Level III Period definition

Level III Period means any period (other than a Level I Period or a Level II Period) during which any long-term Senior Unsecured Debt of the Borrower has ratings which are better than or equal to at least two of the following three ratings: (i) BBB+ by S&P and/or (ii) Baa1 by Moodx'x xxx/or (iii) BBB+ by Fitch; provided that if S&P or Moodx'x xx Fitch changes its rating system after the date hereof, the new rating of such agency that most closely corresponds to the level specified above for such rating agency shall be substituted for such level.

Level III Period means any period that is not a Level I Period or a Level II Period during which the Debt Rating is A- or higher by S&P or A3 or higher by Moody's.

Level III Period means a period during which the ratio of Total Liabilities to the sum of Gross Asset Values for Borrower and each of its Subsidiaries shall equal or exceed 0.60:1.

Examples of Level III Period in a sentence

• The technical parameters will carry a 70% weightage while the commercials will carry a 30% weightage.

• The Borrower shall pay to the Agent for the account of the Banks, ratably in proportion to their Commitments, a facility fee at the rate of (i) 0.100% per annum during each Level I Period, (ii) 0.110% per annum during each Level II Period, (iii) 0.150% per annum during each Level III Period, (iv) 0.175% per annum during each Level IV Period, (v) 0.250% per annum during each Level V Period, (vi) 0.375% during each Level VI Period and (vii) 0.500% during each Level VII Period.

• Over the years numerous projects have been developed, and several contracts and research agreements with private companies and with public entities have been financed.

• Notwithstanding the foregoing, on any day during the period prior to the Reporting Date occurring with respect to the quarter ended September 30, 1999, the Applicable Commitment Fee Rate shall be the percentage set forth in the definition of Applicable Commitment Fee Rate opposite the designation "Level III Period".

• The Borrower shall pay to the Agent for the account of the Banks, ratably in proportion to their Commitments, a facility fee at the rate of (i) 0.080% per annum during each Level I Period, (ii) 0.090% per annum during each Level II Period, (iii) 0.125% per annum during each Level III Period, (iv) 0.150% per annum during each Level IV Period, (v) 0.200% per annum during each Level V Period, (vi) 0.300% during each Level VI Period and (vii) 0.500% during each Level VII Period.

More Definitions of Level III Period

Level III Period means any period, other than a Level I Period or a Level II Period, during which (a) no Event of Default has occurred and is continuing and (b) the Standard & Poor's Rating is at or above BBB (or any successor rating) or the Moody's Rating is at or above Baa2 (or any successor rating).

Level III Period any period which the publicly announced ratings by S&P and Moody's of the then current senior unsecured, non-credit enhanced, long-term Indebtedness of the Company that has been publicly issued are BBB- and Baa3, respectively.

Level III Period has the meaning set forth in Section 1.04.

Level III Period means any period, other than a Level I Period or a Level II Period, during which (a) no Event of Default shall have occurred and be continuing and (b) the Leverage Ratio is greater than or equal to 2.75 to 1 but less than 3.25 to 1; "Level IV Period" shall mean any period, other than a Level I Period, a Level II Period or a Level III Period during which (a) no Event of Default shall have occurred and be continuing and (b) the Leverage Ratio is greater than or equal to 3.25 to 1 but less than 3.75 to 1; "Level V Period" shall mean any period, other than a Level I Period, a Level II Period, a Level III Period or Level IV Period during which (a) no Event of Default shall have occurred and be continuing and (b) the Leverage Ratio is greater than or equal to 3.75 to 1 but less than 4.25 to 1; "Level VI Period" shall mean any period that is not a Level I Period, a Level II Period, a Level III Period, a Level IV Period or a Level V Period during which (a) no Event of Default shall have occurred and be continuing and (b) the Leverage Ratio is greater than or equal to 4.25 to 1 but less than 4.75; and "Level VII Period" shall mean any period that is not a Level I Period, a Level II Period, a Level III Period, a Level IV Period, a Level V Period or a Level VI Period. Any change in the Applicable Margin for any Type of Loan or any change in the Commitment Fee by reason of a change in the Leverage Ratio shall become effective on the third Business Day following receipt by the Administrative Agent of the financial statements of the Company and its Subsidiaries delivered as required by Sections 8.01(a), (b) or (h) hereof; provided that failure to deliver such financial statements as required by Sections 8.01(a), (b) or (h) hereof shall result in the Applicable Margin and Commitment Fee Rate being at the rates set forth opposite Level VII Period.

Level III Period means any period, other than a Level IV Period, (a) from and including the Business Day immediately following the Business Day on which a senior financial officer of the Company shall have delivered to the Administrative Agent a Compliance Certificate, together with the related financial statements referred to in Section 9.1 hereof, demonstrating in reasonable detail that the Consolidated Debt Coverage Ratio, as of the last day of the fiscal quarter of the Company most recently ended, is greater than or equal to 1.5 to 1.0, to but excluding the next succeeding Reporting Date and (b) during which no Event of Default shall have occurred and be continuing.

Level III Period means any period (other than a Level I Period or a Level II Period) during which any long-term Senior Unsecured Debt of the Borrower has ratings which are better than or equal to at least two of the following three ratings: (i) BBB+ by S&P and/or (ii) Baa1 by Moody’s and/or (iii) BBB+ by Fitch; provided that if S&P or Moody’s or Fitch changes its rating system after the date hereof, the new rating of such agency that most closely corresponds to the level specified above for such rating agency shall be substituted for such level.

Level III Period any period during which the lower of the publicly announced ratings by S&P and Xxxxx'x of the then current senior unsecured, non-credit enhanced, long-term Indebtedness of the Company that has been publicly issued are BB or Ba2, respectively.";