Applicable Rating definition

Applicable Rating means the rating assigned to each Class of the Series 2016-T1 Notes by the Note Rating Agency, upon the issuance of such Class as set forth below:

Applicable Rating. For each Class of Notes, the rating(s) specified as such for such Class in the related Indenture Supplement, if applicable.

Applicable Rating means the rating assigned to each Class of the Series 2013-VF1 Notes by S&P, as the Note Rating Agency, upon the issuance of such Class as set forth below:

Examples of Applicable Rating in a sentence

• No adjustment in the Note Interest Rate shall be made solely as a result of an Applicable Rating Agency ceasing to provide a rating.

• The Note Interest Rate will permanently cease to be subject to any adjustment described above (notwithstanding any subsequent decrease in the ratings by any Applicable Rating Agency) if the Notes become rated “A3” (or its equivalent) or higher by Moody’s (or any Substitute Rating Agency) and “A-” (or its equivalent) or higher by S&P (or any Substitute Rating Agency), or one of those ratings if only rated by one Applicable Rating Agency, in each case with a stable or positive outlook.

• If Moody’s or S&P (or any Substitute Rating Agency) changes its rating of the Notes more than once prior to any particular interest payment date, the last change by such agency prior to such interest payment date will control for purposes of any interest rate increase or decrease with respect to the Notes described above relating to such Applicable Rating Agency’s action.

• Satisfactory Limited Failed Not Applicable Rating NarrativeThe agency has a policy on Incident Reporting that lists the measures and process taken by the agency to meet the general requirements of the Incident Reporting Indicator.A review of the current policy was conducted on site.

• For so long as (i) only one Applicable Rating Agency provides a rating of the Notes, any increase or decrease in the Note Interest Rate necessitated by a reduction or increase in the rating by that Applicable Rating Agency shall be twice the applicable percentage set forth in the table above and (ii) no Applicable Rating Agency provides a rating of the Notes, the Note Interest Rate will increase to, or remain at, as the case may be, 5.600%.

More Definitions of Applicable Rating

Applicable Rating means the rating assigned to each Class of the Series 2013-T2 Notes by S&P, as the Note Rating Agency, upon the issuance of such Class as set forth below:

Applicable Rating means (1) Baa, in the case of Moody's (or its equivalent under any successor ratings categories of Moody's), (2) BBB, in the case of Standard & Poor's (or its equivalent, under any successor ratings categories of Standard & Poor's) or (3) the equivalent in respect of ratings categories of any Rating Agencies substituted for Moody's or Standard & Poor's. Subject to the provisions of this paragraph 9 and the Indenture and notwithstanding the fact that any other condition to conversion has not been satisfied, a Holder may convert into cash and Common Stock a Security or portion of a Security which has been called for redemption pursuant to paragraph 6 hereof, even if the Security, or any portion thereof is not subject to conversion by the Holder, but such Securities may be surrendered for conversion until the close of business on the second Business Day immediately preceding the Redemption Date. Subject to the provisions of this paragraph 9 and the Indenture and notwithstanding the fact that any other condition to conversion has not been satisfied, in the event the Company declares a dividend or distribution described in Section 11.07, Section 11.08 or Section 11.09 of the Indenture, where the fair market value of such dividend or distribution per share of Common Stock, as determined in the Indenture, exceeds 15% of the Sale Price of the Common Stock on the Business Day immediately preceding the date of declaration for such dividend or distribution, the Securities may be surrendered for conversion beginning on the date the Company gives notice to the Holders of such right, which shall not be less than 20 days prior to the Ex-Dividend Time for such dividend or distribution, and Securities may be surrendered for conversion at any time thereafter until the close of business on the Business Day prior to the Ex-Dividend Time or until the Company announces that such dividend or distribution will not take place. Subject to the provisions of this paragraph 9 and the Indenture and notwithstanding the fact that any other condition to conversion has not been satisfied, in the event that the Company is a party to a consolidation, merger or binding share exchange pursuant to which the Common Stock would be converted into cash, securities or other property as set forth in Section 11.15 of the Indenture, the Securities may be surrendered for conversion at any time from and after the date which is 15 days prior to the date of the anticipated effective time of such transactio...

Applicable Rating means the Index Debt Rating; provided, that in the event the Company has obtained or maintained a Facility Rating from at least two of Xxxxx’x, S&P or Fitch, the “Applicable Rating” shall be the Facility Rating in effect at any time of determination.

Applicable Rating means, for each of Xxxxx’x, S&P and Fitch, (a) the rating assigned by such rating agency to the Borrower’s Index Debt, or (b) if such rating agency shall not have in effect a rating referred to in the preceding clause (a), then the rating assigned by such rating agency to the Facilities.

Applicable Rating means a rating by Xxxxx’x, S&P or Fitch with respect to the long term unsecured senior Indebtedness of the Borrower.

Applicable Rating means a senior, unsecured rating of at least “**” (or the then equivalent) from Standards & Poor’s Rating Service and of “**” (or the then equivalent) by the rating service of Xxxxx’x Investors Services, Inc., or an equivalent rating from any other NRSRO.

Applicable Rating means an Applicable Xxxxx’x Rating or an Applicable S&P Rating.