Downgrade Termination Event definition
Downgrade Termination Event. An event whereby (x) the Swap Counterparty (or its guarantor) ceases to have short term unsecured and/or long term debt ratings at least equal to the levels specified in the Swap Agreement, and (y) at least one of the following events has not occurred (except to the extent otherwise approved by the Rating Agencies): (i) within the time period specified in the Swap Agreement with respect to such downgrade, the Swap Counterparty shall transfer the Swap Agreement, in whole, but not in part, to a substitute swap counterparty that satisfies the requirements set forth in the Swap Agreement, subject to the satisfaction of the Rating Agency Condition or (ii) within the time period specified in the Swap Agreement with respect to such downgrade, the Swap Counterparty shall collateralize its exposure to the Trust Fund pursuant to an ISDA Credit Support Annex, subject to the satisfaction of the Rating Agency Condition; provided that such ISDA Credit Support Annex shall be made a credit support document for the Swap Counterparty pursuant to an amendment to the Swap Agreement.
Downgrade Termination Event. An event whereby (x) the Swap Counterparty (or its guarantor) ceases to have short term unsecured and/or long term debt ratings at least equal to the levels specified in the Swap Agreement, and (y) at least one of the following events has not occurred (except to the extent otherwise approved by the Rating Agencies): within the time period specified in the Swap Agreement with respect to such downgrade, (i) the Swap Counterparty has transferred the Swap Agreement, in whole, but not in part, to a substitute swap counterparty that satisfies the requirements set forth in the Swap Agreement, subject to the satisfaction of the Rating Agency Condition, (ii) the Swap Counterparty has collateralized its exposure to the Trust Fund pursuant to an ISDA Credit Support Annex, subject to the satisfaction of the Rating Agency Condition; provided that such ISDA Credit Support Annex shall be made a credit support document for the Swap Counterparty pursuant to an amendment to the Swap Agreement, (iii) the Swap Counterparty has obtained the guaranty of a party that satisfies the requirements set forth in the Swap Agreement or (iv) the Swap Counterparty has taken any other action that satisfies the Rating Agency Condition.
Downgrade Termination Event. In the event (i) S&P assigns (x) a long-term debt rating equal to or lower than “A” to [Party A][Party A’s Credit Support Provider] without (y) assigning a short-term debt rating of at least “A-1” to [Party A][Party A’s Credit Support Provider], (ii) S&P assigns a long-term debt rating lower than “A+” to [Party A][Party A’s Credit Support Provider] (if [Party A][Party A’s Credit Support Provider] only has a long-term debt rating), (iii) ▇▇▇▇▇’▇ assigns (x) a long-term debt rating equal to or lower than “A3” to [Party A][Party A’s Credit Support Provider], or (y) a short-term debt rating lower than “Prime-2” to [Party A][Party A’s Credit Support Provider] (if [Party A][Party A’s Credit Support Provider] has both long-term and short-term debt ratings), (iv) ▇▇▇▇▇’▇ assigns a long-term debt rating equal to or lower than A2 to [Party A][Party A’s Credit Support Provider] (if [Party A][Party A’s Credit Support Provider] only has a long-term debt rating), (v) [Fitch assigns (x) a long-term senior unsecured debt rating lower than “A” to [Party A][Party A’s Credit Support Provider] or (y) a short-term senior unsecured debt rating lower than “F1” to [Party A][Party A’s Credit Support Provider] or (vi)] either S&P, ▇▇▇▇▇’▇ [or Fitch] ceases to assign such ratings to [Party A][Party A’s Credit Support Provider], (each such event, a “Party A Rating Downgrade”), Party A shall (i) promptly, but in no event later than two (2) Local Business Days following the date of such Party A Rating Downgrade, give Party B, the Servicer and the Indenture Trustee written notice of the occurrence of such Party A Rating Downgrade, and (ii) use reasonable efforts to find a Qualified Counterparty promptly and transfer, in accordance with and subject to the limitations of Part 5(e), its rights and obligations to Qualified Counterparty. Party A shall continue to perform its obligations and use reasonable efforts to find a Qualified Counterparty until a Qualified Counterparty is in place. The cost of finding and putting into place a Qualified Counterparty shall be borne by Party A. Not later than thirty (30) Local Business Days after such Party A Rating Downgrade, if Party A has not transferred its obligations to a Qualified Counterparty in accordance with the foregoing provisions, Party A shall either (i) obtain (at Party A’s expense) an unconditional guarantee or other similar assurance in respect of Party A’s obligations under this Agreement from a guarantor that has Rated Debt and which ...
Examples of Downgrade Termination Event in a sentence
Each Additional Termination Event described in this sub-paragraph (iv) shall, on its occurrence, constitute a "Downgrade Termination Event".
Each Additional Termination Event described in this sub-paragraph (iii) shall, on its occurrence, constitute a "Downgrade Termination Event".
Each Additional Termination Event described in this sub-paragraph (v) shall, on its occurrence, constitute a "Downgrade Termination Event".
Each Additional Termination Event described in this sub-paragraph [(iii)] shall, on its occurrence, constitute a "Downgrade Termination Event".
Such Additional Termination Event will be deemed to have occurred on the 30th day following the Subsequent S&P Note Downgrade Event with Party A as the sole Affected Party and all Transactions as Affected Transactions.] Each Additional Termination Event described in this Part 5(k)(ii) shall, on its occurrence, constitute a "Downgrade Termination Event".
Each Additional Termination Event described in this Part 5(l)(v) shall, on its occurrence, constitute a "Downgrade Termination Event".
Each Additional Termination Event described in this Part 5(m)(iv) shall, on its occurrence, constitute a "Downgrade Termination Event".
More Definitions of Downgrade Termination Event
Downgrade Termination Event. An event whereby (x) the Swap Counterparty (or its guarantor) ceases to have short term unsecured and/or long term debt ratings at least equal to the levels specified in the Swap Agreement, and (y) at least one of the following events has not occurred (except to the extent otherwise approved by the Rating Agencies): (i)
Downgrade Termination Event in relation to the Current Issuer Basis Rate Swap Provider, has the meaning given to it in the Current Issuer Basis Rate Swap Agreement and in relation to any Current Issuer Currency Swap Provider, has the meaning given to it in the relevant Current Issuer Currency Swap Agreement;
Downgrade Termination Event. An event whereby (x) the Swap Counterparty (or its guarantor) ceases to have short term unsecured and/or long term debt ratings at least equal to the levels specified in the Swap Agreement, and (y) at least one of the following events has not occurred (except to the extent otherwise approved by the Rating Agencies): (i) the Swap Counterparty fails to post collateral securing its obligations under the Swap Agreement, (ii) the Swap Counterparty fails to obtain a guarantor or a substitute swap counterparty acceptable to the Supplemental Interest Trust Trustee and the Rating Agencies (if required under the Swap Agreement) that will assume the obligations of the Swap Counterparty under the Swap Agreement or (iii) the Swap Counterparty is defaulting on certain obligations required as a result of the ratings downgrade and the Supplemental Interest Trust Trustee obtains a guarantor or secures a substitute swap counterparty acceptable to the Rating Agencies (if required under the Swap Agreement) that will assume the obligations of the Swap Counterparty under the Swap Agreement.
Downgrade Termination Event. An event whereby (x) the Swap Counterparty (or its guarantor) ceases to rated at least "AA-" by S&P, or any successor thereto, and at least "Aa3" by Moody's, or any successor thereto (including in connection with a mer▇▇▇, ▇▇nsolidation or other similar transaction by the Swap Counterparty), and (y) at least one of the following events has not occurred (except to the extent otherwise approved by the rating agencies): (i) within the time period specified in the Swap Agreement with respect to such downgrade, the Swap Counterparty shall transfer the Swap Agreement, in whole, but not in part, to a substitute swap counterparty that satisfies the requirements set forth in the Swap Agreement, subject to the satisfaction of the Rating Agency Condition or (ii) within the time period specified in the Swap Agreement with respect to such downgrade, the Swap Counterparty shall collateralize its exposure to the Trust pursuant to an ISDA Credit Support Annex, subject to the satisfaction of the Rating Agency Condition; provided that such ISDA Credit Support Annex shall be made a credit support document for the Swap Counterparty pursuant to an amendment to the Swap Agreement.
Downgrade Termination Event. An event whereby (x) the Swap Counterparty (or its guarantor) ceases to have short term unsecured and/or long term debt ratings at least equal to the levels specified in the Swap Agreement, and (y) at least one of the following events has not occurred (except to the extent otherwise approved by the Rating Agencies): (i) the Swap Counterparty fails to post collateral securing its obligations under the Swap Agreement, (ii) the Swap Counterparty fails to post collateral securing its obligations under the Swap Agreement and/or fails to obtain a guarantor or a substitute swap counterparty acceptable to the Supplemental Interest Trust Trustee and the Rating Agencies (if required under the Swap Agreement) that will assume the obligations of the Swap Counterparty under the Swap Agreement or (iii) the Swap Counterparty is defaulting on certain obligations required as a result of the ratings downgrade and the Supplemental Interest Trust Trustee obtains a guarantor or secures a substitute swap counterparty acceptable to the Rating Agencies (if required under the Swap Agreement) that will assume the obligations of the Swap Counterparty under the Swap Agreement.