Changes in Covenants When Notes Rated Investment Grade. If on any date following the Issue Date:
(1) the Notes are rated Baa3 or better by Xxxxx’x and BBB- or better by S&P (or, if either such entity ceases to rate the Notes for reasons outside of the control of the Company, the equivalent investment grade credit rating from any other “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company as a replacement agency); and
(2) no Default or Event of Default shall have occurred and be Continuing, then, beginning on that day and Continuing at all times thereafter and subject to the provisions of the following paragraph, Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.16 and 5.01(4) hereof (collectively, the “Suspended Covenants”) will be suspended. During any period that the Suspended Covenants have been suspended, the Company’s Board of Directors may not designate any of its Subsidiaries as Unrestricted Subsidiaries pursuant to Section 4.17 hereof unless the Company’s Board of Directors would have been able, under the terms of this Indenture, to designate such Subsidiaries as Unrestricted Subsidiaries if the Suspended Covenants were not suspended. Notwithstanding that the Suspended Covenants may be reinstated, the failure to comply with the Suspended Covenants during the Suspension Period (including any action taken or omitted to be taken with respect thereto) will not give rise to a Default or Event of Default under this Indenture. Notwithstanding the foregoing, if the rating assigned by either such rating agency should subsequently decline to below Baa3 or BBB-, respectively, the Suspended Covenants will be reinstituted as of and from the date of such rating decline (any such date, a “Reversion Date”). The period of time between the suspension of covenants as set forth above and the Reversion Date is referred to as the “Suspension Period.” All Indebtedness incurred (including Acquired Debt) and Disqualified Stock or preferred stock issued during the Suspension Period will be deemed to have been incurred or issued in reliance on the exception provided by clause (2) of the definition of Permitted Debt. Calculations under the reinstated Section 4.07 hereof will be made as if Section 4.07 hereof had been in effect prior to, but not during, the period that Section 4.07 hereof was suspended as set forth above; provided that any Restricted Payment made during the Suspension Period shall in no event reduce the amount of Restricted Payments permitt...
Changes in Covenants When Notes Rated Investment Grade. (a) If on any date following the date hereof:
(i) the Notes are rated Baa3 or better by Xxxxx’x or BBB- or better by Standard & Poor’s (or, if either such entity ceases to rate the Notes for reasons outside of the control of the Company, the equivalent investment grade credit rating from any other “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) under the Exchange Act, selected by the Company as a replacement agency); and
(ii) no Default or Event of Default shall have occurred and be continuing (collectively, a “Covenant Suspension Event”); then, beginning on that day and subject to the provisions of Section 4.19(b), the following sections shall be suspended:
(1) Section 4.10;
(2) Section 4.07;
(3) Section 4.09;
(4) Section 4.08;
(5) Section 4.15;
(6) Section 4.11;
(7) clause (iv) of Section 5.01(a);
(8) clauses (i)(a) and (iii) of Section 4.17; and
(9) Section 4.13.
(b) During any period that the foregoing covenants have been suspended (a “Suspension Period”), the Company’s Board of Directors may not designate any of its Subsidiaries as Unrestricted Subsidiaries pursuant to Section 4.15 hereof unless such designation would have been permitted if a Suspension Period had not been in effect at such time.
(c) Notwithstanding the provisions of Section 4.19(a) above, if the rating assigned by such rating agency should subsequently decline and the Notes are not rated Baa3 or better by Xxxxx’x nor BBB- or better by Standard & Poor’s (or if either such agency ceases to rate the Notes, the equivalent investment grade credit rating from another nationally recognized statistical rating organization), the foregoing covenants will be reinstated as of and from the date of such rating decline. Calculations under the reinstated Section 4.07 will be made as if Section 4.07 had been in effect since the date hereof except that no default will be deemed to have occurred solely by reason of a Restricted Payment made while that covenant was suspended. Notwithstanding that the suspended covenants may be reinstated, no default will be deemed to have occurred as a result of a failure to comply with such suspended covenants during any period such covenants have been suspended.
(d) The Company shall give prompt written notice of any Covenant Suspension Event and the termination of any Covenant Suspension Event to the Trustee.
Changes in Covenants When Notes Rated Investment Grade. The first clause of the first sentence of Section 4.19 shall be amended to replace the words “Closing Date” with the words “Series Issue Date”.
Changes in Covenants When Notes Rated Investment Grade. If on any date following the date of this Indenture the Notes have an Investment Grade Rating from both of the Rating Agencies and no Default or Event of Default has occurred and is continuing (a "Fall Away Event"), then, beginning on that day and continuing at all times thereafter regardless of any subsequent changes in the rating of the Notes, Sections 3.09, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12(a), 4.13, 4.15, 4.16(a), 4.17 and Section 5.01(a)(4) hereof shall no longer be applicable to the Notes.
Changes in Covenants When Notes Rated Investment Grade. In the event of the occurrence of a Fall Away Event with respect to the Notes (and notwithstanding the failure of the Company subsequently to maintain an Investment Grade Rating with respect to such Notes), the provisions of Sections 4.8, 4.9, 4.12, 4.13 and 4.14 hereof and clause (iv) of Section 5.1(a) hereof will no longer be applicable to the Notes.
Changes in Covenants When Notes Rated Investment Grade. If on any date following the date of this Indenture:
(a) The Notes are rated Baa3 or better by Xxxxx’x and BBB- or better by S&P (or, if either such entity ceases to rate the Notes for reasons outside of the control of the Company, the equivalent investment grade credit rating from any other “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the Company as a replacement agency); and
(b) no Default or Event of Default will have occurred and be continuing under this Indenture, then, beginning on that day, the following Sections in this Indenture will no longer be applicable to the Notes: 4.07, 4.08, 4.09, 4.10, 4.11, clauses (1)(a) and (3) of Section 4.15 and clause (iv) of Section 5.01.
Changes in Covenants When Notes Rated Investment Grade. (a) If on any date following the date of this Indenture:
(1) the Notes are rated Baa3 or better by Xxxxx’x or BBB- or better by Standard & Poor’s (or, if either such entity ceases to rate the Notes for reasons outside of the control of the Company, the equivalent investment grade credit rating from any other “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) under the Exchange Act, selected by the Company as a replacement agency); and
(2) no Default or Event of Default shall have occurred and be continuing (clauses (1) and (2) collectively, a “Covenant Suspension Event”), then, beginning on that day and subject to the provisions of Section 10.19(b), the following Sections shall be suspended:
(a) Section 10.10;
(b) Section 10.07;
(c) Section 10.09;
(d) Section 10.08;
(e) Section 10.15;
(f) Section 10.11;
(g) Section 8.01(4);
(h) Section 10.17(1)(a) and (3); and
(i) Section 10.13;
Changes in Covenants When Notes Rated Investment Grade. If on any date following the Issue Date:
(1) the Notes are rated BBB- or better by S&P and Baa3 or better by Xxxxx’x (or, if either such entity ceases to rate the Notes for reasons outside of the control of the Company, the equivalent investment grade credit rating from any other “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the Company as a replacement agency); and
(2) no Default or Event of Default shall have occurred and be continuing, then, beginning on such date and continuing at all times thereafter regardless of any subsequent changes in the rating of the Notes, the covenants contained in Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.17 and 5.01(a)(4) of this Indenture will no longer be applicable to the Notes; provided, however, that those provisions of Section 4.10 relating to the Sale of Collateral or the Sale of a Guarantor and the application of the proceeds therefrom will remain in full force and effect and will not be suspended.
Changes in Covenants When Notes Rated Investment Grade. If on any date following the date of this Indenture:
(1) the Notes are rated Baa3 or better by Xxxxx’x and BBB- or better by S&P (or, if either such entity ceases to rate the Notes for reasons outside of the control of the Company, the equivalent investment grade credit rating from any other “nationally recognized statistical rating organization” within the meaning of Rule 15c3 1(c)(2)(vi)(F) under the Exchange Act selected by the Company as a replacement agency); and
(2) no Default shall have occurred and be continuing, then, beginning on that day and subject to the provisions of the following paragraph, the following provisions of this Indenture shall be suspended:
(1) Section 4.10 hereof;
(2) Section 4.07 hereof;
(3) Section 4.09 hereof;
(4) Section 4.08 hereof;
(5) Section 4.18 hereof;
(6) Section 4.11 hereof; and
(7) Section 5.01(4) hereof. During any period that the foregoing covenants have been suspended, the Company’s Board of Directors may not designate any of its Subsidiaries as Unrestricted Subsidiaries pursuant to Section 4.18 hereof or the second paragraph of the definition of “Unrestricted Subsidiary.”
Changes in Covenants When Notes Rated Investment Grade. If on any date following the date hereof:
