Level V Status exists at any date if, on such date, the Borrower has not qualified for Level I Status, Level II Status, Level III Status or Level IV Status.
Level V Status exists at any date if, on such date, (i) the Borrower has not qualified for Level I Status, Level II Status, Level III Status or Level IV 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 V Status exists at any date if, at such date, none of Level I Status, Level II Status, Level III Status or Level IV Status exists.
Examples of Level V Status in a sentence
If at any time the Borrower has no Moody’s Rating and no S&P Rating, Level V Status shall exist.
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For purposes of this Agreement, Level I Status shall be deemed the highest and Level V Status shall be deemed the lowest.
More Definitions of Level V Status
Level V 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, Level II Status, Level III Status or Level IV Status and (iii) the Leverage Ratio is less than 3.50 to 1.00.
Level V Status means, on any date, the circumstance that the Consolidated Total Debt to Consolidated EBITDA Ratio is less than 4.50 to 1.00 as of such date.
Level V Status means neither Level I Status, Level II Status, Level III Status, nor Level IV Status exists, but Borrower’s S&P Rating is BBB- or higher and its Xxxxx’x Rating is Baa3 or higher.
Level V Status means neither Level I Status, Level II Status, Level III Status nor Level IV Status applies.
Level V Status exists at any date if, at such date, the Index Debt is rated either BB or lower or by S&P or Ba2 or lower by Xxxxx’x or no other Status exists.
Level V Status exists at any date if, at such date the Borrower is at Level V in the chart appearing in the definition of Applicable Margin as a result of its Debt Ratings as determined in accordance with such definition.
Level V Status exists at any date if, on such date, the Company has not qualified for Level I Status, Level II Status, Level III Status or Level IV Status.