First Rating Trigger Event definition

First Rating Trigger Event means that at any time the Interest Cap Provider or (where applicable) the guarantor of the Interest Rate Cap Provider ceases to have the Initial Counterparty Required Ratings.
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First Rating Trigger Event shall occur with respect to Party A (or any applicable credit support provider), if (x) its short-term unsecured and unsubordinated debt ceases to be rated at least “A-1” by S&P (or, if Party A does not have a short-term unsecured and unsubordinated debt rating from S&P, its long-term unsecured and unsubordinated debt ceases to be rated at least “A+” by S&P), or (y)(a) its long-term unsecured and unsubordinated debt ceases to be rated at least “A2” by Moody’s or its short-term unsecured and unsubordinated debt cease to be rated at least “Prime-1” by Moody’s, or (b) if Party A does not have a short-term unsecured and unsubordinated debt rating from Moody’s, its long-term unsecured and unsubordinated debt ceases to be rated at least “A1” by Moody’s.
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Examples of First Rating Trigger Event in a sentence

  • A First Rating Trigger Event (as defined in Part 5(i)) has occurred, and Party A has not, within the period of time prescribed, complied with Part 5(i)(ii) below.

  • An S&P First Rating Trigger Event (as defined in Part 5(i)) has occurred, and Party A has not, within the period of time prescribed, complied with Part 5(i)(iii) and below.

  • A First Rating Trigger Event (as defined in Part 5(j)) has occurred, and Party A has not, within the period of time prescribed, complied with Part 5(j)(ii) below.

  • CalPERS will provide the Member with information regarding his or her eligibility for a supplement to original Medicare plan.Any benefits provided under both this plan and Medicare will be provided according to Medicare Secondary Payer legislation, regulations, and Centers for Medicare & Medicaid Services guidelines, subject to federal court decisions.

  • If a First Rating Trigger Event occurs with respect to Party A (or any applicable Credit Support Provider), then (unless, within 30 days of such First Rating Trigger Event, each of Standard and Poor’s, a Division of McGraw-Hill Companies, Inc.

  • A Moody’s First Rating Trigger Event (as defined in Part 5(i)) has occurred and is continuing, and Party A fails to comply with, or perform its obligations under, the Credit Support Annex and either (A) a Moody’s Second Rating Trigger Event has not occurred or (B) a Moody’s Second Rating Trigger Event has occurred and been continuing for less than 30 Local Business Days.

  • A First Rating Trigger Event (as defined in Part 5(k)) has occurred, and Party A has not, within the period of time prescribed, complied with Part 5(k)(ii) below.

  • If a First Rating Trigger Event occurs with respect to Party A (or any applicable Credit Support Provider), then (unless, (a) within 30 days of such First Rating Trigger Event, for Moody’s Investors Service, Inc.

Related to First Rating Trigger Event

  • Rating Event means the rating on the Notes is lowered by each of the Rating Agencies and the Notes are rated below an Investment Grade Rating by each of the Rating Agencies on any day within the 60-day period (which 60-day period will be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (a) the occurrence of a Change of Control and (b) public notice of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control; provided that a Rating Event will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a Rating Event for purposes of the definition of Change of Control Triggering Event) if each Rating Agency making the reduction in rating does not publicly announce or confirm or inform the Trustee in writing at the request of the Company that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating Event).

  • Rating Date means the date which is 90 days prior to the earlier of (a) a Change of Control or (b) public notice of the occurrence of a Change of Control or of the intention by the Issuers to effect a Change of Control.

  • Ratings Event means (i) a downgrade by one or more gradations (including gradations within ratings categories as well as between rating categories) or withdrawal of the rating of the Notes within the Ratings Decline Period by one or more Rating Agencies (unless the applicable Rating Agency shall have put forth a written statement to the effect that such downgrade or withdrawal is not attributable in whole or in part to the applicable Change of Control) and (ii) the Notes do not have an Investment Grade Rating from any Rating Agency.

  • Trigger Event shall have the meaning specified in Section 14.04(c).