Rating Requirement definition

Rating Requirement means in the case of:

Rating Requirement means, as of any date of determination, the lower of the two (2) highest ratings of the Xxxxx'x Rating, the S & P Rating, and the DCR Rating. For purposes hereof, the correlation of the levels or grades of the Xxxxx'x Rating, the S & P Rating, and the DCR Rating shall be as set forth in the table included herein in the definition of "Applicable Margin" in the column labeled "Rating Requirement." Each change in the Rating Requirement shall be effective commencing on the fifth (5th) Business Day following the earlier to occur of (a) Administrative Agent's receipt of notice from Borrower, as required in Section 7.1(k), of an applicable change in the Xxxxx'x Rating, the S & P Rating, or the DCR Rating and (b) Administrative Agent's actual knowledge of an applicable change in the Xxxxx'x Rating, the S & P Rating, or the DCR Rating.

Rating Requirement means, with respect to the senior unsecured long-term debt of a Person, a rating of at least two of the following: (a) "A-" by Standard and Poor's Rating Services, (b) "A3" by Xxxxx'x Investors Services and (c) "A-" by Fitch IBCA; provided, however, that if any of these rating agencies shall have changed their system of classification after the date of the Facility Lease, then the above ratings shall be changed to the new ratings which correspond to the above ratings.

Examples of Rating Requirement in a sentence

• If a counterparty no longer satisfies the relevant Rating Requirement, the Transaction Documents may require that such counterparty be replaced with an entity that satisfies the relevant Rating Requirement.

• If rating downgrades are widespread, it may become difficult or impossible to replace counterparties with entities that satisfy the relevant Rating Requirement.

• In the event that the Account Bank or the Custodian is subject to a rating withdrawal or downgrade by the Rating Agencies to below the applicable Rating Requirement, the Issuer shall use its reasonable endeavours to procure the appointment of a replacement Account Bank or Custodian, as the case may be, with the applicable Rating Requirement on substantially the same terms as the Agency and Account Bank Agreement within 30 calendar days of such withdrawal or downgrade.

• Each such counterparty is required to satisfy the applicable Rating Requirement, upon entry into the applicable contract or instrument.

• If the Account Bank or the Custodian is subject to a rating withdrawal or downgrade by the Rating Agencies to below the applicable Rating Requirement, the Issuer shall use its reasonable endeavours to procure the appointment of a replacement Account Bank or Custodian, as the case may be, with the applicable Rating Requirement and within the time limits prescribed for such action in the applicable Transaction Documents.

More Definitions of Rating Requirement

Rating Requirement means (a) a long- term unsubordinated debt rating of "B-" or higher by S&P or "B3" or higher by Moody's Investors Service, Inc. (or any successors to its rating business) ("Moody's") or "B-" or higher by Fitch Ratings, Inc. (or any successors to its rating business) ("Fitch") or (b) a short-term unsubordinated debt rating of "A-2" or higher by S&P or "P-2" or higher by Moody’s or "F-2" or higher by Fitch with respect to the security itself or its issuing or guaranteeing entity, provided that if a debt security is rated by more than one of Moody's, S&P and Fitch, the lower of such ratings shall be used to determine whether the Rating Requirement has been satisfied.

Rating Requirement means, or with respect to each of the Account Bank, the Custodian and the Principal Paying Agent, a short term unsecured, unguaranteed and unsubordinated rating of at least "P-1" by Moody's and of at least F1 by Fitch.

Rating Requirement means an Investor that meets the following criteria: (a) a senior unsecured rating of BBB+ by S&P or Baa1 by Moody’s or higher based upon the lower of such ratings and (b) if such Investor is (i) a Bank Holding Company Act Investor, such Investor has Adequately Capitalized status; (ii) an insurance company, such Investor has a rating by A.M. Best Company of A+ or higher, (iii) an ERISA Investor with a rating of BBB+ by S&P or Baa1 by Moody’s based upon the lower of such ratings, such Investor has a minimum funding ratio of 90% and (iv) a Governmental Plan Investor, a rating of BBB+ by S&P or Baa1 by Moody’s based upon the lower of such ratings, such Investor has a minimum funding level of 90%.

Rating Requirement means, as of any date of determination, the lower of the Xxxxx'x Rating or the S & P Rating. For purposes hereof, the correlation of the levels or grades of the Xxxxx'x Rating and the S & P Rating shall be as set forth in the table included herein in the definition of "Applicable Margin" in the columns labeled "Rating Requirement." Each change in the Rating Requirement shall be effective commencing on the fifth (5th) Business Day following the earlier to occur of (a) the Administrative Agent's receipt of notice from Borrower, as required in SECTION 7.1(g), of a change in the Xxxxx'x Rating or the S & P Rating, and (b) the Administrative Agent's actual knowledge of a change in the Xxxxx'x Rating or the S & P Rating.

Rating Requirement means, with respect to each of the Account Bank, the Custodian and the Principal Paying Agent, a short term unsecured, unguaranteed and unsubordinated rating of at least "P- 1" by Moody's and "F1" by Fitch or, where the obligations of such party are guaranteed by an entity having the applicable Rating Requirement, confirmation from the Rating Agencies that such guarantee will not adversely affect the rating of the Notes or lead to a withdrawal of the rating of the Notes.

Rating Requirement means a long-term unsecured unsubordinated debt rating of:

Rating Requirement means confirmation from any two Rating Agencies or, where expressly stated, all Rating Agencies then rating the Notes that, in respect of any matter where such confirmation is required, the resulting rating of the Unwrapped Notes (and/or Shadow Rating of the Wrapped Notes, as the case may be) will be BBB by S&P and BBB by Fitch (or equivalent rating by any other Rating Agency then rating any Notes) or above;