Rating Requirement. The Securities shall have credit ratings and outlooks from Xxxxx’x Investors Service Inc. (“Moody’s”), Standard & Poor’s (“S&P”) and Fitch, Inc. (“Fitch”) at the Closing Time that are the same as or better than the respective ratings and outlooks set forth in the Pricing Term Sheet filed with the Commission on the date hereof, and the Company shall have delivered to the Representatives a letter, dated the Closing Time, from each such rating agency, or other evidence satisfactory to the Representatives, confirming that the Securities have such ratings.
Rating Requirement. At the date of this Agreement and at the Closing Time, the Securities shall be rated at least “Baa2” by Xxxxx’x Investor’s Service Inc. (“Xxxxx’x”), “BBB” by Standard & Poor’s (“S&P”) and “BBB+” by Fitch, Inc. (“Fitch”), and the Company shall have delivered to the Representatives a letter, dated the Closing Time, from each such rating agency, or other evidence satisfactory to the Representatives, confirming that the Securities have such ratings.
Rating Requirement. At the date of this Agreement and at the Closing Time, the Securities shall be rated at least Baa3 by Moody's Investor's Service Inc., BBB- by Standard & Poor's Corporation and BBB by Duff & Xxxxxx, and the Company shall have delivered to the Representatives a letter, dated the Closing Time, from each such rating agency, or other evidence satisfactory to the Representatives, confirming that the Securities have such ratings.
Rating Requirement. At such Date of Delivery, the Securities shall have been rated at least "ba1" by Xxxxx'x, at least "BB+" by S&P and at least "BBB-" by D&P.
Rating Requirement. At the date of this Agreement and at the Closing Time, the Securities shall be rated at least "ba1" by Xxxxx'x Investor's Service Inc. ("Xxxxx'x"), "BB+" by Standard & Poor's Corporation ("S&P") and "BBB-" by Xxxx & Xxxxxx ("D&P"), and the Company shall have delivered to the Representative a letter, dated the Closing Time, from each such rating agency, or other evidence satisfactory to the Representative, confirming that the Securities have such ratings.
Rating Requirement. Each Holder of the Class A-R Notes shall be required to satisfy the Rating Requirement during the Class A-R Commitment Period. If any Holder of Class A-R Notes or, if such Holder satisfies the Rating Requirements pursuant to clause (b) of the definition of "Rating Requirement" with respect to its guarantor, such guarantor, fails to satisfy the Rating Requirement during the Class A-R Commitment Period, such Holder or guarantor shall be required (i) within 30 Business Days, to fully fund a Borrowing in the amount of such Class A-R Note Holder's pro rata share of the Aggregate Undrawn Amount to be deposited in a Class A-R Rating Requirement Funding Subaccount in accordance with the provisions set forth in Section 10.3(i) and (ii) to provide written notice to Mxxxx'x of such failure. If within 30 Business Days after a Ratings Trigger Event (unless such Holder or guarantor satisfies the Rating Requirement within 30 days of such failure), such Holder or guarantor has failed to (i) transfer all of its rights and obligations in respect of its Class A-R Notes to a purchaser that satisfies the Rating Requirement and that is eligible to purchase such Notes under the terms hereof and the Class A-R Note Purchase Agreement, as applicable, (ii) provide an unconditional guarantee (which complies with the then-current Mxxxx'x and S&P criteria) of its commitments under the Class A-R Note Purchase Agreement to which it is a party from an institution satisfying the Rating Requirement or (iii) fund the Borrowing or cause to be funded the Borrowing referred to above, the Issuer shall have the right under the Class A-R Note Purchase Agreement, and shall be obligated to use reasonable efforts to replace such Holder or guarantor (at the cost of such Holder) with another entity that meets the Rating Requirement (by requiring the replaced Holder or guarantor to transfer all of its rights and obligations in respect of such Notes to the transferee entity).
Rating Requirement. Each Letter of Credit shall be issued by a bank (each, a "Qualified Bank") that (i) has a credit rating of A or better by Standard & Poor's Ratings Services, LLC, a subsidiary of McGraw Hill Financial, Inc. (or any successor to its rating agency business) and A2 or better by Xxxxx'x Investors Service, Inc. (or any successor to its rating agency business), and (ii) has an office in the State of New York at which such Letter of Credit can be presented for payment.
Rating Requirement. The Notes shall have been assigned an investment grade debt rating of BBB- or higher by DBRS Limited, and each Purchaser shall have received a copy of a letter from DBRS Limited confirming such rating.
Rating Requirement. On a date not later than the anniversary of the Closing Date in the year 2016 and in each year thereafter, for so long as any Notes shall remain outstanding, the Company shall cause a Major Rating Agency to furnish a written affirmation of the rating of the Notes as of such date to each holder of Notes. Although it will not be a Default or an Event of Default if any Note Party fails to comply with any provision of Section 9 on or after the date of this Agreement and prior to the Closing, if such a failure occurs, then any of the Purchasers may elect not to purchase the Notes on the date of Closing that is specified in Section 3.
Rating Requirement. ........ The Company will be required to obtain a "shadow" rating on the Notes of at least B3/B-.
