Common use of No Downgrading Clause in Contracts

No Downgrading. On or after the Applicable Time (i) no downgrading shall have occurred in the rating accorded the debt securities issued or guaranteed by Company or the Guarantor or any guarantee of the Guarantor by any “nationally recognized statistical rating organization”, as that term is defined by the Commission for purposes of Rule 436(g)(2) under the Act, and (ii) no such organization shall have publicly announced that it has under surveillance or review, with possible negative implications, its rating of any of the debt securities of the Company or the Guarantor or any guarantee of the Guarantor;

No Downgrading. On or after the Applicable Time date of the Pricing Agreement relating to the Designated Securities (i) no downgrading shall have occurred in the rating accorded the debt securities issued or guaranteed by Company or the Guarantor or any guarantee of the Guarantor by any “nationally recognized statistical rating organization”, as that term is defined by the Commission for purposes of Rule 436(g)(2) under the Act, and (ii) no such organization shall have publicly announced that it has under surveillance or review, with possible negative implications, its rating of any of the debt securities of the Company or the Guarantor or any guarantee of the Guarantor;