Numerical Equivalent definition

Numerical Equivalent means, with respect to any rating set forth below, the number set forth opposite such rating and (b) "Average Numerical Equivalent" shall mean, at any time, the sum of the respective Numerical Equivalents of the two ratings then in effect divided by 2, ---------- and rounded down, if necessary, to the nearest whole number. In the event that any rating lower than the ratings set forth below shall apply, an appropriate Numerical Equivalent shall be assigned to such rating. =========================================== S&P ▇▇▇▇▇'▇ Numerical Rating Rating Equivalent ------------------------------------------- AAA Aaa 1 ------------------------------------------- AA+ Aa1 2 ------------------------------------------- AA Aa2 3 ------------------------------------------- AA- Aa3 4 ------------------------------------------- A+ A1 5 ------------------------------------------- A A2 6 ------------------------------------------- A- A3 7 ------------------------------------------- BBB+ Baa1 8 ------------------------------------------- BBB Baa2 9 =========================================== In the event that, on the date hereof, the rating of the Index Debt by either rating agency shall have been announced as being on "CreditWatch" or otherwise under review (a "Reviewed Rating"), the Applicable Rate shall be determined by reference to Level III until each such Reviewed Rating is either confirmed or changed, and thereafter shall be determined in accordance with the other provisions of this definition. If the rating system of either ▇▇▇▇▇'▇ or S&P shall change prior to the Maturity Date, or if either such rating agency shall cease to be in the business of rating corporate debt obligations or shall no longer have in effect a rating for any reason outside the control of JCPenney and Funding, the Borrowers and the Lenders shall negotiate in good faith to amend the references to specific ratings in this definition to reflect such changed rating system or the absence of such a rating. Pending agreement on any such amendment, (i) if the rating system of one such rating agency shall remain unchanged, or if a rating shall be available from one such rating agency, the Applicable Rate shall be determined by reference to the rating established by such rating agency, and (ii) if no rating for the Index Debt shall be available from either rating agency then (A) for 60 days, the Applicable Rate shall be determined by reference to the rating or ratings most recently available, (B) after 6...
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Related to Numerical Equivalent

  • Spousal equivalent means a cohabitant occupying a relationship generally equivalent to that of a spouse.

  • Dose equivalent (HT) means the product of the absorbed dose in tissue, quality factor, and all other necessary modifying factors at the location of interest. The units of dose equivalent are the sievert (Sv) and rem.

  • Actual Deferral Percentage means, for a specified group of Participants for a Plan Year, the average of the ratios (calculated separately for each Participant in the group) of (1) the amount of Employer contributions actually paid over to the Trust on behalf of the Participant for the Plan Year to (2) the Participant's Earnings for the Plan Year (or, provided that the Employer applies this method to all Employees for a Plan Year, the Participant's Earnings for that portion of the Plan Year during which he was eligible to participate in the Plan). Employer contributions on behalf of any Participant shall include: (i) his Elective Deferrals, including Excess Elective Deferrals of Highly Compensated Employees, but excluding (A) Excess Elective Deferrals of Non-Highly Compensated Employees that arise solely from Elective Deferrals made under the Plan or another plan maintained by an Affiliated Employer, and (B) Elective Deferrals that are taken into account in the Average Contribution Percentage test described in Section 5.10 (provided the ADP test is satisfied both with and without exclusion of these Elective Deferrals), and excluding Elective Deferrals returned to a Participant to reduce an Excess Amount as defined in Section 6.5(f); and (ii) if the Employer has elected to make Qualified Nonelective Contributions, such amount of Qualified Nonelective Contributions, if any, as shall be necessary to enable the Plan to satisfy the ADP test and not used to satisfy the ACP test; and (iii) if the Employer has elected to make Qualified Matching Contributions, such amount of Qualified Matching Contributions, if any, as shall be necessary to enable the Plan to satisfy the ADP test and not used to satisfy the ACP test. For purposes of computing Actual Deferral Percentages, an Employee who would be a Participant but for his failure to make Elective Deferrals shall be treated as a Participant on whose behalf no Elective Deferrals are made.

  • Committed dose equivalent (HT,50) means the dose equivalent to organs or tissues of reference (T) that will be received from an intake of radioactive material by an individual during the 50-year period following the intake.

  • Total effective dose equivalent (TEDE) means the sum of the deep dose equivalent for external exposures and the committed effective dose equivalent for internal exposures.