Public Debt Rating. Level 1 Long-term senior unsecured Debt of the Company rated at least A- by S&P or A3 by Xxxxx’x or the Leverage Ratio is less than or equal to 1.25:1.00 Level 2 Long-term senior unsecured Debt of the Company rated less than Level 1 but at least BBB+ by S&P or Baa1 by Xxxxx’x or the Leverage Ratio is less than or equal to 1.25:1.00 Level 3 Long-term senior unsecured Debt of the Company rated less than Level 2 but at least BBB by S&P or Baa2 by Xxxxx’x or the Leverage Ratio is less than or equal to 1.25:1.00 Level 4 Long-term senior unsecured Debt of the Company rated less than Level 3 but at least BBB- by S&P or Baa3 by Xxxxx’x or the Leverage Ratio is less than or equal to 1.50:1.00 Level 5 Long-term senior unsecured Debt of the Company rated less than Level 4 but at least BB+ by S&P or Ba1 by Xxxxx’x or the Leverage Ratio is less than or equal to 1.75:1.00 Level 6 Long-term senior unsecured Debt of the Company rated less than Level 5 or the Leverage Ratio is greater than 1.75:1.00
Public Debt Rating. Within three Banking Days following the occurrence of any change therein, a certificate of a Responsible Officer of the Borrower setting forth the new Public Debt Rating of the Borrower;
Public Debt Rating. The Borrower shall maintain a public debt rating from a rating agency, which rating agency is acceptable to the Administrative Agent.
Public Debt Rating. Level I Long-Term Senior Unsecured Debt of the Borrower Rated at least BBB+ by Standard & Poor’s or Baa1 by Moody’s Level II Long-Term Senior Unsecured Debt of the Borrower Rated less than Level I but at least BBB by Standard & Poor’s or Baa2 by Moody’s Level III Long-Term Senior Unsecured Debt of the Borrower Rated less than Level II but at least BBB- by Standard & Poor’s and Baa3 by Moody’s Level IV Long-Term Senior Unsecured Debt of the Borrower Rated less than Level III but at least BB+ by Standard & Poor’s and Ba1 by Moody’s Level V Long-Term Senior Unsecured Debt of the Borrower Rated equal to or less than BB by Standard & Poor’s or Ba2 by Moody’s For the purposes of this definition, the public debt ratings above shall be determined by the lowest 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. For purposes of the foregoing, (a) if only one of S&P and Moody’s shall have in effect a Public Debt Rating, the Applicable Margin and the Applicable Commitment Fee Percentage shall be determined by reference to the available rating; (b) if neither S&P nor Xxxxx’x shall have in effect a Public Debt Rating, the Applicable Margin and the Applicable Commitment Fee Percentage will be set in accordance with Level V under the definition of “Applicable Margin” or “Applicable Commitment Fee Percentage”, as the case may be; (c) if the ratings established by S&P and Xxxxx’x shall fall within different levels, the Applicable Margin and the Applicable Commitment Fee Percentage shall be based upon the higher rating, except that, if the rating established by S&P differs by two or more levels from the rating established by Xxxxx’x, the Applicable Margin and the Applicable Commitment Fee Percentage shall be based upon the rating which is one level below the higher of those two levels; (d) if any rating established by S&P or Xxxxx’x shall be changed, such change shall be effective as of the fifth day after such change is first announced publicly by the rating agency making such change; and (e) if S&P or Xxxxx’x shall change the basis on which ratings are established, each reference to the Public Debt Rating announced by S&P or Xxxxx’x, as the case may be, shall refer to the then equivalent rating by S&P or Xxxxx’x, as the case may be.
Public Debt Rating. In each Quarterly Covenant Compliance Report, the Borrower shall notify the Agent of any change in the Public Debt Rating of the Borrower since the last delivered Quarterly Covenant Compliance Report (or in the case of the first such report, since the date hereof). ARTICLE IX
Public Debt Rating. Maintain at all times a Public Debt Rating by Xxxxx’x and S&P.
