Senior Public Debt Rating definition

Senior Public Debt Rating means the publicly announced ratings by Moody's and S&P on Borrower's Senior Debt or other Public Indebtednxxx xx Borrower that is pari passu with the Obligations; provided, however, (i) in the event of a difference in such ratings between S&P and Moody's when each of such ratings is BBB- and Baa3 or better, the Sxxxxx Xublic Debt Rating shall be the higher of the two ratings, (ii) in the event of a difference in such ratings between S&P and Moody's when one of such ratings is BB+ or Ba1, the Senior Public Dxxx Xxxing shall be the lower of the two ratings and (iii) in the event Moody's or S&P (but not both) publicly announces such a rating, sucx xxxxxg shall be the Senior Public Debt Rating. The Senior Public Debt Rating shall change if and when such rating(s) change.
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Senior Public Debt Rating means the ratings of the Company’s public unsecured long-term senior debt, without third party credit enhancement, issued by Moody’s or Standard & Poor’s.
Sample 1
Senior Public Debt Rating means the publicly announced ratings by Xxxxx'x and S&P on Borrower's Senior Debt or other Public Indebtedness of Borrower that is pari passu with the Obligations; provided, however, (i) in the event of a difference in such ratings between S&P and Xxxxx'x when each of such ratings is BBB- and Baa3 or better, the Senior Public Debt Rating shall be the higher of the two ratings, (ii) in the event of a difference in such ratings between S&P and Xxxxx'x when one of such ratings is BB+ or Ba1, the Senior Public Debt Rating shall be the lower of the two ratings and (iii) in the event Xxxxx'x or S&P (but not both) publicly announces such a rating, such rating shall be the Senior Public Debt Rating. The Senior Public Debt Rating shall change if and when such rating(s) change.
Sample 1

Examples of Senior Public Debt Rating in a sentence

  • The Applicable LIBOR Rate Margin in respect of any LIBOR Advance shall be adjusted, as applicable from time to time, effective on the first day of the Interest Period for any LIBOR Advance after any change in the Facility Rating or the Senior Public Debt Rating, as applicable.

  • The Applicable Floating Rate Margin and the Applicable Unused Commitment Rate shall be adjusted, as applicable from time to time, effective on the first Business Day after any change in the Facility Rating or the Senior Public Debt Rating, as applicable.

  • The Applicable Unused Commitment Rate shall be adjusted, as applicable from time to time, effective on (i) the first Business Day after any change in the Facility Rating or the Senior Public Debt Rating, as applicable or (ii) the fifth (5th) Business Day following the delivery by Borrower, pursuant to Section 7.1(i) or (ii), of annual or quarterly financial statements evidencing a change in the Leverage Ratio.

  • The Applicable LIBOR Rate Margin in respect of any LIBOR Advance shall be adjusted, as applicable from time to time, effective on the first day of the Interest Period for any LIBOR Advance after (i) any change in the Facility Rating or the Senior Public Debt Rating, as applicable, or (ii) the fifth (5th) Business Day following the delivery by Borrower, pursuant to Section 7.1(i) or (ii), of annual or quarterly financial statements evidencing a change in the Leverage Ratio.

  • The rating of the Borrower's public unsecured long-term senior debt, without third party credit enhancement, issued by Moody's and/or Standard & Poor's provided that in the event that both Moody's and Standard & Poor's have issued such ratings, the Senior Public Debt Rating will be the lower of the two ratings.

  • The initial pricing for (a) the Applicable Facility Rate shall be 0.1000 % per annum, (b) the Applicable L/C Rate shall be 0.3500% per annum and (c) the Applicable Eurodollar Rate shall be the Eurodollar Rate plus 0.3500% per annum, and shall be effective until the notice of a change in the Senior Public Debt Rating.

  • Notwithstanding the above, if the Senior Public Debt Rating and Funded Debt to EBITDA ratio indicate two different levels of pricing, the higher of the two levels shall apply.


More Definitions of Senior Public Debt Rating

Senior Public Debt Rating means the second highest of the publicly announced ratings by any two (2) or more of Moody's, S&P and Fitch's Investment Service, as selected by Borrowex, xx Xorrower's Senior Debt or other Public Indebtedness of Borrower that is pari passu with the Obligations; provided, however, (i) if none of such ratings is from Moody's and S&P, there shall be no Senior Public Debt Rating, (ii) xx xxx only such ratings are from Moody's or S&P, the Senior Public Debt Rating shall be the higher ox xxx xwo ratings, (iii) if there is only one rating, there shall be no Senior Public Debt Rating, unless such rating is from Moody's or S&P, in which event such rating shall be the Senior Publxx Xxxx Rating. The Senior Public Debt Rating shall change if and when such rating(s) change.
Sample 1

Related to Senior Public Debt Rating

  • Public Debt Rating means, as of any date and subject to the provisions of the next succeeding sentence, the lowest rating that has been most recently announced by each of S&P or Moody’s, as the case may be, for any class of non-credit enhanced long-term senior unsecured debt issued by the Borrower. For purposes of the foregoing: (a) if only one of S&P and Moody’s shall have in effect a Public Debt Rating, the Applicable Percentage and the Applicable Margin shall be determined by reference to the available rating; (b) if neither S&P nor Moody’s shall have in effect a Public Debt Rating, the Applicable Percentage and the Applicable Margin shall be set in accordance with Level 6 under the definition of Applicable Percentage or Applicable Margin, as the case may be; (c) if the ratings established by S&P and Moody’s shall fall within different levels, the Applicable Percentage and the Applicable Margin shall be based upon the higher of such ratings, except that, in the event that the lower of such ratings is more than one level below the higher of such ratings, the Applicable Percentage and the Applicable Margin shall be based upon the level immediately below the higher of such ratings; (d) if any rating established by S&P or Moody’s shall be changed, such change shall be effective as of the date on which such change is first announced publicly by the rating agency making such change; and (e) if S&P or Moody’s shall change the basis on which ratings are established, each reference to the Public Debt Rating announced by S&P or Moody’s, as the case may be, shall refer to the then equivalent rating by S&P or Moody’s, as the case may be.

  • Senior Debt Rating means, at any date, the credit rating identified by a Rating Agency as the credit rating that (a) it has assigned to long term unsecured senior debt of the Borrower or (b) would assign to long term unsecured senior debt of the Borrower were the Borrower to issue or have outstanding any long term unsecured senior debt on such date.

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

  • Public Debt means any Indebtedness consisting of bonds, debentures, notes or other similar debt securities issued in (1) a public offering registered under the Securities Act or (2) a private placement to institutional investors that is underwritten for resale in accordance with Rule 144A or Regulation S under the Securities Act, whether or not it includes registration rights entitling the holders of such debt securities to registration thereof with the SEC for public resale.

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

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

  • Corporate Rating means, as of any date of determination, the non-credit enhanced corporate credit rating of a Person (as determined by either S&P or Xxxxx'x).

  • 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.

  • Consolidated Senior Secured Debt Ratio as of the last day of any period of four consecutive Fiscal Quarters, the ratio of (a) Consolidated Senior Secured Debt on such day to (b) Consolidated EBITDA for such period.

  • Capital Market Indebtedness means any obligation for the payment of borrowed money which is, in the form of, or represented or evidenced by bonds, or other instruments which are, or are capable of being, listed, quoted, dealt in or traded on any stock exchange or in any organised market and any guarantee or other indemnity in respect of such obligation; and

  • Capital Markets Indebtedness means any borrowing or other Indebtedness of any person (other than Project Finance Indebtedness) which is in the form of or represented by any bonds, notes, depositary receipts or other securities for the time being quoted or listed, with the agreement of the Company and/or the Guarantor, on any stock exchange.

  • Consolidated First Lien Net Leverage Ratio means, with respect to any Test Period, the ratio of (a) Consolidated First Lien Net Debt as of the last day of such Test Period to (b) Consolidated EBITDA for such Test Period.

  • Consolidated Senior Secured Net Leverage Ratio means as of any date of determination the ratio, on a Pro Forma Basis, of (a) Consolidated Senior Secured Indebtedness as of such date to (b) Consolidated EBITDA for the most recently completed Test Period.

  • Senior Net Leverage Ratio means, as of any date of determination, the ratio of (a) Senior Indebtedness on such date to (b) Consolidated Adjusted EBITDA for the period of four consecutive fiscal quarters of the Borrower ended on or prior to such time (taken as one accounting period) in which financial statements for each quarter or fiscal year in such period have been or were required to be delivered pursuant to Section 5.01(a) or (b) without giving effect to any grace period applicable thereto.

  • Investment Grade Securities means:

  • Senior Secured Net Leverage Ratio means, as of any date of determination, the ratio of (a) Senior Secured Indebtedness on such date to (b) Consolidated Adjusted EBITDA for the period of four consecutive fiscal quarters of the Borrower ended on or prior to such time (taken as one accounting period) in which financial statements for each quarter or fiscal year in such period have been or were required to be delivered pursuant to Section 5.01(a) or (b) without giving effect to any grace period applicable thereto.

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

  • First Lien Net Leverage Ratio means, with respect to any Test Period, the ratio of (i) Consolidated Total Indebtedness secured on a first lien basis, net of Unrestricted Cash, as of the last day of such Test Period, to (ii) Consolidated EBITDA for such Test Period.

  • Investment Grade Credit Rating means (i) a Credit Rating of Baa3 or higher given by Xxxxx’x, (ii) a Credit Rating of BBB- or higher given by S&P or (iii) a Credit Rating of BBB- or higher given by Fitch.

  • Applicable Rating means the rating assigned to each Class of the Series 2013-T3 Notes by S&P, as the Note Rating Agency, upon the issuance of such Class as set forth below:

  • High Yield Securities means debt Securities and Preferred Stock, in each case (a) issued by public or private issuers, (b) issued pursuant to an effective registration statement or pursuant to Rule 144A under the Securities Act (or any successor provision thereunder) or other exemption to the Securities Act and (c) that are not Cash Equivalents, Mezzanine Investments or Bank Loans.

  • Consolidated Senior Secured Leverage Ratio means, as of any date of determination, the ratio of (a) Consolidated Total Senior Secured Indebtedness on such date to (b) the sum, without duplication, of (i) Consolidated EBITDA for the period of four (4) consecutive fiscal quarters ending on or immediately prior to such date plus (ii) the amount of Specified Non-Recurring Charges taken during the period of four (4) consecutive fiscal quarters ending on or immediately prior to such date.

  • approved rating means, for a security, a rating at or above one of the following rating categories issued by an approved rating organization for the security or a rating category that replaces a category listed below:

  • 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/Xxxxx’x Rating Applicable Rating Level 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.

  • Consolidated Senior Leverage Ratio means, for any date of determination (i) Consolidated Funded Indebtedness on such date of determination (excluding the Unsecured Note Indebtedness) to (ii) Consolidated Adjusted EBITDA for the applicable period of four consecutive fiscal quarters.