Rating Condition has the meaning specified in Section 2.06(c)(ii).
Rating Condition means a period commencing with notice (a “Rating Condition Notice”) by the Administrative Agent to the Company and the Lenders to the effect that the Administrative Agent has been informed that the rating of the senior public Debt of the Company is unsatisfactory under the standard set forth in the next sentence, and ending with notice by the Administrative Agent to the Company and the Lenders to the effect that such condition no longer exists. The Administrative Agent shall give a Rating Condition Notice promptly upon receipt from the Company or any Lender of notice stating, in effect, that both of S&P and Moody’s, respectively, then rate the senior public Debt of the Company lower than BBB- and Baa3. The Company agrees to give notice to the Administrative Agent forthwith upon any change in a rating by either such organization of the senior public Debt of the Company; the Administrative Agent shall have no duty whatsoever to verify the accuracy of any such notice from the Company or any Lender or to monitor independently the ratings of the senior public Debt of the Company and no Lender shall have any duty to give any such notice. The Administrative Agent shall give notice to the Lenders and the Company as to the termination of a Rating Condition promptly upon receiving a notice from the Company to the Administrative Agent (which notice the Administrative Agent shall promptly notify to the Lenders) stating that the rating of the senior public Debt of the Company does not meet the standard set forth in the second sentence of this clause (ii), and requesting that the Administrative Agent notify the Lenders of the termination of the Rating Condition. The Rating Condition shall terminate upon the giving of such notice by the Administrative Agent.
Rating Condition means the achievement by the Borrower of a Debt Rating.
Examples of Rating Condition in a sentence
Notwithstanding the foregoing, in relation to any then existing Related Party Indebtedness, in the event that the Investment Grade Rating Condition ceases to be satisfied and prior to the Trigger Date the Seller shall cause the relevant Vale Affiliate to subordinate and postpone such Related Party Indebtedness in accordance with the foregoing within 30 days of such event.
No amendment, modification or waiver in respect of this Agreement will be effective unless (i) such amendment, modification or waiver is made in writing in accordance with Section 14.4 of the Indenture (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of electronic messages on an electronic messaging system; and (ii) following any such amendment, modification or waiver, this Agreement satisfies the Rating Condition.
To manage any other risks between the Collateral Pool and the Notes of any Series, the applicable Issuers, on or before the related Series Closing Date, may enter into one or more types of Series Enhancement with respect to such Series of Notes, and may from time to time thereafter enter into additional Series Enhancements, in each case so long as the Rating Condition is satisfied.
No amendment or modification of this Agreement shall be valid or binding unless set forth in writing executed by the parties hereto and the Rating Condition has been satisfied.
Notwithstanding anything to the contrary contained in this Indenture, the Issuer (or the Portfolio Manager on behalf of the Issuer) shall not enter into any Hedge Agreement after the Closing Date unless the Xxxxx’x Rating Condition has been satisfied with respect thereto.
More Definitions of Rating Condition
Rating Condition means, with respect to any action taken or to be taken by or on behalf of the Borrower that is expressed to be subject to such condition in any Loan Document, a condition that is satisfied if S&P has confirmed in writing (which may take the form of a press release, electronic messages, facsimile, posting to its internet website, other written communication or other means then considered industry standard) that such action will not cause the then-current rating of the Loans by S&P to be reduced or withdrawn; provided that the Rating Condition will be deemed to be satisfied with respect to any such action if (i) at the time of determination, no Loans are then rated by S&P; (ii) the Agents and all of the Lenders provide their written approval as to such action and written notice thereof is given to S&P; (iii) S&P has made a public statement to the effect that it will no longer review events or circumstances of the type requiring satisfaction of the Rating Condition in this Agreement for purposes of evaluating whether to confirm the then-current ratings (or Initial Rating) of the Loans rated by S&P; or (iv) S&P has communicated to the Borrower, the Services Provider or either Agent (or their respective counsel) that it will not review such event or circumstances for purposes of evaluating whether to confirm the then-current ratings (or Initial Rating).
Rating Condition means, with respect to any proposed action, the receipt by Lender of confirmation in writing from each of the Rating Agencies that such action shall not result, in and of itself, in a downgrade, withdrawal, or qualification of any rating then assigned to any outstanding Certificates; except that if any portion of the Loan has not been Securitized pursuant to a Securitization rated by the Rating Agencies, then “Rating Condition” shall instead mean the receipt of prior written approval of both (x) the applicable Rating Agencies (if and to the extent that any portion of the Loan has been Securitized pursuant to a Securitization or series of Securitizations rated by such Rating Agencies), and (y) Lender in its sole discretion. No Rating Condition shall be regarded as having been satisfied unless and until any conditions imposed on the effectiveness of any confirmation from any Rating Agency shall have been satisfied. Lender shall have the right in its sole discretion to waive a Rating Condition requirement with respect to any Rating Agency that Lender determines has declined to review the applicable proposal; provided that if Lender determines that any Rating Agency has declined to review a Defeasance, then the Rating Condition requirement shall not be waived but shall instead be deemed satisfied as it relates to such Rating Agency for such Defeasance.
Rating Condition. With respect to any action or event or proposed action or event, will be satisfied by each Rating Agency then rating any existing Series of Notes confirming in writing that such action or event or proposed action or event will not result in the downgrade, qualification or withdrawal of such Rating Agency’s then current ratings of such Notes.
Rating Condition. As defined in the Indenture.
Rating Condition means, with respect to any action taken or to be taken by or on behalf of the Borrower that is expressed to be subject to such condition in any Loan Document, a condition that is satisfied if a Rating Agency has confirmed in writing (which may take the form of a press release, electronic messages, facsimile, posting to its internet website, other written communication or other means then considered industry standard) that such action will not cause the then-current rating of the Loans by the applicable Rating Agency to be reduced or withdrawn; provided that the Rating Condition will be deemed to be satisfied with respect to any such action if (i) at the time of determination, no Loans are then rated by a Rating Agency; (ii) the Agents and all of the Lenders provide their written approval as to such action and written notice thereof is given to the applicable Rating Agency; (iii) the applicable Rating Agency has made a public statement to the effect that it will no longer review events or circumstances of the type requiring satisfaction of the Rating Condition in this Agreement for purposes of evaluating whether to confirm the then-current ratings of the Loans rated by the applicable Rating Agency; or (iv) the applicable Rating Agency has communicated to the Borrower, the Services Provider or either Agent (or their respective counsel) that it will not review such event or circumstances for purposes of evaluating whether to confirm the then-current ratings.
Rating Condition means that Crown Holdings’ senior secured long term debt rating is (i) Ba2 or better from Xxxxx’x and BB- or better from S&P or (ii) Ba3 or better from Xxxxx’x and BB or better from S&P.
Rating Condition. With respect to any action taken or to be taken hereunder, a condition that is satisfied when the Rating Agency has confirmed in writing to the Borrower and the Facility Agent that such action will not result in the reduction of its rating of the Rated Facility or in a withdrawal of its rating of the Rated Facility.