Common use of Determination of Applicable Margin, Applicable Floor and Applicable Commitment Fee Rate Clause in Contracts

Determination of Applicable Margin, Applicable Floor and Applicable Commitment Fee Rate. The Applicable Margin and the Applicable Floor in respect of any Loan and the Applicable Commitment Fee Rate payable under Section 2.14(C) shall be determined by reference to the table set forth in clause (i) above, as applicable, on the basis of the Status as determined from Harley’s or the Applicable ▇▇▇▇▇’▇, as applicable, then-current ▇▇▇▇▇’▇ Rating, S&P Rating and Fitch Rating. The rating in effect on any date for the purposes of this Section is that in effect at the close of business on such date (it being understood and agreed that any change in such rating shall be effective as of the date on which such change is first announced publicly by the rating agency making such change). Except under the circumstances described in clause (iii) below, if at any time Harley has no ▇▇▇▇▇’▇ Rating, no S&P Rating and no Fitch Rating, Level V Status shall exist with respect to Loans to Harley. Except under the circumstances described in clause (iii) below, if at any time none of the Fincos has a ▇▇▇▇▇’▇ Rating, S&P Rating or Fitch Rating, Level V Status shall exist with respect to Loans to any Borrower other than Harley. If any rating agency shall change the basis on which ratings are established, each reference to ▇▇▇▇▇’▇ Rating, S&P Rating or Fitch Rating shall refer to the then equivalent rating by the applicable rating agency. Notwithstanding the foregoing, (a) if Harley or the Applicable ▇▇▇▇▇, as applicable, is split-rated by all three rating agencies (i.e., the ratings issued by the rating agencies are at three different levels), then the intermediate level will apply, and (b) in the event that Harley or the Applicable ▇▇▇▇▇, as applicable, shall maintain ratings from only two rating agencies and they are split-rated and (x) the ratings differential is one level, then the higher level will apply and (y) the ratings differential is two levels or more, then the level next below that of the higher of the levels will apply.