Synthetic Security Counterparty definition

Synthetic Security Counterparty means an entity (other than the Issuer) required to make payments on a Synthetic Security (including any guarantor), which entity or guarantor has a rating of at least "A" by S&P, the long-term senior unsecured debt of such entity or guarantor (or its secured debt if such entity or guarantor is a trust and its debt is secured by a Reference Obligation) has a rating of at least "A" by S&P, or the short-term debt rating of such entity or guarantor is at least "A-1" by S&P, in each such case, at the date of purchase or execution of the related Synthetic Security documentation.

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Synthetic Security Counterparty means any counterparty under a Synthetic Security or any guarantor of any such entity or, in the case of a Synthetic Security that represents an ownership interest in one or more assets held by the issuer of such Synthetic Security, any entity required to make payments on any such asset which meets the Rating Requirement (or whose obligations are guaranteed by a guarantor which satisfies the applicable Rating Requirement) at the time of entry into such Synthetic Security and, in the case of a Synthetic Security which is a swap transaction, which has the regulatory capacity, as a matter of Dutch law, to enter into derivatives transactions with Dutch residents.

Synthetic Security Counterparty means any financial institution counterparty required to make payments to the Issuer under a Synthetic Security pursuant to the terms of such Synthetic Security (or any guarantor of any such entity) having a rating of at least the applicable Rating Requirement;

Examples of Synthetic Security Counterparty in a sentence

Except for the investment earnings of Eligible Investments in such Account payable to the Issuer pursuant to the second preceding paragraph, amounts contained in any Synthetic Security Counterparty Account shall not be considered to be an asset of the Issuer for purposes of any of the Collateral Quality Tests or Coverage Tests, but the Synthetic Security that relates to the Synthetic Security Counterparty Account shall be considered an asset of the Issuer.
Counterparty Accounts shall be established for each Synthetic Security Counterparty.
Each Synthetic Security Counterparty Account will be held in trust for the benefit of the related Synthetic Security Counterparty and (subject to the prior lien of the Synthetic Security Counterparty) the Secured Parties.
Any payments in respect of the Synthetic Security Collateral not retained by the Synthetic Security Counterparty are to be paid to the Trustee.
The delivery by the Trustee of evidence of the establishment of the Payment Account, the Interest Collection Account, the Principal Collection Account, the Expense Account, the Uninvested Proceeds Account, the Custodial Account, a Hedge Counterparty Collateral Account and any Synthetic Security Counterparty Account or Synthetic Security Issuer Account to be established on the Closing Date.

More Definitions of Synthetic Security Counterparty

Synthetic Security Counterparty means an entity required to make payments to the Issuer on a Synthetic Security to the extent that a Reference Obligor makes payments on a related Reference Obligation, which counterparty, or the long-term senior unsecured debt of such counterparty (or its secured debt if such counterparty is a trust and its debt is secured by a Reference Obligation), shall be rated such that the Synthetic/Participation Sublimit will be satisfied.

Synthetic Security Counterparty means any entity that is required to make payments on a Synthetic Security to the extent that a Reference Obligor makes payments on a related Reference Obligation.

Synthetic Security Counterparty means any counterparty required to make payments on a Synthetic Security, which counterparty satisfies the applicable Rating Requirement (or whose obligations are guaranteed by a guarantor which satisfies the applicable Rating Requirement) and in respect of a Synthetic Security which is a Collateralised Credit Default Swap which is authorised to conduct derivatives business with residents of The Netherlands.

Synthetic Security Counterparty means an entity (other than the Issuer) required to make payments on a Synthetic Security (including any guarantor), which entity or guarantor has a short-term debt rating of at least "A-1" from S&P or, if there is no short-term debt rating from S&P, a long-term senior unsecured debt rating of at least "A+" from S&P, in each such case, at the date of purchase or execution of the related Synthetic Security documentation.

Synthetic Security Counterparty. With respect to any Synthetic Security, the entity or swap counterparty (or guarantor or similar credit support provider of such entity’s obligations pursuant to an irrevocable and unconditional guarantee or similar credit support instrument) of the relevant Synthetic Security.

Synthetic Security Counterparty means an entity required to make payments on a Synthetic Security pursuant to the terms of such Synthetic Security or any guarantee thereof to the extent that a Reference Obligor makes payments on a related Reference Obligation, (a) which counterparty, or the long-term senior unsecured debt of such counterparty (or its secured debt if such counterparty is a trust and its debt is secured by a reference obligation), will individually and, together with all other Synthetic Security Counterparties, in the aggregate satisfy the required debt ratings set forth in the table below, (b) which each of the Rating Agency has confirmed will not cause the downgrade or withdrawal of its then-current rating on the Rated Notes and (c) the addition of such Synthetic Security will not cause the number of different Hedge Counterparties, Securities Lending Counterparties and Synthetic Security Counterparties currently involved in transactions with the Issuer to exceed

Synthetic Security Counterparty means any counterparty required to make payments to the Issuer under a Synthetic Security pursuant to the terms of such Synthetic Security or any guarantor of any such entity, provided that such counterparty satisfies the applicable Required Ratings and, in case of a Synthetic Security which is a derivatives transaction, has the regulatory capacity as a matter of Dutch law to enter into derivatives transactions with residents of The Netherlands.

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