Approved Credit Support definition

Approved Credit Support means a reimbursement, indemnity or similar obligation issued by a person (the “Support Provider”) pursuant to which the Support Provider agrees to reimburse, indemnify or hold harmless the U.S. Borrower or any Subsidiary for any Indebtedness, liability, or other obligation of the U.S. Borrower or such Subsidiary, but only to the extent (a) the Support Provider satisfies the criteria set forth in clause (a), (b), (c) or (d) of the definition of the term “Approved Take Out Party” or (b) the obligations of the Support Provider are secured by an irrevocable third-party letter of credit from a financial institution with a senior unsecured non-credit-enhanced long-term debt rating of A- or higher from S&P and A3 or higher from Moody’s.

Approved Credit Support means each guarantee, letter of credit, surety, performance or other bond, cash or other collateral or similar credit support arrangement issued or posted by or for the account of a Member or any of its Affiliates to support the operations and obligations of the Company or any of its Subsidiaries, to the extent such credit support arrangement is (a) set forth on Exhibit G attached hereto or (b) approved by the Board.

Approved Credit Support means a reimbursement, indemnity or similar obligation issued by a person (the “Support Provider”) pursuant to which the Support Provider agrees to reimburse, indemnify or hold harmless the U.S. Borrower or any Subsidiary for any Indebtedness, liability, or other obligation of the U.S. Borrower or such Subsidiary, but only to the extent (a) the Support Provider satisfies the criteria set forth in clause (a), (b), (c) or (d) of the definition of the term “Approved Take Out Party” or (b) the obligations of the Support Provider are secured by an irrevocable third-party letter of credit from a financial institution with a senior unsecured non-credit-enhanced long-term debt rating of A- or higher from S&P and A3 or higher from Xxxxx’x.

Examples of Approved Credit Support in a sentence

• The Depositor hereby instructs the Securities Administrator to deliver notice to the Swap Provider upon any failure of the Swap Provider to transfer the Delivery Amount (as defined in the ISDA Master Agreement) pursuant to an Approved Credit Support Document (as defined in the Swap Agreement).

• Notwithstanding the foregoing, Xxxxxx’x obligations under this Part 5(10)(I) to post Eligible Collateral under the Approved Credit Support Document shall remain in effect only for so long as a Ratings Event I is continuing with respect to Xxxxxx.

• With respect to Xxxxxx and the Counterparty, if applicable, any Approved Credit Support Document shall constitute a Credit Support Document.

• Again, standard compiler analysis could provide this infor- mation (by calculating the distance between pointers), but it does not consider speculative flows.

• Notwithstanding Xxxxxx’x posting of Eligible Collateral in accordance with the terms of the Approved Credit Support Document, Xxxxxx shall use best efforts to either transfer its rights and obligations to an acceptable third party or to provide a Third Party Credit Support Document.

• An Approved Credit Support Document shall be executed and delivered contemporaneously with this Agreement.

• If, immediately prior to such Ratings Event II, Xxxxxx is required to deliver and maintain Eligible Collateral following a Ratings Event I, Xxxxxx shall continue to maintain Eligible Collateral under the Approved Credit Support Document.

• With respect to Xxxxxx and the Counterparty, the Approved Credit Support Document (as defined herein) entered into between Xxxxxx and the Counterparty shall constitute a Credit Support Document.

• The Depositor hereby instructs the Supplemental Interest Trust Trustee to deliver notice to the Swap Provider upon any failure of the Swap Provider to transfer the Delivery Amount (as defined in the ISDA Master Agreement) pursuant to an Approved Credit Support Document (as defined in the Swap Agreement).

• If, immediately prior to such Ratings Event II, Xxxxxx is not required to deliver and maintain Eligible Collateral following a Ratings Event I, then Xxxxxx shall post Eligible Collateral in accordance with the terms of the Approved Credit Support Document until Xxxxxx has provided an Eligible Guarantee in respect of all Xxxxxx’x present and future obligations under this Agreement or transferred its rights and obligations pursuant to a Qualifying Novation in accordance with terms of this Schedule.

More Definitions of Approved Credit Support

Approved Credit Support means an Account is (a) supported by an irrevocable letter of credit satisfactory to the Administrative Agent, in its Permitted Discretion (as to form, substance, and issuer or domestic confirming bank), that has been delivered to the Administrative Agent and is directly drawable by the Administrative Agent, or (b) is covered by credit insurance in form, substance, and amount, and by an insurer, satisfactory to the Administrative Agent, in its Permitted Discretion.

Approved Credit Support means a reimbursement, indemnity or similar obligation issued by a person (the “Support Provider”) pursuant to which the Support Provider agrees to reimburse, indemnify or hold harmless the U.S. Borrower or any Subsidiary for any Indebtedness, liability, or other obligation of the U.S. Borrower or such Subsidiary, but only to the extent (a) the Support Provider satisfies the criteria set forth in clause (a), (b), (c) or (d) of the definition of the term “Approved Take Out Party” or

Approved Credit Support means a reimbursement, indemnity, or similar obligation issued by a Person (the "Support Provider") pursuant to which the Support Provider agrees to reimburse, indemnify, or hold harmless a Company for any Indebtedness, liability, or other obligation of such Company, but only to the extent (a) the Support Provider satisfies the criteria set forth in clauses (a), (b), (c) or (d) of the definition of "Approved Take Out Party," or (b) the obligations of the Support Provider are secured by an irrevocable third-party letter of credit from a financial institution with a debt rating of A- or higher from S&P and A3 or higher from Xxxxx'x.

Approved Credit Support means a reimbursement, indemnity or similar obligation issued by a person (the “Support Provider”) pursuant to which the Support Provider agrees to reimburse, indemnify or hold harmless the Borrower or any Subsidiary for any Indebtedness, liability, or other obligation of the Borrower or such Subsidiary, but only to the extent (a) the Support Provider satisfies the criteria set forth in clause (a), (b), (c) or (d) of the definition of the term “Approved Take Out Party” or (b) the obligations of the Support Provider are secured by an irrevocable third-party letter of credit from a financial institution with a senior unsecured non- credit-enhanced long-term debt rating of A- or higher from S&P and A3 or higher from Xxxxx’x.

Approved Credit Support means an Account is (a) supported by an irrevocable letter of credit satisfactory to the Administrative Agent, in its Permitted Discretion (as to form, substance, and issuer or domestic confirming bank), that has been delivered to the Administrative Agent and is directly drawable by the Administrative Agent, or (b) is covered by credit insurance in form, substance, and amount, but in no event shall the amount be required to be in excess of the amount of such Accounts that would otherwise be included as Eligible Accounts, and by an insurer, satisfactory to the Administrative Agent, in its Permitted Discretion.

Approved Credit Support means credit support acceptable to West Medway II for the ongoing payment obligations under this Agreement and which may include a guaranty from a creditworthy Affiliate of West Medway.