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  "documentTitle": "NRSRO Rating Agencies (Moody's, S&P, Fitch)",
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      "text": "Ratings fees should be \"set aside\" and paid over time by issuers to NRSROs and failure to pay fees would be deemed an \"Event of Default\" for issuers",
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      "text": "New Fee Arrangements – Ratings fees should be “set aside” and paid over time by issuers to NRSROs and failure to pay fees would be deemed an “Event of Default” for issuers",
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      "text": "Ranking Fee – a portion of the remaining set aside will be paid in annual increments based on investor-determined annual rankings of each NRSRO",
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      "text": "Performance Fee – the remaining set aside will be paid in annual increments to the NRSROs based on the performance of the bond relative to the ratings designated by each participating NRSRO",
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      "text": "Base Fee – a minimum fee will be paid in quarterly increments over the life of the bond to those NRSROs that pre-commit to rate a new bond after the 60-day moratorium and to continue to update those ratings over the bond’s life",
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