Class B Obligor definition

Class B Obligor. “Class C Obligor” and “Class D Obligor”, respectively, shall mean, as of any date of determination, an Obligor having a short-term rating or unsecured long-term debt rating or both a short-term rating and an unsecured long-term rating from either of ▇▇▇▇▇’▇ or S&P in accordance with the definition of “Class of Obligor” as determined in the following manner: Class A Obligor A-1/P-1 A/A2 or higher Class B Obligor A-2/P-2 A- or BBB+/A3 or Baa1 (but lower than A/A2) Class C Obligor A-3/P-3 BBB or BBB-/Baa2 or Baa3 (but lower than BBB+/Baa1) Class D Obligor Lower than A-3/P-3 or Not Rated Lower than BBB-/Baa3 or Not Rated “Class of Obligor” for any Obligor shall be determined by the Administrative Agent as follows: (i) the short term rating issued by S&P for such Obligor shall be used to determine the “Class of Obligor”; provided that if such short-term rating is unavailable, the long-term unsecured rating issued by S&P for the Obligor shall be used, (ii) concomitantly with clause (i), the short-term rating issued by ▇▇▇▇▇’▇ for such Obligor shall be used to determine the “Class of Obligor”; provided that if such short-term rating is unavailable, the long-term unsecured rating issued by ▇▇▇▇▇’▇ for the Obligor shall be used, and (iii) only if there is a difference between the “Class of Obligor” indicated in clauses (i) and (ii), determined concomitantly, then the Obligor shall be deemed a member of the lower of the determined “Class of Obligor”.
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Class B Obligor. “Class C Obligor” and “Class D Obligor”, respectively, shall mean, as of any date of determination, an Obligor having a short-term rating or unsecured long-term debt rating or both a short-term rating and an unsecured long-term rating from either of ▇▇▇▇▇’▇ or S&P in accordance with the definition of “Class of Obligor” as determined in the following manner: Class A Obligor A-1/P-1 or higher A-/A3 or higher Class B Obligor A-2/P-2 BBB+/Baa1 or BBB/Baa2 Class C Obligor A-3/P-3 BBB-/Baa3 Class D Obligor Lower than A-3/P-3 or not rated Below BBB-/Baa3 or not rated
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Class B Obligor. “Class C Obligor” and “Class D Obligor”, respectively, shall mean at any time of determination, an Obligor having an unsecured long-term debt rating and equivalent short-term rating from each of S&P and ▇▇▇▇▇’▇ as described below: Class A Obligor A-1/P-1 A/A2 or higher Class B Obligor A-2/P-2 A- or BBB+/ A3 or Baa1 (but lower than A/A2) Class C Obligor A-3/P-3 BBB or BBB-/Baa2 or Baa3 (but lower than BBB+/Baa1) Class D Obligor Lower than A-3/P-3 or Not Rated Lower than BBB-/Baa3 or Not Rated For purposes of calculating the foregoing, (i) an Obligor’s short term rating from S&P and/or ▇▇▇▇▇’▇ shall govern, (ii) an Obligor which does not have a short-term rating from S&P and/or ▇▇▇▇▇’▇ but which has the equivalent long-term debt rating from such Rating Agency as described above shall be deemed to have the related short-term rating, and (iii) if an Obligor’s short-term rating results in two different “Classes of Obligor” (because of differences in the short-term ratings assigned by each of S&P and ▇▇▇▇▇’▇, the Class for such Obligor shall be based upon the lower of the short-term ratings.
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More Definitions of Class B Obligor

Class B Obligor respectively, shall mean at any time of determination, an Obligor having an unsecured long-term debt rating and equivalent short-term rating from each of S&P and ▇▇▇▇▇’▇ as described below: Class A Obligor A-3/P-3 or higher BBB-/Baa3 or higher Class B Obligor Not rated or lower than those required for a Class A Obligor Not rated or lower than those required for a Class A Obligor For purposes of calculating the foregoing, (i) an Obligor’s short term rating from S&P and/or ▇▇▇▇▇’▇ shall govern, (ii) an Obligor which does not have a short-term rating from S&P and/or ▇▇▇▇▇’▇ but which has the equivalent long-term debt rating from such Rating Agency as described above shall be deemed to have the related short-term rating, and (iii) if an Obligor’s short-term rating results in two different “Classes of Obligor” (because of differences in the short-term ratings assigned by each of S&P and ▇▇▇▇▇’▇, the Class for such Obligor shall be based upon the lower of the short-term ratings.
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Related to Class B Obligor

  • Group B Obligor means an Obligor (or its parent or majority owner, as applicable, if such parent or majority owner is a guarantor on the related Contract) that is not a Group A Obligor and that has a short-term rating of at least: (a) “A-2” by Standard & Poor’s or, if such Obligor does not have a short-term rating from Standard & Poor’s, a rating of “BBB+” or better by Standard & Poor’s on such Obligor’s (or, if applicable, its parent’s or its majority owner’s) long-term senior unsecured and uncredit-enhanced debt securities, and (b) “P-2” by Moody’s or, if such Obligor does not have a short-term rating from Moody’s, a rating of “Baal” or better by Moody’s on such Obligor’s (or, if applicable, its parent’s or its majority owner’s) long-term senior unsecured and uncredit-enhanced debt securities; provided, that if an Obligor (or its parent or majority owner, as applicable, if such parent or majority owner is a guarantor on the related Contract) receives a split rating from Standard & Poor’s and Moody’s, then such Obligor (or its parent or majority owner, as applicable) shall be deemed to have the lower of the two ratings; provided, further, that if an Obligor (or its parent or majority owner, as applicable, if such parent or majority owner is a guarantor on the related Contract) is rated by either Standard & Poor’s or Moody’s, but not both, and satisfies either clause (a) or clause (b) above, then such Obligor (or its parent or majority owner, as applicable) shall be deemed to be a Group C Obligor. Notwithstanding the foregoing, any Obligor that is a Subsidiary or Affiliate of an Obligor that satisfies the definition of “Group B Obligor” shall be deemed to be a Group B Obligor and shall be aggregated with the Obligor that satisfies such definition for the purposes of clause (a) of the definition of “Excess Concentration” for such Obligors, unless such deemed Obligor separately satisfies the definition of “Group A Obligor”, “Group B Obligor”, or “Group C Obligor”, in which case such Obligor shall be separately treated as a Group A Obligor, a Group B Obligor or a Group C Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of its Subsidiaries that are Obligors.

  • Group A Obligor means any Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) with a short-term rating of at least: (a) “A-1” by S&P, or if such Obligor does not have a short-term rating from S&P, a rating of “A+” or better by S&P on such Obligor’s, its parent’s, or its majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities, or (b) “P-1” by Moody’s, or if such Obligor does not have a short-term rating from Moody’s, “Al” or better by Moody’s on such Obligor’s, its parent’s or its majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities; provided, that if an Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) receives a split rating from S&P and Moody’s, then such Obligor (or its parent or majority owner, as applicable) shall be deemed to have only the lower of the two rating for the purpose of determining whether such rating satisfies clauses (a) or (b) above. Notwithstanding the foregoing, any Obligor that is a Subsidiary of an Obligor that satisfies the definition of “Group A Obligor” shall be deemed to be a Group A Obligor and shall be aggregated with the Obligor that satisfies such definition for the purposes of determining the “Concentration Reserve Percentage”, the “Concentration Reserve” and clause (a) of the definition of “Excess Concentration” for such Obligors, unless such deemed Obligor separately satisfies the definition of “Group A Obligor”, “Group B Obligor”, or “Group C Obligor”, in which case such Obligor shall be separately treated as a Group A Obligor, a Group B Obligor or a Group C Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of its Subsidiaries that are Obligors.

  • Class A Non-PO Principal Balance As of any date, an amount equal to the Class A Principal Balance less the Principal Balance of the Class A-PO Certificates.

  • Class B Principal Balance As of any date, an amount equal to the sum of the Class B-1 Principal Balance, Class B-2 Principal Balance, Class B-3 Principal Balance, Class B-4 Principal Balance, Class B-5 Principal Balance and Class B-6 Principal Balance.

  • Class B Monthly Principal means the monthly principal distributable in respect of the Class B Certificates as calculated in accordance with subsection 4.07(b).