Effective Date Ratings Downgrade Sample Clauses

Effective Date Ratings Downgrade. On or before the Effective Date, but in no case later than the date which is 15 Business Days prior to the Distribution Date occurring in June, 2007, the Servicer will (i) cause a firm of nationally recognized independent certified public accountants (the “Independent Accountants”) to determine the extent of compliance with the Portfolio Criteria of the Loans included in the Collateral as of the Effective Date, (ii) deliver a report of such Independent Accountants certifying the results of that determination to the Trustee and the Rating Agencies (such report, the “Accountants’ Effective Date Certificate”) and (iii) request that each Rating Agency confirm in writing (the “Effective Date Ratings Confirmation”), within 30 days after the Effective Date (or such later date as such Rating Agency may determine), that it has not reduced or withdrawn any of the ratings assigned to the Offered Notes or the Class D Notes on the Closing Date. In the event that (A) any rating assigned to the Offered Notes or the Class D Notes on the Closing Date is reduced or withdrawn or (B) the Issuer is not in compliance with the Portfolio Criteria as of the Effective Date and the Servicer does not receive the Effective Date Ratings Confirmation from Moody’s (in each case, such event, a “Ratings Confirmation Failure”), the next and succeeding Distribution Dates shall be Sequential Distribution Dates until the earlier of (x) such date as each such Rating Agency shall confirm its respective ratings of the Offered Notes and the Class D Notes assigned on the Closing Date and (y) the Outstanding Principal Balance of each Class of Offered Notes and the Class D Notes is reduced to zero.
Sample 1
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Effective Date Ratings Downgrade. The Issuer will request a Ratings Confirmation from S&P within 15 days after the Effective Date or such other date in excess of 15 days but not to exceed 30 days after the Effective Date as S&P shall determine and so notify the Trustee; provided that if the Collateral Debt Obligations fail to satisfy, on the Effective Date, one or more of the Collateral Coverage Tests, Collateral Quality Tests or Portfolio Percentage Limitations, the Issuer or the Collateral Manager (acting on behalf of the Issuer) shall, in accordance with Section 3.05(b), deliver written notice thereof to each Rating Agency in lieu of a request for a Ratings Confirmation. If (i) S&P notifies the Issuer, within 60 days after the Effective Date, that its rating on any Class of Secured Notes will be reduced or withdrawn, (ii) S&P fails to respond to such request within 60 days after the Effective Date or (iii) the Collateral Debt Obligations fail to satisfy, on the Effective Date, one or more of the Collateral Coverage Tests, Collateral Quality Tests or Portfolio Percentage Limitations (any of such events, an “Effective Date Ratings Downgrade”), the Collateral Manager, on behalf of the Issuer, shall present a Proposed Plan to the Rating Agencies to obtain a Ratings Confirmation. If a Proposed Plan has not been presented and accepted by the Rating Agencies, resulting in a Ratings Confirmation on or prior to the first Payment Date following the Effective Date, then on such first Payment Date (and on each Payment Date thereafter until the Ratings Confirmation with respect to each Class of Secured Notes have been received from the Rating Agencies) the Issuer will make payments of principal of and accrued interest (and, in the case of the Class A-2 Notes and Class A-3 Notes, any Class A-2 Commitment Fees, Class A-3 Commitment Fees and Class A-2 Increased Costs) on the aggregate outstanding amount of the Secured Notes in accordance with the Priority of Payments until such Ratings Confirmation is obtained or the aggregate outstanding amount of Secured Notes is reduced to zero.
Sample 1

Related to Effective Date Ratings Downgrade

  • Ratings Downgrade For purposes of each Transaction:

  • Ratings Event Upon the occurrence of a Ratings Event (as defined below) Party A has not, within 10 days after such rating withdrawal or downgrade (unless, within 10 days after such withdrawal or downgrade, each such Swap Rating Agency has reconfirmed the rating of the Swap Certificates which was in effect immediately prior to such withdrawal or downgrade (determined without regard to any financial guaranty insurance policy, if applicable), unless the rating of the Swap Certificates were changed due to a circumstance other than the withdrawal or downgrading of Party A's (or its Credit Support Provider's) rating), complied with one of the solutions listed below, then an Additional Termination Event shall have occurred with respect to Party A and Party A shall be the sole Affected Party with respect to such Additional Termination Event. It shall be a ratings event ("Ratings Event") if at any time after the date hereof Party A shall fail to satisfy the Swap Counterparty Ratings Threshold. Swap Counterparty Ratings Threshold shall mean that both (A) the unsecured, long-term senior debt obligations of Party A (or its Credit Support Provider) are rated at least "BBB-" by S&P, and (B) either (i) the unsecured, long-term senior debt obligations of Party A (or its Credit Support Provider) are rated at least "A2" by Moody's (including if such rating is on watch for possible downgrade) and the unsecured, short-term debt obligations of Party A (or its Credit Support Provider) are rated at least "P-1" by Moody's (including if such rating is on watch for possible downgrade) or (ii) if Party A (or its Credit Support Provider) does not have a short-term rating from Moody's, the unsecured, long-term senior debt obligations of Party A (or its Credit Support Provider) are rated at least "A1" by Moody's (including if such rating is on watch for possible downgrade).

  • Debt Ratings Prompt notice of any change in its Debt Ratings.

  • Rating Agency Downgrade In the event that DBAG’s short-term unsecured and unsubordinated debt rating is reduced below “A-1” by S&P or, if DBAG has both a long-term credit rating and a short-term credit rating from Moody’s, and either its long-term unsecured and unsubordinated debt rating is withdrawn or reduced below “A2” by Moody’s or its short-term credit rating is withdrawn or reduced below “P-1” by Moody’s (and together with S&P, the “Swap Rating Agencies”, and such rating thresholds, “Approved Rating Thresholds”), then within 30 days after such rating withdrawal or downgrade, DBAG shall, subject to the Rating Agency Condition and at its own expense, either (i) cause another entity to replace DBAG as party to this Agreement that meets or exceeds the Approved Rating Thresholds on terms substantially similar to this Agreement, (ii) obtain a guaranty of, or a contingent agreement of another person with the Approved Rating Thresholds, to honor, DBAG’s obligations under this Agreement, (iii) post collateral which will be sufficient to restore the immediately prior ratings of the Certificates and any Notes, or (iv) establish any other arrangement which will be sufficient to restore the immediately prior ratings of the Certificates and any Notes. In the event that DBAG’s long-term unsecured and unsubordinated debt rating is reduced below “BBB-” or its short-term unsecured and unsubordinated debt rating is reduced below “A-3” or is withdrawn by S&P or DBAG’s long-term unsecured and unsubordinated debt rating is withdrawn or reduced below “A3” by Moody’s or its short-term credit rating is reduced below “P-2” by Moody’s, then within 10 days after such rating withdrawal or downgrade, DBAG shall, subject to the Rating Agency Condition and at its own expense, either (i) cause another entity to replace DBAG as party to this Agreement that meets or exceeds the Approved Rating Thresholds on terms substantially similar to this Agreement or (ii) obtain a guaranty of, or a contingent agreement of another person with the Approved Rating Thresholds to honor, DBAG’s obligations under this Agreement. In either case, DBAG shall deliver collateral acceptable to the Swap Rating Agencies until DBAG has made such transfer or obtained a guaranty as set forth in (i) and (ii) above. For purposes of this provision, “Rating Agency Condition” means, with respect to any particular proposed act or omission to act hereunder that the party acting or failing to act must consult with each of the Swap Rating Agencies then providing a rating of the Certificates and any Notes and receive from each of the Swap Rating Agencies a prior written confirmation that the proposed action or inaction would not cause a downgrade or withdrawal of the then-current rating of the Certificates or any Note.

  • Required Ratings The Offered Certificates shall have received Required Ratings of at least [ ] from [ ].

  • Debt Rating The Liquidity Provider has a short-term debt ratings of “P-1” from Xxxxx’x and “F1+” from Fitch.

  • Special Notices to the Rating Agencies (a) The Depositor shall give prompt notice to the Rating Agencies of the occurrence of any of the following events of which it has notice:

  • Moody’s 37 Mortgage.....................................................................37

  • Notice to the Rating Agencies (a) Each of the Trustee and the Servicer shall be obligated to use its best reasonable efforts promptly to provide notice to the Rating Agencies with respect to each of the following of which a Responsible Officer of the Trustee or the Servicer, as the case may be, has actual knowledge:

  • Notice to Rating Agencies The Trustee shall use its best efforts promptly to provide notice to the Rating Agencies with respect to each of the following of which it has actual knowledge:

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