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 Aa2 or higher 1 S&P Rating AA- or Xxxxx’x Rating Aa3 2 S&P Rating A+ or Xxxxx’x Rating A1 3 S&P Rating A or Xxxxx’x Rating A2 4 S&P Rating A- or below or Xxxxx’x Rating A3 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.
Applicable Rating Level means (a) at any time the ratings established or deemed to have been established by Moody’s and S&P for the Index Debt are equivalent ratings, the level set forth in the chart below under the heading “Applicable Rating Level” (a “Level”) opposite the ratings under the headings “Moody’s” and “S&P”, and (b) if the ratings established or deemed to have been established by Moody’s and S&P for the Index Debt shall fall within different Levels, the Applicable Rating Level shall be based on the higher rating, provided, however, that for purposes of the foregoing, (i) “≥” 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) in the event that a one rating level split occurs between the Moody’s and S&P ratings, then the rating corresponding to the higher rating shall determine the Applicable Rating Level; (iii) in the event that more than a one rating level split occurs between the Moody’s and S&P ratings, then the Applicable Rating Level shall equal one level lower than the higher rating; (iv) if only one of Moody’s and S&P 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; (v) if there is no rating for the Index Debt from Moody’s and S&P, then the Applicable Rating Level shall equal Level V; and (vi) if the ratings established or deemed to have been established by Moody’s and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Moody’s or S&P), 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 Moody’s or S&P shall change, or if any such rating agency shall cease to be in the business of rating corporate debt obligations, APA, the Issuing Banks 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 determin...
Applicable Rating Level means, for any day, the level set forth below that corresponds to the ratings by S&P and Xxxxx’x applicable on such date to the Index Debt (or, if no Index Debt is then outstanding and rated, the corporate debt ratings of the Borrower applicable on such date): S&P XXXXX’X Level I BB+ and higher Ba1 and higher Level II BB and lower Ba2 and lower For purposes of the foregoing, (a) if either Xxxxx’x or S&P shall not have in effect a rating for the Index Debt or a corporate debt rating of the Borrower (other than by reason of the circumstances referred to in the last sentence of this definition), then such rating agency shall be deemed to have established a rating of Level II; (b) if the ratings for the Index Debt or the corporate debt rating of the Borrower, as applicable, established or deemed to have been established by Xxxxx’x and S&P shall fall within different Levels, the Applicable Rating Level shall be based on the higher of the two ratings unless one of the ratings is two or more notches lower than the other, in which case the Applicable Rating Level shall be determined by reference to the rating next below that of the higher of the two ratings; and (c) if the ratings for the Index Debt or the corporate debt rating of the Borrower, as applicable, established or deemed to have been established by Xxxxx’x and S&P 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 the applicable rating agency, irrespective of when notice of such change shall have been furnished by the Borrower to the Issuing Bank pursuant to Section 5.01(d) hereof or otherwise. 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 to the Applicable Rating Level. If the rating system of Xxxxx’x or S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations or corporations, as applicable, the Borrower and the Issuing Bank 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 to such change or cessation.
Examples of Applicable Rating Level in a sentence
A change in the Applicable Margin resulting from a change in the Applicable Rating Level shall become effective upon the date of announcement of a change in the Reference Ratings that results in a change in the Applicable Rating Level.
Any addi- tional amounts determined to be due are gen- erally to be paid with the filing of Form 8804.can reduce the amount that must be withheld less it chooses to withhold on effectively con- Tax rate.
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.
Any change in the Applicable LIBOR Margin and the Applicable Prime Margin shall be effective on the date on which S&P or Moody’s, as the case may be, announces any change in any rating that results in a change in the Applicable Rating Level.
More Definitions of Applicable Rating Level
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. Xxxxx’x Rating S&P Rating Fitch Rating Applicable Rating Level At least Aa3, at least AA- and at least AA- 1 A1, A+ and A+ 2 A2, A and A 3 A3, A- and X- 0 Xxx0, BBB+ and BBB+ 5 Baa2, BBB and BBB 6 Baa3 or below*, BBB- or below* or BBB- or below* 7 * 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 for any day, the level set forth below that corresponds to the Borrower Debt Rating by the Ratings Agencies applicable on such day; provided, in the event the Borrower Debt Rating by the Ratings Agencies differs by one level, the higher Borrower Debt Rating shall apply; provided further, in the event the Borrower Debt Rating by the Ratings Agencies differs by more than one level, the Borrower Debt Rating one level below the higher Borrower Debt Rating shall apply. Applicable Rating Level S&P Xxxxx'x Level I ³BB+ ³Baa1 Level II BBB Baa2 Level III BBB- Baa3 Level IV BB+ Ba1 Level V BB Ba2 Level VI £BB- £Ba3 If either of the Rating Agencies shall not have in effect a Borrower Debt Rating or if the rating system of either of the Rating Agencies shall change, or if either of the Rating Agencies shall cease to be in the business of rating corporate debt obligations, Borrower and Majority 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, but until such an agreement shall be reached, the Applicable Rating Level shall be based only upon the Borrower Debt Rating by the remaining Rating Agency.
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. Applicable Rating Level Moody’s S &P 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 at any time shall be determined in accordance with the then-applicable S&P Rating and the then-applicable Moody's Rating as follows: ------------------------------------------------------------------------------- S&P Rating/Moody's Rating Applicable Rating Level ------------------------------------------------------------------------------- A or higher or A2 or higher 1 ------------------------------------------------------------------------------- A- or A3 2 ------------------------------------------------------------------------------- BBB+ or Baa1 3 ------------------------------------------------------------------------------- BBB or Baa2 4 ------------------------------------------------------------------------------- BBB- and Baa3 5 ------------------------------------------------------------------------------- lower than BBB- and Baa3 or unrated 6 ------------------------------------------------------------------------------- In the event that the S&P Rating and the Moody's Rating are not at the same Applicable Rating Level but difxxx xx 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 Moody's Rating differ by more than one Applicable Rating Level, xxxx 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 Moody's 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 shall be determined at any time and from time to time on the basis of the ratings assigned by S&P and Mxxxx'x to the senior, unsecured, non- credit enhanced long-term Debt of the Borrower (the "Rated Debt") in accordance with the following: Applicable Rating Level S&P Mxxxx'x 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 Ba1 or lower In the event that the rating assigned by S&P to the Rated Debt and the rating assigned by Mxxxx'x to the Rated Debt do not correspond to the same Applicable Rating Level, then the lower of the two ratings shall determine the Applicable Rating Level. 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 Mxxxx'x, as the case may be. If both Mxxxx'x and S&P shall cease to issue or maintain a rating on the Rated Debt, then the Applicable Rating Level shall be Level V.
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 A3 or higher 1 BBB+ or Baa1 2 BBB or Baa2 3 BBB_ or Baa3 4 lower than Level 4 or unrated 5 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, unless the S&P Rating is below BBB- or the Xxxxx’x Rating is below Baa3. In the event that the S&P Rating and the Xxxxx’x Rating differ by more than one Applicable Rating Level or the S & P Rating is below BBB- or the Xxxxx’x Rating is below Baa3, 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.