Rating Affirmation means, with respect to any specified action, determination, or appointment, and except as otherwise specified herein and/or in any Programme Documents, notification by the Issuer to the relevant Rating Agencies, for so long as any Covered Bonds are rated by them, of such specified action, determination or appointment which does not result in the downgrading, or withdrawal, of the ratings then assigned to the Covered Bonds.
Rating Affirmation means, with respect to any specified action, determination or appointment, receipt by the Issuer (and sent to the relevant Representative) of written confirmation from the Rating Agencies, for so long as any Covered Bonds are rated by the rating agencies, that such specified action, determination or appointment will not result in the reduction below, or withdrawal, of the ratings then assigned to the Covered Bonds.
Rating Affirmation and "Enhancer" shall have the meaning given to such terms in Annex A of the Trust Deed.
Examples of Rating Affirmation in a sentence
The Issuer undertakes not to enter into any merger, re-organisation or similar transaction without prior Representative Consent and Rating Affirmation.
Subject to the qualifications described in the relevant Programme Document(s) to which it is a party, the Issuer undertakes that no amendment, modification, alteration or supplement shall be made to any Programme Document to which it is a party without prior Rating Affirmation if the same materially and adversely affects the interests of the Issuer or the Bondholders.
Subject to the qualifications described in the relevant Programme Document(s) to which it is a party, the Issuer undertakes that no amendment, modification, alteration or supplement shall be made to any Programme Document to which it is a party without prior Rating Affirmation if the same materially and adversely affects the interest of the Issuer or the Bondholders.
A Rating Affirmation Notice is given on the basis that it will not be construed as advice for the benefit of any parties to the transaction.
Any Rating Affirmation Notice, if given, will be given on the basis of the facts and circumstances prevailing at the relevant time, and in the context of cumulative changes to the transaction of which the securities form part since the issuance closing date.
More Definitions of Rating Affirmation
Rating Affirmation means, with respect to any specified action, determination or appointment and except as otherwise specified herein and/or in any Program Documents, (i) receipt by the Issuer (and sent to the relevant Representative) of written confirmation from Moody's and S&P, for so long as any Covered Bonds are rated by Moody's and S&P, that such specified action, determination or appointment will not result in the downgrading, or withdrawal, of the ratings then assigned to the Covered Bonds; and (ii) notification by the Issuer (or the relevant Representative) to Fitch, for so long as any Covered Bonds are rated by Fitch, of such specified action, determination or appointment which does not result in the downgrading, or withdrawal, of the ratings then assigned to the Covered Bonds.
Rating Affirmation means, with respect to any specified action, determination or appointment, receipt by the Issuer (and sent to the relevant Representative) of written confirmation from each Rating Agency, for so long as any Covered Bonds are rated by such Rating Agency, that such specified action, determination or appointment will not result in the downgrading or withdrawal of the ratings then assigned to the Covered Bonds by that Rating Agency, provided that in the case of Moody's, Rating Affirmation shall be deemed to have been received if Moody's has been notified in writing of the relevant action, determination or appointment.
Rating Affirmation means, with respect to any outstanding Series of Senior Trust Certificates, a confirmation in writing from each of the Rating Agencies of its rating at a level at least equal to the then current rating of the Senior Trust Certificates of such Series (or in the case of any Series insured by a Financial Guaranty Insurance Policy, its rating without giving effect to such Policy) and in any event, at a level at least equal to an Investment Grade Rating.
Rating Affirmation means, with respect to any specified action, determination, or appointment, and except as otherwise specified herein and/or in any Programme Documents, notification by the Issuer to S&P, for so long as any Covered Bonds are rated by S&P, of such specified action, determination or appointment which does not result in the downgrading, or withdrawal, of the ratings then assigned to the Covered Bonds.". THE ISSUER The section entitled "THE ISSUER" of the Base Prospectus is modified as follows:
Rating Affirmation means, with respect to any Modification, delivery by the Company to the Intercreditor Agent of letters from any two Recognized Credit Rating Agencies that are then rating Other Secured Debt (or if only one Recognized Credit Rating Agency is then rating Other Secured Debt, that Recognized Credit Rating Agency) to the effect that the Recognized Credit Rating Agency has considered the contemplated Modification and that, if the contemplated Modification is adopted, such Recognized Credit Rating Agency would reaffirm (or upgrade) the rating of the Other Secured Debt as of the date of the request for a Rating Affirmation.
Rating Affirmation means, with respect to any outstanding Series of Senior Trust Certificates, a confirmation in writing from each of the Rating Agencies of its rating at a level at least equal to the then current rating of the Senior Trust Certificates of such Series (or in the case of any Series insured by a Financial Guaranty Insurance Policy, its rating without giving effect to such policy) and in any event, at a level at least equal to an Investment Grade Rating.
Rating Affirmation means, with respect to any specified action, determination or appointment, receipt by the Issuer (and sent to the relevant Representative) of (i) with respect to S&P or Moody's, a written confirmation, for so long as any Covered Bonds are rated by such rating agencies, that such specified action, determination or appointment will not result in the downgrading, or withdrawal, of the ratings then assigned to the Covered Bonds and (ii) with respect to Fitch, for as long as any Covered Bonds are rated by Fitch, notification by the Issuer (or the relevant representative) to Fitch of such specified action, determination or appointment.