Equivalent Credit Support definition

Equivalent Credit Support means, in relation to any Eligible Credit Support comprised in the Credit Support Balance, Eligible Credit Support of the same type, nominal value, description and amount as that Eligible Credit Support.

Equivalent Credit Support means, in relation to any Eligible Credit Support comprised in the Credit Support Balance, Eligible Credit Support of the same type, nominal value, description and amount as that Eligible Credit Support. Back to Contents Equivalent Distributions has the meaning specified in Paragraph 5.3(a).

Equivalent Credit Support means, arrangements of an equivalent nature entered into or, as applicable, issued or granted in respect of the New Agreement which governs the New Transaction(s) corresponding to the relevant Old Transaction(s) (without duplication), except for the changes that are necessary to reflect, or are a natural consequence of, the fact that the Transferee is to be substituted for the Transferor for all purposes, including any changes required to be made such that:

Examples of Equivalent Credit Support in a sentence

• Each party agrees that all right, title and interest in and to any Eligible Credit Support, Equivalent Credit Support, Equivalent Distributions or Interest Amount which it transfers to the other party under the terms of this Annex shall vest in the recipient free and clear of any liens, claims, charges or encumbrances or any other interest of the transferring party or of any third person (other than a lien routinely imposed on all securities in a relevant clearance system).

• When no amounts are payable by the Transferor with respect to any obligations under the Agreement (except for any potential liability under Section 2(d) of the Agreement), the Transferee will transfer to the Transferor Equivalent Credit Support having a Value as close as practicable to the Credit Support Balance with respect to the Transferor and the Interest Amount, if any.

• For the purpose of Paragraph 4(a)(4)(i)(C) and Paragraph 4(a)(4)(ii), the Value of the outstanding Credit Support Balance or of any transfer of Eligible Credit Support or Equivalent Credit Support, as the case may be, will be calculated as follows: Disputes over Value will be resolved by the Valuation Agent seeking three bid quotes as of the relevant Valuation Date or date of Transfer from parties that regularly act as dealers in the securities or other property in question.

More Definitions of Equivalent Credit Support

Equivalent Credit Support means cash denominated in EUR.

Equivalent Credit Support means, in respect of any Eligible Credit Support (which term shall include for the purposes of this definition, any assets held by Party A which would be Eligible Credit Support but for a failure to satisfy the Eligibility Criteria), Eligible Credit Support of the same type, nominal value, description and amount as such Eligible Credit Support or in the case of items of Eligible Credit Support which are Loan Assets, (i) obligations of the same borrower(s), obligors(s), issuer(s) and guarantor(s) (as applicable), (ii) commitments made as part of the same tranche or facility which have the same seniority pursuant to the applicable loan, intercreditor and ancillary documentation, (iii) obligations which are secured by the same security and guarantee package (if any) and (iv) of an identical type, original principal amount, description, obligation ranking, and (except where otherwise stated) amount as those loans, provided that where such Eligible Credit Support has been converted, subdivided or consolidated or has become the subject of a takeover or the holders of Eligible Credit Support have become entitled to receive or acquire other assets or other property or the Eligible Credit Support have become subject to any similar event, the term "Equivalent Credit Support" shall mean assets equivalent to (in accordance with foregoing criteria) the original Eligible Credit Support together with or replaced by a sum of money or assets or other property equivalent to (in accordance with the foregoing criteria) that is receivable by holders of such original Eligible Credit Support resulting from such event.”

Equivalent Credit Support means, with respect to any credit support arrangement applicable to the Original Agreement, arrangements of an equivalent nature entered into or, as applicable, issued or granted in respect of the New Agreement.