Hedge Counterparty Ratings Requirement means (a) either (i) the unsecured, short-term debt obligations of the substitute counterparty (or its Credit Support Provider) are rated at least “A-1” by S&P or (ii) if the substitute counterparty does not have a short-term rating from S&P, the unsecured, long-term senior debt obligations of the substitute counterparty (or its Credit Support Provider) are rated at least “A+” by S&P, (b) either (i) the unsecured, long-term senior debt obligations of such substitute counterparty (or its Credit Support Provider) are rated at least “A1” by Moody’s (and if rated “A1” by Moody’s, such rating is not on watch for possible downgrade to below “A1”) and the unsecured, short-term debt obligations of such substitute counterparty (or its Credit Support Provider) are rated at least “P-1” by Moody’s (and if rated “P-1” by Moody’s, such rating is not on watch for possible downgrade and remaining on watch for possible downgrade), or (ii) if such substitute counterparty (or its Credit Support Provider) does not have a short-term debt rating from Moody’s, the unsecured, long-term senior debt obligations of such substitute counterparty (or its Credit Support Provider) are rated at least “Aa3” by Moody’s (and if rated “Aa3” by Moody’s, such rating is not on watch for possible downgrade to below “Aa3”), and (c) either (i) the unsecured, long-term senior debt obligations of such substitute counterparty (or its Credit Support Provider) are rated at least “A” by Fitch or (ii) the unsecured, short-term debt obligations of such substitute counterparty (or its Credit Support Provider) are rated at least “F1” by Fitch. For the purpose of this definition, no direct or indirect recourse against one or more shareholders of the substitute counterparty (or against any Person in control of, or controlled by, or under common control with, any such shareholder) shall be deemed to constitute a guarantee, security or support of the obligations of the substitute counterparty.
Hedge Counterparty Ratings Requirement means (a) either (i) the unsecured, short-term debt obligations of the substitute counterparty (or its Credit Support Provider) are rated at least “A-1” by S&P or (ii) if the substitute counterparty does not have a short-term rating from S&P, the unsecured, long-term senior debt obligations of the substitute counterparty (or its Credit Support Provider) are rated at least “A+” by S&P, and (b) either (i) the unsecured, long-term senior debt obligations of such substitute counterparty (or its Credit Support Provider) are rated at least “A” by Fitch or (ii) the unsecured, short-term debt obligations of such substitute counterparty (or its Credit Support Provider) are rated at least “F1” by Fitch. For the purpose of this definition, no direct or indirect recourse against one or more shareholders of the substitute counterparty (or against any Person in control of, or controlled by, or under common control with, any such shareholder) shall be deemed to constitute a guarantee, security or support of the obligations of the substitute counterparty.
Hedge Counterparty Ratings Requirement shall have the meaning given in Part 5(f)(ii) above.
Examples of Hedge Counterparty Ratings Requirement in a sentence
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To mitigate a portion of such interest rate mismatch, the Issuer may, at any time after the Closing Date, enter into one or more Hedge Agreements with a Hedge Counterparty that satisfies the Hedge Counterparty Ratings Requirement including Deemed Floating Asset Hedge Agreements with respect to specific Collateral Debt Obligations.
There can be no assurance that the Hedge Counterparty will find a permitted transferee to which it will transfer its rights under a Hedge Agreement, in which event the Issuer may continue to be a party to the Hedge Agreement with the Hedge Counterparty that does not satisfy the Hedge Counterparty Ratings Requirement.
There can be no assurance that the Hedge Counterparty will find a permitted transferee to which it will transfer its rights under the related Hedge Agreement, in which event the Issuer may continue to be a party to the related Hedge Agreement with a Hedge Counterparty that does not satisfy the Hedge Counterparty Ratings Requirement.
More Definitions of Hedge Counterparty Ratings Requirement
Hedge Counterparty Ratings Requirement means either (i) the unsecured, long-term senior debt obligations of such substitute counterparty (or its Credit Support Provider) are rated at least “A” by Fitch or (ii) the unsecured, short-term debt obligations of such substitute counterparty (or its Credit Support Provider) are rated at least “F1” by Fitch. For the purpose of this definition, no direct or indirect recourse against one or more shareholders of the substitute counterparty (or against any Person in control of, or controlled by, or under common control with, any such shareholder) shall be deemed to constitute a guarantee, security or support of the obligations of the substitute counterparty.
Hedge Counterparty Ratings Requirement means with respect to an entity, (A) either (i) where the entity is the subject of a Moody’s Short-term Rating, such entity’s Moody’s Short-term Rating is “Prime-2” or above and the entity’s long-term, unsecured and unsubordinated debt or counterparty obligations are rated “A3” or above by Moody’s or (ii) where the entity is not the subject of a Moody’s Short-term Rating, its long-term, unsecured and unsubordinated debt or counterparty obligations are rated “A3” or above by Moody’s, (B) either (i) the unsecured, unguaranteed and otherwise unsupported short-term debt obligations of the entity are rated "A‑1" or above by S&P or (ii) if the entity does not have a short-term rating from S&P, the unsecured, unguaranteed and otherwise unsupported long-term senior debt obligations of Party A are rated "A+" or above by S&P and (C) either (i) where the unsecured, unguaranteed and otherwise unsupported short-term debt obligations of the entity are rated by Fitch, such Fitch short-term rating is “F1” or above and the unsecured, unguaranteed and otherwise unsupported long-term senior debt obligations of the entity are rated “A” or above by Fitch or (ii) where the unsecured, unguaranteed and otherwise unsupported short-term debt obligations of the entity are not rated by Fitch, the unsecured, unguaranteed and otherwise unsupported long-term senior debt obligations of the entity are rated “A” or above by Fitch.
Hedge Counterparty Ratings Requirement is satisfied by a Relevant Entity (i) if such entity has a short-term rating from S&P of at least “A-1” (or, if such entity does not have a short-term rating from S&P, a long-term rating from S&P of at least “A+”).
Hedge Counterparty Ratings Requirement means with respect to the relevant entity (including any applicable Credit Support Provider) either (i) the unsecured, short-term debt obligations of the relevant entity are rated at least “A-1” by S&P or (ii) if such entity does not have a short-term rating from S&P, the unsecured, long-term senior debt obligations of the relevant entity are rated at least “A+” by S&P.
Hedge Counterparty Ratings Requirement means, with respect to the Hedge Counterparty or any transferee thereof,
Hedge Counterparty Ratings Requirement means (i) a short-term senior unsecured debt rating of at least “A-1” by S&P, or a long-term senior unsecured debt rating of at least “A+” by S&P if it has no short-term rating, or (ii) a short-term senior unsecured debt rating of at least “F1” by Fitch, and, if such entity has a long-term senior unsecured debt rating by Fitch, a long-term senior unsecured debt rating of at least “A” by Fitch. For the purpose of this definition, no direct or indirect recourse against one or more shareholders of the substitute counterparty (or against any Person in control of, or controlled by, or under common control with, any such shareholder) shall be deemed to constitute a guarantee, security or support of the obligations of the substitute counterparty.
Hedge Counterparty Ratings Requirement means, with respect to any prospective guarantor or prospective substitute swap counterparty, that the ratings of such prospective guarantor or prospective substitute swap counterparty are such that a Collateralization Event would not be in effect if such prospective guarantor or substitute swap counterparty became a guarantor or substitute swap counterparty hereunder.