Applicable Debt Rating definition

Applicable Debt Rating means the highest Debt Rating received from any of S&P, Xxxxx’x and Fitch; provided that if the lowest Debt Rating received from any such rating agency is two or more rating levels below the highest Debt Rating received from any such rating agency, the Applicable Debt Rating shall be the level that is one level below the highest of such Debt Ratings; provided, however, that if two ratings are at the same highest level, the Applicable Debt Rating shall be the highest level.

Applicable Debt Rating means the highest Debt Rating received from any of S&P, Moody’s and Fitch; provided that if the lowest Debt Rating received from any such rating agency is two or more rating levels below the highest Debt Rating received from any such rating agency, the Applicable Debt Rating shall be the level that is one level below the highest of such Debt Ratings; provided, however, that if two ratings are at the same highest level, the Applicable Debt Rating shall be the highest level.

Applicable Debt Rating means (i) where the Debt Rating from any two of Standard and Poor’s, Xxxxx’x and Fitch is at the same level, such Debt Rating, and (ii) in the event that each of the Debt Ratings of Standard and Poor’s, Xxxxx’x and Fitch are at different levels, the middle Debt Rating (i.e., the highest and lowest Debt Ratings shall be disregarded).

Examples of Applicable Debt Rating in a sentence

• With respect to any Loans, the Applicable Margin shall be a percentage per annum determined by reference to the Applicable Debt Rating (as such Applicable Debt Rating is determined pursuant to Section 2.3(f)(ii)) in effect on such date as set forth below: Applicable Debt Rating LIBOR AdvanceApplicable Margin Base Rate AdvanceApplicable MarginA.

• BBB+/Baa1/BBB+ 1.000 % 0.000 % Applicable Debt Rating LIBOR Advance and XXXXX Rate Advance Applicable Margin Base Rate Advance Applicable Margin C.

• BB+/Ba1/BB+ 1.500 % 0.500 % Applicable Debt Rating LIBOR Advance Applicable Margin Base Rate Advance Applicable Margin F.

• Asset Coverage Ratio -------------------- The Borrower shall maintain, as of the end of each month, a ratio of Eligible Inventory to Funded Debt of not less than 1.25:1.00; provided, however, the foregoing covenant shall no longer be applicable at such times as Borrower's Applicable Debt Rating shall, for a period of at least 90 consecutive days, have been BBB- or higher from S&P and Baa3 or higher from Moody's.

• Capital Expenditures -------------------- The Borrower shall not make capital expenditures, on a consolidated basis, in any fiscal year in an amount greater than $200,000,000; provided, however, the foregoing covenant shall no longer be applicable at such times as Borrower's Applicable Debt Rating shall, for a period of at least 90 consecutive days, have been BBB- or higher from S&P and Baa3 or higher from Moody.

More Definitions of Applicable Debt Rating

Applicable Debt Rating means at any time the Xxxxx'x Rating and the S&P Rating if equivalent, and the higher of the Xxxxx'x Rating and the S&P Rating if such ratings are not equivalent; provided, that, if the Xxxxx'x Rating and the S&P Rating are not equivalent and one of the two ratings is two or more categories lower than the other, then the rating classification used for the purpose hereof shall be the category next below that of the higher of the two ratings.

Applicable Debt Rating means the lower of the top two Debt Ratings from Standard and Poor’s, Xxxxx’x and Fitch.

Applicable Debt Rating means at any time the Mxxxx’x Rating and the S&P Rating if equivalent, and the higher of the Mxxxx’x Rating and the S&P Rating if such ratings are not equivalent; provided, that, if the Mxxxx’x Rating and the S&P Rating are not equivalent and one of the two ratings is two or more categories lower than the other, then the rating classification used for the purpose hereof shall be the category next below that of the higher of the two ratings.

Applicable Debt Rating means, with respect to any loan facility on any date of determination, the rating assigned to such facility by S&P (or, in the event that such facility is not rated by S&P, the current rating assigned to such facility by Xxxxx’x) as of such date.”

Applicable Debt Rating means, as of the last day of any Fiscal Quarter, the rating assigned by the Rating Agencies to the senior secured bank loan debt of the Borrower without third-party credit enhancement (and any rating assigned to any other debt security of the Borrower shall be disregarded).

Applicable Debt Rating means at any time the Moody'x Xxxxng and the S&P Rating if equivalent, and the lower of the Moody'x Xxxxng and the S&P Rating if such ratings are not equivalent.

Applicable Debt Rating means, on any Rating Availability Date, the Borrower Debt Ratings then in effect; provided that: