Rating Confirmation Failure definition
Examples of Rating Confirmation Failure in a sentence
If such Rating Agency accepts the Proposal, a Rating Confirmation Failure shall not be deemed to have occurred unless and until the Collateral Manager fails to meet the conditions set forth in the Proposal in accordance with the time requirements set forth in such Proposal.
In the event that the Issuer fails to obtain a Rating Confirmation within 30 days after the Effective Date (a Rating Confirmation Failure), Collateral Interest Collections and, to the extent Collateral Interest Collections are insufficient therefor, Collateral Principal Collections shall be applied on the first Payment Date and any succeeding Payment Dates, as applicable as provided in Section 11.1 to the extent necessary for each of the Rating Agencies to provide a Rating Confirmation.
On the first Determination Date after the Effective Date (and excluding any proceeds that will be used to settle binding commitments entered into prior to that date) on which no Rating Confirmation Failure has occurred and is continuing, the Trustee shall deposit any amounts remaining in the Ramp-Up Account into the Collection Account as Principal Proceeds and the Ramp-Up Account shall be closed.
If the relevant Rating Agency does not confirm its ratings, a Rating Confirmation Failure shall have occurred.
If the Collateral Manager, on behalf of the Issuer, elects not to submit a Proposal, if a Proposal is submitted but not accepted or if the Collateral Manager fails to meet the conditions set forth in the Proposal within the time requirements set forth in such Proposal then a Rating Confirmation Failure shall have occurred.
Failure to receive such Rating Confirmation shall result in a Rating Confirmation Failure.
If both a Moody’s Ramp-Up Failure and a S&P Rating Confirmation Failure occur, the Issuer (or the Collateral Manager on the Issuer’s behalf) will be required to satisfy the requirements of both clause (x) and clause (y) of this clause (e).
Upon the occurrence of an Event of Default or an S&P Rating Confirmation Failure, the Trustee shall deposit any remaining amounts in the Ramp-Up Account into the Principal Collection Account as Principal Proceeds (excluding any proceeds that will be used to settle binding commitments entered into prior to the occurrence of an Event of Default or the Determination Date relating to the first Payment Date, as applicable).
In the event that the Issuer fails to obtain a Rating Confirmation within such time period (a Rating Confirmation Failure), Collateral Interest Collections and, to the extent Collateral Interest Collections are insufficient therefor, Collateral Principal Collections shall be applied on the next Payment Date and any succeeding Payment Dates, as applicable as provided in Section 11.1 to the extent necessary for each of the Rating Agencies to provide a Rating Confirmation.
Notwithstanding the foregoing, if the first Distribution Date occurs prior to a Rating Confirmation or a Rating Confirmation Failure, an amount equal to the Interest Excess shall be withdrawn from the Uninvested Proceeds Account and transferred to the Payment Account for application as Interest Proceeds in accordance with Section 11.1(a)(i) hereof.