Level III Status exists at any date if, on such date, (i) the Borrower has not qualified for Level I Status or Level II Status and (ii) the Borrower's Xxxxx'x Rating is Baa2 or better or the Borrower's S&P Rating is BBB or better.
Level III Status exists at any date if, as of the last day of the fiscal quarter of the Borrower referred to in the most recent Financials, (i) the Borrower has not qualified for Level I Status or Level II Status and (ii) the Leverage Ratio is less than 2.50 to 1.00.
Level III Status means neither Level I Status nor Level II Status exists, but, subject to the provisions of Schedule 1, the Borrower’s S&P Rating is A+ or higher and its Xxxxx’x Rating is A1 or higher.
Examples of Level III Status in a sentence
Seller shall pay to Buyer facility fees (the “Facility Fees”) at the rate per annum equal to (a) for each day that Guarantor has Level I Status, .1500% of the Commitment, (b) for each day that Guarantor has Level II Status, .2000% of the Commitment, (c) for each day that Guarantor has Level III Status, .2500% of the Commitment.
More Definitions of Level III Status
Level III Status means, on any date, the circumstance that neither Level I Status nor Level II Status exists and the Consolidated Total Debt to Consolidated EBITDA Ratio is greater than or equal to 4.00 to 1.00 as of such date.
Level III Status exists on any date if, at such date, (i) the Company’s outstanding senior unsecured long-term debt is rated A- or an equivalent rating or higher by S&P or A3 or an equivalent rating or higher by Moody’s and (ii) none of Level I Status or Level II Status exists on such date.
Level III Status means, on any date, the circumstance that the Consolidated Total Debt to Consolidated EBITDA Ratio is less than or equal to 5.00 to 1.00 as of such date.
Level III Status exists at any date if, on such date, (i) the Company has not qualified for Level I or II Status and (ii) the Company’s Applicable Xxxxx’x Rating is B1 or better and the Company’s Applicable S&P Rating is B+ or better.
Level III Status exists at any date if, at such date, the Leverage Ratio is greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00;
Level III Status exists at any date if, at such date, the Index Debt is rated either BBB by S&P or Baa2 by Xxxxx’x.
Level III Status exists at any date if at such date the Borrower is at Level III in the chart appearing in the definition of Applicable Margin as a result of its Debt Ratings as determined in accordance with such definition.