S&P Clause Samples
The S&P clause refers to provisions related to the Standards & Poor's credit rating or index within a contract. Typically, this clause outlines requirements or conditions tied to the S&P rating of a party, security, or financial instrument, such as maintaining a minimum credit rating or referencing the S&P 500 index for performance benchmarks. Its core function is to provide an objective, third-party standard for measuring creditworthiness or performance, thereby reducing uncertainty and allocating risk based on established financial metrics.
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S&P. Standard & Poor’s Ratings Services, a division of The ▇▇▇▇▇▇-▇▇▇▇ Companies, Inc., or its successor.
S&P. 25 Securities..................................................................25
S&P. Standard and Poor’s, a division of The ▇▇▇▇▇▇-▇▇▇▇ Companies, Inc., or any successor in interest.
S&P. “S&P” shall mean Standard & Poor’s Financial Services LLC.
S&P. Standard & Poor’s Financial Services LLC, a subsidiary of The ▇▇▇▇▇▇-▇▇▇▇ Companies, Inc. and any successor thereto.
S&P. S&P Credit Support Amount" shall mean, for the purposes of the S&P Criteria with respect to a Transferor on a Valuation Date:
(1) If an Initial S&P Rating Event has occurred and is continuing but a Subsequent S&P Rating Event has not occurred or is not continuing and the S&P Threshold for Party A for such Valuation Date is zero:
(i) for so long as Replacement Option 1 applies, an amount equal to the sum of the amounts calculated in respect of each Transaction (other than the Transaction constituted by this Annex), to be the greater of (a) zero and (b) the sum of (x) the Transferee’s Exposure and (y) the Volatility Buffer in respect of the Relevant Transaction; and
(ii) for so long as Replacement Option 2 applies, an amount equal to the sum of the amounts calculated in respect of each Transaction (other than the Transaction constituted by this Annex), to be the greater of (a) zero and (b) an amount equal to (x) the Transferee's Exposure multiplied by (y) 1.25.
(2) If a Subsequent S&P Rating Event has occurred and is continuing and the S&P Threshold for Party A for such Valuation Date is zero:
(i) for so long as Replacement Option 1 applies, an amount equal to the sum of the amounts calculated in respect of each Transaction (other than the Transaction constituted by this Annex), to be the greater of (a) zero and (b) the sum of (x) the Transferee's Exposure and (y) the Volatility Buffer in respect of the Relevant Transaction; and
(ii) for so long as Replacement Option 2 applies, an amount equal to the sum of the amounts calculated in respect of each Transaction (other than the Transaction constituted by this Annex), to be the greater of:
(a) an amount equal to the sum of (x) the Transferee's Exposure and (y) the Volatility Buffer in respect of the Relevant Transaction,
(b) an amount equal to (x) the Transferee's Exposure multiplied by (y) 1.3, or
(c) zero.
(3) If the S&P Threshold is infinity (irrespective of whether the Threshold is infinity or zero), zero. For the purpose of Paragraph 11(h)(v)(B):
S&P. Standard & Poor’s Ratings Group, a division of ▇▇▇▇▇▇-▇▇▇▇, Inc., and its successors. ▇▇▇▇. See §7.18.
S&P. 45 Seller........................................................45
S&P. Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services limited liability company business.
S&P. Standard & Poor’s Ratings Services, a Division of The ▇▇▇▇▇▇-▇▇▇▇ Companies, Inc. or any successor in interest. Seller: ▇▇▇▇▇▇ Brothers Holdings Inc. or its successor in interest or assigns.