Ratings Downgrade. (i) If, as a result of the withdrawal or downgrade of its credit rating by a Designated Rating Agency, Party A does not have any of the following: (a) a long term credit rating of at least [A+] by S&P; (b) a short term credit rating of at least [A-1] by S&P; (c) a short term credit rating of at least [P-1] by Moody's (d) a long term credit rating of at least [A2] ▇▇ ▇▇ody's; (e) a short term credit rating of at least [▇▇] ▇▇ Fitch Ratings; or (f) a long term rating of at least A by Fitch Ratings Ratings; and in the case of a downgrade by Fitch Ratings, Moody's or S&P, such a downgrade would, except for this ▇▇▇▇▇▇ adversely affect the rating of the relevant securities, Party A shall: (1) within 30 Local Business Days (or within such greater period as is agreed to in writing by the relevant Designated Rating Agency) of a downgrade of its long term credit rating by S&P to not lower than [BBB] together with a downgrade of its short term credit rating by S&P to not lower than [A-2], or the downgrade of its long term credit rating by Moody's to not lower than [A3] with a downgr▇▇▇ ▇▇ its short term Moody's rating to not lower than [P-1] or th▇ ▇▇▇▇▇rade of its long term credit rating by Fitch Ratings to not lower than [A] together with a downgrade of its short-term credit rating by Fitch Ratings to not lower than [F1], comply with Part 5(t)(ii) or Part 5(t)(iii) of this Schedule; or (2) within 10 Local Business Days (or within such greater period as is agreed to in writing by the relevant Designated Rating Agency) of any other such withdrawal or downgrade of Party A's short term or long term credit rating by the relevant Designated Rating Agency not already covered in Part 5(t)(i)(f)(1) of this Schedule, comply with Part 5(t)(ii) or Part 5(t)(iii) of this Schedule provided that Part 5(t)(ii)(a) of this Schedule will not apply where the long term credit rating falls to [BBB+] (or less) by Fitch Ratings and the short term credit rating falls to [F2] (or less) by Fitch Ratings. (ii) (a) In respect of each Transaction, lodge cash collateral (the "CASH COLLATERAL") with an Approved Bank to the account of Party B (to be used by Party B solely for the purpose of discharging Party A's obligations under the relevant Transaction) in an amount equivalent to the Cash Collateral Amount as defined in Part 5(t)(iv)(a) of this Schedule. If on the last Local Business Day in any subsequent week during the life of the relevant Transaction the aggregate value of the Cash Collateral lodged pursuant to this Part 5(t)(ii) of this Schedule falls below the required Cash Collateral Amount (such shortfall value hereinafter referred to as the "SHORTFALL"), Party A shall (on demand) provide such further Cash Collateral to Party B equal to the Shortfall. Any interest earned on the Cash Collateral shall accrue to Party A and will constitute additional Cash Collateral lodged by Party A (and must be returned to Party A in accordance with Part 5(t)(ii)(b) and (c) of this Schedule). Party A will pay any costs associated with lodgment of the Cash Collateral.
Appears in 1 contract
Sources: Fixed Floating Interest Rate Swap Agreement (Me Portfolio Management LTD)
Ratings Downgrade. (i) If, as a result of the withdrawal or downgrade of its credit rating by a Designated Rating Agency, Party A does not have any of the following:
(a) either a long term credit rating of at least [A+] AA- by S&P;
(b) S&P or a short term credit rating of at least [A-1] + by S&P;
(c) a short term credit rating of at least [P-1] by Moody's
(d) , and a long term credit rating of at least [A2] ▇▇ A2 by ▇▇ody's;
(e) a short term credit rating of at least [▇▇] ▇'▇ Fitch Ratings; or
(f) or a long term rating of at least A AA- by Fitch Ratings Ratings; and (and, in the case of a downgrade by Fitch Ratings, Moody's ▇▇▇▇▇'▇ or S&PFitch, such a downgrade would, except for this ▇▇▇▇▇▇ clause adversely affect the rating of the relevant securitiesNotes), Party A shallshall within:
(1A) within 30 Local Business Days of a downgrade of its long term credit rating by S&P to not lower than A- together with a downgrade of its short term credit rating by S&P to not lower than A-1, or the downgrade of its long term credit rating by ▇▇▇▇▇'▇ to not lower than A3, or a downgrade of its long term credit rating by Fitch IBCA to not lower than A-;
(B) 5 Business Days of any other such withdrawal or within downgrade and for the avoidance of doubt, if Party A's long term credit rating by S&P is not lower than A- and Party A's short term credit rating by S&P is not lower than A-1, and in each case Party A's long term credit rating by ▇▇▇▇▇'▇ is not lower than A3 and its long term credit rating by Fitch IBCA is not lower than A- then paragraph (A) above shall apply and not this paragraph (B), (or, in either case, such greater period as is agreed to in writing by the relevant Designated Rating Agency) of a downgrade of at its long term credit rating by S&P to not lower than [BBB] together with a downgrade of cost alone and at its short term credit rating by S&P to not lower than [A-2], or the downgrade of its long term credit rating by Moody's to not lower than [A3] with a downgr▇▇▇ ▇▇ its short term Moody's rating to not lower than [P-1] or th▇ ▇▇▇▇▇rade of its long term credit rating by Fitch Ratings to not lower than [A] together with a downgrade of its short-term credit rating by Fitch Ratings to not lower than [F1], comply with Part 5(t)(ii) or Part 5(t)(iii) of this Schedule; orelection:
(2) within 10 Local Business Days (or within such greater period as is agreed to in writing by the relevant Designated Rating Agency) of any other such withdrawal or downgrade of Party A's short term or long term credit rating by the relevant Designated Rating Agency not already covered in Part 5(t)(i)(f)(1) of this Schedule, comply with Part 5(t)(ii) or Part 5(t)(iii) of this Schedule provided that Part 5(t)(ii)(a) of this Schedule will not apply where the long term credit rating falls to [BBB+] (or less) by Fitch Ratings and the short term credit rating falls to [F2] (or less) by Fitch Ratings.
(iiC) (ain the case of paragraph (i)(A) In respect of each Transaction, only) lodge cash collateral in US$ in the Swap Collateral Account (the "CASH COLLATERAL") with an Approved Bank to the account of Party B (to be used by Party B solely for the purpose of discharging Party A's obligations under the relevant Transactionas defined below) in an amount equivalent to the Cash Collateral Amount as defined in Part 5(t)(iv)(aSection (19)(v)(A) of this Schedule. If on the last Local Business Day in any subsequent week during the life of the relevant Transaction the aggregate value of the Cash Collateral lodged pursuant to this Part 5(t)(ii) of this Schedule falls below the required Cash Collateral Amount (such shortfall value hereinafter referred to as the "SHORTFALL"), Party A shall (on demand) provide such further Cash Collateral to Party B equal to the Shortfallbelow. Any interest earned on the Cash Collateral shall accrue it is payable to Party A and will constitute additional Cash Collateral lodged by Party A (and must be returned to Party A in accordance with Part 5(t)(ii)(b) and (c) of this Schedule). A. Party A will pay any costs associated with lodgment of the Cash Collateralcollateral; or
(D) at the cost of Party A, enter into an agreement novating this Agreement to a replacement counterparty proposed by any of Party A, Party B, DLJ or the Manager (if any) and approved by DLJ and in respect of which each Designated Rating Agency has confirmed will result in there not being a withdrawal or downgrade of any credit rating, assigned by it, to the Notes; or
(E) enter into such other arrangements which each Designated Rating Agency has confirmed will result in there not being a withdrawal or downgrade of any credit rating assigned by it to the Notes.
Appears in 1 contract
Ratings Downgrade. (i) If, as a result of In the withdrawal or downgrade of its event that the credit rating of Party A (or any applicable assignee or its guarantor) shall have (1) in the case of S&P a short-term credit rating of less than A-1+ by S&P, or (2) in the case of Moody's a long term credit rating of less than A2 by Moody's or a short term credit rating of less than P-1 by Moody's, then Party A shall immediately notify the Designated Rating AgencyAgencies and Party B and within 5 Local Business Days (or 30 Local Business Days if the downgrade is to no less than A-1 (S&P short term) and A3 (Moody's long term)) of such downgrade (unless during this period, Party A does and Party B receive written confirmation from S&P and Moody's that such downgrade would not have any of result in the followingNotes either being downgraded or placed under review for possible downgrade) at its cost either:
(aA) put in place an appropriate ▇▇▇▇-to-market collateral agreement (consisting of either cash or securities) which may be based either on S&P's swap criteria at that time or on any other agreement reached between the parties, in support of its obligations under the Agreement, PROVIDED that Party A and Party B receive prior written confirmation from S&P and Moody's that the rating assigned to the Notes then outstanding by S&P and ▇▇▇▇▇'▇ is not adversely affected by the downgrade following such collateral arrangements being put in place;
(B) novate all its rights and obligations with respect to this Agreement to a replacement third party whose credit rating is (1) in the case of S&P a short-term credit rating of at least A-1+ by S&P, or (2) in the case of Moody's a long term credit rating of at least [A+] A2 by S&P;
(b) Moody's or a short term credit rating of at least [A-1] P-1 by S&PMoody's;
(cC) procure that its obligations with respect to this Agreement are guaranteed by a third party whose credit rating is (1) in the case of S&P a long term credit rating of at least AA- by S&P and a short-term credit rating of at least A-1+ by S&P, or (2) in the case of Moody's a long term credit rating of at least A2 by Moody's or a short term credit rating of at least [P-1] P-1 by Moody's
(d) a long term credit rating of at least [A2] ▇▇ ▇▇ody's;
(e) a short term credit rating of at least [▇▇] ▇▇ Fitch Ratings; or
(fD) a long term rating of at least A by Fitch Ratings Ratings; and in the case of a downgrade by Fitch Ratings, Moody's or S&P, enter into such a downgrade would, except for this ▇▇▇▇▇▇ adversely affect the rating of the relevant securities, Party A shall:
(1) within 30 Local Business Days (or within such greater period as is agreed to in writing by the relevant other arrangements which each Designated Rating Agency) of Agency has confirmed will result in there not being a downgrade of its long term credit rating by S&P to not lower than [BBB] together with a downgrade of its short term credit rating by S&P to not lower than [A-2], or the downgrade of its long term credit rating by Moody's to not lower than [A3] with a downgr▇▇▇ ▇▇ its short term Moody's rating to not lower than [P-1] or th▇ ▇▇▇▇▇rade of its long term credit rating by Fitch Ratings to not lower than [A] together with a downgrade of its short-term credit rating by Fitch Ratings to not lower than [F1], comply with Part 5(t)(ii) or Part 5(t)(iii) of this Schedule; or
(2) within 10 Local Business Days (or within such greater period as is agreed to in writing by the relevant Designated Rating Agency) of any other such withdrawal or downgrade of Party A's short term or long term any credit rating assigned by the relevant Designated Rating Agency not already covered in Part 5(t)(i)(f)(1) of this Schedule, comply with Part 5(t)(ii) or Part 5(t)(iii) of this Schedule provided that Part 5(t)(ii)(a) of this Schedule will not apply where the long term credit rating falls to [BBB+] (or less) by Fitch Ratings and the short term credit rating falls to [F2] (or less) by Fitch Ratings.
(ii) (a) In respect of each Transaction, lodge cash collateral (the "CASH COLLATERAL") with an Approved Bank it to the account of Party B (to be used by Party B solely for the purpose of discharging Party A's obligations under the relevant Transaction) in an amount equivalent to the Cash Collateral Amount as defined in Part 5(t)(iv)(a) of this Schedule. If on the last Local Business Day in any subsequent week during the life of the relevant Transaction the aggregate value of the Cash Collateral lodged pursuant to this Part 5(t)(ii) of this Schedule falls below the required Cash Collateral Amount (such shortfall value hereinafter referred to as the "SHORTFALL"), Party A shall (on demand) provide such further Cash Collateral to Party B equal to the Shortfall. Any interest earned on the Cash Collateral shall accrue to Party A and will constitute additional Cash Collateral lodged by Party A (and must be returned to Party A in accordance with Part 5(t)(ii)(b) and (c) of this Schedule). Party A will pay any costs associated with lodgment of the Cash CollateralNotes.
Appears in 1 contract
Sources: Isda Master Agreement (Me Portfolio Management LTD)
Ratings Downgrade. (i) If, as a result of the withdrawal or downgrade of its credit rating by a Designated Rating Agency, Party A does not have any of the following:
(a) a long term credit rating of at least [A+] AA- by S&PS & P;
(b) a short term credit rating of at least [A-1] + by S&PS & P;
(c) a short term credit rating of at least [P-1] P-1 by Moody's
(d) a long term credit rating of at least [A2] ▇▇ ▇▇odyA2 by Moody's;
(e) a short term credit rating of at least [▇▇] ▇▇ Fitch RatingsF1 by Fitch; or
(f) a long term rating of at least A by Fitch Ratings Ratings; , (and in the case of a downgrade by Fitch Ratings, Moody's or S&P▇▇▇▇▇ Ratings, such a downgrade would, except for this ▇▇▇▇▇▇ clause adversely affect the rating of the relevant securities), Party A shall:
(1A) within 30 Local Business Days (or within such greater period as is agreed to in writing by the relevant Designated Rating Agency) of a downgrade of its long term credit rating by S&P to not lower than [BBB] A- together with a downgrade of its short term credit rating by S&P to not lower than [A-2]A-1, or the downgrade of its long term credit rating by Moody's to not lower than [A3] with , or a downgr▇▇▇ ▇▇ its short term Moody's rating to not lower than [P-1] or th▇ ▇▇▇▇▇rade downgrade of its long term credit rating by Fitch Ratings to not lower than [A] A together with a downgrade of its short-term credit rating by Fitch Ratings to not lower than [F1], comply with Part 5(t)(iisub-clause (i)(C) or Part 5(t)(iii(i)(D) of this Schedulebelow; or
(2B) within 10 Local 5 Business Days (or within such greater period as is agreed to in writing by the relevant Designated Rating Agency) of any other such withdrawal or downgrade of Party A's short term or long term credit rating by the relevant Designated Rating Agency not already covered in Part 5(t)(i)(f)(1sub-clause (i)(A) of this Scheduleabove, comply with Part 5(t)(iisub-clauses (i)(C) or Part 5(t)(iii(i)(D) of this Schedule below provided that Part 5(t)(ii)(aparagraph (i)(C)(i) of this Schedule will not apply where the long term credit rating falls to [BBB+] BBB+ (or less) by Fitch Ratings and the short term credit rating falls to [F2] F2 (or less) by Fitch Ratings.,
(iiC) (ai) In respect of each Transaction, lodge cash collateral (the "CASH COLLATERALCash Collateral") with an Approved Bank to the account of Party B (to be used by Party B solely for the purpose of discharging Party A's obligations under the relevant Transaction) in an amount equivalent to the Cash Collateral Amount as defined in Part 5(t)(iv)(asub-clause (ii)(A) of this Schedulebelow. If on the last Local Business Day in any subsequent week during the life of the relevant Transaction the aggregate value of the Cash Collateral lodged pursuant to this Part 5(t)(ii) of this Schedule sub-clause falls below the required Cash Collateral Amount (such shortfall value hereinafter referred to as the "SHORTFALLShortfall"), Party A shall (on demand) provide such further Cash Collateral to Party B equal to the Shortfall. Any interest earned on the Cash Collateral shall accrue to Party A and will constitute additional Cash Collateral lodged by Party A (and must be returned to Party A in accordance with Part 5(t)(ii)(bsub-clauses (i)(C)(ii) and & (ciii) of this Schedule)below. Party A will pay any costs associated with lodgment of the Cash Collateral.;
(ii) if on the last Local Business Day in any week during the life of the relevant Transaction the aggregate value of the Cash Collateral lodged by Party A pursuant to sub-clause (i)(C)(i) above (including any interest earned on the Cash Collateral) exceeds the required Cash Collateral Amount (as determined pursuant to sub-clause (ii)(A) below) (such excess value hereinafter referred to as the "Excess Collateral"), Party A may give notice thereof to Party B requiring the return of the Excess Collateral. Party B must repay such Excess Collateral to Party A within three Local Business Days of receipt of such notice;
(iii) upon the occurrence of any of the following:
(a) the subsequent upgrade of :
(i) either Party A's long term credit rating by S&P to at least AA- or its short term credit rating by S&P to at least A-1+ ; and
(ii) the upgrade of its long term credit rating by ▇▇▇▇▇'▇ to at least A2 and short term credit rating to at least P-1 by ▇▇▇▇▇'▇ and an upgrade of its long term credit rating by Fitch Ratings to at least A and short-term credit rating to at least F1; or
(b) the termination, cessation or conclusion of the relevant Transaction to which it relates, Party A may give notice thereof to Party B requiring the return of any Cash Collateral lodged by Party A pursuant to sub-clause (i)(C)(i) above (including any interest earned on the Cash Collateral) and not previously returned to Party A pursuant to sub-clause (i)(C)(ii) above. Party B must, with the approval of the Rating Agencies (such approval not to be unreasonably withheld), repay all such Cash Collateral to Party A within three Local Business Days of receipt of such notice from Party A.
Appears in 1 contract
Sources: Isda Master Agreement (Me Portfolio Management LTD)
Ratings Downgrade. (i) If, as a result of the withdrawal or downgrade of its credit rating by a Designated Rating Agency, Party A does not have any of the following:has:-
(aA) a long term credit rating of at least [A+] less than AA- by S&P and a short term credit rating of less than A-1+ by S&P;; or
(bB) a long term credit rating of less than A2 by Moody's and a short term credit rating of less than P-1 by Moody's; or
(C) a long term rating of less than AA- by Fitch and a short term credit rating of at least [A-1] F1+ by S&P;
Fitch, (c) a short term credit rating of at least [P-1] by Moody's
(d) a long term credit rating of at least [A2] ▇▇ ▇▇ody's;
(e) a short term credit rating of at least [▇▇] ▇▇ Fitch Ratings; or
(f) a long term rating of at least A by Fitch Ratings Ratings; and and, in the case of a downgrade by Fitch Ratings, Moody's or S&PFitch, such a withdrawal or downgrade would, except for this ▇▇▇▇▇▇ Section adversely affect the rating of the relevant securitiesNotes), Party A shallshall within:
(1D) within 30 Local Business Days (or within such greater period as is agreed to in writing by the relevant Designated Rating Agency) of a downgrade of its long term credit rating by S&P to not lower than [BBB] A- together with a downgrade of its short term credit rating by S&P to not lower than [A-2]A-1, or the downgrade of its long term credit rating by Moody's to not lower than [A3] with , or a downgr▇▇▇ ▇▇ its short term Moody's rating to not lower than [P-1] or th▇ ▇▇▇▇▇rade downgrade of its long term credit rating by Fitch Ratings to not lower than [A] A- together with a downgrade of its short-short term credit rating by Fitch Ratings to not lower than [F1], comply with Part 5(t)(ii) or Part 5(t)(iii) of this Schedule; or
(2E) within 10 Local 5 Business Days of any other such withdrawal or downgrade and for the avoidance of doubt, if Party A's long term credit rating by S&P is not lower than A- and Party A's short term credit rating by S&P is not lower than A-1, and Party A's long term credit rating by ▇▇▇▇▇'▇ is not lower than A3, and Party A's long term credit rating by Fitch is not lower than A- and Party A's short term credit rating by Fitch is not lower than F1, then paragraph (or within D) above shall apply and not this paragraph (E), (or, in either case, such greater period as is agreed to in writing by the relevant Designated Rating Agency) of any other such withdrawal or downgrade of Party A's short term or long term credit rating by the relevant Designated Rating Agency not already covered in Part 5(t)(i)(f)(1) of this Schedule, comply with Part 5(t)(ii) or Part 5(t)(iii) of this Schedule provided that Part 5(t)(ii)(a) of this Schedule will not apply where the long term credit rating falls to [BBB+] (or less) by Fitch Ratings at its cost alone and the short term credit rating falls to [F2] (or less) by Fitch Ratings.at its election:
(iiF) (ain the case of paragraph (i)(D) In respect of each Transaction, only) lodge cash collateral in US$ in the Swap Collateral Account (the "CASH COLLATERAL"as defined in paragraph (v)(C) with an Approved Bank to the account of Party B (to be used by Party B solely for the purpose of discharging Party A's obligations under the relevant Transactionbelow) in an amount equivalent to the Cash Collateral Amount as defined in Part 5(t)(iv)(aSection (18)(v)(A) of this Schedule. If on the last Local Business Day in any subsequent week during the life of the relevant Transaction the aggregate value of the Cash Collateral lodged pursuant to this Part 5(t)(ii) of this Schedule falls below the required Cash Collateral Amount (such shortfall value hereinafter referred to as the "SHORTFALL"), Party A shall (on demand) provide such further Cash Collateral to Party B equal to the Shortfallbelow. Any interest earned on the Cash Collateral shall accrue it is payable to Party A and will constitute additional Cash Collateral lodged by Party A (and must be returned to Party A in accordance with Part 5(t)(ii)(b) and (c) of this Schedule). A. Party A will pay any costs associated with lodgment of the Cash Collateralcollateral; or
(G) at the cost of Party A or in return for any monies payable to Party A in accordance with Clause 5.21 of the Supplementary Terms Notice (as the case may be), enter into an agreement novating this Agreement to a replacement counterparty proposed by any of Party A, Party B or the Manager (if any) and in respect of which each Designated Rating Agency has confirmed will result in there not being a withdrawal or downgrade of any credit rating, assigned by it, to the Notes; or
(H) enter into such other arrangements which each Designated Rating Agency has confirmed will result in there not being a withdrawal or downgrade of any credit rating assigned by it to the Notes.
(ii) Where Party A procures a replacement counterparty in accordance with Section 18(i)(G) above, each party to this Agreement shall do all things reasonably necessary to novate the relevant rights and obligations to the replacement counterparty.
(iii) Where Party B has not established a Swap Collateral Account and Party A is required to deposit monies into a Swap Collateral Account, the Manager must direct Party B to establish, as soon as is practicable, and maintain, in the name of Party B a Swap Collateral Account.
(iv) Party B may only make withdrawals from the Swap Collateral Account if directed to do so by the Manager and then only for the purpose of:
(A) novating obligations under this Agreement in accordance with Section 18(i)(G) above or entering into any other arrangement in accordance with Section 18(i)(H) above;
(B) refunding to Party A the amount of any reduction in the Swap Collateral Amount, from time to time and providing the Designated Rating Agencies have confirmed, in writing, that such refund will not result in a withdrawal or downgrade of any credit rating assigned by it to the Notes;
(C) withdrawing any amount which has been incorrectly deposited into the Swap Collateral Account;
(D) paying financial institutions duty, bank accounts debit tax or other equivalent Taxes payable in respect of the Swap Collateral Account; or
(E) funding the amount of any payment due to be made by Party A under this Agreement following the failure by Party A to make that payment.
(v) For the purpose of Sections 18 and 19:
(A) the CASH COLLATERAL AMOUNT shall be an amount equal to the greater of the following:
(1) zero;
Appears in 1 contract
Ratings Downgrade. (i) If, as a result of the withdrawal or downgrade of its credit rating by a Designated Rating Agency, Party A does not have any of the following:
(a) a long term credit rating of at least [A+] AA- by S&P;
; (b) a short term credit rating of at least [A-1] + by S&P;
; (c) a short term credit rating of at least [P-1] P-1 by Moody's
's (d) a long term credit rating of at least [A2] ▇▇ ▇▇ody's;
(e) a short term credit rating of at least [▇▇] ▇▇ Fitch Ratings; or
(f) A2 by Moody's or a long term rating of at least A by Fitch Ratings Ratings; , (and in the case of a downgrade by Fitch Ratings, Moody's or S&P▇▇▇▇▇ Ratings, such a downgrade would, except for this ▇▇▇▇▇▇ clause adversely affect the rating of the relevant securities), Party A shall:
(1A) within 30 Local Business Days (or within such greater period as is agreed to in writing by the relevant Designated Rating Agency) of a downgrade of its long term credit rating by S&P to not lower than [BBB] A- together with a downgrade of its short term credit rating by S&P to not lower than [A-2]A-1, or the downgrade of its long term credit rating by Moody's to not lower than [A3] with , or a downgr▇▇▇ ▇▇ its short term Moody's rating to not lower than [P-1] or th▇ ▇▇▇▇▇rade downgrade of its long term credit rating by Fitch Ratings to not lower than [A] together with a downgrade of its short-term credit rating by Fitch Ratings to not lower than [F1]A-, comply with Part 5(t)(iisub-clause (i)(C) or Part 5(t)(iii(i)(D) of this Schedulebelow; or
(2B) within 10 Local 5 Business Days (or within such greater period as is agreed to in writing by the relevant Designated Rating Agency) of any other such withdrawal or downgrade of Party A's short term or long term credit rating by the relevant Designated Rating Agency not already covered in Part 5(t)(i)(f)(1sub-clause (i)(A) of this Scheduleabove , comply with Part 5(t)(iisub-clauses (i)(C) or Part 5(t)(iii(i)(D) of this Schedule provided that Part 5(t)(ii)(a) of this Schedule will not apply where the long term credit rating falls to [BBB+] (or less) by Fitch Ratings and the short term credit rating falls to [F2] (or less) by Fitch Ratings.below,
(ii) (ai) In respect of each Transaction, lodge cash collateral (the "CASH COLLATERALCash Collateral") with an Approved Bank to the account of Party B (to be used by Party B solely for the purpose of discharging Party A's obligations under the relevant Transaction) in an amount equivalent to the Cash Collateral Amount as defined in Part 5(t)(iv)(asub-clause (ii)(A) of this Schedulebelow. If on the last Local Business Day in any subsequent week during the life of the relevant Transaction the aggregate value of the Cash Collateral lodged pursuant to this Part 5(t)(ii) of this Schedule sub-clause falls below the required Cash Collateral Amount (such shortfall value hereinafter referred to as the "SHORTFALLShortfall"), Party A shall (on demand) provide such further Cash Collateral to Party B equal to the Shortfall. Any interest earned on the Cash Collateral shall accrue to Party A and will constitute additional Cash Collateral lodged by Party A (and must be returned to Party A in accordance with Part 5(t)(ii)(bsub-clauses (i)(C)(ii) and & (ciii) of this Schedule)below. Party A will pay any costs associated with lodgment of the Cash Collateral;
(ii) if on the last Local Business Day in any week during the life of the relevant Transaction the aggregate value of the Cash Collateral lodged by Party A pursuant to sub-clause (i)(C)(i) above (including any interest earned on the Cash Collateral) exceeds the required Cash Collateral Amount (as determined pursuant to sub-clause (ii)(A) below) (such excess value hereinafter referred to as the "Excess Collateral"), Party A may give notice thereof to Party B requiring the return of the Excess Collateral. Party B must repay such Excess Collateral to Party A within three Local Business Days of receipt of such notice;
(iii) upon the occurrence of any of the following:
(a) the subsequent upgrade of :
(i) either Party A's long term credit rating by S&P to at least AA- or its short term credit rating by S&P to at least A-1+ ; and
(ii) the upgrade of its long term credit rating by ▇▇▇▇▇'▇ to at least A2 and short term credit rating to at least P-1 by ▇▇▇▇▇'▇ and an upgrade of its long term credit rating by Fitch Ratings to at least A; or
(b) the termination, cessation or conclusion of the relevant Transaction to which it relates, Party A may give notice thereof to Party B requiring the return of any Cash Collateral lodged by Party A pursuant to sub-clause (i)(C)(i) above (including any interest earned on the Cash Collateral) and not previously returned to Party A pursuant to sub-clause (i)(C)(ii) above. Party B must, with the approval of the Rating Agencies (such approval not to be unreasonably withheld), repay all such Cash Collateral to Party A within three Local Business Days of receipt of such notice from Party A.
(D) At the cost of Party A, enter into an agreement novating this Agreement and each relevant Transaction to a replacement counterparty proposed by any of Party A, Party B or the Manager (if any) and which each Rating Agency has confirmed will result in there not being a withdrawal or downgrade of any credit rating, assigned by it, to the Bonds or Notes (as the case may be) or enter into such other arrangements which each Rating Agency has confirmed will result in there not being a withdrawal or downgrade of any credit rating assigned by it to the Bonds or Notes (as the case may be). Party B shall return to Party A all Cash Collateral lodged by Party A pursuant to sub-clause (i)(C)(i) above and not previously returned to Party A pursuant to sub-clause (i)(C)(ii) above within one Local Business Day of such novation or other arrangement (as the case may be).
(ii) For the purpose of this paragraph (o):
Appears in 1 contract
Sources: Isda Master Agreement (Me Portfolio Management LTD)
Ratings Downgrade. (i) If, as a result of the withdrawal or downgrade of its credit rating by a Designated Rating Agency, Party A does not have any of the following:has:-
(aA) a long term credit rating of at least [A+] less than AA- by S&P and a short term credit rating of less than A-1+ by S&P;; or
(bB) a long term credit rating of less than A2 by Moody's and a short term credit rating of less than P-1 by Moody's; or
(C) a long term rating of less than AA- by Fitch and a short term credit rating of at least [A-1] F1+ by S&P;
Fitch, (c) a short term credit rating of at least [P-1] by Moody's
(d) a long term credit rating of at least [A2] ▇▇ ▇▇ody's;
(e) a short term credit rating of at least [▇▇] ▇▇ Fitch Ratings; or
(f) a long term rating of at least A by Fitch Ratings Ratings; and and, in the case of a downgrade by Fitch Ratings, Moody's or S&PFitch, such a withdrawal or downgrade would, except for this ▇▇▇▇▇▇ Section adversely affect the rating of the relevant securitiesNotes), Party A shallshall within:
(1D) within 30 Local Business Days (or within such greater period as is agreed to in writing by the relevant Designated Rating Agency) of a downgrade of its long term credit rating by S&P to not lower than [BBB] A- together with a downgrade of its short term credit rating by S&P to not lower than [A-2]A-1, or the downgrade of its long term credit rating by Moody's to not lower than [A3] with , or a downgr▇▇▇ ▇▇ its short term Moody's rating to not lower than [P-1] or th▇ ▇▇▇▇▇rade downgrade of its long term credit rating by Fitch Ratings to not lower than [A] A- together with a downgrade of its short-short term credit rating by Fitch Ratings to not lower than [F1], comply with Part 5(t)(ii) or Part 5(t)(iii) of this Schedule; or
(2E) within 10 Local 5 Business Days of any other such withdrawal or downgrade and for the avoidance of doubt, if Party A's long term credit rating by S&P is not lower than A- and Party A's short term credit rating by S&P is not lower than A-1, and Party A's long term credit rating by ▇▇▇▇▇'▇ is not lower than A3, and Party A's long term credit rating by Fitch is not lower than A- and Party A's short term credit rating by Fitch is not lower than F1, then paragraph (or within D) above shall apply and not this paragraph (E), (or, in either case, such greater period as is agreed to in writing by the relevant Designated Rating Agency) of any other such withdrawal or downgrade of Party A's short term or long term credit rating by the relevant Designated Rating Agency not already covered in Part 5(t)(i)(f)(1) of this Schedule, comply with Part 5(t)(ii) or Part 5(t)(iii) of this Schedule provided that Part 5(t)(ii)(a) of this Schedule will not apply where the long term credit rating falls to [BBB+] (or less) by Fitch Ratings at its cost alone and the short term credit rating falls to [F2] (or less) by Fitch Ratings.at its election:
(iiF) (ain the case of paragraph (i)(D) In respect of each Transaction, only) lodge cash collateral in US$ in the Swap Collateral Account (the "CASH COLLATERAL"as defined in paragraph (v)(C) with an Approved Bank to the account of Party B (to be used by Party B solely for the purpose of discharging Party A's obligations under the relevant Transactionbelow) in an amount equivalent to the Cash Collateral Amount as defined in Part 5(t)(iv)(aSection (19)(v)(A) of this Schedule. If on the last Local Business Day in any subsequent week during the life of the relevant Transaction the aggregate value of the Cash Collateral lodged pursuant to this Part 5(t)(ii) of this Schedule falls below the required Cash Collateral Amount (such shortfall value hereinafter referred to as the "SHORTFALL"), Party A shall (on demand) provide such further Cash Collateral to Party B equal to the Shortfallbelow. Any interest earned on the Cash Collateral shall accrue it is payable to Party A and will constitute additional Cash Collateral lodged by Party A (and must be returned to Party A in accordance with Part 5(t)(ii)(b) and (c) of this Schedule). A. Party A will pay any costs associated with lodgment of the Cash Collateralcollateral; or
(G) at the cost of Party A or in return for any monies payable to Party A in accordance with Clause 5.21 of the Supplementary Terms Notice (as the case may be), enter into an agreement novating this Agreement to a replacement counterparty proposed by any of Party A, Party B, DLJ or the Manager (if any) and approved by DLJ and in respect of which each Designated Rating Agency has confirmed will result in there not being a withdrawal or downgrade of any credit rating, assigned by it, to the Notes; or
(H) enter into such other arrangements which each Designated Rating Agency has confirmed will result in there not being a withdrawal or downgrade of any credit rating assigned by it to the Notes.
Appears in 1 contract
Ratings Downgrade. (i) If, as a result of the withdrawal or downgrade of its credit rating by a Designated Rating Agency, Party A does not have any of the following:
(aA) a long term credit rating of at least [A+] AA- by S&P;
(bB) a short term credit rating of at least [A-1] + by S&P;
(cC) a short term credit rating of at least [P-1] P-1 by Moody's
(dD) a long term credit te▇▇ ▇▇▇▇it rating of at least [A2] A2 by Moody's;
(E) a short ▇▇▇▇ ▇▇ody's;
(e) a short term credit edit rating of at least [▇▇] ▇▇ Fitch RatingsF1 by Fitch; or
(fF) a long term rating of at least A by Fitch Ratings Ratings; and in the case of a downgrade by Moody's or Fitch Ratings, Moody's or S&P, such a downgrade do▇▇▇▇▇de would, except for this ▇▇▇▇▇▇ clause adversely affect the rating of the relevant securities, Party A shall:
(1) within 30 Local Business Days (or within such greater period as is agreed to in writing by the relevant Designated Rating Agency) of a downgrade of its long term credit rating by S&P to not lower than [BBB] A- together with a downgrade of its short term credit rating by S&P to not lower than [A-2]A-1, or the downgrade of its long term credit rating by Moody's to not lower than [A3] with a downgr▇▇▇ ▇▇ its short term Moody's rating to not lower than [P-1] A3 or th▇ the ▇▇▇▇▇rade ▇▇de of its long term credit rating by Fitch Ratings to not lower than [A] A together with a downgrade of its short-term credit rating by Fitch Ratings to not lower than [F1], comply with Part 5(t)(ii) or Part 5(t)(iii) of this Schedule; or
(2) within 10 5 Local Business Days (or within such greater period as is agreed to in writing by the relevant Designated Rating Agency) of any other such withdrawal or downgrade of Party A's short term or long term credit rating by the relevant Designated Rating Agency not already covered in Part 5(t)(i)(f)(15(t)(i)(F)(1) of this Schedule, comply with Part 5(t)(ii) or Part 5(t)(iii) of this Schedule provided that Part 5(t)(ii)(a5(t)(ii)(A) of this Schedule will not apply where the long term credit rating falls to [BBB+] BBB+ (or less) by Fitch Ratings and the short term credit rating falls to [F2] F2 (or less) by Fitch Ratings.,
(ii) (aA) In respect of each Transaction, lodge cash collateral (the "CASH COLLATERAL") with an Approved Bank to the account of Party B (to be used by Party B solely for the purpose of discharging Party A's obligations under the relevant Transaction) in an amount equivalent to the Cash Collateral Amount as defined in Part 5(t)(iv)(a5(t)(iv)(A) of this Schedule. If on the last Local Business Day in any subsequent week during the life of the relevant Transaction the aggregate value of the Cash Collateral lodged pursuant to this Part 5(t)(ii5(t)(ii)(A) of this Schedule falls below the required Cash Collateral Amount (such shortfall value hereinafter referred to as the "SHORTFALL"), Party A shall (on demand) provide such further Cash Collateral to Party B equal to the Shortfall. Any interest earned on the Cash Collateral shall accrue to Party A and will constitute additional Cash Collateral lodged by Party A (and must be returned to Party A in accordance with Part 5(t)(ii)(b5(t)(ii)(B) and (cC) of this Schedule). Party A will pay any costs associated with lodgment of the Cash Collateral.
(B) If on the last Local Business Day in any week during the life of the relevant Transaction the aggregate value of the Cash Collateral lodged by Party A pursuant to Part 5(t)(ii)(A) of this Schedule (including any interest earned on the Cash Collateral) exceeds the required Cash Collateral Amount (as determined pursuant to sub-clause Part 5(t)(iv)(A) of this Schedule) (such excess value hereinafter referred to as the "EXCESS COLLATERAL"), Party A may give notice thereof to Party B requiring the return of the Excess Collateral. Party B must repay such Excess Collateral to Party A within three Local Business Days of receipt of such notice.
(C) Upon the occurrence of any of the following:
(1) the subsequent upgrade of
(i) either Party A's long term credit rating by S&P to at least AA- or its short term credit rating by S&P to at least A-1+; and
(ii) the upgrade of its long term credit rating by Moody's to at least A2 and short ter▇ ▇▇▇▇▇t rating to at least P-1 by Moody's and an upgrade of its long term credit rating by Fitch Ratings to at least A and short-term credit rating to at least F1; or
(2) the termination, cessation or conclusion of the relevant Transaction to which it relates, Party A may give notice thereof to Party B requiring the return of any Cash Collateral lodged by Party A pursuant to Part 5(t)(ii)(A) of this Schedule (including any interest earned on the Cash Collateral) and not previously returned to Party A pursuant to Part 5(t)(ii)(B) of this Schedule. Party B must, with the approval of the Rating Agencies (such approval not to be unreasonably withheld), repay all such Cash Collateral to Party A within three Local Business Days of receipt of such notice from Party A.
(iii) At the cost of Party A, enter into an agreement novating this Agreement and each relevant Transaction to a replacement counterparty proposed by any of Party A, Party B or the Manager (if any) and which each Rating Agency has confirmed will result in there not being a withdrawal or downgrade of any credit rating, assigned by it, to the Notes or enter into such other arrangements which each Rating Agency has confirmed will result in there not being a withdrawal or downgrade of any credit rating assigned by it to the Notes. Party B shall return to Party A all Cash Collateral lodged by Party A pursuant to sub-clause Part 5(t)(ii)(A) of this Schedule and not previously returned to Party A pursuant to Part 5(t)(ii)(B) of this Schedule within one Local Business Day of such novation or other arrangement.
(iv) For the purpose of this Part 5(t) of this Schedule:
Appears in 1 contract
Ratings Downgrade. (i) If, as a result of the withdrawal or downgrade of its credit rating by a Designated Rating Agency, Party A does not have any of the following:has:-
(aA) a long term credit rating of at least [A+] less than AA- by S&P;
(b) S&P and a short term credit rating of at least [less than A-1] + by S&P;; or
(c) a short term credit rating of at least [P-1] by Moody's
(dB) a long term credit rating of at least [A2] ▇▇ ▇▇ody's;
(e) less than A2 by Moody's or a short term credit rating of at least [▇▇] ▇▇ Fitch Ratingsless than P-1 by Moody's; or
(fC) a long term rating of at least A by Fitch Ratings Ratings; and in the case of a downgrade by Fitch Ratings, Moody's or S&P, such a downgrade would, except for this ▇▇▇▇▇▇ adversely affect the rating of the relevant securities, Party A shall:
(1) within 30 Local Business Days (or within such greater period as is agreed to in writing by the relevant Designated Rating Agency) of a downgrade of its long term credit rating by S&P to not lower than [BBB] A- together with a downgrade of its short term credit rating by S&P to not lower than [A-2]A-1, or the downgrade of its long term credit rating by Moody's to not lower than [A3] with a downgr▇▇▇ ▇▇ its short ; or
(D) 5 Business Days of any other such withdrawal or downgrade and for the avoidance of doubt, if Party A's long term Moody's credit rating to by S&P is not lower than [P-1] or th▇ A- and Party A's short term credit rating by S&P is not lower than A-1, and Party A's long term credit rating by ▇▇▇▇▇rade of its long term credit rating by Fitch Ratings to '▇ is not lower than [A] together with a downgrade of its short-term credit rating by Fitch Ratings to A3, then paragraph (C) above shall apply and not lower than [F1]this paragraph (D), comply with Part 5(t)(ii) or Part 5(t)(iii) of this Schedule; (or
(2) within 10 Local Business Days (or within , in either case, such greater period as is agreed to in writing by the relevant Designated Rating Agency) at its cost alone and at its election:
(E) (in the case of any other such withdrawal or downgrade paragraph (i)(C) only) lodge collateral pursuant to the terms of Party A's short term or long term credit rating by the relevant Designated Rating Agency not already covered in Part 5(t)(i)(f)(1) Credit Support Annex that forms part of this ScheduleAgreement:
(i) where that collateral is cash, comply with Part 5(t)(ii) or Part 5(t)(iii) of this Schedule provided that Part 5(t)(ii)(a) of this Schedule will not apply where to the long term credit rating falls to [BBB+] (or less) by Fitch Ratings and the short term credit rating falls to [F2] (or less) by Fitch Ratings.Swap Collateral Account; or
(ii) (a) In respect of each Transactionwhere that collateral is securities, lodge cash collateral (the "CASH COLLATERAL") with an Approved Bank to the account Trustee. and provided each Designated Rating Agency have affirmed the rating on the Class A-1 Notes after reviewing the collateral to be lodged; or
(F) at the cost of Party B (to be used by Party B solely A or in return for the purpose of discharging Party A's obligations under the relevant Transaction) in an amount equivalent to the Cash Collateral Amount as defined in Part 5(t)(iv)(a) of this Schedule. If on the last Local Business Day in any subsequent week during the life of the relevant Transaction the aggregate value of the Cash Collateral lodged pursuant to this Part 5(t)(ii) of this Schedule falls below the required Cash Collateral Amount (such shortfall value hereinafter referred to as the "SHORTFALL"), Party A shall (on demand) provide such further Cash Collateral to Party B equal to the Shortfall. Any interest earned on the Cash Collateral shall accrue to Party A and will constitute additional Cash Collateral lodged by Party A (and must be returned monies payable to Party A in accordance with Part 5(t)(ii)(bClause 5.21 of the Supplementary Terms Notice (as the case may be), enter into an agreement novating this Agreement to a replacement counterparty proposed by any of Party A, Party B or the Manager (if any) and in respect of which each Designated Rating Agency has confirmed will result in there not being a withdrawal or downgrade of any credit rating, assigned by it, to the Class A-1 Notes; or
(cG) enter into such other arrangements which each Designated Rating Agency has confirmed will result in there not being a withdrawal or downgrade of any credit rating assigned by it to the Class A-1 Notes.
(ii) Where Party A procures a replacement counterparty in accordance with Section 18(i)(F) above, each party to this Agreement shall do all things reasonably necessary to novate the relevant rights and obligations to the replacement counterparty.
(iii) For the purposes of this ScheduleSection 18, SWAP COLLATERAL ACCOUNT means an account established by Party B with an Approved Bank outside Australia
(21) EXCHANGE CONTROLS Section 5(b)(i) (ILLEGALITY) is amended by adding the following paragraph at the end:- "This sub-paragraph (i) does not apply to the imposition by the Australian government or any agency of the Australian government of any exchange control restrictions or prohibitions ("EXCHANGE CONTROLS")." For the avoidance of doubt:
(A) exchange controls do not constitute an Illegality or other Termination Event or an Event of Default under this Agreement, and do not entitle a party to terminate a Transaction or otherwise refuse to make any payments it is obliged to make under a Transaction: and
(B) if and for so long as exchange controls are imposed, delivery by Party B of Australian dollar amounts required to be paid by it under any relevant Confirmation to the bank account in Australia notified in writing by Party A to Party B from time to time specified in that Confirmation will constitute proper payment of those amounts by Party B and Party A's obligations under this Agreement will be unaffected by any such exchange controls."
(22) PARTY B'S PAYMENT INSTRUCTIONS. Party B irrevocably authorises and instructs Party A will pay any costs associated with lodgment of the Cash Collateral.to make payment of:
Appears in 1 contract
Ratings Downgrade. (i) If, as a result of the withdrawal or downgrade of its credit rating by a Designated Rating Agency, Party A does not have any of the following:
(a) a long term credit rating of at least [A+] AA- by S&PS & P;
(b) a short term credit rating of at least [A-1] + by S&PS & P;
(c) a short term credit rating of at least [P-1] P-1 by Moody's
(d) a long term credit rating of at least [A2] ▇▇ ▇▇ody's;
(e) a short term credit rating of at least [▇▇] ▇▇ Fitch Ratings; or
(f) A2 by Moody's or a long term rating of at least A by Fitch Ratings Ratings; , (and in the case of a downgrade by Fitch Ratings, Moody's or S&P▇▇▇▇▇ Ratings, such a downgrade would, except for this ▇▇▇▇▇▇ clause adversely affect the rating of the relevant securities), Party A shall:
(1A) within 30 Local Business Days (or within such greater period as is agreed to in writing by the relevant Designated Rating Agency) of a downgrade of its long term credit rating by S&P to not lower than [BBB] A- together with a downgrade of its short term credit rating by S&P to not lower than [A-2]A-1, or the downgrade of its long term credit rating by Moody's to not lower than [A3] with , or a downgr▇▇▇ ▇▇ its short term Moody's rating to not lower than [P-1] or th▇ ▇▇▇▇▇rade downgrade of its long term credit rating by Fitch Ratings to not lower than [A] together with a downgrade of its short-term credit rating by Fitch Ratings to not lower than [F1]A-, comply with Part 5(t)(iisub-clause (i)(C) or Part 5(t)(iii(i)(D) of this Schedulebelow; or
(2B) within 10 Local 5 Business Days (or within such greater period as is agreed to in writing by the relevant Designated Rating Agency) of any other such withdrawal or downgrade of Party A's short term or long term credit rating by the relevant Designated Rating Agency not already covered in Part 5(t)(i)(f)(1sub-clause (i)(A) of this Scheduleabove , comply with Part 5(t)(iisub-clauses (i)(C) or Part 5(t)(iii(i)(D) of this Schedule provided that Part 5(t)(ii)(a) of this Schedule will not apply where the long term credit rating falls to [BBB+] (or less) by Fitch Ratings and the short term credit rating falls to [F2] (or less) by Fitch Ratings.below,
(ii) (ai) In respect of each Transaction, lodge cash collateral (the "CASH COLLATERALCash Collateral") with an Approved Bank to the account of Party B (to be used by Party B solely for the purpose of discharging Party A's obligations under the relevant Transaction) in an amount equivalent to the Cash Collateral Amount as defined in Part 5(t)(iv)(asub-clause (ii)(A) of this Schedulebelow. If on the last Local Business Day in any subsequent week during the life of the relevant Transaction the aggregate value of the Cash Collateral lodged pursuant to this Part 5(t)(ii) of this Schedule sub-clause falls below the required Cash Collateral Amount (such shortfall value hereinafter referred to as the "SHORTFALLShortfall"), Party A shall (on demand) provide such further Cash Collateral to Party B equal to the Shortfall. Any interest earned on the Cash Collateral shall accrue to Party A and will constitute additional Cash Collateral lodged by Party A (and must be returned to Party A in accordance with Part 5(t)(ii)(bsub-clauses (i)(C)(ii) and & (ciii) of this Schedule)below. Party A will pay any costs associated with lodgment of the Cash Collateral;
(ii) if on the last Local Business Day in any week during the life of the relevant Transaction the aggregate value of the Cash Collateral lodged by Party A pursuant to sub-clause (i)(C)(i) above (including any interest earned on the Cash Collateral) exceeds the required Cash Collateral Amount (as determined pursuant to sub-clause (ii)(A) below) (such excess value hereinafter referred to as the "Excess Collateral"), Party A may give notice thereof to Party B requiring the return of the Excess Collateral. Party B must repay such Excess Collateral to Party A within three Local Business Days of receipt of such notice;
(iii) upon the occurrence of any of the following:
(a) the subsequent upgrade of :
(i) either Party A's long term credit rating by S&P to at least AA- or its short term credit rating by S&P to at least A-1+ ; and
(ii) the upgrade of its long term credit rating by Moody's to at least A2 and short term credit rating to at least P-1 by Moody's and an upgrade of its long term credit rating by Fitch Ratings to at least A; or
(b) the termination, cessation or conclusion of the relevant Transaction to which it relates, Party A may give notice thereof to Party B requiring the return of any Cash Collateral lodged by Party A pursuant to sub-clause (i)(C)(i) above (including any interest earned on the Cash Collateral) and not previously returned to Party A pursuant to sub-clause (i)(C)(ii) above. Party B must, with the approval of the Rating Agencies (such approval not to be unreasonably withheld), repay all such Cash Collateral to Party A within three Local Business Days of receipt of such notice from Party A.
(D) At the cost of Party A, enter into an agreement novating this Agreement and each relevant Transaction to a replacement counterparty proposed by any of Party A, Party B or the Manager (if any) and which each Rating Agency has confirmed will result in there not being a withdrawal or downgrade of any credit rating, assigned by it, to the Bonds or Notes (as the case may be) or enter into such other arrangements which each Rating Agency has confirmed will result in there not being a withdrawal or downgrade of any credit rating assigned by it to the Bonds or Notes (as the case may be). Party B shall return to Party A all Cash Collateral lodged by Party A pursuant to sub-clause (i)(C)(i) above and not previously returned to Party A pursuant to sub-clause (i)(C)(ii) above within one Local Business Day of such novation or other arrangement (as the case may be).
(ii) For the purpose of this paragraph (o):
Appears in 1 contract
Sources: Isda Master Agreement (Me Portfolio Management LTD)