Common use of Percentage Clause in Contracts

Percentage. AA-/Aa3 or above .0750% Category 2 ---------- A+/A1 .1225% Category 3 ---------- A/A2 .1700% Category 4 ---------- A-/A3 .4150% Category 5 ---------- BBB/Baa2 .6350% Category 6 ---------- BBB-/Baa3 or below .8350% For purposes of the foregoing, (i) if neither Xxxxx'x 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 both such rating agencies shall be deemed to have established ratings for such Index Debt in Category 6; (ii) if only one of Xxxxx'x and S&P shall have in effect a rating for any Index Debt, then the Applicable Margin, to the extent determined by reference to such Index Debt, shall be determined on the basis of such rating; (iii) if the ratings established or deemed to have been established by Xxxxx'x or S&P for any Index Debt shall fall within different Categories, the Applicable Margin shall be based on the Category corresponding to the higher rating unless the ratings differ by two or more Categories, in which case the Applicable Margin will be based upon the Category one level above the Category corresponding to the lower rating; and (iv) if any rating established or deemed to have been established by Xxxxx'x or S&P shall be changed (other than as a result of a change in the rating system of Xxxxx'x 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 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 Xxxxx'x 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.

Percentage. AA-/Aa3 or above .0750.1000% Category 2 ---------- A+/A1 .1225.1425% Category 3 ---------- A/A2 .1700.1900% Category 4 ---------- A-/A3 .4150.4350% Category 5 ---------- BBB/Baa2 .6350.6600% Category 6 ---------- BBB-/Baa3 or below .8350.8600% For purposes of the foregoing, (i) if neither Xxxxx'x 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 both such rating agencies shall be deemed to have established ratings for such Index Debt in Category 6; (ii) if only one of Xxxxx'x and S&P shall have in effect a rating for any Index Debt, then the Applicable Margin, to the extent determined by reference to such Index Debt, shall be determined on the basis of such rating; (iii) if the ratings established or deemed to have been established by Xxxxx'x or S&P for any Index Debt shall fall within different Categories, the Applicable Margin shall be based on the Category corresponding to the higher rating unless the ratings differ by two or more Categories, in which case the Applicable Margin will be based upon the Category one level above the Category corresponding to the lower rating; and (iv) if any rating established or deemed to have been established by Xxxxx'x or S&P shall be changed (other than as a result of a change in the rating system of Xxxxx'x 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 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 Xxxxx'x 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.

Percentage. AA-/Aa3 XXXXX 0 A+ or above .0750better by S&P A1 or better by Xxxxx’x .045% Category LEVEL 2 ---------- A+/A1 .1225A by S&P A2 by Xxxxx’x .050% Category LEVEL 3 ---------- A/A2 .1700A- by S&P A3 by Xxxxx’x .060% Category 4 ---------- A-/A3 .4150XXXXX 0 BBB+ by S&P Baa1 by Xxxxx’x .070% Category LEVEL 5 ---------- BBB/BBB or lower by S&P Baa2 .6350% Category 6 ---------- BBB-/Baa3 or below .8350lower by Xxxxx’x .090% For purposes of the foregoinghereof, (i) if neither Xxxxx'x nor the ratings established (or deemed to have been established, as provided in clause (ii) below) by Xxxxx’x and S&P shall fall within different Levels, the rating in the inferior Level shall be disregarded, unless one of the ratings is below Level 4, in which case the Applicable Facility Fee Percentage will be based on the inferior of the two Levels, (ii) if Xxxxx’x or S&P shall not have in effect a rating for any Index Debt (other than by reason of the circumstances referred to (a) because such rating agency shall no longer be in the last sentence business of this definitionrating corporate debt obligations or (b) as a result of a change in the rating system of Xxxxx’x or S&P), then both such rating agencies shall agency will be deemed to have established ratings a rating for such Index Debt in Category 6; (ii) if only one of Xxxxx'x Level 5 and S&P shall have in effect a rating for any Index Debt, then the Applicable Margin, to the extent determined by reference to such Index Debt, shall be determined on the basis of such rating; (iii) if the ratings any rating established (or deemed to have been established established, as provided in clause (ii) above) by Xxxxx'x or S&P for any Index Debt shall fall within different Categories, the Applicable Margin shall be based on the Category corresponding to the higher rating unless the ratings differ by two or more Categories, in which case the Applicable Margin will be based upon the Category one level above the Category corresponding to the lower rating; and (iv) if any rating established or deemed to have been established by Xxxxx'x Xxxxx’x or S&P shall be changed (other than as a result of a change in the rating system of Xxxxx'x Xxxxx’x or S&P), such change shall be effective as of the date on which it is first publicly announced by the applicable rating agency. Each change in the Applicable Margin Facility Fee Percentage 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 Xxxxx'x Xxxxx’x or S&P shall change, or if any either such rating agency shall cease to be in the business of rating corporate debt obligations, Alcoa the Company and the Lenders Banks (acting through the Syndication Agents) 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.

Percentage. Category 1 AA-/Aa3 or above .0750.0900 % Category 2 ---------- A+/A1 .1225.1350 % Category 3 ---------- A/A2 .1700.1800 % Category 4 ---------- A-/A3 .4150X-/X0 .0000 % Category 5 ---------- BBB/Baa2 .6350.5500 % Category 6 ---------- BBB-/Baa3 or below .8350.6000 % For purposes of the foregoing, (i) if neither Xxxxx'x 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 both such rating agencies shall be deemed to have established ratings for such Index Debt in Category 6; (ii) if only one of Xxxxx'x Moody’s and S&P shall have in effect a rating for any Index Debt, then the Applicable Margin, to the extent determined by reference to such Index Debt, Margin shall be determined on the basis of such rating; (iii) if the ratings established or deemed to have been established by Xxxxx'x Moody’s or S&P for any Index Debt shall fall within different Categories, the Applicable Margin shall be based on the Category corresponding to the higher rating unless the ratings differ by two or more Categories, in which case the Applicable Margin will be based upon the Category one level above the Category corresponding to the lower rating; and (iv) if any rating established or deemed to have been established by Xxxxx'x Moody’s or S&P shall be changed (other than as a result of a change in the rating system of Xxxxx'x 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 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 Xxxxx'x 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.

Percentage. AA-/Aa3 Level 1 AA or above .0750better by S&P Aa2 or better by Xxxxx’x 0.040% Category 2 ---------- A+/A1 .1225Xxxxx 0 XX- by S&P Aa3 by Xxxxx’x 0.050% Category 3 ---------- A/Xxxxx 0 A+ by S&P A1 by Xxxxx’x 0.060% Level 4 A by S&P A2 .1700by Xxxxx’x 0.075% Category 4 ---------- A-/A3 .4150Level 5 A- by S&P A3 by Xxxxx’x 0.100% Category 5 ---------- BBB/Xxxxx 0 BBB+ by S&P Baa1 by Xxxxx’x 0.125% Level 7 BBB by S&P Baa2 .6350by Xxxxx’x 0.150% Category 6 ---------- BBB-/Baa3 Xxxxx 0 XXX- by S&P Baa3 by Xxxxx’x 0.200% Level 9 BB+ or below .8350lower by S&P Ba1 or lower by Xxxxx’x 0.300% For purposes of the foregoinghereof, (i) if neither Xxxxx'x 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 both such rating agencies shall be deemed to have established ratings for such Index Debt in Category 6; (ii) if only one of Xxxxx'x and S&P shall have in effect a rating for any Index Debt, then the Applicable Margin, to the extent determined by reference to such Index Debt, shall be determined on the basis of such rating; (iii) if the ratings established (or deemed to have been established established, as provided in clause (ii) below) by Xxxxx'x or Xxxxx’x and S&P for any Index Debt shall fall within different CategoriesLevels, the Applicable Margin applicable Level shall be based on the Category corresponding to category in which the higher rating of the ratings shall fall unless the ratings differ by two or more CategoriesLevels, in which case the Applicable Margin will applicable Level shall be based upon the Category one level above the Category next Level below that corresponding to the lower higher rating; , (ii) if Xxxxx’x or S&P shall not have in effect a rating for Index Debt (other than (a) because such rating agency shall no longer be in the business of rating corporate debt obligations or (b) as a result of a change in the rating system of Xxxxx’x or S&P), then such rating agency will be deemed to have established a rating for Index Debt in Level 9 and (iviii) if any rating established (or deemed to have been established established, as provided in clause (ii) above) by Xxxxx'x Xxxxx’x or S&P shall be changed (other than as a result of a change in the rating system of Xxxxx'x Xxxxx’x or S&P), such change shall be effective as of the date on which it is first publicly announced by the applicable rating agency. Each change in the Applicable Margin Facility Fee Percentage 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 Xxxxx'x Xxxxx’x or S&P shall change, or if any either such rating agency shall cease to be in the business of rating corporate debt obligations, Alcoa the Company and the Lenders Banks (acting through the Administrative Agent) 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.