Level III Rating definition

Level III Rating means, for the applicable rating agency: the Borrower’s Xxxxx’x Rating is Baa2 or better; Borrower’s S&P Rating is BBB or better.
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Level III Rating means at any time at which the Company does not have either a Level I Rating or a Level II Rating, either
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Level III 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 A+ from S&P or at least A1 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 A+ from S&P or at least A1 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-2 from S&P or P-2 from Moody's."
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Examples of Level III 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 III Rating

Level III Rating means, with respect to any Borrower, (i) if S&P and/or Moody's has assigned a rating to the senior unsecured long-term debt of such Borrower, then a rating of at least A+ from S&P or at least A1 from Moody's, or (ii) if neither S&P nor Moody's has assigned a rating to the senior unsecured long-term debt of such Borrower, then public commercial paper ratings of A-2 from S&P or P-2 from Moody's.
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Level III 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 or P1 in the case of Xxxxx'x.
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Level III Rating means the rating established by each Rating Agency as being one rating level immediately below the Level IV Rating, it being understood that as of the date of this Agreement the "Level III Rating" of S&P is BB+ and the "Level III Rating" of Xxxxx'x is Ba1.
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Level III Rating means, for the applicable rating agency: the Borrower’s Moody’s Rating is Baa2 or better; the Borrower’s Fitch Rating is BBB or better; Borrower’s S&P Rating is BBB or better.
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Level III Rating means, on any date, Borrower has not qualified for Level I Status or Level II Status.
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Level III Rating means a senior unsecured long-term debt rating of at least AA- from S&P, or an Equivalent Rating.
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Related to Level III Rating

  • S&P Rating means, at any time, the rating issued by S&P and then in effect with respect to the Borrower’s senior unsecured long-term public debt securities without third-party credit enhancement (it being understood that if the Borrower does not have any outstanding debt securities of the type described above but has an indicative rating from S&P for debt securities of such type, then such indicative rating shall be used for determining the “S&P Rating”).

  • Level III means a level of detail in the CPM Schedule which is an implementation (control) schedule used to direct the Work by providing schedule parameters to the more detailed implementation level, identify and resolve schedule problems, status progress in terms of Milestones, measure the impact of scope changes and delays, develop recovery plans, and support schedule-related contractual action. The work breakdown structure in the Level III CPM Schedule is at an area level, and shall involve over two thousand (2,000) activities. The Level III CPM Schedule is developed with the assistance of and accepted by Contractor’s Key Personnel. All Major Equipment (including bulk material requirements) are scheduled at area level and detailed construction activities at each commodity level follow the same area concept. The Subcontract schedules are similarly developed for each area, as applicable.

  • Debt Rating has the meaning specified in the definition of “Applicable Rate.”

  • Moody’s Rating means, at any time, the rating issued by Moody's and xxxx xx effect with respect to the Borrower's senior unsexxxxx xong-term debt securities without third-party credit enhancement.

  • Pricing Level III shall exist on an Adjustment Date if the Consolidated Leverage Ratio for the relevant period is less than 3.00 to 1.00 but greater than or equal to 2.50 to 1.00.

  • Index Debt Rating means the S&P Rating, the Xxxxx’x Rating and the Fitch Rating.

  • Level IV shall exist at any time the Total Leverage Ratio is greater than or equal to 4.00:1.0 but less than 4.50:1.0.

  • Xxxxx’x Rating means, at any time, the rating issued by Xxxxx’x and then in effect with respect to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement.

  • Pricing Level IV means any time when (i) no Event of Default has occurred and is continuing, (ii) the Senior Debt Rating is BBB- or higher by S&P or Baa3 or higher by Moody’s and (iii) Pricing Levels I, II and III do not apply.

  • Mxxxx’x Rating means, with respect to a Reference Obligation, as of any date of determination:

  • Pricing Level II shall exist on an Adjustment Date if the Consolidated Leverage Ratio for the relevant period is less than 3.50 to 1.00 but greater than or equal to 3.00 to 1.00.

  • Level II means a component of the federal PASRR requirement. Level II refers to the evaluation and determination of whether nursing facility services and specialized services are needed for individuals with mental illness or developmental disability who are potential nursing facility admissions, regardless of the source of payment for the nursing facility service (42 CFR 483.128(a)). Level II evaluations include assessment of the individual’s physical, mental, and functional status (42 CFR 483.132).

  • Pricing Level I shall exist on an Adjustment Date if the Consolidated Leverage Ratio for the relevant period is greater than or equal to 3.50 to 1.00.

  • Level I means a component of the federal PASRR requirement. Level I refers to the identification of individuals who are potential nursing facility admissions who have indicators of mental illness or developmental disabilities (42 CFR 483.128(a)).

  • Risk Rating means, with respect to any Loan at any time, if such Loan is at such time (i) rated by both S&P and Moody’s, the lower of such ratings, (ii) rated by either S&P or Moody’s, such rating or (iii) not rated by either S&P or Moody’s, the rating determined by the Servicer’s risk rating model.

  • Highest Rating Category means, with respect to an Eligible Investment, that the Eligible Investment is rated by S&P or Moody’s in the highest rating given by that rating agency for that general category of security. By way of example, the Highest Rating Category for tax-exempt municipal debt established by S&P is “A-1+” for debt with a term of one year or less and “AAA” for a term greater than one year, with corresponding ratings by Moody’s of “MIG-1” (for fixed rate) or “VMIG-1” (for variable rate) for three months or less and “Aaa” for greater than three months. If at any time (a) the Bonds are not rated, (b) both S&P and Moody’s rate an Eligible Investment and (c) one of those ratings is below the Highest Rating Category, then such Eligible Investment will, nevertheless, be deemed to be rated in the Highest Rating Category if the lower rating is no more than one rating category below the highest rating category of that rating agency. For example, an Investment rated “AAA” by S&P and “Aa3” by Xxxxx’x is rated in the Highest Rating Category. If, however, the lower rating is more than one full rating category below the Highest Rating Category of that rating agency, then the Eligible Investment will be deemed to be rated below the Highest Rating Category. For example, an Eligible Investment rated “AAA” by S&P and “A1” by Xxxxx’x is not rated in the Highest Rating Category.

  • Debt Ratings has the meaning set forth in the definition of “Applicable Rate.”

  • Applicable Rating Level at any time and for any Borrower shall be determined in accordance with the then-applicable S&P Rating and the then-applicable Xxxxx’x Rating for such Borrower as follows: S&P Rating/Xxxxx’x Rating Applicable Rating Level S&P Rating A or higher or Xxxxx’x Rating A2 or higher 1 S&P Rating A- or higher or Xxxxx’x Rating A3 or higher 2 S&P Rating BBB+ or Xxxxx’x Rating Baa1 3 S&P Rating BBB or Xxxxx’x Rating Baa2 4 S&P Rating BBB- or Xxxxx’x Rating Baa3 5 S&P Rating BB+ or below or Xxxxx’x Rating Ba1 or below, or no S&P Rating or Xxxxx’x Rating 6 The Applicable Rating Level for any Borrower and for any day shall be determined based upon the higher of the S&P Rating and the Xxxxx’x Rating for such Borrower in effect on such day. If the S&P Rating and the Xxxxx’x Rating are not the same (i.e., a “split rating”), the higher of such ratings shall control, unless (i) the ratings differ by more than one level, in which case the rating one level below the higher of the two ratings shall control, or (ii) either rating is below BBB- or Baa3 (as applicable), in which case the lower of the two ratings shall control.

  • Pricing Level V any time when (i) the senior unsecured long term debt rating of the Borrower by (x) S&P is BBB‑ or higher or (y) Xxxxx’x is Baa3 or higher and (ii) none of Pricing Level I, Pricing Level II, Pricing Level III or Pricing Level IV applies.

  • Initial Rating With respect to the Secured Notes, the rating or ratings, if any, indicated in Section 2.3.

  • Threshold Rating means the short-term unsecured debt rating of P-1 by Moody’s and the short-term issuer credit rating of A-1 by Standard & Poor’s.

  • Pricing Level refers to the determination of which of Level I, Level II, Level III, Level IV, Level V or Level VI applies at any date.

  • Level III Status exists at any date if, on such date, (i) the Borrower has not qualified for Level I Status or Level II Status and (ii) the Borrower's Xxxxx'x Rating is Baa2 or better or the Borrower's S&P Rating is BBB or better.

  • Moody’s means Xxxxx’x Investors Service, Inc. and any successor thereto.

  • Level III Pricing applies on any day on which (i) the Borrower’s long-term debt is rated A- or higher by S&P or A3 or higher by Moody’s and (ii) neither Level I Pricing nor Level II Pricing applies.

  • Credit Rating means the rating assigned by a Rating Agency to the senior unsecured long term Indebtedness of a Person.