Common use of No Downgrade Clause in Contracts

No Downgrade. Subsequent to the execution and delivery of this Agreement (i) no downgrading shall have occurred in the Company’s corporate credit rating or the rating accorded the Company’s debt securities by any “nationally recognized statistical rating organization,” as that term is defined by the Commission for purposes of Rule 436(g)(2) of the Rules and Regulations and (ii) no such organization shall have publicly announced that it has under surveillance or review (other than an announcement with positive implications of a possible upgrading), the Company’s corporate credit rating or the rating of any of the Company’s debt securities.

No Downgrade. Subsequent to the execution and delivery of this Agreement (i) no downgrading shall have occurred in the Company’s corporate credit rating or the rating accorded the Company’s Securities or any other debt securities issued or guaranteed by the Company or its subsidiaries by any “nationally recognized statistical rating organization,” as that such term is defined by the Commission for purposes of Rule 436(g)(2under Section 3(a)(62) of the Rules and Regulations Exchange Act and (ii) no such organization shall have publicly announced that it has under surveillance or review (other than an announcement review, with positive implications of a possible upgrading)negative implications, the Company’s corporate credit rating or the has changed its outlook with respect to its rating of the Securities or any of other debt securities issued or guaranteed by the Company’s debt securitiesCompany or its subsidiaries.

No Downgrade. Subsequent to the execution and delivery of this Agreement (i) no downgrading shall have occurred in the Company’s corporate credit rating or the rating accorded the Company’s debt securities by any “nationally recognized statistical rating organization,” as that term is defined by the Commission for purposes of Rule 436(g)(2) of under the Rules and Regulations Securities Act and (ii) no such organization shall have publicly announced that it has under surveillance or review (other than an announcement review, with positive implications of a possible upgrading)negative implications, the Company’s corporate credit rating or the its rating of any of the Company’s debt securities.

No Downgrade. Subsequent to the execution and delivery of this Agreement (i) no downgrading shall have occurred in the Company’s corporate credit rating or the rating accorded the Company’s debt securities by any “nationally recognized statistical rating organization,” as that term is defined by the Commission for purposes of Rule 436(g)(2) of the Rules and Regulations Regulations, and (ii) no such organization shall have publicly announced that it has under surveillance or review (other than an announcement with positive implications of a possible upgrading), the Company’s corporate credit rating or the rating of any of the Company’s debt securities.

No Downgrade. Subsequent to the execution and delivery of this Agreement (i) no downgrading shall have occurred in the Company’s corporate credit rating or the rating accorded the Company’s Securities or any other debt securities issued or guaranteed by the Company or its subsidiaries by any “nationally recognized statistical rating organization,” as that term is defined by the Commission for purposes of Rule 436(g)(2Section 3(a)(62) of under the Rules and Regulations Exchange Act and (ii) no such organization shall have publicly announced that it has under surveillance or review (other than an announcement review, with positive implications of a possible upgrading)negative implications, the Company’s corporate credit rating or the has changed its outlook with respect to its rating of the Securities or any of other debt securities issued or guaranteed by the Company’s debt securitiesCompany or its subsidiaries.

No Downgrade. Subsequent to the execution and delivery of this Agreement (i) no downgrading shall have occurred in the Company’s corporate credit rating or the rating accorded the Company’s debt securities by any “nationally recognized statistical rating organization,” as that term is defined by the Commission for purposes of Rule 436(g)(2in Section 3(a)(62) of the Rules and Regulations Exchange Act and (ii) no such organization shall have publicly announced that it has under surveillance or review (other than an announcement with positive implications of a possible upgrading), the Company’s corporate credit rating or the rating of any of the Company’s debt securities.

No Downgrade. Subsequent to the execution and delivery of this Agreement (i) no downgrading shall have occurred in the Company’s corporate credit rating or the rating accorded the Company’s Securities or any other debt securities issued or guaranteed by the Company, the Parent or their respective subsidiaries by any “nationally recognized statistical rating organization,” as that term is defined by the Commission for purposes of Rule 436(g)(2) of under the Rules and Regulations Securities Act and (ii) no such organization shall have publicly announced that it has under surveillance or review (review, with possible negative implications, or has changed its outlook with respect to its rating of the Securities or any other than an announcement with positive implications of a possible upgrading)debt securities issued or guaranteed by the Company, the Company’s corporate credit rating Parent or the rating of any of the Company’s debt securitiestheir respective subsidiaries.

No Downgrade. Subsequent to the execution and delivery of this Agreement (i) no downgrading shall have occurred in the Company’s corporate credit rating rating, if any, or the rating accorded the Company’s debt securities by any “nationally recognized statistical rating organization,” as that term is defined by the Commission for purposes of Rule 436(g)(2) of the Rules and Regulations Regulations, if any, and (ii) no such organization shall have publicly announced that it has under surveillance or review (other than an announcement with positive implications of a possible upgrading), the Company’s corporate credit rating rating, if any, or the rating of any of the Company’s debt securities, if any.

No Downgrade. Subsequent to the execution and delivery of this Agreement (i) no downgrading shall have occurred in the Company’s corporate credit rating or the rating accorded the Company’s debt securities by any “nationally recognized statistical rating organization,” as that term is defined by the Commission for purposes of Rule 436(g)(2Section 3(a)(62) of the Rules and Regulations 1934 Act and (ii) no such organization shall have publicly announced that it has under surveillance or review (other than an announcement with positive implications of a possible upgrading), the Company’s corporate credit rating or the rating of any of the Company’s debt securities.

No Downgrade. Subsequent to the execution and delivery of this Agreement (i) no downgrading shall have occurred in the Company’s corporate credit rating or the rating accorded the Company’s debt securities by any “nationally recognized statistical rating organization,” as that term is defined by the Commission for purposes of Rule 436(g)(2Section 3(a)(62) of the Rules and Regulations Exchange Act and (ii) no such organization shall have publicly announced that it has under surveillance or review (other than an announcement with positive implications of a possible upgrading), the Company’s corporate credit rating or the rating of any of the Company’s debt securities.

No Downgrade. Subsequent to the execution and delivery of this Agreement (i) no downgrading shall have occurred in the Company’s corporate credit rating or the rating accorded the Company’s debt securities by any “nationally recognized statistical rating organization,” as that term is defined by under Section 3(a)(62) under the Commission for purposes of Rule 436(g)(2) of the Rules and Regulations Exchange Act and (ii) no such organization shall have publicly announced that it has under surveillance or review (other than an announcement with positive implications of a possible upgrading), the Company’s corporate credit rating or the rating of any of the Company’s debt securities.

No Downgrade. Subsequent to the earlier of (A) the Time of Sale and (B) the execution and delivery of this Agreement Agreement, (i) no downgrading shall have occurred in the Company’s corporate credit rating or the rating accorded the Company’s debt securities (including the Notes) by any “nationally recognized statistical rating organization,” ”, as that such term is defined by the Commission for purposes of Rule 436(g)(2) of under the Rules and Regulations Securities Act, and (ii) no such organization shall have publicly announced that it has under surveillance or review review, or has changed its outlook with respect to its rating of the Company’s debt securities (other than an announcement with positive implications of a possible upgrading), the Company’s corporate credit rating or the rating of any of the Company’s debt securities.

No Downgrade. Subsequent to the execution and delivery of this Agreement (i) no downgrading shall have occurred in the Company’s corporate credit rating or the rating accorded the Company’s debt securities by any “nationally recognized statistical rating organization,” as that term is defined by the Commission for purposes of Rule 436(g)(2) of the Rules and Regulations and (ii) no such organization shall have publicly announced that it has under surveillance or review (other than an announcement with positive implications of a possible upgrading), the Company’s corporate credit rating or the rating of any of the Company’s debt securities.. (m)

No Downgrade. Subsequent to the execution and delivery of this Agreement Agreement, (i) no downgrading shall have occurred in the Company’s corporate credit rating or the rating accorded the Company’s Securities or any other debt securities of the Company by any “nationally recognized statistical rating organization,” ”, as that such term is defined by the Commission for purposes of Rule 436(g)(2) of under the Rules and Regulations Securities Act and (ii) no such organization shall have publicly announced that it has under surveillance or review its rating of the Securities or of any other debt securities of the Company (other than an announcement with positive implications of a possible upgrading, and no implication of a possible downgrading, of such rating), the Company’s corporate credit rating or the rating of any of the Company’s debt securities.

No Downgrade. Subsequent to the execution and delivery of this Agreement (i) no downgrading shall have occurred in the Company’s corporate credit rating rating, if any, or the rating accorded the Company’s debt securities by any “nationally recognized statistical rating organization,” as that term is defined by the Commission for purposes of Rule 436(g)(2) of the Rules and Regulations Regulations, if any, and (ii) no such organization shall have publicly announced that it has under surveillance or review (other than an announcement with positive implications of a possible upgrading), the Company’s corporate credit rating or the rating rating, if any, of any of the Company’s debt securities, if any.

No Downgrade. Subsequent to the execution and delivery of this Agreement Agreement, (i) no downgrading shall have occurred in the Company’s corporate credit rating or the rating accorded the Company’s any debt securities of the Company by any “"nationally recognized statistical rating organization,” ", as that such term is defined by the Commission for purposes of Rule 436(g)(2) of under the Rules and Regulations Securities Act and (ii) no such organization shall have publicly announced that it has under surveillance or review (other than an announcement review, with positive implications of a possible upgrading)negative implications, the Company’s corporate credit rating or the its rating of any debt securities of the Company’s debt securities.

No Downgrade. Subsequent to the execution and delivery of this Agreement (i) no downgrading shall have occurred in the Company’s corporate credit rating or the rating accorded the Company’s debt securities by any “nationally recognized statistical rating organization,” as that term is defined by the Commission for purposes of Rule 436(g)(2) of the Rules and Regulations and (ii) no such organization shall have publicly announced that it has under surveillance or review (other than an announcement with positive implications of a possible upgrading), the Company’s corporate credit rating or the rating of any of the Company’s debt securities.. ​ ​

No Downgrade. Subsequent to the execution and delivery of this Agreement Agreement, (i) no downgrading shall have occurred in the Company’s corporate credit rating or the rating accorded the Company’s any debt securities of the Company by any “"nationally recognized statistical rating organization,” ", as that such term is defined by the Commission for purposes of Rule 436(g)(2) of under the Rules and Regulations Securities Act, and (ii) no such organization shall have publicly announced that it has under surveillance or review (other than an announcement review, with positive implications of a possible upgrading)negative implications, the Company’s corporate credit rating or the its rating of any debt securities of the Company’s debt securities.