Public Debt Ratings has the meaning set forth in the definition of “Applicable Rate.”
Public Debt Ratings means a rating to be based on the Borrower’s long-term senior unsecured non-credit enhanced debt ratings (“Senior Unsecured Ratings”) established by S&P, Xxxxx’x, and Fitch. If at any time there is a split in Senior Unsecured Ratings among S&P, Xxxxx’x, and Fitch and (a) two Senior Unsecured Ratings are equal and higher than the third Senior Unsecured Rating, the higher Senior Unsecured Ratings will apply, (b) two Senior Unsecured Ratings are equal and lower than the third Senior Unsecured Rating, the lower Senior Unsecured Ratings will apply, or (c) no Senior Unsecured Ratings are equal, the intermediate Senior Unsecured Rating will apply. In the event that the Borrower shall maintain Senior Unsecured Ratings from only two of S&P, Xxxxx’x, or Fitch, and there is a split in such Senior Unsecured Ratings, (i) in the event of a single level split, the higher Senior Unsecured Rating (i.e. the lower pricing) will apply and (ii) in the event of a multiple level split, the pricing will be based on the rating one level lower than the higher of the two. If only S&P, Xxxxx’x, or Fitch issues a rating then such rating shall apply. In the event that the Borrower’s senior unsecured long-term debt is not rated by any of S&P, Xxxxx’x or Fitch, then the Applicable Rate shall be calculated at Pricing Level 6. Initially, the Applicable Rate shall be determined based upon the Public Debt Ratings specified in the certificate delivered pursuant to Section 4.01(a)(vi). Thereafter, each change in the Applicable Rate resulting from a publicly announced change in the Public Debt Ratings shall be effective during the period commencing on the date of the public announcement thereof and ending on the date immediately preceding the effective date of the next such change.
Public Debt Ratings means a rating by S&P and/or Moody’s of the Parent’s or Borrower’s long-term senior unsecured non-credit enhanced debt for borrowed money.
Examples of Public Debt Ratings in a sentence
The representations and warranties of the Loan Parties set forth in this Agreement (other than those in Section 3.04(b) and clause (a) of Section 3.05, at such times when the Public Debt Ratings are Baa3 and BBB- or better) shall be true and correct on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable.
The representations and warranties of the Loan Parties set forth in this Agreement (other than those in Section 3.04(b) and clause (a) of Section 3.05, at such times when the Public Debt Ratings are Baa3 and BBB- or better, respectively) shall be true and correct on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable.
Permit the Leverage Ratio to at any time exceed 0.60 to 1.00.” (k) Schedule I to the Credit Agreement is hereby amended by replacing the pricing grid therein with the following: Public Debt Ratings Market Rate Spread Commitment Fee Minimum Maximum A+ or A1 0.250% 0.875% 0.065% A or A2 0.350% 1.000% 0.080% A- or A3 0.500% 1.250% 0.125% BBB+ or Baa1 0.750% 1.500% 0.150% Other 1.000% 1.750% 0.200% SECTION 3.
More Definitions of Public Debt Ratings
Public Debt Ratings means, as of any date of determination, (a) the Parent’s “Senior Unsecured Rating” most recently announced by Moody’s and (b) the Parent’s “Corporate Credit Rating” most recently announced by S&P. If Moody’s or S&P shall change the basis on which such ratings are established, then the foregoing references shall be to the then equivalent rating by Moody’s or S&P, as the case may be, as determined by the Administrative Agent.
Public Debt Ratings means, as of any date, the lowest rating (other than any rating based on, or incorporating an expectation of, the prospective occurrence and consequences of a Separation Transaction in which AT&T Broadband is separated from AT&T Business) that has been most recently announced by either S&P or Moody's, as the case may be, for any class of non-credit enhanced long-term senior unsecured debt (the "Long-Term Senior Debt") and commercial paper (the "Short-Term Debt") issued by the Borrower; provided that (i) if the Borrower has caused the credit facility evidenced by this Agreement to be rated by S&P and Moody's, then such ratings shall be used in lieu of the ratings applicable to Long-Term Senior Debt and Short-Term Debt of the Borrower for all purposes hereunder, (ii) if the event referred to in the preceding clause (i) has not occurred and AT&T Business has assumed the obligations of Borrower hereunder then the Long-Term Senior Debt and Short-Term Debt ratings of AT&T Business will be used in lieu of such ratings of the Borrower and (iii) if the events referred to in the preceding clauses (i) and (ii) have not occurred but the Borrower has delivered to the Paying Agent a guaranty in substantially the form of Exhibit E hereto (the "AT&T Business Guarantee"), pursuant to which AT&T Business guarantees the obligations of the Borrower under this Agreement, the ratings established by S&P and Moody's for Long-Term Senior Debt of AT&T Business shall be used in lieu of the ratings applicable to Long-Term Senior Debt of the Borrower for all purposes hereunder and, if higher, the ratings established by S&P and Moody's for the Short-Term Debt of AT&T Business shall be used in lieu of the ratings applicable to Short-Term Debt of the Borrower for all purposes hereunder, in each case, for such time as the AT&T Business Guarantee remains in effect. For purposes of the foregoing, with respect to the Borrower or AT&T Business, as the case may be, (a) if S&P or Moody's shall have in effect a rating for only one but not both of the Long-Term Senior Debt or the Short-Term Debt, the Applicable Margin and the Applicable Facility Fee Percentage shall be the lowest level that may be determined by reference to the available rating; (b) if only one of S&P and Moody's shall have in effect Public Debt Ratings, the Applicable Margin and the Applicable Facility Fee Percentage shall be determined by reference to the available rating; (c) if neither S&P nor Moody's shall have in effect Pub...
Public Debt Ratings means a rating to be based on the Borrower’s long-term senior unsecured non-credit enhanced debt ratings established by S&P, Xxxxx’x, and/or Fitch. If at any time there is a Public Debt Rating issued by each Designated Rating Agency and such Public Debt Ratings differ, and (a) two Public Debt Ratings are equal to one another, then the pricing shall be based on such Public Debt Ratings that are equal or (b) no Public Debt Ratings are equal, the intermediate Public Debt Rating will apply. In the event that the Borrower shall maintain Public Debt Ratings from only two of S&P, Xxxxx’x, or Fitch, and there is a split in such Public Debt Ratings, (i) in the event of a single level split, the higher Public Debt Rating (i.e. the lower pricing) will apply and (ii) in the event of a multiple level split, the pricing will be based on the rating one level lower than the higher of the two. If only one Public Debt Rating is available, it must be from S&P or Xxxxx’x and such Public Debt Rating shall apply. In the event that the Borrower does not have a Public Debt Rating from at least one of S&P or Xxxxx’x, then the Applicable Rate shall be calculated at Pricing Level 5. Each change in the Applicable Rate resulting from a publicly announced change in the Public Debt Ratings shall be effective during the period commencing on the date of the public announcement thereof and ending on the date immediately preceding the effective date of the next such change.
Public Debt Ratings means, as of any date, the rating that has been most recently announced by either S&P or Moody’s, as the case may be, for any class of non-credit enhanced long-term senior unsecured debt issued by the Borrower.
Public Debt Ratings means, as of any date, the rating that has been most recently announced by either S&P or Moody’s, as the case may be, for any class of non-credit enhanced long-term senior unsecured debt issued by the Company or, if any such rating agency shall have issued more than one such rating, the lowest such rating issued by such rating agency.
Public Debt Ratings means the ratings assigned by S&P, Xxxxx’x and Fitch to the Company’s senior unsecured non-credit enhanced long term debt. For purposes of the foregoing, (a) if only one or two of S&P, Xxxxx’x and Fitch shall have in effect a Public Debt Rating, the Applicable Rate and the Applicable Margin shall be determined by reference to the available ratings; (b) if none of S&P, Xxxxx’x and Fitch shall have in effect a Public Debt Rating, the Applicable Rate and the Applicable Margin will be set in accordance with Level V under the definition of “Applicable Rate” or “Applicable Margin”, as the case may be; (c) if the Public Debt Ratings established by S&P, Xxxxx’x and Fitch shall fall within different levels set forth in the definition of “Applicable Rate” or “Applicable Margin”, the Applicable Rate and the Applicable Margin shall be based upon the rating that is the lower of the two highest ratings, provided that if the highest of such ratings is more than one level above the second highest of such ratings, the Applicable Rate and the Applicable Margin shall be determined by reference to the Level that is one Level above that corresponding to such second highest rating; (d) if any Public Debt Ratings established by S&P, Moody’s or Fitch shall be changed, such change shall be effective as of the date on which such change is first announced publicly by the rating agency making such change; and (e) if S&P, Xxxxx’x or Fitch shall change the basis on which ratings are established, each reference to the Public Debt Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, shall refer to the then equivalent rating by S&P, Moody’s or Fitch, as the case may be.
Public Debt Ratings means as of any date of determination, the public rating as determined by S&P or Fitch, as the case may be, of the Borrower’s senior unsecured non-credit enhanced long-term indebtedness for borrowed money. COMMITMENT SCHEDULE COMMITMENTS AND PRO RATA SHARES Lender Commitment Pro Rata Share of Aggregate Commitment Bank of America, N.A. £763,000,000 100.000000000% TOTAL £763,000,000 100.000000000% Schedule 6.10 EXISTING SPECIFIED INDEBTEDNESS FOR BORROWED MONEY None. Schedule 13.01 CERTAIN ADDRESSES FOR NOTICES 1. Address of the Borrower: GXO Logistics, Inc. Two American Lane Greenwich, CT 06831 Attention: Xxxxx Xxxx 2. Address for the Administrative Agent: Bank of America, N.A. Agency Management 000 X. Xxxxxxx St Mail Code: IL4-540-22-29 Chicago, Illinois 60601 Attention: Xxxx Xxxxxx Telephone: 000.000.0000 Telecopier: 877.206.8413 Electronic Mail: xxxx.xxxxxx0@xxxx.xxx With a copy to: Bank of America, N.A. Agency Management 000 X. Xxxxxxx St Mail Code: IL4-540-22-29 Chicago, Illinois 60601 Attention: Gerund N. Diamond, as Agency Management Telephone: 000.000.0000 Telecopier: 312.453.3635 Electronic Mail: xxxxxx.xxxxxxx@xxxx.xxx