Eligible Hedge Counterparty means any bank, broker/dealer, insurance company or derivative product company reasonably acceptable to the Program Agent and, if rated by DBRS, AA or, if not rated by DBRS, rated at least the equivalent by S&P or Xxxxx’x.
Eligible Hedge Counterparty means a Hedge Counterparty that (i) has a long-term unsecured, non-credit enhanced debt rating of not less than “A” by Fitch, “A” by S&P and “A2” by Xxxxx’x (or has its obligations under the relevant Hedge Agreement guaranteed by another Person that has such ratings pursuant to a guaranty in form and substance satisfactory to the Agent) and (ii) has been approved by the Agent as an Eligible Hedge Counterparty hereunder.
Eligible Hedge Counterparty means any entity that (a) on the date of entering into any Hedge Transaction (i) is an interest rate swap provider that is either a Lender or an Affiliate of a Lender, or has been approved in writing by the Administrative Agent (which approval shall not be unreasonably withheld), or (ii) has a short-term debt rating of “A-1” from S&P or “P-1” from Xxxxx’x and a long-term debt rating of “A” or higher from S&P or “A2” or higher from Xxxxx’x or whose obligations are unconditionally guaranteed by an Affiliate which has the foregoing debt ratings in a manner reasonably acceptable to the Administrative Agent, (b) at all times after the date of the Hedging Agreement, so long as it is a party thereto, has a long-term debt rating of “BBB+” or higher from S&P or “Baa1” or higher from Xxxxx’x or whose obligations are unconditionally guaranteed by an Affiliate which has the foregoing debt ratings in a manner reasonably acceptable to the Administrative Agent, and (c) in the applicable Hedging Agreement consents to the assignment of the Borrower’s rights under such Hedging Agreement to the Administrative Agent pursuant to Section 5.03(b).
Examples of Eligible Hedge Counterparty in a sentence
During a Hedging Period which occurs solely as a result of clause (i) of the definition thereof, the Borrower may enter into one or more Hedge Transactions each with an Eligible Hedge Counterparty which satisfy the Hedge Requirements or exercise the Hedge Reserve Option as set forth in Section 5.03(c) hereof.
Upon receiving such notice of resignation, the Issuer, at the direction and subject to the consent of the Requisite Global Majority, shall promptly appoint a successor trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the resigning Indenture Trustee, each Eligible Hedge Counterparty, the Administrative Agent, each Series Enhancer, and one copy to the successor Indenture Trustee.
Each party agrees as follows for the benefit of the other party, the Noteholders, each Series Enhancer, if any, and each Eligible Hedge Counterparty.
If an Event of Default occurs and is continuing, the Indenture Trustee, by such officer or agent as it may appoint, shall notify each Noteholder, each Eligible Hedge Counterparty, the Administrative Agent, each Series Enhancer and the applicable Rating Agencies, if any, of such Event of Default.
No later than July 31, 2003, the Issuer shall enter into, and shall at all times thereafter until the Termination Date maintain in effect, one or more Hedge Agreements with an aggregate notional amount equal to the Note Principal Balance, each executed by an Eligible Hedge Counterparty, relating to the Notes and containing such terms and conditions as required by the Majority Holders.
More Definitions of Eligible Hedge Counterparty
Eligible Hedge Counterparty means, in respect of a counterparty, a party that (a) (i) is incorporated or organized under the laws of the United States (or any state thereof) or (ii) is the United States branch of a bank organized outside of the United States (provided such branch of a bank organized outside of the United States is duly authorized and licensed to transact business in the United States), (b) is consented to by the Facility Agent and the Controlling Lenders, and (c) has (or such counterparty is guaranteed by an Affiliate having) a Moody’s long-term rating of at least “A2” (and, if “A2”, not on credit watch for possible downgrade) and a Moody’s short-term rating of at least “Prime-1” (and, if “Prime-1”, not on credit watch for possible downgrade) or an S&P long-term rating of at least “A” (and, if “A”, not on credit watch for possible downgrade) and an S&P short-term rating of at least “A-1” (and, if “A-1”, not on credit watch for possible downgrade).
Eligible Hedge Counterparty means a Hedge Counterparty that (i) has a long-term unsecured, non-credit enhanced debt rating (a “Debt Rating”) from at least two out of the following three rating agencies: Xxxxx’x, Fitch and Standard & Poor’s, or has its obligations under the relevant Hedge Agreement guaranteed by another Person that has such Debt Ratings pursuant to a guaranty in form and substance satisfactory to the Agent, (ii) such Debt Ratings are not less than “A” by Fitch (if rated by Fitch), “A” by Standard & Poor’s (if rated by Standard & Poor’s) and “A2” by Xxxxx’x (if rated by Xxxxx’x) and (iii) has been approved by the Agent as an Eligible Hedge Counterparty hereunder.
Eligible Hedge Counterparty. Any Eligible Interest Rate Hedge Counterparty or Eligible Currency Hedge Counterparty, as applicable.
Eligible Hedge Counterparty means a Hedge Counterparty (x) having a long-term unsecured debt rating of at least A (high) or a short-term unsecured debt rating of at least R-1(middle) from DBRS or otherwise satisfying the Rating Agency Condition in respect of DBRS, (y) if rated by Moody’s, having a long-term unsecured debt rating of at least A1, and (z) if rated by S&P, having a long-term unsecured debt rating of at least A+, or such lower rating as the Rating Agency Condition may be satisfied in respect of.
Eligible Hedge Counterparty means either of the following: (a) at the time of execution and delivery of the related Currency Hedge Agreement, any bank or other financial institution (or any party providing credit support on such Person’s behalf) that has a published long-term issuer credit or senior unsecured debt rating of A or better (or, if there are not then any Series A Notes Outstanding, of BBB or better) by Standard & Poor’s or Fitch, or is otherwise covered by a Rating Agency Confirmation or (b), at the time of any transfer of a Currency Hedge Agreement, any bank or other financial institution (or any party providing credit support on such Person’s behalf) that satisfies the criteria in clause (a).
Eligible Hedge Counterparty means, in respect of a counterparty, a party that (a) (i) is incorporated or organized under the laws of the United States (or any state thereof) or Canada or (ii) is the United States branch of a bank organized outside of the United States (provided such branch of a bank organized outside of the United States is duly authorized and licensed to transact business in the United States) and (b) (i) has (or such counterparty is guaranteed by an Affiliate having) a DBRS Long Term Rating of at least “A (high)” and a DBRS Short Term Rating of at least “R-1 (middle)” or (ii) (A) is consented to by the Facility Agent and (B) with respect to which the Rating Confirmation has been satisfied.
Eligible Hedge Counterparty means a Hedge Counterparty that has (a) a short-term rating of at least “A-1”, “P-1” or “F1+” by at least two of S&P, Xxxxx’x or Fitch, respectively, or (b) if a short-term rating is unavailable for a Hedge Counterparty, a long-term rating of at least “A+”, “A1” or “A+” by at least two of S&P, Xxxxx’x or Fitch, respectively. Notwithstanding the foregoing, in the event that a Hedge Counterparty fails to maintain the required ratings by at least two of the rating agencies as described in this definition above, such Hedge Counterparty may remain an Eligible Hedge Counterparty so long as (i) its rating does not fall below “A-2”, “P-2” or “F-2” by any two of S&P, Xxxxx’x or Fitch, and (ii) within 10 Business Days after such rating withdrawal or reduction (if such withdrawal or reduction is continuing) such Hedge Counterparty has executed and delivered to the Borrower and each Administrative Agent, a credit support document, in form and substance, and supported by a type and amount of collateral, in each case, reasonably acceptable to the Required Lenders. Following the failure on the part of such Hedge Counterparty to effect such a collateral support arrangement acceptable to the Required Lenders on or prior to the expiration of such 10-day period, such Hedge Counterparty shall no longer constitute an Eligible Hedge Counterparty for purposes of this Agreement and the other Facility Documents.