Index Debt Ratings definition
Index Debt Ratings means, as of any date, the most recently announced rating for any Index Debt by S&P, Moody’s or Fitch. For purposes of the foregoing, (a) if at any time Howmet has two Index Debt Ratings, in the event of split Index Debt Ratings, the fees and spreads will be based on the category corresponding to the higher of such Index Debt Ratings, unless such ratings differ by two or more categories, in which case the fees and spreads will be based upon the category one level below the category corresponding to the higher of such Index Debt Ratings; (b) if at any time Howmet has three Index Debt Ratings, in the event of split Index Debt Ratings, (A) if two of the three Index Debt Ratings are in the same category, such category shall apply and (B) if all three of the Index Debt Ratings are in different categories, then the category corresponding to the middle Index Debt Rating shall apply; (c) if at any time Howmet has only one Index Debt Rating, the fees and spreads shall be the rate per annum applicable to such Index Debt Rating; and (d) if Howmet does not have an Index Debt Rating from either Moody’s, S&P or Fitch, then all such Index Debt Ratings shall be deemed to be in category 6. Each change in the Applicable Margin and the Applicable Facility Fee Rate 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, S&P or Fitch shall change, or if any such rating agency shall cease to be in the business of rating corporate debt obligations, Howmet and the Lenders shall negotiate in good faith to amend the references to specific ratings in this definition to reflect such changed rating system or the non-availability of ratings from such rating agency, and pending the effectiveness of any such amendment, the ratings of such rating agency most recently in effect prior to such change or cessation shall be employed in determining the Applicable Margin and the Applicable Facility Fee Rate.
Index Debt Ratings means the ratings established by S&P and Moody's for the Index Debt. For purposes of Article V, (i) if either S&P or Moody's shall not have in effect an Index Debt Rating (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 an Index Debt Rating below the Security Threshold Rating Level, and (ii) if the Index Debt Ratings established or deemed to have been established by S&P and Moody's shall be changed (other than as a result of a change in the rating system of S&P or Moody's), such change shall be effective as of the date on which it is first announced by the applicable rating agency. If the rating system of S&P or Moody's shall change, or if either such rating agency shall cease to be in the business of rating corporate or subordinated debt obligations (as applicable), the Borrower and the Lenders shall negotiate in good faith to amend this definition and/or Article V to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, this definition and/or the provisions of Article V shall be construed and determined by reference to the rating most recently in effect prior to such change or cessation.
Index Debt Ratings has the meaning set forth in Section 5.01.
Examples of Index Debt Ratings in a sentence
The Company shall use commercially reasonable efforts to maintain an Index Debt Rating, to the extent available, from each of S&P, ▇▇▇▇▇’▇ and Fitch (it being understood that ▇▇▇▇▇’▇ does not provide Index Debt Ratings for investment grade companies); provided, that the Company shall not be required to obtain or maintain, as applicable, a specific Index Debt Rating.
Promptly after the Administrative Agent receives such written request from the Borrower, together with evidence of the applicable Index Debt Ratings or an executed copy of a Certificate of Leverage Ratio Adjustment, as applicable, and provided no Default or Event of Default then exists, the Administrative Agent shall, without the consent or approval of any other Lender or Creditor (as defined in the Intercreditor Agreement), at the Borrower's expense, cause the Collateral Agent to release such Collateral.
The Administrative Agent shall have received a certificate, dated the Closing Date and signed by a Responsible Officer, confirming compliance with the conditions set forth in this Section and the Index Debt Ratings (and the outlook thereof) as then in effect.
Promptly after the Administrative Agent receives such written request from the Borrower, together with evidence of the applicable Index Debt Ratings, and provided no Default or Event of Default then exists, the Administrative Agent shall, without the consent or approval of any other Lender or Creditor (as defined in the Intercreditor Agreement), at the Borrower's expense, cause the Collateral Agent to release such Collateral.
Concurrently with the delivery of each Reserve Report under Section 8.12(a) as of (i) November 30, 2021 and (ii) thereafter, December 31 and June 30 of each year, a copy of the plan and forecast (including a projected consolidated balance sheet, income statement and funds flow statement) of the Borrower for each fiscal quarter for the forthcoming four quarter period after such date in form reasonably satisfactory to the Administrative Agent; (m) Changes in Index Debt Ratings.
More Definitions of Index Debt Ratings
Index Debt Ratings. (▇▇▇▇▇’▇/S&P) Eurodollar Spread* Facility Fee Rate
Index Debt Ratings. Reference Rate Spread Eurodollar Spread and L/C Participation Fee Facility Fee Rate
Index Debt Ratings table in the definition of “Applicable Rate” in Section 1.01 of the Credit Agreement is hereby deleted and replaced with the following text (including the proviso set forth below): Category 1: Index Debt Ratings of at least A by S&P or A2 by ▇▇▇▇▇’▇ 0 % 0.25 % 0.05 % 0.40 % Category 2: Index Debt Ratings of at least A- by S&P or A3 By ▇▇▇▇▇’▇ and not Category 1 0 % 0.29 % 0.06 % 0.40 % Category 3: Index Debt Ratings of at least BBB+ by S&P or Baa1 by ▇▇▇▇▇’▇ and not Category 1 or 2 0 % 0.32 % 0.08 % 0.40 % Category 4: Index Debt Ratings of at least BBB by S&P or Baa2 by ▇▇▇▇▇’▇ and not Category 1, 2 or 3 0 % 0.41 % 0.09 % 0.40 % Category 5: Index Debt Ratings below Category 4 0 % 0.55 % 0.10 % 0.40 % provided that each of the foregoing Extension Fee Rates (as defined below) shall be increased by 0.25% as of and after June 13, 2008 and an additional 0.25% as of and after September 13, 2008.
Index Debt Ratings. ABR Eurodollar Facility Fee Spread Spread Rate Level 1: BBB or higher and Baa2 or higher and A2/P2 or 0% 0.45% 0.125% higher for US Borrower's commercial paper ratings Level 2: BBB or higher and Baa2 or higher and ▇▇▇▇▇ ▇ does 0% 0.60% 0.15% not apply Level 3: BBB- or higher and Baa3 or higher and Levels 1 0% 0.80% 0.20% and 2 do not apply Level 4: BBB- or higher or Baa3 or higher and Levels 1, 2 0% 0.90% 0.225% and 3 do not apply Level 5: BB+ or higher or Ba1 or higher and Levels 1, 2, 3 0% 1.00% 0.25% and 4 do not apply Level 6: Levels 1, 2, 3, 4 and 5 do not apply 0.125% 1.125% 0.375% For purposes of the foregoing, (i) if either (or both) of S&P or ▇▇▇▇▇'▇ (or a similar nationally recognized rating agency satisfactory to both the US Borrower and the Administrative Agent) shall not have in effect a rating for the Index Debt of the US Borrower (other than by reason of the circumstances referred to in the last sentence of this definition), then (1) if either (or both) of S&P or ▇▇▇▇▇'▇ (or a similar nationally recognized rating agency satisfactory to both the US Borrower and the Administrative Agent) has in effect such a rating for the Index Debt of the Parent, then such rating shall be used as if it were the rating for the Index Debt of the US Borrower to determine the Applicable Rate; and (2) if neither the US Borrower nor the Parent has any ratings for its respective Index Debt, Level 6 shall be used to determine the Applicable Rate; and (ii) if the ratings established or deemed to have been established by S&P and ▇▇▇▇▇'▇ (or a similar nationally recognized rating agency satisfactory to both the US Borrower and the Administrative Agent) for the Index Debt of the US Borrower shall be changed (other than as a result of a change in the rating system of S&P or ▇▇▇▇▇'▇ (or a similar nationally recognized rating agency satisfactory to both the US Borrower and the Administrative Agent)), 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 Rate 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 ▇▇▇▇▇'▇ (or a similar nationally recognized rating agency satisfactory to both the US Borrower and the Administrative Agent) shall change, or if any such rating agency shall cease to be in the business of rating corporate debt obligations, ...
Index Debt Ratings. Reference Rate/ Canadian Prime Rate Spread Eurodollar Spread and B/A Drawing Rate
Index Debt Ratings means, as of any date, the most recently announced rating for any Index Debt by S&P or by Moody’s. For purposes of the foregoing, (a) if neither Moody’s nor S&P shall have in effect a rating for any Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition), then all such rating agencies shall be deemed to have established ratings for such Index Debt in Category 6; (b) if only one of Moody’s and S&P shall have in effect a rating for any Index Debt, then the Applicable Margin and the Applicable Facility Fee Rate shall be determined on the basis of such single Index Debt Ratings; (c) if the Index Debt Ratings established or deemed to have been established by Moody’s or S&P for any Index Debt shall fall within different Categories, the Applicable Margin and the Applicable Facility Fee Rate shall be based on the Category corresponding to the higher of such Index Debt ratings, unless such ratings differ by two or more Categories, in which case the Applicable Margin and the Applicable Facility Fee Rate will be based upon the Category one level above the Category corresponding to the lower of such Index Debt ratings; and (d) if any rating for any Index Debt established or deemed to have been established by Moody’s or S&P 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 Margin and the Applicable Facility Fee Rate 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, Alcoa and the Lenders shall negotiate in good faith to amend the references to specific ratings in this definition to reflect such changed rating system or the non-availability of ratings from such rating agency, and pending the effectiveness of any such amendment, the ratings of such rating agency most recently in effect prior to such change or cessation shall be employed in determining the Applicable Margin and the Applicable Facility Fee Rate.
Index Debt Ratings means, as of any date, the most recently announced rating for any Index Debt by S&P or by Moody’s.