Ratings Condition definition

Ratings Condition means that, at any time commencing on or after twelve months after the Effective Date, the Borrower maintains a Credit Rating of at least BBB-/Baa3 (or equivalent) from at least one Rating Agency.

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Ratings Condition means the delivery by the Borrower to the Administrative Agent of written evidence reasonably satisfactory to the Administrative Agent that, pursuant to Section 9.15 of this Agreement, the Borrower has obtained a public corporate family rating from ▇▇▇▇▇’▇ of equal to or higher than Ba1 (with at least a stable outlook) (it being understood that the Ratings Condition shall be deemed to continue to be satisfied notwithstanding any subsequent change in such rating).

Ratings Condition means that, at the time of determination, the Borrower (or its successor) has received and maintains corporate family/corporate credit ratings of at least Baa3 (or the equivalent) by ▇▇▇▇▇’▇, BBB- (or the equivalent) by S&P and BBB- (or the equivalent) by Fitch, or the equivalent investment grade credit rating from any other Rating Agency substituted for ▇▇▇▇▇’▇, S&P or Fitch pursuant to clause (2) of the definition of “Rating Agency”.

Examples of Ratings Condition in a sentence

• In the event that Parent, the Borrower and its Restricted Subsidiaries are not required to comply with the Suspension Covenants for any period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) the Ratings Condition is not satisfied, then Parent (solely with respect to Section 6.07), the Borrower and its Restricted Subsidiaries will thereafter again be required to comply with the Suspension Covenants with respect to any future events or transactions.

• During any period that the Ratings Condition is not satisfied 2.25% 2.25% 2.25% 1.25% During any period that the Ratings Condition is satisfied 2.00% 2.00% 2.00% 1.00% Any change in the Applicable Margin as a result of a change in the Ratings Condition shall be effective as of the effective date of the change in the Borrower’s Credit Rating.

• If the Ratings Condition shall not be satisfied on the Closing Date, the Loans shall not be disbursed unless secured, at the option of the Borrower, either (i) by the Purchased Vessel and the insurance proceeds relating to the Purchased Vessel or (ii) by the proceeds of the Loans disbursed hereunder, in each case in accordance with the terms and conditions of the Finnvera Guarantee.

• Ratings Condition shall mean prior written confirmation from S&P that a proposed action will not cause the downgrade or withdrawal of the then current ratings of any outstanding Offered Certificates.

• At such time as the Ratings Condition has been satisfied, the Borrower shall thereafter pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage, a facility fee (the “Facility Fee”) equal to the Applicable Rate times the actual daily amount of the Revolving Commitments (or, if the Revolving Commitments have terminated, on the Total Revolving Outstandings), regardless of usage, subject to adjustment as provided in Section 2.16.

More Definitions of Ratings Condition

Ratings Condition shall have the meaning given such term in Section 5.09.

Ratings Condition means, immediately prior to the date of public notice of a Change of Control, or of the Issuer’s or the Guarantor’s, as the case may be, intention or that of any Person to effect a Change of Control, the Issuer shall maintain ratings from two Rating Agencies that meet the applicable Ratings Reference Level.

Ratings Condition means that (a) the corporate family rating of Navistar International is at least “BBB-” from S&P and “Baa3” from Moody’s; provided, that to the extent the rating provided by S&P and Moody’s are not equivalent, then, subject to the following proviso, the higher rating shall be used for purposes of this definition and this clause (a) shall be deemed satisfied by if such higher rating is at least “BBB-” from S&P and “Baa3” from Moody’s; provided, further that to the extent such S&P and Moody’s ratings shall be separated by more than one level (it being acknowledged and agreed by way of example that “BBB+” and “BBB” are separated by one level), the lower such rating, adjusted up by one level shall be used to determine the rating and this clause (a) shall be deemed satisfied if such lower rating, as adjusted, is at least “BBB-” from S&P and “Baa3” from Moody’s; provided, finally, that if either S&P or Moody’s cease to exist, this clause (a) shall be deemed satisfied if the rating from the remaining rating agency is at least “BBB-” or “Baa3”, as applicable; and (b) no Specified Default or Event of Default has occurred and is continuing.

Ratings Condition means the condition that (a) the public issuer or corporate credit rating assigned to the Company by S&P is BBB- or higher and (b) the public issuer rating assigned to the Company by ▇▇▇▇▇'▇ is Baa3 or higher, in each case with a stable outlook or better.

Ratings Condition means, on the date of determination, the Borrower has received and maintains corporate family/corporate credit ratings of at least B+ BB- (stable) from S&P and at least B1Ba3 (stable) from ▇▇▇▇▇’▇. If the rating system of S&P or ▇▇▇▇▇’▇ shall change, or if any such rating agency shall cease to be in the business of rating corporate issuers, the Borrower and the Administrative Agent shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency. (de) with respect to any Repatriation Bridge Loans, 3.50% with respect to Repatriation Bridge Loans that are Eurocurrency Rate Loans and 2.50% with respect to Repatriation Bridge Loans that are Base Rate Loans. Any increase or decrease in the Applicable Margin resulting from a change in the Senior Secured Leverage Ratio shall become effective as of the first day immediately following the date the applicable financial statements are delivered pursuant to Section 6.01; provided that at the option of the Required Lenders, Pricing Level 3 shall apply as of the first Business Day after the date on which a Compliance Certificate was required to have been delivered but was not delivered, and shall continue to so apply to and including the date on which such Compliance Certificate is so delivered (and thereafter the Pricing Level otherwise determined in accordance with this definition shall apply). “Appropriate Lender” means, at any time, (a) with respect to Loans of any Class, the Lenders of such Class, (b) with respect to the Letter of Credit Sublimit, (i) the L/C Issuers and (ii) if any Letters of Credit have been issued pursuant to Section 2.04, the Revolving Credit Lenders, (c) with respect to the Swing Line Facility, (i) the Swing Line Lender and (ii) if any Swing Line Loans are outstanding pursuant to Section 2.05, the Revolving Credit Lenders, (d) with respect to Revolving Credit Loans of any Class, the Lenders of such Class and (e) with respect to Term Loans of any Class, the Lenders of such Class. “Approved Foreign Bank” has the meaning specified in clause (k) of the definition of “Cash Equivalents”. “Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. “Arrangers” means (i) ▇▇▇▇▇▇▇ Lynch, Pierce, ▇▇▇▇▇▇ & ▇▇▇▇▇ Incorporated (or any of its designated affiliates or any other registered broker-...

Ratings Condition means the Borrower shall have, as of the most recent applicable determination date, a ▇▇▇▇▇’▇ corporate family rating of B1 or better (with a stable outlook or better) and a S&P corporate credit rating of BB- or better (with a stable outlook or better).

Ratings Condition the public corporate family rating or corporate credit rating, as applicable, of the Parent Borrower after giving effect to the Transactions being at least Ba3 from ▇▇▇▇▇’▇ (stable outlook or better) and BB- from S&P (stable outlook or better).