Applicable Rating Level definition

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 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 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 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 Aa3 or higher 1 S&P Rating A+ or Xxxxx’x Rating A1 2 S&P Rating A or Xxxxx’x Rating A2 3 S&P Rating A- or Xxxxx’x Rating A3 4 S&P Rating BBB+ or Xxxxx’x Rating Baa1 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.

Examples of Applicable Rating Level in a sentence

  • Notwithstanding the foregoing, (i) if there is a difference of one level in such credit ratings, then the higher of such credit ratings shall be used to determine the Applicable Rating Level, and (ii) if there is a difference of more than one level in such credit ratings, then the rating one level higher than the lower of such credit ratings shall be used to determine the Applicable Rating Level.

  • The Company shall pay to the Agent, for the ------------ account of each Lender, a facility fee on such Lender's Commitment, without regard to usage, for the period from and including the Effective Date to and excluding the date such Commitment is terminated, at a rate per annum equal to that set forth below opposite the Applicable Rating Level times such Lender's Commitment.

  • The Applicable Rating Level for any Borrower shall be redetermined on the date of announcement of a change in the Reference Ratings for such Borrower.

  • Abraham Valencia Chapter 13required/are not required," please see Judge Bason's Procedures (posted at www.cacb.uscourts.gov) then search for "tentative rulings." If appearances are required, and you fail to appear without adequately resolving this matter by consent, then you may waive your right to be heard on matters that are appropriate for disposition at this hearing.

  • The definitions of "Applicable Leverage Ratio", --------- "Applicable Rating Level", and "Term Loan Base Rate Margin" are hereby deleted in their entirety from the Original Agreement.


More Definitions of Applicable Rating Level

Applicable Rating Level shall be determined at any time and from time to time on the basis of the Reference Ratings in accordance with the following: Level I A- or higher or A3 or higher Level II BBB+ or Baa1 Level III BBB or Baa2 Level IV BBB- or Baa3 Level V BB+ or lower (or unrated) or Ba1 or lower (or unrated) “Level I” applies on any day on which the S&P Reference Rating is A- or higher or the Xxxxx’x Reference Rating is A3 or higher. “Level II” applies on any day on which (i) the S&P Reference Rating is BBB+ or higher or the Xxxxx’x Reference Rating is Baa1 or higher and (ii) Level I does not apply. “Level III” applies on any day on which (i) the S&P Reference Rating is BBB or higher or the Xxxxx’x Reference Rating is Baa2 or higher and (ii) neither Level I or Level II applies. “Level IV” applies on any day on which (i) the S&P Reference Rating is BBB- or higher or the Xxxxx’x Reference Rating is Baa3 or higher and (ii) none of Levels I, II or III applies. “Level V” applies on any day on which (i) the S&P Reference Rating is BB+ or lower or the Xxxxx’x Reference Rating is Ba1 or lower and (ii) none of Levels I, II, III or IV applies. In the event that the Reference Ratings do not correspond to the same Applicable Rating Level and the Reference Ratings differ by (i) only one Applicable Rating Level, the Applicable Rating Level that corresponds to the higher of such Reference Ratings shall apply, and (ii) more than one Applicable Rating Level, the Applicable Rating Level that is immediately below the Applicable Rating Level that corresponds to the higher of such Reference Ratings shall apply; provided that, in the case of this clause (ii), if the lower of such Reference Ratings corresponds to Level V, Level V shall apply. The Applicable Rating Level shall be redetermined as and when any change in the ratings used in the determination thereof shall be announced by S&P or Xxxxx’x, as the case may be.
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. * 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.
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. 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 shall be determined at any time and from time to time on the basis of the then applicable Reference Ratings of the relevant Borrower issued or maintained by the Rating Agencies (or Rating Agency, in the case of only one Reference Rating) in accordance with the following table: Level I A- or higher A3 or higher Level II BBB+ Baa1 Level III BBB Baa2 Level IV BBB- Baa3 Level V BB+ or lower (or unrated) Ba1 or lower (or unrated) In the event of a “split” rating for a Borrower, the Applicable Rating Level shall be determined on the basis of the higher of the two ratings then applicable; provided that if the two ratings are two or more levels apart, the Applicable Rating Level shall be determined on the basis of the rating that is one level lower than the higher of the two ratings then applicable; provided further, that if both Xxxxx’x and S&P shall have ceased to issue or maintain Reference Ratings, then the Applicable Rating Level shall be Level V. The Applicable Rating Level shall be redetermined as and when any change in the ratings used in the determination thereof shall be announced by any Rating Agency. For the avoidance of doubt, the Applicable Rating Level as of the date of this Agreement (i) for Cinergy, is Level III and (ii) for CG&E, PSI Energy and ULH&P, is Level II.
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 1 higher ---------------------------------------------------------- A- or A3 2 ---------------------------------------------------------- BBB+ or Baa1 3 ---------------------------------------------------------- BBB or Baa2 4 ---------------------------------------------------------- BBB- and Baa3 5 ---------------------------------------------------------- lower than BBB- and Baa3 6 or unrated ---------------------------------------------------------- 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, 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.
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.