Senior Secured Debt Rating definition

Senior Secured Debt Rating means the Borrower’s senior secured debt rating as announced by either S&P or Xxxxx’x (or both).
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Senior Secured Debt Rating or "Senior Secured Rating," as applicable, and (c) at such additional times as the Lessee may elect, a certificate setting forth its "Senior Secured Debt Rating" and "Senior Secured Rating," as assigned by S&P or Xxxxx'x, as applicable (each, a "Pricing Certificate");
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Senior Secured Debt Rating means, as of any date, the senior secured debt rating that has been most recently announced by Xxxxx'x or S&P for the Facilities. For purposes of the foregoing, (a) if only one of S&P and Xxxxx'x shall have in effect a Senior Secured Debt Rating, the Applicable Margin shall be determined by reference to the available rating; (b) if both S&P and Xxxxx'x shall not have in effect a Senior Secured Debt Rating, the Applicable Margin will be set in accordance with Level 4 under the definition of "Applicable Margin"; (c) if any rating established by S&P or Xxxxx'x 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 (d) if S&P or Xxxxx'x shall change the basis on which ratings are established, each reference to the Senior Secured Debt Rating announced by S&P or Xxxxx'x, as the case may be, shall refer to the then equivalent rating by S&P or Xxxxx'x, as the case may be.
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Examples of Senior Secured Debt Rating in a sentence

  • Annual Senior Secured Debt Rating 100 ARTICLE VI NEGATIVE COVENANTS Section 6.1. Indebtedness 101 Section 6.2. Liens 103 Section 6.3. Sale and Lease-Back Transactions 104 Section 6.4. Investments, Loans and Advances 105 Section 6.5. Mergers; Consolidations; Sales of Assets; Acquisitions 106 Section 6.6. Sale of Assets 108 Section 6.7. Transactions with Affiliates 108 Section 6.8. Business of Holdings and its Subsidiaries 108 Section 6.9. Material Agreements; Constituent Documents 109 Section 6.10.

  • STANDARD & POORS MOODX'X SENIOR SECURED DEBT RATING Senior Secured Debt Rating SPREAD -------------------------- -------------------------- ------ A- A3 100 BBB+ Baa1 110 BBB Baa2 120 BBB- Baa3 130 If a senior secured debt rating is not available from both Standard & Poors and Moodx'x, xx implied senior secured debt rating will be used.

  • The Borrower will notify the Agent and the Banks, promptly upon becoming aware thereof, of any change in the Senior Secured Debt Rating.

  • SCHEDULE II Green Mountain Power Corporation Facility Fee Grid*** Level Senior Secured Debt Rating Facility Fee I ³A-/A3 7.5 bps II BBB+/Baa1 10.0 bps III BBB/Baa2 12.5 bps IV BBB-/Baa3 20.0 bps V < BBB-/Baa3 37.5 bps *** Based upon the Debt Rating.


More Definitions of Senior Secured Debt Rating

Senior Secured Debt Rating means a rating established by Fitch, Moody’s or S&P for the Indebtedness evidenced by the Financing Documents.
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Senior Secured Debt Rating or "Senior Secured Rating" as assigned by Moody's or S&P, as applicable, are at the levels specified below, a pricing reduction equal to the per annum percentage corresponding to the applicable rating set forth in the chart below: Rating Pricing Reduction ------ ----------------- Ba1 or higher by Moody's and 0.125% BB- or higher by S&P Ba1 or higher by Moody's and 0.250% BB or higher by S&P The Pricing Reduction shall be determined with reference to the most recent Pricing Certificate delivered by Company to Administrative Agent pursuant to subsection 5.1(xvi). Any changes to the Pricing Reduction shall become effective on the day following the delivery of the relevant Pricing Certificate to Administrative Agent and shall remain in effect through the next date a Pricing Certificate is required to be delivered. It is understood and agreed that the Pricing Reduction percentages provided are not cumulative. Notwithstanding anything to the contrary herein, at any time an Event of Default shall have occurred and be continuing, the Pricing Reduction shall be zero.
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Senior Secured Debt Rating means, as of any date, the rating that has been most recently announced by either S&P or Moody's, as the case may be, for any class of non-credit exxxxxxx long-term senior secured debt issued by the Borrower; provided that (a) if any rating established by S&P or Moody's shall be changed, such change shall be effective ax xx xxe date on which such change is first publicly announced by the rating agency making such change, and (b) if S&P or Moody's shall change the basis on which ratings are establxxxxx, each reference to the Senior Secured Debt Rating announced by S&P or Moody's, as the case may be, shall refer to the then equivxxxxx xating by S&P or Moody's, as the case may be.
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Related to Senior Secured Debt Rating

  • Senior Secured Debt means Senior Debt that is secured by Liens on any property or assets of the Borrower or any of its Subsidiaries.

  • Senior Secured Leverage Ratio means, as of the date of determination thereof, the ratio of (a) Consolidated Senior Secured Debt as of such date to (b) Consolidated EBITDA for the period of four (4) fiscal quarters then most recently ended.

  • 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.

  • Senior Debt Rating means at any date, the credit rating identified by S&P, Fitch or Xxxxx’x as the credit rating which (a) it has assigned to long term senior unsecured debt of the Borrower or (b) it would assign to long term senior unsecured debt of the Borrower were the Borrower to issue or have outstanding any long term senior unsecured debt on such date. For the avoidance of doubt, “Senior Debt Rating” is not the Borrower’s “Corporate/Long-Term Issuer” rating.

  • 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.

  • Senior Secured Indebtedness means, as of any date of determination, the principal amount of any Indebtedness for borrowed money that is secured by a Lien.

  • Secured Debt Ratio means the ratio of (a) Secured Debt to (b) the aggregate amount of Indebtedness of the Company and its Subsidiaries that are consolidated with the Company for purposes of GAAP (including Indebtedness under the Notes and excluding any Indebtedness of any of the Company’s Subsidiaries which are SBIC Subsidiaries).

  • Consolidated Senior Secured Debt means, as of any date of determination, the aggregate principal amount of Consolidated Total Debt outstanding on such date that is secured by a Lien on any asset or property of any Loan Party.

  • Senior Secured Credit Facility means the Loan and Security Agreement, dated as of May 31, 2017 by and among the Company and Western Alliance Bank (as amended, amended and restated, supplemented or otherwise modified from time to time, subject to the limitations herein).

  • 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.

  • Senior Secured Credit Facilities means the revolving credit facility and other credit facilities under the Credit Agreement, including any guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements, refundings, refinancings or replacements thereof and any one or more indentures or credit facilities or commercial paper facilities with banks or other institutional lenders or investors that replace, refund, supplement or refinance any part of the loans, notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing facility or indenture that increases the amount borrowable thereunder or alters the maturity thereof (provided that such increase in borrowings is permitted under Section 4.09 hereof) or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the same or any other agent, trustee, lender or group of lenders or holders.

  • Senior Secured Notes means the $1,875 million aggregate principal amount of 7.375% Senior Secured Notes due 2023 of the Borrower including, as the same may be amended, supplemented, waived or otherwise modified from time to time, including any senior secured exchange notes issued in lieu thereof.

  • Public Debt Rating means, as of any date, the rating that has been most recently announced by either 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 or, if any such rating agency shall have issued more than one such rating, the lowest such rating issued by such rating agency. 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 Margin and the Applicable Percentage 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 Margin and the Applicable Percentage will be set in accordance with Level 5 under the definition of “Applicable Margin” or “Applicable Percentage”, as the case may be; (c) if the ratings established by S&P and Moody’s shall fall within different levels, the Applicable Margin and the Applicable Percentage shall be based upon the higher rating unless such ratings differ by two or more levels, in which case the applicable level will be deemed to be one level below the higher of such levels; (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 Secured Notes Documents means the Senior Secured Notes Indenture, the Senior Secured Notes Guarantees, the Senior Secured Notes, the Intercreditor Arrangements, any supplemental indenture, any security document relating to the Senior Secured Notes and/or the Senior Secured Notes Indenture and any other document that may be entered into pursuant to any of the foregoing.

  • Consolidated Senior Secured Net Leverage Ratio means, for any Measurement Period, the ratio of (a) Consolidated Senior Secured Net Debt for Borrowed Money to (b) Consolidated EBITDA, in each case for such period.

  • Consolidated Senior Secured Net Debt means, as of any date of determination, Consolidated Net Debt that is secured by a Lien on any asset or property of any Loan Party or any Restricted Subsidiary.

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

  • Senior Secured Loan means any interest in a loan, including any assignment of or participation in or other interest in a loan, that (i) is not (and is not expressly permitted by its terms to become) subordinate in right of payment to any obligation of the obligor in any bankruptcy, reorganization, arrangement, insolvency, moratorium or liquidation proceedings (other than pursuant to a Permitted Working Capital Lien and customary waterfall provisions contained in the applicable loan agreement), (ii) is secured by a pledge of collateral, which security interest is (a) validly perfected and first priority under Applicable Law (subject to liens permitted under the applicable credit agreement that are reasonable for similar loans, and liens accorded priority by law in favor of any Governmental Authority) or (b)(1) validly perfected and second priority in the accounts, documents, instruments, chattel paper, letter-of-credit rights, supporting obligations, deposit accounts, investments accounts and any other assets securing any Working Capital Revolver under Applicable Law and proceeds of any of the foregoing (a first priority lien on such assets a "Permitted Working Capital Lien") and (2) validly perfected and first priority (subject to liens for taxes or regulatory charges and any other liens permitted under the related underlying instruments that are reasonable and customary for similar loans) in all other collateral under Applicable Law, and (iii) the Portfolio Manager determines in good faith that the value of the collateral for such loan (including based on enterprise value) on or about the time of acquisition equals or exceeds the outstanding principal balance of the loan plus the aggregate outstanding balances of all other loans of equal or higher seniority secured by a first priority Lien over the same collateral. For the avoidance of doubt, debtor-in-possession loans and FLLO Loans shall constitute Senior Secured Loans.

  • Consolidated Senior Secured Indebtedness means all Consolidated Funded Indebtedness that is secured by a Lien on any property or assets of the Borrower or any Restricted Subsidiary.

  • Senior Secured Notes Trustee means U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association, as trustee under the Senior Secured Notes Indenture.

  • Senior Secured Note Indenture means the Indenture dated as of November 5, 2009, among the Issuers, the Note Guarantors (as defined therein) and The Bank of New York Mellon, as trustee, principal paying agent, transfer agent and registrar, as amended, extended, restructured, renewed, refunded, novated, supplemented, restated, replaced or modified from time to time;

  • Senior Securities means senior securities (as such term is defined and determined pursuant to the Investment Company Act and any orders of the SEC issued to the Borrower thereunder).

  • Secured Debt means Debt of the Company or its Subsidiaries secured by an Encumbrance on the property of the Company or its Subsidiaries.

  • Senior Secured Parties means the Credit Agreement Secured Parties and any Additional Senior Debt Parties.

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

  • Existing Senior Secured Notes means the Borrower’s $800,000,000 8.500% Senior Secured Notes due 2019, issued pursuant to the Existing Senior Secured Notes Indenture.