Applicable Sustainability Adjustment means, for any Sustainability Adjustment Period (beginning with the Sustainability Adjustment Period commencing in the fiscal year ending December 31, 2021), determined by reference to the Sustainability Rating Change or Sustainability Rating, as applicable, reported in the Compliance Certificate delivered by the Borrower pursuant to Section 5.01(c) for the immediately preceding fiscal year (a “Reference Year”):
Applicable Sustainability Adjustment means for any Sustainability Adjustment Period (beginning with the Sustainability Adjustment Period commencing on the Sustainability Adjustment Date corresponding to the Compliance Certificate delivered in respect of the fiscal quarter in which the Sustainability Rating for the fiscal year ending December 31, 2021 is first reported by GRESB), determined, in the case of the following clause (a)(i) or (b)(i), by reference to the Sustainability Rating Change or Sustainability Rating, as applicable, reported in the Compliance Certificate delivered by the Borrower pursuant to Section 8.3 for the immediately preceding fiscal year of the Borrower (a “Reference Year”):
Applicable Sustainability Adjustment means, for any Sustainability Adjustment Period (beginning with the Sustainability Adjustment Period commencing in the fiscal year immediately following the first year when the Borrower receives its Sustainability Rating (such first year being referred to as the "First Rated Year")), determined by reference to the Sustainability Rating Change or Sustainability Rating, as applicable, reported in the Compliance Certificate delivered by the Borrower pursuant to Section 7.1(c) for the immediately preceding fiscal year (a “Reference Year”): (a) if (i) the Sustainability Rating Change for such Reference Year shall be equal to or greater than five percent (5.0%) or (ii) the Sustainability Rating for such Reference Year shall be equal to or greater than 96, the Applicable Sustainability Adjustment for such Sustainability Adjustment Period shall be a one basis point reduction in the Applicable Margin set forth in the Investment Grade Pricing Grid; and (b) if (i) the Sustainability Rating Change for such Reference Year shall be less than five percent (5.0%) or (ii) the Borrower shall have elected in its sole discretion to not report a Sustainability Rating Adjustment in the applicable Compliance Certificate, the Applicable Sustainability Adjustment for such Sustainability Adjustment Period shall be zero and there shall be no Applicable Sustainability Adjustment to the Applicable Margin set forth in the Investment Grade Pricing Grid; provided that this clause (b) shall not apply if the Sustainability Rating Change for such Reference Year cannot be determined due to the occurrence of any event described in clause (A), (B) or (C) of clause (i) of the following proviso; provided, that, notwithstanding the foregoing, if (A) GRESB fails or is no longer able to issue a Sustainability Rating, or(i) otherwise delays the issuance of a Sustainability Rating without the consent of the Borrower, (B) GRESB notifies the Borrower, or makes an announcement to the effect, that it will no longer issue a Sustainability Rating, or (C) the scoring methodologies or other basis upon which the Sustainability Rating is determined shall materially change from the methodologies and basis for the determination of the Sustainability Rating in effect for the First Rated Year, then in any such case, 4
Examples of Applicable Sustainability Adjustment in a sentence
The Company has provided all information reasonably requested by the Agent and the Sustainability Structuring Agent to support the Company’s calculation of the Sustainability Amount, the Sustainability Percentage and Applicable Sustainability Adjustment.
The Company has provided all information reasonably requested by the Agent to support the Company’s calculation of the Sustainability Amount, the Sustainability Percentage and Applicable Sustainability Adjustment.
Each party hereto hereby agrees that the Administrative Agent shall not have any responsibility for (or liability in respect of) reviewing, auditing or otherwise evaluating any Applicable Sustainability Adjustment (or any criteria on which such Applicable Sustainability Adjustment is based) set forth in any Sustainability Rating Certificate (and the Administrative Agent may rely conclusively on any such certificate, without further inquiry).
Changes in the Applicable Margin resulting from a change in the Applicable Sustainability Adjustment then in effect shall be effective five (5) business days after the Agent has received the applicable annual compliance certificate (it being understood and agreed that each change in the Sustainability Adjustment 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).
Notwithstanding the foregoing, during any applicable Sustainability Adjustment Period, the Applicable Margin shall be decreased by the Applicable Sustainability Adjustment (if any) in effect during such Sustainability Adjustment Period; provided that in no event shall the Applicable Margin be less than zero.
More Definitions of Applicable Sustainability Adjustment
Applicable Sustainability Adjustment means, for any Sustainability Adjustment Period (beginning with the Sustainability Adjustment Period commencing in the fiscal year immediately following the first year when the Borrower receives its Sustainability Rating (such first year being referred to as the "First Rated Year")), determined by reference to the Sustainability Rating Change or Sustainability Rating, as applicable, reported in the Compliance Certificate delivered by the Borrower pursuant to Section 7.1(c) for the immediately preceding fiscal year (a “Reference Year”):
Applicable Sustainability Adjustment means, for any fiscal year (beginning with fiscal year 2022): (a) if the annual Sustainability Amount is greater than or equal to 110% of the Baseline Sustainability Amount, a 0.05% increase in the specified Applicable Margins; and (b) if the annual Sustainability Amount is less than or equal to 90% of the Baseline Sustainability Amount, a 0.05% decrease in the specified Applicable Margins.
Applicable Sustainability Adjustment means, subject to Section 3.11, for any Sustainability Adjustment Period (beginning with the Sustainability Adjustment Period commencing on the Sustainability Adjustment Date corresponding to the Compliance Certificate delivered in respect of the fiscal quarter in which the Sustainability Rating for the fiscal year ending December 31, 2021 is first reported by GRESB), determined, in the case of the following clause (a)(i) or (b)(i), by reference to the Sustainability Rating Change or Sustainability Rating, as applicable, reported in the Compliance Certificate delivered by the Parent for the immediately preceding fiscal year of the Parent (a “Reference Year”):
Applicable Sustainability Adjustment means, for any fiscal year (beginning with fiscal year 2019, by reference to the reported values for the fiscal year ending December 31, 2018), with reference to the Sustainability Amount and Sustainability Percentage, as applicable, reflected in the Company’s most recently filed annual report on Form 10-K (or, subject to the satisfaction of the requirements set forth in Section 6.7(c), any amendment thereto and reported in the certificate required by Section 6.7(c)) (or any successor form), and reported in the certificate required by Section 6.7(c) of this Agreement, in each case for the end of the most recent previously ended fiscal year: (a) if (x) the annual Sustainability Amount is greater than or equal to 105% of the Baseline Sustainability Amount, and (y) the annual Sustainability Percentage is greater than or equal to the Baseline Sustainability Percentage, a 0.025% reduction in the specified Applicable Margins; (b) if (x) the annual Sustainability Amount is greater than or equal to 110% of the Baseline Sustainability Amount, and (y) the annual Sustainability Percentage is greater than or equal to the Baseline Sustainability Percentage, a 0.05% reduction in the specified Applicable Margins; (c) if (x) the annual Sustainability Amount is less than or equal to 95% of the Baseline Sustainability Amount, and (y) the annual Sustainability Percentage is less than the Baseline Sustainability Percentage, a 0.025% increase in the specified Applicable Margins; and (d) if (x) the annual Sustainability Amount is less than or equal to 90% of the Baseline Sustainability Amount, and (y) the annual Sustainability Percentage is less than the Baseline Sustainability Percentage, a 0.05% increase in the specified Applicable Margins. For the avoidance of doubt, (i) until the delivery of the Company’s most recently filed annual report on Form 10-K (or, subject to the satisfaction of the requirements set forth in Section 6.7(c), any amendment thereto) (or any successor form) for the year ended December 31, 2018 together with the accompanying certificate as required by Section 6.7(c), or (ii) for any year in which the Company shall fail to report the Sustainability Amount or Sustainability Percentage in its most recently filed annual report on Form 10-K (or any successor form) and/or accompanying certificate as required by Section 6.7(c) for any applicable period, the Applicable Sustainability Adjustment shall be zero, and the Applicable Margin shall be unchanged. If, as ...
Applicable Sustainability Adjustment. “Fiscal Quarter” means a fiscal quarter of any Fiscal Year. “Fiscal Year” means the fiscal year of the Parent and its Subsidiaries ending on December 31 of each calendar year. “Fitch” means Fitch Ratings Inc., together with its successors. 21
Applicable Sustainability Adjustment means, for any Sustainability Adjustment Period (beginning with the Sustainability Adjustment Period for the calendar year ending December 31, 2023), determined by reference to the Sustainability Rating reported by the Borrower pursuant to a Sustainability Rating Certificate for the applicable preceding calendar year (a “Reference Year”) (for illustrative purposes, if Borrower delivers a Sustainability Rating Certificate during calendar year 2022 which cites a Sustainability Rating with respect to information submitted by Borrower to GRESB with respect to calendar year 2021, the Reference Year is 2021 and any Applicable Sustainability Adjustment shall take effect on January 1, 2023 for the Sustainability Adjustment Period beginning on January 1, 2023 and ending on December 31, 2023):
Applicable Sustainability Adjustment means, for any fiscal year (beginning with fiscal year 2019, by reference to the reported values for the fiscal year ending December 31, 2018), with reference to the Sustainability Amount and Sustainability Percentage, as applicable, reflected in the Company’s most recently filed annual report on Form 10-K (or, subject to the satisfaction of the requirements set forth in Section 6.7(c), any amendment thereto and reported in the certificate required by Section 6.7(c)) (or any successor form), and reported in the certificate required by Section 6.7(c) of this Agreement, in each case for the end of the most recent previously ended fiscal year: