Implied Debt Rating definition
Implied Debt Rating means the rating assigned by S&P to the ------------------- Borrower's unsecured "implied senior debt" from time to time, as reported by S&P pursuant to a report or notification in writing issued by S&P, and as reported by Moody's pursuant to a notification in writing issued by Moody's.
Implied Debt Rating means the rating assigned by S&P to Parent's "implied senior debt" from time to time, as notified to Parent by S&P in a letter issued by S&P, or, if such rating is unavailable, the equivalent rating assigned by ▇▇▇▇▇'▇ to Parent's "implied senior debt", as notified in writing to Parent by ▇▇▇▇▇'▇. For purposes of this Agreement, the following is the equivalent rating by ▇▇▇▇▇'▇ for each rating by S&P: S&P ▇▇▇▇▇'▇ ---- ------- BB- Ba3 BB Ba2 BB+ Ba1 BBB- Baa3 BBB Baa2
Implied Debt Rating means, as of any date, one level lower than the lowest of (i) the rating that has been most recently announced by either S&P or ▇▇▇▇▇'▇, as the case may be, for any class of non-credit enhanced senior secured debt of Mass. Electric, (ii) the rating that has most recently been announced by either S&P or ▇▇▇▇▇'▇, as the case may be, for any class of non-credit enhanced senior secured debt of Narra Electric and (iii) the rating that has most recently been announced by either S&P or ▇▇▇▇▇'▇, as the case may be, for any class of non-credit enhanced senior secured debt of NEP or, if no such rating exists, for any class of non-credit enhanced senior debt of NEP. For purposes of the foregoing, (a) if only one of S&P and ▇▇▇▇▇'▇ shall have in effect a senior secured debt rating or senior debt rating, as applicable, the Applicable Margin and the Applicable Percentage shall be determined by reference to the available rating; (b) if neither S&P nor ▇▇▇▇▇'▇ shall have in effect any rating described in the preceding clauses (i), (ii) or (iii), the Applicable Margin and the Applicable Percentage will be set in accordance with Level 6 under the definition of "Applicable Margin" or "Applicable Percentage", as the case may be; (c) if the ratings established by S&P and ▇▇▇▇▇'▇ shall fall within different levels, the Applicable Margin and the Applicable Percentage shall be based upon the lower rating; (d) if any rating established by S&P or ▇▇▇▇▇'▇ shall be changed, such change shall be effective as of the date on which such change is first announced publicly by the rating agency making such change; and (e) if S&P or ▇▇▇▇▇'▇ shall change the basis on which ratings are established, each reference to a rating announced by S&P or ▇▇▇▇▇'▇, as the case may be, shall refer to the then equivalent rating by S&P or ▇▇▇▇▇'▇, as the case may be.
Examples of Implied Debt Rating in a sentence
Within two Business Days after receipt thereof by any Loan Party, copies of each notice from S&P (or ▇▇▇▇▇'▇, if S&P has ceased to provide Implied Debt Ratings) indicating any change in the Implied Debt Rating.
From and after the date on which it shall have obtained an Implied Debt Rating, no less frequently than once during every Fiscal Year, obtain from S&P (or, if unavailable, from ▇▇▇▇▇'▇) an update of the Implied Debt Rating and deliver a letter to the Agents from S&P (or ▇▇▇▇▇'▇, as the case may be) advising the Agents of the current Implied Debt Rating.
As promptly as practicable and in any event ------------------- within five Business Days after receipt thereof, copies of each notice received from S&P or ▇▇▇▇▇'▇ assigning an Implied Debt Rating or a change in any Implied Debt Rating.
More Definitions of Implied Debt Rating
Implied Debt Rating means, with respect to any Debt Rating, one “notch” above such Debt Rating. For example, if a Debt Rating by S&P is BB, the Implied Debt Rating shall be BB+. [Date] Citicorp North America, Inc., as Administrative Agent for the Lenders and Issuing Lenders party to the Credit Agreement referred to below Attention: [ ] Fax: [ ] Ladies and Gentlemen: The undersigned, Edison Mission Energy (the “Borrower”), refers to the Credit Agreement dated as of June 15, 2006, as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, (the “Credit Agreement”), among the Borrower, Citicorp North America, Inc., as Administrative Agent, the various financial institutions as are, or shall from time to time become, parties thereunder, and the Issuing Lenders party thereto. The terms defined in the Credit Agreement are used herein as defined therein. Pursuant to Section 2.3(a) of the Credit Agreement, the undersigned hereby requests a Borrowing of Loans under the Credit Agreement (the “Proposed Borrowing”), as follows:
Implied Debt Rating means, at any time, one level lower than the lowest of (i) the senior secured debt rating by Moody's Investors Service, Inc. ("Moody's") or Standard & Poor's, a division of The McGraw-Hill Companies, Inc. ("S&P"), of Massachusetts Electric Company ("Mass. Electric"), (ii) the senior secured debt rating by Moody's or S&P of The Narragansett Electric Company ("Narra Electric") and (iii) the senior secured debt rating by Moody's or S&P of New England Power Company ("NEP") so long as NEP has a senior secured debt rating and otherwise the senior debt rating of NEP by Moody's or S&P. During the continuance of any Default (to be defined in the loan documentation) under the loan documentation, the Applicable Margin shall increase by 2% per annum.
Implied Debt Rating means, at any date of determination, the "implied" statistical rating that has been most recently assigned by either S&P or ▇▇▇▇▇'▇ to any class of long term senior secured debt issued by the Borrowers. For purposes of the foregoing:
Implied Debt Rating means the implied rating of the Borrower's senior Indebtedness from either S&P or Moody's.
Implied Debt Rating means, at any date of determination, the "implied" statistical rating that has been most recently assigned by either S&P or Moody's to any class of long term senior secured debt issued by the Borrowers. For purposes of the foregoing: