Level II Period definition

Level II Period means any period (other than a Level I 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) A3 by Moodx'x xxx/or (iii) A- by Fitch; provided that if S&P or Moodx'x xx 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 II 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 equal or exceed 0.55:1 but shall be less than 0.60:1.

Level II Period means any period that is not a Level I Period during which the Debt Rating is A or higher by S&P or A2 or higher by Moody's.

Examples of Level II 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.

• Notwithstanding the foregoing, on any day during the period prior to the Reporting Date occurring in March, 1997, the Applicable Margin shall mean the respective percentages set forth in the definition of "Applicable Margin" opposite the designation "Level II 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.

More Definitions of Level II Period

Level II Period any period during which either of the publicly announced ratings by S&P or Moody's of the then current senior unsecured, non-credit enhanced, long-term Indebtedness of the Company that has been publicly issued are equal to or below BB- or unrated or equal to or below Ba3 or unrated, as the case may be.

Level II Period means any period, other than a Level I Period, during which (a) no Event of Default has occurred and is continuing and (b) the Standard & Poor's Rating is at or above BBB+ (or any successor rating) or the Moody's Rating is at or above Baa1 (or any successor rating).

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

Level II Period means a period (other than a Lxxxx X Period) during which the long-term senior unsecured debt (or, if the Borrower's senior secured debt is rated by S&P or Moody's, the senior secured debt) rating of the Borrower of the Xxxxxxer is equal to or better than (i) BB+ by S&P and (ii) Ba1 by Moody's.

Level II Period means 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 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 II 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 BB+ or Ba1, respectively.";

Level II Period means any period (a) from and including the Business Day immediately following the Business Day on which a senior financial officer of the Company shall have delivered to the Administrative Agent a Compliance Certificate, together with the related financial statements referred to in Section 9.1 hereof, demonstrating in reasonable detail that the Consolidated Debt Coverage Ratio, as of the last day of the fiscal quarter of the Company most recently ended, is greater than or equal to 1.0 to 1.0, but less than 1.5 to 1.0, to but excluding the next succeeding Reporting Date and (b) during which no Event of Default shall have occurred and be continuing.