Taxable Applicable Spread means a rate per annum associated with the Level corresponding to the lowest long-term unenhanced debt rating(s) assigned by any of Moody’s, Fitch or S&P to any Senior Debt (each, a “Rating”), as specified below. Level Xxxxx’x Rating S&P Rating Fitch Rating Applicable Spread Level 1 A2 or above A or above A or above 0.49% Xxxxx 0 X0 X- X- 0.64% Xxxxx 0 Xxx0 BBB+ BBB+ 0.94% Xxxxx 0 Xxx0 XXX BBB 1.39% In the event of split Ratings (i.e., one of the Rating Agencies’ Rating is at a different Level than the Rating of another Rating Agency), the Taxable Applicable Spread shall be based upon the Level in which the lowest Rating(s) appears; provided the Bank acknowledges that any decision to increase the Taxable Applicable Spread shall be in the Bank’s sole discretion. Any change in the Taxable Applicable Spread resulting from a change in a Rating shall be and become effective upon election by the Bank but no sooner than the date that the change in such Rating is published by such Rating Agency. References to Ratings above are references to rating categories as presently determined by the Rating Agencies and in the event of adoption of any new or changed rating system, the ratings from the Rating Agency in question referred to above shall be deemed to refer to the rating category under the new rating system that most closely approximates the applicable rating category as currently in effect. The Agency acknowledges that as of the Effective Date the Taxable Applicable Spread is that specified above for Level 1. In the event that any Rating is withdrawn or otherwise unavailable from any Rating Agency for credit-related reasons, the Taxable Applicable Spread then in effect shall be increased by an additional one hundred fifty (150) basis points (1.50%) from the Taxable Applicable Spread otherwise in effect until such rating is restored.
Taxable Applicable Spread has the meaning set forth in the Fee Letter.
Taxable Applicable Spread means, for any day, the applicable percentages per annum determined by reference to the Debt Ratings applicable on such day as set forth below: LEVEL S&P RATING XXXXX’X RATING FITCH RATING TAXABLE APPLICABLE SPREAD Level 1 A or above A2 or above A or above Xxxxx 0 X- X0 X- Xxxxx 0 BBB+ Baa1 BBB+ Xxxxx 0 Xxxxx 0 XXX XXX- Xxx0 Xxx0 BBB BBB- Initially, commencing on the Closing Date the Taxable Applicable Spread shall be determined based upon Level 1. In the event of split Debt Ratings (i.e., one of the Rating Agencies’ Rating is at a different Level than the Rating of another Rating Agency), the Taxable Applicable Spread shall be based upon the Level in which the lowest Rating(s) appears. Each change in the Taxable Applicable Spread resulting from a publicly announced change in the Debt Rating after the Closing Date 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. References above are to rating categories as presently determined by the Rating Agencies, and in the event of the adoption of any new or changed rating systems or a “global” rating scale by any such rating agency, the ratings categories shall be adjusted accordingly to a new rating which most closely approximates the ratings currently in effect. If any Debt Rating is suspended, withdrawn or otherwise unavailable from any Rating Agency for credit-related reasons or upon the occurrence and during the continuation of an Event of Default, the interest rate on a Revolving Loan will immediately and without notice equal the Default Rate.
More Definitions of Taxable Applicable Spread
Taxable Applicable Spread means, initially, 37 basis points (0.37%) which Taxable Applicable Spread is subject to the maintenance of the current long-term unenhanced debt ratings assigned by Moody’s, Fitch and S&P to the Parity Obligations. In the event of a change in the long-term unenhanced debt ratings assigned by Moody’s, S&P or Fitch to the Parity Obligations, the Taxable Applicable Spread shall be the number of basis points associated with such new rating as set forth in the following schedule: Credit Rating Taxable Applicable Spread (basis points/%) Moody’s S&P Fitch Aa2 or above AA or above AA or above 37 (0.37%) Xx0 XX- XX- 00 (0.39%) A1 A+ A+ 42 (0.42%) A2 A A 47 (0.47%) A3 X- X- 00 (0.52%) Baa1 BBB+ BBB+ 57 (0.57%) Baa2 BBB BBB 62 (0.62%) Baa3 BBB- BBB- 67 (0.67%) In the event there is a split between such ratings, the lowest rating will prevail for purposes of determining the Taxable Applicable Spread. References to ratings above are references to rating categories as presently determined by the Rating Agencies and in the event of adoption of any new or changed rating system, the ratings from the Rating Agency in question referred to above shall be deemed to refer to the rating category under the new rating system that most closely approximates the applicable rating category as currently in effect.
Taxable Applicable Spread means the rate per annum associated with the Authority Rating, as specified in the pricing matrix below:
Taxable Applicable Spread means 1.75%.
Taxable Applicable Spread means, initially, which Taxable Applicable Spread is subject to the maintenance of the current long-term unenhanced debt ratings assigned by Xxxxx’x, Fitch and S&P to the Parity Obligations. In the event of a change in the long-term unenhanced debt ratings assigned by Moody’s, S&P or Fitch to the Parity Obligations, the Taxable Applicable Spread shall be the number of basis points associated with such new rating as set forth in the following schedule: -15- Credit Rating Taxable Applicable Spread (basis points/%) Xxxxx’x S&P Fitch Aa2 or above AA or above AA or above Aa3 AA- AA-
Taxable Applicable Spread means, initially basis points ( %), which is subject to maintenance of the current Authority Rating. In the event of a change in the Authority Rating, the Taxable Applicable Spread shall equal the number of basis points set forth in the Level associated with the lowest Authority Rating as set forth in the schedule below:
Taxable Applicable Spread means the relevant number of basis points determined as provided in the definition of Applicable Spread in the Fee Letter Agreement set forth in the column entitled Taxable Rate in the chart contained in the definition of Applicable Spread.