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 Ratio Rating ----- ----- ------ I greater than or equal to 7.5x greater than or equal to A-/A3 II greater than 6.5x BBB+/Baa1 III greater than 5.5x BBB/Baa2 IV greater than 4.5x BBB-/Baa3 V greater than or equal to 3.5x BB+/Ba1 VI lesser than 3.5x lesser than BB+/Ba1 For purposes of the foregoing, (i) for the six month period following from and after the Closing Date, the Applicable Level shall be Level IV; (ii) on the date that is six months after the Closing Date, the Borrower shall provide the Administrative Agent with a Compliance Certificate showing the ratio of Applicable EBITDA to Applicable Interest Expense of the Borrower for the fiscal quarter ended January 31, 1998 (and in the event the Borrower fails timely to provide such Compliance Certificate, the Applicable Level shall be Level V until such Compliance Certificate is provided), and from such date until May 23, 1998, the Applicable Level shall be the Level corresponding to such ratio; (iii) except as provided in (i) and (ii) above, at any time of determination, the Applicable Level shall be the Level corresponding to the ratio of Applicable EBITDA to Applicable Interest Expense (for the most recent four consecutive fiscal quarters; provided that for the periods ended May 23, 1998 and August 15, 1998, Applicable EBITDA and Applicable Interest Expense shall be calculated by reference to the full fiscal quarters then ended since the Closing Date) as set forth in the most recently delivered Compliance Certificate (it being understood and agreed that if the Borrower shall not have delivered the most recently due Compliance Certificate within the time period specified in Section 5.1(c), the Applicable Level shall be Level V until such Compliance Certificate is delivered) (for purposes of this definition, the "Ratio") and the senior unsecured long term debt rating of the Borrower from S&P and Mxxxx'x (for
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.
Not Applicable Level of AssuranceSystem AdequacyControlsSubstantial Assurance A sound system of governance, risk management and control exists, with internal controls operating effectively and being consistently applied to support the achievement of objectives in the area auditedControls are applied continuously or with only minor lapses.Reasonable Assurance There is a generally sound system of governance, risk management and control in place.
Notwithstanding the foregoing, from November 6, 1998 until the consummation of the Workers Compensation Disposition, the Applicable Level shall not be higher (numerically lower) than Level 3.
Applicable Level II Cost Shares only count towards the Level II OOPM.Family coverage has an individual OOPM within the Family OOPM.
Applicable Level I Level II Level III Level IV Level V Level VI Margin Status Status Status Status Status Status Eurodollar Rate 0.50 % 0.625 % 0.75 % 1.0 % 1.25 % 1.75 % ABR 0.0 % 0.0 % 0.0 % 0.0 % 0.0 % 0.25 % Commitment Fee 0.085 % 0.10 % 0.125 % 0.15 % 0.20 % 0.30 % Utilization Fee (when usage exceeds 33 1/3%) 0.125 % 0.125 % 0.125 % 0.125 % 0.125 % 0.25 % “Level I Status” exists at any date if, on such date, the Borrower’s Mxxxx’x Rating is A2 or better or the Borrower’s S&P Rating is A or better.
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 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 ;
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 determinxx xx xxxxxxxxxx xxxx Xxxxxxxx 0.00(X).
Applicable Level as of any day, Xxxxx 0, Xxxxx 0, Xxxxx 0, Xxxxx 0, Xxxxx 5 or Level 6 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 subsections 12.1(a) and (b) and the related certificate of the Responsible Officer of the Company referred to in subsection 12.2(b), indicating the ratio of Consolidated Total Indebtedness as of the end of the period covered by such financial statements to Consolidated EBITDA for the period covered by such financial statements: Ratio of Consolidated Total Indebtedness to Consolidated EBITDA Level 1 Greater than 5.0 to 1.0 Level 2 Greater than 4.5 to 1.0 but less than or equal to 5.0 to 1.0 Level 3 Greater than 4.0 to 1.0 but less than or equal to 4.5 to 1.0 Level 4 Greater than 3.5 to 1.0 but less than or equal to 4.0 to 1.0 Level 5 Greater than 2.0 to 1.0 but less than or equal to 3.5 to 1.0 Level 6 Less than or equal to 2.0 to 1.0 provided, however, that, (x) in the event that the financial statements required to be delivered pursuant to subsection 12.1(a) or 12.1(b) and the related certificate of the Responsible Officer of the Company referred to in subsection 12.2(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 1 and (y) from the Closing Date to and including the date on which the Company delivers the financial statements referred to in subsection 12.1(a) or (b) for the first fiscal quarter following the Closing Date and the related certificate of the Responsible Officer of the Company referred to in subsection 12.2(b), the Applicable Level shall be determined based on the ratio of Consolidated Total Indebtedness to Consolidated EBITDA for the period of four consecutive fiscal quarters ended on June 30, 2004, as calculated in accordance with subsection 11.1(b).