S&P Substitution Event definition

S&P Substitution Event is deemed to occur with respect to a Relevant Entity if (i) any of the Investor Notes are Outstanding and rated by S&P, and (ii) the short-term rating of such Relevant Entity from S&P is downgraded below “A-1” or, if such Relevant Entity does not have a short-term rating from S&P, the long-term rating of such Relevant Entity from S&P is downgraded below “A+”.
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S&P Substitution Event is deemed to occur if, at any time when any of the Notes are Outstanding and rated by S&P, the short-term rating of the Relevant Entity from S&P is withdrawn, suspended or downgraded below “A-1” (if the Relevant Entity is not a Financial Institution) or below “A-2” (if the Relevant Entity is a Financial Institution) or, if no such short-term rating exists, if the long-term rating of the Relevant Entity from S&P is withdrawn, suspended or downgraded below “A+” (if the Relevant Entity is not a Financial Institution) or below “BBB+” (if the Relevant Entity is a Financial Institution).
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S&P Substitution Event is deemed to occur with respect to a Relevant Entity if, at any time when any of the Notes are Outstanding and rated by S&P, the short-term rating of such Relevant Entity from S&P is withdrawn, suspended or downgraded below "A-1" (if such Relevant Entity is not a Financial Institution) or below "A-2" (if such Relevant Entity is a Financial Institution) or, if no such short-term rating exists, if the long-term rating of such Relevant Entity from S&P is withdrawn, suspended or downgraded below "A+" (if such Relevant Entity is not a Financial Institution) or below "BBB+" (if such Relevant Entity is a Financial Institution).
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Examples of S&P Substitution Event in a sentence

  • Upon the successful consummation of any assignment to a Transferee as contemplated in this Part 5(l)(A), any obligation of Party A to post and maintain collateral under the Credit Support Annex in respect of such S&P Substitution Event shall terminate and Party B shall release its security interest in, and return to Party A, any then-posted collateral.

  • It shall also be a "S&P Substitution Event" if Party A or its Credit Support Provider (if applicable) has a Long-Term Rating of less than "BBB-" or a Short-Term Rating of less than "A-3," if applicable, by S&P or if either such rating is withdrawn by S&P.

  • In such case, Party A must within 10 days from such S&P Substitution Event, Party A, (while collateralizing any Exposure to Party B), transfer this Agreement and any and all Transaction hereunder at Party A's sole cost and expense, in whole, but not in part, to a counterparty that satisfies the Required Swap Counterparty Rating, subject to satisfaction of the Rating Agency Condition.

  • In either such case, Party A must within 10 days from such S&P Substitution Event, Party A, (while collateralizing any Exposure to Party B), transfer this Agreement and any and all Transaction hereunder at Party A’s sole cost and expense, in whole, but not in part, to a counterparty that satisfies the Required Swap Counterparty Rating, subject to satisfaction of the Rating Agency Condition.