Common use of Underlying Rating Clause in Contracts

Underlying Rating. (a) Maintain unenhanced ratings on its long-term Parity Bonds from at least two Rating Agencies. The City covenants and agrees that it shall not at any time withdraw any long-term rating on any of its Parity Obligations from any Rating Agency if the effect of such withdrawal would be to cure a Potential Default or an Event of Default under this Agreement or to reduce the Facility Fee.

Underlying Rating. (a) Maintain unenhanced ratings on its long-term Parity Bonds from at least two Rating Agencies. The City covenants and agrees that it shall not at any time withdraw any long-term rating on any of its Parity Obligations from any Rating Agency if the effect of such withdrawal would be to cure a Potential Default or an Event of Default under this Agreement or to reduce the Facility Fee.