Level IV Period definition

Level IV Period means any period (other than a Level I Period, Level II Period or Level III Period) during which any long-term Senior Unsecured Debt of the Borrower has ratings which are better than or equal to at least two of the following three ratings: (i) BBB by S&P and/or (ii) Baa2 by Moody's and/or (iii) BBB 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 agency that most closely corresponds to the level specified above for such rating agency shall be substituted for such level.

Level IV Period means any period that is not a Level I Period, a Level II Period or a Level III Period during which the Debt Rating is BBB- or higher by S&P and Baa3 or higher by Moody's.

Level IV 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.

Examples of Level IV 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.

• 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.

• There shall be added to the Early Termination Payment an amount equal to the difference (whether positive or negative) between (i) all amounts owed but not yet paid by the Defaulting Party to the Terminating Party, whether or not such amounts are then due pursuant to this Agreement and (ii) all amounts owed but not yet paid by the Terminating Party to the Defaulting Party, whether or not such amounts are then due pursuant to this Agreement.

More Definitions of Level IV Period

Level IV Period any period which 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 BB+ and Ba1, respectively.

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

Level IV 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 1.5 to 1.0, AND for which the Administrative Agent has received written confirmation from the respective debt rating company that the Senior Unsecured Debt Rating of the Company, as of the last day of the fiscal quarter of the Company most recently ended, is at least A- with regard to Standard & Poor's or A3 with regard to Xxxxx'x Investors Service, to but excluding the next succeeding Reporting Date and (b) during which no Event of Default shall have occurred and be continuing.

Level IV Period means any period, other than a Level I Period, a Level II Period or a Level III 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 Baa3 (or any successor rating).

Level IV Period means 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 17 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 IV Period in Section 1.1 of the Credit Agreement is amended and restated to read as follows:

Level IV Period means a period during which none of a Level I Period, a Level II Period nor a Level III Period shall exist and (i) the Parent Company and its consolidated Subsidiaries have an actual or implied senior unsecured long-term debt rating (without third party credit enhancement) of "BB+" or better by S&P or "Bal" or better by Xxxxx'x, or (ii) the Leverage Ratio for the period of four consecutive fiscal quarters ending on the last day of the most recent fiscal quarter shall be less than 2.50:1.0 but greater than or equal to 2.25:1.0.