Investment Grade Covenants Sample Clauses

Investment Grade Covenants. SECTION 4.1. Definitions 75 SECTION 4.2. Restrictions on Secured Debt 76 SECTION 4.3. Restriction on Sale/Leaseback Transactions 77 SECTION 4.4. Additional Investment Grade Covenants 77 SECTION 5.1. Merger and Consolidation 77
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Investment Grade Covenants. If an Investment Grade Rating Event occurs and no Default or Event of Default has occurred and is continuing under this Indenture, each of the covenants contained in Articles 4 and 5 herein (except for Section 5.01 (but clause (d) of that Section will no longer apply) and Sections 4.01 through 4.06) will cease to apply to the Company and each of its Restricted Subsidiaries. Only upon and after the occurrence of an Investment Grade Rating Event, the following covenants will apply: (a) Restrictions on Secured Indebtedness If the Company or any Restricted Subsidiary incurs any Indebtedness secured by a Lien (other than a Permitted Lien) on any asset or property or on any Capital Stock or Indebtedness of a Restricted Subsidiary, the Company or such Restricted Subsidiary will secure the Notes equally and ratably with (or at the Company's option, prior to) such secured Indebtedness so long as such Indebtedness is so secured, unless the aggregate amount of all Indebtedness secured by Liens (other than Permitted Liens), together with all Attributable Debt of the Company and the Restricted Subsidiaries with respect to any Sale/Leaseback Transactions (with the exception of such transactions which are excluded as described in clauses (1) through (4) under Section 4.17(b) below), would not exceed 10% of Consolidated Net Tangible Assets. (b) Restrictions on Sale/Leaseback Transactions The Company will not, and will not permit any Restricted Subsidiary to, enter into any Sale/Leaseback Transaction, unless the aggregate amount of all Attributable Debt with respect to such transaction plus all secured Indebtedness of the Company and the Restricted Securities (with the exception of Indebtedness secured by Permitted Liens) would not exceed 10% of Consolidated Net Tangible Assets. This restriction shall not apply to, and there shall be excluded from Attributable Debt in any computation under such restriction, any Sale/Leaseback Transaction if: (1) the lease is for a period, including renewal rights, not in excess of three years; (2) the sale of the asset or property subject to the Sale/Leaseback Transaction is made within 270 days after its acquisition, construction or improvements; (3) the transaction is between the Company and a Restricted Subsidiary; or (4) the Company, within 270 days after the sale is completed, applies to the retirement of its Indebtedness or that of a Restricted Subsidiary, or to the purchase of other assets or properties which will constitute Product...
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Investment Grade Covenants. 39 Article 5 SUCCESSORS.............................................................................................40 Section 5.01. Merger, Consolidation, or Sale of Assets..............................................40
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Investment Grade Covenants. Upon the occurrence of an Investment Grade Rating Event, the Company and its Restricted Subsidiaries shall no longer be subject to the provisions of Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.10, 4.11 and 4.12 and clauses (2), (3) and (4) of Section 5.01 and clause 2 of Section 5.02. Instead, the provisions of the following clauses (1) and (2) of this Section 4.15 shall apply to the Company and its Restricted Subsidiaries only upon and after the occurrence of an Investment Grade Rating Event:
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Related to Investment Grade Covenants

  • Moody’s Xxxxx’x Investors Service, Inc. and its successors.

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

  • Financial Performance Covenants Notwithstanding anything to the contrary contained in Section 7.01, in the event that the U.S. Borrower fails to comply with the requirements of any Financial Performance Covenant, until the expiration of the 10th day subsequent to the date the certificate calculating such Financial Performance Covenant is required to be delivered pursuant to Section 5.04(c), Holdings shall have the right to issue Permitted Cure Securities for cash or otherwise receive cash contributions to the capital of Holdings, and, in each case, to contribute any such cash to the capital of Intermediate Holdings (which shall contribute all such cash to the capital of the U.S. Borrower) (collectively, the "Cure Right"), and upon the receipt by U.S. Borrower of such cash (the "Cure Amount") pursuant to the exercise by Holdings of such Cure Right such Financial Performance Covenant shall be recalculated giving effect to the following pro forma adjustments: (i) EBITDA shall be increased, solely for the purpose of measuring the Financial Performance Covenants and not for any other purpose under this Agreement, by an amount equal to the Cure Amount; and (ii) If, after giving effect to the foregoing recalculations, the U.S. Borrower shall then be in compliance with the requirements of all Financial Performance Covenants, the U.S. Borrower shall be deemed to have satisfied the requirements of the Financial Performance Covenants as of the relevant date of determination with the same effect as though there had been no failure to comply therewith at such date, and the applicable breach or default of the Financial Performance Covenants that had occurred shall be deemed cured for this purposes of the Agreement.

  • Industry Ratings The City will only accept coverage from an insurance carrier who offers proof that it: a. Is authorized to do business in the State of Kansas; b. Carries a Best's policyholder rating of A- or better; and c. Carries at least a Class VIII financial rating; or d. Is a company mutually agreed upon by the City and Consulting Engineer/Architect.

  • PRIORITY RATING If so identified, this Contract is a "rated order" certified for national defense, emergency preparedness, and energy program use, and SELLER shall follow all the requirements of the Defense Priorities and Allocation System Regulation (15 C.F.R. Part 700).

  • Certain Financial Covenants In addition to the covenants described in Section 5.1 and Section 5.2, so long as any Commitment remains in effect, any Advance is outstanding or any amount is owing to any Lender hereunder or under any other Loan Document, the Borrower will perform and comply with each of the covenants set forth on Schedule VI.

  • Payment Grace Period The Borrower shall have a ten (10) day grace period to pay any monetary amounts due under this Note, after which grace period a default interest rate of fifteen percent (15%) per annum shall apply to the amounts owed hereunder.

  • Ratings No “nationally recognized statistical rating organization” as such term is defined for purposes of Rule 436(g)(2) (i) has imposed (or has informed the Company that it is considering imposing) any condition (financial or otherwise) on the Company’s retaining any rating assigned to the Company or any securities of the Company or (ii) has indicated to the Company that it is considering any of the actions described in Section 7(c)(ii) hereof.

  • No Ratings There are no securities or preferred stock of or guaranteed by the Company or any of its subsidiaries that are rated by a “nationally recognized statistical rating organization,” as such term is defined under Section 3(a)(62) under the 1934 Act.

  • Ratings Letters The Depositor will have received ratings letters from the Rating Agencies that assign the ratings to the Offered Notes at least as high as the ratings stated in the Terms Annex.

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