Common use of No Downgrading Clause in Contracts

No Downgrading. Subsequent to the execution and delivery of this Agreement, (i) no downgrading shall have occurred in the rating accorded the Securities or any other debt securities or preferred stock issued or guaranteed by the Company or any of the Subsidiary Guarantors by any "nationally recognized statistical rating organization", as such term is defined by the Commission for purposes of Rule 436(g)(2) under the Securities 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) its rating of the Securities or of any other debt securities or preferred stock issued or guaranteed by the Company.

No Downgrading. Subsequent to the execution and delivery of this Agreement, (i) no downgrading shall have occurred in the rating accorded the Securities Notes or any other debt securities or preferred stock issued or guaranteed by the Company or any of the Subsidiary Guarantors by any "nationally recognized statistical rating organization", as such term is defined by the Commission for purposes of Rule 436(g)(2) under the Securities 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) its rating of the Securities Notes or of any other debt securities or preferred stock issued or guaranteed by the Company.

No Downgrading. Subsequent to the execution and delivery of this Agreement, (i) no downgrading shall have occurred in the rating accorded the Securities or any other debt securities or preferred stock issued or guaranteed by the Company or any of the Subsidiary Guarantors by any "nationally recognized statistical rating organization", as such term is defined by the Commission for purposes of Rule 436(g)(2) under the Securities 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) its rating of the Securities or of any other debt securities or preferred stock issued or guaranteed by the CompanyCompany or any of the Guarantors.

No Downgrading. Subsequent to the execution and delivery of this Agreement, (i) no downgrading shall have occurred in the rating accorded the Securities or any other debt securities or preferred stock issued or guaranteed by the Company or any of the Subsidiary Guarantors Guarantor by any "nationally recognized statistical rating organization", ," as such term is defined by the Commission for purposes of Rule 436(g)(2) under the Securities 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) its rating of the Securities or of any other debt securities or preferred stock issued or guaranteed by the CompanyCompany or the Guarantor.

No Downgrading. Subsequent to the execution and delivery of this Agreement, Agreement (i) no downgrading shall have occurred in the rating accorded the Securities or any other debt securities or preferred stock issued or guaranteed by the Company Senior Notes or any of the Subsidiary Guarantors Company's or any of its subsidiaries' other debt securities by any "nationally recognized statistical rating organization", ," as such that term is defined by the Commission for purposes of Rule 436(g)(2) under of the Securities Act; 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) ), its rating of the Securities Senior Notes or any of any the Company's other debt securities or preferred stock issued or guaranteed by the Companysecurities.

No Downgrading. Subsequent to the execution and delivery of this Agreement, (i) no downgrading shall have occurred in the rating accorded the Securities or any other debt securities or preferred stock issued or guaranteed by the Company or any of the Subsidiary Guarantors by any "“nationally recognized statistical rating organization"”, as such term is defined by the Commission for purposes of Rule 436(g)(2) under the Securities 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) its rating of the Securities or of any other debt securities or preferred stock issued or guaranteed by the CompanyCompany or any of the Guarantors.

No Downgrading. Subsequent to the execution and delivery of this Agreement, Agreement (i) no downgrading shall have occurred in the rating accorded the Securities or any of the Company's or any of its subsidiaries' other debt securities or preferred stock issued or guaranteed by the Company or any of the Subsidiary Guarantors by any "nationally recognized statistical rating organization", ," as such that term is defined by the Commission for purposes of Rule 436(g)(2) under of the Securities Act; 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) ), its rating of the Securities or any of any the Company's other debt securities or preferred stock issued or guaranteed by the Companysecurities.

No Downgrading. Subsequent to the execution and delivery of this Agreement, (i) no downgrading shall have occurred in the rating accorded the Securities or any other debt securities or preferred stock issued of or guaranteed by the Company or any of the Subsidiary Guarantors its subsidiaries by any "nationally recognized statistical rating organization", as such term is defined by the Commission for purposes of Rule 436(g)(2) under the Securities Act; Act and (ii) no such organization shall have publicly announced that it has under surveillance or review (other than an announcement review, or has changed its outlook with positive implications of a possible upgrading) respect to, its rating of the Securities or of any other debt securities or preferred stock issued of or guaranteed by the CompanyCompany or any of its subsidiaries (other than an announcement with positive implications of a possible upgrading).

No Downgrading. Subsequent to the execution and delivery of this Agreement, Agreement (i) no downgrading shall have occurred in the rating accorded the Securities or any other Company's debt securities or preferred stock issued or guaranteed by the Company or any of the Subsidiary Guarantors by any "“nationally recognized statistical rating organization", ” (as such that term is defined by the Commission for purposes of Rule 436(g)(2) under of the Securities Act; Rules and Regulations), 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, its rating of any of the Securities or of any other Company's debt securities or preferred stock issued or guaranteed by the Companystock.

No Downgrading. Subsequent to the execution and delivery of this Agreement, (i) no downgrading shall have occurred in the rating accorded the Securities Notes or any other debt securities or preferred stock issued or guaranteed by the Company or any of the Subsidiary Guarantors by any "“nationally recognized statistical rating organization"”, as such term is defined by the Commission for purposes of Rule 436(g)(2) under the Securities 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) its rating of the Securities Notes or of any other debt securities or preferred stock issued or guaranteed by the Company.

No Downgrading. Subsequent to the execution and delivery of this Agreement, Agreement (i) no downgrading shall have occurred in the rating accorded the Securities or any other Company’s debt securities or preferred stock issued or guaranteed by the Company or any of the Subsidiary Guarantors by any "“nationally recognized statistical rating organization", ” (as such that term is defined by the Commission for purposes of Rule 436(g)(2Section 3(a)(62) under of the Securities 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, its rating of any of the Securities or of any other Company’s debt securities or preferred stock issued or guaranteed by the Companystock.