Qualified Hedge Agreement definition

Qualified Hedge Agreement means an interest rate exchange, cap, floor or collar agreement between the Commonwealth and a Hedge Provider based upon a notional amount where (a) the Hedge Provider, or the person who guarantees the obligation of the Hedge Provider to make any payments due to the Commonwealth, has unsecured long-term obligations rated, or (b) the hedge agreement itself is rated, in each case as of the date the hedge agreement is entered into, by each Rating Agency then maintaining a rating on the Bonds Outstanding in a Rating Category, with respect to each such Rating Agency, at least equal to “A,” but in no event lower than the Rating Category designated by such Rating Agency for the Bonds Outstanding subject to such hedge agreement.

Qualified Hedge Agreement means an agreement such as an interest rate swap, collar, cap, or other functionally similar agreement, between the Issuer and a counterparty, meeting the requirements of the ordinance or resolution authorizing the applicable Non-Ad Valorem Revenue Obligations to which such agreement applies and which payments to be made by the counterparty thereunder have been budgeted by the Issuer to the payment on such Non-Ad Valorem Revenue Obligations.

Qualified Hedge Agreement means any Hedge Agreement with a Qualified Hedge Provider.

Examples of Qualified Hedge Agreement in a sentence

• No recourse shall be had for the payment of the principal or Redemption Price of or the interest on the Bonds or for any Reimbursement Obligation or any Qualified Hedge Payment hereunder or for any claim based thereon or on this Trust Agreement against any official, agent, representative or employee of the Trust or any person executing the Bonds or the applicable Credit Enhancement, Liquidity Facility or Qualified Hedge Agreement.

• Any amounts paid to the Commonwealth pursuant to a Qualified Hedge Agreement shall be deposited in the Revenue Account.

• The Authority shall authorize the execution, delivery, and performance of each Qualified Hedge Agreement in a Supplemental Resolution, in which it shall designate the related Hedged Obligations.

• Immediately succeeding any transfer of funds to a Pool Bond Trustee pursuant to clause FIRST of Paragraph (C) of this Section 307, the Program Trustee shall confirm with each certifying Pool Bond Trustee the Outstanding balance, if any, due but unpaid on the applicable Series of Pool Bonds and under any applicable Qualified Hedge Agreement after such transfer.

• The Bonds and any Qualified Hedge Agreement hereunder shall be special obligations of the Trust payable solely from the Trust Estate to the extent provided herein.

More Definitions of Qualified Hedge Agreement

Qualified Hedge Agreement means an interest rate exchange, cap, floor or collar agreement between the Authority and a Hedge Provider based upon a notional amount, where either (a) the Hedge Provider, or the party guaranteeing the obligation of the Hedge Provider to make any payments due to the Authority, has unsecured long-term obligations rated, or the hedge agreement itself is rated, in each case as of the date the hedge agreement is entered into, by each Rating Agency then maintaining a rating on the Bonds Outstanding, in one of the two highest Rating Categories of such Rating Agency or (b) the Authority received a Rating Confirmation with respect to such hedge agreement prior to entering into such hedge agreement.

Qualified Hedge Agreement means a Hedge Agreement which meets the tests of subsection 1 of Section 103.

Qualified Hedge Agreement means a Hedge Agreement with a Counterparty that at the time it enters into such Hedge Agreement is rated "A-" or better by Standard & Poor's and "A3" or better by Moody's.

Qualified Hedge Agreement means an interest rate exchange, cap, floor or collar agreement between the Trust and a Hedge Provider based upon a notional amount, where either

Qualified Hedge Agreement means a Hedge Agreement with a financial institution reasonably acceptable to the Revolving Credit Agreement Administrative Agent (as evidenced by the Credit Parties to the reasonable satisfaction of the Agent) and the Agent and which (a) is documented in a standard International Swap Dealer Association Agreement or a similar agreement, (b) provides for the method of calculating the reimbursable amount of the provider’s credit exposure in a reasonable and customary manner, (c) is entered into for hedging (rather than speculative) purposes, and (d) does not require that any collateral be provided as security for such agreement.

Qualified Hedge Agreement means any agreement evidenced by any form of master agreement published by the International Swaps and Derivatives Association, Inc., including any schedule thereto, any credit support annex thereto, and any confirmation(s), entered into by the Authority as a debt management tool with respect to the Bonds or a portion thereof issued hereunder such as an interest rate swap, collar, cap, or other functionally similar agreement, between the Authority and a counterparty meeting the Authority’s criteria set forth in the Authority’s then existing Derivatives Policy, whose long-term unsecured debt at the time of entering into such agreement is rated, or whose obligations are guaranteed by an entity whose long-term unsecured debt at the time of entering into such agreement is rated in one of the three

Qualified Hedge Agreement means a Hedge Agreement which meets the tests of Section 1.04(a).