Common use of Moody's Definitions Clause in Contracts

Moody's Definitions. For the purposes of this Part 5(l): an "Initial Moody's Note Downgrade Event" will occur where: (a) the long-term, unsecured and unsubordinated debt obligations of Party A (or its successor) and, if relevant, any guarantor of Party A's obligations under this Agreement (or its successor), cease to be rated at least as high as "A1" (or its equivalent) by Moody's; or (b) the short-term, unsecured and unsubordinated debt obligations of Party A (or its successor) and, if relevant, any guarantor of Party A's obligations under this Agreement (or its successor), cease to be rated at least as high as "P-1" (or its equivalent) by Moody's;