Ratings Grid definition
Examples of Ratings Grid in a sentence
If the Parent has made the Ratings Grid Election as described above but thereafter fails to maintain an Investment Grade Rating by at least one of S&P or ▇▇▇▇▇’▇, then (x) Unused Fees shall be payable during the period commencing on the date the Parent no longer has an Investment Grade Rating by at least one of S&P or ▇▇▇▇▇’▇ and ending on the date the Parent makes another Ratings Grid Election, and (y) no Facility Fees shall be payable during the period that Unused Fees are payable.
The Borrower shall pay to the Administrative Agent for the account of the Lenders a facility fee (the “Facility Fee”) from the first day of the first quarter following a Ratings Grid election by the Borrower until the Termination Date, payable in arrears quarterly on the last day of each March, June, September and December, and on the Termination Date.
If Borrower has made the Ratings Grid Election as described above but thereafter Parent Guarantor fails to maintain an Investment Grade Rating by at least one of S&P or M▇▇▇▇’▇, then (x) the Unused Fee shall be payable during the period commencing on the date Parent Guarantor no longer has an Investment Grade Rating by at least one of S&P or M▇▇▇▇’▇ and ending on the date Borrower makes another Ratings Grid Election, and (y) no Facility Fee shall be payable during the period that the Unused Fee is payable.
Each syndicated lender is entitled to (i) a commitment fee on the unused portion of its commitment under the Acquisition Facility, payable quarterly and fluctuating based upon the Ratings Grid; and (ii) a utilization fee in respect of its total drawn commitment under the Acquisition Facility, payable quarterly, at such times (but only at such times) as more than 50% of the aggregate commitments in respect of the Acquisition Facility have been drawn and fluctuating based upon the Ratings Grid.