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I'm asked to do something brutally tough in Excel and I'm hoping it's possible.

Basically, I need to pick up a the next value from a list when a criteria in other another row and columns is met.

In the sample below, whenever the Downgrade value exceeds the last Major Level, the Upgrade Factor picks up the next value from Factors. On the next row, the Downgrade Factor picks up the next value from Factors. This continues until the last value in Factors is reached.

Also important to the logic is knowing when Max Upgrade Factor is reached.

I have a hunch that this might be possible with XLOOKUP, but I can't get it to work. How can this be done?

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