Downgrade Collateral Account definition

Downgrade Collateral Account is defined in Section 3.2(a).
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Downgrade Collateral Account is defined in Section 7.2(a) hereof.
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Downgrade Collateral Account has the meaning set forth in Section 15.2.
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Examples of Downgrade Collateral Account in a sentence

  • The Account Bank shall administer, credit and debit each of the Distribution Account, the Cash Collateral Account, the Counterparty Downgrade Collateral Account and the Accumulation Account and separately in accordance with the terms and provisions hereunder.

  • The Counterparty Downgrade Collateral Account is a cash only account.

  • If the Issuer incurs any liabilities, or commercially reasonable costs or expenses in connection with the Counterparty Downgrade Collateral Account, the Swap Counterparty shall reimburse the Issuer immediately upon request from the Issuer.

  • Amounts standing to the credit of each Counterparty Downgrade Collateral Account (or securities deposited therein) shall secure solely the payment obligations of the Swap Counterparty to the Issuer under the applicable Swap Agreement.

  • Collateral deposited in such Counterparty Downgrade Collateral Account shall not constitute Available Distribution Amounts.

  • Each Counterparty Downgrade Collateral Account shall be separate from the Distribution Account and from the general cash flow of the Issuer.

  • The amounts in each Counterparty Downgrade Collateral Account will be applied in or towards satisfaction of the Swap Counterparty's obligations to the Issuer upon termination of the respective Swap Agreement.

  • The Counterparty Downgrade Collateral Account shall be a cash only account, which may be supplemented by a securities account to be opened with the Counterparty Downgrade Collateral Account Bank following the downgrade of the ratings of any of the Swap Counterparties, and may not go into overdraft.

  • Following the establishment of the Counterparty Downgrade Collateral Account for a Swap Agreement, the relevant Swap Counterparty shall bear any costs and expenses in connection with the Counterparty Downgrade Collateral Account.

  • Following the downgrade of a Swap Counterparty's rating, the Account Bank shall, upon request by the Issuer, open the Counterparty Downgrade Collateral Account within ten (10) Business Days in the name of and for the benefit of the Issuer which is subject to English law and denominated in GBP or EUR and confirm that it has opened such account to the Issuer.


More Definitions of Downgrade Collateral Account

Downgrade Collateral Account has the meaning set forth in Section 12(i)(ii).
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Downgrade Collateral Account is defined in Section 3.2(a). ---------------------------- -------------
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Downgrade Collateral Account is defined in Clause 2.9(a)(ii) (Downgrade of Liquidity Risk) of the Liquidity Agreement.
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Downgrade Collateral Account shall have the meaning set forth in Section 2.17.1.
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