S&P Rating Clause Samples
The S&P Rating clause defines the requirement for a party, typically a financial institution or issuer, to maintain a specific credit rating as determined by Standard & Poor’s (S&P), a major credit rating agency. This clause often specifies a minimum acceptable rating level, such as BBB or higher, and may outline actions to be taken if the rating falls below this threshold, such as triggering a default, requiring additional collateral, or allowing for early termination of an agreement. Its core practical function is to manage credit risk by ensuring that the party’s financial stability meets agreed standards, thereby protecting the interests of counterparties or investors.
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S&P Rating. At any time, with respect to any Person, the rating in effect at such time assigned by Standard and Poor's Ratings Group, a division of McGraw Hill, Inc., for the long term senior unsecured debt of such Person.
S&P Rating. The rating for Borrower's senior long-term unsecured debt assigned by Standard & Poor's Ratings Group, a division of The ▇▇▇▇▇▇-▇▇▇▇ Companies, Inc., or its successors.
S&P Rating. With respect to any Entity, the rating assigned to long-term senior unsecured debt issued by such Entity by Standard & Poor’s Financial Services LLC from time to time in effect or, if such Entity does not issue long-term senior unsecured debt rated by Standard & Poor’s Financial Services LLC, the counterparty rating assigned by Standard & Poor’s Financial Services LLC from time to time in effect. SPC. As defined in Section 18.6.
S&P Rating. Borrower will use its best efforts to obtain on or before December 31, 1997, and shall thereafter always maintain in effect, an investment grade rating for the long-term unsecured debt of Borrower from Standard & Poor's Rating Group or ▇▇▇▇▇ Investor Services. Borrower shall pay all of the fees, costs and expenses incurred in connection with obtaining and maintaining such rating.
S&P Rating. The Borrowers, the Administrative Agent and Majority Lenders shall endeavor to obtain an S&P rating of the Loans of at least "AA (sf)" no later than the three week anniversary of the Amended and Restated Closing Date and agree to amend this Agreement and the other Loan Documents as reasonably necessary to obtain such S&P rating. The Majority Lenders and the Administrative Agent will not unreasonably withhold consent to any document changes required by S&P in order to obtain a rating. If the Borrowers do not obtain such S&P rating prior to the three week anniversary of the Amended and Restated Closing Date, the Reinvestment Period shall automatically be suspended, unless the Majority Lenders provide written consent not to suspend the Reinvestment Period at such time; provided that during any such suspension, the Reinvestment Period shall still be considered ongoing for purposes of the Priority of Payments (unless otherwise terminated on a permanent basis in accordance with the terms of this Agreement). ARTICLE VI
S&P Rating. With respect to any Entity which is the issuer or obligor with respect to commercial paper, the rating assigned to such entity by Standard & Poor's Ratings Service, a division of The McGraw-Hill Companies, Inc., from time to time in effect.
S&P Rating. Promptly after each announcement by S&P of any change in the S&P Rating;
S&P Rating. Not Rated Dividend and Takeover Protection: Yes Interest Payment Dates: November 1 and May 1, commencing May 1, 2010 Trade Date: November 11, 2009 Settlement Date: November 16, 2009 144A CUSIP: ▇▇▇▇▇▇▇▇▇ Convertible Note Hedge and Warrant Transactions: in connection with the offering of the notes, tcs entered into convertible note hedge transactions and warrant transactions with each of Deutsche Bank AG, société generale and royal bank of canada Book-Running Managers: ▇▇▇▇▇▇▇▇▇▇▇ & Co., ▇▇▇▇▇▇▇ ▇▇▇▇▇ November 16, 2009 28.979 25.435 18.374 13.874 10.839 8.692 7.107 4.420 2.879 1.899 1.240 0.785 November 1, 2010 28.979 23.698 16.585 12.214 9.369 7.418 6.016 3.706 2.406 1.581 1.025 0.640 November 1, 2011 28.979 21.669 14.424 10.198 7.595 5.898 4.729 2.884 1.871 1.225 0.785 0.478 November 1, 2012 28.979 20.306 12.384 8.104 5.702 4.277 3.370 2.050 1.348 0.890 0.570 0.342 November 1, 2013 28.979 19.252 9.724 5.238 3.194 2.232 1.728 1.088 0.740 0.499 0.322 0.190 November 1, 2014 28.979 21.010 3.363 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 • between two stock price amounts in the table or the effective date is between two effective dates in the table, the number of additional shares will be determined by a straight-line interpolation between the number of additional shares set forth for the higher and lower stock prices and the earlier and later effective dates, as applicable, based on a 365-day year; • in excess of $36.00 per share (subject to adjustment), no additional shares will be issued upon conversion; and • less than $7.96 per share (subject to adjustment), no additional shares will be issued upon conversion.
S&P Rating. If the Borrower has a corporate rating by S&P on the Closing Date, use commercially reasonable efforts to maintain a corporate rating by S&P at all times thereafter.
S&P Rating. You shall have received evidence satisfactory to you that Standard & Poors has issued a private letter rating of at least A- for the Notes and such rating remains in full force and effect as of the date of closing.