Commingling Required Rating definition

Commingling Required Rating means, with respect to any entity, that:
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Commingling Required Rating means, with respect to any entity, that (a) the short-term unsecured, unsubordinated and unguaranteed debt obligations of such entity are assigned a rating of at least F1 (or its replacement) by Fitch or such entity's long- term unsecured, unsubordinated and unguaranteed debt obligations are assigned a rating of at least A (or its replacement) by Fitch; (b) the entity has a counterparty risk assessment of at least P-1 (cr) (or its replacement) by Moody's (or, if it does not have a counterparty risk assessment assigned by Moody's, the short-term unsecured, unsubordinated and unguaranteed debt obligations of such entity are assigned a rating of at least P-1 (or its replacement) by Moody's) and (c) the short-term unsecured, unsubordinated and unguaranteed debt obligations of such entity are assigned a rating of at least A-2 (or its replacement) by S&P (or, if S&P has not assigned any rating to the short-term unsecured, unsubordinated and unguaranteed debt obligations of such entity, the long-term unsecured, unsubordinated and unguaranteed debt obligations of such entity are assigned a rating of at least BBB+ (or its replacement) by S&P), and, in each case, any such rating has not been withdrawn.
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Commingling Required Rating means, with respect to any entity, that the long-term unsecured, unsubordinated and unguaranteed debt obligations of such entity are assigned a rating of at least BBB(low) (or its replacement) by DBRS and BBB (or its replacement) by S&P and any such rating has not been withdrawn.
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Examples of Commingling Required Rating in a sentence

  • A "Commingling Reserve Trigger Event" will have occurred if, at any time, (i) Santander Consumer Finance, S.A. ceases to have the Commingling Required Rating or (ii) Santander Consumer Finance,S.A. ceases to own, directly or indirectly, at least 75 per cent.

  • Consequently, the Seller will be required, within fourteen (14) calendar days, to transfer the Commingling Reserve Amount to the Commingling Reserve Account, provided that neither Santander Finance, S.A. nor the Seller has obtained the Commingling Required Rating by then.

  • BPF activist Ihar Kazakou and UCP activist Andrei Nahorny refused to plead guilty and were fined 100 basic units (815 USD) each.

  • Accordingly the Commingling Required Rating is not met and Santander Consumer Bank AG in its function as Servicer will transfer the Commingling Reserve Amount to the Transaction Account in due course, but not later than 07.04.2011.

  • S.A. ceases to have the Commingling Required Rating, (ii) Santander Consumer Finance, S.A. ceases to own, directly or indirectly, at least 75 % of the share capital of the Seller or (iii) S&P notifies any of the Seller, the Issuer or the Transaction Security Trustee in writing that the Seller is no longer deemed eligible under the then current applicable rating criteria of S&P unless in each case (i) and (ii) the Seller has at least the Commingling Required Rating.


More Definitions of Commingling Required Rating

Commingling Required Rating means, with respect to any entity, that (i) the short-term unsecured, unsubordinated and unguaranteed debt obligations of such entity are assigned a rating of at least F1 (or its replacement) by Fitch and where such entity has only the minimum required Fitch rating, such Fitch rating has not been placed on rating watch negative by Fitch, P-1 (or its replacement) by Moody's and at least A-2 (or its replacement) by S&P (or, if S&P has not assigned any rating to the short-term unsecured, unsubordinated and unguaranteed debt obligations of such entity, the long-term unsecured, unsubordinated and unguaranteed debt obligations of such entity are assigned a rating of at least BBB+ (or its replacement) by S&P) and, in each case, any such rating has not been withdrawn, and (ii) such entity's long-term unsecured, unsubordinated and unguaranteed debt obligations are assigned a rating of at least A (or its replacement) by Fitch and any such rating has not been withdrawn and where such entity has only the minimum required Fitch rating, such Fitch rating has not been placed on rating watch negative by Fitch.
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Commingling Required Rating means, with respect to any entity, that the long-term unsecured, unsubordinated and unguaranteed debt obligations of such entity are assigned a rating of at least BBB (or its replacement) by S&P and such rating has not been withdrawn. "Commingling Reserve Amount" means, (a) as of any Cut-Off Date following the occurrence of a Commingling Reserve Trigger Event, an amount equal to the sum of (i) the amount of the Scheduled Collections for the period from the beginning of the Collection Period immediately following the relevant Cut-Off Date to the last Business Day of the second Collection Period after the relevant Cut- Off Date (both inclusive) and (ii) 2% of the Aggregate Outstanding Note Principal Amount as of the relevant Cut-Off Date or (b) if as of any Cut-Off Date no Commingling Reserve Trigger Event has occurred, zero. The amounts, if any, standing to the credit of the Commingling Reserve Account shall be included in the Available Distribution Amount and shall be applied on any Payment Date in accordance with the Pre-Enforcement Priority of Payments (but excluding any fees and other amounts due to the Servicer under item fifth of the Pre-Enforcement Priority of Payments) if and to the extent that the Seller has, on such Payment Date, failed to transfer to the Issuer any Collections (other than Deemed Collections within the meaning of item (B)(i) of the definition of Deemed Collections) received or payable by the Seller during, or with respect to, the Collection Period ending on the Cut-Off Date immediately preceding such Payment Date or if the Servicer is either overindebted (überschuldet) or unable to pay its debts (zahlungsunfähig) or the inability of the Servicer to pay its debts is imminent (drohende Zahlungsunfähigkeit) or if any measures under Section 21 of the German Insolvency Code or under Sections 45, 46 or 46b of the German Banking Act (Gesetz über das Kreditwesen) are taken in respect of the Servicer. On any Payment Date following the occurrence of a Commingling Reserve Trigger Event, the Issuer shall pay to the Seller any Commingling Reserve Excess Amount. "Commingling Reserve Excess Amount" means, as of any Payment Date, the excess of the amounts standing to the credit of the Commingling Reserve Account over the Commingling Reserve Amount on the Cut-Off Date immediately preceding such Payment Date, after a drawing (if any) in accordance with item 7 of the definition of the Available Distribution Amount.
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Commingling Required Rating means, with respect to any entity, that the long-term unsecured, unsubordinated and unguaranteed debt obligations of such entity are assigned a rating
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Related to Commingling Required Rating

  • Required Rating means, in the case of Moody's, the rating assigned to the Underlying Securities by Moody's as of the Closing Date, and, in the case of S&P, the rating assigned to the Underlying Securities by S&P as of the Closing Date.

  • Eligible Investment Required Ratings A long-term debt rating of at least “A+” by S&P or a long-term debt rating of at least “A” by S&P and a short-term debt rating of at least “A-1” by S&P.

  • Investment Grade Credit Rating means (i) a Credit Rating of Baa3 or higher given by Xxxxx’x, (ii) a Credit Rating of BBB- or higher given by S&P or (iii) a Credit Rating of BBB- or higher given by Fitch.

  • S&P Rating means, at any time, the rating issued by S&P and then in effect with respect to the Borrower's senior unsecured long-term debt securities without third-party credit enhancement.

  • Credit Rating means, with respect to any entity, the rating then assigned to such entity’s unsecured, senior long-term debt obligations (not supported by third party credit enhancements) or if such entity does not have a rating for its senior unsecured long-term debt, then the rating then assigned to such entity as an issuer rating by S&P, Moody’s or any other rating agency agreed by the Parties as set forth in the Cover Sheet.

  • Required Special Servicer Rating means with respect to a special servicer (i) in the case of Fitch, a rating of “CSS3”, (ii) in the case of S&P, such special servicer is on S&P’s Select Servicer List as a U.S. Commercial Mortgage Special Servicer, (iii) in the case of Xxxxx’x, such special servicer is acting as special servicer for one or more loans included in a commercial mortgage loan securitization that was rated by Xxxxx’x within the twelve (12) month period prior to the date of determination, and Xxxxx’x has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as special servicer of such commercial mortgage loans, (iv) in the case of Morningstar, such special servicer has a ranking by Morningstar equal to or higher than “MOR CS3” as a special servicer, provided that if Morningstar has not issued a ranking with respect to such special servicer, such special servicer is acting as special servicer in a commercial mortgage loan securitization that was rated by a Rating Agency within the twelve (12) month period prior to the date of determination, and Morningstar has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as special servicer of such commercial mortgage securities, (v) in the case of KBRA, KBRA has not cited servicing concerns of such special servicer as the sole or material factor in any qualification, downgrade or withdrawal of the ratings (or placement on “watch status” in contemplation of a ratings downgrade or withdrawal) of securities in a transaction serviced by such special servicer prior to the time of determination, and (vi) in the case of DBRS, such special servicer is acting as special servicer in a commercial mortgage loan securitization that was rated by DBRS within the twelve (12) month period prior to the date of determination and DBRS has not downgraded or withdrawn the then-current rating on any class of commercial mortgage securities or placed any class of commercial mortgage securities on watch citing the continuation of such special servicer as special servicer of such commercial mortgage securities as a material reason for such downgrade or withdrawal.

  • Xxxxx’x Rating means, at any time, the rating issued by Xxxxx’x and then in effect with respect to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement.

  • Highest Required Investment Category (i) With respect to ratings assigned by Moody’s, “Aa2” or “P-1” for one month instruments, “Aa2” and “P-1” for three month instruments, “Aa3” and “P-1” for six month instruments and “Aa2” and “P-1” for instruments with a term in excess of six months, (ii) with respect to rating assigned by S&P, “A-1” for short-term instruments and “A” for long-term instruments, and (iii) with respect to rating assigned by Fitch (if such investment is rated by Fitch), “F-1+” for short-term instruments and “AAA” for long-term instruments.

  • Rating Downgrade means either: