Senior Unsecured Debt Rating. The Borrower will take all reasonable actions to cause S&P and Mxxxx’x to rate the Borrower’s non-credit enhanced, long-term senior unsecured Indebtedness at all times.
Senior Unsecured Debt Rating. Receipt by the Administrative Agent of evidence that the Borrower’s senior unsecured long term non-credit enhanced debt is rated AAA (with a stable outlook) by S&P and Aaa (with a stable outlook) from Mxxxx’x.
Senior Unsecured Debt Rating. The Canadian Borrower will maintain at all times a senior unsecured debt rating with Dominion Bond Rating Services Limited and/or Xxxxx’x Investor’s Services Inc. and/or Standard & Poor’s Corp. and such debt ratings are to be updated annually.
Senior Unsecured Debt Rating. The Applicable Margin provided for in Section 4.1(a) with respect to the Loans (the "Applicable Margin") shall (i) on the Closing Date equal the percentages set forth in the certificate delivered pursuant to Section 5.2(d)(iv) and (ii) for each fiscal quarter thereafter be determined by reference to the Senior Unsecured Debt Rating announced by Standard & Poor's or Xxxxx'x, as applicable, as follows: Senior Unsecured Applicable Margin Per Annum Level Debt Ratings Base Rate+ LIBOR Rate + ----- ------------ ------------------------- I BBB+ or Baa1 or higher 0.000% 0.850% II BBB or Baa2 0.000% 1.000% III BBB- or Baa3 0.000% 1.150% ; provided that, at all times when the Senior Unsecured Debt Rating is unavailable or is less than Level III set forth above, the Leverage Ratio set forth below shall control. In the event that Cornerstone's Senior Unsecured Debt Ratings, as determined by Xxxxx'x and Standard & Poor's, differ by up to two levels, the lower Senior Unsecured Debt Rating will apply. In the event that Cornerstone's Senior Unsecured Debt Ratings, as determined by Xxxxx'x and Standard & Poor's, differ by more than two levels, the Leverage Ratio set forth below shall control. Adjustments, if any, in the Applicable Margin shall be made by the Agent three (3) Business Days after the Agent has received written notice from Cornerstone of a change in the Senior Unsecured Debt Rating. In the event Cornerstone fails to notify the Agent of a change in the Senior Unsecured Debt Rating within the time required by Section 7.4 hereof, the Applicable Margin until the delivery of such notice shall be the Applicable Margin as determined pursuant to the Leverage Ratio set forth below. In the event that the above-referenced rating designations are replaced by Standard & Poor's or Xxxxx'x, as applicable, the equivalent replacement rating designation shall be deemed automatically substituted therefor.
Senior Unsecured Debt Rating. 60 5.1.21. Minimum EBITDA ................................................. 60 5.1.22. Maximum Senior Leverage Ratio. ................................. 60 5.1.23. Required Consents and Approvals ................................ 60 5.2. All Credit Extensions .................................................. 60 5.2.1. Compliance with Warranties, No Default, etc. .................... 60 5.2.2. Credit Extension Request, etc. .................................. 61 5.2.3. Satisfactory Legal Form ......................................... 61
Senior Unsecured Debt Rating. The Agents shall have received evidence satisfactory to each of them that the Senior Unsecured Debt Rating of the Borrower is at least (a) BB+ (stable outlook) as rated by S&P and (b) Ba1 (stable outlook) as rated by Moodx'x.
Senior Unsecured Debt Rating. The Borrower will take all reasonable actions to cause S&P and Moodx'x xx issue a Senior Unsecured Debt Rating at all times.
Senior Unsecured Debt Rating. Kingsway shall maintain at all times a senior unsecured debt rating with Xxxxx'x or Standard & Poor's debt rating services to be updated annually.
Senior Unsecured Debt Rating. The Applicable Margin provided for in Section 4.1(a) with respect to the Loans (the "Applicable Margin") shall (i) on the Closing Date equal the percentages set forth in the certificate delivered pursuant to Section 5.2(d)(iv) and (ii) for each fiscal quarter thereafter be determined by reference to the Senior Unsecured Debt Rating announced by Standard & Poor's or Moody's, as applicable, as follows: Senior Unsecured Applicable Margin Per Annum Level Debt Rating Base Rate + LIBOR Rate + ----- ----------- --------------------------------- I BBB-/Baa3 0.000% 1.200% II BBB/Baa2 or higher 0.000% 1.100% ; provided that, at all times when the Senior Unsecured Debt Rating is unavailable or is less than Investment Grade the Leverage Ratio set forth below shall control. In the event that Cornerstone's Senior Unsecured Debt Rating, as determined by Moody's and Standard & Poor's, is Investment Grade according to xxx xxxing agency but is not according to the other rating agency, then the Leverage Ratio set forth below shall control. In the event that 25
