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.
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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.
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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-.
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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-.
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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.
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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.
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Related to Tier-4 Obligor

  • Group B Obligor means an Obligor (or its parent or majority owner, as applicable, if such parent or majority owner is a guarantor on the related Contract) that is not a Group A Obligor and that has a short-term rating of at least: (a) “A-2” by Standard & Poor’s or, if such Obligor does not have a short-term rating from Standard & Poor’s, a rating of “BBB+” or better by Standard & Poor’s on such Obligor’s (or, if applicable, its parent’s or its majority owner’s) long-term senior unsecured and uncredit-enhanced debt securities, and (b) “P-2” by Moody’s or, if such Obligor does not have a short-term rating from Moody’s, a rating of “Baal” or better by Moody’s on such Obligor’s (or, if applicable, its parent’s or its majority owner’s) long-term senior unsecured and uncredit-enhanced debt securities; provided, that if an Obligor (or its parent or majority owner, as applicable, if such parent or majority owner is a guarantor on the related Contract) receives a split rating from Standard & Poor’s and Moody’s, then such Obligor (or its parent or majority owner, as applicable) shall be deemed to have the lower of the two ratings; provided, further, that if an Obligor (or its parent or majority owner, as applicable, if such parent or majority owner is a guarantor on the related Contract) is rated by either Standard & Poor’s or Moody’s, but not both, and satisfies either clause (a) or clause (b) above, then such Obligor (or its parent or majority owner, as applicable) shall be deemed to be a Group C Obligor. Notwithstanding the foregoing, any Obligor that is a Subsidiary or Affiliate of an Obligor that satisfies the definition of “Group B Obligor” shall be deemed to be a Group B Obligor and shall be aggregated with the Obligor that satisfies such definition for the purposes of clause (a) of the definition of “Excess Concentration” for such Obligors, unless such deemed Obligor separately satisfies the definition of “Group A Obligor”, “Group B Obligor”, or “Group C Obligor”, in which case such Obligor shall be separately treated as a Group A Obligor, a Group B Obligor or a Group C Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of its Subsidiaries that are Obligors.

  • Group A Obligor means any Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) with a short-term rating of at least: (a) “A-1” by S&P, or if such Obligor does not have a short-term rating from S&P, a rating of “A+” or better by S&P on such Obligor’s, its parent’s, or its majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities, or (b) “P-1” by Moody’s, or if such Obligor does not have a short-term rating from Moody’s, “Al” or better by Moody’s on such Obligor’s, its parent’s or its majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities; provided, that if an Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) receives a split rating from S&P and Moody’s, then such Obligor (or its parent or majority owner, as applicable) shall be deemed to have only the lower of the two rating for the purpose of determining whether such rating satisfies clauses (a) or (b) above. Notwithstanding the foregoing, any Obligor that is a Subsidiary of an Obligor that satisfies the definition of “Group A Obligor” shall be deemed to be a Group A Obligor and shall be aggregated with the Obligor that satisfies such definition for the purposes of determining the “Concentration Reserve Percentage”, the “Concentration Reserve” and clause (a) of the definition of “Excess Concentration” for such Obligors, unless such deemed Obligor separately satisfies the definition of “Group A Obligor”, “Group B Obligor”, or “Group C Obligor”, in which case such Obligor shall be separately treated as a Group A Obligor, a Group B Obligor or a Group C Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of its Subsidiaries that are Obligors.

  • Group D Obligor means any Obligor that is not a Group A Obligor, Group B Obligor or Group C Obligor.

  • Group C Obligor means an Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) that is not a Group A Obligor or a Group B Obligor, with a short-term rating of at least: (a) “A 3” by Standard & Poor’s, or if such Obligor does not have a short-term rating from Standard & Poor’s, a rating of “BBB-” to “BBB” by Standard & Poor’s on such Obligor’s, its parent’s or its majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities, and (b) “P 3” by Moody’s, or if such Obligor does not have a short-term rating from Moody’s, “Baa3” to “Baa2” by Moody’s on such Obligor’s, its parent’s or its majority owner’s (as applicable) long-term senior unsecured and uncredit-enhanced debt securities; provided, that if an Obligor (or its parent or majority owner, as applicable, if such Obligor is not rated) receives a split rating from Standard & Poor’s and Moody’s, then such Obligor (or its parent or majority owner, as applicable) shall be deemed to have the rating from each of Standard & Poor’s and Moody’s as determined in accordance with the rules of construction found in the final paragraph of this Article I, and such deemed rating shall be used for the purposes of whether such rating satisfies clauses (a) and (b) above. Notwithstanding the foregoing, any Obligor that is a Subsidiary of an Obligor that satisfies the definition of “Group C Obligor” shall be deemed to be a Group C Obligor and shall be aggregated with the Obligor that satisfies such definition for the purposes of determining the “Concentration Reserve Percentage”, the “Concentration Reserve” and clause (i) of the definition of “Excess Concentration” for such Obligors, unless such deemed Obligor separately satisfies the definition of “Group A Obligor”, “Group B Obligor”, or “Group C Obligor”, in which case such Obligor shall be separately treated as a Group A Obligor, a Group B Obligor or a Group C Obligor, as the case may be, and shall be aggregated and combined for such purposes with any of its Subsidiaries that are Obligors.

  • U.S. Obligor means an Obligor that is a corporation or other business organization and is organized under the laws of the United States of America (or of a United States of America territory, district, state, commonwealth, or possession, including, without limitation, Puerto Rico and the U.S. Virgin Islands) or any political subdivision thereof.