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 Xxxxx’x 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 Xxxxx’x 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 Xxxxx’x 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”.
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 Xxxxx’x 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
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 Xxxxx’x 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 Xxxxx’x shall govern, (ii) an Obligor which does not have a short-term rating from S&P and/or Xxxxx’x 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 Xxxxx’x, the Class for such Obligor shall be based upon the lower of the short-term ratings.
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 Xxxxx’x 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 Xxxxx’x shall govern, (ii) an Obligor which does not have a short-term rating from S&P and/or Xxxxx’x 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 Xxxxx’x, the Class for such Obligor shall be based upon the lower of the short-term ratings.