Applicable Margin – Rating definition

Applicable Margin – Rating means the percentage rate set forth in the table below corresponding to the level (each a “Level”) into which Spirit REIT’s Credit Rating then falls. Upon an Investment Grade Rating Event, the Applicable Margin with respect to the Facility shall be determined (in lieu of the Applicable Margin – Ratio) based on Spirit REIT’s credit rating for senior long-term unsecured debt as initially determined by S&P and Xxxxx’x pursuant to the grid below. Any election by Borrower for the Applicable Margin – Rating to apply following Spirit REIT obtaining an Investment Grade Rating and any change in Spirit REIT’s Credit Rating which would cause it to move to a different Level shall be effective as of the first Business Day of the first calendar month immediately following receipt by the Administrative Agent of written notice delivered by the Borrower in accordance with Section 9.4(r) that Spirit REIT’s Credit Rating has changed; provided, however, if the Borrower has not delivered the notice required by such Section, but the Administrative Agent becomes aware that Spirit REIT’s Credit Rating has changed, then the Administrative Agent may, in its sole discretion, adjust the Level effective as of the first Business Day of the first calendar month following the date the Administrative Agent becomes aware that Spirit REIT’s Credit Rating has changed. After obtaining its initial Investment Grade Rating and during any period that Spirit REIT has three (3) Credit Ratings, the Applicable Margin – Rating shall thereafter be determined based on the Level corresponding to the highest of the Credit Ratings unless the difference between the highest and lowest of such Credit Ratings is two (2) ratings categories (e.g. Baal by Xxxxx’x and BBB- by S&P or Fitch) or more, in which case the Applicable Margin – Rating and the Facility Fee shall be determined based on the Level corresponding to the average of the two (2) highest Credit Ratings, provided that if such average is not a recognized rating category, then the Applicable Margin – Rating shall be determined based on the Level corresponding to the second highest Credit Rating of the three. During any period that Spirit REIT has only two (2) Credit Ratings, the Applicable Margin – Rating shall be determined based on the Level corresponding to the higher of such two (2) Credit Ratings unless the difference between such Credit Ratings is two (2) ratings categories (e.g. Baal by Xxxxx’x and BBB- by S&P or Fitch) or more, in which case th...
Sample 1
Applicable Margin – Rating means the percentage rate set forth in the table below corresponding to the level (each a “ Level ”) into which Hudson REIT’s Credit Rating then falls. Any election by Borrower for the Applicable Margin – Rating to apply and any change in Hudson REIT’s Credit Rating which would cause it to move to a different Level shall be effective as of the first day of the first calendar month immediately following receipt by the Administrative Agent of written notice delivered by the Borrower in accordance with Section 9.4(q) that Hudson REIT’s Credit Rating has changed; provided , however , if the Borrower has not delivered the notice required by such Section, but the Administrative Agent becomes aware that Hudson REIT’s Credit Rating has changed, then the Administrative Agent may, in its sole discretion, adjust the Level effective as of the first day of the first calendar month following the date the Administrative Agent becomes aware that Hudson REIT’s Credit Rating has changed. During any period that the Borrower has received Credit Ratings from S&P and Moody’s that are equivalent, the Applicable Margin – Rating shall be determined based on the Level corresponding to such Credit Ratings. During any period that the Borrower has received Credit Ratings from S&P and Moody’s that are not equivalent, (a) if the Borrower has also received a Credit Rating from Fitch, the Applicable Margin – Rating shall be determined based on the Level (if any) corresponding to both Fitch and either S&P or Moody’s, (b) if no Level satisfies clause (a) above and the difference between the Credit Ratings from S&P and Moody’s is no more than one Level, the Applicable Margin – Rating shall be determined based on the Level corresponding to the higher of such two (2) Credit Ratings, and (c) if no Level satisfies clause (a) above and the difference between the Credit Ratings from
Sample 1
Applicable Margin – Rating means the percentage rate set forth in the table below corresponding to the level (each a “Level”) into which Xxxxxx REIT’s Credit Rating then falls. Any election by Borrower for the Applicable Margin –Rating to apply following Xxxxxx REIT obtaining an Investment Grade Rating and any change in Xxxxxx REIT’s Credit Rating which would cause it to move to a different Level shall be effective as of the first day of the first calendar month immediately following receipt by the Administrative Agent of written notice delivered by the Borrower in accordance with
Sample 1

Examples of Applicable Margin – Rating in a sentence

  • In the event that a resolution cannot be achieved, or in the event of a change in any relevant corporate policy, this Agreement may be terminated by either Party by giving 12 months’ written notice to the other commencing from the 1st April in any given year.


More Definitions of Applicable Margin – Rating

Applicable Margin – Rating means, with respect to a particular Class and Type of Loans, the percentage rate set forth in the table below corresponding to the level (each a “ Level ”) into which Hudson REIT’s Credit Rating then falls. Any election by Borrower for the Applicable Margin – Rating to apply following Hudson REIT obtaining an Investment Grade Rating and any change in Hudson REIT’s Credit Rating which would cause it to move to a different Level shall be effective as of the first day of the first
Sample 1
Applicable Margin – Rating or “Applicable Margin Ratio”, as applicable.
Sample 1

Related to Applicable Margin – Rating

  • Applicable Margin means, with respect to Advances of any Type at any time, the percentage rate per annum which is applicable at such time with respect to Advances of such Type as set forth in the Pricing Schedule.

  • Applicable Margins means collectively the Applicable Revolver Index Margin, the Applicable Term Loan Index Margin, the Applicable Revolver LIBOR Margin and the Applicable Term Loan LIBOR Margin.

  • Applicable Rating Level at any time and for any Borrower shall be determined in accordance with the then-applicable S&P Rating and the then-applicable Xxxxx’x Rating for such Borrower as follows: S&P Rating/Xxxxx’x Rating Applicable Rating Level S&P Rating A or higher or Xxxxx’x Rating A2 or higher 1 S&P Rating A- or higher or Xxxxx’x Rating A3 or higher 2 S&P Rating BBB+ or Xxxxx’x Rating Baa1 3 S&P Rating BBB or Xxxxx’x Rating Baa2 4 S&P Rating BBB- or Xxxxx’x Rating Baa3 5 S&P Rating BB+ or below or Xxxxx’x Rating Ba1 or below, or no S&P Rating or Xxxxx’x Rating 6 The Applicable Rating Level for any Borrower and for any day shall be determined based upon the higher of the S&P Rating and the Xxxxx’x Rating for such Borrower 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 of such ratings shall control, unless (i) the ratings differ by more than one level, in which case the rating one level below the higher of the two ratings shall control, or (ii) either rating is below BBB- or Baa3 (as applicable), in which case the lower of the two ratings shall control.

  • Applicable Rating means the rating assigned to each Class of the Series 2013-T3 Notes by S&P, as the Note Rating Agency, upon the issuance of such Class as set forth below:

  • LIBOR Applicable Margin means, as of any date with respect to any LIBOR Interest Period, the Applicable Margin in effect for such LIBOR Interest Period as determined in accordance with Section 2.4 hereof.

  • Debt Rating has the meaning specified in the definition of “Applicable Rate.”

  • Applicable Prime Rate Margin shall have the meaning provided in section 2.7(g).

  • Applicable LIBOR Rate Margin means the following per annum percentages, applicable in the following situations:

  • LIBOR Rate Margin has the meaning set forth in the definition of Applicable Margin.

  • Applicable Eurodollar Rate Margin means, with respect to any Eurodollar Rate Advance, for each Pricing Period, the interest rate margin set forth below (expressed in basis points per annum) opposite the Applicable Pricing Level for that Pricing Period: Applicable Pricing Level Margin I 52.50 II 62.50 III 72.50 IV 82.50 V 92.50

  • Index Debt Rating means the S&P Rating, the Xxxxx’x Rating and the Fitch Rating.

  • Base Rate Margin means a rate per annum determined in accordance with the Pricing Schedule.

  • Applicable Base Rate Margin means, with respect to ABR Loans of any Series at any time, the percentage rate per annum specified as the “Applicable Base Rate Margin” for such Series at such time, as determined pursuant to the Pricing Schedule.

  • Eurodollar Rate Margin means the margin over the Eurodollar Rate used in determining the rate of interest of Eurodollar Rate Loans pursuant to subsection 2.2A.

  • Prime Rate Margin is set forth on Schedule I hereto.

  • Applicable ABR Margin means, at any date:

  • Applicable Interest Rate Margin means (a) as to any Base Rate Advance, the applicable rate per annum set forth below under the caption “Base Rate Spread” and (b) as to any LIBO Rate Advance, the applicable rate per annum set forth below under the caption “LIBO Rate Spread”, determined by reference to the higher of (i) the rating of Mondelēz’s long-term senior unsecured Debt from Standard & Poor’s (or, if there shall be no outstanding rated long-term senior unsecured Debt of Mondelēz, the long-term company, issuer or similar rating established by Standard & Poor’s for Mondelēz) and (ii) the rating of Mondelēz’s long-term senior unsecured Debt from Moody’s (or, if there shall be no outstanding rated long-term senior unsecured Debt of Mondelēz, the long-term company, issuer or similar rating established by Moody’s for Mondelēz), in each case on such date: Rating Base Rate Spread LIBO Rate Spread A or higher by Standard & Poor’s A2 or higher by Moody’s 0.000 % 0.835 % A- by Standard & Poor’s A3 by Moody’s 0.000 % 0.940 % BBB+ by Standard & Poor’s Baa1 by Moody’s 0.045 % 1.045 % BBB by Standard & Poor’s Baa2 by Moody’s 0.150 % 1.150 % Lower than BBB by Standard & Poor’s Lower than Baa2 by Moody’s 0.250 % 1.250 % provided that if on any date of determination (x) a rating is available on such date from only one of Standard & Poor’s and Moody’s but not the other, the Applicable Interest Rate Margin shall be determined by reference to the then available rating; (y) no rating is available from either of Standard & Poor’s or Moody’s, the Applicable Interest Rate Margin shall be determined by reference to the rating of any other nationally recognized statistical rating organization designated by Mondelēz and approved in writing by the Required Lenders and (z) no rating is available from any of Standard & Poor’s, Moody’s or any other nationally recognized statistical rating organization designated by Mondelēz and approved in writing by the Required Lenders, the Applicable Interest Rate Margin shall be 0.250% as to any Base Rate Advance and 1.250% as to any LIBO Rate Advance.

  • LIBOR Margin has the meaning given that term in Section 2.2.(c)(ii)(D).

  • Pricing Level V any time when (i) the senior unsecured long term debt rating of the Borrower by (x) S&P is BBB‑ or higher or (y) Xxxxx’x is Baa3 or higher and (ii) none of Pricing Level I, Pricing Level II, Pricing Level III or Pricing Level IV applies.

  • S&P Rating means, at any time, the rating issued by S&P and then in effect with respect to the Borrower’s senior unsecured long-term public debt securities without third-party credit enhancement (it being understood that if the Borrower does not have any outstanding debt securities of the type described above but has an indicative rating from S&P for debt securities of such type, then such indicative rating shall be used for determining the “S&P Rating”).

  • Floating Rate Margin means 7.50 per cent. per annum.

  • Pricing Level refers to the determination of which of Level I, Level II, Level III, Level IV, Level V or Level VI applies at any date.

  • Applicable LIBOR Margin means a per annum rate of interest payable in addition to the LIBOR Rate on LIBOR Rate Loans, determined by reference to Section 1.6.

  • Specified Rating means, for the Class A(2018-3) Notes, Aaa(sf) with respect to Xxxxx’x, AAA(sf) with respect to Standard & Poor’s and AAAsf with respect to Fitch.

  • Applicable Pricing Level means, for each Pricing Period the pricing level set forth below opposite the Debt Rating achieved by Borrower as of the first day of that Pricing Period: Pricing Level Debt Rating I Greater than or equal to A1 / A+ II Less than A1 / A+ but greater than or equal to A2 / A III Less than A2 / A but greater than or equal to A3 / A- V Less than Baa2/BBB provided that in the event that the then prevailing Debt Ratings are “split ratings”, Borrower will receive the benefit of the higher Debt Rating, unless the split is a “double split rating” (in which case the pricing level applicable to the middle Debt Rating will apply) or a “triple split rating” (in which case the pricing level applicable to the Debt Rating above the Debt Rating applicable to the lowest pricing level will apply). For purposes hereof, a Debt Rating is only a “split rating” if the Debt Rating applies to a different pricing level.

  • Applicable L/C Margin means the per annum fee, from time to time in effect, payable with respect to outstanding Letter of Credit Obligations as determined by reference to Section 1.5(a).