Ratings Condition means the delivery by the Borrower to the Administrative Agent of written evidence reasonably satisfactory to the Administrative Agent that, pursuant to Section 9.15 of this Agreement, the Borrower has obtained a public corporate family rating from Xxxxx’x of equal to or higher than Ba1 (with at least a stable outlook) (it being understood that the Ratings Condition shall be deemed to continue to be satisfied notwithstanding any subsequent change in such rating).
Ratings Condition means that, at any time commencing on or after twelve months after the Effective Date, the Borrower maintains a Credit Rating of at least BBB-/Baa3 (or equivalent) from at least one Rating Agency.
Ratings Condition means that, at the time of determination, the Borrower (or its successor) has received and maintains corporate family/corporate credit ratings of at least Baa3 (or the equivalent) by Xxxxx’x, BBB- (or the equivalent) by S&P and BBB- (or the equivalent) by Fitch, or the equivalent investment grade credit rating from any other Rating Agency substituted for Xxxxx’x, S&P or Fitch pursuant to clause (2) of the definition of “Rating Agency.
Examples of Ratings Condition in a sentence
The Province may from time to time, subject to compliance with (x) Section 4.8(b)(xvi), the (y) the Ratings Condition and (z) Section 2.2 and without notice to, or the consent of, the Holders of the Debt Securities, create and issue Additional Debt Securities having identical terms (other than issue price, issue date and date from which interest will accrue) as the Debt Securities issued on the Issue Date.
More Definitions of Ratings Condition
Ratings Condition has the meaning given to that term in Section 5.17(a).
Ratings Condition means that the Borrower shall have both (x) a public corporate family rating better than or equal to B1 from Xxxxx’x and (y) a public corporate credit rating better than or equal to B+ from S&P, in each case with a stable outlook.
Ratings Condition means, immediately prior to the date of public notice of a Change of Control, or of the Issuer’s or the Guarantor’s, as the case may be, intention or that of any Person to effect a Change of Control, the Issuer shall maintain ratings from two Rating Agencies that meet the applicable Ratings Reference Level.
Ratings Condition means that (a) the corporate family rating of Navistar International is at least “BBB-” from S&P and “Baa3” from Moody’s; provided, that to the extent the rating provided by S&P and Moody’s are not equivalent, then, subject to the following proviso, the higher rating shall be used for purposes of this definition and this clause (a) shall be deemed satisfied by if such higher rating is at least “BBB-” from S&P and “Baa3” from Moody’s; provided, further that to the extent such S&P and Moody’s ratings shall be separated by more than one level (it being acknowledged and agreed by way of example that “BBB+” and “BBB” are separated by one level), the lower such rating, adjusted up by one level shall be used to determine the rating and this clause (a) shall be deemed satisfied if such lower rating, as adjusted, is at least “BBB-” from S&P and “Baa3” from Moody’s; provided, finally, that if either S&P or Moody’s cease to exist, this clause (a) shall be deemed satisfied if the rating from the remaining rating agency is at least “BBB-” or “Baa3”, as applicable; and (b) no Specified Default or Event of Default has occurred and is continuing.
Ratings Condition means, on the date of determination, the Borrower has received and maintains corporate family/corporate credit ratings of at least B+ BB- (stable) from S&P and at least B1Ba3 (stable) from Xxxxx’x. If the rating system of S&P or Xxxxx’x shall change, or if any such rating agency shall cease to be in the business of rating corporate issuers, the Borrower and the Administrative Agent shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency. (de) with respect to any Repatriation Bridge Loans, 3.50% with respect to Repatriation Bridge Loans that are Eurocurrency Rate Loans and 2.50% with respect to Repatriation Bridge Loans that are Base Rate Loans. Any increase or decrease in the Applicable Margin resulting from a change in the Senior Secured Leverage Ratio shall become effective as of the first day immediately following the date the applicable financial statements are delivered pursuant to Section 6.01; provided that at the option of the Required Lenders, Pricing Level 3 shall apply as of the first Business Day after the date on which a Compliance Certificate was required to have been delivered but was not delivered, and shall continue to so apply to and including the date on which such Compliance Certificate is so delivered (and thereafter the Pricing Level otherwise determined in accordance with this definition shall apply). “Appropriate Lender” means, at any time, (a) with respect to Loans of any Class, the Lenders of such Class, (b) with respect to the Letter of Credit Sublimit, (i) the L/C Issuers and (ii) if any Letters of Credit have been issued pursuant to Section 2.04, the Revolving Credit Lenders, (c) with respect to the Swing Line Facility, (i) the Swing Line Lender and (ii) if any Swing Line Loans are outstanding pursuant to Section 2.05, the Revolving Credit Lenders, (d) with respect to Revolving Credit Loans of any Class, the Lenders of such Class and (e) with respect to Term Loans of any Class, the Lenders of such Class. “Approved Foreign Bank” has the meaning specified in clause (k) of the definition of “Cash Equivalents”. “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. “Arrangers” means (i) Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated (or any of its designated affiliates or any other registered broker-...
Ratings Condition the public corporate family rating or corporate credit rating, as applicable, of the Parent Borrower after giving effect to the Transactions being at least Ba3 from Xxxxx’x (stable outlook or better) and BB- from S&P (stable outlook or better).
Ratings Condition means the condition that (a) the public issuer or corporate credit rating assigned to the Company by S&P is BBB- or higher and (b) the public issuer rating assigned to the Company by Xxxxx'x is Baa3 or higher, in each case with a stable outlook or better.