Level VI Period definition

Level VI Period means any period (other than a Level I Period, Level II Period, Level III Period, Level IV Period or Level V 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) BB+ by S&P and/or (ii) Ba1 by Moody's and/or (iii) BB+ 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 VI Period means 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 the Debt Rating is BBB- or higher by S&P or Baa3 or higher by Moody's.

Level VI Period means any period (other than a Level I Period, Level II Period, Level III Period, Level IV Period or Level V 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) BB+ by S&P and/or (ii) Ba1 by Moody’s and/or (iii) BB+ 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.

Examples of Level VI Period in a sentence

• 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.

• Jaren Breece (below) connects sides quickly.pop rivets, engineering andproduction crews have made the switch to spot welding orresistance welding to hold together the bottom, top and sidepanels of the unit.Assembling with welds has enabled two workers to increasetheir hourly output from about 2.5 to 8 per hour.

• For purposes of this Agreement, subsection ------------ 2.3(a) of the Composite Conformed Credit Agreement as adopted and incorporated by reference into this Agreement is hereby amended by deleting the table contained therein and substituting in lieu thereof the following: "Type of Period Facility Fee -------------- ------------ Level I Period .0600% Level II Period .0750% Level III Period .0900% Level IV Period .1250% Level V Period .1875% Level VI Period .2500%.".

• 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) 0.070% per annum during each Level I Period, (ii) 0.080% per annum during each Level II Period, (iii) 0.090% per annum during each Level III Period, (iv) 0.110% per annum during each Level IV Period, (v) 0.135% per annum during each Level V Period, (vi) 0.175% during each Level VI Period and (vii) 0.250% 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.

More Definitions of Level VI Period

Level VI 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 0.65:1 but shall not exceed 0.675:1.

Level VI Period means 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 VI Period means any period, other than a Level I Period, a Level II Period, a Level III Period, Level IV Period or a Level V Period during which (a) no Event of Default shall have occurred and be continuing, (b) neither Rating Levex 0 xxx Rating Level 2 is in effect and (c) the Leverage Ratio is greater than or equal to 3.75 to 1 but less than 4.25 to 1; 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 (x) a change in the Standard & Poor's Rating or the Moodx'x Xxxing shall become effective on the date of announcement or publication by the respective rating agencies of a change in such rating or, in the absence of such announcement or publication, the effective date of such rating and (y) a change in the Leverage Ratio shall become effective on the first day of the next succeeding fiscal quarterly period of the Company following receipt by the Administrative Agent of the financial statements of the Company and its Subsidiaries for such most recent Fiscal Date delivered as required by Section 8.01(a) or (b) hereof; provided that failure to deliver such financial statements as required by Section 8.01(a) or (b) hereof shall result in the Applicable Margin and Commitment Fee Rate being at the rates set forth opposite Level VII Period.

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

Level VI Period means any period which is not a Level I Period, a Level II Period, a Level III Period, a Level IV Period or a Level V Period. The credit ratings to be used for purposes of this Section 1.04 are those assigned to the long-term senior unsecured debt of the Borrower without third-party credit enhancement. Any rating assigned to any other debt of the Borrower shall be disregarded. The rating in effect at any date is that in effect at the close of business on such date. If the Borrower is split-rated and the ratings differential is one level, the higher of the two ratings will apply (e.g., A-/Baa1 results in a Level I Period and BBB-/Baa2 results in a Level III Period). If the Borrower is split-rated and the ratings differential is more than one level, the rating one level above the lower of the two ratings shall be used (e.g., A-/Baa2 results in Level II Period and BBB-/A3 results in a Level III Period). If, however, at any date the Borrower's long-term senior unsecured debt is not rated by both S&P and Xxxxx'x, then a Level VI Period shall apply.

Level VI Period means any period during which the Credit Rating is, or is at any level above, the Level VI Rating.

Level VI Period means 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.