S&P Rating definition

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 public debt securities without third-party credit enhancement (it being understood that if the Borrower does not have any outstanding debt securities of the type described above but has an indicative rating from S&P for debt securities of such type, then such indicative rating shall be used for determining the “S&P Rating”).

S&P Rating means, at any time, the rating issued by Standard and Poor’s Rating Services, a division of The McGraw Hill Companies, Inc., 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, on any date of determination, the rating most recently announced by S&P with respect to any senior unsecured, non-credit enhanced Debt of the Borrower or, if such rating is not available, the corporate credit rating of the Borrower most recently announced by S&P.

Examples of S&P Rating in a sentence

• Notwithstanding anything herein to the contrary, no supplemental indenture, or other modification or amendment of this Indenture, may be entered into that permits the Issuer to enter into any hedge agreement unless the S&P Rating Condition is satisfied.

• Notwithstanding the foregoing, following the removal or resignation of the Collateral Manager, no successor Collateral Manager may assume the duties of the Collateral Manager unless the Issuer and the Trustee have received confirmation that the S&P Rating Condition is satisfied with respect to the appointment of such successor Collateral Manager and the successor collateral manager has accepted its appointment in writing under a collateral management agreement substantially the same as this Agreement.

• Subject to Section 2(h) and except as provided in Section 19(b), (c) and (d), the Collateral Manager may not assign any of its rights or responsibilities under this Agreement without obtaining (x) satisfaction of the S&P Rating Condition and (y) the written consent of the Issuer.

• To the extent required by Section 2.4, evidence that the S&P Rating Condition has been satisfied with respect to such issuance of Additional Securities.

• The initial Paying Agent shall be as set forth in Section 7.2. Any additional or successor Paying Agents shall be appointed by Issuer Order with written notice thereof to the Trustee; provided that, with respect to any additional or successor Paying Agent, so long as the Notes of any Class are rated by S&P either (i) such Paying Agent has a long-term issuer credit rating of "A+" or higher by S&P or a short-term issuer rating of "A‑1" by S&P or (ii) the S&P Rating Condition is satisfied.

More Definitions of S&P Rating

S&P Rating. With respect to any Collateral Obligation, as of any date of determination, the rating determined in accordance with the following methodology:

S&P Rating is defined in the Pricing Schedule.

S&P Rating means, at any time, the rating published by S&P of the Borrower’s Index Debt.

S&P Rating means, with respect to a Reference Obligation:

S&P Rating means, at any time, the rating issued by S&P, and then in effect with respect to the Borrower’s public corporate credit rating.

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.

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.