Level IV Rating definition

Level IV Rating as of any date, such Level shall apply if the Company’s assigned Credit Rating as of such date is A3 by Moody’s, A- by S&P and A- by Fitch.
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Level IV Rating means, for the applicable rating agency: the Borrower’s Xxxxx’x Rating is Baa3 or better; Borrower’s S&P Rating is BBB- or better. “Level V Rating” exists at any date if, on such date, the Borrower has not qualified for Level I Rating, Level II Rating, Level III Rating, or Level IV Rating.
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Level IV Rating means, at any time at which the Company does not have a Level I Rating, a Level II Rating or a Level III Rating, either (a) there exists a Company Rating by Standard & Poor's which is equal to BBB- or (b) there exists a Company Rating by Moody's which is equal to Baa3. For purposes of this definition, the Company shall be deemed not to have a Level IV Rating if no Company Rating exists or if each Company Rating which would otherwise qualify as a Level IV Rating has been stated by the relevant rating agency to be under review for possible downgrading as a result of a specific or proposed action by the Company.
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Examples of Level IV Rating in a sentence

  • The Company shall pay to the Agent for ------------ the account of the Banks ratably a facility fee at the rate of (i) for any day on which the Company has a Level I Rating, .035 of 1% per annum, (ii) for any day on which the Company has a Level II Rating, .050 of 1% per annum, (iii) for any day on which the Company has a Level III Rating, .070 of 1% per annum and (iv) for any day on which the Company has a Level IV Rating, .100 of 1% per annum.

  • Xxxxxxxxxx Title: Vice President *RATING LEVELS Rating Level Level I Rating Level Level II Rating Level Level III Rating Level Level IV Rating Level Level V If the Borrower’s senior unsecured long- term debt is rated A+ or higher by S&P or A1 or higher by Xxxxx’x.


More Definitions of Level IV Rating

Level IV Rating means, with respect to the rating of short-term unsecured debt securities by S&P and/or Xxxxx'x, at least A2 in the case of S&P or P2 in the case of Xxxxx'x.
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Level IV Rating means, with respect to any Borrower, (a) with respect to the 364-Day Revolver, senior unsecured long-term debt ratings (if assigned) of below A+ from S&P and below A1 from Moody's, and (b) with respect to the Multi-Year Revolver, (i) xx X&X and/or Moody's has assigned a rating to the senior unsecured long-terx xxxx of such Borrower, then ratings (if assigned) of below A+ from S&P and below A1 from Moody's, or (ii) if neither S&P nor Moody's has assigned a ratxxx xx the senior unsecured long-terx xxxx of such Borrower, then public commercial paper ratings of less than A-2 from S&P and less than P-2 from Moody's."
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Level IV Rating means, with respect to any Borrower, (i) if S&P and/or Moody's has assigned a rating to the senior unsecured long-term debt of such Borrower, then ratings (if assigned) of below A+ from S&P and below A1 from Moody's, or (ii) if neither S&P nor Moody's has assigned a rating to the senior unsecured long-term debt of such Borrower, then public commercial paper ratings of less than A-2 from S&P and less than P-2 from Moody's.
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Level IV Rating means the rating established by each Rating Agency as being one rating level immediately below the Level V Rating, it being understood that as of the date of this Agreement the "Level IV Rating" of S&P is BBB- and the "Level IV Rating" of Xxxxx'x is Baa3.
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Level IV Rating means, for the applicable rating agency: the Borrower’s Moody’s Rating is Baa3 or better; the Borrower’s Fitch Rating is BBB- or better; Borrower’s S&P Rating is BBB or better.
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Level IV Rating means a senior unsecured long-term debt rating of below AA- from S&P, or an Equivalent Rating.
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Related to Level IV Rating

  • S&P Rating means, at any time, the rating issued by S&P and then in effect with respect to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement.

  • Moody’s Rating means, at any time, the rating issued by Moody's and xxxx xx effect with respect to the Borrower's senior unsexxxxx xong-term debt securities without third-party credit enhancement.

  • Index Debt Rating means the S&P Rating, the Xxxxx’x Rating and the Fitch Rating.

  • Mxxxx’x Rating means, with respect to a Reference Obligation, as of any date of determination:

  • Debt Rating has the meaning specified in the definition of “Applicable Rate.”

  • Xxxxx’x Rating means, at any time, the rating issued by Xxxxx’x and then in effect with respect to the Borrower’s senior unsecured long-term debt securities without third-party credit enhancement.

  • Debt Ratings has the meaning specified in the definition of “Applicable Rate.”

  • Level IV and “Level V”: the respective Level set forth below: Level I A- or higher A3 or higher Level II BBB+ Baa1 Level III BBB Baa2 Level IV BBB- Baa3 Level V BB+ or lower Ba1 or lower provided that if on any day the Applicable Xxxxx’x Rating and the Applicable S&P Rating do not coincide for any rating category and the Level differential is (x) one level, then the higher of the Applicable S&P Rating or the Applicable Xxxxx’x Rating will be the applicable Level; (y) two levels, the Level at the midpoint will be the applicable Level; and (z) more than two levels, the highest of the intermediate Levels will be the applicable Level; provided further that if on any day, neither the Applicable Xxxxx’x Rating nor the Applicable S&P Rating is available, the applicable Level shall be Level V.

  • Highest Rating Category means, with respect to a Permitted Investment, that the Permitted Investment is rated by S&P or Moody’s in the highest rating category given by that rating agency for that general category of security. By way of example, the Highest Rating Category for tax exempt municipal debt established by S&P is “A 1+” for debt with a term of one year or less and “AAA” for a term greater than one year, with corresponding ratings by Moody’s of “MIG 1” (for fixed rate) or “VMIG 1” (for variable rate) for three months or less and “Aaa” for greater than three months. If at any time (i) both S&P and Moody’s rate a Permitted Investment and (ii) one of those ratings is below the Highest Rating Category, then such Permitted Investment will, nevertheless, be deemed to be rated in the Highest Rating Category if the lower rating is no more than one rating category below the highest rating category of that rating agency. For example, a Permitted Investment rated “AAA” by S&P and “Aa3” by Moody’s is rated in the Highest Rating Category. If, however, the lower rating is more than one full rating category below the Highest Rating Category of that Rating Agency, then the Permitted Investment will be deemed to be rated below the Highest Rating Category. For example, a Permitted Investment rated “AAA” by S&P and “A1” by Moody’s is not rated in the Highest Rating Category.

  • Rating Level means, with respect to any rating agency, each rating subcategory or “notch” of such rating agency , giving effect to pluses and minuses (or similar designations). By way of illustration, BBB+, BBB and BBB- are each separate Rating Levels of S&P.

  • Moody’s means Xxxxx’x Investors Service, Inc.

  • Pricing Level IV means any time when (i) no Event of Default has occurred and is continuing, (ii) the Senior Debt Rating is BBB- or higher by S&P or Baa3 or higher by Moody’s and (iii) Pricing Levels I, II and III do not apply.

  • Level I means a component of the federal PASRR requirement. Level I refers to the identification of individuals who are potential nursing facility admissions who have indicators of mental illness or developmental disabilities (42 CFR 483.128(a)).

  • Applicable Rating Level at any time and for any Borrower shall be determined in accordance with the then-applicable S&P Rating and the then-applicable Xxxxx’x Rating for such Borrower as follows: S&P Rating A or higher or Xxxxx’x Rating A2 or higher 1 S&P Rating A- or higher or Xxxxx’x Rating A3 or higher 2 S&P Rating BBB+ or Xxxxx’x Rating Baa1 3 S&P Rating BBB or Xxxxx’x Rating Baa2 4 S&P Rating BBB- or Xxxxx’x Rating Baa3 5 S&P Rating BB+ or below or Xxxxx’x Rating Ba1 or below, or no S&P Rating or Xxxxx’x Rating 6 The Applicable Rating Level for any Borrower and for any day shall be determined based upon the higher of the S&P Rating and the Xxxxx’x Rating for such Borrower in effect on such day. If the S&P Rating and the Xxxxx’x Rating are not the same (i.e., a “split rating”), the higher of such ratings shall control, unless (i) the ratings differ by more than one level, in which case the rating one level below the higher of the two ratings shall control, or (ii) either rating is below BBB- or Baa3 (as applicable), in which case the lower of the two ratings shall control.

  • Credit Rating means the rating assigned by a Rating Agency to the senior unsecured long term Indebtedness of a Person.

  • Investment Grade Credit Rating means (a) with respect to Fitch, a credit rating of BBB- or higher, (b) with respect to Xxxxx’x, a credit rating of Baa3 or higher and (c) with respect to S&P, a credit rating of BBB- or higher.

  • Pricing Level III shall exist on an Adjustment Date if the Consolidated Leverage Ratio for the relevant period is less than 3.00 to 1.00 but greater than or equal to 2.50 to 1.00.

  • Pricing Level I shall exist on an Adjustment Date if the Consolidated Leverage Ratio for the relevant period is greater than or equal to 3.50 to 1.00.

  • Level IV Status exists at any date if, on such date, (i) the Borrower has not qualified for Level I Status, Level II Status or Level III Status and (ii) the Borrower's Xxxxx'x Rating is Baa3 or better or the Borrower's S&P Rating is BBB- or better.

  • Pricing Level II shall exist on an Adjustment Date if the Consolidated Leverage Ratio for the relevant period is less than 3.50 to 1.00 but greater than or equal to 3.00 to 1.00.

  • Level III means a level of detail in the CPM Schedule which is an implementation (control) schedule used to direct the Work by providing schedule parameters to the more detailed implementation level, identify and resolve schedule problems, status progress in terms of Milestones, measure the impact of scope changes and delays, develop recovery plans, and support schedule-related contractual action. The work breakdown structure in the Level III CPM Schedule is at an area level, and shall involve over two thousand (2,000) activities. The Level III CPM Schedule is developed with the assistance of and accepted by Contractor’s Key Personnel. All Major Equipment (including bulk material requirements) are scheduled at area level and detailed construction activities at each commodity level follow the same area concept. The Subcontract schedules are similarly developed for each area, as applicable.

  • Corporate Rating an opinion issued by S&P of an obligor’s overall financial capacity (its creditworthiness) to pay its financial obligations.

  • Moody s” means Moody’s Investors Service, Inc.

  • Threshold Rating means the short-term unsecured debt rating of P-1 by Moody's and A-1 by Standard & Poor's.

  • Moody’s First Trigger Ratings Threshold means, with respect to Party A, the guarantor under an Eligible Guarantee or an Eligible Replacement, (i) if such entity has a short-term unsecured and unsubordinated debt rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A2” and a short-term unsecured and unsubordinated debt rating from Moody’s of “Prime-1”, or (ii) if such entity does not have a short-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s, a long-term unsecured and unsubordinated debt rating or counterparty rating from Moody’s of “A1”.

  • S&P Global Ratings means S&P Global Ratings, a division of S&P Global.