Substitute Swap Counterparty definition

Substitute Swap Counterparty means any substitute or replacement swap counterparty under a Swap.
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Substitute Swap Counterparty means a counterparty (A)(i) as to which Party A has agreed to transfer all of its rights and obligations under the Swap Agreement and such transfer has satisfied the Rating Condition and (ii) that has agreed to assume all such rights and obligations, and (B) at the time such Substitute Swap Counterparty is designated by the Calculation Agent in accordance with the terms hereof, the Applicable Rating in respect of such Substitute Swap Counterparty is at least "A-1+" (short-term) by S&P; provided, that, if Morgan Stanley or any Affiliate thereof (each, a "Morgan Stanley Designee") is designated as a Substitute Swap Counterparty, the Applicable Ratings in respect of such Morgan Stanley Designee, must be at least (1) the aforementioned rating or (2) if such Morgan Stanley Designee posts Collateralizing Securities as described in Section 4 above, such lower ratings that, as described therein, will not cause a Rate Swap Counterparty Downgrade to result in an Additional Termination Event, or, in any event, any lower rating as to which the Rating Condition is satisfied.
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Substitute Swap Counterparty means a counterparty (A)(i) as to which the Swap Counterparty has agreed to transfer all of its rights and obligations under the Swap Agreement and such transfer(x) has satisfied the Rating Agency Condition and (y) will not cause any adverse tax consequences to the Issuer and (ii) that has agreed to assume all such rights and obligations, (B) at the time such Substitute Swap Counterparty is designated by the Calculation Agent in accordance with the terms hereof, the Applicable Rating in respect of such Substitute Swap Counterparty or its credit support provider is at least “A-1” (short-term) by S&P if the Notes are rated by S&P and “P-1” (short-term) and “Aa3” (long-term) by Moody’s if the Notes are rated by Moody’s; provided that if Morgan Stanley or any Affiliate thereof (each, a “Morgan Stanley Designee”) is designated as a Substitute Swap Counterparty, the Applicable Ratings in respect of such Morgan Stanley Designee or its credit support provider, must be at least (1) the aforementioned ratings or (2) if such Morgan Stanley Designee posts Fixed Amount Collateral as described in the first paragraph of the “—Occurrence of a Credit Swap Counterparty Downgrade” section, such lower ratings that, as described therein, will not cause a Credit Swap Counterparty Downgrade to result in an Additional Termination Event, or, in any event, any lower rating as to which the Rating Agency Condition is satisfied provided, however, that any Substitute Swap Counterparty shall be subject to the approval (not to be unreasonably withheld) of the Portfolio Manager. Rate Confirmation The interest rate swap transaction under the Swap Agreement willbe evidenced by the interest rate swap confirmation (a form of which is attached as Annex C hereto) entered into by the Issuer and the Swap Counterparty on the Issue Date and incorporating the provisions of the Master Swap Agreement (as amended and supplemented, the “Rate Confirmation”).Occurrence ofa Rate Swap Counterparty Downgrade.......... In respect of the Swap Counterparty, the occurrence of a RateSwap Counterparty Downgrade shall constitute an Additional Termination Event; provided that a Rate Swap Counterparty Downgrade shall not constitute an Additional Termination Event if
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More Definitions of Substitute Swap Counterparty

Substitute Swap Counterparty means a counterparty (A) (i) as to which the Swap Counterparty has agreed to transfer all of its rights and obligations under the Swap Agreement and such transfer has satisfied the Rating Condition and (ii) that has agreed to assume all such rights and obligations, and (B) at the time such Substitute Swap Counterparty is designated by the Calculation Agent in accordance with the terms hereof, the Applicable Rating in respect of such Substitute Swap Counterparty is at least "A-1+" (short term) by S&P; provided that, if Morgan Stanley or any
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Substitute Swap Counterparty means any substitute or replacement Swap Counterparty under a Swap.
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Related to Substitute Swap Counterparty

  • Eligible Swap Counterparty means an entity, which may be an affiliate of a remarketing agent, engaged in the business of entering into derivative instrument contracts that satisfies the Rating Agency Condition.

  • Swap Counterparty means Lender or an Affiliate of Lender, in its capacity as counterparty under any Swap Contract.

  • Secured Swap Provider means (i) a Lender or an Affiliate of a Lender (or a Person who was a Lender or an Affiliate of a Lender at the time of execution and delivery of a Rate Contract) who has entered into a Secured Rate Contract with Borrower, or (ii) a Person with whom Borrower has entered into a Secured Rate Contract provided or arranged by GE Capital or an Affiliate of GE Capital, and any assignee thereof.

  • Hedge Counterparty means a Lender, the Administrative Agent or any of the Lender’s or the Administrative Agent’s affiliates (at the time a hedging agreement is entered into) who has entered into a hedging agreement for the purpose of hedging interest rate liabilities and/or any exchange rate and/or commodity price risks provided it has become a party, or by execution of an additional bank secured party acknowledgment has agreed to be bound by the terms of, to the First Lien Intercreditor Agreement in its capacity as hedge counterparty.

  • Interest Rate Swap means any interest rate swap transaction entered into pursuant to the Agreement between Party A and Party B as evidenced by a Confirmation;

  • Interest Rate Swap Agreement means the agreement(s) (including any further replacement agreements) entered into between the Guarantor LP and the Interest Rate Swap Provider(s) in the form of an ISDA Master Agreement, as the same may be amended, varied, supplemented, restated or extended from time to time, including a schedule and confirmations in relation to each Tranche or Series of Covered Bonds;

  • Swap Provider means any Person that, at the time it enters into a Swap Agreement is a Lender or an Affiliate of a Lender, in its capacity as a party to such Swap Agreement.

  • Eligible Counterparty means an “Eligible Counterparty” for the purposes of the Law.

  • Secured Swap Agreement means a Swap Agreement between (x) any Loan Party and (y) a Secured Swap Provider.

  • Cap Counterparty Not applicable.

  • Derivative Counterparty means any party to any Derivative Agreement other than the Issuer or the Indenture Trustee.

  • Swap Counterparty Trigger Event A Swap Counterparty Trigger Event shall have occurred if any of a Swap Default with respect to which the Swap Counterparty is a Defaulting Party, a Termination Event with respect to which the Swap Counterparty is the sole Affected Party or an Additional Termination Event with respect to which the Swap Counterparty is the sole Affected Party has occurred.

  • Companion Loan Rating Agency Confirmation With respect to any matter involving the servicing and administration of a Serviced Companion Loan or any related REO Property as to which any Serviced Companion Loan Securities exist, confirmation in writing (which may be in electronic form) by each applicable Companion Loan Rating Agency that a proposed action, failure to act or other event so specified will not, in and of itself, result in the downgrade, withdrawal or qualification of the then-current rating assigned to any class of such Serviced Companion Loan Securities (if then rated by the Companion Loan Rating Agency); provided that upon receipt of a written waiver or other acknowledgment from the Companion Loan Rating Agency indicating its decision not to review or declining to review the matter for which the Companion Loan Rating Agency Confirmation is sought (such written notice, a “Companion Loan Rating Agency Declination”), or as otherwise provided in Section 3.30 of this Agreement, the requirement for the Companion Loan Rating Agency Confirmation from the applicable Companion Loan Rating Agency with respect to such matter shall not apply.

  • Fixed Swap Payment With respect to any Distribution Date, a fixed amount equal to the related amount set forth in the Interest Rate Swap Agreement.

  • Counterparty means PJMSettlement as the contracting party, in its name and own right and not as an agent, to an agreement or transaction with a Market Participant or other entities, including the agreements and transactions with customers regarding transmission service and other transactions under the PJM Tariff and the Operating Agreement. PJMSettlement shall not be a counterparty to (i) any bilateral transactions between Members, or (ii) any Member’s self- supply of energy to serve its load, or (iii) any Member’s self-schedule of energy reported to the Office of the Interconnection to the extent that energy serves that Member’s own load.

  • Hedging Counterparty means HSBC Bank plc or any Affiliate of HSBC Bank plc or any other party

  • Master Servicer Event of Default One or more of the events described in Section 7.01.

  • Counterparty Downgrade Collateral Account means an interest-bearing account of the Issuer with the Custodian into which all Counterparty Downgrade Collateral is to be deposited.

  • Currency Swap Agreement means any currency swap agreement, including all schedules and confirmations thereto, entered into by the Issuer and the Currency Swap Counterparty, as the same may be amended, supplemented, renewed, extended or replaced from time to time.

  • Swap Agreement means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a Swap Agreement.

  • Rating Agencies means DBRS, Fitch, KBRA, Xxxxx’x, Morningstar and S&P and their respective successors in interest or, if any of such entities shall for any reason no longer perform the functions of a securities rating agency, any other nationally recognized statistical rating agency reasonably designated by any Note Holder to rate the securities issued in connection with the Securitization of the related Note; provided, however, that, at any time during which the Mortgage Loan is an asset of one or more Securitizations, “Rating Agencies” or “Rating Agency” shall mean only those rating agencies that are engaged from time to time to rate the securities issued in connection with the Securitizations of the Notes.

  • Swap Provider Trigger Event A Swap Termination Payment that is triggered upon: (i) an Event of Default under the Interest Rate Swap Agreement with respect to which the Swap Provider is a Defaulting Party (as defined in the Interest Rate Swap Agreement), (ii) a Termination Event under the Interest Rate Swap Agreement with respect to which the Swap Provider is the sole Affected Party (as defined in the Interest Rate Swap Agreement) or (iii) an Additional Termination Event under the Interest Rate Swap Agreement with respect to which the Swap Provider is the sole Affected Party.

  • Rating Agency Confirmation means, with respect to any Securitization, a confirmation in writing (which may be in electronic form) by each of the applicable Rating Agencies for such Securitization that the occurrence of the event with respect to which such Rating Agency Confirmation is sought shall not result in a downgrade, qualification or withdrawal of the applicable rating or ratings ascribed by such Rating Agency to any of the securities issued pursuant to such Securitization that are then outstanding. If no such securities are outstanding with respect to any Securitization, any action that would otherwise require a Rating Agency Confirmation shall instead require the consent of the Controlling Note Holder, which consent shall not be unreasonably withheld or delayed. For the purposes of this Agreement, if any Rating Agency shall waive, decline or refuse to review or otherwise engage any request for Rating Agency Confirmation hereunder, such waiver, declination, or refusal shall be deemed to eliminate, for such request only, the condition that a Rating Agency Confirmation by such Rating Agency (only) be obtained for purposes of this Agreement, and any requirement hereunder to obtain a Rating Agency Confirmation from any Rating Agency may be satisfied or deemed in the same manner that a Rating Agency Confirmation requirement may be satisfied or deemed satisfied under the Lead Securitization Servicing Agreement. For purposes of clarity, any such waiver, declination or refusal to review or otherwise engage in any request for a Rating Agency Confirmation hereunder shall not be deemed a waiver, declination or refusal to review or otherwise engage in any subsequent request for a Rating Agency Confirmation hereunder and the condition for Rating Agency Confirmation pursuant to this Agreement for any subsequent request shall apply regardless of any previous waiver, declination or refusal to review or otherwise engage in such prior request.

  • Floating Swap Payment With respect to any Distribution Date, a floating amount equal to the product of (i) Swap LIBOR, (ii) the related Base Calculation Amount (as defined in the Interest Rate Swap Agreement), (iii) 250 and (iv) a fraction, the numerator of which is the actual number of days elapsed from and including the previous Floating Rate Payer Payment Date (as defined in the Interest Rate Swap Agreement) to but excluding the current Floating Rate Payer Payment (or, for the first Floating Rate Payer Payment Date, the actual number of days elapsed from the Closing Date to but excluding the first Floating Rate Payer Payment Date), and the denominator of which is 360.

  • Specified Swap Agreement any Swap Agreement entered into by the Borrower and any Qualified Counterparty (or any Person who was a Qualified Counterparty as of the Closing Date or as of the date such Swap Agreement was entered into) in respect of interest rates to the extent permitted under Section 7.13.

  • Series Enhancer means the Person or Persons providing any Series Enhancement, other than (except to the extent otherwise provided with respect to any Series in the Indenture Supplement for such Series) the Noteholders of any Series or Class which is subordinated to another Series or Class.