Level III Status definition

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.

Level III 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 or Level II Status and (ii) the Leverage Ratio is less than 2.50 to 1.00.

Level III Status means neither Level I Status nor Level II Status exists, but, subject to the provisions of Schedule 1, the Borrower’s S&P Rating is A+ or higher and its Xxxxx’x Rating is A1 or higher.

Examples of Level III Status in a sentence

• From (i) the date that the Acquisition Agreement is executed and delivered by all parties thereto or (ii) the date that 90% or more of the Shares are purchased pursuant to the Tender Offer, whichever first occurs, until the Closing Date, Level III 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 III Status above.

• Notwithstanding anything to the contrary contained herein, the Borrower's Status as of the date of this Agreement shall be deemed to be Level III Status, and the Applicable Margin and facility fee rate shall not be less than the respective percentages shown below for Level III Status during the first three months following the Closing Date; thereafter the Applicable Margin and facility fee rate will be adjusted as provided herein.

• The Company shall pay to the Agent for the account of each Bank a facility fee on the entire portion of such Bank’s Commitment (whether utilized or unutilized), computed on a quarterly basis in arrears on the last Business Day of each calendar quarter, equal to (i) 0.060% per annum if Level I Status exists, (ii) 0.070% per annum if Level II Status exists, (iii) 0.080% per annum if Level III Status exists, (iv) 0.100% per annum if Level IV Status exists and (v) 0.125% per annum if Level V Status exists.

• To be eligible for Level III Status the following criteria must be met in addition to the basic conditions for employment (Section 4006).

• The granting of Level III Status indicates an intent on the part of the employer of cont inuing employment wi thin a confer ence or acade my.

More Definitions of Level III Status

Level III Status means, on any date, the circumstance that neither Level I Status nor Level II Status exists and the Consolidated Total Debt to Consolidated EBITDA Ratio is greater than or equal to 4.00 to 1.00 as of such date.

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

Level III Status means, on any date, the circumstance that the Consolidated Total Debt to Consolidated EBITDA Ratio is less than or equal to 5.00 to 1.00 as of such date.

Level III Status exists at any date if, on such date, (i) the Company has not qualified for Level I or II Status and (ii) the Company’s Applicable Xxxxx’x Rating is B1 or better and the Company’s Applicable S&P Rating is B+ or better.

Level III Status exists at any date if, at such date, the Leverage Ratio is greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00;

Level III Status exists at any date if, at such date, the Index Debt is rated either BBB by S&P or Baa2 by Xxxxx’x.

Level III Status exists at any date if at such date the Borrower is at Level III in the chart appearing in the definition of Applicable Margin as a result of its Debt Ratings as determined in accordance with such definition.