Level I Period definition

Level I Period means any period during which any long-term Senior Unsecured Debt of the Borrower has ratings that are better than or equal to at least two of the following three ratings: (i) A by S&P and/or (ii) A2 by Moody’s and/or (iii) A by Fitch; provided that if S&P or Moody’s or Fitch changes its rating system after the date hereof, the new rating of such rating agency that most closely corresponds to the level specified above for such rating agency shall be substituted for such level.

Level I Period means a period during which the ratio of Total Liabilities to the sum of Gross Asset Values for Borrower and each of its Subsidiaries shall be less than 0.55:1.

Level I Period means any period during which the Debt Rating is A+ or higher by S&P or A1 or higher by Moody's.

Examples of Level I Period in a sentence

• The term "Level IV Period" means any period, other than a Level I Period, Level II Period or Level III Period.

• The Borrower shall pay to the Agent for the account of the Banks, ratably in proportion to their Commitments, a facility fee at the rate of (i) 0.100% per annum during each Level I Period, (ii) 0.110% per annum during each Level II Period, (iii) 0.150% per annum during each Level III Period, (iv) 0.175% per annum during each Level IV Period, (v) 0.250% per annum during each Level V Period, (vi) 0.375% during each Level VI Period and (vii) 0.500% during each Level VII Period.

• The Borrower shall pay to the Agent for the account of the Banks, ratably in proportion to their Commitments, a facility fee at the rate of (i) 0.080% per annum during each Level I Period, (ii) 0.090% per annum during each Level II Period, (iii) 0.125% per annum during each Levex 00 00 XXX Xxxxxx, (xx) 0.050% per annum during each Level IV Period, (v) 0.200% per annum during each Level V Period, (vi) 0.300% during each Level VI Period and (vii) 0.500% during each Level VII Period.

• Increases or decreases in the Applicable Margin shall become effective on the first day of the Level I Period or Level II Period, as the case may be, to which such Applicable Margin relates.

• The Borrower shall pay to the Agent for the account of the Banks, ratably in proportion to their Commitments, a facility fee at the rate of (i) 0.080% per annum during each Level I Period, (ii) 0.090% per annum during each Level II Period, (iii) 0.125% per annum during each Level III Period, (iv) 0.150% per annum during each Level IV Period, (v) 0.200% per annum during each Level V Period, (vi) 0.300% during each Level VI Period and (vii) 0.500% during each Level VII Period.

More Definitions of Level I Period

Level I Period any period during which the publicly announced ratings by S&P and Moody's of the then current senior unsecured, non-credit enhanced, long-term Indebtedness of the Company that has been publicly issued are BBB+ or better and Baa1 or better, respectively.

Level I Period means any period during which (a) no Event of Default has occurred and is continuing and (b) the Standard & Poor's Rating is at or above A- (or any successor rating) or the Moody's Rating is at or above A3 (or any successor rating).

Level I Period has the meaning set forth in Section 1.04.

Level I Period means any period during which (a) no Event of Default shall have occurred and be continuing, and (b) the Leverage Ratio is less than 2.25 to 1; "LEVEL II PERIOD" shall mean any period, other than a Level I Period, during which (a) no Event of Default shall have occurred and be continuing and (b) the Leverage Ratio is greater than or equal to 2.25 to 1 but less than 2.75 to 1; "LEVEL III PERIOD" shall mean any period, other than a Level I Period or a Level II Period, during which (a) no Event of Default shall have occurred and be continuing and (b) the Leverage Ratio is greater than or equal to 2.75 to 1 but less than 3.25 to 1; "LEVEL IV PERIOD" shall mean any period, other than a Level I Period, a Level II Period or a Level III Period during which (a) no Event of Default shall have occurred and be continuing and (b) the Leverage Ratio is greater than or equal to 3.25 to 1 but less than 3.75 to 1; "LEVEL V PERIOD" shall mean any period, other than a Level I Period, a Level II Period, a Level III Period or Level IV Period during which (a) no Event of Default shall have occurred and be continuing and (b) the Leverage Ratio is greater than or equal to 3.75 to 1 but less than 4.25 to 1; "LEVEL VI PERIOD" shall mean any period that is not a Level I Period, a Level II Period, a Level III Period, a Level IV Period or a Level V Period during which (a) no Event of Default shall have occurred and be continuing and (b) the Leverage Ratio is greater than or equal to 4.25 to 1 but less than 4.75; and "LEVEL VII PERIOD" shall mean any period that is not a Level I Period, a Level II Period, a Level III Period, a Level IV Period, a Level V Period or a Level VI Period. Any change in the Applicable Margin CREDIT AGREEMENT for any Type of Loan or any change in the Commitment Fee by reason of a change in the Leverage Ratio shall become effective on the third Business Day following receipt by the Administrative Agent of the financial statements of the Company and its Subsidiaries delivered as required by Sections 8.01(a), (b) or (h) hereof; PROVIDED that failure to deliver such financial statements as required by Sections 8.01(a), (b) or (h) hereof shall result in the Applicable Margin and Commitment Fee Rate being at the rates set forth opposite Level VII Period.

Level I Period means any period, other than a Level II Period, Level III Period, or Level IV Period.

Level I Period any period during which the lower of the publicly announced ratings by S&P and Xxxxx'x of the then current senior unsecured, non- credit enhanced, long-term Indebtedness of the Company that has been publicly issued are BBB - or better or Baa3 or better, respectively.";

Level I Period means a period during which the long-term senior unsecured debt rating of the Borrower is equal to or better than (i) A- by S&P or (ii) A3 by Xxxxx'x.