Qualifying Substitute Arrangement definition

Qualifying Substitute Arrangement means one of the following arrangements satisfactory to Party B: (i) providing Credit Support to Party B and procure a Ratings Reaffirmation or (ii) procuring a Replacement Transaction and a Ratings Reaffirmation or (iii) satisfying any other remedy permitted by the applicable Rating Agency and procure a Ratings Reaffirmation.

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Qualifying Substitute Arrangement means, with respect to the Class A Notes, Class B Notes or Class C Notes, as applicable, any interest rate swap agreement that shall have satisfied the Rating Agency Condition or any other hedging arrangement or alternative arrangement that shall have satisfied the Rating Agency Condition in the event of the termination of any Class A Swap, Class B Swap or Class C Swap.

Qualifying Substitute Arrangement means any arrangement satisfactory to the Rating Agencies, including collateral, guarantees or letters of credit, which arrangement will result in the Rating Agencies not reducing or withdrawing the rating in effect of the Series 1997-2 Certificates outstanding immediately prior to the Downgrade.

Examples of Qualifying Substitute Arrangement in a sentence

If Party A fails to enter into a Qualifying Substitute Arrangement pursuant to this provision, it shall be an Additional Termination Event in which Party A is the sole Affected Party.
If Party A fails to enter into a Qualifying Substitute Arrangement pursuant to this provision, it shall be an Additional Termination Event in which Party A is the sole Affected Party; In addition, if at any time the unsecured debt rating of Party A is withdrawn or reduced below “BBB-” (long term) by S&P, then Party A shall promptly notify Party B by telephone (promptly confirmed in writing), and Party B then shall notify the Rating Agencies.
Party A shall then, at its own expense, (x) comply with or perform any obligation to be complied with or performed by Party A in accordance with the Credit Support Annex and (y) within 60 days of the date of the S&P Required Ratings Downgrade subject to Part 5(r), enter into a Qualifying Substitute Arrangement to assure performance by Party A of its obligations under the Transactions or otherwise procure the Ratings Reaffirmation.
If Party A fails to enter into a Qualifying Substitute Arrangement within 10 Business Days pursuant to this provision, it shall be an Additional Termination Event in which Party A is the sole Affected Party.
If Party A fails to comply with the Credit Support Annex or fails to enter into a Qualifying Substitute Arrangement pursuant to this provision, it shall be an Additional Termination Event in which Party A is the sole Affected Party.
At any time during the continuance of an S&P Approved Ratings Downgrade, in addition to complying with the Credit Support Annex, Party A may, at its own expense, subject to Part 5(r), enter into any other “Qualifying Substitute Arrangement” (as defined below) to assure performance by Party A of its obligations under the Transactions and upon procurement of such Qualifying Substitute Arrangement, Party A will no longer have to post any collateral.
Party B shall then, at its own expense, (in consultation with Party A), (1) within 30 days of the date of such Downgrade if ▇▇▇▇▇'▇ is the downgrading Rating Agency or (2) promptly after such Downgrade if S&P is the downgrading Rating Agency, enter into a "Qualifying Substitute Arrangement" (as defined below) to assure performance by Party B of its obligations under the Transactions.
Party A shall then, at its own expense, within 30 days of the date of the Downgrade, enter into a "Qualifying Substitute Arrangement" (as defined below) to assure performance by Party A of its obligations under the Transactions.
Failure by Party A to enter into a Qualifying Substitute Arrangement pursuant to this provision shall be an Additional Termination Event in which Party A is the sole Affected Party.
If Party A fails to comply with the terms of the Credit Support Annex or fails to enter into any other Qualifying Substitute Arrangement pursuant to this provision, it shall be an Additional Termination Event in which Party A is the sole Affected Party.

More Definitions of Qualifying Substitute Arrangement

Qualifying Substitute Arrangement means one of the following arrangements satisfactory to Party B: (i) providing an unconditional guaranty to Party B covering all of the obligations under this Agreement and all Transactions hereunder in which the guarantor satisfies the Counterparty Ratings Requirement or procuring a Letter of Credit Transaction, in each case, reasonably satisfactory to Party B and procuring a Ratings Reaffirmation or (ii) procuring a Replacement Transaction which replaces all Transactions outstanding under this Agreement with Transactions on identical terms and procuring a Ratings Reaffirmation.

Qualifying Substitute Arrangement means any arrangement satisfactory to the Rating Agencies, including (i) procuring a Letter of Credit Transaction with terms reasonably satisfactory to Party A and procuring a Ratings Reaffirmation; (ii) electing in writing to the Servicer to pledge collateral subject to the terms of an ISDA Credit Support Annex to be negotiated between the parties at such time and, if ▇▇▇▇▇'▇ is the downgrading Rating Agency, such collateral posted shall be equal to the daily ▇▇▇▇-to-market value of the Transactions, if S&P is the downgrading Ratings Agency, (1) such collateral posted shall be an amount equal to the greater of (a) the ▇▇▇▇-to-market value of the Transactions, (b) the amount owed by Party B on the next succeeding Payment Date and (c) one percent (1%) of the outstanding Notional Amount of each Transaction, (2) Party B must post collateral pursuant to this sub-paragraph (ii) if it has failed to satisfy the requirements under (i), (iii) or (iv) of this paragraph within 30 days of such Downgrade and (3) Party B shall remain obligated to take such action to satisfy the requirements set forth in (i), (iii) or (iv) of this paragraph; (iii) procuring a Replacement Transaction with terms reasonably satisfactory to Party A which replaces all Transactions outstanding under this Agreement with Transactions on identical terms and procuring a Ratings Reaffirmation; or (iv) taking such other action (if any) as the downgrading Rating Agency shall require to nullify the effect of such Downgrade on the ratings on the Notes and procuring a Ratings Reaffirmation. Notwithstanding the previous sentence, if Party B's (a) long-term unsecured debt rating by ▇▇▇▇▇'▇ is reduced to "A2" or below where Party B has only a long-term unsecured debt rating or (b) long-term and short-term unsecured debt rating by ▇▇▇▇▇'▇ is reduced to "A3" or below or "P-2" or below, respectively, where Party B has both a long-term and a short-term debt rating, Party B must find a Replacement Transaction pursuant to sub-paragraph (iii) above.

Qualifying Substitute Arrangement means one of the following arrangements: (i) providing an unconditional guaranty or letter of credit to Party B covering all of the obligations under this Agreement and all Transactions hereunder in which the guarantor or provider of the applicable letter of credit satisfies the Counterparty Ratings Requirement or (ii) procuring a Replacement Transaction which replaces all Transactions outstanding under this Agreement with Transactions on identical terms, in either (i) or (ii) in satisfaction of the Rating Agency Conditions.

Qualifying Substitute Arrangement shall include, without limitation, any arrangement satisfactory to the relevant rating agency, including collateral, guarantees or letters of credit. In the event that Party A fails to satisfy its obligations under either (i) or (ii) above, Party B shall have the option, exercisable in its discretion, within ten (10) Business Days following the date of expiry of the sixty (60) day period after the date of the Downgrade, to designate (in writing) an Early Termination Date on the basis that such failure shall be treated as a Termination Event with Party A as the Affected Party. For the

Qualifying Substitute Arrangement. (as defined in the Interest Rate Swap Agreement). Upon receipt of notice of any such reduction or withdrawal, the Trustee, at the direction of the Servicer, shall, unless such a substitute or Qualifying Substitute Arrangement has theretofore been established or obtained, use its best efforts (or, if the Trustee is acting as successor Servicer, commercially reasonable efforts) to establish or obtain or cause the affected Counterparty to establish or obtain, with respect to each such Interest Rate Swap Agreement, a replacement Interest Rate Swap Agreement or Qualifying Substitute Arrangement; provided, however, that in the event at any time any Qualifying Substitute Arrangement established pursuant to this Section 3A or pursuant to the applicable Interest Rate Swap Agreement shall cease to be satisfactory to the Rating Agency or shall terminate prior to the Series Termination Date, then the provisions of this Section 3A shall again be applied and in connection therewith the 30-day period referred to above shall commence on the date the Servicer receives notice of such cessation or termination, as the case may be.