Rating and S&P Rating. If the applicable Borrower is split-rated and the ratings differential is one level, the higher rating will apply. If the applicable Borrower is split-rated and the ratings differential is two levels or more, the intermediate rating at the midpoint will apply (or, if there is no midpoint, the higher of the two intermediate ratings will apply). If at any time the applicable Borrower has no ▇▇▇▇▇'▇ Rating or no S&P Rating, Level VI Status shall exist.
Appears in 2 contracts
Sources: 364 Day Credit Agreement, 364 Day Credit Agreement (Atlantic City Electric Transition Funding LLC)