Baa2 definition
Baa2 or higher by Moody's with respect to any outstanding long-term unsecured unsubordinated debt, and, in the case of a successor Trustee or successor Securities Administrator other than pursuant to Section 10.10, rated in one of the two highest long-term debt categories of, or otherwise acceptable to, each of the Rating Agencies. The Trustee shall not be an Affiliate of the Master Servicer. If the Trustee publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 10.06 the combined capital and surplus of such corporation shall be deemed to be its total equity capital (combined capital and surplus) as set forth in its most recent report of condition so published. In case at any time the Trustee or the Securities Administrator, as applicable, shall cease to be eligible in accordance with the provisions of this Section 10.06, the Trustee or the Securities Administrator shall resign immediately in the manner and with the effect specified in Section 10.08.
Baa2 or higher by Moody's with respect to any outstanding long-term unsecured unsubordinated debt, and, in the case of a successor Trustee other than pursuant to Section 9.10, rated in one of the two highest long-term debt categories of, or otherwise acceptable to, each of the Rating Agencies. If the Trustee publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 9.06 the combined capital and surplus of such corporation shall be deemed to be its total equity capital (combined capital and surplus) as set forth in its most recent report of condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 9.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 9.
Baa2 or higher by Moody's with respect to any outstanding long-term unsecured unsubordinated debt, and, in the case of a successor Grantor Trustee other than pursuant to Section 7.10, rated in one of the two highest long- term debt categories of, or otherwise acceptable to, each of the Rating Agencies. If the Grantor Trustee publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 7.06 the combined capital and surplus of such corporation shall be deemed to be its total equity capital (combined capital and surplus) as set forth in its most recent report of condition so published. In case at any time the Grantor Trustee shall cease to be eligible in accordance with the provisions of this Section 7.06, the Grantor Trustee shall resign immediately in the manner and with the effect specified in Section 7.
Examples of Baa2 in a sentence
If not so specified, the Custodian shall be a commercial bank or trust company which is unaffiliated with Party B organized under the laws of the United States or any state thereof, having assets of at least $10 billion and a long term debt or a deposit rating of at least Baa2 from Moody's and A from S&P.
The Trustee hereunder shall at all times be a bank or other depository institution doing business under the laws of the United States or any state thereof, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $100,000,000 and subject to supervision or examination by federal or state authority and rated at least BBB by Standard & Poor's and Baa2 by Moody's.
A credit rating of BBB from S&P or Fitch is equivalent to a credit rating of Baa2 from ▇▇▇▇▇’▇ and vice versa.
A credit rating of BBB from S&P is equivalent to a credit rating of Baa2 from ▇▇▇▇▇’▇ and vice versa.
Credit Limit to be calculated as the lesser of the % of TNW and credit limit cap below S&P ▇▇▇▇▇’▇ Fitch A.M. Best % Credit Limit Cap A- and above A3 and above A- and above aaa 16% of TNW $60,000,000 BBB+ Baa1 BBB+ aa 10% of TNW $40,000,000 BBB Baa2 BBB a 8% of TNW $30,000,000 BBB- Baa3 BBB- bbb 6% of TNW $15,000,000 Below BBB- Below Baa3 Below BBB- Below bbb 0% of TNW 0 where TNW is the Tangible Net Worth.
More Definitions of Baa2
Baa2 by ▇▇▇▇▇'▇; and
Baa2. ["A3"]* (or its equivalent) by Moody's, or
Baa2 or higher by Moody's with respect to any outstanding long-term unsecured unsubordinated debt, and, in the case of a successor Trustee other than pursuant to Section 9.10, rated in one of the two highest long-term debt categories of, or otherwise acceptable to, each of the Rating Agencies and the Certificate Insurer (which consent shall not be unreasonably withheld). The Trustee shall not be an Affiliate of the Master Servicer. If the Trustee publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 9.06 the combined capital and surplus of such corporation shall be deemed to be its total equity capital (combined capital and surplus) as set forth in its most recent report of condition so published. In case at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section 9.06, the Trustee shall resign immediately in the manner and with the effect specified in Section 9.08.
Baa2. 360 “Caa3” 8070 “Baa3” 610 “Ca” or lower 10000 Any Loan Asset issued or guaranteed by the U.S. government or any agency or instrumentality thereof is assigned a ▇▇▇▇▇’▇ Rating Factor of 1.
Baa2 by Moody's and "BBB" by S&P. Rating as of Closing: Underlying Securitie▇ ▇▇▇▇: Book-entry security with DTC. EXHIBIT A Standard Terms for Trust Agreements (begins on next page) STANDARD TERMS FOR TRUST AGREEMENTS between MERRILL LYNCH DEPOSITOR, INC., as ▇▇▇▇▇▇▇o▇, and UNITED STATES TRUST COMPANY OF NEW YORK, as Trustee and as Securities Intermediary TRUST CERTIFICATES Dated as of February 20, 1998 Reconciliation and tie between the Standard Terms, dated as of February 20, 1998, and the Trust Indenture Act of 1939, as amended. This reconciliation and tie does not constitute part of the Standard Terms. ================================================================================ Trust Indenture Act Standard of 1939 Section Terms Section -------------------------------------------------------------------------------- 310(a)(1) 7.07 -------------------------------------------------------------------------------- (a)(2) 7.07 -------------------------------------------------------------------------------- (a)(5) 7.07 -------------------------------------------------------------------------------- 312(a) 7.14 -------------------------------------------------------------------------------- 313(a) 7.16 -------------------------------------------------------------------------------- 314(a) 3.10 -------------------------------------------------------------------------------- (c)(1) 1.03 -------------------------------------------------------------------------------- (c)(2) 1.03 -------------------------------------------------------------------------------- (e) 1.03 -------------------------------------------------------------------------------- 315(a)(1) 7.01 -------------------------------------------------------------------------------- 315(a)(2) 7.03 -------------------------------------------------------------------------------- 315(b) 7.01(d) -------------------------------------------------------------------------------- 315(d) 7.01(c) -------------------------------------------------------------------------------- 316(a)(1)(A) 5.19 -------------------------------------------------------------------------------- (a)(1)(B) 5.20 -------------------------------------------------------------------------------- (b) 5.21 -------------------------------------------------------------------------------- (c) 1.03(b) -------------------------------------------------------------------------------- 317(a)(1) 5.18 --------------------------------------------------------...
Baa2 or higher by Moody's with respect to any outstanding long-term unsecured unsubordinated debt, and, in the case of a successor Grantor Trustee, successor Paying Agent or successor Certificate Registrar other than pursuant to Section 7.10, rated in one of the two highest long-term debt categories of, or otherwise acceptable to, each of the Rating Agencies. If the Grantor Trustee, the Paying Agent or the Certificate Registrar publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 7.06 the combined capital and surplus of such corporation shall be deemed to be its total equity capital (combined capital and surplus) as set forth in its most recent report of condition so published. In case at any time the Grantor Trustee, the Paying Agent or the Certificate Registrar shall cease to be eligible in accordance with the provisions of this Section 7.06, the Grantor Trustee, the Paying Agent or the Certificate Registrar shall resign immediately in the manner and with the effect specified in Section 7.08.
Baa2 by Moody's; and