Applicable Rating Level at any time shall be determined in accordance with the then-applicable S&P Rating or the then-applicable Xxxxx’x Rating as follows: S&P Rating/Xxxxx’x Rating Applicable Rating Level S&P Rating AA or higher or Xxxxx’x Rating Aa2 or higher 1 S&P Rating AA- or Xxxxx’x Rating Aa3 2 S&P Rating A+ or Xxxxx’x Rating A1 3 S&P Rating A or Xxxxx’x Rating A2 4 S&P Rating A- or below or Xxxxx’x Rating A3 or below or unrated 5 The Applicable Rating Level for any day shall be determined based upon the higher of the S&P Rating and the Xxxxx’x Rating in effect on such day. If the S&P Rating and the Xxxxx’x Rating are not the same (i.e., a “split rating”), the higher (better) of such ratings shall control, unless the ratings differ by more than one level, in which case the rating one level below the higher of the two ratings shall control.
Applicable Rating Level. (a “Level”) opposite the ratings under the headings “Xxxxx’x” and “S&P/Fitch”, and (b) if the ratings established or deemed to have been established by Xxxxx’x, S&P and Fitch for the Index Debt shall fall within different Levels, the Applicable Rating Level shall be based on the highest two ratings, unless the highest two ratings shall fall within different Levels in which case the Applicable Rating Level shall be based on the lower of the highest two ratings, provided, however, that for purposes of the foregoing, (i) “³” means a rating equal to or more favorable than; “£” means a rating equal to or less favorable than; “>” means a rating greater than; “<” means a rating less than; (ii) if Xxxxx’x, S&P, or Fitch shall not have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the penultimate sentence appearing before the table below), then, notwithstanding anything to the contrary, the Applicable Rating Level shall be based on the higher of the two existing ratings; (iii) if only one of Xxxxx’x, S&P, and Fitch shall have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the penultimate sentence of this definition), then the Applicable Rating Level shall be the rating that is one Level below the rating established by such party; (iv) if there is no rating for the Index Debt from Xxxxx’x, S&P, and Fitch, then the Applicable Rating Level shall equal Level V; and (v) if the ratings established or deemed to have been established by Xxxxx’x, S&P and Fitch for the Index Debt shall be changed (other than as a result of a change in the rating system of Xxxxx’x, S&P or Fitch), such change shall be effective as of the date on which it is first announced by the applicable rating agency. Each change in the Applicable Rating Level shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Xxxxx’x, S&P or Fitch shall change, or if any such rating agency shall cease to be in the business of rating corporate debt obligations, Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Rating Level shall be determined by reference to the rating most recently in effect prior...
Applicable Rating Level means, at any time, the number set forth below in the row next to the then-applicable ratings by S&P, Xxxxx’x and Fitch, respectively, of the Borrower’s long-term senior unsecured debt. Xxxxx’x Rating S&P Rating Fitch Rating Applicable Rating Level At least Aa3, at least AA- and at least AA- 1 A1, A+ and A+ 2 A2, A and A 3 A3, A- and X- 0 Xxx0, BBB+ and BBB+ 5 Baa2, BBB and BBB 6 Baa3 or below*, BBB- or below* or BBB- or below* 7 * or unrated Notwithstanding the foregoing, if the Borrower shall (i) fail to maintain a rating of its senior unsecured debt by at least two of Xxxxx’x, S&P and Fitch, Level 7 shall be the pricing level; (ii) maintain a rating of its senior unsecured debt from only two of Xxxxx’x, S&P and Fitch and (A) there is a difference of one level in such ratings, then the higher of such ratings shall be used to determine the Applicable Rating Level, or (B) there is a difference of more than one level in such ratings, then the rating that is one level below the higher of such ratings shall be used to determine the Applicable Rating Level; and (iii) maintain a rating of its senior unsecured debt from all three of Xxxxx’x, S&P and Fitch and there is a difference in such ratings such that (A) two of such ratings fall in the same Applicable Rating Level and are higher than the third, then the higher of such ratings will be used to determine the Applicable Rating Level, (B) two of such ratings fall in the same Applicable Rating Level and are lower than the third, then the lower of such ratings will be used to determine the Applicable Rating Level, and (C) all three such ratings fall in different Applicable Rating Levels, then the intermediate rating will be used to determine the Applicable Rating Level.
Examples of Applicable Rating Level in a sentence
At any time an Event of Default has occurred and is continuing, the Applicable Margins set forth below shall be increased for each Applicable Rating Level by 2.00% with respect to overdue principal.
When GMBL has been chosen to host a tournament, the committee will have additional responsibilities.
Within 120 days after the end of each Fiscal Year (but only at such times as the Applicable Rating Level is Level II, Level III or Level IV), an Engineering Report.
Any change in the Applicable Margin resulting from a change in the Applicable Rating Level shall become effective upon the date of announcement of any change in the Moody’s Rating or the S&P Rating that results in such change in the Applicable Rating Level.
At such times as the Applicable Rating Level is Level II, Level III or Level IV, Borrower will not, as of December 31 of any year, permit the ratio of the Properties NPV to Total Funded Debt to be less than 1.25 to 1.00.
More Definitions of Applicable Rating Level
Applicable Rating Level. (a) if an Applicable Rating of a rating agency is determined by reference to the Senior Debt of the PG&E Utility, the Applicable Rating Level shall be the numeric level immediately below the numeric level opposite such Applicable Rating in the grid below (unless the numeric level opposite the Applicable Rating of the Senior Debt of the PG&E Utility is level 7, in which case the Applicable Rating Level shall be level 7) and (b) if an Applicable Rating of a rating agency is determined by reference to the Senior Debt of the Borrower, the Applicable Rating Level shall be the numeric level opposite such Applicable Rating in the grid below; provided, however, in the event the Applicable Ratings of S&P and Mxxxx’x are in different numeric levels set forth in the grid below, the higher of the two Applicable Ratings (i.e., the Applicable Rating set forth in the grid below opposite the lower numerical level number) shall govern. In the event that, at any time, an Applicable Rating is not available from one of such rating agencies, the Applicable Rating Level shall be determined on the sole basis of the Applicable Rating from the other rating agency. In the event that, at any time, ratings from each such rating agency are not available for companies generally, the Applicable Rating Level shall be determined on the basis of the last Applicable Rating(s) made available. In the event that, at any time, Applicable Ratings are not available for the Senior Debt of the PG&E Utility and the Borrower but are generally available for other companies, then the Applicable Rating Level shall be numeric level 7. Applicable Rating for Senior Debt of the Borrower Applicable Rating for Senior Debt of the PG&E Utility Applicable Rating Level Mxxxx’x S&P Mxxxx’x S&P Level 1 A1 or higher A+ or higher A1 or higher A+ or higher Level 2 A2 A A2 A Lxxxx 0 X0 X- X0 X- Xxxxx 0 Xxx0 BBB+ Baa1 BBB+ Lxxxx 0 Xxx0 XXX Xxx0 BBB Lxxxx 0 Xxx0 XXX- Xxx0 XXX- Level 7 Ba1 or lower BB+ or lower Ba1 or lower BB+ or lower
Applicable Rating Level means for any day, the level set forth below that corresponds to the PAA Debt Rating by the Ratings Agencies applicable on such day; provided, in the event the PAA Debt Rating by the Ratings Agencies differs by one level, the higher PAA Debt Rating shall apply; provided further, in the event the PAA Debt Rating by the Ratings Agencies differs by more than one level, the PAA Debt Rating one level above the lower PAA Debt Rating shall apply; provided, notwithstanding the foregoing, the Applicable Rating Level for the period from the date hereof through and including February 21, 2004 shall be Level III. As used in this definition, “³” means a rating equal to or more favorable than and “<“ means a rating less favorable than. Rating Level S&P Xxxxx’x Level I > BBB+ > Baa1 Level II BBB Baa2 Level III BBB- Baa3 Level IV < BBB- < Baa3 If either of the Rating Agencies shall not have in effect a PAA Debt Rating or if the rating system of either of the Rating Agencies shall change, or if either of the Rating Agencies shall cease to be in the business of rating corporate debt obligations, Borrower and Majority Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such Rating Agency, but until such an agreement shall be reached, the Applicable Rating Level shall be based only upon the PAA Debt Rating by the remaining Rating Agency.
Applicable Rating Level means, for any Borrower at any time, the level set forth below in the row next to the then applicable Debt Ratings of such Borrower. If there is a difference of one level in the Debt Ratings of such Borrower, then the higher Debt Rating shall be used for purposes of determining the Applicable Rating Level for such Borrower, and if there is a difference of more than one level in the Debt Ratings for such Borrower, then the Debt Rating one level higher than the lower Debt Rating will be used for purposes of determining the Applicable Rating Level of such Borrower, unless the lower Debt Rating is below Level 3, in which case the lower Debt Rating of such Borrower will be used for purposes of determining the Applicable Rating Level of such Borrower. Any change in the Applicable Rating Level of any Borrower shall be effective on the date on which the applicable rating agency announces any change in the applicable Debt Rating of such Borrower. ==================================== ====================================== S&P Debt Rating Applicable Rating Level Xxxxx'x Debt Rating ------------------------------------ -------------------------------------- BBB+ or better 1 Baa1 or better ------------------------------------ -------------------------------------- BBB 2 Baa2 ------------------------------------ -------------------------------------- BBB- 3 Baa3 ------------------------------------ -------------------------------------- BB+ 4 Ba1 ------------------------------------ -------------------------------------- Below BB+* 5 Below Ba1* ==================================== ====================================== * or unrated
Applicable Rating Level means (a) at any time that Moody’s and S&P have the equivalent rating or split ratings of not more than one rating differential of the Borrower’s senior unsecured long-term debt, the level set forth in the chart below under the heading “Applicable Rating Level” opposite the rating under the heading “Moody’s” or “S&P” which is the higher of the two if split ratings or opposite the ratings under the headings “Moody’s” and “S&P” if equivalent; and (b) at any time that Moody’s and S&P have split ratings of more than one rating differential of the Borrower’s senior unsecured long-term debt, the level set forth in the chart below under the “Applicable Rating Level” opposite the rating under the heading “Moody’s” or “S&P” which is one rating lower than the higher of the two split ratings. Applicable Rating Level Moody’s S &P Level I >Baa1 >BBB+ Level II Baa2 BBB Level III Baa3 BBB- Level IV Ba1 BB+ Level V <Ba2 <BB For example, if the Xxxxx’x rating is Baal and the S&P rating is BBB, then Level I shall apply; if the Xxxxx’x rating is Baa1 and the S&P rating is BBB- or less favorable, then Level II shall apply.
Applicable Rating Level at any time shall be determined in accordance with the then-applicable S&P Rating and the then-applicable Xxxxx'x Rating as follows: ----------------------------------------------------------------- S&P Rating/Xxxxx'x Rating Applicable Rating Level ----------------------------------------------------------------- A or higher or A2 or higher 1 ----------------------------------------------------------------- A- or A3 2 ----------------------------------------------------------------- BBB+ or Baa1 3 ----------------------------------------------------------------- BBB or Baa2 4 ----------------------------------------------------------------- BBB- and Baa3 5 ----------------------------------------------------------------- lower than BBB- and Baa3 or unrated 6 ----------------------------------------------------------------- In the event that the S&P Rating and the Xxxxx'x Rating are not at the same Applicable Rating Level but differ by only one Applicable Rating Level, then the higher of the two ratings shall determine the Applicable Rating Level. In the event that the S&P Rating and the Xxxxx'x Rating differ by more than one Applicable Rating Level, then the Applicable Rating Level immediately below the higher of the two ratings shall be the Applicable Rating Level. The Applicable Rating Level shall be redetermined on the date of announcement of a change in the S&P Rating or the Xxxxx'x Rating.
Applicable Rating Level means and be determined by the ratings issued from time to time by S&P and Xxxxx’x (or S&P or Xxxxx’x, if ratings shall be available from only one of such Rating Agencies) in respect of the Company’s long-term, senior unsecured, non-credit-enhanced debt in accordance with the following: Rating Level S&P Xxxxx’x Level I More favorable than AA- More favorable than Aa3 Level II AA- Aa3 Level III A+ A1 Level IV Less than A+ or not rated Less than A1 or not rated For purposes of the foregoing, (a) if ratings are available from both S&P and Xxxxx’x, and the ratings available from such Rating Agencies do not correspond to the same rating level on the chart above, then (1) if such rating levels differ by only one level on the chart above, then the Applicable Rating Level shall correspond to the higher of the two ratings, and (2) if such rating levels differ by more than one level on the chart above, then the Applicable Rating Level shall correspond to that rating which is one rating higher than the lower of the two ratings; (b) if 156389297_7 determinative ratings shall change (other than as a result of a change in the rating system used by any applicable Rating Agency) such that a change in the Applicable Rating Level would result, such change shall effect a change in the Applicable Rating Level as of the day on which the Administrative Agent receives notice of such change in determinative ratings (such day, a “Change Day”), and any change in the Applicable Margin shall take effect commencing on such Change Day and ending on the date immediately preceding the next Change Day; (c) if the rating system of any of the Rating Agencies shall change prior to the date all Obligations hereunder have been paid and the Commitments cancelled, the Company and the Majority Banks shall negotiate in good faith to amend the references to specific ratings in this definition to reflect such changed rating system, and pending such amendment, if no Applicable Rating Level is otherwise determinable based upon the foregoing, the most recent Applicable Rating Level in effect shall apply; and (d) upon the occurrence of and during the existence of a Default, the Applicable Rating Level shall be deemed to be Level IV.
Applicable Rating Level means, for any day during any Investment Grade Period, the higher of the ratings by Xxxxx’x or S&P, respectively, applicable on such day to the Index Debt. For purposes of the foregoing, if the ratings established by Xxxxx’x or S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Xxxxx’x or S&P), such change shall be effective as of the date on which it is first announced by Xxxxx’x or S&P, as applicable, irrespective of when notice of such change shall have been furnished by the Borrower to the Administrative Agent and the Lenders. Each change in the Applicable Rating Level shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Xxxxx’x or S&P shall change, or if either Xxxxx’x or S&P shall cease to be in the business of rating corporate debt obligations, the Borrower and the Lenders shall negotiate in good faith to amend these terms to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Rating Level shall be determined by reference to the rating most recently in effect prior to such change or cessation.