Common use of Required Ratings Clause in Contracts

Required Ratings. The Agent shall have the right at any time to request that a public rating of the Facility of at least “A” or its equivalent (the “Required Rating”) be obtained from one credit rating agency acceptable to the Agent . Each of the Sellers and the Servicer agree that they shall cooperate with the Agent’s efforts to obtain the Required Rating, and shall provide the Agent, for distribution to the applicable credit rating agency, any information requested by such credit rating agency for purposes of providing the Required Rating. Any such request (a “Ratings Request”) shall be in writing, and if the Required Rating is not obtained within 60 days following the date of such Ratings Request (unless the failure to obtain the Required Rating is solely the result of the Agent’s failure to provide the credit rating agency with sufficient information to permit the credit rating agency to perform its analysis, and is not the result of the Sellers’ or the Servicer’s failure to cooperate or provide sufficient information to the Agent), (i) upon written notice by the Agent to the Sellers, which notice shall be given no less than 60 days following such failure to obtain the Required Rating, the Amortization Date shall occur, and (ii) outstanding Capital shall thereafter incur the Default Fee. The Purchasers shall pay the initial fees payable to the credit rating agency for providing the Required Rating, and the Sellers shall pay all ongoing fees payable to the credit rating agency for its continued monitoring of the Required Rating.

Required Ratings. The Agent shall have the right at any time to request that a public rating of the Facility of at least “A” or its equivalent (the “Required Rating”) be obtained from one credit rating agency acceptable to the Agent Agent. Each of the Sellers and the Servicer agree that they shall cooperate with the Agent’s efforts to obtain the Required Rating, and shall provide the Agent, for distribution to the applicable credit rating agency, any information requested by such credit rating agency for purposes of providing the Required Rating. Any such request (a “Ratings Request”) shall be in writing, and if the Required Rating is not obtained within 60 days following the date of such Ratings Request (unless the failure to obtain the Required Rating is solely the result of the Agent’s failure to provide the credit rating agency with sufficient information to permit the credit rating agency to perform its analysis, and is not the result of the Sellers’ or the Servicer’s failure to cooperate or provide sufficient information to the Agent), (i) upon written notice by the Agent to the Sellers, which notice shall be given no less than 60 days following such failure to obtain the Required Rating, the Amortization Date shall occur, and (ii) outstanding Capital shall thereafter incur the Default Fee. The Purchasers shall pay the initial fees payable to the credit rating agency for providing the Required Rating, and the Sellers shall pay all ongoing fees payable to the credit rating agency for its continued monitoring of the Required Rating.