Qualified Rating definition
Qualified Rating means the issuance of an insurance company long-term, financial strength rating from one or more of the Major Rating Agencies that remains in effect, that has not been suspended or withdrawn, and that was issued as a result of the full interactive ratings review process (including interviews with senior management) by the Major Rating Agency in question. (Use of the modifiers "Q" or "Pi" by S&P or any similar indication that a rating is a "qualified" or "limited" rating by any other of the Major Rating Agencies means that the rating does not constitute a "Qualified Rating" for purposes of this Agreement.)
Qualified Rating means a public or private rating of the Senior Indebtedness of the Company or the Indebtedness under this Agreement or an implied rating of any Indebtedness of the Company senior to the Subordinated Indebtedness of the Company obtained from a Qualified Rating Agency. A Qualified Rating must be one of the following:
Qualified Rating means a rating who is qualified either to be part of a navigational watch or an engine room watch in accordance with the STCW - 78/95 Convention, regulation II/4 or III/4;
Examples of Qualified Rating in a sentence
However, if the Borrower receives a BBB/Baa 3 rating from a Qualified Rating Agency, then the foregoing percentage shall be increased from fifteen percent (15%) to twenty percent (20%).
If the Company shall at any time fail to have at least one Qualified Rating from either S&P or ▇▇▇▇▇’▇ pursuant to the first sentence above, the Company shall immediately notify the Administrative Agent of such failure.
If such rating changes or such Debt is no longer rated by a Qualified Rating Agency at any time, Credit Parties must notify Lenders within two (2) Business Days of such change, and the Margin shall be recalculated and shall be effective two (2) days after such change in ratings.
The Margin, for purposes of calculating the LIBOR Rate, shall be equal to the amount set forth in the table below: Published Debt Rating Margin Less than BBB- / Baa3 or unrated by a Qualified Rating Agency 150 Equal to BBB- / Baa3 110 Equal to or greater than BBB / Baa2 100 If more than one rating is obtained, the highest rating from a Qualified Rating Agency will be used for purposes of determining the Margin.
A Qualified Rating means a long-term debt rating or a long-term, bank issuer rating that remains in effect and has not been suspended or withdrawn.
More Definitions of Qualified Rating
Qualified Rating means the issuance of an insurance company long-term, financial strength rating from one or more of the Major Rating Agencies that remains in effect, that has not been suspended or withdrawn, and that was issued as a result of the full interactive ratings review process (including interviews with senior management) by the Major Rating Agency in question. (Use of the modifiers “Q” or “Pi” by S&P or any similar indication that a rating is a “qualified” or “limited” rating by any other of the Major Rating Agencies means that the rating does not constitute a “Qualified Rating” for purposes of this Agreement.) If at any point in the future during the term of this Agreement, either THE REINSURER does not maintain its status as a licensed or accredited reinsurer under the applicable laws and regulations of New Jersey as specified in clause (1) above, or THE REINSURER no longer has in effect a qualified rating as specified in clause (2) above, then THE COMPANY’s right of recapture in will be triggered unless THE REINSURER elects to, and does, provide, on a timely basis, additional security in the form of (1) a letter of credit that meets the requirements set forth in the ‘Letter of Credit Provisions’ of this Schedule A below, (2) amounts to be held on deposit as set forth in the ‘Funds Withheld Provisions’ of this Schedule A below and/or (3) Assets in Trust as described in this Schedule A below.
Qualified Rating means the issuance of an insurance company long-term, financial strength rating from one or more of the Major Rating Agencies that remains in effect, that has not been suspended or withdrawn, and that was issued as a result of the full interactive ratings review process (including interviews with senior management) by the Major Rating Agency in question. (Use of the modifiers "Q" or "Pi" by S&P or any similar indication that a rating is a "qualified" or "limited" rating by any other of the Major Rating Agencies means that the rating does not constitute a "Qualified Rating" for purposes of this Agreement.) If at any point in the future during the term of this Agreement, AUSA's statutory surplus falls below the amount specified in clause (1) above, then PRUCO's right of recapture in Section 20 of this Agreement will be triggered unless AUSA elects to, and does, provide, on a timely basis, additional security in the form of a letter of credit that meets the requirements set forth in the next Section of this Schedule A.
Qualified Rating means the issuance of an insurance company long-term, financial strength rating from one or more of the Major Rating Agencies that remains in effect, that has not been suspended or withdrawn, and that was issued as a result of the full interactive ratings review process (including interviews with senior management) by the Major Rating Agency in question. (Use of the modifiers “Q” or “Pi” by S&P or any similar indication that a rating is a “qualified” or “limited” rating by any other of the Major Rating Agencies means that the rating does not constitute a “Qualified Rating” for purposes of this Agreement.) For purposes of this Agreement, “Financially Impaired”, as used in the ‘REPRESENTATIONS AND WARRANTIES’ section of this Agreement, shall mean a ratings downgrade to A3 by M▇▇▇▇ Investor Services, Inc., A- by Standard & Poors Corporation, or A- by A. M. Best Company. If at any point in the future during the term of this Agreement, either THE REINSURER does not maintain the ratio of Total Adjusted Capital to Authorized Control Level Risk-Based Capital as specified in clause (a) above, or THE REINSURER no longer has in effect a qualified rating as specified in clause (b) above, then THE COMPANY’s right of recapture will be triggered unless THE REINSURER elects to, and does, provide on a timely basis, additional security in the form of (1) a letter of credit that meets the requirements set forth in the ‘Letter of Credit Provisions’ of this Schedule A below and/or (2) amounts to be held on deposit as set forth in the ‘Funds Withheld Provisions’ of this Schedule A below.
Qualified Rating means the issuance of an insurance company long-term, financial strength rating from one or more of the Major Rating Agencies that remains in effect, that has not been suspended or withdrawn, and that was issued as a result of the full interactive ratings review process (including interviews with senior management) by the Major Rating Agency in question. (Use of the modifiers "Q" or "Pi" by S&P or any similar indication that a rating is a "qualified" or "limited" rating by any other of the Major Rating Agencies means that the rating does not constitute a "Qualified Rating" for purposes of this Agreement.) If at any point in the future during the term of this Agreement, THE REINSURER no longer has in effect a Qualified Rating as specified in clause (1) above, then THE COMPANY's right of recapture will be triggered unless THE REINSURER elects to, and does, provide, on a timely basis, security in the form of (1) a letter of credit that meets the requirements set forth in the 'Letter of Credit Provisions' in Section 13 of this Schedule A and/or (2) amounts to be held on deposit as set forth in the 'Funds Withheld Provisions' in Section 14 of this Schedule A, and/or (3) Assets in Trust as described in Section 15 of this Schedule A. THE COMPANY'S right of recapture will expire 180 days after the date that THE REINSURER notifies THE COMPANY of the occurrence of a Risk Trigger Event. If THE COMPANY does not exercise its right of recapture in the 180-day period, then THE COMPANY cannot recapture, unless a new right of recapture is triggered. A new right of recapture will be triggered if THE REINSURER no longer has in effect a Qualified Rating from at least one of the Major Rating Agencies shown in the chart below, which is at least as high as the minimum levels shown: ------------------------------------ ----------------------------------- Major Rating Agency Minimum Applicable Rating: ==================================== =================================== ------------------------------------ ----------------------------------- ▇▇▇▇▇ Investor Services, Inc. A rating of "A3" or higher. ------------------------------------ ----------------------------------- ------------------------------------ ----------------------------------- Standard & Poor's Corporation A rating of "A-" or higher. ------------------------------------ ----------------------------------- THE COMPANY's right of recapture will last for 180 days from the date that THE REINSURER notifies THE COMPANY...
Qualified Rating means the issuance of an insurance company long-term, financial strength rating from one or more of the Major Rating Agencies that remains in effect, that has not been suspended or withdrawn, and that was issued as a result of the full interactive ratings review process (including interviews with senior management) by the Major Rating Agency in question. (Use of the modifiers “Q” or “Pi” by S&P or any similar indication that a rating is a “qualified” or “limited” rating by any other of the Major Rating Agencies means that the rating does not constitute a “Qualified Rating” for purposes of this Agreement.) For purposes of this Agreement, “Financially Impaired”, as used in the ‘REPRESENTATIONS AND WARRANTIES’ section of this Agreement, shall mean a ratings downgrade to A3 by M▇▇▇▇ Investor Services, Inc. or A- by Standard & Poors Corporation. If at any point in the future during the term of this Agreement, THE REINSURER no longer has in effect a qualified rating as specified above, then THE COMPANY’s right of recapture will be triggered unless THE REINSURER elects to, and does, provide on a timely basis, security that is at least as great as the Effective Exposure. This security will be subject to the provisions of the ‘TOTAL SECURITY’ section. As of the Effective Date of this Agreement, Effective Exposure is defined as the sum of (a) the GAAP reserve credits, (b) Net Recoverables as defined in the ‘PROVISIONS FOR A FOREIGN DOMICILED REINSURER’ section, (c) a provision for opportunity costs, and (d) a provision for adverse deviation in claims and losses over the subsequent 12-month period. If THE COMPANY elects to recapture due to a Risk Trigger Event, then the net amount of risk that can be recaptured can be no greater than the amount needed to reduce THE COMPANY’s Effective Exposure to THE REINSURER to an amount equal to the security being provided by THE REINSURER to THE COMPANY as per the TOTAL SECURITY section. The net amount at risk will be recaptured as an equal percentage of all automatic policies. For example, if THE COMPANY’s Effective Exposure to THE REINSURER is $100 million and THE REINSURER is providing $75 million of security to THE COMPANY, then the percentage of each policy recaptured will be 25%.
Qualified Rating means a rating equal to or higher than Ba3 (Stable) (or the equivalent) and BB- (Stable) (or the equivalent) by each of Moody’s (or any successor to the rating agency business thereof) and S&P (or any successor to the rating agency business thereof), respectively.
Qualified Rating shall be determined as follows: (i) there shall be no Qualified Rating if the Credit Rating is issued by only Fitch; (ii) if the Credit Rating is issued by only one Rating Agency (other than Fitch), the Qualified Rating shall be the rating of such Rating Agency; (iii) if the Credit Rating is issued by more than one Rating Agency and the Credit Ratings established by such Rating Agencies shall fall within different Categories, the Applicable Margin shall be determined by reference to the highest of the ratings unless the highest of the ratings is two or more Categories higher than the next highest rating, in which case the Applicable Margin shall be determined by reference to the Category next below that of the highest of the ratings; and (iv) if the Credit Ratings established by a Rating Agency shall be changed, such change shall be effective as of the date on which it is first announced by the applicable Rating Agency, irrespective of when notice of such change shall have been furnished by the Borrower to the Administrative Agent and the Lenders.