Credit Downgrade definition

Credit Downgrade means a downgrade of the credit rating of any unsecured indebtedness of the Company or any Material Subsidiary or a negative change in the outlook of such credit rating of the Company or any of its Material Subsidiaries.

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Credit Downgrade occurs when the Borrower receives a rating for its long term, unsecured and unsubordinated indebtedness that is below A- by Standard and Poor’s Ratings Group, or its successor (“S&P”), or below A3 by ▇▇▇▇▇’▇ Investors Service, Inc., or its successor (“Moody’s”), or, if either S&P or Moody’s ceases to rate such debt, an equivalent or lower rating by a substitute rating agency mutually agreed upon by the Lender and the Borrower.

Credit Downgrade occurs when Borrower receives ratings for its long term, unsecured and unsubordinated indebtedness below BBB+ by Standard and Poor’s Ratings Group, or its successor (“S&P”), and below Baa1 by ▇▇▇▇▇’▇ Investors Service, Inc., or its successor (“Moody’s”); provided, if one of S&P or Moody’s ceases to rate such debt, Credit Downgrade occurs when Borrower receives a rating for such indebtedness that is below BBB+ by S&P or below Baa1 by Moody’s; provided further, if both S&P and Moody’s cease to rate such debt, Credit Downgrade occurs when Borrower receives an equivalent or lower rating for such indebtedness by a substitute rating agency mutually agreed upon by Lender and Borrower.

Examples of Credit Downgrade in a sentence

In the event of a Credit Downgrade, Party A may, within ten days, at its own expense, arrange for one or more Replacement Above-Cap Liquidity Providers to enter into and deliver to Party B a Replacement Above-Cap Liquidity Facility for the Above-Cap Liquidity Facility.
In the event of a Credit Downgrade or an Event of Default specified in Section 5(a)(iii)(2) of the Agreement, Party A may, within ten days, at its own expense, arrange for one or more Replacement Above-Cap Liquidity Providers to enter into and deliver to Party B a Replacement Above-Cap Liquidity Facility for the Above-Cap Liquidity Facility.
Within 30 days of an occurrence of a Credit Downgrade, Lender may deliver a written notice to Borrower (the “Assignment Notice”) requesting that the Borrower assign its rights and obligations under this Agreement to a financial institution reasonably acceptable to Borrower and Lender (the “Assignee”).
If at any time all of the agencies specified herein with respect to a party have become Discontinued Agencies and Party A and Party B have not previously agreed in good faith on at least one agency and equivalent rating in substitution for a Discontinued Agency and the applicable rating thereof, the Credit Downgrade provision of Part 1(l) of this Agreement shall cease to apply to the parties.
Credit Downgrade ---------------- The Chief Financial Officer shall be notified immediately if any investment that met the criteria of this policy at the time of purchase is subsequently downgraded by Standard & Poor's, Moody's or an equivalent rating agency.

More Definitions of Credit Downgrade

Credit Downgrade means the LYON▇ ▇▇▇ downgraded one notch by either Standard & Poor's, a division of the McGr▇▇-▇▇▇▇ ▇▇▇panies (from B+ to B), or Mood▇'▇ ▇▇▇estors Services, Inc. (from Ba3 to B1).

Credit Downgrade occurs when either (i) Standard & Poor’s Ratings Services, a division of the M▇▇▇▇▇-▇▇▇▇ Companies, Inc., (“S&P”) and M▇▇▇▇’▇ Investor Services (“Moody’s”) rates the creditworthiness of J▇▇▇▇▇▇▇▇ Group, Inc.’s long term unsecured and unsubordinated debt or deposit obligations at BBB or below for S&P and at Baa2 or below for Moody’s or (ii) S&P or Moody’s rates creditworthiness of J▇▇▇▇▇▇▇▇ Group, Inc.’s long term unsecured and unsubordinated debt or deposit obligations at BBB- or below for S&P and at Baa3 or below for Moody’s, or, if either S&P or Moody’s ceases to rate such debt, an equivalent or lower rating by a substitute rating agency mutually agreed upon by the Lender and the Borrower.

Credit Downgrade has the meaning specified in Section 8.8(b).

Credit Downgrade occurs upon any of (i) Standard & Poor’s Ratings Services, a division of the ▇▇▇▇▇▇-▇▇▇▇ Companies, Inc. (“S&P”), rates the creditworthiness of Guarantor’s long term unsecured and unsubordinated debt or deposit obligations at BBB or below, (ii) ▇▇▇▇▇’▇ Investor Services (“Moody’s”) rates the creditworthiness of Guarantor’s long term unsecured and unsubordinated debt or deposit obligations Baa2 or below, or (iii) if either S&P or Moody’s ceases to rate such debt, an equivalent or lower rating by a substitute rating agency mutually agreed upon by the Lender and the Borrower.

Credit Downgrade in respect of any Above-Cap Liquidity Provider, has the meaning specified in its applicable Above-Cap Liquidity Facility. "Credit Support Event", in respect of any Above-Cap Liquidity Provider, has the meaning specified in its applicable Above-Cap Liquidity Facility.

Credit Downgrade has the meaning specified in the Above-Cap Liquidity Facility.

Credit Downgrade means with respect to Buyer, the failure to maintain the Buyer’s Minimum Credit Requirement.