Level II Ratings Event definition

Level II Ratings Event means, at any time of determination, one or more of the following events has occurred and is continuing: (i) S&P’s credit rating for ExGen’s long-term senior unsecured and uncredit-enhanced debt securities is below BB, (ii) Moody’s credit rating for ExGen’s long-term senior unsecured and uncredit-enhanced debt securities is below Ba2, (iii) ExGen does not have a credit rating by S&P for its long-term senior unsecured and uncredit- enhanced debt securities or (iv) ExGen does not have a credit rating by Moody’s for its long- term senior unsecured and uncredit-enhanced debt securities.
Sample 1
Level II Ratings Event shall be deemed to have occurred, or to be in effect, at any time when the Parent has neither (i) a long-term “corporate family rating” of at least “B2” by Xxxxx’x, nor (ii) a long-term “corporate credit rating” of at least “B” by S&P.
Sample 1
Level II Ratings Event means, at any time of determination, one or more of the following events have occurred and are continuing: (i) the Parent’s Long Term Corporate Rating by S&P is below CCC+, (ii) the Parent’s Long Term Corporate Family Rating by Xxxxx’x is below Caa1 or (iii) the Parent does not have a Long Term Corporate Family Rating by at least one of S&P or Moody’s.
Sample 1

Examples of Level II Ratings Event in a sentence

  • The Servicer will promptly (but in any event if a Level II Ratings Event has occurred and is continuing, within two (2) Business Days unless such failure is solely a result of a Force Majeure Event) following receipt of any Collections that have been mailed to a Mail-Box, cause such Collections to be directly deposited in a Lock-Box Account that, if such date of determination is on or after the Post-Closing Date, is covered by an effective Lock-Box Agreement.

  • The Borrower (or the Servicer on its behalf), will promptly (but in any event if a Level II Ratings Event has occurred and is continuing, within two (2) Business Days unless such failure is solely a result of a Force Majeure Event) following receipt of any Collections that have been mailed to a Mail-Box, cause such Collections to be directly deposited in a Lock-Box Account that, if such date of determination is on or after the Post-Closing Date, is covered by an effective Lock-Box Agreement.


More Definitions of Level II Ratings Event

Level II Ratings Event means, at any time of determination, one or more of the following events have occurred and are continuing: (A) Columbus’ Long Term Corporate Rating by S&P is below B- or Columbus does not have a Long Term Corporate Family Rating by S&P or (B) Columbus’ Long Term Corporate Family Rating by Xxxxx’x is below B2 or Columbus does not have a Long Term Corporate Family Rating by Moody’s. I-21 Credit and Security Agreement 756752741 23728593
Sample 1
Level II Ratings Event means, at any time of determination, one or more of the following events has occurred and is continuing: (i) S&P’s credit rating for CEG’s long-term senior unsecured and uncredit-enhanced debt securities is below BB, (ii) Moody’s credit rating for CEG’s long-term senior unsecured and uncredit-enhanced debt securities is below Ba2, (iii) CEG
Sample 1
Level II Ratings Event means, at any time of determination, one or more of the following events has occurred and is continuing: (i) S&P's credit rating for ExGen's long-term senior unsecured and uncredit-enhanced debt securities is below BB, (ii) Moody's credit rating for ExGen's long-term senior unsecured and uncredit-enhanced debt securities is below Ba2, (iii) ExGen does not have a credit rating by S&P for its long-term senior unsecured and uncredit- enhanced debt securities or (iv) ExGen does not have a credit rating by Moody's for its long- term senior unsecured and uncredit-enhanced debt securities.
Sample 1
Level II Ratings Event means, at any time of determination, one or more of the following events have occurred and are continuing: (A) Columbus’ Long Term Corporate Rating by S&P is below B- or Columbus does not have a Long Term Corporate Family Rating by S&P or (B) Columbus’ Long Term Corporate Family Rating by Xxxxx’x is below B2 or Columbus does not have a Long Term Corporate Family Rating by Moody’s. “Lien” means any mortgage, deed of trust, pledge (including possessory or non- possessory pledge), security interest, hypothecation, charge, assignment, deposit arrangement, encumbrance, lien (statutory or other), preference, priority or other security agreement, preferential arrangement or similar agreement or arrangement of any kind or nature whatsoever, including any conditional sale or other title retention agreement and any assignment, deposit arrangement or lease intended as, or having the effect of, security and any filed financing statement or other notice of any of the foregoing (whether or not a lien or other encumbrance is created or exists at the time of the filing).
Sample 1

Related to Level II Ratings Event

  • Ratings Event means a downgrade by one or more gradations (including gradations within ratings categories as well as between rating categories) or withdrawal of the rating of the Notes within the Ratings Decline Period by two or more Rating Agencies (unless the applicable Rating Agency shall have put forth a written statement to the effect that such downgrade is not attributable in whole or in part to the applicable Change of Control) following which (except in the case of a withdrawal of a rating) the rating of the Notes by each such Rating Agency is below such Rating Agency’s rating of the Notes on the Issue Date.

  • S&P Rating means, at any time, the rating issued by S&P and then in effect with respect to the Borrower’s senior unsecured long-term public debt securities without third-party credit enhancement (it being understood that if the Borrower does not have any outstanding debt securities of the type described above but has an indicative rating from S&P for debt securities of such type, then such indicative rating shall be used for determining the “S&P Rating”).

  • Ratings Decline Period means the period that (i) begins on the earlier of (a) the date of the first public announcement of the occurrence of a Change of Control and (b) the occurrence of a Change of Control and (ii) ends 90 days following consummation of such Change of Control; provided that such period shall be extended for so long as the rating of the Notes, as noted by the applicable Rating Agency, is under publicly announced consideration for downgrade by the applicable Rating Agency.

  • Applicable Rating Level at any time shall be determined in accordance with the then-applicable S&P Rating or the then-applicable Xxxxx’x Rating as follows: S&P Rating/Xxxxx’x Rating Applicable Rating Level S&P Rating AA or higher or Xxxxx’x Rating Aa2 or higher 1 S&P Rating AA- or Xxxxx’x Rating Aa3 2 S&P Rating A+ or Xxxxx’x Rating A1 3 S&P Rating A or Xxxxx’x Rating A2 4 S&P Rating A- or below or Xxxxx’x Rating A3 or below or unrated 5 The Applicable Rating Level for any day shall be determined based upon the higher of the S&P Rating and the Xxxxx’x Rating in effect on such day. If the S&P Rating and the Xxxxx’x Rating are not the same (i.e., a “split rating”), the higher (better) of such ratings shall control, unless the ratings differ by more than one level, in which case the rating one level below the higher of the two ratings shall control.

  • Xxxxx’x Rating means, at any time, the rating issued by Xxxxx’x and then in effect with respect to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement.

  • Debt Rating has the meaning specified in the definition of “Applicable Rate.”