Rating Downgrade. (a) If, at any time, a Downgrade occurs and the downgrade constitutes a Minor Downgrade, Party A shall, within 30 days (or such greater period as agreed to in writing by the relevant Designated Rating Agency), comply with Section 17(c).
(b) If, at any time, a Downgrade occurs and the downgrade constitutes a Major Downgrade, Party A shall immediately (or such greater period as agreed by the relevant Designated Rating Agency) comply with Section 17(c)(i). Party A must continue to comply with Section 17(c)(i) until such time (no later than 30 days of the Major Downgrade occurring (or such greater period as agreed by the relevant Designated Rating Agency)) that it complies with Section 17(c)(ii), (iii) or (iv).
(c) Where Party A is required to comply with this Section 17(c) it must, subject to paragraph (b), at its cost do one of the following:
(i) transfer Eligible Credit Support to Party B in accordance with the Credit Support Annex attached to this Agreement (including by the deposit of US$ to the credit of a Swap Collateral Account);
(ii) procure a novation of its rights and obligations under each Transaction to a Replacement Currency Swap Provider;
(iii) procure another person to become co-obligor in respect of the obligations of Party A under each Transaction. Such co-obligor may be either:
(A) a person with the Required Rating domiciled in the same legal jurisdiction as Party A or Party B; or
(B) a person otherwise acceptable to each Designated Rating Agency; or
(iv) enter, or procure entry, into an Acceptable Arrangement.
(d) Where Party B has not established a Swap Collateral Account and Party A is required to deposit monies into a Swap Collateral Account, the Manager must direct Party B to, and Party B must, establish, as soon as practicable, and maintain, in the name of Party B an account with an Approved Bank, which account shall be, for the purposes of this Section 17, the "SWAP COLLATERAL ACCOUNT".
(e) Party B, at the direction of the Manager, may only dispose of any Eligible Credit Support acquired or transferred to it under Section 17(c)(i) or make withdrawals from the Swap Collateral Account: (i) in accordance with the terms of the Credit Support Annex attached to this Agreement; or (ii) otherwise if directed to do so by the Manager and in such latter case only for the purpose of:
(i) withdrawing any amount which has been incorrectly deposited into the Swap Collateral Account;
(ii) paying any bank accounts debit tax or other equivalent Taxes p...
Rating Downgrade. Subsequent to the Applicable Time, there shall not have been any decrease in the rating of the Partnership’s debt securities, if any, by any “nationally recognized statistical rating organization” (as defined for purposes of Rule 436(g) under the Act) or any notice given of any intended or potential decrease in any such rating or of a possible change in any such rating that does not indicate the direction of the possible change.
Rating Downgrade. (a) If BSFP fails to satisfy the Required Ratings (a “Ratings Event”), then BSFP shall, at its own expense and subject to the Rating Agency Condition, either
(i) assign this Transaction to an entity that satisfies (or whose credit support provider satisfies) the Required Ratings;
(ii) deliver collateral sufficient to restore the rating of the Certificates and any Notes immediately prior to such Ratings Event, and an executed ISDA Credit Support Annex;
(iii) obtain a guaranty of an entity that satisfies the Required Rating to guaranty BSFP’s obligations under this Transaction; or
(iv) take any other action sufficient to restore the rating of the Certificates and any Notes immediately prior to such Ratings Event; provided that the failure by BSFP to take any action specified in (i)-(iv) above on or prior to the 30th calendar day after such Ratings Event shall constitute an Additional Termination Event under the ISDA Form Master Agreement with respect to which BSFP shall be the sole Affected Party and this Transaction shall be the sole Affected Transaction.
(b) If BSFP fails to satisfy the Replacement Ratings (a “Replacement Event”), then BSFP shall, at its own expense and subject to the Rating Agency Condition, either:
(i) assign this Transaction to an entity that satisfies (or whose credit support provider satisfies) the Required Ratings;
(ii) obtain a guaranty of an entity that satisfies the Required Ratings to guaranty BSFP’s obligations under this Transaction; or
(iii) take any other action sufficient to restore the rating of the Certificates and any Notes immediately prior to such Ratings Event; provided that the failure by BSFP to take any action specified in (i)-(iii) above on or prior to the 10th Local Business Days after such Replacement Event shall constitute an Additional Termination Event under the ISDA Form Master Agreement with respect to which BSFP shall be the sole Affected Party and this Transaction shall be the sole Affected Transaction. As used herein,
Rating Downgrade. Any downgrade in the rating of the Borrower (determined by any credit rating agency accredited by the RBI) by one or more notches from that subsisting as on the date of this Agreement.
Rating Downgrade. (i) Moody's: If, during the term of any Offshore Notes rated Aaa (Moody's) issued by Party B, the credit rating assigned to Party A's senior debt is lower than the relevant Prescribed Rating, and such downgrade would except for this clause adversely affect the rating of the Offshore Notes, then Party A must on request by the Global Trust Manager lodge sufficient cash or other collateral (if any) as may be necessary to maintain the credit rating of those Offshore Notes at the rating that was applicable to those Offshore Notes immediately prior to the downgrade. This collateral must be lodged with an Eligible Bank and any interest earned on it is payable to Party A. If Party A is an eligible entity as at the date of lodgement, the collateral must be lodged with Party A (in an account in the name of Party B) and remain with Party A for so long as it continues to be an eligible entity. If collateral is lodged under this paragraph the parties must execute an amending agreement incorporating into this Agreement the 1995 ISDA Credit Support Annex (Bilateral Form - Transfer), and until executed the 1995 ISDA Credit Support Annex will be taken to supplement and form part of this Agreement, and any collateral lodged under this paragraph is subject to its terms, as if the Credit Support Annex were incorporated into this Agreement (but without any Paragraph 11 other than as necessary to give effect to the obligations described in this Part 5(24)(i)) prior to the lodgement of any such collateral.
Rating Downgrade it shall promptly notify each of the Dealers of any downgrading or withdrawal of, or the placing on “creditwatch” (or other similar publication of formal review by the relevant rating organisation) of, the rating of its debt securities by any statistical rating organisation generally recognised by banks, securities houses and investors in the euro- markets, as soon as it learns of such downgrading or proposal;
Rating Downgrade. The long-term unenhanced rating on the Relevant Indebtedness shall be withdrawn, suspended (other than any such withdrawal that results from the payment, redemption or defeasance of the applicable Relevant Indebtedness) or reduced below a rating of “Baa2” by Moody’s or “BBB” by Standard & Poor’s or “BBB” by Fitch; or
Rating Downgrade. The Developer shall either (i) require the Letter of Credit Provider that issues the Developer Letter of Credit to covenant in a written agreement to give notice to the Developer, the Community Facilities District and the Trustee of a Rating Downgrade with respect to such Letter of Credit Provider, or (ii) provide for an alternative method of providing notice to the Developer, the Community Facilities District and the Trustee of a Rating Downgrade with respect to such Letter of Credit Provider acceptable to the Community Facilities District. The Developer shall provide notice to the Community Facilities District and the Trustee of a Rating Downgrade with respect to the Letter of Credit Provider that issued the Developer Letter of Credit immediately upon receiving notice thereof.
Rating Downgrade. The Developer shall, or shall cause the owner of each Secured Transferred Parcel to, require the Letter of Credit Provider that issued the Transferred Parcel Letter of Credit for such Secured Transferred Parcel to covenant in a written agreement to give notice to the Developer, the owner of such Secured Transferred Parcel, the Community Facilities District and the Trustee of a Rating Downgrade with respect to such Letter of Credit Provider. The Developer shall provide notice to the Community Facilities District and the Trustee of a Rating Downgrade with respect to each Letter of Credit Provider that issued a Transferred Parcel Letter of Credit immediately upon receiving notice thereof.
Rating Downgrade. In case a security is downgraded so that it breaches a limit or is rated below A3/ A-, the Manager is not necessarily required to dispose of all or part of the investment immediately. - The aggregate amount of securities downgraded to BBB is not allowed to exceed 5%. Sub-investment grade securities must be sold. These rating limits are measured daily.
