Ratings Downgrade. (i) In the event that the unsecured and unsubordinated debt obligations of Party A (or any applicable assignee or its guarantor) shall have (1) a short-term credit rating of less than A-1+ by S&P, or (2) a long-term credit rating of less than A2 by Xxxxx'x and a short-term credit rating of less than P-1 by Xxxxx'x, or (3) a long-term credit rating of less than AA- by Fitch Ratings and a short-term credit rating of less than F1+ by Fitch Ratings and Party B does not receive written affirmation of the then current rating of the Notes; or
(ii) in the event that the Commonwealth of Australia's foreign currency rating shall have a long-term credit rating of less than AA- by Fitch Ratings and a short-term credit rating of less than F1+ by Fitch Ratings and Party B does not receive written affirmation of the then current rating of the Notes, THEN Party A shall immediately notify the Designated Rating Agencies and Party B and within 5 Local Business Days (or 30 Local Business Days if the downgrade is to no less than A-1 (S&P short-term) and A3 (Xxxxx'x long-term) and A- (Fitch Ratings long-term) and F1 (Fitch Ratings short-term) of such downgrade (unless during this period, Party A and Party B receive written confirmation from S&P, Xxxxx'x and Xxxxx Ratings that such downgrade would not result in the Notes being downgraded) at its cost either:
(A) if a downgrade in respect of either or each of Part 5(w)(i) or Part 5(w)(ii) has occurred, put in place an appropriate xxxx-to-market collateral agreement (consisting of either cash or securities) which may be based either on S&P's New Interest Rate and Currency Swap Criteria published in January 1999 (as may be amended from time to time) or on any other agreement reached between the parties, in support of its obligations under the Agreement PROVIDED that Party A and Party B receive prior written confirmation from S&P, Xxxxx'x and Xxxxx Ratings that the rating assigned to the Notes then outstanding by S&P, Xxxxx'x and Fitch Ratings is not adversely affected by the downgrade following such collateral arrangements being put in place. If collateral is lodged under this sub-paragraph (A), 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 sub-paragraph (A) is subject to its terms as i...
Ratings Downgrade. For purposes of each Transaction:
Ratings Downgrade. (i) In the event that the unsecured and unsubordinated debt obligations of Party A (or any applicable assignee or its guarantor) shall cease to have a credit rating equal to or higher than the Prescribed Rating and Party B (or the Trust Manager on behalf of Party B) does not receive written affirmation of the then current rating of the relevant Bonds, then within 30 days of such downgrade (or within 5 days (or such greater period agreed with each relevant Designated Rating Agency) if Party A's credit rating is lower than "A-1" (short term) by S&P or "A3" (long term) by Xxxxx'x) (unless during this period, Party A and Party B (or the Trust Manager on behalf of Party B) receive written confirmation from S&P [ALLENS XXXXXX XXXXXXXX LOGO] that such downgrade would not result in the Bonds of the Fund either being downgraded or placed under review for possible downgrade) Party A must at its cost either:
(A) put in place an appropriate xxxx-to-market collateral agreement (consisting of either cash or securities) which may be based either on S&P's New Interest Rate and Currency Swap Criteria published in January 1999 (as may be amended from time to time) or on any other agreement reached between the parties, in support of its obligations under the Agreement, PROVIDED that Party A and Party B (or the Trust Manager on behalf of Party B) receive prior written confirmation from each Designated Rating Agency that the rating assigned to the Bonds by each Designated Rating Agency is not adversely affected by the downgrade following such collateral arrangements being put in place;
(B) transfer all its rights and obligations with respect to this Agreement to a replacement third party whose unsecured and unsubordinated debt obligations have a short-term rating by each Designated Rating Agency at least equivalent to the Prescribed Rating;
(C) procure that its obligations with respect to this Agreement are guaranteed by a third party whose unsecured and unsubordinated debt obligations have a short-term rating by each Designated Rating Agency at least equivalent to the Prescribed Rating; or
(D) enter into such other arrangements in respect of each Transaction which each Designated Rating Agency confirms will not result in a reduction, qualification or withdrawal of the credit ratings then assigned by it to the Bonds. It is agreed that the amount of collateral which needs to be provided under any collateral agreement referred to in (A) above in respect of any Transaction is the...
Ratings Downgrade. (i) If, as a result of the withdrawal or downgrade of its credit rating by a Rating Agency, Party A does not have any of the following:
(a) a long term credit rating of at least AA- by S & P;
(b) a short term credit rating of at least A-1+ by S & P;
(c) a short term credit rating of at least P-1 by Moody's
(d) a long term credit rating of at least A2 by Moody's;
(e) a short term credit rating of at least F1 by Fitch; or
(f) a long term rating of at least A by Fitch Ratings, (and in the case of a downgrade by Moody's or Xxxxx Ratings, such a downgrade would, except for this clause adversely affect the rating of the relevant securities), Party A shall:
(A) within 30 Business Days (or within such greater period as is agreed to in writing by the relevant Rating Agency) of a downgrade of its long term credit rating by S&P to not lower than A- together with a downgrade of its short term credit rating by S&P to not lower than A-1, or the downgrade of its long term credit rating by Moody's to not lower than A3, or a downgrade of its long term credit rating by Fitch Ratings to not lower than A together with a downgrade of its short-term credit rating by Fitch Ratings to not lower than F1, comply with sub-clause (i)(C) or (i)(D) below; or
(B) within 5 Business Days (or within such greater period as is agreed to in writing by the relevant Rating Agency) of any other such withdrawal or downgrade of Party A's short term or long term credit rating by the relevant Rating Agency not already covered in sub-clause (i)(A) above, comply with sub-clauses (i)(C) or (i)(D) below provided that paragraph (i)(C)(i) will not apply where the long term credit rating falls to BBB+ (or less) by Fitch Ratings and the short term credit rating falls to F2 (or less) by Fitch Ratings,
(C) (i) In respect of each Transaction, lodge cash collateral (the "Cash Collateral") with an Approved Bank to the account of Party B (to be used by Party B solely for the purpose of discharging Party A's obligations under the relevant Transaction) in an amount equivalent to the Cash Collateral Amount as defined in sub-clause (ii)(A) below. If on the last Local Business Day in any subsequent week during the life of the relevant Transaction the aggregate value of the Cash Collateral lodged pursuant to this sub-clause falls below the required Cash Collateral Amount (such shortfall value hereinafter referred to as the "Shortfall"), Party A shall (on demand) provide such further Cash Collateral to Party B equal to ...
Ratings Downgrade. (a) (DOWNGRADE): If, as a result of the reduction or withdrawal of the credit rating of Party A, Party A is assigned a credit rating by a Rating Agency less than the relevant Prescribed Rating, Party A must by the expiry of the Prescribed Rating Period in relation to the credit ratings assigned by the Rating Agencies to Party A at that time (or such greater period as is agreed to in writing by each relevant Rating Agency), at its cost alone and at its election:
(i) provided that the short term credit rating by S&P is greater than or equal to A-1 or the long term credit rating by S&P is greater than or equal to A-, lodge collateral in accordance with the Credit Support Annex in an amount equal to the Collateral Amount as defined in Part 5(22)(b) of this Schedule;
(ii) enter into an agreement novating Party A's rights and obligations under this Agreement and each Transaction to a replacement counterparty acceptable to the Manager and which the Rating Agencies confirm in writing will not result in a reduction, qualification or withdrawal of the credit ratings then assigned by them to the Relevant Notes; or
(iii) enter into such other arrangements in respect of each Transaction which the Rating Agencies confirm in writing will not result in a reduction, qualification or withdrawal of the credit ratings then assigned by them to the Relevant Notes. Notwithstanding that Party A has elected to satisfy its obligations pursuant to this Part 5(22)(a) in a particular manner, it may subsequently and from time to time vary the manner in which it satisfies its obligations pursuant to this Part 5(22)(a) (but will not be entitled to any additional grace period in relation to such a variation).
Ratings Downgrade. The Borrower fails to perform or comply with any of the obligations expressed to be assumed by it in Clause 6 (Ratings Downgrade).
Ratings Downgrade. For purposes of each Transaction:
(i) CERTAIN DEFINITIONS.
Ratings Downgrade. Subsequent to the execution and delivery of this Agreement (i) no downgrading shall have occurred in the rating accorded the Company’s debt securities or preferred stock 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, with possible negative implications, its rating of any of the Company’s debt securities or preferred stock.
Ratings Downgrade. Since the date hereof, there shall not have occurred any downgrading in the ratings accorded the Notes or any other securities of RELX by any “nationally recognized statistical rating organization” (as that term is defined in Section 3(a)(62) of the Exchange Act) and no such organization shall have informed the Issuer or the Guarantor or made any public announcement that such organization has under surveillance or review, or intends to or may potentially decrease, its rating of the Notes or any other securities of RELX (other than an announcement with positive implications of a possible upgrading, and no implication of a possible downgrading, of such rating).
Ratings Downgrade. (a) For the purpose of this Part 5(9), the following additional definitions apply:
