Rating Level III has the meaning assigned to that term in Section 1.08.
Rating Level III means a period (other than a Rating Level I or a Rating Level II) during which the long-term senior unsecured debt rating of Borrower is equal to or better than (i) A- by S&P, or (ii) A3 by Xxxxx’x.
Rating Level III means a period (other than a Rating Level I or a Rating Level II) during which the long-term senior unsecured debt rating of the Borrower is equal to or better than (i) A- by S&P, or (ii) A3 by Moody’s; provided that on or after the Second Amendment Effective Date, this term means a period (other than a Rating Level I or a Rating Level II) during which the long-term senior unsecured debt rating of the Borrower is equal to or better than
Examples of Rating Level III in a sentence
Ballistic Rating: Level III, U.L. 752/SPSA, N.I.J. 0108.01/III-A.
At any time the Borrower fails to attain any Rating, Level III shall apply.
If Borrower is split-rated and the ratings differential is one level, the higher of the two ratings will apply (e.g., A+/A2 results in a Rating Level I and BBB+/A3 results in a Rating Level III).
Borrower shall pay to the Administrative Agent, for the account of the Banks ratably in proportion to their Commitments, a facility fee on the daily average aggregate amount of the Commitments (including both the portion thereof that is used and the portion thereof that is unused), at the rate of (i) 0.045% per annum during each Rating Level I, (ii) 0.055% per annum during each Rating Level II and (iii) 0.075% per annum during each Rating Level III.
More Definitions of Rating Level III
Rating Level III exists on any date if, on such date, the Company’s senior unsecured debt is rated BBB+ by S&P and Baa1 by Moody’s; or is rated at this level by one of the rating agencies and no lower than BBB or Baa2 by the other rating agency.
Rating Level III. If the Borrower's "senior debt" is rated equal to BB+ by S&P or Ba1 by Xxxxx'x but less than Rating Level II;
Rating Level III. If the Borrower's senior, secured long-term bank debt is rated equal to or less than BB- by S&P or Ba3 by Moody's. Annexes and Schedules-1 SCHEDULE I Lenders, Commitments and Loan Percentages ------------------------------------------------------------------------------------------------------------- LENDER NAME AND ADDRESS TITLE LOANS LOAN PERCENTAGE ------------------------------------------------------------------------------------------------------------- JPMorgan Chase Bank Administrative Agent $59,375,000.00 25.00% 000 Xxxx Xxxxxx, 00xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Attention: Xxxxx Xxxx Telephone: 000-000-0000 Fax: 000-000-0000 with a copy to JPMorgan Chase Bank 0000 Xxxxxx, 00xx Xxxxx Xxxxxxx, XX 00000 Attention: Xxxxxx Xxxxxxxxx Fax: 000-000-0000 ------------------------------------------------------------------------------------------------------------- Xxxxxxx Xxxxx Credit Partners L.P. Documentation Agent $59,375,000.00 25.00% 00 Xxxxx Xxxxxx Xxx Xxxx, XX 00000 Attention: Xxxxxx Xxxxxxxxxx Telephone: 000-000-0000 Fax: 000-000-0000 ------------------------------------------------------------------------------------------------------------- UBS AG, Stamford Branch Co-Syndication Agent $59,375,000.00 25.00% UBS Warburg LLC 000 Xxxxxxxxxx Xxxx. Stamford, CT 06901 Attention: Xxxxxx Xxxxx Telephone: 000-000-0000 Fax: 000-000-0000 ------------------------------------------------------------------------------------------------------------- Wachovia Bank, National Association Co-Syndication Agent $59,375,000.00 25.00% 0000 Xxxxxx Xxxxx 2255 Houston, Texas 77002 Attention: Xxxxxx Xxxxxxx Telephone: 000-000-0000 Fax: 000-000-0000 ------------------------------------------------------------------------------------------------------------- TOTAL $237,500,000.00 100.00% ------------------------------------------------------------------------------------------------------------- Annexes and Schedules-2 SCHEDULE 5.1 GUARANTEE OBLIGATIONS, CONTINGENT LIABILITIES AND DISPOSITIONS
Rating Level III means an Applicable Rate Rating of BBB- or higher by S&P and Baa3 or higher by Xxxxx'x and neither Rating Level I nor Rating Level II applies.
Rating Level III means a Debt Rating below BBB by S&P or Baa3 by Moody's.
Rating Level III means an Applicable Rate Rating of BBB- or higher by S&P and Baa3 or higher by Moody's and neither Rating Level I nor Rating Level II applies.
Rating Level III means any period which is not a Rating Level I or a Rating Level II. The credit ratings to be used for purposes of this Section 1.05 are those assigned to the long-term senior unsecured debt of Borrower without third-party credit enhancement. Any rating assigned to any other debt of Borrower shall be disregarded. The rating in effect at any date is that in effect at the close of business on such date. If Borrower is split-rated and the ratings differential is one level, the higher of the two ratings will apply (e.g., A-/Baal results in a Rating Level I and BBB/Baal results in a Rating Level II). If Borrower is split-rated and the ratings differential is more than one level, the rating one level below the higher of the two ratings shall be used (e.g., A-/Baa2 results in a Rating Level II). If, however, at any date Borrower’s long-term senior unsecured debt is not rated by both S&P and Moody’s, then a Rating Level III shall apply; provided, however, if a rating by either Moody’s or S&P is unavailable because Moody’s or S&P has ceased to be in the business of providing ratings, or no longer provides ratings of companies similar to the Borrower, the rating level of the remaining rating agency shall apply.