Satisfactory Rate Order definition
Satisfactory Rate Order means a PLR Rate Order (i) that GPU certifies, no later than five Business Days following the issuance of such order, to the Administrative Agent and the Lenders (A) will not result through December 31, 2002 (after taking into account the impact of the PLR Rate Order and any additional actions that each of ME, PE and JC has taken and proposes to take in response to the PLR Rate Order and any cash preservation actions that GPU proposes to take in response to the PLR Rate Order, all as reflected in the Pro-Forma Statements) in (1) a material deterioration in the levels of cash flows of any Borrower or GPU and its Subsidiaries on a consolidated basis or (2) a material increase in the level of debt of any Borrower or GPU and its Subsidiaries on a consolidated basis from, in each case, those reflected in the Base Case Cash Flow Statement, and (B) will provide, in the judgment of GPU, a reasonable basis for ME and PE to access the capital markets as reflected in the Pro-Forma Statements, and (ii) that Lenders representing at least 51% of the Commitments agree pursuant to Section 7.6(a) satisfies the conditions described in subclauses (A) and (B) above.