Hedge Counterparty Ratings Threshold means, with respect to S&P, (a) the unsecured, long-term senior debt obligations of Party A (or its Credit Support Provider) are rated at least “BBB-” by S&P, and with respect to Fitch, (b) either (i) the unsecured, senior debt obligations or financial strength ratings of Party A (or its Credit Support Provider), are rated at least “BBB+” by Fitch or (ii) the unsecured, short-term debt obligations (if any) of Party A , are rated at least “F2” by Fitch. For the avoidance of all doubts, the parties hereby acknowledge and agree that notwithstanding the occurrence of a Ratings Event, this Agreement and each Transaction hereunder shall continue to be a Swap Agreement for purposes of the Trust Agreement.
Hedge Counterparty Ratings Threshold means (A) the unsecured, unguaranteed and otherwise unsupported long-term senior debt obligations of Party A are rated at least "BBB-" by S&P, (B) the unsecured, unguaranteed and otherwise unsupported long-term senior debt obligations of Party A are rated at least "A3" by Moody's (and such rating is not on watch for possible downgrade) and the unsecured, unguaranteed and otherwise unsupported short-term debt obligations of Party A are rated at least "P‑2" by Moody's (and such rating is not on watch for possible downgrade), and (C) either (i) the unsecured, unguaranteed and otherwise unsupported long-term senior debt obligations of Party A are rated at least "BBB+" by Fitch or (ii) the unsecured, unguaranteed and otherwise unsupported short-term debt obligations of Party A are rated at least "F2" by Fitch. For the avoidance of all doubts, the parties hereby acknowledge and agree that notwithstanding the occurrence of a Ratings Event, this Agreement and each Transaction hereunder shall continue to qualify as a Swap Agreement for purposes of the distribution priorities in Section 4.01 of the PSA.
Hedge Counterparty Ratings Threshold means either (i) the unsecured, senior debt obligations or financial strength ratings of Party A (or its Credit Support Provider), are rated at least “BBB+” by Fitch or (ii) the unsecured, short-term debt obligations (if any) of Party A , are rated at least “F2” by Fitch. For the avoidance of all doubts, the parties hereby acknowledge and agree that notwithstanding the occurrence of a Ratings Event, this Agreement and each Transaction hereunder shall continue to be a Swap Agreement for purposes of the Trust Agreement.
Examples of Hedge Counterparty Ratings Threshold in a sentence
It shall be a ratings event (“Ratings Event”) if at any time after the date hereof, the Relevant Entity shall fail to satisfy the Hedge Counterparty Ratings Threshold or the Relevant Entity is no longer rated by S&P.
It shall be a ratings event (“Ratings Event”) if at any time after the date hereof, the Relevant Entity shall fail to satisfy the Hedge Counterparty Ratings Threshold.
It shall be a ratings event if at any time after the date hereof, the Relevant Entity fails to satisfy the Hedge Counterparty Ratings Threshold or the Relevant Entity is no longer rated by S&P (“S&P Ratings Event”).
It shall be a ratings event if at any time after the date hereof, the Relevant Entity fails to satisfy the Hedge Counterparty Ratings Threshold or the Relevant Entity is no longer rated by Fitch (“Fitch Ratings Event”).
More Definitions of Hedge Counterparty Ratings Threshold
Hedge Counterparty Ratings Threshold means (A) the unsecured, long-term senior debt obligations of Party A are rated at least “BBB-” by S&P, (B) either (i) the unsecured, long-term senior debt obligations of Party A are rated at least “A2” by Moody’s (and such rating is not on watch for possible downgrade to below “A2”) and the unsecured, short-term debt obligations of Party A are rated at least “P-1” by Moody’s (and such rating is not on watch for possible downgrade to below “P-1”) or (ii) if Party A does not have a short-term rating from Moody’s, the unsecured, long-term senior debt obligations of Party A are rated at least “A1” by Moody’s, and (C) either (i) the unsecured, senior debt obligations or financial strength ratings of Party A , are rated at least “A” by Fitch or (ii) the unsecured, short-term debt obligations (if any) of Party A , are rated at least “F1” by Fitch. For the avoidance of all doubts, the parties hereby acknowledge and agree that notwithstanding the occurrence of a Ratings Event, this Agreement and each Transaction hereunder shall continue to be a Swap Agreement for purposes of the Trust Agreement. Within 30 days (or, in the case of a failure to meet the requirements of subparagraph (A) of the definition of “Hedge Counterparty Ratings Threshold”, within 10 Business Days) from the date a Ratings Event has occurred and so long as such Ratings Event is continuing, Party A shall, at its sole expense, (i) obtain a substitute counterparty that (A) satisfies the Rating Agency Condition, (B) satisfies the Hedge Counterparty Ratings Requirement (as defined below) and (C) assumes the obligations of Party A under this Agreement (through an assignment and assumption agreement in form and substance reasonably satisfactory to Party B) or replaces the outstanding Transactions hereunder with transactions on identical terms, except that Party A shall be replaced as counterparty, provided that such substitute counterparty, as of the date of such assumption or replacement, will not, as a result thereof, be required to withhold or deduct on account of tax under the Agreement or the new transactions, as applicable, and such assumption or replacement will not lead to a termination event or event of default occurring under the Agreement or new transactions, as applicable, and (ii) on or prior to the expiration of such period, be required to post collateral according to the terms of an ISDA 1994 New York Law Credit Support Annex. Notwithstanding anything contained herein to the contrary, if...
Hedge Counterparty Ratings Threshold means with respect to the Relevant Entity (including any applicable Credit Support Provider) (I) if such entity is a Financial Institution, either (i) the unsecured, short-term debt obligations of such entity are rated at least “A-2” by S&P or (ii) if such entity does not have a short-term rating from S&P, the unsecured, long-term senior debt obligations of such entity are rated at least “BBB+” by S&P, or (II) if such entity is not a Financial Institution, either (i) the unsecured, short-term debt obligations of the Relevant Entity are rated at least “A-1” by S&P or (ii) if such entity does not have a short-term rating from S&P, the unsecured, long-term senior debt obligations of the Relevant Entity are rated at least “A+” by S&P. For the avoidance of all doubts, the parties hereby acknowledge and agree that notwithstanding the occurrence of a Ratings Event, this Agreement and each Transaction hereunder shall continue to be a Swap Agreement for purposes of the Indenture.
Hedge Counterparty Ratings Threshold means, with respect to S&P, (a) the unsecured, long-term senior debt obligations of Party A (or its Credit Support Provider) are rated at least “BBB-” by S&P, and with respect to Fitch, (b) either (i) the unsecured, senior debt obligations or financial strength ratings of Party A (or its Credit Support Provider), are rated at least “BBB+” by Fitch or (ii) the unsecured, short-term debt obligations (if any) of Party A , are rated at least “F2” by Fitch. For the avoidance of all doubts, the parties hereby acknowledge and agree that notwithstanding the occurrence of a Ratings Event, this Agreement and each Transaction hereunder shall continue to be a Swap Agreement for purposes of the Pooling and Servicing Agreement.
Hedge Counterparty Ratings Threshold means (i) such entity has a short-term rating of at least “A-2” by S&P, or a long-term rating of at least “BBB+” by S&P if it has no short-term rating and (ii) if such entity is rated by Fitch, such entity has a short-term rating of at least “F2” by Fitch, or a long-term rating of at least “BBB+” by Fitch. For the avoidance of all doubts, the parties hereby acknowledge and agree that notwithstanding the occurrence of an S&P Ratings Event [or a Fitch Ratings Event], this Agreement and each Transaction hereunder shall continue to be a Swap Agreement for purposes of the Transaction Documents.
Hedge Counterparty Ratings Threshold means with respect to the Relevant Entity (including any applicable Credit Support Provider) (a) (I) if such entity is a Financial Institution, either (i) the unsecured, short-term debt obligations of such entity are rated at least “A-2” by S&P or (ii) if such entity does not have a short-term rating from S&P, the unsecured, long-term senior debt obligations of such entity are rated at least “BBB+” by S&P, or (II) if such entity is not a Financial Institution, either (i) the unsecured, short-term debt obligations of the Relevant Entity are rated at least “A-1” by S&P or (ii) if such entity does not have a short-term rating from S&P, the unsecured, long-term senior debt obligations of the Relevant Entity are rated at least “A+” by S&P, and (b) either (i) the unsecured, senior debt obligations or financial strength ratings of such entity, are rated at least “BBB+” by Fitch or (ii) the unsecured, short-term debt obligations (if any) of such entity, are rated at least “F2” by Fitch. For the avoidance of all doubts, the parties hereby acknowledge and agree that notwithstanding the occurrence of a Ratings Event, this Agreement and each Transaction hereunder shall continue to be a Swap Agreement for purposes of the Indenture.
Hedge Counterparty Ratings Threshold means (i) with respect to a party hereto that is a Financial Institution, such entity has a short-term rating of at least “A-2” by S&P, or a long-term rating of at least “BBB+” by S&P if it has no short-term rating, or (ii) with respect to a party hereto that is not a Financial Institution, a short-term rating of at least “A-1“by S&P or a long-term rating of at least “A+” by S&P if it has no short-term rating. For the avoidance of all doubts, the parties hereby acknowledge and agree that notwithstanding the occurrence of an S&P Ratings Event, this Agreement and each Transaction hereunder shall continue to be a Swap Agreement for purposes of the Transaction Documents.
Hedge Counterparty Ratings Threshold means (a) the unsecured, long-term senior debt obligations of Party A (or its Credit Support Provider) are rated at least “BBB” by S&P, and (b) either (i) the unsecured, senior debt obligations or financial strength ratings of Party A (or its Credit Support Provider), are rated at least “BBB+” by Fitch or (ii) the unsecured, short-term debt obligations (if any) of Party A, are rated at least “F2” by Fitch. For the avoidance of all doubts, the parties hereby acknowledge and agree that notwithstanding the occurrence of a Ratings Event, this Agreement and each Transaction hereunder shall continue to be a Swap Agreement for purposes of the Basic Documents.