Common use of No Ratings Clause in Contracts

No Ratings. There are no securities or preferred stock of or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” as such term is defined under Section 3(a)(62) under the 1934 Act.

No Ratings. There are no debt securities or preferred stock of issued or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” ”, as such term is defined under in Section 3(a)(62) under of the 1934 Exchange Act.

No Ratings. There are no debt securities, convertible securities or preferred stock of issued or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” ”, as such term is defined under in Section 3(a)(62) under the 1934 Exchange Act.

No Ratings. There are no debt securities or preferred stock of issued or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” as such term is defined under in Section 3(a)(62) under the 1934 Exchange Act.

No Ratings. There are no debt securities, convertible securities or preferred stock of issued or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” ”, as such term is defined under in Section 3(a)(62) under the 1934 Exchange Act.

No Ratings. There are no No securities or preferred stock of or guaranteed by the Company or any of its subsidiaries that are rated by a any “nationally recognized statistical rating organization,” (as such term is defined under for purposes of Section 3(a)(62) under of the 1934 Exchange Act).

No Ratings. There are no securities or preferred stock of or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” as such term is defined under in Section 3(a)(62) under of the 1934 Exchange Act.

No Ratings. There are no debt securities, convertible securities or preferred stock of issued or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” as such term is defined under in Section 3(a)(62) under the 1934 Exchange Act.

No Ratings. There are no debt securities or preferred stock of issued or guaranteed by the Company or any of its subsidiaries Subsidiaries that are rated by a “nationally recognized statistical rating organization,” ”, as such term is defined under in Section 3(a)(62) under the 1934 Exchange Act.

No Ratings. There On the date hereof and on each Representation Date, there are no debt securities or preferred stock of issued or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” ”, as such term is defined under in Section 3(a)(62) under of the 1934 Exchange Act.

No Ratings. There are no Neither the Company nor its subsidiaries have any debt securities or preferred stock of or guaranteed by the Company or any of its subsidiaries shares that are rated by a any “nationally recognized statistical rating organization,agency” (as such term is defined under in Section 3(a)(62) under of the 1934 Exchange Act).

No Ratings. There are no debt securities or preferred stock of issued or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” ”, as such term is defined under in Section 3(a)(62) under the 1934 Exchange Act.

No Ratings. There are no debt securities, convertible securities or preferred stock of issued or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” ”, as such term is defined under in Section 3(a)(62) under the 1934 Exchange Act.

No Ratings. There are no debt securities or preferred stock of issued or guaranteed by the Company Partnership or any of its subsidiaries Ares Operating Group Partnership that are rated by a “nationally recognized statistical rating organization,” ”, as such term is defined under in Section 3(a)(62) under of the 1934 Exchange Act.

No Ratings. There are no No securities issued by or preferred stock of or guaranteed by loans to the Company or any of its subsidiaries that are rated by a any “nationally recognized statistical rating organization,” (as such term is defined under in Section 3(a)(62) under of the 1934 Exchange Act).

No Ratings. There are no debt securities or preferred stock of issued or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” as such term is defined under in Section 3(a)(62) under of the 1934 Exchange Act.

No Ratings. There are no debt securities, convertible securities or preferred stock of issued or guaranteed by the Company or any of its subsidiaries subsidiary that are rated by a “nationally recognized statistical rating organization,” as such term is defined under in Section 3(a)(62) under the 1934 Exchange Act.

No Ratings. There Except as described in the Registration Statement or the Prospectus, there are no debt securities, convertible securities or preferred stock of issued or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” ”, as such term is defined under in Section 3(a)(62) under the 1934 Exchange Act.

No Ratings. There are no debt securities, convertible securities or preferred stock of issued or guaranteed by the Company or any of its subsidiaries Subsidiaries that are rated by a “nationally recognized statistical rating organization,” as such term is defined under in Section 3(a)(62) under of the 1934 Exchange Act.

No Ratings. There are no debt securities, convertible securities or preferred stock of shares issued or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” as such term is defined under in Section 3(a)(62) under the 1934 Exchange Act.

No Ratings. There are is no securities or preferred stock of debt of, or guaranteed by by, the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” as such that term is defined under in Section 3(a)(62) under of the 1934 Exchange Act.

No Ratings. There are no securities or preferred stock of or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” as such term is defined under Section 3(a)(62in Rule 15c3-1(c)(2)(vi)(F) under the 1934 Exchange Act.

No Ratings. There are no debt securities, convertible securities or preferred stock of issued or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” ”, as such term is defined under in Section 3(a)(62) under of the 1934 Exchange Act.

No Ratings. There are no debt securities or preferred stock of issued or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” as such term is defined under Section 3(a)(62) under the 1934 Exchange Act.

No Ratings. There are no securities or preferred stock of or guaranteed by the Company or any of its subsidiaries that are rated at the request of the Company by a “nationally recognized statistical rating organization,” as such term is defined under in Section 3(a)(62) under of the 1934 Exchange Act.

No Ratings. There are no debt securities or preferred stock of issued or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” as such term is defined under Section 3(a)(62) under the 1934 Act.

No Ratings. There are no debt securities or preferred stock of issued or guaranteed by the Company or any of its subsidiaries Subsidiaries that are rated by a “nationally recognized statistical rating organization,” as such term is defined under Section 3(a)(62) under the 1934 Exchange Act.

No Ratings. There are no debt securities, convertible securities or preferred stock of issued or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” ”, as such term is defined under in Section 3(a)(62) under the 1934 Exchange Act.. (uu)

No Ratings. There are no debt securities or preferred stock of shares issued or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” as such term is defined under Section 3(a)(62) under the 1934 Exchange Act.

No Ratings. There are The Company has no debt securities or preferred stock of or guaranteed by the Company or any of its subsidiaries that are is rated by a “any "nationally recognized statistical rating organization,” agency" (as such that term is defined under by the Commission for purposes of Section 3(a)(62) under the 1934 Act).

No Ratings. There are no securities or preferred stock of or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” as such term is defined under in Section 3(a)(62) under in the 1934 Exchange Act.

No Ratings. There are no debt securities, convertible securities or preferred stock of shares issued or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” ”, as such term is defined under in Section 3(a)(62) under the 1934 Exchange Act.

No Ratings. There Except as described in the Registration Statement and the Prospectus, there are no debt securities, convertible securities or preferred stock of issued or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” ”, as such term is defined under in Section 3(a)(62) under the 1934 Exchange Act.

No Ratings. There are no debt securities, convertible securities or preferred stock of issued or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” ”, as such term is defined under in Section 3(a)(62) under the 1934 Act.

No Ratings. There are no debt securities or preferred stock of issued or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” ”, as such term is defined under Section 3(a)(62) under the 1934 Exchange Act.

No Ratings. There are no debt securities or preferred stock of issued or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” ”, as such term is defined under Section 3(a)(62) under the 1934 Exchange Act.

No Ratings. There are The Company has no debt securities or preferred stock of or guaranteed by the Company or any of its subsidiaries that are is rated by a any “nationally recognized statistical rating organization,agency” (as such that term is defined under in Section 3(a)(62) under of the 1934 Act0000 Xxx.

No Ratings. There are no securities, including, without limitation, debt securities or preferred stock of stock, issued or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” ”, as such term is defined under in Section 3(a)(62) under the 1934 Exchange Act.

No Ratings. There are no debt securities or preferred stock of issued or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” as such term is defined under Section 3(a)(62) under the 1934 Exchange Act.

No Ratings. There Except as otherwise disclosed in the Prospectus, there are no debt securities, convertible securities or preferred stock of issued or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” ”, as such term is defined under in Section 3(a)(62) under of the 1934 Exchange Act.

No Ratings. There are no debt securities or preferred stock of issued or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” as such term is defined under in Section 3(a)(62) under the 1934 Exchange Act.