Investment Grade Election. Means a written notice delivered by the Borrower to the Administrative Agent of its election to enter into an Investment Grade Period, together with (a) for purposes of Section 11.10, a certificate of a Responsible Officer of the Borrower confirming that as of such date, (i) the Parent or Borrower, as applicable, has an Investment Grade Rating from one or more of Moody's and S&P, (ii) no Default or Event of Default has occurred and is continuing, (iii) the release of any Lien on, or other
... security interest in, the Mortgaged Property or other collateral encumbered by the Security Instruments does not violate the terms of any Secured Swap Agreement or Bank Products agreement with a Bank Products Provider, (iv) any Swap Agreements and Bank Products agreements of Parent and its Subsidiaries are not otherwise secured, except to the extent secured by a Lien otherwise permitted under the Loan Documents and (v) all liens securing any Permitted Junior Lien Debt or Permitted Pari Term Loan Debt, as applicable, then outstanding will be contemporaneously released concurrently with the release of all liens created by the Security Instruments and (b) for any other purpose, a certificate of a Responsible Officer of the Borrower confirming that as of such date, (i) the Parent or Borrower, as applicable, has an Investment Grade Rating from one or more of Moody's and S&P and (ii) no Default or Event of Default has occurred and is continuing.
View More
