fitch Moody’s Valuation Percentages in respect of DBRS
(A) Provided Party B will not exceed its Prescribed Cash in: Collateral Type Valuation Percentages Limitation and subject to the provision immediately following this Eligible Credit Support chart, cash in respect of Xxxxx’x Valuation Percentages in respect of Fitch Valuation Percentages in respect of DBRS
(i) a the Base Currency; 100% 100% 100%
(ii) US Dollars. 100% Currency 100% 100%
(B) Negotiable fixed rate debt obligations denominated in US Dollars USD issued by by: the U.S. Treasury Department Department, (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch and Aa3 by Xxxxx’xMoody’s and AA(low) by DBRS) having a remaining time to maturity of: In relation to residual maturity as set out in the corresponding order under Collateral Type: In relation to residual maturity as set out in the corresponding order under Collateral Type: In relation to residual maturity as set out in the corresponding order under Collateral Type:Initial Rating Event Subsequent Rating Event (assuming CBL33 Covered Bonds are rated AA(low) (sf) or higher by DBRS)
(i) not more than one year; 9995% 97.5% 99%To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(ii) more than one year but not more than 5 2 years; 94% To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(iii) more than 5 2 years but not more than 7 years; 3 years 93% To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(iv) more than 7 3 years but not more than 10 5 years; 92% To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(v) more than 10 5 years but less not more than 20 7 years; or 91% To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(vi) more than 20 7 years but not more than 10 years. To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch ; 89% To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(vii) more than 10 years but less than 20 years 86% To be agreed between Party A and DBRS To be agreed between Party A and DBRS Collateral Type Valuation Percentages in respect of Moody’s Valuation Percentages in respect of DBRS (viii) more than 20 years but less than 30 years 84% To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(C) Treasury bills Negotiable floating rate debt obligations denominated in CAD USD issued by by: the Government of Canada U.S. Treasury Department, (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch, Aa3 by Xxxxx’x Moody’s and AA(low) or R-1(mid) by DBRS) having a remaining time to maturity of:
(i) not more than one year; 99: All maturities 94% 97.5% 99%
(ii) more than one year but not more than 3 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(iiiD) more Australian denominated Government Bonds (with local and foreign currency issuer ratings equal to or greater than 3 years but Aa3 by Moody’s and AA(low) by DBRS) having a remaining time to maturity of: Initial Rating Event Subsequent Rating Event (assuming CBL33 Covered Bonds are rated AA(low) (sf) or higher by DBRS) (i) not more than 5 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(iv) more than 5 years but not more than 7 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(v) more than 7 years but not more than 10 years; or To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS1 year 98% Fixed Rate & Floating Rate 99.7% 99.0%
Appears in 1 contract
Samples: Credit Support Annex
Eligible Credit Support. The following items will qualify as “Eligible Credit Support” for Party A: Collateral Type Valuation Percentages in respect of Xxxxx’x Valuation Percentages in respect of Fitch Valuation Percentages in respect of DBRS
(A) Provided Party B will not exceed its Prescribed Cash in: Collateral Type Valuation Percentages Limitation and subject to the provision immediately following this Eligible Credit Support chart, cash in respect of Xxxxx’x Valuation Percentages in respect of Fitch Valuation Percentages in respect of DBRS
(i) a the Base Currency; 100% 100% 100%
(ii) US Dollars. 100% Currency 100% 100%
(B) Negotiable Fixed Rate debt obligations denominated in US Dollars USD issued by by: the U.S. Treasury Department Department, (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch and Aa3 by Xxxxx’xXxxxx’x and AA(low) by DBRS) having a remaining time to maturity of: In relation to residual maturity as set out in the corresponding order under Collateral Type: In relation to residual maturity as set out in the corresponding order under Collateral Type: In relation to residual maturity as set out in the corresponding order under Collateral Type:Initial Rating Event Subsequent Rating Event Initial Rating Event Subsequent Rating Event (assuming CBL18 Covered Bonds are rated AA(low)(sf) or higher by DBRS)
(i) not more than one year; 9998% 97.595% 99%To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(ii) more than one year but not more than 5 2 years; 98% 94% To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(iii) more than 5 2 years but not more than 7 years; 98% 93% To be agreed To be Collateral Type Valuation Percentages in respect of Xxxxx’x Valuation Percentages in respect of DBRS more than 3 years between Party A and Xxxxx’x To be agreed between Party A and Fitch To be DBRS agreed between Party A and DBRS
(iv) more than 7 3 years but not more than 10 5 years; 98% 92% To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(v) more than 10 5 years but less not more than 20 7 years; or 98% 91% To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(vi) more than 20 7 years but not more than 10 years. To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch ; 98% 89% To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(vii) more than 10 years but less than 20 years 98% 86% To be agreed between Party A and DBRS To be agreed between Party A and DBRS (viii) more than 20 years but less than 30 years 98% 84% To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(C) Treasury bills Negotiable Floating Rate debt obligations denominated in CAD USD issued by by: the Government of Canada U.S. Treasury Department, (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch, Aa3 by Xxxxx’x and AA(low) by DBRS) – all maturities 98% 94% To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(D) Sterling denominated Fixed Rate United Kingdom Gilts (with local and foreign currency issuer ratings equal to or R-1(midgreater than Aa3 by Xxxxx’x and AA(low) by DBRS) having a remaining time to maturity of:: Initial Rating Event Subsequent Rating Event (assuming CBL18 Covered Bonds are rated AA(low)(sf) or higher by DBRS)
(i) not more than one year; 100% 99% 97.599.7% 9999.0%
(ii) more than one year but not more than 3 2 years; To be agreed between Party A and 100% 98% 99.0% 98.0% Collateral Type Valuation Percentages in respect of Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
Valuation Percentages in respect of DBRS (iii) more than 3 2 years but not more than 5 3 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(iv) more than 5 years but not more than 7 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(v) more than 7 years but not more than 10 years; or To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS100% 97% 99.0% 98.0%
Appears in 1 contract
Samples: Credit Support Annex
Eligible Credit Support. The following items will qualify as “Eligible Credit Support” for Party A: Collateral Type Valuation Percentages in respect of Xxxxx’x Valuation Percentages in respect of Fitch Valuation Percentages in respect of DBRS
(A) Provided Party B will not exceed its Prescribed Cash in: Collateral Type Valuation Percentages Limitation and subject to the provision immediately following this Eligible Credit Support chart, cash in respect of Xxxxx’x Valuation Percentages in respect of Fitch Valuation Percentages in respect of DBRS
(i) a the Base Currency; 100% 100% 100%
(ii) US Dollars. 100% Currency 100% 100%
(B) Negotiable Fixed Rate debt obligations denominated in US Dollars USD issued by by: the U.S. Treasury Department Department, (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch and Aa3 by Xxxxx’xXxxxx’x and AA(low) by DBRS) having a remaining time to maturity of: In relation to residual maturity as set out in the corresponding order under Collateral Type: In relation to residual maturity as set out in the corresponding order under Collateral Type: In relation to residual maturity as set out in the corresponding order under Collateral Type:Initial Rating Event Subsequent Rating Event Initial Rating Event Subsequent Rating Event (assuming CBL16 Covered Bonds are rated AA(sf) or higher by DBRS)
(i) not more than one year; 9998% 97.595% 99%To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(ii) more than one year but not more than 5 2 years; 98% 94% To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(iii) more than 5 2 years but not more than 7 years; 98% 93% To be agreed To be Collateral Type Valuation Percentages in respect of Xxxxx’x Valuation Percentages in respect of DBRS more than 3 years between Party A and Xxxxx’x To be agreed between Party A and Fitch To be DBRS agreed between Party A and DBRS
(iv) more than 7 3 years but not more than 10 5 years; 98% 92% To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(v) more than 10 5 years but less not more than 20 7 years; or 98% 91% To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(vi) more than 20 7 years but not more than 10 years. To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch ; 98% 89% To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(vii) more than 10 years but less than 20 years 98% 86% To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(viii) more than 20 years but less than 30 years 98% 84% To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(C) Treasury bills Negotiable Floating Rate debt obligations denominated in CAD USD issued by by: the Government of Canada U.S. Treasury Department, (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch, Aa3 by Xxxxx’x and AA(low) by DBRS) – all maturities 98% 94% To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(D) Sterling denominated Fixed Rate United Kingdom Gilts (with local and foreign currency issuer ratings equal to or R-1(midgreater than Aa3 by Xxxxx’x and AA(low) by DBRS) having a remaining time to maturity of:: Initial Rating Event Subsequent Rating Event (assuming CBL16 Covered Bonds are rated AA(sf) or higher by DBRS)
(i) not more than one year; 100% 99% 97.599.7% 9999.0%
(ii) more than one year but not more than 3 2 years; To be agreed between Party A and 100% 98% 99.0% 98.0% Collateral Type Valuation Percentages in respect of Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
Valuation Percentages in respect of DBRS (iii) more than 3 2 years but not more than 5 3 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(iv) more than 5 years but not more than 7 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(v) more than 7 years but not more than 10 years; or To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS100% 97% 99.0% 98.0%
Appears in 1 contract
Samples: Credit Support Annex
Eligible Credit Support. The following items will qualify as “Eligible Credit Support” for Party A: Collateral Type Valuation Percentages in respect of Xxxxx’x Moody’s Valuation Percentages in respect of Fitch Valuation Percentages in respect of DBRS
(A) Cash in: Collateral Type Valuation Percentages in respect of Xxxxx’x Moody’s Valuation Percentages in respect of Fitch Valuation Percentages in respect of DBRS
(i) a Base Currency; 100% 100% 100%
(ii) US Dollars. 100% 100% 100%
(B) Negotiable debt obligations denominated in US Dollars issued by the U.S. Treasury Department (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch and Aa3 by Xxxxx’xMoody’s) having a remaining time to maturity of: In relation to residual maturity as set out in the corresponding order under Collateral Type: In relation to residual maturity as set out in the corresponding order under Collateral Type: In relation to residual maturity as set out in the corresponding order under Collateral Type:
(i) not more than one year; 99% 97.5% 99%
(ii) more than one year but not more than 5 years; To be agreed between Party A and Xxxxx’x Moody’s To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(iii) more than 5 years but not more than 7 years; To be agreed between Party A and Xxxxx’x Moody’s To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(iv) more than 7 years but not more than 10 years; To be agreed between Party A and Xxxxx’x Moody’s To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(v) more than 10 years but less than 20 years; or To be agreed between Party A and Xxxxx’x Moody’s To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(vi) more than 20 years. To be agreed between Party A and Xxxxx’x Moody’s To be agreed between Party A and Fitch To be agreed between Party A and DBRS C) Treasury bills denominated in CAD issued by the Government of Canada (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch, Aa3 by Xxxxx’x Moody’s and AA(low) or R-1(mid) by DBRS) having a remaining time to maturity of:
(i) not more than one year; 99% 97.5% 99%
(ii) more than one year but not more than 3 years; To be agreed between Party A and Xxxxx’x Moody’s To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(iii) more than 3 years but not more than 5 years; To be agreed between Party A and Xxxxx’x Moody’s To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(iv) more than 5 years but not more than 7 years; To be agreed between Party A and Xxxxx’x Moody’s To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(v) more than 7 years but not more than 10 years; or To be agreed between Party A and Xxxxx’x Moody’s To be agreed between Party A and Fitch To be agreed between Party A and DBRS
Appears in 1 contract
Samples: Credit Support Annex
Eligible Credit Support. The following items will qualify as “Eligible Credit Support” for Party A: Collateral Type Valuation Percentages in respect of Xxxxx’x Valuation Percentages in respect of Fitch Valuation Percentages in respect of DBRS
(A) Provided Party B will not exceed its Prescribed Cash in: Collateral Type Valuation Percentages Limitation and subject to the provision immediately following this Eligible Credit Support chart, cash in respect of Xxxxx’x Valuation Percentages in respect of Fitch Valuation Percentages in respect of DBRS
(i) a the Base Currency; 100% 100% 100%
(ii) US Dollars. 100% Currency 100% 100%
(B) Negotiable Fixed Rate debt obligations denominated in US Dollars USD issued by by: the U.S. Treasury Department Department, (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch and Aa3 by Xxxxx’xXxxxx’x and AA(low) by DBRS) having a remaining time to maturity of: In relation to residual maturity as set out in the corresponding order under Collateral Type: In relation to residual maturity as set out in the corresponding order under Collateral Type: Initial Rating Event Subsequent Rating Event Initial Rating Event Subsequent Rating Event (assuming CBL28 Covered Bonds are rated AA(low)(sf) or higher by DBRS)
(i) not more than one year; 98% 94% To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(ii) more than one year but not more than 2 years; 98% 93% To be agreed between Party A and DBRS To be agreed between Party A and DBRS (iii) more than 2 years but not more than 3 years 98% 92% To be agreed between Party A and DBRS To be agreed between Party A and DBRS (iv) more than 3 years but not more than 5 years; 98% 91% To be agreed between Party A and DBRS To be agreed between Party A and DBRS (v) more than 5 years but not more than 7 years; 98% 90% To be agreed between Party A and DBRS To be agreed between Party A and DBRS (vi) more than 7 years but not more than 10 years; 98% 88% To be agreed between Party A and DBRS To be agreed between Party A and DBRS (vii) more than 10 years but less than 20 years 98% 85% To be agreed between Party A and DBRS To be agreed between Party A and DBRS (viii) more than 20 years but less than 30 years 98% 83% To be agreed between Party A and DBRS To be agreed between Party A and DBRS Collateral Type Valuation Percentages in respect of Xxxxx’x Valuation Percentages in respect of DBRS
(C) Negotiable Floating Rate debt obligations denominated in USD issued by: the U.S. Treasury Department, (with local and foreign currency issuer ratings equal to or greater than Aa3 by Xxxxx’x and AA(low) by DBRS) In relation to residual maturity as set out in the corresponding order under Collateral Type:: In relation to residual maturity as set out in the corresponding order under Collateral Type: Initial Rating Event Subsequent Rating Event Initial Rating Event Subsequent Rating Event (assuming CBL28 Covered Bonds are rated AA(low)(sf) or higher by DBRS)
(i) not more than one year; 9998% 97.593% 99%To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(ii) more than one year but not more than 5 2 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(iii) more than 5 years but not more than 7 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(iv) more than 7 years but not more than 10 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(v) more than 10 years but less than 20 years; or To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(vi) more than 20 years. To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch 98% 93% To be agreed between Party A and DBRS C) Treasury bills denominated in CAD issued by the Government of Canada To be agreed between Party A and DBRS (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch, Aa3 by Xxxxx’x and AA(low) or R-1(mid) by DBRS) having a remaining time to maturity of:
(i) not more than one year; 99% 97.5% 99%
(iiiii) more than one year 2 years but not more than 3 years; 98% 93% To be agreed between Party A and Xxxxx’x DBRS To be agreed between Party A and Fitch To be agreed between Party A and DBRS
DBRS (iiiiv) more than 3 years but not more than 5 years; 98% 93% To be agreed between Party A and Xxxxx’x DBRS To be agreed between Party A and Fitch To be agreed between Party A and DBRS
DBRS (ivv) more than 5 years but not more than 7 years; years 98% 93% To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(v) more than 7 years but not more than 10 years; or To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
Appears in 1 contract
Samples: Credit Support Annex
Eligible Credit Support. The following items will qualify as “Eligible Credit Support” for Party A: Collateral Type Valuation Percentages in respect of Xxxxx’x Valuation Percentages in respect of Fitch Valuation Percentages in respect of DBRS
(A) Provided Party B will not exceed its Prescribed Cash in: Collateral Type Valuation Percentages Limitation and subject to the provision immediately following this Eligible Credit Support chart, cash in respect of Xxxxx’x Valuation Percentages in respect of Fitch Valuation Percentages in respect of DBRS
(i) a the Base Currency; 100% 100% 100%
(ii) US Dollars. 100% Currency 100% 100%
(B) Negotiable Fixed Rate debt obligations denominated in US Dollars USD issued by by: the U.S. Treasury Department Department, (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch and Aa3 by Xxxxx’xXxxxx’x and AA(low) by DBRS) having a remaining time to maturity of: In relation to residual maturity as set out in the corresponding order under Collateral Type: In relation to residual maturity as set out in the corresponding order under Collateral Type: In relation to residual maturity as set out in the corresponding order under Collateral Type:Initial Rating Event Subsequent Rating Event Initial Rating Event Subsequent Rating Event (assuming CBL25 Covered Bonds are rated AA(low)(sf) or higher by DBRS)
(i) not more than one year; 9998% 97.595% 99%To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(ii) more than one year but not more than 5 2 years; 98% 94% To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(iii) more than 5 2 years but not more than 7 years; 98% 93% To be agreed To be Collateral Type Valuation Percentages in respect of Xxxxx’x Valuation Percentages in respect of DBRS more than 3 years between Party A and Xxxxx’x To be agreed between Party A and Fitch To be DBRS agreed between Party A and DBRS
(iv) more than 7 3 years but not more than 10 5 years; 98% 92% To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(v) more than 10 5 years but less not more than 20 7 years; or 98% 91% To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(vi) more than 20 7 years but not more than 10 years. To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch ; 98% 89% To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(vii) more than 10 years but less than 20 years 98% 86% To be agreed between Party A and DBRS To be agreed between Party A and DBRS (viii) more than 20 years but less than 30 years 98% 84% To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(C) Treasury bills Negotiable Floating Rate debt obligations denominated in CAD USD issued by by: the Government of Canada U.S. Treasury Department, (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch, Aa3 by Xxxxx’x and AA(low) by DBRS) – all maturities 98% 94% To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(D) Sterling denominated Fixed Rate United Kingdom Gilts (with local and foreign currency issuer ratings equal to or R-1(midgreater than Aa3 by Xxxxx’x and AA(low) by DBRS) having a remaining time to maturity of:: Initial Rating Event Subsequent Rating Event (assuming CBL25 Covered Bonds are rated AA(low)(sf) or higher by DBRS)
(i) not more than one year; 100% 99% 97.599.7% 9999.0%
(ii) more than one year but not more than 3 2 years; To be agreed between Party A and 100% 98% 99.0% 98.0% Collateral Type Valuation Percentages in respect of Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
Valuation Percentages in respect of DBRS (iii) more than 3 2 years but not more than 5 3 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(iv) more than 5 years but not more than 7 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(v) more than 7 years but not more than 10 years; or To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS100% 97% 99.0% 98.0%
Appears in 1 contract
Samples: Credit Support Annex
Eligible Credit Support. The following items will qualify as “Eligible Credit Support” for Party A: Collateral Type Valuation Percentages in respect of Xxxxx’x Valuation Percentages in respect of Fitch Valuation Percentages in respect of DBRS
(A) Provided Party B will not exceed its Prescribed Cash in: Collateral Type Valuation Percentages Limitation and subject to the provision immediately following this Eligible Credit Support chart, cash in respect of Xxxxx’x Valuation Percentages in respect of Fitch Valuation Percentages in respect of DBRS
(i) a the Base Currency; 100% 100% 100%
(ii) US Dollars. 100% Currency 100% 100%
(B) Negotiable debt obligations denominated in US Dollars USD issued by by: the U.S. Treasury Department Department, (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch and Aa3 by Xxxxx’xXxxxx’x and AA(low) by DBRS) having a remaining time to maturity of: In relation to residual maturity as set out in the corresponding order under Collateral Type: In relation to residual maturity as set out in the corresponding order under Collateral Type: In relation to residual maturity as set out in the corresponding order under Collateral Type:Initial Rating Event Subsequent Rating Event
(i) not more than one year; 99% 97.5% 99%
(ii) more than one year but not more than 5 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(iii) more than 5 years but not more than 7 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(iv) more than 7 years but not more than 10 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(v) more than 10 years but less than 20 years; or To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(vi) more than 20 years. To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS C) Treasury bills denominated in CAD issued by the Government of Canada (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch, Aa3 by Xxxxx’x and AA(low) or R-1(mid) by DBRS) having a remaining time to maturity of:
(i) not more than one year; 99% 97.5% 99%
(ii) more than one year but not more than 3 years; To be agreed between Party A and Xxxxx’x Moody’s To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(iii) more than 3 years but not more than 5 years; To be agreed between Party A and Xxxxx’x Moody’s To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(iv) more than 5 years but not more than 7 years; To be agreed between Party A and Xxxxx’x Moody’s To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(v) more than 7 years but not more than 10 years; To be agreed between Party A and Moody’s To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(vi) more than 10 years but less than 30 years To be agreed between Party A and Moody’s To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(C) Negotiable debt obligations denominated in the Base Currency issued by: Initial Rating Event Subsequent Rating Event Collateral Type Valuation Percentages in respect of Xxxxx’x Valuation Percentages in respect of DBRS the Government of the Canada; or any Province of Canada; (with local and foreign currency issuer ratings equal to or greater than Aa3 by Xxxxx’x and AA(low) by DBRS) having a remaining time to maturity of:
(i) not more than one year; 99% 99.7% 99.0%
(ii) more than one year but not more than 3 years; To be agreed between Party A and Moody’s 99.0% 98.0%
(iii) more than 3 years but not more than 5 years; To be agreed between Party A and Moody’s 98.5% 96.5%
(iv) more than 5 years but not more than 7 years; To be agreed between Party A and Moody’s 98.0% 95.0%
(v) more than 7 years but not more than 10 years; or To be agreed between Party A and Xxxxx’x 97.5% 93.0%
(vi) more than 10 years but not more than 20 years To be agreed between Party A and Fitch Moody’s 97.0% 90.0%
(vii) more than 20 years but not more than 30 years To be agreed between Party A and DBRSMoody’s 96.0% 86.0%
(D) Subject to satisfaction of the Rating Agency Condition, such other items as agreed between Party A and Party B, from time to time, which Party B can lawfully receive from, and transfer back to, Party A as required, that will qualify as Eligible Credit Support To be agreed between Party A and Xxxxx’x To be agreed between Party A and DBRS In order to ensure that the amount of cash held by Party B on any day, including the amount of cash transferred to Party B hereunder, does not in the aggregate exceed Party B’s Prescribed Cash Limitation, upon providing notice to Party A, Party B shall exchange all or a portion of cash originally transferred as Eligible Credit Support hereunder (such amount of cash to be exchanged, the “Original Cash Amount”) for non-cash Eligible Credit Support having a Value at least equal to the Original Cash Amount. For the avoidance of doubt, where negotiable debt obligations are rated by only one of the above relevant rating agencies, the rating applied will be based on the rating of that agency. Where the ratings and/or the Valuation Percentages of the relevant rating agencies differ with respect to the same negotiable debt obligation, for the purposes of (B) to (D) above the lower of the ratings and/or the Valuation Percentages, as the case maybe, shall apply. For the purpose of this Annex, references to the “relevant rating agency” shall mean the rating agency whose Ratings Agency Requirement will be used to determine the amount of Eligible Credit Support that Party A is required to transfer to Party B following a credit ratings downgrade of Party A.
Appears in 1 contract
Samples: Credit Support Annex
Eligible Credit Support. The following items will qualify as “Eligible Credit Support” for Party A: Collateral Type Valuation Percentages in respect of Xxxxx’x Valuation Percentages in respect of Fitch Valuation Percentages in respect of DBRS
(A) Provided Party B will not exceed its Prescribed Cash in: Collateral Type Valuation Percentages Limitation and subject to the provision immediately following this Eligible Credit Support chart, cash in respect of Xxxxx’x Valuation Percentages in respect of Fitch Valuation Percentages in respect of DBRS
(i) a the Base Currency; 100% 100% 100%
(ii) US Dollars. 100% Currency 100% 100%
(B) Negotiable Fixed Rate debt obligations denominated in US Dollars USD issued by by: the U.S. Treasury Department Department, (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch and Aa3 by Xxxxx’xXxxxx’x and AA(low) by DBRS) having a remaining time to maturity of: In relation to residual maturity as set out in the corresponding order under Collateral Type: In relation to residual maturity as set out in the corresponding order under Collateral Type: In relation to residual maturity as set out in the corresponding order under Collateral Type:Initial Rating Event Subsequent Rating Event Initial Rating Event Subsequent Rating Event (assuming CBL21 Covered Bonds are rated AA(low)(sf) or higher by DBRS)
(i) not more than one year; 9998% 97.595% 99%To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(ii) more than one year but not more than 5 2 years; 98% 94% To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(iii) more than 5 2 years but not more than 7 years; 98% 93% To be agreed To be Collateral Type Valuation Percentages in respect of Xxxxx’x Valuation Percentages in respect of DBRS more than 3 years between Party A and Xxxxx’x To be agreed between Party A and Fitch To be DBRS agreed between Party A and DBRS
(iv) more than 7 3 years but not more than 10 5 years; 98% 92% To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(v) more than 10 5 years but less not more than 20 7 years; or 98% 91% To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(vi) more than 20 7 years but not more than 10 years. To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch ; 98% 89% To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(vii) more than 10 years but less than 20 years 98% 86% To be agreed between Party A and DBRS To be agreed between Party A and DBRS (viii) more than 20 years but less than 30 years 98% 84% To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(C) Treasury bills Negotiable Floating Rate debt obligations denominated in CAD USD issued by by: the Government of Canada U.S. Treasury Department, (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch, Aa3 by Xxxxx’x and AA(low) by DBRS) – all maturities 98% 94% To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(D) Sterling denominated Fixed Rate United Kingdom Gilts (with local and foreign currency issuer ratings equal to or R-1(midgreater than Aa3 by Xxxxx’x and AA(low) by DBRS) having a remaining time to maturity of:: Initial Rating Event Subsequent Rating Event (assuming CBL21 Covered Bonds are rated AA(low)(sf) or higher by DBRS)
(i) not more than one year; 100% 99% 97.599.7% 9999.0%
(ii) more than one year but not more than 3 2 years; To be agreed between Party A and 100% 98% 99.0% 98.0% Collateral Type Valuation Percentages in respect of Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
Valuation Percentages in respect of DBRS (iii) more than 3 2 years but not more than 5 3 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(iv) more than 5 years but not more than 7 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(v) more than 7 years but not more than 10 years; or To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS100% 97% 99.0% 98.0%
Appears in 1 contract
Samples: Credit Support Annex
Eligible Credit Support. The following items will qualify as “Eligible Credit Support” for Party A: Collateral Type Valuation Percentages in respect of Xxxxx’x Valuation Percentages in respect of Fitch Valuation Percentages in respect of DBRS
(A) Cash in: Collateral Type Valuation Percentages in respect of Xxxxx’x Valuation Percentages in respect of Fitch Valuation Percentages in respect of DBRS
(i) a Base Currency; 100% 100% 100%
(ii) US Dollars. 100% 100% 100%
(B) Negotiable debt obligations denominated in US Dollars issued by the U.S. Treasury Department (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch and Aa3 by Xxxxx’x) having a remaining time to maturity of: In relation to residual maturity as set out in the corresponding order under Collateral Type: In relation to residual maturity as set out in the corresponding order under Collateral Type: In relation to residual maturity as set out in the corresponding order under Collateral Type:
(i) not more than one year; 99% 97.5% 99%
(ii) more than one year but not more than 5 years; To be agreed between Party A and Xxxxx’x Moody’s To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(iii) more than 5 years but not more than 7 years; To be agreed between Party A and Xxxxx’x Moody’s To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(iv) more than 7 years but not more than 10 years; To be agreed between Party A and Xxxxx’x Moody’s To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(v) more than 10 years but less than 20 years; or To be agreed between Party A and Xxxxx’x Moody’s To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(vi) more than 20 years. To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS C) Treasury bills denominated in CAD issued by the Government of Canada (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch, Aa3 by Xxxxx’x and AA(low) or R-1(mid) by DBRS) having a remaining time to maturity of:
(i) not more than one year; 99% 97.5% 99%
(ii) more than one year but not more than 3 years; To be agreed between Party A and Xxxxx’x Moody’s To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(iii) more than 3 years but not more than 5 years; To be agreed between Party A and Xxxxx’x Moody’s To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(iv) more than 5 years but not more than 7 years; To be agreed between Party A and Xxxxx’x Moody’s To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(v) more than 7 years but not more than 10 years; or To be agreed between Party A and Xxxxx’x Moody’s To be agreed between Party A and Fitch To be agreed between Party A and DBRS
Appears in 1 contract
Samples: Credit Support Annex
Eligible Credit Support. The following items will qualify as “Eligible Credit Support” for Party A: Collateral Type Valuation Percentages in respect of Xxxxx’x Valuation Percentages in respect of Fitch Moody’s Valuation Percentages in respect of DBRS
(A) Provided Party B will not exceed its Prescribed Cash in: Collateral Type Valuation Percentages Limitation and subject to the provision immediately following this Eligible Credit Support chart, cash in respect of Xxxxx’x Valuation Percentages in respect of Fitch Valuation Percentages in respect of DBRS
(i) a the Base Currency; 100% 100% 100%
(ii) US Dollars. 100% Currency 100% 100%
(B) Negotiable Fixed Rate debt obligations denominated in US Dollars USD issued by by: the U.S. Treasury Department Department, (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch and Aa3 by Xxxxx’xMoody’s and AA(low) by DBRS) having a remaining time to maturity of: In relation to residual maturity as set out in the corresponding order under Collateral Type: In relation to residual maturity as set out in the corresponding order under Collateral Type: Initial Rating Event Subsequent Rating Event Initial Rating Event Subsequent Rating Event (assuming CBL4 Covered Bonds are rated AA(sf) or higher by DBRS)
(i) not more than one year; 98% 94% To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(ii) more than one year but not more than 2 years; 98% 93% To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(iii) more than 2 years but not more than 3 years 98% 92% To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(iv) more than 3 years but not more than 5 years; 98% 91% To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(v) more than 5 years but not more than 7 years; 98% 90% To be agreed between Party A and DBRS To be agreed between Party A and Collateral Type Valuation Percentages in respect of Moody’s Valuation Percentages in respect of DBRS DBRS (vi) more than 7 years but not more than 10 years; 98% 88% To be agreed between Party A and DBRS To be agreed between Party A and DBRS (vii) more than 10 years but less than 20 years 98% 85% To be agreed between Party A and DBRS To be agreed between Party A and DBRS (viii) more than 20 years but less than 30 years 98% 83% To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(C) Negotiable Floating Rate debt obligations denominated in USD issued by: the U.S. Treasury Department, (with local and foreign currency issuer ratings equal to or greater than Aa3 by Moody’s and AA(low) by DBRS) In relation to residual maturity as set out in the corresponding order under Collateral Type:: In relation to residual maturity as set out in the corresponding order under Collateral Type: Initial Rating Event Subsequent Rating Event Initial Rating Event Subsequent Rating Event (assuming CBL4 Covered Bonds are rated AA(sf) or higher by DBRS)
(i) not more than one year; 9998% 97.593% 99%To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(ii) more than one year but not more than 5 2 years; 98% 93% To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(iii) more than 5 2 years but not more than 7 3 years; 98% 93% To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(iv) more than 7 3 years but not more than 10 years; 98% 93% To be agreed To be Collateral Type Valuation Percentages in respect of Moody’s Valuation Percentages in respect of DBRS more than 5 years; between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(v) more than 10 years but less than 20 years; or To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(vi) more than 20 years. To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be DBRS agreed between Party A and DBRS C) Treasury bills denominated in CAD issued by the Government of Canada (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch, Aa3 by Xxxxx’x and AA(low) or R-1(mid) by DBRS) having a remaining time to maturity of:
(i) not more than one year; 99% 97.5% 99%
(ii) more than one year but not more than 3 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(iii) more than 3 years but not more than 5 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(ivv) more than 5 years but not more than 7 years; years 98% 93% To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(v) more than 7 years but not more than 10 years; or To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
Appears in 1 contract
Samples: Credit Support Annex
Eligible Credit Support. The following items will qualify as “Eligible Credit Support” for Party A: Collateral Type Valuation Percentages in respect of Xxxxx’x Valuation Percentages in respect of Fitch Moody’s Valuation Percentages in respect of DBRS
(A) Provided Party B will not exceed its Prescribed Cash in: Collateral Type Valuation Percentages Limitation and subject to the provision immediately following this Eligible Credit Support chart, cash in respect of Xxxxx’x Valuation Percentages in respect of Fitch Valuation Percentages in respect of DBRS
(i) a the Base Currency; 100% 100% 100%
(ii) US Dollars. 100% Currency 100% 100%
(B) Negotiable debt obligations denominated in US Dollars USD issued by by: the U.S. Treasury Department Department, (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch and Aa3 by Xxxxx’xMoody’s and AA(low) by DBRS) having a remaining time to maturity of: In relation to residual maturity as set out in the corresponding order under Collateral Type: In relation to residual maturity as set out in the corresponding order under Collateral Type: In relation to residual maturity as set out in the corresponding order under Collateral Type:Initial Rating Event Subsequent Rating Event
(i) not more than one year; 99% 97.5% 99%
(ii) more than one year but not more than 5 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(iii) more than 5 years but not more than 7 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(iv) more than 7 years but not more than 10 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(v) more than 10 years but less than 20 years; or To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(vi) more than 20 years. To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS C) Treasury bills denominated in CAD issued by the Government of Canada (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch, Aa3 by Xxxxx’x and AA(low) or R-1(mid) by DBRS) having a remaining time to maturity of:
(i) not more than one year; 99% 97.5% 99%
(ii) more than one year but not more than 3 years; To be agreed between Party A and Xxxxx’x Moody’s To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(iii) more than 3 years but not more than 5 years; To be agreed between Party A and Xxxxx’x Moody’s To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(iv) more than 5 years but not more than 7 years; To be agreed between Party A and Xxxxx’x Moody’s To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(v) more than 7 years but not more than 10 years; To be agreed between Party A and Moody’s To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(vi) more than 10 years but less than 30 years To be agreed between Party A and Moody’s To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(C) Negotiable debt obligations denominated in the Base Currency issued by: Initial Rating Event Subsequent Rating Event Collateral Type Valuation Percentages in respect of Moody’s Valuation Percentages in respect of DBRS the Government of the Canada; or any Province of Canada; (with local and foreign currency issuer ratings equal to or greater than Aa3 by Moody’s and AA(low) by DBRS) having a remaining time to maturity of:
(i) not more than one year; 99% 99.7% 99.0%
(ii) more than one year but not more than 3 years; To be agreed between Party A and Moody’s 99.0% 98.0%
(iii) more than 3 years but not more than 5 years; To be agreed between Party A and Moody’s 98.5% 96.5%
(iv) more than 5 years but not more than 7 years; To be agreed between Party A and Moody’s 98.0% 95.0%
(v) more than 7 years but not more than 10 years; or To be agreed between Party A and Xxxxx’x Moody’s 97.5% 93.0%
(vi) more than 10 years but not more than 20 years To be agreed between Party A and Fitch Moody’s 97.0% 90.0%
(vii) more than 20 years but not more than 30 years To be agreed between Party A and DBRSMoody’s 96.0% 86.0%
(D) Subject to satisfaction of the Rating Agency Condition, such other items as agreed between Party A and Party B, from time to time, which Party B can lawfully receive from, and transfer back to, Party A as required, that will qualify as Eligible Credit Support To be agreed between Party A and Moody’s To be agreed between Party A and DBRS In order to ensure that the amount of cash held by Party B on any day, including the amount of cash transferred to Party B hereunder, does not in the aggregate exceed Party B’s Prescribed Cash Limitation, upon providing notice to Party A, Party B shall exchange all or a portion of cash originally transferred as Eligible Credit Support hereunder (such amount of cash to be exchanged, the “Original Cash Amount”) for non-cash Eligible Credit Support having a Value at least equal to the Original Cash Amount. For the avoidance of doubt, where negotiable debt obligations are rated by only one of the above relevant rating agencies, the rating applied will be based on the rating of that agency. Where the ratings and/or the Valuation Percentages of the relevant rating agencies differ with respect to the same negotiable debt obligation, for the purposes of (B) to (D) above the lower of the ratings and/or the Valuation Percentages, as the case maybe, shall apply. For the purpose of this Annex, references to the “relevant rating agency” shall mean the rating agency whose Ratings Agency Requirement will be used to determine the amount of Eligible Credit Support that Party A is required to transfer to Party B following a credit ratings downgrade of Party A.
Appears in 1 contract
Samples: Credit Support Annex
Eligible Credit Support. The following items will qualify as “Eligible Credit Support” for Party A: Collateral Type Valuation Percentages in respect of Xxxxx’x Valuation Percentages in respect of Fitch Moody’s Valuation Percentages in respect of DBRS
(A) Provided Party B will not exceed its Prescribed Cash in: Collateral Type Valuation Percentages Limitation and subject to the provision immediately following this Eligible Credit Support chart, cash in respect of Xxxxx’x Valuation Percentages in respect of Fitch Valuation Percentages in respect of DBRS
(i) a the Base Currency; 100% 100% 100%
(ii) US Dollars. 100% Currency 100% 100%
(B) Negotiable Fixed Rate debt obligations denominated in US Dollars USD issued by by: the U.S. Treasury Department Department, (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch and Aa3 by Xxxxx’xMoody’s and AA(low) by DBRS) having a remaining time to maturity of: In relation to residual maturity as set out in the corresponding order under Collateral Type: In relation to residual maturity as set out in the corresponding order under Collateral Type: Initial Rating Event Subsequent Rating Event Initial Rating Event Subsequent Rating Event (assuming CBL29 Covered Bonds are rated AA(low)(sf) or higher by DBRS)
(i) not more than one year; 98% 94% To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(ii) more than one year but not more than 2 years; 98% 93% To be agreed between Party A and DBRS To be agreed between Party A and DBRS (iii) more than 2 years but not more than 3 years 98% 92% To be agreed between Party A and DBRS To be agreed between Party A and DBRS (iv) more than 3 years but not more than 5 years; 98% 91% To be agreed between Party A and DBRS To be agreed between Party A and DBRS (v) more than 5 years but not more than 7 years; 98% 90% To be agreed between Party A and DBRS To be agreed between Party A and DBRS (vi) more than 7 years but not more than 10 years; 98% 88% To be agreed between Party A and DBRS To be agreed between Party A and DBRS (vii) more than 10 years but less than 20 years 98% 85% To be agreed between Party A and DBRS To be agreed between Party A and DBRS (viii) more than 20 years but less than 30 years 98% 83% To be agreed between Party A and DBRS To be agreed between Party A and DBRS Collateral Type Valuation Percentages in respect of Moody’s Valuation Percentages in respect of DBRS
(C) Negotiable Floating Rate debt obligations denominated in USD issued by: the U.S. Treasury Department, (with local and foreign currency issuer ratings equal to or greater than Aa3 by Moody’s and AA(low) by DBRS) In relation to residual maturity as set out in the corresponding order under Collateral Type:: In relation to residual maturity as set out in the corresponding order under Collateral Type: Initial Rating Event Subsequent Rating Event Initial Rating Event Subsequent Rating Event (assuming CBL29 Covered Bonds are rated AA(low)(sf) or higher by DBRS)
(i) not more than one year; 9998% 97.593% 99%To be agreed between Party A and DBRS To be agreed between Party A and DBRS
(ii) more than one year but not more than 5 2 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(iii) more than 5 years but not more than 7 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(iv) more than 7 years but not more than 10 years; To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(v) more than 10 years but less than 20 years; or To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
(vi) more than 20 years. To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch 98% 93% To be agreed between Party A and DBRS C) Treasury bills denominated in CAD issued by the Government of Canada To be agreed between Party A and DBRS (with local and foreign currency issuer ratings equal to or greater than AA- by Fitch, Aa3 by Xxxxx’x and AA(low) or R-1(mid) by DBRS) having a remaining time to maturity of:
(i) not more than one year; 99% 97.5% 99%
(iiiii) more than one year 2 years but not more than 3 years; 98% 93% To be agreed between Party A and Xxxxx’x DBRS To be agreed between Party A and Fitch To be agreed between Party A and DBRS
DBRS (iiiiv) more than 3 years but not more than 5 years; 98% 93% To be agreed between Party A and Xxxxx’x DBRS To be agreed between Party A and Fitch To be agreed between Party A and DBRS
DBRS (ivv) more than 5 years but not more than 7 years; years 98% 93% To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch DBRS To be agreed between Party A and DBRS
(v) more than 7 years but not more than 10 years; or To be agreed between Party A and Xxxxx’x To be agreed between Party A and Fitch To be agreed between Party A and DBRS
Appears in 1 contract
Samples: Credit Support Annex
