Level II Rating definition

Level II Rating means, for the applicable rating agency: the Borrower’s Xxxxx’x Rating is Baa1 or better; Borrower’s S&P Rating is BBB+ or better.

Level II Rating means at any time at which the Company does not have a Level I Rating, either (a) there exists a Company Rating by Standard & Poor's which is equal to BBB+ or (b) there exists a Company Rating by Moody's which is equal to Baal. For purposes of this definition, the Company shall be deemed not to have a Level II Rating (x) if each Company Rating which would otherwise qualify as a Level II Rating has been stated by the relevant rating agency to be under review for possible downgrading as a result of a specific or proposed action by the Company, in which case the Company shall be deemed to have a Level III Rating, or (y) if no Company Rating exists.

Level II Rating means, for the applicable rating agency: the Borrower’s Moody’s Rating is Baa1 or better; Borrower’s S&P Rating is BBB+ or better. “Level III Rating” means, for the applicable rating agency: the Borrower’s Moody’s Rating is Baa2 or better; Borrower’s S&P Rating is BBB or better. “Level IV Rating” means, for the applicable rating agency: the Borrower’s Moody’s Rating is Baa3 or better; Borrower’s S&P Rating is BBB- or better.

Examples of Level II Rating in a sentence

• The Company shall pay to the Agent for ------------ the account of the Banks ratably a facility fee at the rate of (i) for any day on which the Company has a Level I Rating, .035 of 1% per annum, (ii) for any day on which the Company has a Level II Rating, .050 of 1% per annum, (iii) for any day on which the Company has a Level III Rating, .070 of 1% per annum and (iv) for any day on which the Company has a Level IV Rating, .100 of 1% per annum.

• Xxxxxxxxxx Title: Vice President SCHEDULE I FACILITY FEE AND APPLICABLE MARGIN *RATING LEVELS Rating Level Level I Rating Level Level II Rating Level Level III Rating Level Level IV Rating Level Level V If the Borrower’s senior unsecured long- term debt is rated A+ or higher by S&P or A1 or higher by Xxxxx’x.

• SCHEDULE I FACILITY FEE AND APPLICABLE MARGIN Rating Level Level I Rating Level Level II Rating Level Level III Rating Level Level IV Rating Level Level V *RATING LEVELS If the Borrower’s senior unsecured long-term debt is rated A+ or higher by S&P or A1 or higher by Xxxxx’x.

More Definitions of Level II Rating

Level II Rating means, with respect to any Borrower, (a) with respect to the 364-Day Revolver, a senior unsecured long-term debt rating of at least AA- from S&P or at least Aa3 from Moody's, and (b) with respect to the Multi-Year Revolver, (i) xx X&X and/or Moody's has assigned a rating to the senior unsecured long-terx xxxx of such Borrower, then a rating of at least AA- from S&P or at least Aa3 from Moody's, or (ii) if neither S&P nor Moody's has assigned a ratxxx xx the senior unsecured long-terx xxxx of such Borrower, then public commercial paper ratings of A-1 from S&P or P-1 from Moody's."

Level II Rating means, with respect to any Borrower, (i) if S&P and /or Xxxxx'x has assigned a rating to the senior unsecured long-term debt of such Borrower, then a rating of at least AA- from S&P or at least Aa3 from Xxxxx'x, or (ii) if neither S&P nor Xxxxx'x has assigned a rating to the senior unsecured long-term debt of such Borrower, then public commercial paper ratings of A-1 from S&P or P-1 from Moody's.

Level II Rating means, with respect to the rating of short-term unsecured debt securities by S&P and/or Xxxxx'x, at least Al in the case of S&P and P1 in the case of Xxxxx'x.

Level II Rating means, with respect to the rating of commercial paper notes by S&P and Xxxxx'x, Al (or higher) in the case of S&P and P1 in the case of Xxxxx'x.

Level II Rating means the rating established by each Rating Agency as being one rating level immediately below the Level III Rating, it being understood that as of the date of this Agreement the "Level II Rating" of S&P is BB and the "Level II Rating" of Xxxxx'x is Ba2.

Level II Rating means, on any date, (i) Borrower has not qualified for Level I Status and (ii) Borrower’s Mxxxx’x Rating is Baa3, Borrower’s S&P Rating is BBB- or Borrower’s Fitch Rating is BBB-.

Level II Rating means a senior unsecured long-term debt rating of at least AA+ from S&P, or an Equivalent Rating.