Rating Upgrade definition

Rating Upgrade means an increase in the rating of the Notes by either Moody’s or S&P by one or more gradations (including gradations within Rating Categories as well as between Rating Categories) from the rating of the Notes on the date of the applicable occurrence referred to in clauses (1) or (2) of the definition of “Change of Control”. In determining whether the rating of the Notes has increased by one or more gradations, gradations within Rating Categories, namely + or - for S&P, and 1, 2, and 3 for Moody’s, will be taken into account; for example, in the case of S&P, a rating increase either from BB to BB+ or B+ to BB- will constitute an increase of one gradation.
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Rating Upgrade means the receipt by the Borrower of a Debt Rating equal to or greater than BBB- by S&P or Fitch or Baa3 by Moody’s.
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Rating Upgrade means at any time prior to September 25, 2002, each rating level upgrade (to a level higher than the existing ratings as at June 5, 2001) by the Rating Agencies of the Borrower's Senior Secured Bank Debt Rating; provided, that if at any time the Rating Agencies do not maintain equivalent Senior Secured Bank Debt Ratings for the Borrower, the lower of the two ratings shall be used to determine if there has been a Rating Upgrade and the magnitude thereof; provided, further, that if such ratings from the Rating Agencies shall differ by two or more rating levels, then the average of the two rating levels shall be taken and rounded downward to the nearest rating level (if necessary) to determine the magnitude of the Rating Upgrade, if any."
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Examples of Rating Upgrade in a sentence

  • Subject to Section 201(e) below, there shall be no limit on the number of times that the Increased Interest Rate payable on the 2015 Notes may be decreased upon the occurrence of an Credit Rating Upgrade ; provided, however, that in no event shall the interest rate payable on the 2015 Notes be less than the Base Interest Rate.

  • If the Rating Upgrade Date does not occur by October 31, 2014, the Loan Documents shall be modified in a customary manner so that no Guarantor is guaranteeing any obligations in respect of any Rate Management Transaction in a manner that does not comply with applicable law.

  • In addition, within 30 days after the date of a Trigger Event (unless a Debt Rating Upgrade has ensued and is continuing prior to delivery of such guarantee), each Grantor that has not already provided a Guarantee as a Material Restricted Subsidiary shall deliver a guarantee, substantially in the form of Schedule H, if such guarantee is required to render the Security granted by such Grantor valid and enforceable.

  • In addition, on or prior to the Closing Date and within 30 days after the date of a Trigger Event (unless a Debt Rating Upgrade has ensued and is continuing prior to delivery of such guarantee), each Grantor that has not already provided a Guarantee as a Material Restricted Subsidiary shall deliver a guarantee, substantially in the form of Schedule H, if such guarantee is required to render the Security granted by such Grantor valid and enforceable.

  • If (x) a Reference Rating Upgrade exists, (y) the aggregate Revolving Credit Loans and LC Exposure exceeds $50,000,000 and (z) the Secured Loan Assets do not equal such excess, the Borrower Representative shall have delivered to the Administrative Agent an Asset Coverage Certificate for the quarterly period immediately preceding such Credit Event establishing Asset Coverage for such excess complying with Section 2.1(a) of this Agreement.


More Definitions of Rating Upgrade

Rating Upgrade means an increase in the rating of the Notes by either Moody’s or S&P by one or more gradations (including gradations within Rating Categories as well as between Rating Categories) from the rating of the Notes on the date of the applicable occurrence referred to in clauses
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Rating Upgrade means the public announcement of one single Rating Agency to the effect that the Rating rises 1 notch (e.g. A compared to A+ by S&P or A2 compared to A1 by Moody's or such similar lower of equivalent rating) or more provided it is therefore equal or not more than 1 notch below the Rating assigned by such Rating Agency to the Republic of Portugal.
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Rating Upgrade is inserted in its proper alphabetical place as follows:
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Related to Rating Upgrade

  • Rating Downgrade means either:

  • 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.

  • Rating Date means the date which is 90 days prior to the earlier of (i) a Change in Control and (ii) public notice of the occurrence of a Change in Control or of the intention of the Company to effect a Change in Control.

  • Rating means the operating limits as specified by the component manufacturer.

  • ▇▇▇▇▇’▇ 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.