Rating Levels definition

Rating Levels means, on any date of determination, (a) Rating Level 1 if the Debt Rating is at least equal to “A-”, (b) Rating ▇▇▇▇▇ ▇ if the Debt Rating is at least equal to “Baa1” or “BBB+”, but does not fall within Rating Level 1, and otherwise, (c) Rating Level 3; provided that (i) if the Debt Rating of any Rating Agency is one level below the Debt Rating of the other Rating Agency, the “Rating Level” will be determined based on the higher Rating Level, (ii) if the Debt Rating of any Rating Agency is more than one level below the Debt Rating of the other Rating Agency, the “Rating Level” will be determined based on the Debt Rating one level above the lower Rating Level, and (iii) if and so long as such a rating is assigned by only one Rating Agency, Rating Level 3 shall be deemed to apply.

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Rating Levels means, on any date of determination, (a) Rating Level 1 if the Debt Rating by the Rating Agencies is at least equal to “A1” or “A+”, (b) Rating ▇▇▇▇▇ ▇ if the Debt Rating by the Rating Agencies is at least equal to “A2” or “A”, but does not fall within Rating Level 1, (c) Rating Level 3 if the Debt Rating by the Rating Agencies is at least equal to “A3” or “A-”, but does not fall within Rating Level 1 or Rating ▇▇▇▇▇ ▇, (c) Rating Level 4 if the Debt Rating by the Rating Agencies is at least equal to “Baa1” or “BBB+”, but does not fall within Rating Level 1, Rating Level 2 or Rating Level 3 or (e) Rating ▇▇▇▇▇ ▇ if the Debt Rating by the Rating Agencies is at least equal to “Baa2” or “BBB”, but does not fall within Rating Level 1, Rating Level 2, Rating Level 3 or Rating Level 4 or if none of the foregoing is applicable. If the Debt Rating of any Rating Agency is one level below the Debt Rating of the other Rating Agency, the “Rating Level” will be determined without regard to the Debt Rating of such Rating Agency with the lower Rating Level. If the Debt Rating of any Rating Agency is two or more levels below the Debt Rating of the other Rating Agency, the “Rating Level” will be determined on the basis of the Rating Level which is one level lower than the highest of the Rating Agencies’ Debt Ratings.

Rating Levels shall be determined with reference to the Guarantor's Senior Secured Indebtedness unsupported by letters of credit or similar credit enhancement facilities in accordance with the following: "RATING LEVEL I" shall be deemed to be applicable if the Guarantor's Senior Secured Indebtedness is rated A+ or higher by S&P and A1 or higher by Mood▇'▇. "RATING LEVEL II" shall be deemed to be applicable if the Guarantor's Senior Secured Indebtedness is rated BBB+ or higher by S&P and Baa1 or higher by Mood▇'▇ ▇▇▇ Rating Level I is not then applicable.

Examples of Rating Levels in a sentence

• Individual Performance Element Rating Levels - One of five (5) ratings, as listed below, assigned to an employee’s performance on each element.

• US_ACTIVE:\44499436\10\64058.0192 In the event of split Rating Levels, the Commitment Fee Rate will be based upon the Rating Level in effect for two of the rating agencies.

• The Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to BBB by S&P or Baa2 by M▇▇▇▇’▇ and Credit Rating Levels 1, 2 and 3 are not applicable; Credit Rating Level 5.

• In the event of split Rating Levels, the Duration Fees will be based upon the Rating Level in effect for two of the rating agencies.

• Corporate Ratings (S&P, ▇▇▇▇▇’▇ and Fitch) Commitment Fee Rate Rating Level 1: at least BBB- and Baa3 and BBB- 0.175 % Rating Level 2: less than BBB- or Baa3 or BBB- 0.250 % In the event of split Rating Levels, the Commitment Fee Rate will be based upon the Rating Level in effect for two of the rating agencies.

• The Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to BBB- by S&P or Baa3 by ▇▇▇▇▇’▇ and Credit Rating Levels 1, 2, 3 and 4 are not applicable; and Credit Rating Level 6.

• Corporate Ratings (S&P, ▇▇▇▇▇’▇ and Fitch) 90 days after the Initial Closing Date 180 days after the Initial Closing Date 270 days after the Initial Closing Date Rating Level 1: at least BBB- and Baa3 and BBB- 0.50 % 0.75 % 1.00 % Rating Level 2: less than BBB- or Baa3 or BBB- 0.75 % 1.00 % 1.50 % In the event of split Rating Levels, the Duration Fees will be based upon the Rating Level in effect for two of the rating agencies.

• The Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to BBB+ by S&P or Baa1 by M▇▇▇▇’▇ and Credit Rating Levels 1 and 2 are not applicable; Credit Rating Level 4.

• The Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to BBB+ by S&P or Baa1 by ▇▇▇▇▇’▇ and Credit Rating Levels 1 and 2 are not applicable; Credit Rating Level 4.

• The Credit Rating Level which would be applicable for so long as the Credit Rating is greater than or equal to BBB- by S&P or Baa3 by M▇▇▇▇’▇ and Credit Rating Levels 1, 2, 3 and 4 are not applicable; and Credit Rating Level 6.

More Definitions of Rating Levels

Rating Levels means, on any date of determination, (a) Rating Level 1 if the Debt Rating by the Rating Agencies is at least equal to “A1” or “A+”, (b) Rating Level 2 if the Debt Rating by the Rating Agencies is at least equal to “A2” or “A”, but does not fall within Rating Level 1, (c) Rating Level 3 if the Debt Rating by the Rating Agencies is at least equal to “A3” or “A-”, but does not fall within Rating Level 1 or Rating Level 2, (c) Rating Level 4 if the Debt Rating by the Rating Agencies is at least equal to “Baa1” or “BBB+”, but does not fall within Rating Level 1, Rating Level 2 or Rating Level 3 or (e) Rating

Rating Levels means, on any date of determination, (a) Rating ------------- Level 1 if the Debt Rating by at least two Rating Agencies is at least equal to "Baa1" or higher or "BBB+" or higher, (b) Rating ▇▇▇▇▇ ▇ if the Debt Rating by at least two Rating Agencies is at least equal to "Baa2" or "BBB", but does not fall within Rating Level 1, (c) Rating Level 3 if the Debt Rating by at least two Rating Agencies is at least equal to "Baa3" or "BBB-", but does not fall within Rating ▇▇▇▇▇ ▇ ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇, (▇) Rating Level 4 if the Debt Rating by at least two Rating Agencies is at least equal to "Ba1" or "BB+", but does not fall within Rating ▇▇▇▇▇ ▇, ▇▇▇▇▇▇ ▇▇▇▇▇ ▇ or Rating Level 3 and (e) Rating ▇▇▇▇▇ ▇ if none of the foregoing is applicable. If the Debt Rating of any Rating Agency is below the Debt Rating of each of the two other Rating Agencies, the "Rating Level" will be determined without regard to the Debt Rating of such Rating Agency.

Rating Levels means, on any date of determination, (a) Rating Level 1 if the Debt Rating by at least two Rating Agencies is at least equal to "A3" or higher or "A-" or higher, (b) Rating Leve▇ ▇ ▇▇ the Debt Rating by at least two Rating Agencies is at least equal to "Baa1" or "BBB+", but does not fall within Rating Level 1, (c) Rating Level 3 if the Debt Rating by at least two Rating Agencies is at least equal to "Baa2" or "BBB", but does not fall within Rating Leve▇ ▇ ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇, (▇) ▇▇▇ing Level 4 if the Debt Rating by at least two Rating Agencies is at least equal to "Baa3" or "BBB-", but does not fall within Rating Level 1, Rating Level 2 or Rating Leve▇ ▇, (▇) Rating Leve▇ ▇ ▇▇ the Debt Rating by at least two Rating Agencies is at least equal to "Ba1" or "BB+", but does not fall within Rating Level 1, Rating Level 2, Rating Level 3 or Rating Leve▇ ▇, ▇▇d (f) if none of the foregoing is applicable, Rating Level 6. If the Debt Rating of any Rating Agency is below the Debt Rating of each of the two other Rating Agencies, the "Rating Level" will be determined without regard to the Debt Rating of such Rating Agency.

Rating Levels means, on any date of determination, (a) Rating Level 1 if the Debt Rating by the Rating Agencies is at least equal to “A3” or “A-”, (b) Rating L▇▇▇▇ ▇ if the Debt Rating by the Rating Agencies is at least equal to “Baa1” or “BBB+”, but does not fall within Rating Level 1, (c) Rating Level 3 if the Debt Rating by the Rating Agencies is at least equal to “Baa2” or “BBB”, but does not fall within Rating Level 1 or Rating L▇▇▇▇ ▇, (c) Rating Level 4 if the Debt Rating by the Rating Agencies is at least equal to “Baa3” or “BBB-”, but does not fall within Rating Level 1, Rating Level 2 or Rating L▇▇▇▇ ▇, (e) Rating L▇▇▇▇ ▇ if the Debt Rating by the Rating Agencies is at least equal to “Ba1” or “BB+”, but does not fall within Rating Level 1, Rating Level 2, Rating Level 3 or Rating L▇▇▇▇ ▇, (▇) Rating Level 6 if the Debt Rating by the Rating Agencies is at least equal to “Ba2” or “BB”, but does not fall within Rating Level 1, Rating Level 2, Rating Level 3, Rating Level 4 or Rating Level 5 or (g) Rating L▇▇▇▇ ▇ if none of the foregoing is applicable. If the Debt Rating of any Rating Agency is below the Debt Rating of the other Rating Agency and the two Debt Ratings shall be equal to or greater than “Baa3” and “BBB-”, the “Rating Level” will be determined without regard to the Debt Rating of such Rating Agency with the lower Rating Level. If the Debt Rating of any Rating Agency is below the Debt Rating of the other Rating Agency and either Debt Rating shall be less than “Baa3” or “BBB-”, the “Rating Level” will be determined based on the Debt Rating of such Rating Agency with the lower Rating Level.

Rating Levels means the Level I Rating, the Level II Rating and the Level III Rating; “Rating Level” means any one of the foregoing, as applicable.