Common use of Public Debt Rating Clause in Contracts

Public Debt Rating. Level 1 Long-term senior unsecured Debt of the Company rated at least A- by S&P or A3 by Xxxxx’x or the Leverage Ratio is less than or equal to 1.25:1.00 Level 2 Long-term senior unsecured Debt of the Company rated less than Level 1 but at least BBB+ by S&P or Baa1 by Xxxxx’x or the Leverage Ratio is less than or equal to 1.25:1.00 Level 3 Long-term senior unsecured Debt of the Company rated less than Level 2 but at least BBB by S&P or Baa2 by Xxxxx’x or the Leverage Ratio is less than or equal to 1.25:1.00 Level 4 Long-term senior unsecured Debt of the Company rated less than Level 3 but at least BBB- by S&P or Baa3 by Xxxxx’x or the Leverage Ratio is less than or equal to 1.50:1.00 Level 5 Long-term senior unsecured Debt of the Company rated less than Level 4 but at least BB+ by S&P or Ba1 by Xxxxx’x or the Leverage Ratio is less than or equal to 1.75:1.00 Level 6 Long-term senior unsecured Debt of the Company rated less than Level 5 or the Leverage Ratio is greater than 1.75:1.00