Common use of Bondholders Clause in Contracts

Bondholders. The Lessee shall not enter into any transaction constituting a consolidation, merger, conveyance, transfer, lease or dividend not permitted by Section l0(b)(3)(ii), irrespective of any consent or waiver of the Owner Participant, unless immediately after giving effect to such transaction, the Bonds (or, if the Bonds are not then rated, the preferred stock of the Surviving Lessee), after giving effect to such transaction, shall be rated at least "investment grade" by Standard & Poor's Corporation and ▇▇▇▇▇'▇ Investors Service, Inc.

Bondholders. The Lessee shall not enter into any transaction constituting a consolidation, merger, conveyance, transfer, lease or dividend not permitted by Section l0(b)(3)(iil0(b)(3) (ii), irrespective of any consent or waiver of the Owner Participant, unless immediately after giving effect to such transaction, the Bonds (or, if the Bonds are not then rated, the preferred stock of the Surviving surviving Lessee)) , after giving effect to such transaction, shall be rated at least "investment grade" by Standard & Poor's Corporation and ▇▇▇▇▇'▇ Investors Service, Inc.