S&P Joint Probability definition

S&P Joint Probability shall refer to the Offsetting Counterparty's long-term senior unsecured credit rating assigned by S&P (and, for the avoidance of doubt, the obligations of the Counterparty specified in Section 4 of this Confirmation shall constitute obligations of the Offsetting Counterparty).
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S&P Joint Probability means the joint probability determined by S&P of the long-term likelihood of payment under the interest rate swap determined by locating the intersection of the Counterparty's long term senior unsecured debt rating and the Offsetting Counterparty's long-term senior unsecured debt rating in the following table: IMPLIED JOINT SUPPORT RATING PRIMARY PARTY --------------------------------------------------------- AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- --------------------------------------------------------- CONTINGENT PARTY AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA --------------------------------------------------------- AA+ AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA --------------------------------------------------------- AA AAA AAA AAA AAA AAA AAA AAA AA+ AA+ AA+ --------------------------------------------------------- AA- AAA AAA AAA AA+ AA+ AA+ AA+ AA+ AA+ AA --------------------------------------------------------- A+ AAA AAA AAA AA+ AA+ AA+ AA+ AA AA AA- --------------------------------------------------------- A AAA AAA AAA AA+ AA+ AA AA AA- AA- A+ --------------------------------------------------------- A- AAA AAA AAA AA+ AA+ AA AA- A+ A+ A --------------------------------------------------------- BBB+ AAA AAA AA+ AA+ AA AA- A+ A A A- --------------------------------------------------------- BBB AAA AAA AA+ AA+ AA AA- A+ A A- BBB+ --------------------------------------------------------- BBB- AAA AAA AA+ AA AA- A+ A A- BBB+ BBB ---------------------------------------------------------
Sample 1Sample 2
S&P Joint Probability means the joint probability determined by S&P of the long-term likelihood of payment under the interest rate swap determined by locating the intersection of the Counterparty's long term senior unsecured debt rating and the Contingent Party's long-term senior unsecured debt rating in the following table: IMPLIED JOINT SUPPORT RATING PRIMARY PARTY CONTINGENT PARTY AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- ---------- --- --- --- --- --- --- --- ---- ---- ---- AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AA+ AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AA AAA AAA AAA AAA AAA AAA AAA AA+ AA+ AA+ AA- AAA AAA AAA AA+ AA+ AA+ AA+ AA+ AA+ AA A+ AAA AAA AAA AA+ AA+ AA+ AA+ AA AA AA- A AAA AAA AAA AA+ AA+ AA AA AA- AA- A+ A- AAA AAA AAA AA+ AA+ AA AA- A+ A+ A BBB+ AAA AAA AA+ AA+ AA AA- A+ A A A- BBB AAA AAA AA+ AA+ AA AA- A+ A A- BBB+ BBB- AAA AAA AA+ AA AA- A+ A A- BBB+ BBB Notwithstanding the foregoing, (i) in the event that the long-term senior unsecured debt rating of either the Primary Party or the Contingent Party is rated below BBB- by S&P, then the S&P Joint Probability shall be the higher of the then current long-term senior unsecured debt rating of the Primary Party and the Contingent Party and (ii) in the event that under the Triparty Agreement the Offsetting Counterparty has acceded to the rights of the Counterparty and no swap transaction has been effected with an additional contingent counterparty or replacement swap counterparty under the circumstances contemplated by Section 2.02 of the Triparty
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More Definitions of S&P Joint Probability

S&P Joint Probability means the joint probability determined by S&P of the long-term likelihood of payment under the interest rate swap determined by locating the intersection of the Counterparty's long term senior unsecured debt rating and the Offsetting Counterparty's long-term senior unsecured debt rating in the following table:
Sample 1Sample 2Sample 3
S&P Joint Probability means the joint probability determined by S&P of the long-term likelihood of payment under the interest rate swap determined by locating the intersection of the Counterparty's long term senior unsecured debt rating and the Offsetting Counterparty's long-term senior unsecured debt rating in the following table: PRIMARY PARTY C AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- O N AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA T AA+ AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA I AA AAA AAA AAA AAA AAA AAA AAA AA+ AA+ AA+ N AA- AAA AAA AAA AA+ AA+ AA+ AA+ AA+ AA+ AA G A+ AAA AAA AAA AA+ AA+ AA+ AA+ AA AA AA- E A AAA AAA AAA AA+ AA+ AA AA AA- AA- A+ N A- AAA AAA AAA AA+ AA+ AA AA- A+ A+ A T BBB+ AAA AAA AA+ AA+ AA AA- A+ A A A- BBB AAA AAA AA+ AA+ AA AA- A+ A A- BBB+ P BBB- AAA AAA AA+ AA AA- A+ A A- BBB+ BBB A R T Y
Sample 1Sample 2
S&P Joint Probability means the joint probability determined by S&P of the long-term likelihood of payment under the interest rate swap determined by locating the intersection of the Counterparty's long term senior unsecured debt rating and the Offsetting Counterparty's long-term senior unsecured debt rating in the following table: PRIMARY PARTY C AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- O N AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA T AA+ AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA I AA AAA AAA AAA AAA AAA AAA AAA AA+ AA+ AA+ N AA- AAA AAA AAA AA+ AA+ AA+ AA+ AA+ AA+ AA
Sample 1Sample 2
S&P Joint Probability means the joint probability determined by S&P of the long term likelihood of payment under the rate swap transaction determined by locating the intersection of the Primary Party's long term senior unsecured debt rating and the Contingent Party's long term senior unsecured debt rating in the table below headed "Medium Correlation Reference Table" (except that, for any pairing other than the initial Primary Party with the initial Contingent Party, the table below to be used shall be the table headed "Low Correlation Reference Table" or the table headed "High Correlation Reference Table" if so specified by S&P within five days after S&P has received notice of a potential pairing of a Primary Party with a Contingent Party). IMPLIED JOINT SUPPORT RATING High Correlation Reference Table Exh. B-3 Medium Correlation Reference Table Low Correlation Reference Table
Sample 1Sample 2
S&P Joint Probability means the joint probability determined by S&P of the long-term likelihood of payment under the interest rate swap determined by locating the intersection of the Counterparty's long term senior unsecured debt rating and the Offsetting Counterparty's long-term senior unsecured debt rating in the following table: PRIMARY PARTY ------ --------- -------- --------- --------- -------- --------- --------- --------- -------- --------- ------ AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- CONTINGENT PARTY ------ --------- -------- --------- --------- -------- --------- --------- --------- -------- --------- ------ AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA ------ --------- -------- --------- --------- -------- --------- --------- --------- -------- --------- ------ AA+ AAA AAA AAA AAA AAA AAA AAA AAA AAA AAA ------ --------- -------- --------- --------- -------- --------- --------- --------- -------- --------- ------ AA AAA AAA AAA AAA AAA AAA AAA AA+ AA+ AA+ ------ --------- -------- --------- --------- -------- --------- --------- --------- -------- --------- ------ AA- AAA AAA AAA AA+ AA+ AA+ AA+ AA+ AA+ AA ------ --------- -------- --------- --------- -------- --------- --------- --------- -------- --------- ------ A+ AAA AAA AAA AA+ AA+ AA+ AA+ AA AA AA- ------ --------- -------- --------- --------- -------- --------- --------- --------- -------- --------- ------ A AAA AAA AAA AA+ AA+ AA AA AA- AA- A+ ------ --------- -------- --------- --------- -------- --------- --------- --------- -------- --------- ------ A- AAA AAA AAA AA+ AA+ AA AA- A+ A+ A ------ --------- -------- --------- --------- -------- --------- --------- --------- -------- --------- ------ BBB+ AAA AAA AA+ AA+ AA AA- A+ A A A- ------ --------- -------- --------- --------- -------- --------- --------- --------- -------- --------- ------ BBB AAA AAA AA+ AA+ AA AA- A+ A A- BBB+ ------ --------- -------- --------- --------- -------- --------- --------- --------- -------- --------- ------ BBB- AAA AAA AA+ AA AA- A+ A A- BBB+ BBB ------ --------- -------- --------- --------- -------- --------- --------- --------- -------- --------- ------
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Related to S&P Joint Probability

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