Level I Status definition

Level I Status exists at any date if, as of the last day of the fiscal quarter of the Borrower referred to in the most recent Financials, the Leverage Ratio is less than 1.00 to 1.00.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Level I Status means, on any date, the circumstance that the Consolidated Total Debt to Consolidated EBITDA Ratio is greater than or equal to 6.00 to 1.00 as of such date.

Level I Status exists at any date if, on such date, the Borrower’s S&P Rating is A- or better, the Borrower’s ▇▇▇▇▇’▇ Rating is A3 or better and the Borrower’s Fitch Rating is A- or better.

Examples of Level I Status in a sentence

• In the event that the Company shall at any time fail to furnish to the Lenders such financial statements within the time limitations specified by Section 6.1, then the Company's Status shall be ----------- Level I Status from the date of such failure until the fifth day after such financial statements are so delivered.

• For purposes of the foregoing (and subject to the last paragraph of this Pricing Schedule), the following terms have the respective meanings set forth below: "Level I Status" exists at any date if, on such date, the Borrower's ▇▇▇▇▇'▇ Rating is A3 or better or the Borrower's S&P Rating is A- or better.

• Very truly yours, NORTHERN ILLINOIS GAS COMPANY By Title: Level I Status 0.035% 0.090% 0.000% 0.050% Level II Status 0.040% 0.110% 0.000% 0.050% Level III Status 0.050% 0.150% 0.000% 0.050% Level IV Status 0.060% 0.190% 0.000% 0.050% Level V Status 0.070% 0.230% 0.000% 0.050% Level VI Status 0.090% 0.360% 0.000% 0.050% Level VII Status 0.100% 0.500% 0.000% 0.050% Each change in a rating shall be effective as of the date it is announced by the applicable rating agency.

• Very truly yours, NORTHERN ILLINOIS GAS COMPANY By Title: Level I Status .100% 50% of CDX 1.50% Level II Status .125% 65% of CDX 1.75% Level III Status .150% 80% of CDX 2.00% Level IV Status .200% 90% of CDX 2.25% Level V Status .250% 100% of CDX 2.50% Each change in a rating shall be effective as of the date it is announced by the applicable rating agency.

• Seller shall pay to Buyer facility fees (the “Facility Fees”) at the rate per annum equal to (a) for each day that Guarantor has Level I Status, .1500% of the Commitment, (b) for each day that Guarantor has Level II Status, .2000% of the Commitment, (c) for each day that Guarantor has Level III Status, .2500% of the Commitment.

More Definitions of Level I Status

Level I Status exists at any date if, as of the last day of the fiscal quarter of the Borrower referred to in the most recent Financials, the Net Leverage Ratio is less than or equal to 2.00 to 1.00. “Level II Status” exists at any date if, as of the last day of the fiscal quarter of the Borrower referred to in the most recent Financials, (i) the Borrower has not qualified for Level I Status and (ii) the Net Leverage Ratio is less than or equal to 2.50 to 1.00. “Level III Status” exists at any date if, as of the last day of the fiscal quarter of the Borrower referred to in the most recent Financials, (i) the Borrower has not qualified for Level I Status or Level II Status and (ii) the Net Leverage Ratio is less than or equal to 3.00 to 1.00. “Level IV Status” exists at any date if, as of the last day of the fiscal quarter of the Borrower referred to in the most recent Financials, (i) the Borrower has not qualified for Level I Status, Level II Status or Level III Status and (ii) the Net Leverage Ratio is less than or equal to 3.50 to 1.00. “Level V Status” exists at any date if the Borrower has not qualified for Level I Status, Level II Status, Level III Status or Level IV Status.

Level I Status means, subject to the provisions of Schedule 1, the Borrower’s S&P Rating is AA or higher and its ▇▇▇▇▇’▇ Rating is Aa2 or higher.

Level I Status exists at any date if, at such date, the Borrower’s Unsecured Long-Term Debt is rated AA- or higher by S&P, Aa3 or higher by Moody’s or AA- or higher by Fitch.

Level I Status means the Borrower’s S&P Rating is A or higher and its ▇▇▇▇▇’▇ Rating is A2 or higher.

Level I Status means, on any date, the circumstance that Level II Status does not exist.

Level I Status exists at any date if, at such date, the Index Debt is rated either A- or higher by S&P or A3 or higher by ▇▇▇▇▇’▇.

Level I Status means, on any date, the circumstance that neither Level II Status or Level III Status exists and the Consolidated Total Debt to Consolidated EBITDA Ratio is greater than 6.00 to 1.00 as of such date.