Reference Rating definition

Reference Rating is the rating for the Borrower’s senior, unsecured long-term indebtedness for borrowed money that is not guaranteed by any other person or entity.

Reference Rating means the ratings assigned by S&P and Moody's to the senior unsecured non-credit enhanced long-term debt of the Borrower. If such ratings assigned by S&P and Moody's are not comparable (i.e., a "split rating"), and (i) the ratings differential is less than two levels, then the higher of such two ratings shall control or (ii) the ratings differential is two levels or more, then the ratings one below the higher of such two ratings shall control, unless either rating is below BBB- (in the case of S&P) or Baa3 (in the case of Moody's), in which case the lower of the two ratings shall control.

Reference Rating is the credit rating assigned to the Revolving Loans by the relevant rating agency; provided that until such time as Moody’s assigns an initial rating to the Revolving Loans, the Mxxxx’x rating of the Existing Facility shall be deemed its Reference Rating. The rating in effect for any day is that in effect at the close of business on such day.

Examples of Reference Rating in a sentence

• If there exists only one Reference Rating, such Reference Rating will be used to determine the commitment fee.

• Promptly and in any event within seven Business Days after Xxxxx'x or S&P has changed any relevant Reference Rating, notice of such change.

• If the Reference Rating is unavailable as of the date any determination of the Applicable Margin is to occur, the Borrower and the Banks will negotiate in good faith to agree on an alternative method for establishing the Applicable Margin for any affected Advances.

• Changes in the Applicable Margin resulting from a change in any Reference Rating from S&P, Xxxxx’x or Fitch shall become effective on the fifth Business Day after the effective date of any change in such Reference Rating.

• Until the earlier of (i) the time at which such an alternative method is agreed upon or (ii) 30 days after the date on which the Reference Rating became unavailable (such 30-day period, the “Negotiation Period”), the interest payable per annum with respect to Eurodollar Loans and Base Rate Loans (to the extent the Applicable Margin thereon is greater than zero) in the affected borrowing will be based upon the Applicable Margin calculated using the last available quote of the Reference Rating.

More Definitions of Reference Rating

Reference Rating by S&P, Fitch or Moody’s shall mean, on any date of determination, the most recently announced long-term, senior unsecured non-credit enhanced debt rating of the Borrower issued by S&P, Fitch or Moody’s, respectively.

Reference Rating means (i) the ratings assigned by S&P and Moodx'x xx the senior unsecured non-credit enhanced long-term debt of the Borrower, or (ii) if S&P and Moodx'x xxxe not assigned ratings to the senior unsecured non-credit enhanced long-term debt of the Borrower, the ratings that are one level below the ratings assigned by S&P and Moodx'x xx the senior unsecured non-credit enhanced long-term debt of TE Products. For purposes of the foregoing, (x) if the ratings assigned by S&P and Moodx'x xxx not comparable (i.e., a "split rating"), the higher of such two ratings shall control, unless either rating is below BBB- (in the case of S&P) or Baa3 (in the case of Moodx'x), xn which case the lower of the two ratings shall control, and (y) for purposes of illustration an S&P rating of BBB will be considered to be "one level below" an S&P rating, of BBB+.

Reference Rating means (i) the ratings assigned by S&P and Moody's to the senior unsecured non-credit enhanced long-term debt of the Borrower, or (ii) if S&P and Moody's have not assigned ratings to the senior unsecured non-credit enhanced long-term debt of the Borrower, the ratings that are one level below the ratings assigned by S&P and Moody's to the senior unsecured non-credit enhanced long-term debt of TE Products. For purposes of the foregoing, (x) if the ratings assigned by S&P and Moody's are not comparable (i.e., a "split rating"), the higher of such two ratings shall control, unless either rating is below BBB- (in the case of S&P) or Baa3 (in the case of Moody's), in which case the lower of the two ratings shall control, and

Reference Rating has the meaning assigned to that term on Annex 1 hereto.

Reference Rating means (i) the ratings assigned by S&P and Moody’s to the senior unsecured non-credit enhanced long-term debt of the Borrower, or (ii) if S&P and Moody’s have not assigned ratings to the senior unsecured non-credit enhanced long-term debt of the Borrower, the ratings that are one level below the ratings assigned by S&P and Moody’s to the senior unsecured non-credit enhanced long-term debt of TE Products. For purposes of the foregoing, (x) if the ratings assigned by S&P and Moody’s are not comparable (i.e., a “split rating”), the higher of such two ratings shall control, unless the split in ratings is two or more ratings, in which case the level above the lower of the two ratings shall control, and (y) for purposes of illustration an S&P rating of BBB will be considered to be “one level below” an S&P rating of BBB+.

Reference Rating means the ratings assigned by S&P and Xxxxx’x to the senior unsecured non-credit enhanced long-term debt of Buckeye Partners. If such ratings assigned by S&P and Xxxxx’x are not comparable (i.e., a “split rating”), and (i) the ratings differential is less than two levels, then the higher of such two ratings shall 13 control or (ii) the ratings differential is two levels or more, then the ratings one below the higher of such two ratings shall control, unless either rating is below BBB- (in the case of S&P) or Baa3 (in the case of Moody’s), in which case the lower of the two ratings shall control.

Reference Rating means (i) the ratings assigned by S&P and Moody's to the senior unsecured non-credit enhanced long-term debt of the Borrower, or (ii) if S&P and Moody's have not assigned ratings to the senior unsecured non-credit enhanced long-term debt of the