S&P Debt Rating definition
S&P Debt Rating means, at any time, the rating (if any) assigned to the Borrower’s senior unsecured long term non-credit enhanced debt by S&P.
S&P Debt Rating means (a) so long as Oncor does not have a senior unsecured non-credit enhanced long term debt rating from S&P, the rating that is one notch below the rating (whether explicit or implied) assigned by S&P to the senior secured non-credit enhanced long term debt of Oncor and (b) thereafter, the rating (whether explicit or implied) assigned by S&P to the senior unsecured non-credit enhanced long term debt of Oncor.
S&P Debt Rating a “▇▇▇▇▇’▇ Debt Rating” or a “Fitch Debt Rating,” as applicable, and collectively, the “Debt Ratings”); provided that (a) if S&P, ▇▇▇▇▇’▇ and Fitch each have in effect a rating, but such ratings are not all at the same level, and (i) two of the ratings are at the same level, the Pricing Level shall be determined by reference to the two ratings at the same level or (ii) each of the three ratings fall within different levels, the Pricing Level shall be determined by reference to the middle level, (b) if only two of S&P, ▇▇▇▇▇’▇ and Fitch shall have in effect a Debt Rating and (i) such Debt Ratings are at the same level, the Pricing Level shall be determined by reference to such level, (ii) such Debt Ratings are at different levels and separated by one level, the Pricing Level for the higher of such Debt Ratings shall apply (with the Debt Rating for Pricing Level 1 being the highest and the Debt Rating for Pricing ▇▇▇▇▇ ▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇) ▇▇ (▇▇▇) such Debt Ratings are at different levels and separated by more than one level, the Pricing Level that is one level lower than the Pricing Level of the higher Debt Rating shall apply, (c) if only one of S&P, ▇▇▇▇▇’▇ and Fitch shall have in effect a Debt Rating, the Pricing Level that is one level lower than that of such Debt Rating shall apply; and (d) if the Company does not have any Debt Rating, Pricing Level 5 shall apply. Initially, the Applicable Rate shall be determined based upon the current publicly announced Debt Rating that is specified in the certificate delivered pursuant to Section 4.01(a)(vii). Thereafter, each change in the Applicable Rate resulting from a publicly announced change in the Debt Rating shall be effective, in the case of an upgrade, on the date of such public announcement and ending on the date immediately preceding the effective date of the next such change and, in the case of a downgrade, during the period commencing on the date of the public announcement thereof and ending on the date immediately preceding the effective date of the next such change.
Examples of S&P Debt Rating in a sentence
Notwithstanding the foregoing, at any time that either the ▇▇▇▇▇’▇ Debt Rating is lower than A3 or the S&P Debt Rating is lower than A-, (a) the SOFR Applicable Margin, the L/C Fee and the Base Rate Applicable Margin shall be increased to one and one-half percent (1.50%), and (b) the Commitment Fee Rate shall be increased to one half of one percent (0.50%).
More Definitions of S&P Debt Rating
S&P Debt Rating means the rating as determined by S&P of the Borrower’s senior unsecured non-credit enhanced long-term indebtedness; provided, that if S&P has not assigned a rating for the Borrower’s senior unsecured non-credit enhanced long-term indebtedness, then the applicable S&P Debt Rating will be determined by reference to the issuer credit rating assigned to the Borrower by S&P. If at any time there is a split among Debt Ratings by S&P, Fitch and ▇▇▇▇▇’▇ such that all three Debt Ratings fall in different Pricing Levels, the applicable Pricing Level shall be determined by the Debt Rating that is neither the highest nor the lowest of the three Debt Ratings, and if at any time there is a split among Debt Ratings by S&P, Fitch and ▇▇▇▇▇’▇ such that two of such Debt Ratings are in one Pricing Level (the “Majority Status”) and the third rating is in a different Pricing Level, the applicable Pricing Level shall be at the Majority Status. In the event that the Borrower shall maintain Debt Ratings from only two of S&P, ▇▇▇▇▇’▇ and Fitch and the Borrower is split-rated and the Debt Ratings differential is one level, the Pricing Level corresponding to the higher Debt Rating will apply and if the ratings differential is two levels or more, the Pricing Level corresponding to one level lower than the higher Debt Rating will apply. If at any time the Borrower does not have a Debt Rating from at least one of S&P or ▇▇▇▇▇’▇, the applicable Pricing Level shall be set at Level V.
S&P Debt Rating means, at any time, the rating (if any) assigned to the Borrower’s senior unsecured long term non-credit enhanced debt