Common use of Rating Agency Downgrade Clause in Contracts

Rating Agency Downgrade. (i) For purposes of this Part 5(i), the following definitions apply: An entity has “Acceptable Ratings” if (x) its short-term unsecured and unsubordinated debt is rated at least “A-1” by S&P (or, if Party A does not have a short-term unsecured and unsubordinated debt rating from S&P, its long-term unsecured and unsubordinated debt is rated at least “A+” by S&P), and (y) Party A’s long-term unsecured and unsubordinated debt is rated at least “A3” and Party A’s short-term unsecured and unsubordinated debt is rated at least “Prime-2” (or if Party A does not have a short-term unsecured and unsubordinated debt rating from Moody’s, its long-term unsecured and unsubordinated debt is rated at least “A3”).

Rating Agency Downgrade. (i) For purposes of this Part 5(i5(g), the following definitions apply: An entity has “Acceptable Ratings” if (x) its short-term unsecured and unsubordinated debt is rated at least “A-1” by S&P (or, if Party A does not have a short-term unsecured and unsubordinated debt rating from S&P, its long-term unsecured and unsubordinated debt is rated at least “A+” by S&P), and (y) Party A’s long-term unsecured and unsubordinated debt is rated at least “A3” and or Party A’s short-term unsecured and unsubordinated debt is rated at least “Prime-2” (or if Party A does not have a short-term unsecured and unsubordinated debt rating from Moody’s, its long-term unsecured and unsubordinated debt is rated at least “A3”).

Rating Agency Downgrade. (i) For purposes of this Part 5(i), the following definitions apply: An entity has “"Acceptable Ratings” " if (x) its short-term unsecured and unsubordinated debt is rated at least “"A-1” " by S&P (or, if Party A it does not have a short-term unsecured and unsubordinated debt rating from S&P, its long-term unsecured and unsubordinated debt is rated at least “"A+” " by S&P), and (y) Party A’s its long-term unsecured and unsubordinated debt is rated at least “A3” and Party A’s A3 or its short-term unsecured and unsubordinated debt is rated at least “"Prime-2” " (or if Party A it does not have a short-term unsecured and unsubordinated debt rating from Moody’s's, its long-term unsecured and unsubordinated debt is rated at least “A3”).

Rating Agency Downgrade. (i) For purposes of this Part 5(i5(j), the following definitions apply: An entity has “Acceptable Ratings” "ACCEPTABLE RATINGS" if (x) its short-term unsecured and unsubordinated debt is rated at least “"A-1” " by S&P (or, if Party A does not have a short-term unsecured and unsubordinated debt rating from S&P, its long-term unsecured and unsubordinated debt is rated at least “"A+” " by S&P), and (y) Party A’s 's long-term unsecured and unsubordinated debt is rated at least “A3” and A3 or Party A’s 's short-term unsecured and unsubordinated debt is rated at least “"Prime-2” " (or if Party A does not have a short-term unsecured and unsubordinated debt rating from Moody’s's, its long-term unsecured and unsubordinated debt is rated at least “A3”), and (z) its short-term unsecured and unsubordinated debt is rated at least "F1" by Fitch.

Rating Agency Downgrade. (i) For purposes of this Part 5(i5(j), the following definitions apply: An entity has “Acceptable Ratings” "ACCEPTABLE RATINGS" if (x) its short-term unsecured and unsubordinated debt is rated at least “"A-1” " by S&P (or, if Party A does not have a short-term unsecured and unsubordinated debt rating from S&P, its long-term unsecured and unsubordinated debt is rated at least “"A+” " by S&P), and ) or (y) Party A’s 's long-term unsecured and unsubordinated debt is rated at least “A3” and A3 or Party A’s 's short-term unsecured and unsubordinated debt is rated at least “"Prime-2” " (or if Party A does not have a short-term unsecured and unsubordinated debt rating from Moody’s's, its long-term unsecured and unsubordinated debt is rated at least “A3”).

Rating Agency Downgrade. (i) For purposes of this Part 5(i5(j), the following definitions apply: An entity has “"Acceptable Ratings” " if (x) its short-term unsecured and unsubordinated debt is rated at least “"A-1” " by S&P (or, if Party A does not have a short-term unsecured and unsubordinated debt rating from S&P, its long-term unsecured and unsubordinated debt is rated at least “"A+” " by S&P), and (y) Party A’s 's long-term unsecured and unsubordinated debt is rated at least “A3” and A3 or Party A’s 's short-term unsecured and unsubordinated debt is rated at least “"Prime-2” " (or if Party A does not have a short-term unsecured and unsubordinated debt rating from Moody’s's, its long-term unsecured and unsubordinated debt is rated at least “A3”), and (z) its short-term unsecured and unsubordinated debt is rated at least "F1" by Fitch.