Series Rating Agency Condition definition

Series Rating Agency Condition means, [(i)] when used in reference to the Class A Notes [and Class B Notes] [, Class B Notes and Class C Notes] and any action subject to such condition, (a) that each Rating Agency shall have notified Issuer in writing that such action will not result in any reduction or withdrawal of the rating, if any, of outstanding class of the Series 20[•]-[•] Notes which such Rating Agency has rated at Sponsor’s request or (b) if at such time a Rating Agency has informed Issuer and Transferor that such Rating Agency does not provide such notifications for transactions of this type, then as to such Rating Agency, Issuer shall deliver written notice of the proposed action to such Rating Agency or 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; and
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Series Rating Agency Condition means, (i) when used in reference to the Class A Notes and any action subject to such condition, (a) that each Rating Agency shall have notified Issuer in writing that such action will not result in any reduction or withdrawal of the rating, if any, of outstanding class of the Series 2024-1 Notes which such Rating Agency has rated at Sponsor’s request or (b) if at such time a Rating Agency has informed Issuer and Transferor that such Rating Agency does not provide such notifications for transactions of this type, then as to such Rating Agency, Issuer shall deliver written notice of the proposed action to such Rating Agency or 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; and
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Series Rating Agency Condition means, with respect to the Series [20_—_] Notes and any action subject to such condition, (a) that [Moody’s, Standard & Poor’s and/or DBRS] shall have notified the Issuer in writing that such action will not result in the reduction or withdrawal of the rating, if any, of any outstanding Class of Series [20_—_] Notes which [Moody’s, Standard & Poor’s and/or DBRS], as applicable, has rated at the Transferor’s request and (b) with respect to any outstanding Class of Series [20_—_] Notes that Fitch has rated at the Transferor’s request, 10 days’ advance notice (or, if 10 days’ advance notice is impracticable, as much advance notice as is practicable) to Fitch.
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Examples of Series Rating Agency Condition in a sentence

  • Each Qualified Maturity Agreement must satisfy the Series Rating Agency Condition.

  • Notwithstanding the provisions of Section 10.02 of the Indenture and Section 9.01(b) of the Transfer and Servicing Agreement, this Indenture Supplement may be amended to increase the Series Servicing Fee Percentage with the consent of the Holders of Notes representing more than 66⅔% of the principal balance of each Class of the Outstanding Series 2023-1 Notes and upon compliance with the other provisions of such sections, as applicable, including satisfaction of the Series Rating Agency Condition.

  • Notwithstanding the provisions of Section 10.02 of the Indenture and Section 9.01(b) of the Transfer and Servicing Agreement, this Indenture Supplement may be amended to increase the Series Servicing Fee Percentage with the consent of the Holders of Notes representing more than 662/3% of the principal balance of each Class of the Outstanding Series [20_- _] Notes and upon compliance with the other provisions of such sections, as applicable, including satisfaction of the Series Rating Agency Condition.

  • In the event that the provider of a Qualified Maturity Agreement ceases to qualify as a Qualified Maturity Agreement Institution, Servicer shall use its best efforts to obtain a substitute Qualified Maturity Agreement which satisfies the Series Rating Agency Condition, unless a substitute Qualified Maturity Agreement is not required for any of the reasons listed in this paragraph (c) of this Section 4.14.

Related to Series Rating Agency Condition

  • Rating Agency Condition means, with respect to any action, that each Rating Agency shall have been given 10 days’ (or such shorter period as shall be acceptable to each Rating Agency) prior notice thereof and that each Rating Agency shall not have notified the Issuer or the Indenture Trustee in writing that such action will result in a reduction, withdrawal or down-grade of the then-current rating of each class of Notes.

  • Rating Agency Event means that any nationally recognized statistical rating organization within the meaning of Section 3(a)(62) of the Exchange Act that then publishes a rating for the Company (a “rating agency”) amends, clarifies or changes the criteria it uses to assign equity credit to securities such as the Notes, which amendment, clarification or change results in:

  • Substitute Rating Agency means a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) under the Securities Exchange Act of 1934, as amended, selected by the Company (as certified by a resolution of the Company’s board of directors) as a replacement agency for Moody’s or S&P, or both, as the case may be.

  • Rating Agencies means DBRS, Fitch, KBRA, Xxxxx’x, Morningstar and S&P and their respective successors in interest or, if any of such entities shall for any reason no longer perform the functions of a securities rating agency, any other nationally recognized statistical rating agency reasonably designated by any Note Holder to rate the securities issued in connection with the Securitization of the related Note; provided, however, that, at any time during which the Mortgage Loan is an asset of one or more Securitizations, “Rating Agencies” or “Rating Agency” shall mean only those rating agencies that are engaged from time to time to rate the securities issued in connection with the Securitizations of the Notes.

  • 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.

  • Required Rating means, in the case of Moody's, the rating assigned to the Underlying Securities by Moody's as of the Closing Date, and, in the case of S&P, the rating assigned to the Underlying Securities by S&P as of the Closing Date.