Conversion Based on Credit Rating. Subject to the provisions of this paragraph 9, Holders may convert the Securities into Common Stock on a Conversion Date during any period in which the credit rating assigned to the Securities by a Rating Agency is at or below the Applicable Rating. "Rating Agency" means Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies Inc., and its successors ("Standard & Poor's") xx xx Xxxxxard & Poor's is not making ratings of the Securities publicly available, a nationally recognized U.S. rating agency or agencies, as the case may be, selected by the Company, which will be substituted for Standard & Poor's, as the case may be. "Applicable Rating" means, in the case of Standard & Poor's, BB- (or its equivalent, under any successor ratings categories of Standard & Poor's) or the equivalent in respect of ratings categories of any Rating Agencies substituted for Standard & Poor's.
Conversion Based on Credit Rating. Subject to the provisions of this paragraph 9, Holders may convert the Securities into cash and shares of Common Stock, if any, on a Conversion Date during any period in which the credit rating assigned to the Securities by a Rating Agency is at or below the Applicable Rating. "Rating Agency" means Standard & Poor's Ratings Services, a division of The XxXxxx-Xxxx Companies Inc., and its successors ("Standard & Poor's") or if Standard & Poor's is not making ratings of the Securities publicly available, a nationally recognized U.S. rating agency or agencies, as the case may be, selected by the Company, which will be substituted for Standard & Poor's, as the case may be. "Applicable Rating" means, in the case of Standard & Poor's, BB- (or its equivalent, under any successor ratings categories of Standard & Poor's) or the equivalent in respect of ratings categories of any Rating Agencies substituted for Standard & Poor's.
Conversion Based on Credit Rating. Subject to the provisions of this paragraph 9, Holders may convert the Securities into Common Stock on a Conversion Date during any period in which the credit rating assigned to the Securities by a Rating Agency is at or below the Applicable Rating. "Rating Agency" means (1) Xxxxx'x Investors Service, Inc. and its successors ("Moody's"), (2) Standard & Poor's Ratings Services, a division of The XxXxxx-Xxxx Companies Inc., and its successors ("Standard & Poor's") or (3) if Moody's or Standard & Poor's or both of them are not making ratings of the Securities publicly available, a nationally recognized U.S. rating agency or agencies, as the case may be, selected by the Company, which will be substituted for Moody's or Standard & Poor's or both, as the case may be. "Applicable Rating" means (1) in the case of Moody's, Ba3 (or its equivalent under any successor ratings categories of Moody's), (2) in the case of Standard & Poor's, BB (or its equivalent under any successor ratings categories of Standard & Poor's) or (3) the equivalent in respect of ratings categories of any Rating Agencies substituted for Moody's or Standard & Poor's.
Conversion Based on Credit Rating. Subject to the provisions of this paragraph 8 and notwithstanding the fact any other condition to conversion has not been satisfied, Holders may convert the Securities into Common Stock on a Conversion Date during any period in which the credit rating assigned to the Securities by a Rating Agency is at or below the Applicable 87 Rating. "Rating Agency" means (1) Moodx'x Xxxestors Service, Inc. and its successors ("Moody's"), (2) Standard & Poor's Ratings Services, a division of The McGrxx-Xxxx Xxxpanies Inc., and its successors ("Standard & Poor's") or (3) if Moody's or Standard & Poor's or both of them are not making ratings of the Securities publicly available, a nationally recognized U.S. rating agency or agencies, as the case may be, selected by the Company, which will be substituted for Moody's or Standard & Poor's or both, as the case may be. "Applicable Rating" means (1) Ba1, in the case of Moody's (or its equivalent under any successor ratings categories of Moody's), (2) BB+, in the case of Standard & Poor's (or its equivalent, under any successor ratings categories of Standard & Poor's) or (3) the equivalent in respect of ratings categories of any Rating Agencies substituted for Moody's or Standard & Poor's.
Conversion Based on Credit Rating. Subject to the provisions of this paragraph 8 and notwithstanding the fact any other condition to conversion in paragraph 8(a), 8(c) or 8(d) has not been satisfied, Holders may convert the Securities into Common Stock on a Conversion Date during any period in which the credit rating assigned to the Securities by Standard & Poor's Ratings Services, a division of The XxXxxx-Xxxx Companies Inc., and its successors ("Standard & Poor's") is BB+ or lower (or its equivalent, under any successor ratings categories of Standard & Poor's).
