Approved Counterparty definition

Approved Counterparty means (a) any Lender or any Affiliate of a Lender and (b) any other Person whose long term senior unsecured debt rating is A-/A3 by S&P or Xxxxx’x (or their equivalent) or higher.

Approved Counterparty means, at any time and from time to time, (i) any Person engaged in the business of writing Swap Agreements for commodity, interest rate or currency risk that is acceptable to the Administrative Agent and has (or the credit support provider of such Person has), at the time Borrower or any Restricted Subsidiary enters into a Swap Agreement with such Person, a long term senior unsecured debt credit rating of BBB+ or better from S&P or Baa1 or better from Xxxxx’x and (ii) any Lender Counterparty.

Approved Counterparty means (a) the Administrative Agent, any Lender or any Affiliate of the Administrative Agent or a Lender, or (b) any other Person whose long term senior unsecured debt rating at the time of entry into the applicable Swap Agreement is A-/A3 by S&P or Xxxxx’x (or their equivalent) or higher.

Examples of Approved Counterparty in a sentence

• The Parent and the Borrower will not, and will not permit any other Restricted Subsidiary to, enter into any Swap Agreements with any Person other than other Swap Agreements in respect of commodities or interest rates (a) with an Approved Counterparty and (b) that are entered into for the purpose of hedging exposure to interest rates or commodity price risk (including basis risk) and that are not for speculative purposes.

• The Borrower will not, and will not permit any Subsidiary to, enter into any Hedging Agreements with any Person other than Hedging Agreements in respect of commodities or interest rates (i) with an Approved Counterparty and (ii) that are entered into for the purpose of hedging exposure to interest rates or commodity prices and that are not for speculative purposes.

• No Approved Counterparty shall have any voting rights under any Loan Document as a result of the existence of obligations owed to it under any such Swap Agreements.

• To the extent any Approved Counterparty is a party to a Hedge Transaction with Borrower or other Credit Party and thereby becomes a Secured Hedge Provider and a beneficiary of the Liens pursuant to any Loan Paper, such Secured Hedge Provider shall be deemed to appoint Administrative Agent its nominee and agent to act for and on behalf of such Affiliate in connection with such Loan Papers and to be bound by the terms of this Article XII, and the other provisions of this Agreement.

• Concurrently with the delivery of such certificate, the Borrower shall deliver or cause any Participating Partnership to deliver to the Administrative Agent all reports and other information delivered to an Approved Counterparty pursuant to the Designated Partnership Hedge Facility for such period.

More Definitions of Approved Counterparty

Approved Counterparty means (a) any Secured Swap Party and (b) any other Person if such Person has (or the credit support provider of such Person has) a long term senior unsecured debt rating at the time of entry into the applicable Swap Agreement of BBB-/Baa3 by S&P or Xxxxx’x (or their equivalent) or higher.

Approved Counterparty means a bank or other financial institution which has (a) either (i) a long-term unsecured debt rating of “A+” or higher by S&P or (ii) if the long-term unsecured debt rating is “A” or lower by S&P, a short-term rating of not less than “A-1” from S&P; (b) a long-term unsecured debt rating of not less than “Aa3” by Xxxxx’x; and (c) if the counterparty is rated by Fitch, either a long-term unsecured debt rating of not less than “A” from Fitch or a short-term unsecured debt rating of not less than “F-1” from Fitch.

Approved Counterparty means a counterparty to a Hedging Contract that at the time of entering into such Hedging Contract either (a) is a Lender Counterparty, (b) is a Person whose senior unsecured long-term debt obligations are rated A or higher by S&P and A3 or higher by Xxxxx’x, or (c) Shell Oil Trading (US) Company.

Approved Counterparty means (a) each counterparty listed on Schedule 1.01G, (b) any Agent, Lender or any Affiliate of an Agent or Lender at the time it entered into a Secured Hedge Agreement or a Treasury Services Agreement, as applicable, in its capacity as a party thereto, (c) any other Person whose long term senior unsecured debt rating is A/A2 by S&P or Xxxxx’x (or their equivalent) or higher or (d) any other Person from time to time approved in writing by the Administrative Agent.

Approved Counterparty means any Person who, with respect to a Swap Agreement, is (a) a Secured Swap Party, or (b) any other Person whose issuer rating or long term senior unsecured debt ratings at the time of entry into such Swap Agreement is A-/A3 by S&P or Xxxxx’x (or their equivalent) or higher (or whose obligations under the applicable Swap Agreement are guaranteed by an Affiliate of such Person meeting such rating standards).

Approved Counterparty means (i) any Agent, Lender or any Affiliate of an Agent or Lender (a) at the time it entered into a Swap Contract or a Treasury Services Agreement, as applicable, in its capacity as a party thereto, (b) with respect to a Swap Contract or a Treasury Services Agreement in effect as of the Closing Date, as of the Closing Date, as applicable, in its capacity as a party thereto, and in the case of (a) or (b) notwithstanding whether such Approved Counterparty may cease to be an Agent, Lender or an Affiliate of an Agent or Lender thereafter, as applicable and (ii) any other Person from time to time approved in writing by the Administrative Agent (not to be unreasonably withheld, delayed or conditioned).

Approved Counterparty means a counterparty to the Interest Rate Cap Agreement (or the guarantor of such counterparty’s obligations) that (i) has and shall maintain, until the expiration of the applicable Interest Rate Cap Agreement, (A)(1) a long-term unsecured debt rating of not less than “A” by S&P and a short-term senior unsecured debt rating of at least “A-1” from S&P or (2) if no short-term debt rating exists, a long-term senior unsecured debt rating of at least “A+” from S&P, (B)(1) a long-term unsecured debt rating of not less than “A2” from Xxxxx’x and a short-term senior unsecured debt rating of at least “P1” from Xxxxx’x or (2) if no short-term debt rating exists, a long-term senior unsecured debt rating of at least “A1” from Xxxxx’x, (C)(1) if any Securities or any class thereof in any Securitization are then rated by Fitch (determined as of the date of the Interest Rate Cap Agreement or any Replacement Interest Rate Cap Agreement) and (2) if the counterparty is rated by Fitch, a long-term unsecured debt rating of at least “A-” by Fitch and short-term unsecured debt rating of at least “F1” and (D) other than with respect to the Commonwealth Bank of Australia, if the counterparty is then rated by KBRA (determined as of the date of such Interest Rate Cap Agreement or any Replacement Interest Rate Cap Agreement, as applicable), (1) a long-term senior unsecured debt rating of not less than “A” from KBRA and a short-term debt/deposit rating of at least “K1” from KBRA, or (2) if no short-term debt rating exists, a long-term senior unsecured debt rating of at least “A+” from KBRA or (ii) is otherwise acceptable to the Rating Agencies, as evidenced by a Rating Agency Confirmation to the effect that such counterparty shall not cause a downgrade, withdrawal or qualification of the ratings assigned, or to be assigned, to the Securities or any class thereof in any Securitization.