Sponsor Rating Downgrade Sample Clauses

Sponsor Rating Downgrade. If the long term senior unsecured corporate debt rating of Countrywide Home Loans, Inc. falls below "BBB" by Standard & Poor's or "Baa2" by Moody's, as promptly as practicabxx xxx in any case within 90 days of the event, the Master Servicer shall, at its expense, either
Sample 1Sample 2Sample 3See All (66)
AutoNDA by SimpleDocs
Sponsor Rating Downgrade. If (i) the long term senior unsecured corporate debt rating of Countrywide Home Loans, Inc. is withdrawn, suspended, or reduced below "BBB" by Standard & Poor's or "Baa2" by Moody's, (ii) an Event of Servicixx Xxxxination has occurred and not been waived, or (iii) the Credit Enhancer has delivered to the Master Servicer a written request that the Master Servicer, at its expense, record the Assignment of Mortgages because the Credit Enhancer has determined, in its reasonable judgment, that recordation is necessary to protect the Credit Enhancer's interest with respect to those Mortgage Loans because (a) the Credit Enhancer has been advised by counsel as a result of a change that occurred after the Closing Date in applicable law or the interpretation thereof or (b) with respect to a particular Mortgage Loan, of the insolvency of the related mortgagor, as promptly as practicable but in any case within 90 days of the event, the Master Servicer shall, at its expense, either
Sample 1Sample 2
Sponsor Rating Downgrade. Should the long term senior unsecured corporate debt rating of IndyMac Bank fall below "[___]" by [____] or "[____]" by [_______], as promptly as practicable but in any case within [90] days of the event, the Master Servicer shall, at its expense,
Sample 1
Sponsor Rating Downgrade. Should the long term senior unsecured corporate debt rating of IndyMac Bank fall below "[___]" by [_________________]] or "[____]" by [_______], as promptly as practicable but in no event more than [90] days following the occurrence of such event, the Master Servicer shall, at its expense, (i) either (x) request that the Trustee deliver to it the original Assignment of Mortgage previously delivered to the Trustee pursuant to Section 2.01(e) and thereupon record such Assignment of Mortgage in favor of the Trustee (which may be a blanket assignment if permitted by applicable law) in the appropriate real property or other records, (y) deliver to the Trustee an Opinion of Counsel addressed to the Trustee, [and the Credit Enhancer] to the effect that recording is not required to protect the Trustee's right, title and interest in and to the related Mortgage Loan or, in case a court should recharacterize the sale of the Mortgage Loans as a financing, to perfect a first priority security interest in favor of the Trustee in the related Mortgage Loan, which Opinion of Counsel also shall be reasonably acceptable to each of the Rating Agencies (as evidenced in writing), [the Credit Enhancer,] [or (z) cause the MERS(R) System to indicate (and provide evidence to the Trustee that it has done so) that the Mortgage Loans have been assigned by the Depositor to the Trustee in accordance with this Agreement for the benefit of the Certificateholders, [and the Credit Enhancer,] by including (or deleting, in the case of Mortgage Loans that are repurchased in accordance with this Agreement) in the MERS computer files (a) the code "[IDENTIFY TRUSTEE SPECIFIC CODE]" in the field "[IDENTIFY THE FIELD NAME FOR TRUSTEE]" which identifies the Trustee and (b) the code "[IDENTIFY SERIES SPECIFIC CODE NUMBER]" in the field "Pool Field" which identifies the series of the Certificates issued in connection with the Mortgage Loans.]
Sample 1

Related to Sponsor Rating Downgrade

  • Rating Agency Downgrade In the event that BSFP’s long-term unsecured and unsubordinated debt rating is withdrawn or reduced below “AA-” by S&P or its long-term unsecured and unsubordinated debt rating is withdrawn or reduced below “Aa3” by Moody’s (and together with S&P and Fitch, the “Swap Rating Agencies”, and such rating thresholds, “Approved Rating Thresholds”), then within 30 days after such rating withdrawal or downgrade, BSFP shall, subject to the Rating Agency Condition, at its own expense, either (i) cause another entity to replace BSFP as party to this Agreement that meets or exceeds the Approved Rating Thresholds and that is approved by Radian Insurance Inc. and Financial Guaranty Insurance Company (each a “NIMS Insurer” and collectively, the “NIMS Insurers”) (which approval shall not be unreasonably withheld) on terms substantially similar to this Agreement, (ii) obtain a guaranty of, or a contingent agreement of another person with the Approved Rating Thresholds, to honor, BSFP’s obligations under this Agreement; provided that such other person is approved by the NIMS Insurers, such approval not to be unreasonably withheld, (iii) post collateral satisfactory to each Swap Rating Agency and the NIMS Insurers which will be sufficient to restore the immediately prior ratings of the Certificates and any note insured by the NIMS Insurers, or (iv) establish any other arrangement satisfactory to the Swap Rating Agencies and the NIMS Insurers, which will be sufficient to restore the immediately prior ratings of the Certificates and any note insured by the NIMS Insurers. For purposes of this provision, “Rating Agency Condition” means, with respect to any particular proposed act or omission to act hereunder that the party acting or failing to act must consult with any of the Swap Rating Agencies then providing a rating of the Certificates and receive from the Swap Rating Agencies a prior written confirmation that the proposed action or inaction would not cause a downgrade or withdrawal of the then-current rating of the Certificates.

  • Downgrade You have no rights to use earlier versions of the software under this license and Microsoft is not obligated to supply earlier versions to you.

  • 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.

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

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

  • No Downgrade Subsequent to the earlier of (A) the Applicable Time and (B) the execution and delivery of this Agreement, (i) no downgrading shall have occurred in the rating accorded any debt securities, convertible securities or preferred stock issued, or guaranteed by, the Company or any of its subsidiaries by any “nationally recognized statistical rating organization,” as such term is defined under Section 3(a)(62) under the Exchange Act and (ii) no such organization shall have publicly announced that it has under surveillance or review, or has changed its outlook with respect to, its rating of any such debt securities or preferred stock issued or guaranteed by the Company or any of its subsidiaries (other than an announcement with positive implications of a possible upgrading).

  • Debt Ratings Prompt notice of any change in its Debt Ratings.

  • Rating The Notes can be issued without the requirement that they have any rating from a nationally recognized statistical rating organization.

  • Debt Rating The Liquidity Provider has a short-term debt ratings of “P-1” from Xxxxx’x and “F1+” from Fitch.

  • Credit Rating With respect to the Competitive Supplier or Competitive Supplier’s Guarantor, its senior unsecured, unsubordinated long-term debt rating, not supported by third party credit enhancement, and if such debt is no longer rated, then the corporate or long-term issuer rating of Competitive Supplier or Competitive Supplier’s Guarantor.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!