Qualifying Credit Support definition

Qualifying Credit Support means an irrevocable, unconditional, uncollateralized, standby letter of credit or surety bond substantially in the form of Exhibit L to the Participation Agreement, issued in favor of the Owner Lessor by a Qualifying Credit Support Issuer (and, so long as the Lessor Notes are outstanding and the Lien of the Lease Indenture shall not have been discharged, assigned to the Lease Indenture Trustee) securing the Facility Lessee's obligation to pay scheduled Rent under the Facility Lease; provided that, in the case of a surety bond, each of S&P and Xxxxx'x shall have confirmed its then current rating on the Fundco Bonds prior to the Facility Lessee's first use of a surety bond as Qualifying Credit Support.

Qualifying Credit Support means an irrevocable, unconditional, uncollateralized, standby letter of credit or surety bond substantially in the form of EXHIBIT L to the Participation Agreement, issued in favor of the Owner Lessor by a Qualifying Credit Support Issuer (and, so long as the Lessor Notes are outstanding and the Lien of the Lease Indenture shall not have been discharged, assigned to the Lease Indenture Trustee) securing the Facility Lessee's obligation to pay scheduled Rent under the Facility Lease; provided that, in the case of a surety bond, each of S&P and Xxxxx'x shall shave confirmed its then current rating on the Fundco Bonds prior to the Facility Lessee's first use of a surety bond as Qualifying Credit Support.

Qualifying Credit Support means an irrevocable, unconditional, uncollateralized, standby letter of credit, surety bond or guaranty substantially in the form of Exhibit FF-1, Exhibit FF-2 or Exhibit FF-3, respectively, to the Participation Agreement, issued in favor of the Owner Lessor by a Qualifying Credit Support Issuer (and, so long as the Lessor Notes are outstanding and the Lien of the Lease Indenture shall not have been discharged, assigned to the Lease Indenture Trustee) securing the Facility Lessee's obligation to pay scheduled Rent under the Facility Lease; provided, that in the case of a surety bond, each of S&P and Xxxxx'x shall shave confirmed its then current rating on the Certificates prior to the Facility Lessee's first use of a surety bond as Qualifying Credit Support.

Examples of Qualifying Credit Support in a sentence

• Qualifying Credit Support Annexes (CSA) Amendments ARRC has explained that market participants also may choose to align the interest rates paid on posted collateral for uncleared swaps with the discount rate change implemented by the DCOs for cleared swaps described above.

• As a result of the QCS Draw, the Company is required to provide replacement Qualifying Credit Support pursuant to Section 5.8 of the Participation Agreement in the amount required by Section 5.8(a)(ii) of the Participation Agreement (the “Replacement QCS Requirement”).

• On June 8, 2018, the Lease Indenture Trustee drew approximately $20,808,821.00 of Qualifying Credit Support (the “QCS Draw”).

• In doing so, the Owner Lessors have articulated a new standard that Qualifying Credit Support must satisfy—i.e., the letters of credit cannot be “effectively collateralized.”Under this standard, Qualifying Credit Support never could come from GenMa. Instead, the Owner Lessors contend that Qualifying Credit Support must come from a third-party like a parent (hence their continued insistence on the GenOn-backed letter of credit).

• Thus, when it comes to GenMa’s decision to secure the Qualifying Credit Support from Natixis, the parties knew that no one outside of GenMa would be responsible.24 Similarly, when GenMa made the decision to repay GenOn, GenMa made that decision, and the Owner Lessors cannot now hold GenOn or NRG responsible.

• During the Delivery Term, the Contract Price shall be determined based on whether Buyer has provided Qualifying Credit Support.

• The obligation of the parent to provide Qualifying Credit Support is not a covenant in the Participation Agreement.

• A (defining “Qualifying Credit Support”).) It must also be “irrevocable, unconditional, [and] uncollateralized.” (Id.) At closing, GenMa obtained Qualifying Credit Support through guaranties from GenOn’s predecessor in interest Southern Energy, Inc.

• The dispute arising out of the Natixis Letters of Credit centers on whether the Natixis Letters of Credit are “uncollateralized.” As the parties agree, they are “uncollateralized” as to form in that the term “uncollateralized” means that GenMa cannot secure Qualifying Credit Support with a lien on its assets.

• Upon any replacement satisfying the conditions of this Section 5.8, the Lease Indenture Trustee shall return any replaced Qualifying Credit Support and execute any discharges or releases reasonably requested by the Facility Lessee.

More Definitions of Qualifying Credit Support

Qualifying Credit Support means (i) an irrevocable unconditional stand by letter of credit, surety bond or guarantee substantially in the form of Exhibit C-1, Exhibit C-2, or Exhibit C-3, respectively, to the Participation Agreement, issued in favor of the Owner Lessor (or its permitted assignee) by a Qualifying Credit Support Issuer (and assigned to the Lease Indenture Trustee), provided, that (A) any secured reimbursement obligations in respect of any such Qualifying Credit Support secured with property of the Facility Lessee or the Subsidiary Guarantors are secured only with property of the Facility Lessee and the Subsidiary Guarantors not otherwise securing the Facility Lessee's obligations under the Facility Lease and (B) in the case of a surety bond, each of S&P and Xxxxx'x must confirm its then current rating on the Certificates prior to the Facility Lessee's first use of a surety bond as Qualifying Credit Support or (ii) cash or Cash Equivalents obtained by the Lease Indenture Trustee as assignee of the Owner Lessor pursuant to a draw on any other form of Qualifying Credit Support and held for the benefit of the Owner Lessor (or its permitted assignee), pursuant to a cash collateral agreement or other security agreement reasonably acceptable to the Lease Indenture Trustee executed and delivered to the Lease Indenture Trustee within 10 Business Days after the payment of the drawing on the Qualifying Credit Support giving rise to such cash or Cash Equivalents as security for the Facility Lessee's obligation to pay Periodic Lease Rent or Termination Value under the Facility Lease (it being explicitly understood with respect to credit support in the form of cash or Cash Equivalents that such credit support is for security purposes only and is not a prepayment of rent).

Qualifying Credit Support means an arrangement whereby a Reference Credit Support Provider irrevocably guarantees, insures or undertakes to pay all scheduled payments of principal and interest in respect of a Utility/Project Bond or pass through certificates, repackaged bonds or similar funded beneficial interests which are referenced to or credit linked to a Utility/Project Bond. For the avoidance of doubt, Qualifying Credit Support shall exclude any arrangement (i) structured as a surety bond, letter of credit or equivalent legal arrangement or (ii) pursuant to the express contractual terms of which the payment obligations of the Reference Credit Support Provider can be discharged or reduced as a result of the occurrence or a non-occurrence of an event or circumstance (other than payment of the Reference Obligation). In addition, the Qualifying Credit Support must satisfy the following criteria:

Qualifying Credit Support means financial and credit conditions that Buyer may maintain in accordance with Section 5.4 in order to qualify for the corresponding Contract Price as set forth in Exhibit A.

Qualifying Credit Support means an irrevocable unconditional uncollateralized stand by letter of credit, surety bond or guarantee substantially in the form of Exhibit C-1, Exhibit C-2 or Exhibit C-3, respectively, to the Participation Agreement, issued in favor of the Owner Lessor by a Qualifying Credit Support Issuer (and assigned to the Lease Indenture Trustee) securing the Facility Lessee's obligation to pay scheduled Rent under the Facility Lease, provided, that in the case of a surety bond, each of S&P and Moody's must confirm its then current rating on the Certificates prior to the Facility Lessee's first use of a surety bond as Qualifying Credit Support.