Applicable Rating Level definition
Applicable Rating Level at any time shall be determined in accordance with the then-applicable S&P Rating or the then-applicable ▇▇▇▇▇’▇ Rating as follows: S&P Rating/▇▇▇▇▇’▇ Rating Applicable Rating Level S&P Rating AA or higher or ▇▇▇▇▇’▇ Rating Aa2 or higher 1 S&P Rating AA- or ▇▇▇▇▇’▇ Rating Aa3 2 S&P Rating A+ or ▇▇▇▇▇’▇ Rating A1 3 S&P Rating A or ▇▇▇▇▇’▇ Rating A2 4 S&P Rating A- or below or ▇▇▇▇▇’▇ 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 ▇▇▇▇▇’▇ Rating in effect on such day. If the S&P Rating and the ▇▇▇▇▇’▇ 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 at any time and for any Borrower shall be determined in accordance with the then-applicable S&P Rating and the then-applicable ▇▇▇▇▇’▇ Rating for such Borrower as follows: S&P Rating A or higher or ▇▇▇▇▇’▇ Rating A2 or higher 1 S&P Rating A- or higher or ▇▇▇▇▇’▇ Rating A3 or higher 2 S&P Rating BBB+ or ▇▇▇▇▇’▇ Rating Baa1 3 S&P Rating BBB or ▇▇▇▇▇’▇ Rating Baa2 4 S&P Rating BBB- or ▇▇▇▇▇’▇ Rating Baa3 5 S&P Rating BB+ or below or ▇▇▇▇▇’▇ Rating Ba1 or below, or no S&P Rating or ▇▇▇▇▇’▇ 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 ▇▇▇▇▇’▇ Rating for such Borrower in effect on such day. If the S&P Rating and the ▇▇▇▇▇’▇ 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 “▇▇▇▇▇’▇” and “S&P/Fitch”, and (b) if the ratings established or deemed to have been established by ▇▇▇▇▇’▇, 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 ▇▇▇▇▇’▇, 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 ▇▇▇▇▇’▇, 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 ▇▇▇▇▇’▇, 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 ▇▇▇▇▇’▇, S&P and Fitch for the Index Debt shall be changed (other than as a result of a change in the rating system of ▇▇▇▇▇’▇, 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 ▇▇▇▇▇’▇, 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...
Examples of Applicable Rating Level in a sentence
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.
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 Applicable Rating Level for any Borrower shall be redetermined on the date of announcement of a change in the Reference Ratings for such Borrower.
Section 1.1 of the Credit Agreement is hereby amended by adding in the definition of "Applicable Margin" the following at the end of such definition: "Notwithstanding anything to the contrary set forth in this definition, if the Facility B Term Loans are made, the Applicable Margin for all Advances comprising the Facility B Term Loans shall be the rate per annum for the Applicable Rating Level in the Facility B Loan column above plus 12.5 basis points.
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 and be determined by the ratings _______________________ issued from time to time by S&P and ▇▇▇▇▇'▇ (or S&P or ▇▇▇▇▇'▇, if ratings shall be available from only one of such Rating Agencies) in respect of the Borrower's long-term, senior unsecured, non-credit-enhanced debt in accordance with the following (provided, however, that on the Effective Date ________ _______ the Applicable Rating Level shall be deemed to be Level II): Rating Level S&P ▇▇▇▇▇'▇ ____________ ___ _______ Level I More favorable than A+ More favorable than A1 Level II A+ A1 Level III A A2 3 Level IV A- A3 Level V BBB+ Baa1 Level VI Less than BBB+ or not rated Less than Baa1 or not rated For purposes of the foregoing, (a) if ratings are available from both S&P and ▇▇▇▇▇'▇, and the ratings available from such Rating Agencies do not correspond to the same rating level on the chart above, then (1) if such rating levels differ by only one level on the chart above, then the Applicable Rating Level shall correspond to the higher of the two ratings, and (2) if such rating levels differ by more than one level on the chart above, then the Applicable Rating Level shall correspond to that rating which is one rating higher than the lower of the two ratings; (b) if determinative ratings shall change (other than as a result of a change in the rating system used by any applicable Rating Agency) such that a change in the Applicable Rating Level would result, such change shall effect a change in the Applicable Rating Level as of the day on which the Administrative Agent receives notice of such change in determinative ratings (such day, a "Change ______ Day"), and any change in the Applicable Margin shall take effect commencing ___ on such Change Day and ending on the date immediately preceding the next Change Day; (c) if the rating system of any of the Rating Agencies shall change prior to the date all Obligations hereunder have been paid and the Commitments cancelled, the Borrower and the Majority Banks shall negotiate in good faith to amend the references to specific ratings in this definition to reflect such changed rating system, and pending such amendment, if no Applicable Rating Level is otherwise determinable based upon the foregoing, the most recent Applicable Rating Level in effect shall apply; (d) if the Borrower shall fail to give notice to the Administrative Agent of any change in rating by any Rating Agency in respect of the Borrower's long-term, senior unsecured debt on the date requi...
Applicable Rating Level means, at any time, the number set forth below in the row next to the then-applicable ratings by S&P, ▇▇▇▇▇’▇ 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 ▇▇▇▇▇’▇, S&P and Fitch, Level 7 shall be the pricing level; (ii) maintain a rating of its senior unsecured debt from only two of ▇▇▇▇▇’▇, 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 ▇▇▇▇▇’▇, 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 at any time shall be determined in accordance with the then-applicable S&P Rating and the then-applicable ▇▇▇▇▇'▇ Rating as follows: ----------------------------------------------------------------- S&P Rating/▇▇▇▇▇'▇ 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 ▇▇▇▇▇'▇ 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 ▇▇▇▇▇'▇ 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 ▇▇▇▇▇'▇ Rating.
Applicable Rating Level means for any day, the level set forth below that corresponds to the PAA Debt Rating by the Ratings Agencies applicable on such day; provided, in the event the PAA Debt Rating by the Ratings Agencies differs by one level, the higher PAA Debt Rating shall apply; provided further, in the event the PAA Debt Rating by the Ratings Agencies differs by more than one level, the PAA Debt Rating one level above the lower PAA Debt Rating shall apply; provided, notwithstanding the foregoing, the Applicable Rating Level for the period from the date hereof through and including February 21, 2004 shall be Level III. As used in this definition, “>“ means a rating equal to or more favorable than and “<“ means a rating less favorable than. Level I > BBB+ > Baa1 Level II BBB Baa2 Level III BBB- Baa3 Level IV < BBB- < Baa3 If either of the Rating Agencies shall not have in effect a PAA 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, US 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 PAA Debt Rating by the remaining Rating Agency.
Applicable Rating Level at any time shall be determined in accordance with the Borrower’s then-applicable S&P Rating and the Borrower’s then-applicable ▇▇▇▇▇’▇ Rating as follows: S&P Rating A+ or higher or ▇▇▇▇▇’▇ Rating A1 or higher 1 S&P Rating A or ▇▇▇▇▇’▇ Rating A2 2 S&P Rating A- or ▇▇▇▇▇’▇ Rating A3 3 S&P Rating BBB+ or ▇▇▇▇▇’▇ Rating Baa1 4 S&P Rating BBB or ▇▇▇▇▇’▇ Rating Baa2 5 S&P Rating BBB- or below or ▇▇▇▇▇’▇ Rating Baa3 or below 6 The Applicable Rating Level for any day shall be determined based upon the higher of the S&P Rating and the ▇▇▇▇▇’▇ Rating of the Borrower in effect on such day. If the S&P Rating and the ▇▇▇▇▇’▇ Rating of the Borrower are not the same (i.e., a “split rating”), the higher 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. In the event that, at any time, either the S&P Rating or the ▇▇▇▇▇’▇ Rating of the Borrower is not available from one of such rating agencies, the Applicable Rating Level shall be determined on the basis of the rating from the other rating agency. In the event that, at any time, neither the S&P Rating nor the ▇▇▇▇▇’▇ Rating is available for companies generally, the Applicable Rating Level shall be determined on the basis of the corporate issuer ratings for the Borrower, or in the event that, at any time, corporate issuer 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 S&P Rating, ▇▇▇▇▇’▇ Rating and corporate issuer rating for the Borrower made available. In the event that, at any time, the S&P Rating, the ▇▇▇▇▇’▇ Rating or corporate issuer ratings are not available for the Borrower but are generally available for other companies, then the Applicable Rating Level shall be at Rating Level 6.
Applicable Rating Level shall be determined, for any day, in accordance with the following table based upon [NYCORP2:396433.11:4417A:09/06/97--2:48a] the ratings by Mo▇▇▇'▇ ▇nd S&P, respectively, applicable on such date to the Company's Index Debt: Applicable Index Debt Ratings Rating Level Category 1 A- or higher by S&P A3 or higher by Mo▇▇▇'▇ I Category 2 BBB+ by S&P Baa1 by Mo▇▇▇'▇ II Category 3 BBB by S&P Baa2 by Mo▇▇▇'▇ III Category 4 BBB- by S&P Baa3 by Mo▇▇▇'▇ IV Category 5 BB+ by S&P Bal by Mo▇▇▇'▇ V Category 6 VI Lower than BB+ by S&P Lower than Bal by Mo▇▇▇'▇ ========================================= ====================== For purposes of the foregoing, (a)if either Mo▇▇▇'▇ ▇r S&P shall not have in effect a rating for the Company's Index Debt (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 in Category 6; (b) if the ratings established or deemed to have been established by Mo▇▇▇'▇ ▇nd S&P for the Company's Index Debt shall fall within different Categories, the Applicable Rating Level shall be based on the higher of the two ratings, except that (i)if the lower of such ratings is two Categories below the higher of such ratings, the Applicable Rating Level shall be determined based on the Category between the Categories in which such ratings fall and (ii)if the lower of such ratings is more than two Categories below the higher of such ratings, the Applicable Rating Level shall be determined based on the Category that is immediately above the Category in which the lower of such ratings falls; and (c)if the ratings established or deemed to have been established by Mo▇▇▇'▇ ▇nd S&P for the Company's Index Debt shall be changed (other than as a result of a change in the rating system of Mo▇▇▇'▇ ▇r S&P), such change shall be effective as of the first Business Day following the applicable ratings change. Each change in the Applicable Rating Level shall apply during the period commencing on the date on which such change is publicly [NYCORP2:396433.11:4417A:09/06/97--2:48a] announced and ending on the date immediately preceding the effective date of the next such change. If the rating system of Mo▇▇▇'▇ ▇r S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations or either Mo▇▇▇'▇ ▇r S&P shall refuse to provide a rating of the Company's Index Debt (provided that the Company has used its best efforts to cau...
Applicable Rating Level means, for any day during any Investment Grade Period, the higher of the ratings by ▇▇▇▇▇’▇ or S&P, respectively, applicable on such day to the Index Debt. For purposes of the foregoing, if the ratings established by ▇▇▇▇▇’▇ or S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of ▇▇▇▇▇’▇ or S&P), such change shall be effective as of the date on which it is first announced by ▇▇▇▇▇’▇ 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 ▇▇▇▇▇’▇ or S&P shall change, or if either ▇▇▇▇▇’▇ 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 Revolving Credit Percentage” means, with respect to any Revolving Credit Lender, the percentage of the Aggregate Maximum Credit Amounts represented by such Revolving Credit Lender’s Maximum Credit Amount as such percentage (which may be carried out to the seventh decimal place) is set forth on Schedule 1.2, provided that if the Commitments have terminated or expired, each Revolving Credit Lender’s Applicable Revolving Credit Percentages shall be determined based upon the Commitments most recently in effect. “Approved Counterparty” means (a) any Secured Swap Party, (b) any other Person if such Person or its credit support provider has a long term senior unsecured debt rating or corporate rating of A-/A3 by S&P or ▇▇▇▇▇’▇ (or their equivalent) or higher and (c) the Secured Non-Lender Swap Party, solely with respect to the Existing Secured Swap Agreements listed on Schedule 1.5 of the Secured Non-Lender Swap Party. “Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in revolving bank loans and similar extensions of credit