Level II Status definition

Level II Status exists at any date if, on such date, (i) the Borrower has not qualified for Level I Status and (ii) the Borrower's Xxxxx'x Rating is Baa1 or better or the Borrower's S&P Rating is BBB+ or better.

Level II Status means, on any date, the circumstance that Level I Status does not exist and the Consolidated Total Debt to Consolidated EBITDA Ratio is greater than or equal to 4.50 to 1.00 as of such date.

Level II Status exists at any date if, as of the last day of the fiscal quarter of the Borrower referred to in the most recent Financials, (i) the Borrower has not qualified for Level I Status and (ii) the Leverage Ratio is less than 2.00 to 1.00.

Examples of Level II Status in a sentence

• If the Borrower is split-rated and the ratings differential is one notch, the higher of the two ratings will apply (e.g., A-/Baa1 results in Level I Status and BBB/Baa3 results in Level II Status).

• Th e granti ng of Level II Status indicates an intent on the part of the employer of continued employment within a conf erence or aca demy.

• Until the Commitment (or outstanding borrowings under the term loan, if applicable) under the Credit Facility is permanently reduced to an amount not exceeding 50% of the original Commitment under the Credit Facility, Level II Status shall apply at any time that the Borrower's senior unsecured long-term debt maintains any of the Moody's or Standard & Poor's ratings set out in Level I Status through Level II Status above.

• The superintendent of schools, in counsel with the principal and local school board, shall recommend return to Level II Status or non-renewal of contract.

• Hold denominational Level II Status for a minimum of three years.

More Definitions of Level II Status

Level II Status exists at any date if, as of the last day of the fiscal quarter of the US-Borrower referred to in the most recent Financials, (i) the US-Borrower has not qualified for Level I Status and (ii) the Leverage Ratio is less than or equal to 1.5 or 1.00.

Level II Status means Level I Status does not exist, but, subject to the provisions of Schedule 1, the Borrower’s S&P Rating is AA- or higher and its Xxxxx’x Rating is Aa3 or higher.

Level II Status exists on any date if, at such date, (i) the Company’s outstanding senior unsecured long-term debt is rated A or an equivalent rating or higher by S&P or A2 or an equivalent rating or higher by Moody’s and (ii) Level I Status does not exist on such date.

Level II Status exists at any date if, at such date, Level I Status does not exist and the Borrower has a long-term senior unsecured debt rating of BBB+ or better by S&P or Baa1 or better by Moody’s.

Level II Status exists at any date if, at such date, the Leverage Ratio is greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00;

Level II Status exists at any date after the Separation if, at such date, (i) the Borrower's outstanding senior unsecured long-term debt securities are rated A or higher by S&P or A2 or higher by Moody's and (ii) Level I Status does not exist.

Level II Status means, on any date, the circumstance that the Consolidated First Lien Secured Debt to Consolidated EBITDA Ratio is less than or equal to 4.25 to 1.00 as of such date.