Private Letter Rating definition

Private Letter Rating means a letter delivered by a Rating Agency with respect to the Notes that includes the following elements:
Sample 1Sample 2Sample 3
Private Letter Rating means a private letter rating from a Rating Agency which (a) is in the form and include descriptive elements required by the SVO from time to time (including (i) identifying the Notes by their Private Placement Number issued by Standard & Poor’s CUSIP Bureau Service and (ii) addressing the likelihood of payment of both principal and interest; provided that such requirement may be deemed satisfied if the rating is silent as to such likelihood and does not otherwise include an indication to the contrary), (b) does not include any prohibition on sharing such evidence with the SVO or any other regulatory authority having jurisdiction over the holders of Notes and (c) is delivered by the Company to the holders of Notes at least annually and promptly upon any change in such rating.
Sample 1Sample 2Sample 3
Private Letter Rating. With respect to a Person, the rating issued from time to time by a Rating Agency (or in the event that the Borrower obtains a rating from two or more nationally recognized rating agencies, the lowest of the ratings issued from time to time by two or more of such rating agencies (at least one of which shall be a Rating Agency)) as is applicable to the most recently issued privately placed unsecured long-term debt issuance of such Person that remains outstanding; provided that each of such ratings shall be equal to or more favorable than BBB- with respect to a rating issued by Standard & Poors Corporation, Baa3 in the case of a rating issued by Moodx'x Xxxestor Service, Inc., or a comparable rating as reasonably determined by the Agent in the case of a rating issued by another rating agency.
Sample 1

Examples of Private Letter Rating in a sentence

  • The Notes shall have been given a Rating Letter of not less than “AAA” by Xxxxx prior to the date of issuance thereof and evidence of such will have been provided to the Purchasers (which shall include the information described in Section 9.8 and shall include the related Private Letter Rating Rationale Report with respect to such rating).

  • The Notes shall have been given a Rating Letter of not less than “AAA” by Kroll prior to the date of issuance thereof and evidence of such will have been provided to the Purchasers (which shall include the information described in Section 9.8 and shall include the related Private Letter Rating Rationale Report with respect to such rating).

  • On any date that the lower of the Implied Ratings for the Borrower is not an Investment Grade Rating, or the Borrower has not obtained an Investment Grade Rating from either of the Rating Agencies, or the Borrower does not have a Private Letter Rating, the Applicable Margin for Eurodollar Rate Loans shall be one and three-eighths percent (1.375%).

  • On any date that (a) the lower of the Implied Ratings issued from time to time by either of the Rating Agencies for the Borrower is an Investment Grade Rating or (b) the Borrower has a Private Letter Rating, the Applicable Margin for Eurodollar Rate Loans shall be one and one-fifth percent (1.20%).

  • The failure of any Lender to perform any of its obligations under this Loan Agreement or the other Loan Documents, including, without limitation, the failure of a Lender to pay to the Agent any amounts due to the Agent under this Agreement, shall not relieve any other Lender of its obligations under this Loan Agreement or the other Loan Documents.

  • As used in this Section the term "RATED" means publicly rated (or, if not publicly rated, having an Implied Rating or Private Letter Rating).

  • The Company will, at any time during which (a) (i) the Company’s rating is A- or better by S&P or the equivalent rating by any other Rating Agency, (ii) the Notes do not then have a Private Letter Rating from a Rating Stericycle, Inc.

  • The Company will, at any time during which (a) (i) the Company’s rating is A- or better by S&P or the equivalent rating by any other Rating Agency, (ii) the Notes do not then have a Private Letter Rating from a Rating Agency and (iii) the Securities Valuation Office of the National Association of Insurance Stericycle, Inc.

Related to Private Letter Rating

  • Mxxxx’x Rating means, with respect to a Reference Obligation, as of any date of determination:

  • 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.

  • 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.

  • Initial Rating With respect to the Secured Notes, the rating or ratings, if any, indicated in Section 2.3.

  • Applicable Rating means the rating assigned to each Class of the Series 2016-T1 Notes by the Note Rating Agency, upon the issuance of such Class as set forth below:

  • Credit Rating Agency means a nationally recognized credit rating agency that evaluates the financial condition of issuers of debt instruments and then assigns a rating that reflects its assessment of the issuer’s ability to make debt payments.

  • Note Rating Agency means, with respect to any Outstanding Series, Class or Tranche of Notes, each statistical note rating agency selected by the Issuer to rate such Notes.

  • 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.

  • Other Rating Agency means each NRSRO, if any, other than Fitch then providing a rating for the VMTP Shares pursuant to the request of the Fund.

  • Credit Rating means the rating assigned by a Rating Agency to the senior unsecured long term Indebtedness of a Person.

  • Debt Rating has the meaning specified in the definition of “Applicable Rate.”

  • Ratings As of any date of determination, the ratings, if any, of the Certificates as assigned by the Rating Agencies.

  • S&P Global Ratings means S&P Global Ratings, a division of S&P Global.

  • Corporate Rating an opinion issued by S&P of an obligor’s overall financial capacity (its creditworthiness) to pay its financial obligations.

  • Substitute Rating Agency means a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) under the Exchange Act selected by the Company (as certified by a resolution of the Board of Directors of the Company).

  • Fitch Rating means, at any time, the rating issued by Fitch and then in effect with respect to the Borrower’s senior unsecured long-term public debt securities without third-party credit enhancement (it being understood that if the Borrower does not have any outstanding debt securities of the type described above but has an indicative rating from Fitch for debt securities of such type, then such indicative rating shall be used for determining the “Fitch Rating”).

  • Rating means the operating limits as specified by the component manufacturer.

  • Agency Fee Letter means the administrative agency fee letter, dated as of the March 29, 2012, between the Company and the Administrative Agent.

  • Other Rating Agency Guidelines mean the guidelines provided by each Other Rating Agency, as may be amended from time to time, in connection with the Other Rating Agency’s rating of Senior Securities.

  • Moody’s Rating means, at any time, the rating issued by Moody's and xxxx xx effect with respect to the Borrower's senior unsexxxxx xong-term debt securities without third-party credit enhancement.

  • Moody’s means Xxxxx’x Investors Service, Inc.

  • Rating Agency or Rating Agencies S&P, Xxxxx’x and Fitch or their successors. If such agencies or their successors are no longer in existence, “Rating Agencies” shall be such nationally recognized statistical rating agencies, or other comparable Persons, designated by the Depositor, notice of which designation shall be given to the Trustee and the Servicer.

  • Long-Term Rating has the meaning specified in the Intercreditor Agreement.

  • Debt Ratings has the meaning specified in the definition of “Applicable Rate.”

  • Fitch Ratings means Fitch Ratings Limited, an English corporation, and any successor thereto;

  • Specified Rating Agencies means each of Moody’s, S&P and DBRS as long as, in each case, it has not ceased to rate the Notes or failed to make a rating of the Notes publicly available for reasons outside of the Issuer’s control; provided that if one or more of Moody’s, S&P or DBRS ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Issuer’s control, the Issuer may select any other “designated rating organization” within the meaning of National Instrument 41-101 of the Canadian Securities Administrators as a replacement agency for such one or more of them, as the case may be.