Creditworthiness Standards Sample Clauses
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Creditworthiness Standards. A Member may not Dispose of all or any portion of its Membership Units to any Person without the approval of the Board (acting by majority vote of the Managers other than the Manager appointed by the Disposing Member, based on their respective Voting Percentages determined based only on the Voting Percentages of the Managers(s) other than the Manager appointed by the Disposing Member, with such Voting Percentages determined under Section 5.1(c)(iii)) unless**.
Creditworthiness Standards. Notwithstanding anything to the contrary in the Operating Agreement, none of the Parties hereto shall, nor shall any Party cause its Affiliates to, Dispose of all or a portion of its Membership Units to any Person without the prior written approval of the other Parties unless such Person’s or such Person’s Parent’s (as defined in the Operating Agreement) long-term unsecured debt is rated by Standard & Poor’s Corporation as ** (or an equivalent rating by another recognized rating agency); provided, however, that if such Person’s or such Person’s Parent’s long-term unsecured debt is not rated by Standard & Poor’s Corporation (or another recognized rating agency), then such Person’s or such Person’s Parent’s net worth (based on its most recent audited financial statements) is at least **.
Creditworthiness Standards. MEP or a Credit Support Provider shall be deemed to be “creditworthy” within the meaning of this Article XII for so long as it is rated “Investment Grade.” “Investment Grade,” for purposes of this Article XII, shall mean that MEP’s or its Credit Support Provider’s senior unsecured long-term debt has been awarded a credit rating by ▇▇▇▇▇’▇ Investors Service, a subsidiary of ▇▇▇▇▇’▇ Corporation (“Moody’s”), of at least Baa3, and by Standard & Poor’s, a division of the ▇▇▇▇▇▇-▇▇▇▇ Companies, Inc. (“S&P”), of at least BBB-; provided, however, that MEP or a Credit Support Provider may be deemed Investment Grade if it is rated as such by only one of ▇▇▇▇▇’▇ or S&P, for so long as it is not rated below Investment Grade by the other rating agency.