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 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.

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) 0.100% 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 VI Period

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 that are better than or equal to at least two of the following three ratings: (i) BBB- by S&P and/or (ii) Baa3 by Moodx'x xxx/or (iii) BBB- by Duff; provided that if S&P or Moodx'x xx Duff 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 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 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 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.

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 means any period during which the Interest Coverage Ratio is less than 2.50 to 1.

Level VI Period means any period during which the EBITDA to Interest Expense Ratio is less than 2.75 to 1 but greater than or equal to 2.50 to 1.

Level VI Period any period during which either of the --------------- publicly announced ratings by S&P or Xxxxx'x of the then current senior unsecured, non-credit enhanced, long-term Indebtedness of the Company that has been publicly issued is below BBB- or unrated or below Baa3 or unrated, as the case may be."