Related to Portable ramp

Applicable Rate means a percentage per annum equal to:
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 means the rating assigned to each Class of the Series 2013-VF1 Notes by S&P, as the Note Rating Agency, upon the issuance of such Class as set forth below:
L/C Fee Rate means the rates set forth in Schedule 1 hereto beside the then applicable Level.
Maximum Applicable Rate with respect to APS, has the meaning set forth in Section 11.10(a)(vii) of these Bylaws.

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