Credit Status 1 definition

Credit Status 1 shall exist upon the occurrence of the higher of a rating by S&P of Gannett’s senior unsecured long-term debt of at least A+ or a rating by Moody’s of Gannett’s senior unsecured long-term debt of at least A1.
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Credit Status 1 shall exist upon the occurrence of the higher of a rating by S&P of the Borrower’s senior unsecured long-term debt of at least A- or a rating by ▇▇▇▇▇’▇ of the Borrower’s senior unsecured long-term debt of at least A3.
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Credit Status 1 shall exist upon the occurrence of the higher of a rating by S&P of the Borrower’s senior unsecured long-term debt of at least A- or a rating by ▇▇▇▇▇’▇ of the Borrower’s senior unsecured long-term debt of at least A3. “Credit Status 2”: shall exist upon the occurrence of the higher of a rating by S&P of the Borrower’s senior unsecured long-term debt of at least BBB+ but lower than A- or a rating by ▇▇▇▇▇’▇ of the Borrower’s senior unsecured long-term debt of at least Baa1 but lower than A3.
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More Definitions of Credit Status 1

Credit Status 1 shall exist upon the occurrence of the higher of a rating by S&P of Gannett's senior unsecured long-term debt of at least A or a rating by ▇▇▇▇▇'▇ of Gannett's senior unsecured long-term debt of at least A2. In determining whether Credit Status 1 or Credit Status 2 shall apply in any circumstance, if the applicable ratings by S&P and ▇▇▇▇▇'▇ differ, the higher of the two ratings will be determinative, unless the applicable ratings by S&P and ▇▇▇▇▇'▇ are more than one level apart, in which case the Credit Status one level below the higher rating will be determinative. In the event that Gannett's senior unsecured long-term debt is rated by only one of S&P and ▇▇▇▇▇'▇, then that single rating shall be determinative.
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Credit Status 1 shall exist upon the occurrence of the higher of a rating by Standard & Poor's Corporation of Gannett's senior unsecured long-term debt of at least AA- or a rating by ▇▇▇▇▇'▇ Investors Service, Inc. of Gannett's senior unsecured long-term debt of at least Aa3. Credit Status 1 shall exist upon the satisfaction of one or the other of the foregoing minimum rating thresholds and no other Credit Status shall be deemed to coexist, notwithstanding that the lower of the two ratings may fall within the range of ratings specified in Credit Status 2, Credit Status 3 or Credit Status 4.
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Related to Credit Status 1

  • Proof of B-BBEE status level of contributor means the B-BBEE status level certificate issued by an authorized body or person

  • Status Quo means the arrangements in place prior to the Dispute arising. This includes the performance, operation and management of all work and rates of pay and allowances. Total Cost of Work means the total value of the project declared to QLeave or NT Build.

  • Revolving Loan Termination Date means the earlier of (a) the fifth anniversary of the Funding Date and (b) the date of termination in whole of the Aggregate Revolving Loan Commitment pursuant to Section 2.05(a) or Section 9.01 hereof.

  • REIT Status means, with respect to any Person, (a) the qualification of such Person as a real estate investment trust under the provisions of Sections 856 et seq. of the Code and (b) the applicability to such Person and its shareholders of the method of taxation provided for in Sections 857 et seq. of the Code.

  • B-BBEE status level of contributor means the B-BBEE status of an entity in terms of a code of good practice on black economic empowerment, issued in terms of section 9(1) of the Broad-Based Black Economic Empowerment Act;