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 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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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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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 The swap provider under the Swap Agreement either (a) entitled to receive payments from the Supplemental Interest Trust or (b) required to make payments to the Supplemental Interest Trust, in either case pursuant to the terms of the Swap Agreement, and any successor in interest or assign. Initially, the Swap Provider shall be Deutsche Bank AG New York Branch.

  • 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.

  • 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 wherever used herein, means any one of the following events:

  • 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.

  • Counterparty Downgrade Collateral means any cash and/or securities delivered to the Issuer as collateral for the obligations of a Hedge Counterparty under a Hedge Transaction.

  • Collateral Enhancement Obligation means any warrant or equity security, excluding Exchanged Equity Securities, but including without limitation, warrants relating to Mezzanine Obligations and any equity security received upon conversion or exchange of, or exercise of an option under, or otherwise in respect of a Collateral Debt Obligation; or any warrant or equity security purchased as part of a unit with a Collateral Debt Obligation (but in all cases, excluding, for the avoidance of doubt, the Collateral Debt Obligation), in each case, the acquisition of which will not result in the imposition of any present or future, actual or contingent liabilities or obligations on the Issuer other than those which may arise at its option; provided that no Collateral Enhancement Obligation may be a Dutch Ineligible Security.

  • 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 on or prior to the Distribution Date in January 2010, an amount equal to the product of (x) Swap LIBOR, (y) the Swap Agreement Notional Balance for that Distribution Date and (z) a fraction, the numerator of which is equal to the number of days in the related calculation period as provided in the Swap Agreement and the denominator of which is 360.