Servicer Rating Event means the Servicer’s failure to maintain a short-term credit rating of at least “A-1” by Standard & Poor’s and “P-1” by Moody’s and, if rated by Fitch, at least “F1” by Fitch; provided, however, that the Transferor may allow the Servicer to maintain a short-term credit rating below “A-1” or “P-1” or, to the extent rated by Fitch, “F1,” as the case may be, provided that such action will satisfy the Note Rating Agency Condition.
Servicer Rating Event has the meaning specified in the Transfer and Servicing Agreement.
Servicer Rating Event means the Servicer's failure to maintain a short-term credit rating of at least "A-1" by Standard & Poor's and "P-1" by Moody's and, if rated by Fitch, at least "F1" by Fitch (or such other rating below "A-1" or "P-1," or to the extent rated by Fitch, "F1," as the case may be, which is acceptable to the applicable Note Rating Agency). "SERVICING FEE" has, with respect to any Asset Pool, the meaning specified in the applicable Asset Pool Supplement for such Asset Pool.
Examples of Servicer Rating Event in a sentence
Moreover, upon occurrence of a Servicer Rating Event, the Issuer will benefit from the liquidity support provided by the Liquidity Reserve.
Any designation of Receivables in any Additional Accounts shall be transferred to the Issuing Entity on or before the thirtieth Business Day following such Determination Date (such date, in connection with the addition of Additional Accounts, the “Addition Date”); provided, however, that in the event of a Servicer Rating Event or any such Addition Date shall be on or before the tenth Business Date following such Determination Date.