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 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.

Level II 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 and Baa2, respectively.

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.

• 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.

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• Notwithstanding the foregoing, on any day during the period prior to the Reporting Date occurring in March, 1997, the Applicable Commitment Fee Rate shall be the percentage set forth in the definition of Applicable Commitment Fee Rate opposite the designation "Level II Period".

• In addition to borrowings of Syndicated Loans, during any Level I Period, Level II Period, Level III Period or Level IV Period prior to the Revolving Credit Termination Date any Borrower may, as set forth in this Section 2.03, request the Banks to make offers to make Money Market Loans to such Borrower in Dollars.

More Definitions of Level II Period

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, 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 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 exceed 0.45:1 but shall not exceed 0.60:1.

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 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 II Period has the meaning set forth in Section 1.04.

Level II Period means a period of time other than a Level I Period, which may consist of a single day, during which the Public Debt Rating is (i) BBB+ or better by S&P or (ii) Baa1 or better by Xxxxx'x.

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 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.