Note Rating Agency Condition definition
Note Rating Agency Condition has the meaning specified in the Indenture.
Note Rating Agency Condition means, with respect to any action subject to such condition, (i) that each Note Rating Agency shall have notified TRS and RFC VIII in writing that the proposed action will not result in a reduction or withdrawal of its ratings on any outstanding Notes of any Series, Class or Tranche or (ii) if at such time the Note Rating Agency has informed TRS or RFC VIII that such Note Rating Agency does not provide such written notifications for transactions of this type, then as to such Note Rating Agency, TRS or RFC VIII shall deliver written notice of the proposed action to such Note Rating Agency or Note Rating Agencies at least 10 Business Days prior to the effective date of such action (or if 10 Business Days prior notice is impractical, such advance notice as is practicable ).
Note Rating Agency Condition has the meaning specified in the Transfer and Servicing Agreement.
Examples of Note Rating Agency Condition in a sentence
If, at any time the Distribution Account ceases to be an Eligible Deposit Account, the Indenture Trustee shall within thirty (30) Business Days (or such longer period upon satisfaction of the Note Rating Agency Condition, but in any event not to exceed forty-five (45) Business Days) establish a new Distribution Account meeting the conditions specified above as an Eligible Deposit Account and shall transfer any funds or other property to such new Distribution Account.
More Definitions of Note Rating Agency Condition
Note Rating Agency Condition means, at any time with respect to any Series, Class or Tranche of Notes, the written confirmation of the Note Rating Agency that a specified event or modification of the terms of such Series, Class or Tranche of Notes will not result in the withdrawal or downgrade by such Note Rating Agency of the rating of the Notes of any Series, Class or Tranche then in effect.
Note Rating Agency Condition means, unless otherwise specified in the related Indenture Supplement for any Series, Class or Tranche of Notes, with respect to any action subject to such condition, (i) that each Note Rating Agency shall have notified the Issuer, the Transferor or the Servicer in writing that the proposed action will not result in a reduction or withdrawal of its ratings on any outstanding Notes of any Series, Class or Tranche or (ii) if at such time the Note Rating Agency has informed the Issuer, the Transferor or the Servicer that such Note Rating Agency does not provide such written notifications for transactions of this type, then as to such Note Rating Agency the Issuer shall deliver written notice of the proposed action to such Note Rating Agency or Note Rating Agencies at least 10 Business Days’ prior to the effective date of such action (or such shorter notice period if specified in the related Indenture Supplement with respect to any specific action, or if 10 Business Days’ prior notice is impractical, such advance notice as is practicable). For purposes of this Indenture, any Indenture Supplement, the Transfer Agreement and the Servicing Agreement, to the extent the Note Rating Agency Condition is satisfied pursuant to clause (ii) of the preceding sentence, the Indenture Trustee shall receive, and shall be entitled to rely on, an Officer’s Certificate of the Issuer confirming the satisfaction of the Note Rating Agency Condition.
Note Rating Agency Condition means unless otherwise specified in the related indenture supplement for any series or class of notes, with respect to any action subject to such condition, (i) that each hired nationally recognized statistical rating organization will have notified the issuing entity or BBD in writing that the proposed action will not result in a reduction or withdrawal of its ratings on any outstanding notes of any series or (ii) if at such time the hired nationally recognized statistical rating organization has informed the issuing entity or BBD that such hired nationally recognized statistical rating organization does not provide such written notifications for transactions of this type, then as to such hired nationally recognized statistical rating organization the issuing entity will deliver written notice of the proposed action to such hired nationally recognized statistical rating organization or hired nationally recognized statistical rating organizations at least ten Business Days prior to the effective date of such action (or such shorter notice period if specified in the applicable indenture supplement with respect to any specific action, or if ten Business Days prior notice is impractical, such advance notice as is practicable); provided however that, with respect to the Series 2025-1 Notes, the Note Rating Agency Condition shall mean ten (10) Business Days prior written notice has been provided to the hired nationally recognized statistical rating organization.
Note Rating Agency Condition means, with respect to any action, that each Note Rating Agency shall have notified the Transferor, the Servicer, the Owner Trustee and the Indenture Trustee in writing that such action will not result in a reduction or withdrawal of the then existing rating of any outstanding Series, Class or Tranche of Notes with respect to which it is a Note Rating Agency; provided, however, that if such Series, Class or Tranche of Notes has not been rated, the Note Rating Agency Condition with respect to any such action shall either be defined in the applicable Indenture Supplement or shall not apply.
Note Rating Agency Condition means, unless otherwise specified in the related Indenture Supplement for any Series or Class of Notes, with respect to any action subject to such condition, (i) that each Note Rating Agency shall have notified the Issuer or BBD in writing that the proposed action will not result in a reduction or withdrawal of its ratings on any outstanding Notes of any Series or (ii) if at such time the Note Rating Agency has informed the Issuer or BBD that such Note Rating Agency does not provide such written notifications for transactions of this type, then as to such Note Rating Agency the Issuer shall deliver written notice of the proposed action to such Note Rating Agency or Note Rating Agencies at least 10 Business Days prior to the effective date of such action (or such shorter notice period if specified in this Indenture or the applicable Indenture Supplement with respect to any specific action, or if 10 Business Days prior notice is impractical, such advance notice as is practicable ).
Note Rating Agency Condition means, with respect to any action subject to such condition, (i) that each Note Rating Agency shall have notified the Company in writing that the proposed action will not result in a reduction or withdrawal of its ratings on any outstanding Notes of any Series (as defined in the Indenture) or (ii) if at such time the Note Rating Agency has informed the Company that such Note Rating Agency does not provide such written notifications for transactions of this type, then as to such Note Rating Agency the Company shall deliver written notice of the proposed action to such Note Rating Agency or Note Rating Agencies at least 10 Business Days prior to the effective date of such action (or such shorter notice period if specified in this Agreement with respect to any specific action, or if 10 Business Days prior notice is impractical, such advance notice as is practicable ).
Note Rating Agency Condition means unless otherwise specified in the related indenture supplement for any series or class of notes, with respect to any action subject to such condition, (i) that each hired nationally recognized statistical rating organization will have notified the issuing entity or BBD in writing that the proposed action will not result in a reduction or withdrawal of its ratings on any outstanding notes of any series or (ii) if at such time the hired nationally recognized statistical rating organization has informed the issuing entity or BBD that such hired nationally recognized statistical rating organization does not provide such written notifications for transactions of this type, then as to such hired nationally recognized statistical rating organization the issuing entity will deliver written notice of the proposed action to such hired nationally recognized statistical rating organization or hired nationally recognized statistical rating organizations at least ten Business Days prior to the effective date of such action (or such shorter notice period if specified in the applicable indenture supplement with respect to any specific action, or if ten Business Days prior notice is impractical, such advance notice as is practicable); provided however that, with respect to the Series 2023-2 Notes, the Note Rating Agency Condition shall mean ten (10) Business Days prior written notice has been provided to the hired nationally recognized statistical rating organization.