CFR Rating definition
CFR Rating means the corporate family rating of the Borrower in effect on the date of determination with respect to the setting of pricing and allocation of the Senior Credit Facilities as determined by either or both of S&P or Moody’s (collectively, the “ CFR Ratings ”) after January 1, 2018 and giving effect to the Transactions; provided that (a) if the respective CFR Ratings issued by the foregoing rating agencies differ by one level, then the higher of such CFR Ratings shall apply (with the CFR Rating for Level 1 being the highest and the CFR Rating for Level 3 being the lowest); (b) if there is a split in CFR Ratings of more than one level, then the Level that is one level lower than the Level of the higher CFR Rating shall apply; (c) if the Borrower has only one CFR Rating or does not have any CFR Rating, Level 3 shall apply. The Levels for the CFR Rating shall be: