Minimum Required Rating definition

Minimum Required Rating means, with respect to (i) BMW Capital, a short-term unsecured debt rating of the commercial paper of BMW Capital (which commercial paper is guaranteed by BMW AG) equal to or greater than “Prime-1” by Moody’s or “A-1” by S&P, or (ii) the Servicer, if an affiliate of BMW Capital is not the Servicer, a short-term unsecured debt rating of the commercial paper of such entity equal to or greater than “Prime-1” by Moody’s or “A-1” by S&P.

Minimum Required Rating means (i) from Moody's, a long-term deposit rating of A1 or higher (or comparable rating in the event Moody's hereafter modifies its rating system for long-term deposits of commercial banks), and (ii) from S&P, a long-term deposit ratings of A+ or higher (or comparable rating in the event S&P hereafter modifies its rating system for long-term deposits of commercial banks).

Minimum Required Rating means a Rating of BBB+/Baa1 or higher.

Examples of Minimum Required Rating in a sentence

• If BMW Capital no longer has the Minimum Required Rating, the Servicer shall remit to the Collection Account all payments by or on behalf of the Obligors with respect to the Receivables (other than Purchased Receivables), all Liquidation Proceeds and any subsequent Recoveries within two Business Days of receipt thereof.

• The Servicer shall remit to the Collection Account all payments by or on behalf of the Obligors with respect to the Receivables (other than Purchased Receivables), all Liquidation Proceeds and any subsequent Recoveries on the Business Day prior to the Payment Date for so long as BMW Capital has the Minimum Required Rating.

• If BMW Capital has the Minimum Required Rating, the Servicer and the Seller shall deposit or cause to be deposited in the Collection Account the Purchase Amount as described in the first sentence of Section 5.02.

• So long as BMW Capital has the Minimum Required Rating, the Servicer will remit all such amounts described in the preceding sentence within two Business Days of receipt to an account established and maintained by BMW Capital.

• If BMW Capital no longer has the Minimum Required Rating, the Servicer or the Seller shall deposit or cause to be deposited in the Collection Account, on or prior to each Determination Date, the aggregate Purchase Amount with respect to Purchased Receivables and the Servicer shall deposit therein all amounts to be paid under Sections 4.07 and 9.01.

More Definitions of Minimum Required Rating

Minimum Required Rating means, with respect to (i) BMW Capital, a short-term unsecured debt rating of the commercial paper of BMW Capital (which commercial paper is guaranteed by BMW AG) equal to or greater than “Prime-1” by Moody’s or “A-1” by S&P, or is a rating otherwise acceptable to each Rating Agency rating the Notes, as evidenced by the satisfaction of the Rating Agency Condition with respect to such Rating Agency and (ii) the Servicer, if an affiliate of BMW Capital is not the Servicer, a short-term unsecured debt rating of the commercial paper of such entity equal to or greater than “Prime-1” by Moody’s or “A-1” by S&P, or is a rating otherwise acceptable to each Rating Agency rating the Notes, as evidenced by the satisfaction of the Rating Agency Condition with respect to such Rating Agency.

Minimum Required Rating means, with respect to Regions Bank, a short-term unsecured debt rating equal to or greater than "Prime-1" by Moody's and "A-1" by Standard & Poor's.

Minimum Required Rating means, with respect to HNB, a short-term senior unsecured debt rating equal to or greater than "Prime-1" by Moody's and "A-1" by Standard & Poor's.

Minimum Required Rating means, at any time of determination for a debt security or instrument, a rating of no lower than B3 (as rated by Moody’s) or B- (as rated by S&P); provided that Lender may, in its sole discretion, select the lower of the Moody’s or the S&P rating for such debt security or instrument to determine whether such security or instrument has met the “Minimum Required Rating”.

Minimum Required Rating means an unsecured, unsubordinated and unguaranteed short-term credit rating of at least A-1 from Standard & Poor’s Rating Services (a division of the McGraw Hill Companies) and P-1 from Xxxxx’x Investors’ Services Inc. Net Cash means the sum of:

Minimum Required Rating means, with respect to Fifth Third (Ohio), a short-term unsecured debt rating equal to or greater than "Prime-1" by Moody's and "A-1+" by Standard & Poor's.

Minimum Required Rating and “Ratings Cure” are deleted from Exhibit I in their entirety.