Adverse Rating Event definition

Adverse Rating Event. With respect to any Class of Rated Certificates and any Rating Agency that has assigned a rating thereto, as of any date of determination, the qualification, downgrade or withdrawal of the rating then assigned to such Class of Rated Certificates by such Rating Agency (or the placement of such Class of Rated Certificates on “negative credit watch” status in contemplation of any such action with respect thereto).

Adverse Rating Event means, with respect to any Class of Certificates or any class of Specially Designated Non-Trust Mortgage Loan Securities, as of any date of determination, the qualification, downgrade or withdrawal of any rating then assigned to such Class of Certificates or such class of Specially Designated Non-Trust Mortgage Loan Securities, as the case may be, by either Rating Agency or, if applicable, by Fitch.

Adverse Rating Event means, with respect to any Class of Certificates, as of any date of determination, the qualification, downgrade or withdrawal of any rating then assigned to such Class of Certificates by either Rating Agency.

Examples of Adverse Rating Event in a sentence

• Any designated Person shall become the Special Servicer, subject to satisfaction of the other conditions set forth below, on the date that the Trustee shall have received written confirmation from all of the Rating Agencies that the appointment of such Person will not result in an Adverse Rating Event.

• Any Fiscal Agent shall at all times maintain a long-term unsecured debt rating of no less than "AA-" from S&P (or "A+" from S&P, if such Fiscal Agent's short-term unsecured debt rating is at least "A-1" by S&P) and "AA-" from Fitch (or, in the case of either Rating Agency, such other rating as shall not result in an Adverse Rating Event with respect to any Class of Certificates rated by such Rating Agency, as confirmed in writing by such Rating Agency).

• This undertaking shall not be waived, rescinded or otherwise modified without the written consent of each of the entities set forth in such Section 3.22(l) and written confirmation from each Rating Agency for the Rated Certificates to the effect that such waiver, rescission or other modification shall not result in an Adverse Rating Event with respect to any Class of Rated Certificates rated by such Rating Agency.

• Any Fiscal Agent shall at all times maintain a long-term unsecured debt rating of no less than "AA-" from S&P (or "A+" from S&P, if such Fiscal Agent's short-term unsecured debt rating is at least "A-1" by S&P) and "Aa3" from Xxxxx'x (or, in the case of either Rating Agency, such other rating as shall not result in an Adverse Rating Event with respect to any Class of Certificates rated by such Rating Agency, as confirmed in writing by such Rating Agency).

• Any Fiscal Agent shall at all times maintain a long-term unsecured debt rating of no less than "Aa3" from Xxxxx'x and "AA-" from S&P (or, in the case of either Rating Agency, such lower rating as will not result in an Adverse Rating Event (as confirmed in writing to the Trustee and the Depositor by such Rating Agency)).

More Definitions of Adverse Rating Event

Adverse Rating Event. With respect to any Class of Rated Bonds, as of any date determination, the qualification, downgrade or withdrawal of the rating then assigned thereto by any Rating Agency.

Adverse Rating Event. With respect to any Class of Rated Certificates and each Rating Agency that has assigned a rating thereto, as of any date of determination, the qualification, downgrade or withdrawal of the rating then assigned to such Class of Rated Certificates by such Rating Agency (or the placing of such Class of Rated Certificates on "negative credit watch" status in contemplation of any such action with respect thereto) and, solely with respect to matters affecting any Mortgage Loan Group that includes one or more Serviced Non-Pooled Pari Passu Companion Loans, with respect to such Mortgage Loan Group and any related class of Non-Pooled Pari Passu Companion Loan Securities and each Rating Agency that has assigned a rating thereto, as of any date of determination, the qualification, downgrade or withdrawal of the rating then assigned to such class of Non-Pooled Pari Passu Companion Loan Securities by such Rating Agency (or, in each case, the placing of such class on "negative credit watch" status in contemplation of any such action with respect thereto).

Adverse Rating Event means, (i) when used with respect to any Class of Certificates, as of any date of determination, the qualification, downgrade or withdrawal of any rating then assigned to such Class of Certificates by any Rating Agency and (ii) when used with respect to any Companion Loan Securities, as of any date of determination the qualification, downgrade or withdrawal of any rating then assigned by any Rating Agency to such Companion Loan Securities (but only if such Companion Loan Securities were issued in connection with the inclusion of a Serviced Pari Passu Companion Loan into a trust as part of a securitization).

Adverse Rating Event means, as of any date of determination, with respect to any Subclass of Securities that each Rating Agency has assigned a rating thereto, the qualification, downgrade or withdrawal of the rating then assigned to such Subclass of Securities by such Rating Agency (or the placing of such Subclass of Securities on negative credit watch or ratings outlook negative status in contemplation of any such action with respect thereto).

Adverse Rating Event shall have the meaning set forth in Section 8.35(a).

Adverse Rating Event means that the first to occur of (1) a downgrade in the rating accorded to the financial institution or the financial institution’s debt securities or long-term debt by any “nationally recognized statistical rating organization”(as defined by the Securities and Exchange Commission for purposes of Rule 436(g)(2) under the Securities Act of 1933, as amended) or (2) any such organization publicly announces that it has under surveillance or review, with possible negative implications, its rating of the financial institution or the financial institution’s debt securities or long-term debt.

Adverse Rating Event. With respect to any Class of Rated Certificates and each Rating Agency that has assigned a rating thereto, as of any date of determination, the qualification, downgrade or withdrawal of the rating then assigned to such Class of Rated Certificates by such Rating Agency (or the placing of such Class of Rated Certificates on "negative credit watch" status in contemplation of any such action with respect thereto) and, solely with respect to matters affecting the Marquis Apartments Loan Group, the Plaza La Cienega Loan Group or the Garden State Pavilion Loan Group and with respect to any class of Marquis Apartments Non-Pooled Mortgage Loan Securities, any class of Plaza La Cienega Non-Pooled Mortgage Loan Securities or any class of Garden State Pavilion Non-Pooled Mortgage Loan Securities and each Rating Agency that has assigned a rating thereto, as of any date of determination, the qualification, downgrade or withdrawal of the rating then assigned to such class of Marquis Apartments Non-Pooled Mortgage Loan Securities, Plaza La Cienega Non-Pooled Mortgage Loan Securities or Garden State Pavilion Non-Pooled Mortgage Loan Securities, as applicable, by such Rating Agency (or, in each case, the placing of such class on "negative credit watch" status in contemplation of any such action with respect thereto).