Credit Entity definition
Credit Entity means any Person that immediately following such assignment or subletting and having given effect thereto will have a publicly traded unsecured senior debt rating of “Baa3” or better from M▇▇▇▇’▇ or a rating of “BBB-” or better from S&P and is not on “Negative Credit Watch” by S&P or M▇▇▇▇’▇ (or, if such Person does not then have rated debt, a determination that by either of such rating agencies its unsecured senior debt would be so rated by such agency), and in the event both such rating agencies cease to furnish such ratings, then a comparable rating by any rating agency acceptable to Landlord and Lender.
Credit Entity means any Person that immediately following such subletting and having given effect thereto will have a publicly traded unsecured senior debt rating of "Baa1" or better from ▇▇▇▇▇'▇ or a rating of "BBB+" or better from S&P (or, if such Person does not then have rated debt, a determination that by either of such rating agencies its unsecured senior debt would be so rated by such agency and will not be on "Negative Credit Watch"), and in the event both such rating agencies cease to furnish such ratings, then a comparable rating by any rating agency acceptable to Landlord and Lender.
Credit Entity means any person that immediately following such assignment and having given effect thereto will have a publicly traded unsecured senior debt rating of "Baa2" or better from ▇▇▇▇▇'▇ Investor's Services, Inc. or a rating of "BBB" or better from Standard & Poor's Corporation (or comparable ratings from successor rating agencies) (or, if such Person does not then have rated debt, a determination that by either of such rating agencies its unsecured senior debt would be so rated by such agency);
Examples of Credit Entity in a sentence
Notwithstanding the foregoing, Tenant shall have the right in a single transaction or a series of related transactions to sell or convey all or substantially all of its assets to a Person if the following conditions are met: (i) the assignment is to a Credit Entity or is otherwise expressly permitted (without the consent of Landlord) under the Lease and is otherwise in accordance with Paragraph 21 of the Lease; and (ii) this Lease is assigned to such Person.
As used herein, a "Credit Entity" shall mean any person that immediately following such assignment and having given effect thereto will have a publicly traded unsecured senior debt rating of "Baa2" or better from ▇▇▇▇▇'▇ Investor's Services, Inc.
In addition, notwithstanding anything to the contrary contained in this Paragraph 21, Tenant shall not have the right assign this Lease (voluntarily or involuntarily, whether by operation of law or otherwise), or sublet any of the Leased Premises to any Person (including any Affiliate or Credit Entity) at any time that an Event of Default beyond any applicable notice and cure period shall have occurred and then be continuing under this Lease.
Landlord shall deliver a subordination, non-disturbance and attornment agreement in respect of any sublease of the Leased Premises to a Credit Entity, in form and substance reasonably satisfactory to Landlord.
With respect to any assignment to an Affiliate or Credit Entity or Preapproved Sublet, Tenant shall provide to Landlord information reasonably required by Landlord to establish that the Person involved in any such proposed assignment or sublet satisfies the criteria set forth in this Lease.
More Definitions of Credit Entity
Credit Entity means any Person that qualifies under at least one of the following clauses (x) or (y) immediately after the effectiveness of the Parent Change of Control (giving effect thereto) or at such other time as contemplated under Section 16 hereof: (x) as determined by US GAAP on a consolidated basis with such Person’s consolidated Subsidiaries, such Person shall have (1) a tangible net worth of no less than $300,000,000, (2) a Coverage Ratio of no less than 3.5 to 1.0 and (3) a Lease Adjusted Leverage Ratio of no greater than 4.5 to 1.0; or (y) the rating assigned to the senior unsecured long term indebtedness of such Person by Standard & Poor’s is “BB” or higher or such indebtedness is assigned a comparable rating by any rating agency reasonably acceptable to Landlord. For purposes of Section 16 or any Parent Change of Control, the calculations determining whether such Person is a Credit Entity shall be performed, if applicable, on a pro forma basis, giving effect to the transaction triggering the application of the calculation and to any other acquisition or disposition entered into by such Person during the relevant 12-month period (including pro forma adjustments arising out of events which are directly attributable to any acquisition or disposition of assets, are factually supportable and are expected to have a continuing impact) as if such acquisition or disposition (and any related incurrence, repayment or assumption of indebtedness or lease obligations) had occurred on the first day of the relevant 12-month period.
Credit Entity means (i) any Person that immediately following such assignment or subletting and having given effect thereto will have an Investment Grade Rating and (ii) any Person that is and continues for the balance of the Term to be a member of the Tenant Group.
Credit Entity means, with respect to a Series of Bonds or a maturity of such Series, a commercial bank, a bond insurance company, any other financial institution or combination of such financial institutions or governmental entity which issues a Credit Facility for such Series of Bonds or maturities but only while such Credit Facility is outstanding or Reimbursement Obligations or Junior Lien Reimbursement Obligations or other amounts are outstanding under any written agreement with a Credit Entity pursuant to which a Credit Facility is issued.
Credit Entity means any Person that immediately following such assignment or subletting and having given effect thereto will have a publicly traded unsecured senior debt rating of “Baa2” or better from ▇▇▇▇▇’▇ or a rating of “BBB” or better from S&P (or, if such Person does not then have rated debt, a determination that by either of such rating agencies its unsecured senior debt would be so rated by such agency and will not be on “Negative Credit Watch”), and in the event both such rating agencies cease to furnish such ratings, then a comparable rating by any rating agency acceptable to Landlord and Lender. To the extent a permitted Asset Transfer requires a bifurcation of this Lease into two leases, one for each Related Premises (each a “Bifurcated Lease”), this Lease shall be bifurcated at Tenant’s Cost, and the Basic Rent under each such Bifurcated Lease shall be allocated between each of the Related Premises as provided in Exhibit F of this Lease. Notwithstanding anything to the contrary contained in this Lease, in the event that an Asset Transfer shall result in Landlord being required to defease the Loan on any date after the Final Assumption Order Date, Tenant shall pay and reimburse Landlord for all Costs in connection with such defeasance.
Credit Entity means any Person engaged in a business or activity in which it qualifies under at least one of the following subsections (x) or (y), each as determined in accordance with GAAP immediately after the effectiveness of the proposed Parent Change of Control (giving effect thereto) and on a consolidated basis with such Person’s consolidated Subsidiaries: (x) such Person has maintained at all times during the immediately preceding eighteen-month period (1) a tangible net worth of no less than $300,000,000, (2) a ratio of total debt to Consolidated EBITDA of less than 3.7 to 1.0, and (3) a ratio of total debt to equity of less than 1.5 to 1.0; or (y) the rating assigned to the senior unsecured long term indebtedness of such Person by Standard & Poor’s is “BB” or higher, or a comparable rating by any rating agency reasonably acceptable to Landlord.
Credit Entity means any Person that immediately following such assignment and having given effect thereto will have (i) a publicly traded unsecured senior debt rating of "A2" or better from Moody's or a rating of "A" or better from S&P, and in the event both ▇▇▇▇ ▇▇ting agencies cease to furnish such ratings, then a comparable rating by any rating agency acceptable to Landlord and Lender, and (ii) a net worth of not less than Three Billion ($3,000,000,000) Dollars.
Credit Entity means any Person that has a publicly traded unsecured debt rating of “Baa” or better from Moody’s or a rating of “BBB” or better from S&P (or, if such Person does not then have publicly traded rated debt, a determination by either of such rating agencies that its unsecured senior debt would be so rated by such agency and will not be on “negative Credit Watch), and in the event both such rating agencies cease to furnish such ratings, then a comparable rating by any rating agency acceptable to Landlord.