Rating Level V has the meaning assigned to that term in Section 1.08.
Rating Level V means an Applicable Rate Rating of BB+ or lower by S&P and Ba1 or lower by Moody's and none of Rating Level I, Rating Level II, Rating Level IIX, xx Xating Level IV apply.
Rating Level V means any period which is not a Rating Level I, a Rating Level II, a Rating Level III, or a Rating Level IV. The credit ratings to be used for purposes of this Section 1.08 are those assigned to the long-term senior unsecured debt of the Borrower without third-party credit enhancement. Any rating assigned to any other debt of the Borrower shall be disregarded. The rating in effect at any date is that in effect at the close of business on such date. If the 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). If the 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+/A3 results in a Rating Level II). If, however, at any date the Borrower’s long-term senior unsecured debt is not rated by both S&P and Moody’s, then a Rating Level V 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.
Examples of Rating Level V in a sentence
Except under the circumstances described in clause (iii) below, if at any time Harley has no Xxxxx’x Rating, no S&P Rating and no Fitch Rating, Level V Status shall exist with respect to Loans to Harley.
Except under the circumstances described in clause (iii) below, if at any time none of the Fincos has a Xxxxx’x Rating, S&P Rating or Fitch Rating, Level V Status shall exist with respect to Loans to any Borrower other than Harley.
If at any time the Borrower has no Xxxxx'x Rating or no S&P Rating, Level V Status shall exist.
If at any time the Borrower has no Xxxxx’x Rating and no S&P Rating, Level V Status shall exist.
If at any time the Borrower has no Xxxxx’x Rating or no S&P Rating, Level V Status shall exist.
More Definitions of Rating Level V
Rating Level V exists on any date if, on such date the Company’s senior unsecured debt is rated BBB- or lower by S&P and Baa3 or lower by Moody’s, only one rating agency (S&P or Moody’s) provides a long-term debt rating for the Company, or neither S&P nor Moody’s provides a long-term debt rating for the Company.
Rating Level V means any period which is not a Rating Level I, a Rating Level II, a Rating Level III, or a Rating Level IV; provided that on or after the Second Amendment Effective Date, this term means a period (other than a Rating Level I, a Rating Level II, a Rating Level III or a Rating Level IV) during which the long-term senior unsecured debt rating of the Borrower is equal to or better than (i) BB+ by S&P, or (ii) Ba1 by Moody’s.
Rating Level V means any period which is not a Rating Level I, a Rating Level II, a Rating Level III, or a Rating Level IV.
Rating Level V means any period which is not a Rating Level I, a Rating Level II, a Rating Level III, or a Rating Level IV. The credit ratings to be used for purposes of this Section 1.08 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.
Rating Level V means an Applicable Rate Rating of BB+ or lower by S&P and Ba1 or lower by Moody's and none of Rating Level I, Rating Level II, Rating Level III, or Rating Level IV apply.
Rating Level V. If the Borrower's "senior debt" is rated equal to or less than BB- by S&P or Ba3 by Xxxxx'x. ** For purposes of determining the Applicable Margin for any Revolving Credit Eurodollar Loan the Rating Level shall be determined as of the first day of the applicable Interest Period for such Loan. *** For purposes of determining the Applicable Margin for the Commitment Fee, the Rating Level for each calendar quarter shall be determined as of the first day of such quarter. **** The ratings referred to in each Rating Level indicate the ratings applicable to the Borrower's senior secured credit facility (i.e., Xxxxx'x senior secured credit facility rating and S&P's senior secured debt rating). Annex I SEVENTH AMENDED AND RESTATED CREDIT AGREEMENT SCHEDULE 5.1 GUARANTEE OBLIGATIONS, CONTINGENT LIABILITIES AND DISPOSITIONS
Rating Level V means any period which is not a Rating Level I, a Rating Level II, a Rating Level III, or a Rating Level IV; provided that on or after the Second Amendment Effective Date, this term means a period (other than a Rating Level I, a Rating Level II, a Rating Level III or a Rating Level IV) during which the long-term senior unsecured debt rating of the Borrower is equal to or better than (i) BB+ by S&P, or (ii) Ba1 by Xxxxx’x.