Common use of Ratings Determinations Clause in Contracts

Ratings Determinations. Whenever this Agreement requires the determination of the Borrower’s Senior Debt Rating (i) if there is a split rating as between ▇▇▇▇▇’▇ and S&P (1) by one rating category, the higher of the two ratings will apply and (2) by more than one category, the rating that is one rating level below the higher rating will apply, (ii) if any rating established by ▇▇▇▇▇’▇ or S&P shall be changed (other than as a result of a change in the rating system of either ▇▇▇▇▇’▇ or S&P), such change shall be given effect as of the date on which such change is first announced by the rating agency making such change and (iii) if Borrower does not have a Senior Debt Rating from either S&P or ▇▇▇▇▇’▇, then, Pricing Level VI shall apply for the purposes of determining the Applicable Margin and the Commitment Fees.

Ratings Determinations. Whenever this Agreement requires the determination of the Borrower’s Senior Debt Rating (i) if there is a split rating as between ▇▇▇▇▇’▇ Moody’s and S&P (1) by one rating category, the higher of the two ratings will apply and (2) by more than one category, the rating that is one rating level below the higher rating will apply, (ii) if any rating established by ▇▇▇▇▇’▇ Moody’s or S&P shall be changed (other than as a result of a change in the rating system of either ▇▇▇▇▇’▇ Moody’s or S&P), such change shall be given effect as of the date on which such change is first announced by the rating agency making such change and (iii) if Borrower does not have a Senior Debt Rating from either S&P or ▇▇▇▇▇’▇, thenMoody’s, Pricing Level VI shall will apply for the purposes of determining the Applicable Margin and the Commitment FeesMargin.

Ratings Determinations. Whenever this Agreement requires the determination of the Borrower’s Senior Debt Rating (i) if there is a split rating as between ▇M▇▇▇▇’▇ and S&P (1) by one rating category, the higher of the two ratings will apply and (2) by more than one category, the rating that is one rating level below the higher rating will apply, (ii) if any rating established by ▇M▇▇▇▇’▇ or S&P shall be changed (other than as a result of a change in the rating system of either ▇M▇▇▇▇’▇ or S&P), such change shall be given effect as of the date on which such change is first announced by the rating agency making such change and (iii) if Borrower does not have a Senior Debt Rating from either S&P or ▇both M▇▇▇▇’▇, then▇ and S&P have not rated the Borrower’s senior Unsecured Debt, Pricing Level VI shall will apply for the purposes of determining the Applicable Margin and the Commitment Fees.

Ratings Determinations. Whenever this Agreement requires the determination of the Borrower’s Senior Debt Rating (i) if there is a split rating as between ▇▇▇▇▇’▇ Moody’s and S&P (1) by one rating category, the higher of the two ratings will apply and (2) by more than one category, the rating that is one rating level below the higher rating will apply, (ii) if any rating established by ▇▇▇▇▇’▇ Moody’s or S&P shall be changed (other than as a result of a change in the rating system of either ▇▇▇▇▇’▇ Moody’s or S&P), such change shall be given effect as of the date on which such change is first announced by the rating agency making such change and (iii) if Borrower does both Moody’s and S&P have not have a Senior Debt Rating from either S&P or ▇▇▇▇▇’▇, thenrated the Company’s senior Unsecured Debt, Pricing Level VI shall will apply for the purposes of determining the Applicable Margin and the Commitment Fees.

Ratings Determinations. Whenever this Agreement requires the determination of the Borrower’s Senior Debt Rating (i) if there is a split rating as between ▇M▇▇▇▇’▇ and S&P (1) by one rating category, the higher of the two ratings will apply and (2) by more than one category, the rating that is one rating level below the higher rating will apply, (ii) if any rating established by ▇M▇▇▇▇’▇ or S&P shall be changed (other than as a result of a change in the rating system of either ▇M▇▇▇▇’▇ or S&P), such change shall be given effect as of the date on which such change is first announced by the rating agency making such change and (iii) if Borrower does not have a Senior Debt Rating from either S&P or ▇M▇▇▇▇’▇, then, Pricing Level VI shall apply for the purposes of determining the Applicable Margin and the Commitment Fees.

Ratings Determinations. Whenever this Agreement requires the determination of the Borrower’s Senior Debt Rating (i) if there is a split rating as between ▇▇▇▇▇’▇ and S&P (1) by one rating category, the higher of the two ratings will apply and (2) by more than one category, the rating that is one rating level below the higher rating will apply, (ii) if any rating established by ▇▇▇▇▇’▇ or S&P shall be changed (other than as a result of a change in the rating system of either ▇▇▇▇▇’▇ or S&P), such change shall be given effect as of the date on which such change is first announced by the rating agency making such change and (iii) if Borrower does not have a Senior Debt Rating from either S&P or both ▇▇▇▇▇’▇, then▇ and S&P have not rated the Borrower’s senior Unsecured Debt, Pricing Level VI shall will apply for the purposes of determining the Applicable Margin and the Commitment Fees.

Ratings Determinations. Whenever this Agreement requires the determination of the Borrower’s Senior Debt Rating (i) if there is a split rating as between ▇▇▇▇▇’▇ and S&P (1) by one rating category, the higher of the two ratings will apply and (2) by more than one category, the rating that is one rating level below the higher rating will apply, (ii) if any rating established by ▇▇▇▇▇’▇ or S&P shall be changed (other than as a result of a change in the rating system of either ▇▇▇▇▇’▇ or S&P), such change shall be given effect as of the date on which such change is first announced by the rating agency making such change and (iii) if Borrower does not have a Senior Debt Rating from either S&P or both ▇▇▇▇▇’▇, then▇ and S&P have not rated the Borrower’s senior Unsecured Debt, Pricing Level VI shall will apply for the purposes of determining the Applicable Margin and the Commitment FeesMargin.

Ratings Determinations. Whenever this Agreement requires the determination of the Borrower’s Senior Debt Rating (i) if there is a split rating as between ▇▇▇▇▇’▇ Moody’s and S&P (1) by one rating category, the higher of the two ratings will apply and (2) by more than one category, the rating that is one rating level below the higher rating will apply, (ii) if any rating established by ▇▇▇▇▇’▇ Moody’s or S&P shall be changed (other than as a result of a change in the rating system of either ▇▇▇▇▇’▇ Moody’s or S&P), such change shall be given effect as of ofthree Business Days after the date on which such change is first announced by the rating agency making such change and (iii) if Borrower does not have a Senior Debt Rating from either S&P or ▇▇▇▇▇’▇Moody’s, then, Pricing Level VI shall apply for the purposes of determining the Applicable Margin and the Commitment Fees.

Ratings Determinations. Whenever this Agreement requires the determination of the Borrower’s Senior Debt Rating (i) if there is a split rating as between ▇▇▇▇▇’▇ Moody’s and S&P (1) by one rating category, the higher of the two ratings will apply and (2) by more than one category, the rating that is one rating level below the higher rating will apply, (ii) if any rating established by ▇▇▇▇▇’▇ Moody’s or S&P shall be changed (other than as a result of a change in the rating system of either ▇▇▇▇▇’▇ Moody’s or S&P), such change shall be given effect as of the date on which such change is first announced by the rating agency making such change and (iii) if Borrower does both Moody’s and S&P have not have a Senior Debt Rating from either S&P or ▇▇▇▇▇’▇, thenrated the Company’s senior Unsecured Debt, Pricing Level VI shall V will apply for the purposes of determining the Applicable Margin Margin, the Utilization Fee and the Commitment Fees.Fee. ARTICLE II

Ratings Determinations. Whenever this Agreement requires the determination of the Borrower’s Senior Debt Rating (i) if there is a split rating as between ▇▇▇▇▇’▇ Moody’s and S&P (1) by one rating category, the higher of the two ratings will apply and (2) by more than one category, the rating that is one rating level below the higher rating will apply, (ii) if any rating established by ▇▇▇▇▇’▇ Moody’s or S&P shall be changed (other than as a result of a change in the rating system of either ▇▇▇▇▇’▇ Moody’s or S&P), such change shall be given effect as of the date on which such change is first announced by the rating agency making such change and (iii) if Borrower does not have a Senior Debt Rating from either S&P or ▇▇▇▇▇’▇, thenMoody’s, Pricing Level VI shall will apply for the purposes of determining the Applicable Margin and the Commitment Fees.