Investment Grade Credit Rating Interest Rate Election. At any time after the Borrower receives an Investment Grade Credit Rating, the Borrower may, so long as no Default then exists and is continuing, irrevocably elect (an “Interest Rate Election”) by written notice to the Administrative Agent, accompanied by reasonable evidence of the Borrower’s Credit Ratings, that the interest rate and fee margins set forth in clause (b) of the definition of “Applicable Margin” herein shall at all times thereafter be applicable to all credit extensions under this Agreement. The Administrative Agent shall provide the Lenders and the L/C Issuer with prompt notice of its receipt of any Interest Rate Election. On the day after the date of the Administrative Agent’s receipt of any Interest Rate Election (the date of the Administrative Agent’s receipt of such election is the “Interest Rate Election Date”), the margins set forth in clause (a) of the definition of “Applicable Margin” herein shall no longer apply.
Investment Grade Credit Rating Interest Rate Election. At any time after the Borrower receives an Investment Grade Credit Rating from two Rating Agencies, the Borrower may, so long as no Default then exists and is continuing, irrevocably elect (an “Interest Rate Election”) by written notice to the Administrative Agent, accompanied by reasonable evidence of the Borrower’s Credit Ratings from two Rating Agencies, that the interest rate and fee margins set forth in clause (c) of the definition of “Applicable Margin” herein shall at all times thereafter be applicable to all credit extensions under this Agreement. The Administrative Agent shall provide the Lenders and the L/C Issuer with prompt notice of its receipt of any Interest Rate Election. On the day after the date of the Administrative Agent’s receipt of any Interest Rate Election (the date of the Administrative Agent’s receipt of such election is the “Interest Rate Election Date”), the margins set forth in clauses (a) and (b) of the definition of “Applicable Margin” herein shall no longer apply and the commitment fee under Section 2.1(a) shall no longer continue to accrue.
Investment Grade Credit Rating Interest Rate Election. If the Borrower desires to exercise its option to change the determination of the Applicable Margin to the Ratings-Based Applicable Margin, then the Borrower shall give the Administrative Agent a certificate signed by an Authorized Representative of the Borrower (the “Notice of Election of Investment Grade Pricing”) which shall (i) certify that the Investment Grade Credit Rating has been satisfied (which certification shall also set forth the Credit Rating(s) as in effect, if any, from each of S&P and Xxxxx’x as of such date) and (ii) notify the Administrative Agent that the Borrower has irrevocably elected to have the Ratings-Based Applicable Margin apply to the pricing of the Loans. The Administrative Agent shall promptly provide a copy of the Notice of Election of Investment Grade Pricing to the Lenders. The Notice of Election of Investment Grade Pricing shall be irrevocable once given and binding on the Borrower. After the Investment Grade Pricing Effective Date, promptly upon any change in the Borrower’s or Parent’s Credit Rating, as applicable, the Borrower shall promptly provide written notice to the Administrative Agent that such Credit Rating has changed and the new Credit Rating that is in effect.
