M▇▇▇▇’▇ Rating means, with respect to a Reference Obligation, as of any date of determination:
▇▇▇▇▇’▇ Rating means, at any time, the rating issued by ▇▇▇▇▇’▇ and then in effect with respect to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement.
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 debt securities without third-party credit enhancement.
Debt Ratings has the meaning set forth in the definition of “Applicable Rate.”
Minimum Rating means a minimum senior unsecured debt rating (or, if unavailable, corporate or issuer rating) as defined in Section 5.4(a).