Level VI shall exist at any time the Applicable Credit Rating of S&P is BBB- and the Applicable Credit Rating of Xxxxx'x is Baa3.
Level VI the respective Level set forth below, as determined by the Ratings then in effect: Level S&P Rating Mxxxx’x Rating Level I A or higher A2 or higher Level II A- A3 Level III BBB+ Baa1 Level IV BBB Baa2 Level V BBB- Baa3 Level VI BB+ or below Ba1 or below provided that if on any day the Ratings of the Rating Agencies do not coincide for any rating category and the Level differential is (x) one level, then the higher 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 higher/highest of the intermediate Levels will be the applicable Level.
Examples of Level VI in a sentence
The changes are intended to ensure clarity in the presentation of the OOS conditions and are not expected to affect the number of OOS violations cited during Level VI inspections in the United States.
Multiple-voltage EPSs meeting Level VI or higher shall include the Level VI or higher marking.
Single- and Multiple-voltage EPSs shall include the Level VI or higher marking.
The changes are intended to ensure clarity in the presentation of the OOS conditions and are not expected to affect the number of OOS violations cited during Level VI inspections.
There is no Scheduled Value for these Level VI Claims; rather they must be filed as IR claims and individually evaluated.
More Definitions of Level VI
Level VI has the meaning specified in Section 2.09(a)(ii).
Level VI shall exist at any time the Total Leverage Ratio is less than 1.00:1.0.
Level VI applies on any day on which (i) the S&P Reference Rating for such Borrower is BB+ or lower and the Xxxxx'x Reference Rating for such Borrower is Ba1 or lower and (ii) none of Levels I, II, III, IV or V applies. In the event that the Reference Ratings do not correspond to the same Applicable Rating Level, then, (i) if the higher of such Reference Ratings corresponds to Levels I, II, III or V and (A) the Reference Ratings differ by only one rating level, the Applicable Rating Level that corresponds to the higher of such Reference Ratings shall apply, and (B) the Reference Ratings differ by more than one rating level, the Applicable Rating Level that is one level below the Applicable Rating Level that corresponds to the higher of such Reference Ratings shall apply, and (ii) if the Reference Ratings differ by more than one rating level and the lower of such Reference Ratings corresponds to Level VI, the Applicable Rating Level that corresponds to the lower of such Reference Ratings shall apply. The Applicable Rating Level shall be redetermined as and when any change in the ratings used in the determination thereof shall be announced by S&P or Xxxxx'x, as the case may be.
Level VI means the Borrower's Leverage Ratio as of the end of the Borrower's fiscal quarter ending immediately prior to the most recent Pricing Date is greater than or equal to 4.00 to 1.00 and less than 4.50 to 1.00.
Level VI shall have the meaning specified in SUBDIVISION 2(e)(4).
Level VI shall exist at any time none of the other Levels applies. If there is a split rating (i.e., the Xxxxx’x Rating and the S&P Rating would not result in the same pricing), the Company shall be entitled to the benefit of the higher rating; provided that if there is a differential of two or more levels in the table above, the level immediately below the higher applicable level shall apply. If at any time the Company has no Xxxxx’x Rating or no S&P Rating, then the percentages contained in Level VI shall apply. SCHEDULE 2.1 LOANS / PERCENTAGES Bank Loan Percentage Bank of America, N.A. $ 93,750,000 75.00 % LaSalle Bank National Association $ 31,250,000 25.00 % TOTAL $ 125,000,000 100 % SCHEDULE 6.5 LITIGATION None SCHEDULE 6.6 ERISA None SCHEDULE 6.11 ENVIRONMENTAL MATTERS None SCHEDULE 6.13 INTELLECTUAL PROPERTY DISPUTES None SCHEDULE 6.14
Level VI shall exist at any time the Leverage Ratio is less than --------- 5.0:1.0 but greater than or equal to 4.5:1.0. "Level VII" shall exist at any time the Leverage Ratio is greater than --------- or equal to 5.0:1.0." (g) Section 1.01 of the Credit Agreement is further amended by ------------- inserting the following new definitions in their appropriate alphabetical: ""Available Commitment" as to any Lender, means such Lender's Commitment --------------------- reduced by its Pro Rata Share of the Permitted Acquisition Reserve and as to all Lenders, means the aggregate of such Lender's Commitment reduced by the Permitted Acquisition Reserve.