Tier-4 Obligor definition
Tier-4 Obligor means, subject to Section 8.5(b), any Obligor (other than a Tier-1 Obligor, a Tier-2 Obligor or a Tier-3 Obligor) that (a) has a short-term unsecured debt rating from each Rating Agency of at least "A-3" or "D-3", if such Obligor's short-term unsecured debt is rated by such Rating Agency, or (b) (x) has no short-term unsecured debt rating from any Rating Agency and (y) has a long-term unsecured debt rating from each Rating Agency of at least "BBB-", if such Obligor's long-term unsecured debt is rated by such Rating Agency.
Tier-4 Obligor means, subject to the following paragraph, any Obligor other than a Tier-1 Obligor, Tier-2 Obligor or Tier-3 Obligor. With respect to the definitions of Tier-1 Obligor, Tier-2 Obligor, Tier-3 Obligor and Tier-4 Obligor, if an Obligor has no short-term or long-term unsecured debt rating from S&P, and such Obligor does have a short-term or long-term unsecured debt rating from ▇▇▇▇▇’▇, then: (A) ▇▇▇▇▇’▇ shall be deemed to be a Rating Agency with respect to such Obligor for purposes of the short-term and long-term unsecured debt ratings set forth in such definitions and (B) (1) if the short-term unsecured indebtedness of such Obligor is rated “P-1” by ▇▇▇▇▇’▇ and the long-term unsecured indebtedness of such Obligor is rated at least “Aa3” by ▇▇▇▇▇’▇, then the short-term unsecured debt rating relating to S&P set forth in such definition shall be deemed to be not less than “A-1” by S&P, and (2) except as provided in clause (1), any short-term or long-term unsecured debt rating category relating to S&P set forth in such definitions shall be deemed to be a corresponding rating from ▇▇▇▇▇’▇ which is one subcategory below the applicable short-term or long-term unsecured rating category relating to S&P, if the ratings with respect to any Obligor are split, the lower of such rating will control whether such Obligor is a Tier-1 Obligor, a Tier-2 Obligor, a Tier-3 Obligor or a Tier-4 Obligor.
Tier-4 Obligor means any Obligor (other than a Tier-1 Obligor, a Tier-2 Obligor or a Tier-3 Obligor) (i) that has a commercial paper rating from the Standard & Poor's Rating Group of at least A-3 or (ii) that does not have a commercial paper rating of at least A-3 but does have a senior actual or implied debt rating from Standard & Poor's Rating Group of at least BBB-.
More Definitions of Tier-4 Obligor
Tier-4 Obligor means any Obligor (other than a Tier-1 Obligor, a Tier-2 Obligor or a Tier-3 Obligor) (i) that has a commercial paper rating from the Rating Agency of A-3 or (ii) that does not have a commercial paper rating but does have a senior actual or implied debt rating from the Rating Agency of at least BBB-.
Tier-4 Obligor means any Obligor (other than a Tier-1 Obligor, a Tier-2 Obligor or a Tier-3 Obligor) that has (a) a commercial paper rating from the Specified Rating Agency of at least "A-3" (or its equivalent) or (b) a senior actual or implied debt rating from the Specified Rating Agency of at least "BBB-" (or its equivalent), provided that if such Obligor has both a commercial paper rating from the Specified Rating Agency and a senior actual or implied debt rating from the Specified Rating Agency, such Obligor must have a commercial paper rating from the Specified Rating Agency of at least "A-3" (or its equivalent) and a senior actual or implied debt rating from the Specified Rating Agency of at least "BBB-" (or its equivalent) to be a Tier-4 Obligor.
Tier-4 Obligor means any Obligor (other than a Tier-1 Obligor, a Tier-2 Obligor or a Tier-3 Obligor) that has (a) a commercial paper rating from the Specified Rating Agencies of at least "A-3" (or its equivalent) or (b) a senior actual or implied debt rating from the Specified Rating Agencies of at least "BBB-" (or its equivalent), provided that if such Obligor has both a commercial paper rating from the Specified Rating Agencies and a senior actual or implied debt rating from the Specified Rating Agencies, such Obligor must have a commercial paper rating from the Specified Rating Agencies of at least "A-3" (or its equivalent) and a senior actual or implied debt rating from the Specified Rating Agencies of at least "BBB-" (or its equivalent) to be a Tier-4 Obligor.