Synthetic Security Counterparty definition

Synthetic Security Counterparty means an entity (other than the Issuer) required to make payments on a Synthetic Security (including any guarantor), which entity or guarantor has a rating of at least "A" by S&P, the long-term senior unsecured debt of such entity or guarantor (or its secured debt if such entity or guarantor is a trust and its debt is secured by a Reference Obligation) has a rating of at least "A" by S&P, or the short-term debt rating of such entity or guarantor is at least "A-1" by S&P, in each such case, at the date of purchase or execution of the related Synthetic Security documentation.

Synthetic Security Counterparty means any counterparty under a Synthetic Security or any guarantor of any such entity or, in the case of a Synthetic Security that represents an ownership interest in one or more assets held by the issuer of such Synthetic Security, any entity required to make payments on any such asset which meets the Rating Requirement (or whose obligations are guaranteed by a guarantor which satisfies the applicable Rating Requirement) at the time of entry into such Synthetic Security and, in the case of a Synthetic Security which is a swap transaction, which has the regulatory capacity, as a matter of Dutch law, to enter into derivatives transactions with Dutch residents.

Synthetic Security Counterparty means any financial institution counterparty required to make payments to the Issuer under a Synthetic Security pursuant to the terms of such Synthetic Security (or any guarantor of any such entity) having a rating of at least the applicable Rating Requirement;

Examples of Synthetic Security Counterparty in a sentence

• Consequently, the Issuer will be subject to the credit risk of the Synthetic Security Counterparty as well as that of the Reference Entity.

• However, as a result of the terms of the Synthetic Security and the assumption of the credit risk of the applicable Synthetic Security Counterparty, a Synthetic Security may have a different expected return, a different (and potentially greater) probability of default, a different (and potentially greater) expected loss characteristic following a default and a different (and potentially lower) expected recovery following default.

• As a result, concentrations of Synthetic Securities in any one Synthetic Security Counterparty subject the Notes to an additional degree of risk with respect to defaults by such Synthetic Security Counterparty as well as by the Reference Entity.

• In addition, in the event of the insolvency of the Synthetic Security Counterparty, the Issuer will be treated as a general creditor of such Synthetic Security Counterparty, and will not have any claim with respect to the Reference Obligation.

• The Rating Agencies may downgrade any of the Notes if the Issuer is not in compliance with the Synthetic Security Counterparty Rating Requirements set forth herein.

More Definitions of Synthetic Security Counterparty

Synthetic Security Counterparty means any entity that is required to make payments on a Synthetic Security to the extent that a Reference Obligor makes payments on a related Reference Obligation.

Synthetic Security Counterparty means an entity required to make payments to the Issuer on a Synthetic Security to the extent that a Reference Obligor makes payments on a related Reference Obligation, which counterparty, or the long-term senior unsecured debt of such counterparty (or its secured debt if such counterparty is a trust and its debt is secured by a Reference Obligation), will be rated such that the Synthetic/Participation Sublimit will be satisfied.

Synthetic Security Counterparty means any counterparty required to make payments on a Synthetic Security, which counterparty satisfies the applicable Rating Requirement (or whose obligations are guaranteed by a guarantor which satisfies the applicable Rating Requirement) and in respect of a Synthetic Security which is a Collateralised Credit Default Swap which has the regulatory capacity, as a matter of Dutch law, to conduct derivatives business with residents of The Netherlands.

Synthetic Security Counterparty means any counterparty required to make payments to the Issuer under a Synthetic Security pursuant to the terms of such Synthetic Security or any guarantor of any such entity, provided that such counterparty or its guarantor satisfies the Required Ratings.

Synthetic Security Counterparty means an entity required to make payments on a Synthetic Security to the extent that a Reference Obligor makes payments on a related Reference Obligation, which entity has a long-term senior unsecured debt rating or a guarantor with such rating of at least “Aa3” by Moody’s or a short-term debt rating of “P-1” by Moody’s at the time the Synthetic Security is acquired by the Issuer; provided that up to 10% of the Maximum Investment Amount may consist of such entities or guarantors with a long-term senior unsecured debt rating of “A1” by Moody’s at such time.

Synthetic Security Counterparty. With respect to any Synthetic Security, the entity or swap counterparty (or guarantor or similar credit support provider of such entity’s obligations pursuant to an irrevocable and unconditional guarantee or similar credit support instrument) of the relevant Synthetic Security.

Synthetic Security Counterparty means any counterparty required to make payments to the Issuer under a Synthetic Security pursuant to the terms of such Synthetic Security or any guarantor of any such entity, provided that such counterparty satisfies the applicable Required Ratings and has the regulatory capacity andauthority to conduct derivatives business with residents of The Netherlands as a matter of the law of The Netherlands.