Permitted Hedge Counterparty means the counterparty to each Permitted Interest Rate Hedge.
Permitted Hedge Counterparty. Means (a) Citibank, N.A. and its successors and assigns, and (b) any entity that (i) on the date of entering into a Hedging Agreement (x) is an interest rate swap dealer that has been approved in writing by the Administrative Agent (which approval shall not be unreasonably withheld), and (y) has a long-term unsecured debt rating of not less than “A” by S&P, not less than “A2” by Moody’s and not less than “A” by Fitch (if such entity is rated by Fitch) (“Long-term Rating Requirement”) and a short-term unsecured debt rating of not less than “A-1” by S&P, not less than “P-1” by Moody’s and not less than “F-1” by Fitch (if such entity is rated by Fitch) (“Short-term Rating Requirement”), and (ii) in a Hedging Agreement (x) consents to the assignment of the Seller’s rights under each Hedging Agreement to the Administrative Agent for the benefit of the Secured Parties pursuant to Section 5.3(b) and (y) agrees that in the event that Moody’s, S&P or Fitch reduces its long-term unsecured debt rating below the Long-term Rating Requirement, or reduces its short-term unsecured debt rating below the Short-term Rating Requirement, it shall transfer its rights and obligations under each Hedge Transaction to another entity that meets the requirements of clause (i) and (ii) hereof and has entered into a Hedging Agreement with the Seller on or prior to the date of such transfer.
Permitted Hedge Counterparty means:
Examples of Permitted Hedge Counterparty in a sentence
Upon the termination of the commitment of the Lender under Section 2.01(a) to make Loans and the indefeasible payment in full in Cash of all of the Secured Obligations and any other obligations and liabilities of the Borrower and the Guarantors to any Permitted Hedge Counterparty under any Permitted Interest Rate Hedge, this Loan Agreement shall terminate (other than any provisions hereof expressly stated to survive termination).
The actuarial value of assets increased from $5,702,703 at April 1, 2019 to $5,896,649 at April 1, 2020.
The Borrower shall not, and shall not permit any other Obligor to, enter into any Hedge Agreement other than (i) a Secured Hedge Agreement with a Permitted Hedge Counterparty and (ii) as permitted by Section 6.1(i).
Without in any way limiting the terms of the Existing Credit Agreement, the Borrower confirms that the existing Security shall continue to secure all of the Facility Indebtedness and Hedge Indebtedness, including but not limited to that arising under this Agreement and the other Financing Documents and the Hedge Agreements to which each Permitted Hedge Counterparty is a party.
Each Lender (on behalf of itself and each Affiliate of such Lender that is a Permitted Hedge Counterparty) hereby appoints Xxxxx Fargo Bank, National Association.
More Definitions of Permitted Hedge Counterparty
Permitted Hedge Counterparty any Person (a) that (i) is a commercial bank, investment bank, insurance company, investment fund or other similar financial institution or Affiliate thereof, (ii) is a public utility or any exchange (e.g., Intercontinental Exchange, Inc.) or regional system operator (e.g., PJM) or (iii) is in the business of selling, marketing, purchasing, trading or distributing electric energy, and (b) as of the date the applicable Permitted Commodity Hedge and Power Sales Agreement is entered into (i) with respect to any such Person described in clause (a)(i) or, with respect to a Permitted Commodity Hedge and Power Sales Agreement that is not physically settled, any such Person described in clause (a)(ii) or clause (a)(iii), that has a rating of at least BBB+ by S&P and at least Baa1 by Moody’s (or if rated by only one of S&P or Moody’s, of at least BBB+ by S&P or at least Baa1 by Moody’s respectively) for its unsecured long-term senior debt obligations (or whose obligations under such Permitted Commodity Hedge and Power Sales Agreement are guaranteed in full by a guaranty of a Person with such ratings, as applicable), (ii) that is EDF, if EDF has a rating of at least BBB- by S&P and at least Baa3 by Moody’s (or if rated by only one of S&P or Moody’s, of at least BBB- by S&P or at least Baa3 by Moody’s respectively) for its unsecured long-term senior debt obligations (or whose obligations under such Permitted Commodity Hedge and Power Sales Agreement are guaranteed in full by a guaranty of a Person with such ratings, as applicable) and (iii) with respect to a Permitted Commodity Hedge and Power Sales Agreement that is physically settled, any such Person described in clause (a)(ii) or clause (a)(iii), that has a rating of at least BBB- by S&P and at least Baa3 by Moody’s (or if rated by only one of S&P or Moody’s, of at least BBB- by S&P or at least Baa3 by Moody’s respectively) for its unsecured long-term senior debt obligations (or whose obligations under such Permitted Commodity Hedge and Power Sales Agreement are guaranteed in full by a guaranty of a Person with such ratings, as applicable); provided, that, in each case, if, as of any date of determination, such Person does not have any rating of its unsecured long-term senior debt obligations, then such Person’s corporate (or corporate issuer, as applicable) rating shall be at least that set forth in the applicable subsection of clause (b) and provided further that where more than one rating requirement may be app...
Permitted Hedge Counterparty any Person that, at the time that such Person enters into, or otherwise becomes a party to, an applicable Secured Hedge Agreement, is a Lender, the Administrative Agent or an Affiliate of a Lender or the Administrative Agent.
Permitted Hedge Counterparty any Secured Interest Rate Hedge Provider.
Permitted Hedge Counterparty means, at any time, (a) any Lender or Affiliate of a Lender which was a "Permitted Hedge Counterparty" under the Existing Credit Agreement, provided that if such Person is an Affiliate of a Lender, such Person provides written notice to the Administrative Agent in the form of Exhibit J on the Restatement Date confirming that all Hedge Agreements it has entered into with the Borrower include the provisions set out in Annex 6 of the Existing Credit Agreement, that such Affiliate agrees to be bound by the restrictions pertaining to "Permitted Hedge Counterparties" in this Agreement and that such Affiliate acknowledges and agrees to the terms of Annex 5 hereof and (b) any Lender or Affiliate of a Lender which was not a "Permitted Hedge Counterparty" under the Existing Credit Agreement, if such Person has executed and delivered an Instrument of Adhesion to the Administrative Agent and has provided to the Administrative Agent copies of all Hedge Agreements such Person has entered into with the Borrower, which Hedge Agreements must include the provisions set out in Annex 6 hereof. If, at any time, a "Permitted Hedge Counterparty" is not in compliance with the applicable terms and conditions set out in this definition or the relevant "Instrument of Adhesion" (as defined in the Existing Credit Agreement) or Instrument of Adhesion, as applicable, it shall cease to be a "Permitted Hedge Counterparty". For purposes of this definition, after the indefeasible payment in full of the Facility Indebtedness and termination of all Commitments, "Lender", "Person" and "Affiliate" shall have the meanings given to them immediately prior to the indefeasible payment of the Facility Indebtedness and termination of all Commitments.
Permitted Hedge Counterparty means (i) with respect to any Commodity Hedge and Power Sales Agreement, any Person (other than the Borrower or any of its Subsidiaries) that is a party to such Commodity Hedge and Power Sales Agreement; and (ii) with respect to any Interest Rate Hedging Agreement, any Person that is a Lender or an Affiliate of a Lender at the time such Interest Rate Hedging Agreement is entered into or such other Person with the prior approval of the Required Lenders, such approval not to be unreasonably withheld or delayed.
Permitted Hedge Counterparty means, subject to the consent of the Administrative Agent (not to be unreasonably withheld, conditioned or delayed), any financial institution that is designated in writing to the Administrative Agent by the Issuer from time to time as a provider of hedging services, in each case in its capacity as a party thereto, and whether or not such Person subsequently ceases to be a Holder or an Affiliate of any Holder.
Permitted Hedge Counterparty means a counterparty that has entered into a Swap Contract with the Borrower approved by the Administrative Agent in its sole discretion not to be unreasonably withheld or delayed.