Ratings Grid Election has the meaning specified in the definition of “Applicable Margin”.
Ratings Grid Election. See definition of Applicable Margin.
Ratings Grid Election in which case the Applicable Margin for Eurodollar Rate Advances and Base Rate Advances will be determined, as per the pricing grid below, on the basis of the Debt Rating of the Borrower or the Parent Guarantor (as applicable), as set forth below, notwithstanding any failure of the Borrower or the Parent Guarantor (as applicable) to maintain an Investment Grade Rating: Debt Rating of Borrower or Parent Guarantor Applicable Margin for Eurodollar Rate Advances Applicable Margin for Base Rate Advances > A‑/A3 1.50% 0.50% BBB+/Baa1 1.55% 0.55% BBB/Baa2 1.65% 0.65% BBB‑/Baa3 1.90% 0.90% < BBB‑/Baa3 2.45% 1.45%
Examples of Ratings Grid Election in a sentence
If the Parent has made the Ratings Grid Election as described above but thereafter fails to maintain an Investment Grade Rating by at least one of S&P or Xxxxx’x, then (x) Unused Fees shall be payable during the period commencing on the date the Parent no longer has an Investment Grade Rating by at least one of S&P or Xxxxx’x and ending on the date the Parent makes another Ratings Grid Election, and (y) no Facility Fees shall be payable during the period that Unused Fees are payable.