Required Hedge Counterparty Rating means, with respect to a counterparty or entity guaranteeing the obligations of such counterparty, (x) either (i) if such counterparty or entity has only a long-term rating by Moody's, a long-term senior, unsecured debt obligation rating, financial program rating or other similar rating (as the case may be, the "Long-Term rating") of at least "A1" by Moody's and if rated "A1" by Moody's is not on negative credit watch by Moody's or (xx) xx such counterparty or entity has a Long-Term Rating and a short-term rating by Moody's, a Long-Term Rating of at least "A2" by Moody's and a short-term rating of "P-1" by Moody's and, in each case, such rating is not on negative credit watch by Moody's and (y) (i) a short-term rating of at least "A-1" by S&P or (ii) if such counterparty or entity does not have a short-term rating by S&P, a Long-Term Rating of at least "A+" by S&P. For the purposes of determining the Settlement Amount with respect to the designation of an Early Termination Date arising from the Additional Termination Event specified in Party 5(n)(iii), both Party A and Party B shall be Affected Parties. If the Settlement Amount calculated pursuant to this subclause (iii) is an amount owing by Party B to Party A, then such payment shall be a Swap Termination Payment payable by Party B to Party A in accordance with the priority of payments described in the Pooling and Servicing Agreement; provided, however, that (a) if Party A does not after the exercise of commercially reasonable efforts cause any of the conditions specified in Part 5(n)(iii)(I)(A) to (D) to be satisfied, Party B shall use commercially reasonable efforts to enter into a replacement Transaction(s) with a counterparty acceptable to the Rating Agencies, in respect of the Affected Transaction(s) relating to the Additional Termination Event; and (b) where multiple quotations are available such replacement Transaction(s) shall be entered into based on the quoted price(s) that would result in the largest payment made to Party B by the replacement counterparty (it being understood that Party A may be permitted to actively solicit and obtain such quotations on behalf of Party B); and (c) to the extent that payments are received by Party B as a result of entering into such replacement Transaction(s), then Party A shall have first priority as to such payments versus all other creditors of Party B and Party B shall pay the lesser of (x) the amount so received and (y) the Swap Termination Payment to the...
Required Hedge Counterparty Rating. With respect to any Hedge Counterparty (or its guarantor under a guarantee satisfying the then-current Rating Agency criteria with respect to guarantees), the ratings required by the criteria of each Rating Agency in effect at the time of execution of the related Hedge Agreement as determined by the Collateral Manager (except to the extent that such Rating Agency indicates in writing that any such criteria need not be satisfied with respect to such Hedge Counterparty).
Required Hedge Counterparty Rating. With respect to any Hedge Counterparty, the ratings required by the criteria of S&P in effect at the time of execution of the related Hedge Agreement.
Examples of Required Hedge Counterparty Rating in a sentence
Any one or more institutions entering into or guaranteeing a Hedge Agreement with the Issuer that satisfies the Required Hedge Counterparty Rating that has entered into a Hedge Agreement with the Issuer, including any permitted assignee or successor under the Hedge Agreements.
Following a failure to satisfy the Required Hedge Counterparty Rating in accordance with Part 5(n)(iii)(I), Party A shall take the actions described in accordance with Part 5(n)(iii)(I)(A), (B), (C) or (D).
Following a failure to satisfy the Required Hedge Counterparty Rating in accordance with Part 5(m)(iii)(I), Party A shall take the actions described in accordance with Part 5(m)(iii)(I)(A), (B), (C) or (D).
Each Hedge Counterparty shall be required to have, at the time that any Hedge Agreement to which it is a party is entered into, the Required Hedge Counterparty Rating unless the S&P Rating Condition is satisfied or credit support is provided as set forth in the Hedge Agreement.
Any one or more institutions entering into or guaranteeing a Hedge Agreement with the Issuer that satisfies the Required Hedge Counterparty Rating that hasentered into a Hedge Agreement with the Issuer, including any permitted assignee or successor under the Hedge Agreements.
More Definitions of Required Hedge Counterparty Rating
Required Hedge Counterparty Rating means, with respect to any Hedge Counterparty or its guarantor under a guarantee satisfying the then-current Rating Agency criteria with respect to guarantees, the minimum ratings required by the then-current criteria of the Rating Agency as determined by the Collateral Manager, except to the extent that the Rating Agency provides written confirmation that one or more of such criteria is not required to be satisfied.
Required Hedge Counterparty Rating. With respect to any Hedge Counterparty (or its guarantor under a guarantee satisfying the then-current Rating Agency criteria with respect to guarantees), a short-term issuer default rating by Fitch of not less than “F1” and a long-term issuer default rating of not less than “A,” except in each case to the extent that Fitch provides written confirmation that one or more of such ratings from Fitch is not required to be satisfied.
Required Hedge Counterparty Rating. With respect to any Hedge Counterparty (or its guarantor under a guarantee satisfying the then-current Rating Agency criteria with respect to guarantees), the ratings required by the criteria of the Rating Agency in effect at the time of execution of the related Hedge Agreement as determined by the Collateral Manager (except to the extent that the Rating Agency indicates in writing that any such criteria need not be satisfied with respect to such Hedge Counterparty).
Required Hedge Counterparty Rating. With respect to any Hedge Counterparty, the minimum ratings required by the then-current criteria of Moody’s as determined by the Portfolio Manager, except to the extent that Moody’s provides written confirmation that one or more of such ratings from Xxxxx’x is not required to be satisfied or the published criteria of Moody’s does not require any such rating to be satisfied.
Required Hedge Counterparty Rating. With respect to any Hedge Counterparty, the ratings required by (a) the criteria of S&P in effect at the time of execution of the related Hedge Agreement and (b) for so long as any Class A-1 Notes remain Outstanding, the criteria of DBRS in effect at the time of execution of the related Hedge Agreement.
Required Hedge Counterparty Rating. With respect to any Hedge Counterparty, the ratings required by the criteria of S&P in effect at the time of execution of the related Hedge Agreement. "Required Interest Coverage Ratio": (a) For the Class A Debt, 120% and (b) for the Class B Notes, 110%;. "Required Overcollateralization Ratio": (a) For the Class A Debt, 137.06%; (b) for the Class B Notes, 123.58%; and (c) for the Class C Notes, 115.95%. "Required Redemption Amount": With respect to any redemption or prepayment of Debt, an amount equal to the sum of (1) the Redemption Prices of the Secured Debt to be redeemed (or, in the case of the Class A-1 Loans, prepaid) (subject to any reduction of such Redemption Prices in accordance with the definition of "Redemption Price") and the estimated portion of the Redemption Price that will be paid for Subordinated Notes to be redeemed, (2) in the case of a redemption or prepayment of all Debt, any and all Administrative Expenses due and payable, (3) any and all Administrative Expenses due and payable in connection with such redemption or prepayment (and not waived or voluntarily deferred by the party due such Administrative Expense), (4) any amounts due and payable to any Hedge Counterparty (and not waived or voluntarily deferred by such Hedge Counterparty) and (5) any Collateral Management Fees due and payable (and not waived or voluntarily deferred). "Reset Amendment": The meaning specified in Section 8.2(e) (Supplemental Indentures With Consent of Holders of Debt). "Responsible Officers": The meaning set forth in Section 14.3(a)(iii) (Notices, etc., to Collateral Trustee, the Loan Agent, the Co-Issuers, the Collateral Manager, the Initial Purchaser, the Collateral Administrator, the Paying Agent, each Hedge Counterparty and the Rating Agency). "Restricted Trading Period": Each day during which (A) the S&P rating of the Class A-1A Notes, the Class A-1AL Notes, the Class A-1A Loans, the Class A-1AS Loans or the
Required Hedge Counterparty Rating. With respect to any Hedge Counterparty, the ratings required by the criteria of each Applicable Rating Agency then rating a Class of Secured Notes in effect at the time of execution of the related Hedge Agreement.