M▇▇▇▇’▇ Rating means, with respect to a Reference Obligation, as of any date of determination:
▇▇▇▇▇’▇ Rating means, at any time, the rating issued by ▇▇▇▇▇’▇ and then in effect with respect to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement.
S&P Rating means, at any time, the rating issued by S&P and then in effect with respect to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement.
Applicable Rating means the rating assigned to each Class of the Series 2013-VF1 Notes by S&P, as the Note Rating Agency, upon the issuance of such Class as set forth below:
Specified Rating means, for the Class A(2017-2) Notes, Aaa(sf) with respect to ▇▇▇▇▇’▇, AAA(sf) with respect to Standard & Poor’s and AAAsf with respect to Fitch.