Common use of Hedge Counterparty Clause in Contracts

Hedge Counterparty. Any entity which (i) on the date of entering into any Hedge Transaction is (a) either a Lender or an Affiliate of a Lender and, in any case, whose debt ratings meet each of the Long-Term Rating Requirement and the Short-Term Rating Requirement or (b) an entity (x) that has been approved in writing by the Agent (subject to the right of the Lenders to submit a Formal Objection within three (3) Business Days after the information regarding such proposed hedge counterparty has been posted to the Data Site by the Borrower Representative), and (y) whose debt ratings meet each of the Long-Term Rating Requirement and the Short-Term Rating Requirement, and (ii) in a Hedging Agreement consents to the collateral assignment of the related Borrower’s rights under the Hedging Agreement to the Agent pursuant to Section 6.19.