Common use of HSBC Clause in Contracts

HSBC. Notwithstanding the definition of the name “HSBC” and notwithstanding anything to the contrary contained in this Agreement or any other Loan Document, no obligations of HSBC Bank USA, National Association as Agent or HSBC Bank USA, National Association as Letter of Credit Issuing Bank may be delegated to any Affiliate of HSBC Bank USA, National Association (other than in compliance with Section 3.12) unless such Affiliate is either HSBC Business Credit (USA) Inc. or has the same or better credit rating as HSBC Bank USA, National Association based on the credit rating assigned by ▇▇▇▇▇’▇ Investors Service, Inc. or Standard & Poor’s Ratings Group (a division of The McGraw Hill Companies, Inc.) (or any successor or assignee of the business of each such company in the business of rating securities credit rating).