Common use of Changes in Applicable Margin; Determination of Debt Rating Clause in Contracts

Changes in Applicable Margin; Determination of Debt Rating. Changes to the Applicable Margin shall be effective as of the next Business Day after the day on which the Debt Rating changes. Any change to any Debt Rating established by S&P, ▇▇▇▇▇’▇ or Fitch shall be effective as of the date on which such change is first announced publicly by the applicable rating agency making such change and on and after that day the changed Debt Rating shall be the Debt Rating of such rating agency for purposes of this Agreement. If none of S&P, ▇▇▇▇▇’▇ or Fitch shall have in effect a Debt Rating, the Applicable Margin shall be set in accordance with part E of the table set forth in Section 2.3(f)(i). If S&P, ▇▇▇▇▇’▇ or Fitch shall change the basis on which ratings are established, each reference to the Debt Rating announced by S&P, ▇▇▇▇▇’▇ or Fitch, as the case may be, shall refer to the then equivalent rating by S&P, ▇▇▇▇▇’▇ or Fitch, as the case may be.

Changes in Applicable Margin; Determination of Debt Rating. Changes to the Applicable Margin shall be effective as of the next Business Day after the day on which the Debt Rating changes. Any change to any Debt Rating established by S&P, ▇▇▇▇▇’▇ or Fitch shall be effective as of the date on which such change is first announced publicly by the applicable rating agency making such change and on and after that day the changed Debt Rating shall be the Debt Rating of such rating agency for purposes of this Agreement. If none of S&P, ▇▇▇▇▇’▇ or Fitch shall have in effect a Debt Rating, the Applicable Margin shall be set in accordance with part E F of the table set forth in Section 2.3(f)(i). If S&P, ▇▇▇▇▇’▇ or Fitch shall change the basis on which ratings are established, each reference to the Debt Rating announced by S&P, ▇▇▇▇▇’▇ or Fitch, as the case may be, shall refer to the then equivalent rating by S&P, ▇▇▇▇▇’▇ or Fitch, as the case may be.

Changes in Applicable Margin; Determination of Debt Rating. Changes to the Applicable Margin shall be effective as of the next Business Day after the day on which the Debt Rating changes. Any change to any Debt Rating established by S&P, Moody’s or ▇▇▇▇▇’▇ or Fitch shall be effective as of the date on which such change is first announced publicly by the applicable rating agency making such change and on and after that day the changed Debt Rating shall be the Debt Rating of such rating agency for purposes of this Agreement. If none of S&P, ▇▇▇▇▇’▇ or Fitch ▇▇▇▇▇ shall have in effect a Debt Rating, the Applicable Margin shall be set in accordance with part E FE of the table set forth in Section 2.3(f)(i). If S&P, Moody’s or ▇▇▇▇▇’▇ or Fitch shall change the basis on which ratings are established, each reference to the Debt Rating announced by S&P, Moody’s or ▇▇▇▇▇’▇ or Fitch, as the case may be, shall refer to the then equivalent rating by S&P, ▇▇▇▇▇’▇ or Fitch▇▇▇▇▇, as the case may be.

Changes in Applicable Margin; Determination of Debt Rating. Changes to the Applicable Margin shall be effective as of the next Business Day after the day on which the Debt Rating changes. Any change to any Debt Rating established by S&P, ▇▇▇▇▇’▇ or Fitch ▇▇▇▇▇ shall be effective as of the date on which such change is first announced publicly by the applicable rating agency making such change and on and after that day the changed Debt Rating shall be the Debt Rating of such rating agency for purposes of this Agreement. If none of S&P, ▇▇▇▇▇’▇ or Fitch ▇▇▇▇▇ shall have in effect a Debt Rating, the Applicable Margin shall be set in accordance with part E F of the table set forth in Section 2.3(f)(i). If S&P, ▇▇▇▇▇’▇ or Fitch ▇▇▇▇▇ shall change the basis on which ratings are established, each reference to the Debt Rating announced by S&P, ▇▇▇▇▇’▇ or Fitch▇▇▇▇▇, as the case may be, shall refer to the then equivalent rating by S&P, ▇▇▇▇▇’▇ or Fitch▇▇▇▇▇, as the case may be.

Changes in Applicable Margin; Determination of Debt Rating. Changes to the Applicable Margin shall be effective as of the next Business Day after the day on which the Debt Rating changes. Any change to any Debt Rating established by S&P, ▇▇▇▇▇’▇ Moody’s or Fitch shall be effective as of the date on which such change is first announced publicly by the applicable rating agency making such change and on and after that day the changed Debt Rating shall be the Debt Rating of such rating agency for purposes of this Agreement. If none of S&P, ▇▇▇▇▇’▇ Moody’s or Fitch shall have in effect a Debt Rating, the Applicable Margin shall be set in accordance with part E F of the table set forth in Section 2.3(f)(i). If S&P, ▇▇▇▇▇’▇ Moody’s or Fitch shall change the basis on which ratings are established, each reference to the Debt Rating announced by S&P, ▇▇▇▇▇’▇ Moody’s 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.