Qualified Swap Provider means an entity whose senior long term obligations, other senior unsecured long term obligations or claims paying ability, or whose payment obligations under an interest rate exchange agreement are guaranteed by an entity whose senior long term debt obligations, other senior unsecured long term obligations or claims paying ability, are rated either (i) at least as high as the third highest Rating Category of each Rating Agency, but in no event lower than any Rating Category designated by each such Rating Agency for the Obligations subject to such Qualified Swap, or (ii) any such lower rating categories which each such Rating Agency indicates in writing to the Authority and the Trustee will not, by itself, result in a reduction or withdrawal of its rating on the Outstanding Obligations subject to such Qualified Swap that is in effect prior to entering into such Qualified Swap.
Qualified Swap Provider means a financial institution whose senior long- term debt obligations, or whose obligations under any Qualified Swap are (i) guaranteed by a financial institution, or subsidiary of a financial institution, whose senior long-term debt obligations, are rated by each of S&P and Moody’s (if such rating agencies are Rating Agencies) and, if rated by any other Rating Agency, by such Rating Agency in one of the three highest rating categories of each such Rating Agency, respectively, or (ii) fully secured by obligations described in clause (a) or (c) of the definition of Investment Securities which are (a) valued not less frequently than monthly and have a fair market value, exclusive of accrued interest, at all times at least equal to 105% of the principal amount of the investment, together with the interest accrued and unpaid thereon, (b) held by the Trustee (who shall not be the provider of the collateral) or by any Federal Reserve Bank or a depository acceptable to the Trustee, (c) subject to a perfected first lien on behalf of the Trustee, and (d) free and clear from all third-party liens.
Qualified Swap Provider means, with respect to Bonds, an entity whose senior long term obligations, other senior, unsecured long term obligations or claims paying ability or whose payment obligations under an interest rate exchange agreement are guaranteed by an entity whose senior long term debt obligations, other senior unsecured long term obligations or claims paying ability are rated either (A) at least as high as A3 by Moody’s, A- by Standard & Poor’s, and A- by Filch, or the equivalent thereof by any successor thereto, if such rating agency then maintains a rating on the Bonds, but in no event lower than any Rating Category designated by each such rating agency for the Bonds Outstanding subject to such Qualified Fixed Payor Swap, or (B) any such lower Rating Categories which each such rating agency then maintaining a rating on the Bonds Outstanding indicates in writing to the Authority and the Trustee will not, by itself, result in a reduction or withdrawal of its rating on the Bonds Outstanding subject to such Qualified Fixed Payor Swap or Qualified Fixed Receiver Swap that is in effect prior to entering into such Qualified Fixed Payor Swap or Qualified Fixed Receiver Swap, as appropriate.
Examples of Qualified Swap Provider in a sentence
To pay all Installment Payments, and all other Parity Obligations and payment of amounts owed to an Insurer, or a Qualified Swap Provider hereunder or pursuant to the Indenture or a Supplemental Indenture or Supplemental Installment sale Agreement, without preference or priority, and in the event of any insufficiency of such moneys, ratably without any discrimination or preference.
However, this provision shall not be construed to give any Qualified Swap Provider the right to consent to, or approve of, any amendments to this Ordinance or the Airport Revenue Bond Ordinances unless a Qualified Swap Provider has expressly reserved that right in a Qualified Swap.
Chairman Waintroob called for a motion to approve the minutes of the March 16, 2016 Board meeting.
The Tender Agent, the issuer of any Credit Facility, Liquidity Facility, the Bond Registrar, Qualified Swap Provider, or the Remarketing Agent, each in its individual capacity, may in good faith and to the extent otherwise permitted by law, buy, sell, own, hold and deal in any of the Variable Rate Bonds issued hereunder, and may join in any action which any registered owner of the Variable Rate Bonds may be entitled to take with like effect as if it did not act in any capacity hereunder.
Any provision of this Resolution regarding a Qualified Swap Provider shall be deemed ineffective if the Qualified Swap delivered thereby is no longer in effect and no amount is due and owing under such Qualified Swap.
More Definitions of Qualified Swap Provider
Qualified Swap Provider means an entity whose senior long term debt obligations, other senior unsecured long-term obligations or claims paying ability, or whose payment obligations under a Qualified Swap are guaranteed by an entity whose senior long-term debt obligations, other senior unsecured long-term obligations or claims paying ability, are rated (at the time the subject Qualified Swap is entered into) at least A- by S&P and A3 by Moody's.
Qualified Swap Provider means an entity whose senior long term obligations, other senior unsecured long term obligations, financial program rating, counterparty rating, or claims paying ability, or whose payment obligations under an interest rate exchange agreement are guaranteed by an entity whose senior long term debt obligations, other senior unsecured long term obligations, financial program rating, counterparty rating, or claims paying ability, are rated at the time the Qualified Swap is executed without regard to qualification of such rating by symbols such as “+” or “-” or numerical notation, at least as high as the third highest rating category by at least two nationally recognized statistical rating services.
Qualified Swap Provider means any counterparty, whose senior long term debt obligations, other senior unsecured long term obligations or claims paying ability, or whose payment obligations, under a Qualified Swap are guaranteed by an entity whose senior long term debt obligations, other senior unsecured long term obligations or who has provided collateral such that its claims paying ability is rated (at the time the subject Qualified Swap is entered into) at least as high as required under the “Guidelines for Interest Rate and Forward Purchase Agreements” as promulgated by the Tennessee State Funding Board on July 30, 2002, as amended.
Qualified Swap Provider means (i) a Lender or an Affiliate of a Lender (or a Person who was a Lender or an Affiliate of a Lender at the time of execution and delivery of a Rate Contract) who has entered into a Qualified Rate Contract with a Borrower, or (ii) a Person with whom a Borrower has entered into a Qualified Rate Contract provided or arranged by Agent or an Affiliate of Agent, and any assignee thereof.
Qualified Swap Provider means a financial institution whose senior long term debt obligations, or whose obligations under a Qualified Swap or Qualified Variable Rate Swap are guaranteed by a financial institution whose senior long term debt obligations, are rated by whichever of Standard and Poors’ Ratings Service or Moody’s Investors Service as then has a rating in effect for the 2015 Bonds or both such agencies if both then have a rating in effect for the 2015 Bonds, at the time the subject Qualified Swap or Qualified Variable Rate Swap is entered into, at least “Aa2” in the case of Moody’s and “AA” in the case of Standard & Poor’s, or the equivalent thereof.
Qualified Swap Provider means a financial institution whose senior long-term debt obligations, or whose obligations under any Qualified Swap are (a) guaranteed by a financial institution, or subsidiary of a financial institution, whose senior long-term debt obligations, arerated at least “A1,” in the case of Moody’s, and “A+,” in the case of S&P, or the equivalent thereto in the case of any successor thereto, or (b) fully secured by obligations described in clauses (ii) or(iii) of the definition of Permitted Investments which are (w) valued not less frequently than monthly and have a fair market value, exclusive of accrued interest, at all times at least equal to 105% of the principal amount of the investment, together with the interest accrued and unpaid thereon, (x) held by the Trustee (who shall not be the provider of the collateral) or by any Federal Reserve Bank or a depository acceptable to the Trustee, (y) subject to a perfected first lien on behalf of the Trustee, and (z) free and clear from all third-party liens.
Qualified Swap Provider means an entity whose senior long term obligations, other senior unsecured long term obligations, financial program rating, counterparty rating, or claims paying ability, or whose payment obligations under an interest rate exchange agreement are guaranteed by an entity whose senior long term debt obligations, other senior unsecured long term obligations, financial program rating, counterparty rating, or claims paying ability, are rated at least as high as the third highest Rating Category of each Rating Agency then maintaining a rating for the Qualified Swap Provider.