Level V definition

Level V the respective Level set forth below: Level I A- or higher A3 or higher Level II BBB+ Baa1 Level III BBB Baa2 Level IV BBB- Baa3 Level V BB+ or lower Ba1 or lower provided that if on any day the Applicable ▇▇▇▇▇’▇ Rating and the Applicable S&P Rating do not coincide for any rating category and the Level differential is (x) one level, then the higher of the Applicable S&P Rating or the Applicable ▇▇▇▇▇’▇ Rating will be the applicable Level; (y) two levels, the Level at the midpoint will be the applicable Level; and (z) more than two levels, the highest of the intermediate Levels will be the applicable Level; provided further that if on any day, neither the Applicable ▇▇▇▇▇’▇ Rating nor the Applicable S&P Rating is available, the applicable Level shall be Level V.

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Level V the respective Level set forth below: Level I BBB+ or higher Baa1 or higher Level II BBB Baa2 Level III BBB- Baa3 ▇▇▇▇▇ ▇▇ ▇▇+ ▇▇▇ ▇▇▇▇▇ ▇ ▇▇ or lower Ba2 or lower provided that if on any day the Applicable ▇▇▇▇▇’▇ Rating and the Applicable S&P Rating do not coincide for any rating category and the Level differential is (x) one level, then the higher of the Applicable S&P Rating or the Applicable ▇▇▇▇▇’▇ Rating will be the applicable Level; (y) two levels, the Level at the midpoint will be the applicable Level; and (z) more than two levels, the higher of the intermediate Levels will be the applicable Level.

Level V shall exist at any time the Leverage Ratio is equal to or less than 2.00:1.

Examples of Level V in a sentence

• If after a reasonable time (not to exceed 90 days) the parties cannot agree to a mutually acceptable amendment, the Applicable Margin and the Applicable Percentage shall be determined by reference to Level V.

• For example, a Resident Physician who completes three (3) years of a regular five (5) year residency program before entering the CIP would be paid at Pay Level IV during the first year of the CIP and Pay Level V in the second year.

• A unit member may be self-represented or have a representative of the unit member’s own choice at all formal levels of the grievance procedure below Level V.

• If the Borrower is not rated by ▇▇▇▇▇’▇, S&P or Fitch, then the rate shall be established by reference to Level V.

• The unit member and the Federation may invoke the provisions for binding arbitration given in Article XIV, Grievance Procedure (Level V).

More Definitions of Level V

Level V has the meaning specified in Section 2.09(a)(ii).

Level V shall exist at any time (a) the Applicable Credit Rating of S&P is equal to or greater than BBB or the Applicable Credit Rating of ▇▇▇▇▇'▇ is equal to or greater than Baa2 and (b) Levels I, II, III and IV do not exist.

Level V means that neither Level I, Level II, Level III nor Level IV shall apply, and the Credit Ratings are better than or equal to at least two (2) of the following three (3): (i) BBB by S&P, (ii) Baa2 by ▇▇▇▇▇’▇ and (iii) BBB by Fitch; and

Level V any of the following long-term senior unsecured debt ratings: BB+ or lower (or unrated) by S&P, Ba1 or lower (or unrated) by Moody's, BB+ or lower (or unrated) by D&P or BB+ or lower (or unrated) by Fitch.

Level V shall exist at any time the Total Leverage Ratio is greater than or equal to 4.50:1.0.

Level V shall exist at any time the Leverage Ratio is less than 4.0:1.0 but greater than or equal to 3.50:1.0.

Level V shall exist at any time, (i) Levels I, II, III and IV do not apply and (ii) the S&P Rating is BB+ or the ▇▇▇▇▇’▇ Rating is Ba1.