Applicable Rating Level at any time and for any Borrower shall be determined in accordance with the then-applicable S&P Rating and the then-applicable Xxxxx’x Rating for such Borrower as follows: S&P Rating A or higher or Xxxxx’x Rating A2 or higher 1 S&P Rating A- or higher or Xxxxx’x Rating A3 or higher 2 S&P Rating BBB+ or Xxxxx’x Rating Baa1 3 S&P Rating BBB or Xxxxx’x Rating Baa2 4 S&P Rating BBB- or Xxxxx’x Rating Baa3 5 S&P Rating BB+ or below or Xxxxx’x Rating Ba1 or below, or no S&P Rating or Xxxxx’x Rating 6 The Applicable Rating Level for any Borrower and for any day shall be determined based upon the higher of the S&P Rating and the Xxxxx’x Rating for such Borrower in effect on such day. If the S&P Rating and the Xxxxx’x Rating are not the same (i.e., a “split rating”), the higher of such ratings shall control, unless (i) the ratings differ by more than one level, in which case the rating one level below the higher of the two ratings shall control, or (ii) either rating is below BBB- or Baa3 (as applicable), in which case the lower of the two ratings shall control.
Applicable Rating Level means (a) at any time the ratings established or deemed to have been established by Moody’s and S&P for the Index Debt are equivalent ratings, the level set forth in the chart below under the heading “Applicable Rating Level” (a “Level”) opposite the ratings under the headings “Moody’s” and “S&P”, and (b) if the ratings established or deemed to have been established by Moody’s and S&P for the Index Debt shall fall within different Levels, the Applicable Rating Level shall be based on the higher rating, provided, however, that for purposes of the foregoing, (i) “≥” means a rating equal to or more favorable than; “≤” means a rating equal to or less favorable than; “>” means a rating greater than; “<” means a rating less than; (ii) in the event that a one rating level split occurs between the Moody’s and S&P ratings, then the rating corresponding to the higher rating shall determine the Applicable Rating Level; (iii) in the event that more than a one rating level split occurs between the Moody’s and S&P ratings, then the Applicable Rating Level shall equal one level lower than the higher rating; (iv) if only one of Moody’s and S&P shall have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the penultimate sentence of this definition), then the Applicable Rating Level shall be the rating that is one Level below the rating established by such party; (v) if there is no rating for the Index Debt from Moody’s and S&P, then the Applicable Rating Level shall equal Level V; and (vi) if the ratings established or deemed to have been established by Moody’s and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of 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 Rating Level 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 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, APA, the Issuing Banks and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Rating Level shall be determin...
Applicable Rating Level at any time shall be determined in accordance with the then-applicable S&P Rating or the then-applicable Xxxxx’x Rating as follows: S&P Rating/Xxxxx’x Rating Applicable Rating Level S&P Rating AA- or higher or Xxxxx’x Rating Aa3 or higher 1 S&P Rating A+ or Xxxxx’x Rating A1 2 S&P Rating A or Xxxxx’x Rating A2 3 S&P Rating A- or Xxxxx’x Rating A3 4 S&P Rating BBB+ or Xxxxx’x Rating Baa1 or below or unrated 5 The Applicable Rating Level for any day shall be determined based upon the higher of the S&P Rating and the Xxxxx’x Rating in effect on such day. If the S&P Rating and the Xxxxx’x Rating are not the same (i.e., a “split rating”), the higher (better) of such ratings shall control, unless the ratings differ by more than one level, in which case the rating one level below the higher of the two ratings shall control.
Examples of Applicable Rating Level in a sentence
S&P Rating/Moody’s RatingApplicableRating LevelS&P Rating A+ or higher or Moody’s Rating A1 or higher1S&P Rating A or Moody’s Rating A22S&P Rating A- or Moody’s Rating A33S&P Rating BBB+ or Moody’s Rating Baa14S&P Rating BBB or below or Moody’s Rating Baa2 or below5 The Applicable Rating Level for any day shall be determined based upon the higher of the S&P Rating and the Moody’s Rating of the Borrower in effect on such day.
The Applicable Rating Level for any Borrower shall be redetermined on the date of announcement of a change in the Reference Ratings for such Borrower.
The Company shall pay to the Agent, for the ------------ account of each Lender, a facility fee on such Lender's Commitment, without regard to usage, for the period from and including the Effective Date to and excluding the date such Commitment is terminated, at a rate per annum equal to that set forth below opposite the Applicable Rating Level times such Lender's Commitment.
Notwithstanding the foregoing, (i) if there is a difference of one level in such credit ratings, then the higher of such credit ratings shall be used to determine the Applicable Rating Level, and (ii) if there is a difference of more than one level in such credit ratings, then the rating one level higher than the lower of such credit ratings shall be used to determine the Applicable Rating Level.
At any time an Event of Default has occurred and is continuing, the Applicable Margins set forth below shall be increased for each Applicable Rating Level by 2.00% with respect to overdue principal.
More Definitions of Applicable Rating Level
Applicable Rating Level means, as of any date of determination, the number set forth below the column entitled “Applicable Rating Level” based upon the credit rating (as determined below) in effect on such date as follows: S&P Rating BBB+ or higher/ Xxxxx’x Rating Baa1 or higher I S&P Rating BBB/ Xxxxx’x Rating Baa2 II S&P Rating BBB-/ Xxxxx’x Rating Baa3 III S&P Rating BB+/ Xxxxx’x Rating Ba1 IV S&P Rating BB/ Xxxxx’x Rating Ba2 V S&P Rating BB-/ Xxxxx’x Rating Ba3 VI lower than S&P Rating BB-/ Xxxxx’x Rating Ba3 VII provided that (a) if the S&P Rating on the Facilities and Xxxxx’x Rating on the Facilities in effect on such date differ by (i) one level, then the higher rating shall apply and (ii) two or more levels, then the level that is one level below the higher of the two ratings shall apply and (b) if on such date (i) the Facilities are not rated by S&P, then only the Xxxxx’x Rating for the Facilities shall apply, (ii) the Facilities are not rated by Xxxxx’x, then only the S&P Rating for the Facilities shall apply, (iii) the Facilities are not rated by either S&P or Xxxxx’x, then the rating applied to the Facilities by another nationally recognized statistical rating organization designated by the Borrower and approved in writing by the Agent in its reasonable discretion shall apply, provided that such designation may be withdrawn by the Borrower at any time, (iv) the ratings described in clauses (b)(i) through (b)(iii) above are not available, then the long-term general corporate rating of the Borrower issued by S&P (the “S&P Issuer Rating”) and the long-term general corporate rating of the Borrower issued by Xxxxx’x (the “Xxxxx’x Issuer Rating”) shall apply, (v) if the ratings described in clauses (b)(i) through (b)(iii) above are not available and there is no S&P Issuer Rating, then the Xxxxx’x Issuer Rating shall apply, (vi) if the ratings described in clauses (b)(i) through (b)(iii) above are not available and there is no Xxxxx’x Issuer Rating, then the S&P Issuer Rating shall apply, (vii) if none of the ratings described in clauses (b)(i) through (b)(iv) shall be available, the credit rating to be applied shall be derived from the long-term general corporate rating (or, if such rating is not available, to the long-term senior unsecured debt rating) of the Borrower by another nationally recognized statistical rating organization designated by the Borrower and approved in writing by the Majority Lenders, and (viii) if each of the ratings described in clauses (b)(i) thro...
Applicable Rating Level means, at any time, the number set forth below in the row next to the then-applicable ratings by S&P, Xxxxx’x and Fitch, respectively, of the Borrower’s long-term senior unsecured debt. * or unrated Notwithstanding the foregoing, if the Borrower shall (i) fail to maintain a rating of its senior unsecured debt by at least two of Xxxxx’x, S&P and Fitch, Level 7 shall be the pricing level; (ii) maintain a rating of its senior unsecured debt from only two of Xxxxx’x, S&P and Fitch and (A) there is a difference of one level in such ratings, then the higher of such ratings shall be used to determine the Applicable Rating Level, or (B) there is a difference of more than one level in such ratings, then the rating that is one level below the higher of such ratings shall be used to determine the Applicable Rating Level; and (iii) maintain a rating of its senior unsecured debt from all three of Xxxxx’x, S&P and Fitch and there is a difference in such ratings such that (A) two of such ratings fall in the same Applicable Rating Level and are higher than the third, then the higher of such ratings will be used to determine the Applicable Rating Level, (B) two of such ratings fall in the same Applicable Rating Level and are lower than the third, then the lower of such ratings will be used to determine the Applicable Rating Level, and (C) all three such ratings fall in different Applicable Rating Levels, then the intermediate rating will be used to determine the Applicable Rating Level.
Applicable Rating Level means (a) at any time that Moody’s and S&P have the equivalent rating or split ratings of not more than one rating differential of the Borrower’s senior unsecured long-term debt, the level set forth in the chart below under the heading “Applicable Rating Level” opposite the rating under the heading “Moody’s” or “S&P” which is the higher of the two if split ratings or opposite the ratings under the headings “Moody’s” and “S&P” if equivalent; and (b) at any time that Moody’s and S&P have split ratings of more than one rating differential of the Borrower’s senior unsecured long-term debt, the level set forth in the chart below under the “Applicable Rating Level” opposite the rating under the heading “Moody’s” or “S&P” which is one rating lower than the higher of the two split ratings. Level I >Baa1 >BBB+ Level II Baa2 BBB Level III Baa3 BBB- Level IV Ba1 BB+ Level V <Ba2 <BB For example, if the Xxxxx’x rating is Baal and the S&P rating is BBB, then Level I shall apply; if the Xxxxx’x rating is Baa1 and the S&P rating is BBB- or less favorable, then Level II shall apply.
Applicable Rating Level at any time shall be determined in accordance with the then-applicable S&P Rating and the then-applicable Xxxxx’x Rating as follows: ------------------------------------------------------------ S&P Rating/Xxxxx'x Rating ------------------------------------------------------------ A- or higher or A3 or higher ------------------------------------------------------------ ------------------------------------------------------------ Less than Level 1 but at least BBB+ or Baa1 ------------------------------------------------------------ ------------------------------------------------------------ Less than Xxxxx 0 but at least BBB or Baa2 ------------------------------------------------------------ ------------------------------------------------------------ Less than Xxxxx 0 but at least BBB- or Baa3 ------------------------------------------------------------ ------------------------------------------------------------ Lower than Xxxxx 0 or unrated ------------------------------------------------------------ ----------------------------------- Applicable Rating Level ----------------------------------- 1 ----------------------------------- ----------------------------------- 2 ----------------------------------- ----------------------------------- 3 ----------------------------------- ----------------------------------- 4 ----------------------------------- ----------------------------------- 5 ----------------------------------- In the event that the S&P Rating and the Xxxxx’x Rating are not at the same Applicable Rating Level but differ by only one Applicable Rating Level, then the higher of the two ratings shall determine the Applicable Rating Level. In the event that the S&P Rating and the Xxxxx’x Rating differ by more than one Applicable Rating Level, then the Applicable Rating Level immediately below the higher of the two ratings shall be the Applicable Rating Level. The Applicable Rating Level shall be redetermined on the date of announcement of a change in the S&P Rating or the Xxxxx’x Rating.
Applicable Rating Level means for any day, the level set forth below that corresponds to the PAA Debt Rating by the Ratings Agencies applicable on such day; provided, in the event the PAA Debt Rating by the Ratings Agencies differs by one level, the higher PAA Debt Rating shall apply; provided further, in the event the PAA Debt Rating by the Ratings Agencies differs by more than one level, the PAA Debt Rating one level above the lower PAA Debt Rating shall apply; provided, notwithstanding the foregoing, the Applicable Rating Level for the period from the date hereof through and including February 21, 2004 shall be Level III. As used in this definition, “ >“ means a rating equal to or more favorable than and “<“ means a rating less favorable than. Level I > BBB+ > Baa1 Level II BBB Baa2 Level III BBB- Baa3 Level IV < BBB- < Baa3 If either of the Rating Agencies shall not have in effect a PAA Debt Rating or if the rating system of either of the Rating Agencies shall change, or if either of the Rating Agencies shall cease to be in the business of rating corporate debt obligations, Borrower and Majority Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such Rating Agency, but until such an agreement shall be reached, the Applicable Rating Level shall be based only upon the PAA Debt Rating by the remaining Rating Agency.
Applicable Rating Level shall be determined at any time and from time to time on the basis of the then applicable Reference Ratings of the relevant Borrower issued or maintained by the Rating Agencies (or Rating Agency, in the case of only one Reference Rating) in accordance with the following table: Level I A- or higher A3 or higher Level II BBB+ Baa1 Level III BBB Baa2 Level IV BBB- Baa3 Level V BB+ or lower (or unrated) Ba1 or lower (or unrated) In the event of a “split” rating for a Borrower, the Applicable Rating Level shall be determined on the basis of the higher of the two ratings then applicable; provided that if the two ratings are two or more levels apart, the Applicable Rating Level shall be determined on the basis of the rating that is one level lower than the higher of the two ratings then applicable; provided further, that if both Xxxxx’x and S&P shall have ceased to issue or maintain Reference Ratings, then the Applicable Rating Level shall be Level V. The Applicable Rating Level shall be redetermined as and when any change in the ratings used in the determination thereof shall be announced by any Rating Agency. For the avoidance of doubt, the Applicable Rating Level as of the date of this Agreement (i) for Cinergy, is Level III and (ii) for CG&E, PSI Energy and ULH&P, is Level II.
Applicable Rating Level means, for any day during any Investment Grade Period, the higher of the ratings by Xxxxx’x or S&P, respectively, applicable on such day to the Index Debt. For purposes of the foregoing, if the ratings established by Xxxxx’x or S&P for the Index Debt 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 Xxxxx’x or S&P, as applicable, irrespective of when notice of such change shall have been furnished by the Borrower to the Administrative Agent and the Lenders. Each change in the Applicable Rating Level 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 either Xxxxx’x or S&P shall cease to be in the business of rating corporate debt obligations, the Borrower and the Lenders shall negotiate in good faith to amend these terms to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Rating Level shall be determined by reference to the rating most recently in effect prior to such change or cessation.