Private Letter Rating definition

Private Letter Rating means a letter delivered by a Rating Agency with respect to the Notes that includes the following elements:
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Private Letter Rating means a private letter rating from a Rating Agency which (a) is in the form and include descriptive elements required by the SVO from time to time (including (i) identifying the Notes by their Private Placement Number issued by Standard & Poor’s CUSIP Bureau Service and (ii) addressing the likelihood of payment of both principal and interest; provided that such requirement may be deemed satisfied if the rating is silent as to such likelihood and does not otherwise include an indication to the contrary), (b) does not include any prohibition on sharing such evidence with the SVO or any other regulatory authority having jurisdiction over the holders of Notes and (c) is delivered by the Company to the holders of Notes at least annually and promptly upon any change in such rating.
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Private Letter Rating. With respect to a Person, the rating issued from time to time by a Rating Agency (or in the event that the Borrower obtains a rating from two or more nationally recognized rating agencies, the lowest of the ratings issued from time to time by two or more of such rating agencies (at least one of which shall be a Rating Agency)) as is applicable to the most recently issued privately placed unsecured long-term debt issuance of such Person that remains outstanding; provided that each of such ratings shall be equal to or more favorable than BBB-with respect to a rating issued by Standard & Poors Corporation, Baa3 in the case of a rating issued by Mood▇'▇ ▇▇▇estor Service, Inc., or a comparable rating as reasonably determined by the Agent in the case of a rating issued by another rating agency.
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Examples of Private Letter Rating in a sentence

  • The Notes shall have been given a Rating Letter of not less than “AAA” by ▇▇▇▇▇ prior to the date of issuance thereof and evidence of such will have been provided to the Purchasers (which shall include the information described in Section 9.8 and shall include the related Private Letter Rating Rationale Report with respect to such rating).

  • On any date that (a) the lower of the Implied Ratings issued from time to time by either of the Rating Agencies for the Borrower is an Investment Grade Rating or (b) the Borrower has a Private Letter Rating, the Applicable Margin for Eurodollar Rate Loans shall be one and one-fifth percent (1.20%).

  • The failure of any Lender to perform any of its obligations under this Loan Agreement or the other Loan Documents, including, without limitation, the failure of a Lender to pay to the Agent any amounts due to the Agent under this Agreement, shall not relieve any other Lender of its obligations under this Loan Agreement or the other Loan Documents.

  • The Notes shall have been given a Rating Letter of not less than “AAA” by Kroll prior to the date of issuance thereof and evidence of such will have been provided to the Purchasers (which shall include the information described in Section 9.8 and shall include the related Private Letter Rating Rationale Report with respect to such rating).

  • On any date that the lower of the Implied Ratings for the Borrower is not an Investment Grade Rating, or the Borrower has not obtained an Investment Grade Rating from either of the Rating Agencies, or the Borrower does not have a Private Letter Rating, the Applicable Margin for Eurodollar Rate Loans shall be one and three-eighths percent (1.375%).

  • As used in this Section the term "RATED" means publicly rated (or, if not publicly rated, having an Implied Rating or Private Letter Rating).

  • The Company will, at any time during which (a) (i) the Company’s rating is A- or better by S&P or the equivalent rating by any other Rating Agency, (ii) the Notes do not then have a Private Letter Rating from a Rating Agency and (iii) the Securities Valuation Office of the National Association of Insurance Stericycle, Inc.

  • The Company will, at any time during which (a) (i) the Company’s rating is A- or better by S&P or the equivalent rating by any other Rating Agency, (ii) the Notes do not then have a Private Letter Rating from a Rating Stericycle, Inc.