Senior Debt Ratings is defined in Annex I hereto.
Senior Debt Ratings means the actual or implied ratings assigned to Senior Debt of TEL or TEC by Moody's and S&P determined in accordance with the following: (a) if TEL has Rated Senior Debt outstanding, "Senior Debt Ratings" means the ratings assigned to such Debt by Moody's and S&P, (b) if TEL has no Rated Senior Debt outstanding, but TEC has Rated Senior Debt outstanding, "Senior Debt Ratings" means the ratings assigned to such Debt by Moody's and S&P, (c) if neither TEC nor TEL have Rated Senior Debt outstanding, but implied ratings are published by Moody's and S&P for TEL's Senior Debt (assuming that such Debt is outstanding), "Senior Debt Ratings" means such published implied ratings, (d) if no implied Moody's and S&P ratings are published for TEL's Senior Debt, but implied Moody's and S&P ratings are published for TEC's Senior Debt (assuming that such Debt is outstanding), "Senior Debt Ratings" means such published implied Senior Debt ratings, (e) if no implied Moody's and S & P ratings are published for Senior Debt of either TEL or TEC, but TEL has Rated Subordinate Debt outstanding, "Senior Debt Ratings" means the ratings which are two ratings grades higher than the actual Moody's and S & P ratings applicable to such Subordinated Debt, and (f) if TEL has no Rated Subordinate Debt outstanding, but TEC has Rated Subordinate Debt outstanding "Senior Debt Ratings" means the ratings which are two ratings grades higher than the actual Moody's and S & P ratings applicable to such Subordinate Debt. To the extent TEL or TEC has more than one issue of Debt outstanding described in any individual clause above and such issues have different Senior Debt Ratings, "Senior Debt Ratings" means the Senior Debt Ratings applicable to the issue with the lowest Senior Debt Ratings.
Examples of Senior Debt Ratings in a sentence
If either (but not both) Xxxxx’x or S&P shall cease to be in the business of rating corporate debt obligations, the Pricing Levels shall be determined on the basis of the Senior Debt Ratings provided by the other rating agency.
The Senior Debt Ratings in effect on any date for the purposes of this Schedule are those in effect at the close of business on such date.
The “Facility Fee Rate” shall vary from time to time based on the Unsecured Senior Debt Ratings then in effect and calculated as set forth in the definition of Applicable Percentage.
The Applicable Margin for Eurodollar Borrowings, ABR Borrowings, Letter of Credit fees and facility fees shall be determined in accordance with the table below based on the then-current Senior Debt Ratings.
In the event that the Borrower shall maintain Senior Debt Ratings from only two of S&P, Moody’s or Fitch and there is a split in such Senior Debt Ratings, (i) in the event of a single level split, the higher Senior Debt Rating (i.e. the lower pricing) will apply and (ii) in the event of a multiple level split, one level below the higher Senior Debt Rating will apply.
More Definitions of Senior Debt Ratings
Senior Debt Ratings means the publicly announced ratings by Xxxxx'x Investors Service, Inc. or Standard & Poor's Corporation (whichever rating is higher) on the Borrower's Senior Debt, changing if and when such rating(s) change. In the event that the two ratings differ by more than one gradation, the rating one step below the higher shall apply.
Senior Debt Ratings means ratings assigned to Company's long-term senior debt.
Senior Debt Ratings means the publicly announced senior unsecured ratings of Anixter by Moody's, S&P or Duff & Phelxx Xxxdit Rating Co.; provided that Anixter shall have at least two such ratings and at least one of them shall be from S&P or Moody's. If at any time the existing ratings are not identical, then for purposes of determining the Applicable Margin and the Facility Fee Percentage, the governing Senior Debt Rating or Ratings shall be determined as follows:
Senior Debt Ratings means at any time (a) if any Senior Notes are outstanding at such time, the ratings of Moody's and S&P in effect at such time with respect to the Senior Notes, (b) if no Senior Notes are outstanding at such time, the ratings of Moody's and S&P in effect at such time with respect to other senior unsecured non-credit-enhanced long-term debt of the Borrower and (c) if no senior unsecured non-credit-enhanced long-term debt of the Borrower is outstanding at such time, the ratings of Moody's and S&P that would be in effect at such time with respect to outstanding Advances under the Facility, as determined by the Agent in good faith at any time from the most senior unsecured non-credit-enhanced long-term debt of the Borrower outstanding at such time.
Senior Debt Ratings means such published implied ratings, (d) if no implied Moody's and S&P ratings are published for TEL's Senior Debt, but implied Moody's and S&P ratings are published for TEC's Senior Debt (assuming that such Debt is outstanding), "Senior Debt Ratings" means such published implied Senior Debt ratings, (e) if no implied Moody's and S & P ratings are published for Senior Debt of either TEL or TEC, but TEL has Rated Subordinate Debt outstanding, "Senior Debt Ratings" means the ratings which are two ratings grades higher than the actual Moody's and S & P ratings applicable to such Subordinated Debt, and (f) if TEL has no Rated Subordinate Debt outstanding, but TEC has Rated Subordinate Debt outstanding "Senior Debt Ratings" means the ratings which are two ratings grades higher than the actual Moody's and S & P ratings applicable to such Subordinate Debt. To the extent TEL or TEC has more than one issue of Debt outstanding described in any individual clause above and such issues have different Senior Debt Ratings, "Senior Debt Ratings" means the Senior Debt Ratings applicable to the issue with the lowest Senior Debt Ratings.
Senior Debt Ratings means such published implied Senior Debt ratings, (e) if no implied Moody's and S & P ratings are published for Senior Debt of either TEL or TEC, but TEL has Rated Subordinate Debt outstanding, "Senior Debt Ratings" means the ratings which are two ratings grades higher than the actual Moody's and S & P ratings applicable to such Subordinated Debt, and (f) if TEL has no Rated Subordinate Debt outstanding, but TEC has Rated Subordinate Debt outstanding "Senior Debt Ratings" means the ratings which are two ratings grades higher than the actual Moody's and S & P ratings applicable to such Subordinate Debt. To the extent TEL or TEC has more than one issue of Debt outstanding described in any individual clause above and such issues have different Senior Debt Ratings, "Senior Debt Ratings" means the Senior Debt Ratings applicable to the issue with the lowest Senior Debt Ratings.
Senior Debt Ratings means the ratings which are two ratings grades higher than the actual Moody's and S & P ratings applicable to such Subordinated Debt, and (f) if TEL has no Rated Subordinate Debt outstanding, but TEC has Rated Subordinate Debt outstanding "Senior Debt Ratings" means the ratings which are two ratings grades higher than the actual Moody's and S & P ratings applicable to such Subordinate Debt. To the extent TEL or TEC has more than one issue of Debt outstanding described in any individual clause above and such issues have different Senior Debt Ratings, "Senior Debt Ratings" means the Senior Debt Ratings applicable to the issue with the lowest Senior Debt Ratings.