{"component": "definition", "props": {"groups": [{"snippet": "means, as of any day, Level I, Level II, Level III or Level IV below, whichever is applicable on such day, with each new Level to take effect on the day following the delivery to the Administrative Agent by the Company of the financial statements referred to in Section 8.1(a) or (b), as the case may be, and the related certificate of a Responsible Officer on behalf of the Company referred to in Section 8.2(b) for any fiscal quarter indicating the ratio of Consolidated Total Indebtedness as of the last day of the period covered by such financial statements to Consolidated EBITDA for the period of four consecutive fiscal quarters ending on the last day of the period covered by such financial statements: I Greater than or equal to 3.25 to 1.00 II Greater than or equal to 2.50 to 1.00 but less than 3.25 to 1.00 III Greater than or equal to 2.00 to 1.00 but less than 2.50 to 1.00 IV Less than 2.00 to 1.00 provided, however, that: (i) in the event that the financial statements required to be delivered pursuant to Section 8.1(a) or 8.1(b) and the related certificate of a Responsible Officer on behalf of the Company referred to in Section 8.2(b) are not delivered when due for any fiscal quarter, then during the period from the date upon which such financial statements and certificate were required to be delivered, until the date upon which they actually are delivered, the Applicable Level for Revolving Credit Loans and Swing Line Loans shall be Level I; (ii) in the event the financial statements required to be delivered pursuant to Section 8.1(a) or 8.1(b) and the related certificates of a Responsible Officer on behalf of the Company referred to in Section 8.2(b) for any fiscal quarter are proven to have been incorrect, then the Applicable Level for the relevant period shall be adjusted retroactively to reflect the level which would have applied for such period based on the corrected ratio of Consolidated Total Indebtedness as of the last day of the period covered by such financial statement to Consolidated EBITDA for the period of four consecutive fiscal quarters ending on the last day of the period covered by such financial statements, and any additional interest owing as a result of such readjustment shall be payable on demand; and (iii) at all times during which a Default or an Event of Default shall have occurred and be continuing, the Applicable Level for Revolving Credit Loans and Swing Line Loans shall be Level I.", "size": 11, "snippet_links": [{"key": "level-iii", "type": "definition", "offset": [41, 50]}, {"key": "level-iv", "type": "definition", "offset": [54, 62]}, {"key": "the-day", "type": "definition", "offset": [145, 152]}, {"key": "by-the-company", "type": "clause", "offset": [204, 218]}, {"key": "the-financial-statements", "type": "definition", "offset": [222, 246]}, {"key": "the-case", "type": "definition", "offset": [288, 296]}, {"key": "certificate-of", "type": "clause", 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"published": true}, {"hash": "7Dz5YYkniYv", "uri": "/contracts/7Dz5YYkniYv#applicable-level", "label": "Credit Agreement (Be Aerospace Inc)", "score": 23.3264884949, "published": true}, {"hash": "1EGhKNbH7k9", "uri": "/contracts/1EGhKNbH7k9#applicable-level", "label": "Credit Agreement (Be Aerospace Inc)", "score": 21.9390830994, "published": true}], "hash": "8f780beb37c22df9fd96400c023c6a60", "id": 1}, {"snippet": "means each level under the column titled \u201cApplicable Level\u201d within the definition of \u201cApplicable Margin\u201d.", "size": 10, "snippet_links": [{"key": "the-definition-of", "type": "definition", "offset": [67, 84]}, {"key": "applicable-margin", "type": "definition", "offset": [86, 103]}], "samples": [{"hash": "8tvEBeMl6V9", "uri": "/contracts/8tvEBeMl6V9#applicable-level", "label": "Credit Agreement (NGL Energy Partners LP)", "score": 37.1916495551, "published": true}, {"hash": "fMr3IHFnCdf", "uri": "/contracts/fMr3IHFnCdf#applicable-level", "label": "Credit Agreement (NGL Energy Partners LP)", "score": 35.0862426758, "published": true}, {"hash": "7iiDMW1FGgr", "uri": "/contracts/7iiDMW1FGgr#applicable-level", "label": "Credit Agreement (KLX Energy Services Holdings, Inc.)", "score": 34.4647483826, "published": true}], "hash": "f22a676a1e17397e67d5bf8ed4cf72f5", "id": 2}, {"snippet": "means one of the levels set forth below determined by the Senior Unsecured Debt Rating as follows:", "size": 6, "snippet_links": [{"key": "senior-unsecured-debt-rating", "type": "definition", "offset": [58, 86]}], "samples": [{"hash": "gMkc3SKMjZ", "uri": "/contracts/gMkc3SKMjZ#applicable-level", "label": "Credit Agreement (Pacificare Health Systems Inc /De/)", "score": 18.0, "published": true}, {"hash": "cQtfQvjeH1O", "uri": "/contracts/cQtfQvjeH1O#applicable-level", "label": "Credit Agreement (Foundation Health Systems Inc)", "score": 18.0, "published": true}, {"hash": "begXsTyabsj", "uri": "/contracts/begXsTyabsj#applicable-level", "label": "Credit 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Certificate (it being understood and agreed that if the Lessee shall not have delivered the most recently due Compliance Certificate within the time period specified in Section 9.4(a)(iii), the Applicable Level shall be Level V until such Compliance Certificate is delivered) and the senior unsecured long term debt rating of the Lessee from S&P and \u2587\u2587\u2587\u2587\u2587'\u2587 (for purposes of this definition, the \"Rating\"); (iv) in the event the Leverage Ratio and the Rating do not fall within the same Level, the Applicable Level shall be ANNEX A - RULES OF USAGE the higher (Level I being the highest) of the two Levels; and (v) in the event the rating from S&P and the rating from \u2587\u2587\u2587\u2587\u2587'\u2587 do not fall within the same Level, the applicable Rating will be based upon the higher (Level I being the highest) of the two ratings, except that, in the event one of the two ratings is two or more Levels higher than the other, the applicable Rating shall be determined by reference to the Level next lower than the higher of the two ratings. If any rating established or deemed to be established by \u2587\u2587\u2587\u2587\u2587'\u2587 or S&P shall be changed (other than as a result of a change in the rating system of \u2587\u2587\u2587\u2587\u2587'\u2587 or S&P), such change shall be effective as of the date on which such change is first announced by the rating agency making such change. Each such change shall take effect on the effective date of such change and shall end on the date immediately preceding the effective date of the next such change. If the rating system of S&P or \u2587\u2587\u2587\u2587\u2587'\u2587 shall change prior to the Maturity Date, the Lessee and the Lenders shall negotiate in good faith to amend the references to specific ratings in this definition to reflect such changed rating system, and pending agreement on another Applicable Level the Rating shall be determined by reference to the rating provided by the non-changing rating agency. If the Lessee does not have a senior long term unsecured debt rating or implied rating from either \u2587\u2587\u2587\u2587\u2587'\u2587 or S&P, the Applicable Level shall be determined by reference to the Leverage Ratio only.", "size": 5, "snippet_links": [{"key": "with-reference-to", "type": "clause", "offset": [27, 44]}, {"key": "leverage-ratio", "type": "definition", "offset": [72, 86]}, {"key": "equal-to", "type": "definition", "offset": [137, 145]}, {"key": "the-foregoing", "type": "definition", "offset": [357, 370]}, {"key": "prior-to-the", "type": "clause", "offset": [376, 388]}, {"key": "compliance-certificate-date", "type": "definition", "offset": [389, 416]}, {"key": "the-applicable", "type": "clause", "offset": [418, 432]}, {"key": "level-iv", "type": "definition", "offset": [448, 456]}, {"key": "except-as-provided-in", "type": "clause", "offset": [649, 670]}, {"key": "time-of-determination", "type": "clause", "offset": [689, 710]}, {"key": "understood-and-agreed-that", "type": "clause", "offset": [865, 891]}, {"key": "lessee-shall", "type": "clause", "offset": [899, 911]}, {"key": "due-compliance", "type": "clause", "offset": [949, 963]}, {"key": "time-period", "type": "definition", "offset": [987, 998]}, {"key": "level-v", "type": "clause", "offset": [1063, 1070]}, {"key": "senior-unsecured", "type": "clause", "offset": [1127, 1143]}, {"key": "long-term-debt-rating", "type": "definition", "offset": [1144, 1165]}, {"key": "for-purposes-of-this-definition", "type": "clause", "offset": [1202, 1233]}, {"key": "in-the-event-the", "type": "clause", "offset": [1255, 1271]}, {"key": "annex-a", "type": "clause", "offset": [1367, 1374]}, {"key": "rules-of-usage", "type": "clause", "offset": [1377, 1391]}, {"key": "applicable-rating", "type": "definition", "offset": [1558, 1575]}, {"key": "by-reference", "type": "clause", "offset": [1790, 1802]}, {"key": "sp-shall", "type": "definition", "offset": [1931, 1940]}, {"key": "a-change-in", "type": "definition", "offset": [1979, 1990]}, {"key": "rating-system", "type": "definition", "offset": [1995, 2008]}, {"key": "effective-as-of-the", "type": "clause", "offset": [2050, 2069]}, {"key": "rating-agency", "type": "clause", "offset": [2122, 2135]}, {"key": "on-the-effective-date", "type": "clause", "offset": [2191, 2212]}, {"key": "effective-date-of-the", "type": "clause", "offset": [2280, 2301]}, {"key": "maturity-date", "type": "definition", "offset": [2385, 2398]}, {"key": "the-lenders", "type": "clause", "offset": [2415, 2426]}, {"key": "negotiate-in-good-faith", "type": "definition", "offset": [2433, 2456]}, {"key": "to-amend", "type": "definition", "offset": [2457, 2465]}, {"key": "references-to", "type": "clause", "offset": [2470, 2483]}, {"key": "the-non", "type": "clause", "offset": [2679, 2686]}, {"key": "a-senior", "type": "clause", "offset": [2739, 2747]}, {"key": "unsecured-debt-rating", "type": "definition", "offset": [2758, 2779]}, {"key": "implied-rating", "type": "definition", "offset": [2783, 2797]}], "samples": [{"hash": "iFnxGhciDwL", "uri": "/contracts/iFnxGhciDwL#applicable-level", "label": "Participation Agreement (Quality Food Centers Inc)", "score": 18.0, "published": true}, {"hash": "3tNItp67rjM", "uri": "/contracts/3tNItp67rjM#applicable-level", "label": "Participation Agreement (Fred Meyer Inc)", "score": 18.0, "published": true}], "hash": "e1a1d0a08d2da7c89fdd890b2beb6aec", "id": 4}, {"snippet": "means the level set forth opposite the Debt Ratings in the definition of Applicable Amount then in effect, subject to the provisos to such definition. 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actually are delivered, the Applicable Level shall be Level 1 and (y) from the Closing Date to and including the date on which the Company delivers the financial statements referred to in subsection 12.1(a) or (b) for the first fiscal quarter following the Closing Date and the related certificate of the Responsible Officer of the Company referred to in subsection 12.2(b), the Applicable Level shall be determined based on the ratio of Consolidated Total Indebtedness to Consolidated EBITDA for the period of four consecutive fiscal quarters ended on June 30, 2004, as calculated in accordance with subsection 11.1(b).", "size": 3, "snippet_links": [{"key": "level-6", "type": "definition", "offset": [62, 69]}, {"key": "the-day", "type": "definition", "offset": [152, 159]}, {"key": "by-the-company", "type": "clause", "offset": [211, 225]}, {"key": "the-financial-statements", "type": "definition", "offset": [229, 253]}, {"key": "certificate-of", "type": "clause", "offset": [313, 327]}, {"key": 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"hash": "338103c1cfdbfb48914b1ee16ae3015c", "id": 10}], "next_curs": "Cl0SV2oVc35sYXdpbnNpZGVyY29udHJhY3RzcjkLEhpEZWZpbml0aW9uU25pcHBldEdyb3VwX3Y1NiIZYXBwbGljYWJsZS1sZXZlbCMwMDAwMDAwYQyiAQJlbhgAIAA=", "definition": {"snippet": "means, as of any day, Level I, Level II, Level III or Level IV below, whichever is applicable on such day, with each new Level to take effect on the day following the delivery to the Administrative Agent by the Company of the financial statements referred to in Section 8.1(a) or (b), as the case may be, and the related certificate of a Responsible Officer on behalf of the Company referred to in Section 8.2(b) for any fiscal quarter indicating the ratio of Consolidated Total Indebtedness as of the last day of the period covered by such financial statements to Consolidated EBITDA for the period of four consecutive fiscal quarters ending on the last day of the period covered by such financial statements: I Greater than or equal to 3.25 to 1.00 II Greater than or equal to 2.50 to 1.00 but less than 3.25 to 1.00 III Greater than or equal to 2.00 to 1.00 but less than 2.50 to 1.00 IV Less than 2.00 to 1.00 provided, however, that: (i) in the event that the financial statements required to be delivered pursuant to Section 8.1(a) or 8.1(b) and the related certificate of a Responsible Officer on behalf of the Company referred to in Section 8.2(b) are not delivered when due for any fiscal quarter, then during the period from the date upon which such financial statements and certificate were required to be delivered, until the date upon which they actually are delivered, the Applicable Level for Revolving Credit Loans and Swing Line Loans shall be Level I; (ii) in the event the financial statements required to be delivered pursuant to Section 8.1(a) or 8.1(b) and the related certificates of a Responsible Officer on behalf of the Company referred to in Section 8.2(b) for any fiscal quarter are proven to have been incorrect, then the Applicable Level for the relevant period shall be adjusted retroactively to reflect the level which would have applied for such period based on the corrected ratio of Consolidated Total Indebtedness as of the last day of the period covered by such financial statement to Consolidated EBITDA for the period of four consecutive fiscal quarters ending on the last day of the period covered by such financial statements, and any additional interest owing as a result of such readjustment shall be payable on demand; and (iii) at all times during which a Default or an Event of Default shall have occurred and be continuing, the Applicable Level for Revolving Credit Loans and Swing Line Loans shall be Level I.", "size": 65, "title": "Applicable Level", "id": "applicable-level", "examples": ["To the extent reasonable, the other Parties shall promptly execute and return such amendments; PROVIDED, HOWEVER, that any proposed amendment that provides for a reduction in the <strong>Applicable Level</strong> of Service shall be deemed not to be reasonable.", "Service Credits <strong>Applicable Level</strong> 1 Failure: &gt; or = 85% and &lt;90% monitor, remedy and report only.", "Service Credits <strong>Applicable Level</strong> 1 Failure: &gt; or = 80% and &lt;90% Monitor, remedy and report only.", "KPI5 Resolution of General Percentage of enquiries reported to the Contractor At least 70% of reported enquiries are resolved within The number of enquiries resolved within twenty working (20) days during the reporting period Service Credits Applicable: Level 1 Failure: &gt; or = 65% and &lt;70% Monitor, remedy and report only.", "The <strong>Applicable Level</strong> I Margin, <strong>Applicable Level</strong> II Margin and <strong>Applicable Level</strong> III Margin will be 5.00%, 4.75% and 4.25% per annum, respectively, as of the Closing Date.", "The Borrower&#x27;s Applicable Margin and Facility Fee rates ------------ shall be determined pursuant to the Pricing Grid set forth below, in accordance with the definition of Pricing Level: --------------------------------------------- Pricing <strong>Applicable Level</strong> Margin Facility Fee --------------------------------------------- I .25% .05% --------------------------------------------- II .28% .07% --------------------------------------------- Pricing Level.", "Notwithstanding the foregoing, from November 6, 1998 until the consummation of the Workers Compensation Disposition, the <strong>Applicable Level</strong> shall not be higher (numerically lower) than Level 3.", "<strong>Applicable Level</strong> I Level II Level III Level IV Level V Level VI Margin Status Status Status Status Status Status Eurodollar Rate 0.50 % 0.625 % 0.75 % 1.0 % 1.25 % 1.75 % ABR 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.25 % Commitment Fee 0.085 % 0.10 % 0.125 % 0.15 % 0.20 % 0.30 % Utilization Fee (when usage exceeds 33 1/3%) 0.125 % 0.125 % 0.125 % 0.125 % 0.125 % 0.25 % \u201cLevel I Status\u201d exists at any date if, on such date, the Borrower\u2019s M\u2587\u2587\u2587\u2587\u2019\u2587 Rating is A2 or better or the Borrower\u2019s S&amp;P Rating is A or better.", "Service Credits Applicable: Level 1 Failure: &lt; 99.9% but = or &gt; 99.5% 2% of service charge."], "related": [["base-level", "Base Level", "Base Level"], ["reference-level", "Reference Level", "Reference Level"], ["use-level", "Use Level", "Use Level"], ["minimum-level-ml", "Minimum Level (ML)", "Minimum Level (ML)"], ["applicable-pricing-level", "Applicable Pricing Level", "Applicable Pricing Level"]], "related_snippets": [], "updated": "2026-03-14T06:33:37+00:00"}, "json": true, "cursor": ""}}