Applicable Rating Level definition
Applicable Rating Level at any time shall be determined in accordance with the then-applicable S&P Rating or the then-applicable ▇▇▇▇▇’▇ Rating as follows: S&P Rating/▇▇▇▇▇’▇ Rating Applicable Rating Level S&P Rating AA or higher or ▇▇▇▇▇’▇ Rating Aa2 or higher 1 S&P Rating AA- or ▇▇▇▇▇’▇ Rating Aa3 2 S&P Rating A+ or ▇▇▇▇▇’▇ Rating A1 3 S&P Rating A or ▇▇▇▇▇’▇ Rating A2 4 S&P Rating A- or below or ▇▇▇▇▇’▇ Rating A3 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 ▇▇▇▇▇’▇ Rating in effect on such day. If the S&P Rating and the ▇▇▇▇▇’▇ 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.
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 ▇▇▇▇▇’▇ Rating for such Borrower as follows: S&P Rating A or higher or ▇▇▇▇▇’▇ Rating A2 or higher 1 S&P Rating A- or higher or ▇▇▇▇▇’▇ Rating A3 or higher 2 S&P Rating BBB+ or ▇▇▇▇▇’▇ Rating Baa1 3 S&P Rating BBB or ▇▇▇▇▇’▇ Rating Baa2 4 S&P Rating BBB- or ▇▇▇▇▇’▇ Rating Baa3 5 S&P Rating BB+ or below or ▇▇▇▇▇’▇ Rating Ba1 or below, or no S&P Rating or ▇▇▇▇▇’▇ 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 ▇▇▇▇▇’▇ Rating for such Borrower in effect on such day. If the S&P Rating and the ▇▇▇▇▇’▇ 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 and be determined by the ratings ----------------------- issued from time to time by S&P and ▇▇▇▇▇'▇ (or S&P or ▇▇▇▇▇'▇, if ratings shall be available from only one of such Rating Agencies) in respect of the Company's long-term, senior unsecured debt in accordance with the following: Rating Level S&P ▇▇▇▇▇'▇ ------------ --- ------- Level I A or more A2 or more favorable favorable Level II A- A3 Level III BBB+ Baa1 Level IV BBB Baa2 Level V BBB- Baa3 Level VI BB+ or less Ba1 or less or not rated or not rated For purposes of the foregoing, (a) if ratings are available from both S&P and ▇▇▇▇▇'▇, and the ratings available from such Rating Agencies do not correspond to the same rating level on the chart above, then (1) if such rating levels differ by only one level on the chart above, then the Applicable Rating Level shall correspond to the higher of the two ratings, and (2) if such rating levels differ by more than one level on the chart above, then the Applicable Rating Level shall correspond to that rating which is one rating higher than the lower of the two ratings; (b) if determinative ratings shall change (other than as a result of a change in the rating system used by any applicable Rating Agency) such that a change in the Applicable Rating Level would result, such change shall effect a change in the Applicable Rating Level as of the day on which the Agent receives notice of such change (such day, a "Change Day"), ---------- and any change in the Applicable Margin shall take effect commencing on such Change Day and ending on the date immediately preceding the next Change Day; (c) if the rating system of any of the Rating Agencies shall change prior to the date all obligations hereunder have been paid and the Commitments cancelled, the Company and the Majority Banks shall negotiate in good faith to amend the references to specific ratings in this definition to reflect such changed rating system, and pending such amendment, if no Applicable Rating Level is otherwise determinable based upon the foregoing, the most recent Applicable Rating Level in effect shall apply; (d) if the Company shall fail to give notice to the Agent of any change in rating by any Rating Agency in respect of the Company's long-term, senior unsecured debt on the date required by Section 6.10, the Applicable Rating Level shall be deemed to be Level VI for the period from the date such notice was required to be delivered to the date such notice is received by the Agent; and (e) s...
Examples of Applicable Rating Level in a sentence
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.
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.
Section 1.1 of the Credit Agreement is hereby amended by adding in the definition of "Applicable Margin" the following at the end of such definition: "Notwithstanding anything to the contrary set forth in this definition, if the Facility B Term Loans are made, the Applicable Margin for all Advances comprising the Facility B Term Loans shall be the rate per annum for the Applicable Rating Level in the Facility B Loan column above plus 12.5 basis points.
Any change in the Applicable LIBOR Margin and the Applicable Prime Margin shall be effective on the date on which S&P or Moody’s, as the case may be, announces any change in any rating that results in a change in the Applicable Rating Level.
More Definitions of Applicable Rating Level
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 shall be determined, at any time, in accordance with the then- applicable Reference Ratings as follows: One of the following ratings shall be in effect: Reference Rating by S&P of BBB+ or higher or Reference Rating by ▇▇▇▇▇’▇ of Baa1 or higher 1 One of the following ratings shall be in effect: Reference Rating by S&P of at least BBB or Reference Rating by ▇▇▇▇▇’▇ of at least Baa2 2 One of the following ratings shall be in effect: Reference Rating by S&P of at least BBB- or Reference Rating by ▇▇▇▇▇’▇ of at least Baa3 3 One of the following ratings shall be in effect: Reference Rating by S&P of at least BB+ or Reference Rating by ▇▇▇▇▇’▇ of at least Ba1 4 Both of the following ratings shall be in effect: Reference Rating by S&P lower than BB+ (or unrated) and Reference Rating by ▇▇▇▇▇’▇ lower than Ba1 (or unrated) 5 In the event that none of Applicable Rating ▇▇▇▇▇▇ ▇, ▇, ▇ ▇▇ ▇ ▇▇▇▇▇ ▇▇ applicable, or no Reference Rating by either S&P or ▇▇▇▇▇’▇ shall be in effect, then the Applicable Rating Level shall be Applicable Rating Level 5. The Applicable Rating Level shall be redetermined on the date of announcement of a change in any of these Reference Ratings. Notwithstanding the above, (i) if at any time there is a split between Reference Ratings by S&P and ▇▇▇▇▇’▇, the Applicable Rating Level shall be determined by the higher Reference Rating, unless there is a difference of more than one Level between such Reference Ratings, in which case the Applicable Rating Level shall be the Applicable Rating Level that corresponds to the Reference Ratings one Level below the higher Reference Rating.
Applicable Rating Level means, at any time, the number set forth below in the row next to the then-applicable ratings by S&P, ▇▇▇▇▇’▇ 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 ▇▇▇▇▇’▇, S&P and Fitch, Level 7 shall be the pricing level; (ii) maintain a rating of its senior unsecured debt from only two of ▇▇▇▇▇’▇, 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 ▇▇▇▇▇’▇, 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 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 at any time shall be determined in accordance with the then-applicable S&P Rating and the then-applicable ▇▇▇▇▇'▇ Rating as follows: ------------------------------------------------------------------------------- S&P Rating/▇▇▇▇▇'▇ Rating Applicable Rating Level ------------------------------------------------------------------------------- A- or higher or A3 or higher 1 ------------------------------------------------------------------------------- BBB+ or Baa1 2 ------------------------------------------------------------------------------- BBB or Baa2 3 ------------------------------------------------------------------------------- BBB- or Baa3 4 ------------------------------------------------------------------------------- lower than ▇▇▇▇▇ ▇ or unrated 5 ------------------------------------------------------------------------------- In the event that the S&P Rating and the ▇▇▇▇▇'▇ 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 ▇▇▇▇▇'▇ 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 ▇▇▇▇▇'▇ Rating.
Applicable Rating Level shall be determined at any time and from time to time on the basis of the ratings assigned by S&P and Moody's to the senior, unsecured, non-credit enhanced long-term Debt of the Borrower (the "Rated Debt") in accordance with the following: Applicable Rating Level S&P Moody's Level I BBB+ or higher Baa3 or higher ▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇- ▇▇▇ ▇▇▇▇▇ IV BB+ Ba3 Level V BB B1 Level VI BB- or lower B2 or lower In the event that the rating assigned by S&P to the Rated Debt and the rating assigned by Moody's to the Rated Debt do not correspond to the same Applicable Rating Level, then the lower of the two ratings shall determine the Applicable Rating Level. The Applicable Rating Level shall be redetermined as and when any change in the ratings used in the determination thereof shall be announced by S&P or Moody's, as the case may be. If either Moody's or S&P shall cease to issue or maintain a rating on the Rated Debt, then the Applicable Rating Level shall be Level VI.
Applicable Rating Level means (a) at any time the ratings established or deemed to have been established by ▇▇▇▇▇’▇ 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 “▇▇▇▇▇’▇” and “S&P”, and (b) if the ratings established or deemed to have been established by ▇▇▇▇▇’▇ 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) “³” 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 ▇▇▇▇▇’▇ 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 ▇▇▇▇▇’▇ and S&P ratings, then the Applicable Rating Level shall equal one level lower than the higher rating; (iv) if only one of ▇▇▇▇▇’▇ 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 ▇▇▇▇▇’▇ 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 ▇▇▇▇▇’▇ and S&P for the Index Debt 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 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 ▇▇▇▇▇’▇ or S&P shall change, or if any such rating agency shall cease to be in the business of rating corporate debt obligations, Apache, 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 deter...