Common use of Ratings Confirmation Clause in Contracts

Ratings Confirmation. Upon the written request of any Managing Agent, the Borrower shall (at such requesting Managing Agent’s expense) obtain a rating, from a nationally-recognized rating agency reasonably acceptable to such Managing Agent and the Administrative Agent (an “Approved Rating Agency”), of the facility contemplated by this Agreement (each, an “External Rating”) within sixty (60) days from the date of such written request; provided that if such Approved Rating Agency issues an External Rating less than the equivalent of the Explicit Rating, then the Borrower shall effect a Ratings Cure within sixty (60) days of receiving such External Rating; provided, further that the Borrower may effect one such Ratings Cure for each Managing Agent request prior to obtaining a subsequent External Rating that is equal to or better than the Explicit Rating. For purposes of the foregoing, “Ratings Cure” means the Borrower has: (i) promptly following receipt of the External Rating, notified the Administrative Agent and the applicable Managing Agent of its intention to effect a Ratings Cure, (ii) taken, or caused the Originators to take, such actions permitted under this Agreement and the Sale Agreement that the Borrower reasonably believes would improve (or indicated as required, by the Approved Rating Agency, in order to improve) the rating of the facility contemplated by this Agreement and (iii) within sixty (60) days of receiving such External Rating obtained a new rating of the facility contemplated by this Agreement from the Approved Rating Agency that provided the initial External Rating (or, with the Administrative Agent’s consent (and the consent of any Managing Agent which may have requested a rating), from another Approved Rating Agency) and such new rating is at least equal to the Explicit Rating.

Ratings Confirmation. Upon the written request of any Managing Agent, the Borrower shall (at such requesting Managing Agent’s expense) obtain a rating, from a nationally-recognized rating agency reasonably acceptable to such Managing Agent and the Administrative Agent (an “Approved Rating Agency”), of the facility contemplated by this Agreement (each, an “External Rating”) within sixty (60) days from the date of such written request; provided that if such Approved Rating Agency issues an External Rating less than the equivalent of the Explicit Rating, then the Borrower shall effect a Ratings Cure within sixty (60) days of receiving such External Rating; provided, further that the Borrower may effect one such Ratings Cure for each Managing Agent request prior to obtaining a subsequent External Rating that is equal to or better than the Explicit Rating. For purposes of the foregoing, “Ratings Cure” means the Borrower has: (i) promptly following receipt of the External Rating, notified the Administrative Agent and the applicable Managing Agent of its intention to effect a Ratings Cure, (ii) taken, or caused the Originators to take, such actions permitted under this Agreement and the Sale Agreement that the Borrower reasonably believes would improve (or indicated as required, 727159853 10435078 17 by the Approved Rating Agency, in order to improve) the rating of the facility contemplated by this Agreement and (iii) within sixty (60) days of receiving such External Rating obtained a new rating of the facility contemplated by this Agreement from the Approved Rating Agency that provided the initial External Rating (or, with the Administrative Agent’s 's consent (and the consent of any Managing Agent which may have requested a rating), from another Approved Rating Agency) and such new rating is at least equal to the Explicit Rating.

Ratings Confirmation. Upon the written request of any Managing Agent, the Borrower shall (at such requesting Managing Agent’s expense) obtain a rating, from a nationally-recognized rating agency reasonably acceptable to such Managing Agent and the Administrative Agent (an “Approved Rating Agency”), of the facility contemplated by this Agreement (each, an “External Rating”) within sixty (60) days from the date of such written request; provided that if such Approved Rating Agency issues an External Rating less than the equivalent of the Explicit Rating, then the Borrower shall effect a Ratings Cure within sixty (60) days of receiving such External Rating; provided, further that the Borrower may effect one such Ratings Cure for each Managing Agent request prior to obtaining a subsequent External Rating that is equal to or better than the Explicit Rating. For purposes of the foregoing, “Ratings Cure” means the Borrower has: (i) promptly following receipt of the External Rating, notified the Administrative Agent and the applicable Managing Agent of its intention to effect a Ratings Cure, (ii) taken, or caused the Originators to take, such actions permitted under this Agreement and the Sale Agreement that the Borrower reasonably believes would improve (or indicated as required, by the Approved Rating Agency, in order to improve) the rating of the facility contemplated by this Agreement and (iii) within sixty (60) days of receiving such External Rating obtained a new rating of the facility contemplated by this Agreement from the Approved Rating Agency that provided the initial External Rating (or, with the Administrative Agent’s consent (and the consent of any Managing Agent which may have requested a rating), from another Approved Rating Agency) and such new rating is at least equal to the Explicit Rating.and