Either (X) the Short Term Debt, Deposit or Similar Obligations of Such Class a R Noteholder (Or Prospective Transferee) Are Rated “P 1 Sample Clauses


either (x) the short-term debt, deposit or similar obligations of such Class A-R Noteholder (or prospective transferee) are rated “P-1 by Moody’s and at least “A-1” by S&P or (y) if such short-term debt, deposit or similar obligations of such Class A-R Noteholder (or prospective transferee) are not rated by Moody’s or S&P, the long-term debt, deposit or similar obligations of such Class A-R Noteholder (or prospective transferee) are rated “Aa3” by Moody’s and/or at least “A+” by S&P, as applicable;