Downgrade Provisions definition

Downgrade Provisions. The 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.

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Downgrade Provisions. Provisions of the Group I Swap Agreement which are triggered if the short-term or long-term credit ratings of the Group I Swap Provider fall below certain levels specified in the Group I Swap Agreement. DTC: The Depository Trust Company.

Downgrade Provisions. As defined in the Swap Agreement. In summary, the Downgrade Provisions provide that if the Swap Provider’s long-term credit ratings fall below the levels specified in the Swap Agreement, the Swap Provider will be required, subject to the Rating Agency Condition (as defined in the Swap Agreement) to (1) post collateral securing its obligations under the Swap Agreement, (2) obtain a substitute Swap Provider acceptable to the Rating Agencies that will assume the obligations of the Swap Provider under the Swap Agreement, (3) obtain a guaranty or contingent agreement of the Swap Provider’s obligations under the Swap Agreement from another person acceptable to the Rating Agencies or (4) establish any other arrangement sufficient to restore the credit rating of the Senior and Subordinate Certificates, all as provided in the Swap Agreement.

Examples of Downgrade Provisions in a sentence

BNY fails to comply with the Downgrade Provisions as set forth in Paragraph 4(9).
A Moody's Collateralization Event has occurred and is continuing, and Party A has failed to comply with or perform any obligation to be complied with or performed by Party A in accordance with the "Downgrade Provisions" as set forth in Part 5(f)(ii) and either (i) no Moody’s Ratings Event has occurred and is continuing or (ii) less than 30 Local Business Days have elapsed since the last time that a Moody’s Ratings Event had occurred and was continuing.
An S&P Collateralization Event has occurred and is continuing and Party A has failed to comply with or perform any obligation to be complied with or performed by Party A in accordance with the "Downgrade Provisions" as set forth in Part 5(f)(ii) and a S&P Ratings Event has neither occurred nor is continuing.
An S&P Collateralization Event has occurred and is continuing and Party A has failed to comply with or perform any obligation to be complied with or performed by Party A in accordance with the "Downgrade Provisions" as set forth in Part 5(f)(ii) and a Ratings Event has neither occurred nor is continuing.
The failure by Party A to comply with or perform any obligation (other than the obligation to post collateral pursuant to the terms of the Credit Support Annex) to be complied with or performed by Party A in accordance with the "Downgrade Provisions" as set forth in Part 5(b)(4) will constitute an Additional Termination Event and not an Event of Default.
If a Withdrawal Date occurs and Counterparty has posted any Eligible Credit Support in accordance with the provisions applicable to the Withdrawing Rating Agency contained in this Part 5(l) and the Credit Support Annex, such Eligible Credit Support shall be returned to Counterparty in accordance with the terms of the Credit Support Annex and Counterparty shall have no further obligations under the Credit Support Annex in connection with the Withdrawn Downgrade Provisions.
The failure by Party A to comply with the Downgrade Provisions as set forth in Part 5(o).
The failure by Party A to comply with or perform any obligation (other than the obligation to post collateral pursuant to the terms of the Credit Support Annex) to be complied with or performed by Party A in accordance with the "Downgrade Provisions" as set forth in Part 5(c)(4) will constitute an Additional Termination Event and not an Event of Default.
Other Provisions Credit Rating Downgrade Provisions Circular Letter No. 2 (1992) states that the Department will not approve a credit rating bailout provision which would permit the contractholder to terminate the contract prior to maturity at book value in the event the insurer’s credit rating downgrade.
With respect to the Swap Provider, an Additional Termination Event will occur if the Swap Provider fails to comply with the Downgrade Provisions.

More Definitions of Downgrade Provisions

Downgrade Provisions. As defined in the Swap Agreement. In summary, the Downgrade Provisions provide that if the Swap Provider's long-term credit ratings fall below the levels specified in the Swap Agreement, the Swap Provider will be required, subject to the Rating Agency Condition (as defined in the Swap Agreement) to (1) post collateral securing its obligations under the Swap Agreement, (2) obtain a substitute Swap Provider acceptable to the Rating Agencies that will assume the obligations of the Swap Provider under the Swap Agreement, (3) obtain a guaranty or contingent agreement of the Swap Provider's obligations under the Swap Agreement from another person acceptable to the Rating Agencies or (4) establish any other arrangement sufficient to restore the credit rating of the Senior and Subordinate Certificates, all as provided in the Swap Agreement Due Date: The day of the month on which the Scheduled Payment is due on a Mortgage Loan, exclusive of any days of grace.

Downgrade Provisions. As defined in the Pool I Swap Agreement or Pool II Swap Agreement, as applicable. In summary, the Downgrade Provisions provide that if the relevant Swap Provider’s long-term credit ratings fall below the levels specified in the relevant Swap Agreement, such Swap Provider will be required, subject to the Rating Agency Condition (as Fremont 2006-B Pooling & Servicing Agreement defined in the relevant Swap Agreement) to (1) post collateral securing its obligations under the relevant Swap Agreement, (2) obtain a substitute Swap Provider acceptable to the Rating Agencies that will assume the obligation of the relevant Swap Provider under the relevant Swap Agreement, (3) obtain a guaranty or contingent agreement of the relevant Swap Provider’s obligations under the relevant Swap Agreement from another person acceptable to the Rating Agencies or (4) establish any other arrangement sufficient to restore the credit rating of the relevant Certificates; all as more particularly set forth in the relevant Swap Agreement.