Approved Swap Counterparty means any Person (a) who at the time of entering into a Swap Agreement is a Lender or an Affiliate of a Lender, (b) whose (or whose parent company’s) long term senior unsecured debt rating is A- or higher by S&P or A3 or higher by Xxxxx’x (or their equivalent), or (c) that is party to a Swap Agreement with any Loan Party as of the Effective Date.
Approved Swap Counterparty means any Person (a) who at the time of entering into a Swap Agreement is a Lender or an Affiliate of a Lender, (b) whose (or whose parent company’s) long term senior unsecured debt rating is A- or higher by S&P or A3 or higher by Moody’s (or their equivalent), or (c) that is party to a Swap Agreement with any Loan Party as of the Effective Date.
Approved Swap Counterparty means each swap counterparty approved in writing by the Lender from time to time; provided, however, the Lender may, by giving written notice to the Borrower, elect to revoke such swap counterparty’s status as an Approved Swap Counterparty for purposes of any Hedging Transactions entered into following such notice if the Lender has concerns about such swap counterparty’s long or short term financial well being or creditworthiness.
Examples of Approved Swap Counterparty in a sentence
All notices, demands, requests, consents, approvals or other communications required, permitted or desired to be given hereunder shall be in writing delivered by hand or reputable overnight courier addressed to the party to be so notified at its address hereinafter set forth, or to such other address as such party may hereafter specify in accordance with the provisions of this Section 15 .
The Subfunds may enter into swap arrangements or other derivative techniques, including, for the avoidance of doubt the OTC Swap Transactions, each of which expose the Subfund to the risk that the Approved Swap Counterparty may default on its obligations to perform under the relevant contract.
Schedule 3.25 sets forth a true and complete list of all Swap Agreements of the Loan Parties in effect as of the Effective Date, the material terms thereof (including the type, effective date, term or termination date and notional amounts or volumes), the estimated net mark to market value thereof, all credit support agreements relating thereto (including any margin required or supplied) and the counterparty to each such agreement, which such counterparty is an Approved Swap Counterparty.
No Approved Swap Counterparty shall have any voting rights under any Loan Document as a result of the existence of obligations owed to it under any such Swap Contracts.
The benefit of the Collateral Documents and of the provisions of this Agreement relating to any collateral securing the Obligations shall also extend to and be available to any Approved Swap Counterparty, on a pro rata basis in respect of any obligations of Borrower or any of its Subsidiaries which arise under any such Swap Contract.
More Definitions of Approved Swap Counterparty
Approved Swap Counterparty means CME Group, Inc. and each other swap counterparty approved in writing not to be unreasonably withheld by the Lender from time to time (provided that the Lender may condition such consent for any particular swap counterparty on the delivery of a parent guaranty or other credit support for such swap counterparty's obligations on terms acceptable to the Lender); provided, however, the Lender may, by giving written notice to the Borrower, reasonably elect to revoke such swap counterparty's status as an Approved Swap Counterparty for purposes of any Hedging Transactions entered into following such notice.
Approved Swap Counterparty means (a) each Secured Bank Hedge Provider, (b) Xxxxxxx, XX, Nextera and EDF and (c) any Person proposed by Borrower so long as the long-term senior unsecured debt rating of such swap counterparty (or of the credit support provider for such swap counterparty’s obligations under its Hedging Transactions) at the time of proposal is at least A3 or A- by S&P or Xxxxx’x (or their equivalent). Notwithstanding the foregoing, solely with respect to any Person described in the foregoing clause (c), Administrative Agent may, by giving written notice (such notice, a “Swap Counterparty Revocation Notice”) to Borrower, elect to revoke such swap counterparty’s status as an Approved Swap Counterparty for purposes of any Hedging Transactions entered into following such notice if the long-term senior unsecured debt rating of such Approved Swap Counterparty (or of the credit support provider for such Approved Swap Counterparty’s obligations under such Hedging Transactions) is not A3 or A- by S&P or Xxxxx’x (or their equivalent) or higher; provided that, solely for purposes of determining when a swap counterparty described in the foregoing clause (c) may no longer enter into Hedging Transactions with any Loan Party on a secured basis, any such revocation shall not be effective with respect to the swap counterparty that is the subject of the Swap Counterparty Revocation Notice until that swap counterparty is notified of Administrative Agent’s revocation of such status (it being understood and agreed that no existing Hedging Transaction may be retroactively invalidated hereunder as a result of the swap counterparty becoming the subject of a Swap Counterparty Revocation Notice).
Approved Swap Counterparty means any counterparty to a Swap Contract with Borrower or any Subsidiary approved by Lender, such approval not to be unreasonably withheld; provided, however, that Lender may, by giving reasonable written notice to the Borrower and to the Approved Swap Counterparty, elect to revoke the Approved Swap Counterparty's status as a "Approved Swap Counterparty" for purposes of any Swap Contract entered into beginning on the Business Day following the Borrower's and the Approved Swap Counterparty's receipt of such notice if the Lender has material concerns about such Approved Swap Counterparty’s long or short term financial well-being or creditworthiness. Any such Approved Swap Counterparty must, at the time of the contract, have a minimum debt rating of BBB or Baa2 as determined either by Standard & Poor's Corporation or Xxxxx'x Investors Service, Inc. or be otherwise reasonably acceptable to Lender.
Approved Swap Counterparty means any counterparty to a Swap Contract with Borrower or any Subsidiary approved by Lender, such approval not to be unreasonably withheld; provided, however, that Lender may, by giving reasonable written notice to the Borrower and to the Approved Swap Counterparty, elect to revoke the Approved Swap Counterparty's status as a "Approved Swap Counterparty" for purposes of any Swap Contract entered into beginning on the Business Day following the Borrower's and the Approved Swap Counterparty's receipt of such notice if the Lender has material concerns about such Approved Swap Counterparty’s long or short term financial well-being or creditworthiness. Any such Approved Swap Counterparty must, at the time of the contract, have a minimum debt rating of BBB or Baa2 as determined either by Standard & Poor's Corporation or Moody's Investors Service, Inc. or be otherwise reasonably acceptable to Lender.
Approved Swap Counterparty means an “Approved Counterparty,” as such term is defined in the Credit Agreement.
Approved Swap Counterparty means (a) each Secured Hedge Provider and (b) Xxxxxxx, Xxxxxxxxxxxx, NextEra Energy Marketing, LLC, and EDF Trading North America, LLC and their respective Affiliates or any other Person proposed by Borrower so long as the long-term senior unsecured debt rating of such swap counterparty (or of the credit support provider for such swap counterparty’s obligations under its Hedging Transactions) at the time of proposal is at least BBB+/Baa1 by S&P or Xxxxx’x (or their equivalent). Notwithstanding the foregoing, solely with respect to any Person described in the foregoing clause (b), Administrative Agent may, by giving written notice to Borrower, elect to revoke such swap counterparty’s status as an Approved Swap Counterparty for purposes of any Hedging Transactions entered into following such notice if the long-term senior unsecured debt rating of such Approved Swap Counterparty (or of the credit support provider for such Approved Swap Counterparty’s obligations under such Hedging Transactions) is not BBB+ or Baa1 by S&P or Xxxxx’x (or their equivalent) or higher.
Approved Swap Counterparty means any counterparty to any Rate Contract with the Borrower that (a) has a credit rating of A or higher from Xxxxx’x Investors Service Inc. or A or higher from Standard & Poor’s Corporation and (b) is approved by the Agent its sole discretion.