Split Rating means the ratings of S&P and Xxxxx'x would indicate different Pricing Levels, but the Pricing Levels are not more than one Pricing Level apart.
Split Rating means the ratings of S&P and Moody's would indicate different Pricing Levels, but the Pricing Levels are not more than one Pricing Level apart.
Split Rating has the meaning set forth in Section 2.6(b)(iii).
Examples of Split Rating in a sentence
In the event of a Split Rating, the applicable Pricing Level shall be based on the higher Rating.
In the event of a Double Split Rating, the applicable Pricing Level shall be based on the Pricing Level which is one above that corresponding to the lower Rating.
CP issuers that have a single rating that satisfies the Rating Threshold Condition, but that expect that an additional rating from another DRO would be below the Rating Threshold Condition, may not seek additional ratings because of the Split Rating Condition.
In our view, the Modified Split Rating Condition is necessary in order to maintain minimum credit quality standards for CP distributed under the Short-Term Debt Prospectus Exemption.
We are proposing a Modified Split Rating Condition as part of the Proposed Short-Term Debt Amendments in order to maintain minimum credit quality standards for CP that is issued through the Short-Term Debt Prospectus Exemption.
More Definitions of Split Rating
Split Rating applies if the Company has a split rating and the ratings differential is two levels or more, in which case the ratings at midpoint will apply. If there is no midpoint rating, the higher of the two intermediate ratings will apply. The credit ratings to be utilized for purposes of this Schedule are those assigned to the senior unsecured long-term debt securities of the Company without third-party credit enhancement, and any rating assigned to any other debt security of the Company shall be disregarded. The rating in effect at any date is that in effect at the close of business on such date. EXHIBIT A -- Note NOTE Toronto, Canada __________ __ ,2001 For value received, NORTEL NETWORKS LIMITED, a Canadian corporation (the "BORROWER"), promises to pay to the order of ________________________ (the "BANK"), for the account of its Applicable Lending Office, the unpaid principal amount of each Loan made by the Bank to the Borrower pursuant to the Credit Agreement referred to below on the maturity date specified therefor in the Credit Agreement. The Borrower promises to pay interest on the unpaid principal amount of each such Loan on the dates and at the rate or rates provided for in the Credit Agreement. All such payments of principal and interest shall be made in funds immediately available in Toronto at the office of The Chase Manhattan Bank of Canada, 200 Xxx Xxxxxx, Xxxxx 0000, Xoyal Banx Xxxxx, Xxxxx Xxxxx, Xxxxxxx, Xxxxxxx, X0X 0X0. All Loans made by the Bank, the respective currencies, types and maturities thereof and all repayments of the principal thereof shall be recorded by the Bank and, if the Bank so elects in connection with any transfer or enforcement hereof, appropriate notations to evidence the foregoing information with respect to each such Loan then outstanding may be endorsed by the Bank on the schedule attached hereto, or on a continuation of such schedule attached to and made a part hereof; provided that the failure of the Bank to make any such recordation or endorsement shall not affect the obligations of the Borrower hereunder or under the Credit Agreement. This note is one of the Notes referred to in the Credit Agreement dated as of June 14, 2001 among Nortel Networks Limited, the banks and syndication agent parties thereto and The Chase Manhattan Bank of Canada, as Administrative Agent (as the same may be amended from time to time, the "CREDIT AGREEMENT"). Terms defined in the Credit Agreement are used herein with the same meanings. Refer...
Split Rating means the ratings of S&P and Mxxxx'x would indicate different Pricing Levels, but the Pricing Levels are not more than one Pricing Level apart.
Split Rating shall exist at any time there shall be a difference in level between the Moody's Rating and the S&P Rating that correlates with the Moody's Rxxxxx.
Split Rating means, with respect to (i) any of the TEPPCO Guarantors, that Parent possesses or (ii) Marathon, that Marathon possesses, either (A) a senior unsecured long-term debt rating of BB+ from S&P and a senior unsecured long-term debt rating of Baa3 or better from Moody’s or
Split Rating means, with respect to any Guarantor, that such Guarantor possesses either (i) a senior unsecured long-term debt rating of BB+ from S&P and a senior unsecured long-term debt rating of Baa3 or better from Moody’s or (ii) a senior unsecured long-term debt rating of Ba1 from Moody’s and a senior unsecured long-term debt rating of BBB- or better from S&P.
Split Rating means the Ratings published by S&P and Moody’s would indicate different Pricing Levels, but the Pricing Levels are not more than one Pricing Level apart.
Split Rating shall exist at any time there shall be a difference in level between the Xxxxx’x Rating and the corresponding S&P Rating.