Common use of Downgrade of Bond Rating Clause in Contracts

Downgrade of Bond Rating. Any rating on the Bonds or any other bonds or obligations secured on a parity basis by a pledge or application of the Trust Estate shall have been downgraded or withdrawn or placed on credit watch with negative outlook by a national credit rating service which, in the Underwriters’ opinion, materially adversely affects the market price of the Bonds;

Downgrade of Bond Rating. Any rating on the Bonds or any other bonds or obligations secured on a parity basis by a pledge or application of the Trust Estate shall have been downgraded or withdrawn or placed on credit watch with negative outlook by a national credit rating service which, in the Underwriters’ Underwriter’s opinion, materially adversely affects the market price of the Bonds;