Applicable Level definition
Applicable Level means each level under the column titled “Applicable Level” within the definition of “Applicable Margin”.
Applicable Level means, as of any day, Level I, Level II, Level III or Level IV below, whichever is applicable on such day, with each new Level to take effect on the day following the delivery to the Administrative Agent by the Company of the financial statements referred to in Section 8.1(a) or (b), as the case may be, and the related certificate of a Responsible Officer on behalf of the Company referred to in Section 8.2(b) for any fiscal quarter indicating the ratio of Consolidated Total Indebtedness as of the last day of the period covered by such financial statements to Consolidated EBITDA for the period of four consecutive fiscal quarters ending on the last day of the period covered by such financial statements: I Greater than or equal to 3.25 to 1.00 II Greater than or equal to 2.50 to 1.00 but less than 3.25 to 1.00 III Greater than or equal to 2.00 to 1.00 but less than 2.50 to 1.00 IV Less than 2.00 to 1.00 provided, however, that: (i) in the event that the financial statements required to be delivered pursuant to Section 8.1(a) or 8.1(b) and the related certificate of a Responsible Officer on behalf of the Company referred to in Section 8.2(b) are not delivered when due for any fiscal quarter, then during the period from the date upon which such financial statements and certificate were required to be delivered, until the date upon which they actually are delivered, the Applicable Level for Revolving Credit Loans and Swing Line Loans shall be Level I; (ii) in the event the financial statements required to be delivered pursuant to Section 8.1(a) or 8.1(b) and the related certificates of a Responsible Officer on behalf of the Company referred to in Section 8.2(b) for any fiscal quarter are proven to have been incorrect, then the Applicable Level for the relevant period shall be adjusted retroactively to reflect the level which would have applied for such period based on the corrected ratio of Consolidated Total Indebtedness as of the last day of the period covered by such financial statement to Consolidated EBITDA for the period of four consecutive fiscal quarters ending on the last day of the period covered by such financial statements, and any additional interest owing as a result of such readjustment shall be payable on demand; and (iii) at all times during which a Default or an Event of Default shall have occurred and be continuing, the Applicable Level for Revolving Credit Loans and Swing Line Loans shall be Level I.
Applicable Level means the level determined with reference to the following chart: Level Leverage Ratio Rating ---- -------------- ------- I less than or equal to 3.0x greater than or equal to BBB+ or Baa1 II greater than 3.0x BBB or Baa2 III greater than 3.5x BBB- or Baa3 IV greater than 4.0x BB+ or Ba1 V greater than 4.5x less than or equal to BB or Ba2 For purposes of the foregoing, (i) prior to the Compliance Certificate Date, the Applicable Level shall be Level IV; (ii) from and after the Compliance Certificate Date, the Applicable Level shall be the Level corresponding to the Leverage Ratio set forth in the Compliance Certificate then delivered; (iii) except as provided in (i) above, at any time of determination, the Applicable Level shall be the Level corresponding to the Leverage Ratio as set forth in the most recently delivered Compliance Certificate (it being understood and agreed that if the Lessee shall not have delivered the most recently due Compliance Certificate within the time period specified in Section 9.4(a)(iii), the Applicable Level shall be Level V until such Compliance Certificate is delivered) and the senior unsecured long term debt rating of the Lessee from S&P and ▇▇▇▇▇'▇ (for purposes of this definition, the "Rating"); (iv) in the event the Leverage Ratio and the Rating do not fall within the same Level, the Applicable Level shall be ANNEX A - RULES OF USAGE the higher (Level I being the highest) of the two Levels; and (v) in the event the rating from S&P and the rating from ▇▇▇▇▇'▇ do not fall within the same Level, the applicable Rating will be based upon the higher (Level I being the highest) of the two ratings, except that, in the event one of the two ratings is two or more Levels higher than the other, the applicable Rating shall be determined by reference to the Level next lower than the higher of the two ratings. If any rating established or deemed to be established by ▇▇▇▇▇'▇ or S&P shall be changed (other than as a result of a change in the rating system of ▇▇▇▇▇'▇ or S&P), such change shall be effective as of the date on which such change is first announced by the rating agency making such change. Each such change shall take effect on the effective date of such change and shall end on the date immediately preceding the effective date of the next such change. If the rating system of S&P or ▇▇▇▇▇'▇ shall change prior to the Maturity Date, the Lessee and the Lenders shall negotiate in good faith to amend the references to specific ratings...
Examples of Applicable Level in a sentence
To the extent reasonable, the other Parties shall promptly execute and return such amendments; PROVIDED, HOWEVER, that any proposed amendment that provides for a reduction in the Applicable Level of Service shall be deemed not to be reasonable.
Service Credits Applicable Level 1 Failure: > or = 85% and <90% monitor, remedy and report only.
Service Credits Applicable Level 1 Failure: > or = 80% and <90% Monitor, remedy and report only.
KPI5 Resolution of General Percentage of enquiries reported to the Contractor At least 70% of reported enquiries are resolved within The number of enquiries resolved within twenty working (20) days during the reporting period Service Credits Applicable: Level 1 Failure: > or = 65% and <70% Monitor, remedy and report only.
The Applicable Level I Margin, Applicable Level II Margin and Applicable Level III Margin will be 5.00%, 4.75% and 4.25% per annum, respectively, as of the Closing Date.
More Definitions of Applicable Level
Applicable Level means one of the levels set forth below determined by the Senior Unsecured Debt Rating as follows:
Applicable Level means the level set forth opposite the Debt Ratings then in effect. Any change in the Applicable Level shall become effective upon any public announcement of any change in any Debt Rating that requires a change in the Level in accordance with the above chart.
Applicable Level as of any day, Level 1, Level 2, Level 3, Level 4, Level 5 or Level 6 below, whiche▇▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇▇, ▇▇▇▇ ▇▇▇▇ new Level to take effect on the day following the delivery to the Administrative Agent by the Borrower of the financial statements referred to in subsections 8.1(a) or (b) and the related certificates of the chief financial officer of the Borrower referred to in subsection 8.2 (or in the case of annual financial statements, unaudited financial statements and certificates otherwise complying with subsections 8.1(a) and 8.2 delivered solely for purposes of determining the Applicable Level), indicating the ratio of Consolidated Funded Debt as of the end of the period covered by such financial statements to Consolidated EBITDA for the four consecutive fiscal quarters ending on the last day of the period covered by such financial statements: Ratio of Consolidated Funded Debt to Consolidated EBITDA Level 1 N/A Level 2 Less than or equal to 2.50 to 1.00 ▇▇▇▇▇ ▇ ▇▇▇▇▇▇▇ ▇▇▇▇ 2.50 to 1.00 but less than or equal to 3.00 to 1.00 Level 4 Greater than 3.00 to 1.00 but less than or equal to 3.50 to 1.00 Level 5 Greater than 3.50 to 1.00 but less than or equal to 4.00 to 1.00 Level 6 Greater than 4.00 to 1.00 provided, however, that, (x) in the event that the financial statements required to be delivered pursuant to subsection 8.1(a) or 8.1(b) and the related certificates of the chief financial officer of the Borrower referred to in subsection 8.2(b) are not delivered when due, then during the period from the date upon which such financial statements and certificate were required to be delivered until the date upon which they actually are delivered, the Applicable Level shall be Level 6, (y) from the Closing Date to and including September 30, 20▇▇, ▇▇▇ Applicable Level shall be Level 1 and (z) commencing October 1, 2002 the Applicable Level shall be determined based on the ratio of Consolidated Funded Debt as of the end of the applicable fiscal quarter to Consolidated EBITDA for the four consecutive fiscal quarters ending on June 30, 2002 and thereafter the Applicable Level shall be determined at the time of delivery of the quarterly and annual financial statements referred to above.
Applicable Level means at any time the highest of Level I, Level II, Level III and Level IV in effect determined in accordance with Schedule 1.01(A).
Applicable Level means at any time the highest of Level I, Level II, Level III, Level IV and Level V in effect determin▇▇ ▇▇ ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇.▇▇(▇).
Applicable Level means, Level I, Level II or Level III below, whichever is applicable on such day, with each new Level to take effect on each Adjustment Date: I Less than 33% of the Line Cap II Less than or equal to 66 2/3% of the Line Cap but greater than or equal to 33% of the Line Cap III Greater than 66 2/3% of the Line Cap Each determination of the Average Historical Availability shall be made in a manner consistent with the determination thereof pursuant to the definition of the term “Average Historical Availability”.
Applicable Level in the Pay Matrix shall mean the Level corresponding to the Pay Band and Grade Pay/ scale as on 1st January, 2016 specified in Schedule-I ;