Qualified Hedge Counterparty means, with respect to any Hedging Transaction, any entity, other than an Affiliated Hedge Counterparty, that (a) qualifies as an “eligible contract participant” as such term is defined in the Commodity Exchange Act (as amended by the Commodity Futures Modernization Act of 2000), (b) the long-term debt of which is rated no less than “A+” by S&P and “A1” by Moody’s and (c) is reasonably acceptable to Buyer; provided, that with respect to clause (c), if Buyer has approved an entity as a counterparty, it may not thereafter deem such counterparty unacceptable with respect to any previously outstanding Transaction unless clause (a) or clause (b) no longer applies with respect to such counterparty.
Qualified Hedge Counterparty means a party that is a recognized dealer in interest rate swaps and interest rate caps, organized under the laws of the United States or a jurisdiction located therein (or another jurisdiction reasonably acceptable to the Issuer and each Rating Agency), that with respect to itself or its Credit Support Provider: (a) at the time it becomes a Hedge Counterparty has a short—term rating of at least “A—1” by S&P (for so long as any of the Offered Notes are deemed Outstanding hereunder and are rated by S&P), and at least “F—1” by Fitch (for so long as any of the Offered Notes are deemed Outstanding hereunder and are rated by Fitch) and either a long—term senior unsecured debt rating of at least “Aa3” by Mxxxx’x (if such Person does not have at least a “P—1” short—term debt rating by Mxxxx’x) or a long—term senior unsecured debt rating of at least “A1” by Mxxxx’x and not subject to the qualification that the party has been placed on credit watch with negative implications (only if the short—term debt of such Person is rated at least “P—1” by Mxxxx’x and not subject to the qualification that the party has been placed on credit watch with negative implications) (for so long as any of the Offered Notes are deemed Outstanding hereunder and are rated by Mxxxx’x) and thereafter maintains a short—term rating of at least “A—1” by S&P unless such party has a long-term senior unsecured debt rating of at least “A+” from S&P (for so long as any of the Offered Notes are deemed Outstanding hereunder and are rated by S&P), and a short-term debt rating of at least “F—2” by Fitch (for so long as any of the Offered Notes are deemed Outstanding hereunder and are rated by Fitch) and either a long—term senior unsecured debt rating of at least “A1” by Mxxxx’x (if such Person does not have at least a “P—1” short—term debt rating by Mxxxx’x) or a long—term senior unsecured debt rating of at least “A2” by Mxxxx’x (only if the short—term debt of such Person is rated at least “P—1” by Mxxxx’x) (for so long as any of the Offered Notes are deemed Outstanding hereunder and are rated by Mxxxx’x); provided that should a Rating Agency effect an overall downward adjustment of its short-term or long-term debt ratings, then the rating required of that Rating Agency under this clause (a) for a party to constitute a Qualified Hedge Counterparty shall be downwardly adjusted accordingly; provided further, that any adjustment to a rating shall be subject to the prior written consent of the applicable R...
Qualified Hedge Counterparty means (a) a counterparty to a Hedge Agreement which has a long-term unsecured debt rating of at least “A” from S&P and a short-term unsecured debt rating of at least “A-1” from S&P, or (b) a counterparty to an existing Hedge Agreement which experiences a downgrade by S&P below the ratings specified in clause (a) above but satisfies the Hedge Agreement Collateral Posting Requirements; provided that for purposes of this clause (b), a downgraded counterparty shall cease to be a Qualified Hedge Counterparty if such counterparty has a long-term unsecured debt rating below BBB- or has not been upgraded to meet the requirements of clause (a) above within 60 days of such downgrade.
Examples of Qualified Hedge Counterparty in a sentence
On or prior to the Closing Date, the Issuer will enter into Hedge Transactions with a Qualified Hedge Counterparty and may, pursuant to the Indenture, enter into replacement Hedge Transactions with other Qualified Hedge Counterparties if any such Hedge Transaction is terminated.
Each Hedge Agreement shall either be in the form of an interest rate cap or an interest rate swap, or a combination thereof, in each case between the Issuer and a Qualified Hedge Counterparty, with an effective date on or prior to a Funding Date.
As of the Purchase Date for any Purchased Asset that is subject to a Hedging Transaction, each suchHedging Transaction is in full force and effect in accordance with its terms, each counterparty thereto is an Affiliated Hedge Counterparty or a Qualified Hedge Counterparty, and no “Termination Event”, “Event of Default”, “Potential Event of Default” or any similar event, however denominated, has occurred and is continuing with respect thereto.
For avoidance of doubt, if any Hedge Counterparty at any time ceases to be a Qualified Hedge Counterparty and the Borrower is required to enter into a Qualified Hedging Agreement pursuant to the foregoing sentence, then the Borrower may elect for the Advance Rate to decrease by the Advance Rate Step Down and shall not be required enter into a Qualified Hedging Agreement.
As of the Purchase Date for any Purchased Asset that is subject to a Hedging Transaction, each such Hedging Transaction is in full force and effect in accordance with its terms, each counterparty thereto is an Affiliated Hedge Counterparty or a Qualified Hedge Counterparty, and no “Termination Event”, “Event of Default”, “Potential Event of Default” or any similar event, however denominated, has occurred and is continuing with respect thereto.
More Definitions of Qualified Hedge Counterparty
Qualified Hedge Counterparty means (a) Branch Banking and Trust Company or an Affiliate thereof or (b) any financial institution with a short term rating of at least “A-1+” from S&P (or “A-1” if such institution has a long term credit rating of “AA” or higher) and “P-1” from Moody’s or (c) for existing Hedge Agreements which may be novated with the Agent’s consent, Barclays Bank plc, Credit Suisse First Boston LLC and ING Capital LLC.
Qualified Hedge Counterparty means any Hedge Counterparty that is a Lender, an Affiliate of a Lender or any other Person that is an interest rate swap dealer selected by the Borrower and reasonably satisfactory to the Administrative Agent.
Qualified Hedge Counterparty means (a) KeyBank National Association or DZ Bank AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main or any Affiliates thereof or (b) any financial institution with a short term rating of at least “A-1+” from S&P (or “A-1” if such institution has a long term credit rating of “AA” or higher) and “P-1” from Moody’s.
Qualified Hedge Counterparty means Wachovia Bank, N.A. and each other Person who, on the date the applicable Hedging Agreement is entered into, is a Lender or an affiliate of a Lender.
Qualified Hedge Counterparty means any Hedge Counterparty that is (i) a Lender, an Affiliate of a Lender or (ii) any other entity, which on the date of entering into any Hedge Agreement is (A) an interest rate swap dealer with a short term rating of at least A-1 from S&P and P-1 from Moody’s and a long term rating of at least A from S&P and A2 from Moody’s; provided that, if no interest rate swap dealers meet such ratings as of a particular date, the parties shall agree to reasonable alternative ratings thresholds, and (B) solely with respect to any interest rate swap, has agreed to an ISDA/CSA which includes provisions approved in writing by the Administrative Agent, in its reasonable discretion; provided, however, solely with respect to a Hedge Counterparty described in clause (ii), upon a downgrade of a short term rating below A-1 from S&P or P-1 from Moody’s or a long term rating of A from S&P or A2 from Moody’s, the Borrower shall require such hedge counterparty to post collateral acceptable to the Administrative Agent or replace such hedge counterparty within thirty (30) days.
Qualified Hedge Counterparty means (a) a counterparty to a Hedge Agreement and which has a long-term unsecured debt rating of at least Baa2 from Xxxxx’x and a short-term unsecured debt rating of at least P-1 from Xxxxx’x, or (b) a counterparty to an existing Hedge Agreement who experiences a downgrade by Xxxxx’x below the ratings specified in clause (a) above but satisfies the Hedge Agreement Collateral Posting Requirements; provided that for purposes of this clause (b), a downgraded counterparty shall cease to be a Qualified Hedge Counterparty if such counterparty has not been upgraded to meet the requirements of clause (a) above within 60 days of such downgrade.
Qualified Hedge Counterparty means, with respect to any Hedging Transaction, any entity, other than an Affiliated Hedge Counterparty, that (a) qualifies as an “eligible contract participant” as such term is defined in the Commodity Exchange Act (as amended by the Commodity Futures Modernization Act of 2000), (b) the long-term debt of which is rated no less than “A+” by Standard & Poor’s Ratings Group, a division of the XxXxxx-Xxxx Companies, and “A1” by Xxxxx’x Investor Services, Inc and (c) is reasonably acceptable to Buyer; provided, that with respect to clause (c), if Buyer has approved an entity as a counterparty, it may not thereafter deem such counterparty unacceptable with respect to any previously outstanding Transaction unless clause (a) or clause (b) applies.