Applicable S&P Rating definition

Applicable S&P Rating the senior long-term unsecured debt rating that S&P provides of (i) the Guarantor or (ii) if S&P does not provide such a rating of the Guarantor, then the Master Trust or (iii) if S&P does not provide such a rating of the Guarantor or the Master Trust, then the Borrower.

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Applicable S&P Rating means the senior long-term unsecured debt rating that S&P provides of (i) the Performance Undertaking Provider or (ii) if S&P does not provide such a rating of the Performance Undertaking Provider, then the Bunge Master Trust or (iii) if S&P does not provide such a rating of the Performance Undertaking Provider or the Bunge Master Trust, then Bunge Limited Finance Corp.

Applicable S&P Rating means the Rating that S&P provides of (i) the Parent or (ii) if S&P does not provide a Rating of the Parent, then the Bunge Master Trust or (iii) if S&P does not provide a Rating of the Parent or the Bunge Master Trust then BLFC provided that BLFC is at that time an Investor Certificateholder.

Examples of Applicable S&P Rating in a sentence

If the Applicable S&P Rating is below “BBB-” (or withdrawn or suspended) and the Applicable ▇▇▇▇▇’▇ Rating is below “Baa3” (or withdrawn or suspended), then the Administrative Agent (at the direction of any Purchaser) may appoint a back-up servicer reasonably acceptable to the Administrative Agent hereunder and under the other Transaction Documents at the reasonable expense of the Master Servicer.
As soon as possible and in any event within five (5) Business Days after a Responsible Officer of the Performance Undertaking Provider obtains knowledge thereof, to each Agent notice of any downgrade in the Applicable S&P Rating or Applicable ▇▇▇▇▇’▇ Rating, respectively (or the withdrawal by either S&P or Moody’s of the Applicable S&P Rating or Applicable ▇▇▇▇▇’▇ Rating, respectively), setting forth the debt affected and the nature of such change (or withdrawal).
As soon as possible and in any event within five (5) Business Days after a Responsible Officer of the Performance Undertaking Provider obtains knowledge thereof, to each Agent notice of any downgrade in the Applicable S&P Rating or Applicable ▇▇▇▇▇’▇ Rating, respectively (or the withdrawal by either S&P or ▇▇▇▇▇’▇ of the Applicable S&P Rating or Applicable ▇▇▇▇▇’▇ Rating, respectively), setting forth the debt affected and the nature of such change (or withdrawal).
As soon as possible and in any event within the five (5) Business Days after a Responsible Officer of the Master Servicer obtains knowledge thereof, the Master Servicer shall provide to the Administrative Agent notice of any downgrade in the Applicable S&P Rating or Applicable M▇▇▇▇’▇ Rating, respectively (or the withdrawal by either S&P or M▇▇▇▇’▇ of the Applicable S&P Rating or Applicable M▇▇▇▇’▇ Rating, respectively), setting forth the debt affected and the nature of such change (or withdrawal).

More Definitions of Applicable S&P Rating

Applicable S&P Rating means the senior long-term unsecured debt rating that S&P provides of (i) the Guarantor or (ii) if S&P does not provide such a rating of the Guarantor, then the Trust or (iii) if S&P does not provide such a rating of the Guarantor or the Trust, then BLFC.

Applicable S&P Rating means the highest long-term senior, unsecured, non-credit enhanced, monitored credit rating of PLC that is published by S&P.

Applicable S&P Rating means, at any time, (i) the rating issued by S&P and then in effect with respect to the Borrower's senior secured credit facility as evidenced by this Agreement or (ii) if the foregoing rating is no longer in effect, the corporate credit rating issued by S&P and then in effect with respect to the Borrower.

Applicable S&P Rating means, at any time, (i) the rating issued by S&P and then in effect with respect to the Company’s senior secured long-term debt securities without third-party credit enhancement or (ii) if the foregoing rating is no longer in effect, the corporate credit rating issued by S&P and then in effect with respect to the Company. In addition to the provisions set forth above, if a split occurs between the Applicable ▇▇▇▇▇’▇ Rating and the Applicable S&P Rating that is greater than one ratings category, then the pricing shall be that set forth above with respect to the combination of (i) the higher of such ratings and (ii) the rating of the other ratings service that is one ratings category below the ratings category corresponding to such higher rating. The Applicable Eurocurrency Margin, the Applicable Floating Rate Margin, the Applicable Commitment Fee Percentage and the Applicable L/C Fee Percentage shall each be determined in accordance with the foregoing table based on the Company’s Status as determined from its then-current Applicable ▇▇▇▇▇’▇ Rating and Applicable S&P Rating. The credit rating in effect on any date for the purposes of this Schedule is that in effect at the close of business on such date. If at any time the Company has no Applicable ▇▇▇▇▇’▇ Rating or no Applicable S&P Rating, Level V Status shall exist. For the purposes of this Schedule, the following terms have the following meanings, subject to the final two paragraphs of this Schedule:

Applicable S&P Rating means, at any time, the corporate credit rating issued by S&P and then in effect with respect to the Company. In addition to the provisions set forth above, if a split occurs between the Applicable ▇▇▇▇▇’▇ Rating and the Applicable S&P Rating that is greater than one ratings category, then the pricing shall be that set forth above with respect to the combination of (i) the higher of such ratings and (ii) the rating of the other ratings service that is one ratings category above the ratings category reported by such other ratings service. The Applicable Eurocurrency Margin, the Applicable Floating Rate Margin, the Applicable Commitment Fee Percentage and the Applicable L/C Fee Percentage shall each be determined in accordance with the such foregoing table based on the Company’s Status as determined from its then-current Applicable ▇▇▇▇▇’▇ Rating and Applicable S&P Rating. The credit rating in effect on any date for the purposes of this Schedule is that in effect at the close of business on such date. If at any time the Company has no Applicable ▇▇▇▇▇’▇ Rating or no Applicable S&P Rating, Level V Status shall exist. THE BANK OF NOVA SCOTIA $14,285,714.28 Total $14,285,714.28 JPMORGAN CHASE BANK, N.A. $56,407,766.99 CITICORP NORTH AMERICA, INC. $56,407,766.99 BANK OF AMERICA, N.A. $48,349,514.56 THE ROYAL BANK OF SCOTLAND PLC $48,349,514.56 UBS LOAN FINANCE LLC $48,349,514.56 BNP PARIBAS $28,203,883.50 DEUTSCHE BANK AG NEW YORK BRANCH $28,203,883.50 PNC BANK, NATIONAL ASSOCIATION $28,203,883.50 FIFTH THIRD BANK $24,174,757.28 THE HUNTINGTON NATIONAL BANK $20,145,631.07 COMERICA BANK $16,116,504.85 CAPITAL ONE LEVERAGE FINANCE CORP. $12,087,378.64 JPMORGAN CHASE BANK, N.A. $13,592,233.01 CITICORP NORTH AMERICA, INC. $13,592,233.01 BANK OF AMERICA, N.A. $11,650,485.44 THE ROYAL BANK OF SCOTLAND PLC $11,650,485.44 UBS LOAN FINANCE LLC $11,650,485.44 BNP PARIBAS $6,796,116.50 PNC BANK, NATIONAL ASSOCIATION $6,796,116.50 DEUTSCHE BANK AG NEW YORK BRANCH $6,796,116.50 FIFTH THIRD BANK $5,825,242.72 THE HUNTINGTON NATIONAL BANK $4,854,368.93 COMERICA BANK $3,883,495.15 CAPITAL ONE LEVERAGE FINANCE CORP. $2,912,621.36 TO: JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”) under that certain Amended and Restated Credit Agreement, dated as of April [__], 2012, by and among Meritor, Inc., an Indiana corporation (the “Company”), ArvinMeritor Finance Ireland (the “Subsidiary Borrower”), the institutions from time to time parties thereto as “Le...