Level II Status definition

Level II Status exists at any date if, on such date, (i) the Borrower has not qualified for Level I Status and (ii) the Borrower's ▇▇▇▇▇'▇ Rating is Baa1 or better or the Borrower's S&P Rating is BBB+ or better.

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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 Leverage Ratio is less than 1.50 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 Leverage Ratio is less than 2.00 to 1.00.

Level II Status means, on any date, the circumstance that Level I Status does not exist and the Consolidated Total Debt to Consolidated EBITDA Ratio is greater than or equal to 4.50 to 1.00 as of such date.

Examples of Level II Status in a sentence

• Notwithstanding anything herein to the contrary, from the Closing Date to but not including the fifth (5th) Business Day following the date the Administrative Agent has received the Financials for the period ending November 30, 2007, the Applicable Margin and Applicable Facility Fee Rate shall be determined based upon Level II Status.

• 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.

• The "FACILITY FEE RATE" at any date is: (i) 0.050% if Level I Status exists at such date, (ii) 0.055% if Level II Status exists at such date, (iii) 0.060% if Level III Status exists at such date, (iv) 0.090% if Level IV Status exists at such date or (v) 0.125% if Level V Status exists at such date.

More Definitions of Level II Status

Level II Status means Level I Status does not exist, but, subject to the provisions of Schedule 1, the Borrower’s S&P Rating is AA- or higher and its ▇▇▇▇▇’▇ Rating is Aa3 or higher.

Level II Status means, on any date, the circumstance that the Consolidated First Lien Secured Debt to Consolidated EBITDA Ratio is less than or equal to 4.25 to 1.00 as of such date.

Level II Status exists at any date if, at such date, (i) the Borrower’s long-term debt is rated at least A- by S&P or A3 by ▇▇▇▇▇’▇ and (ii) Level I Status does not exist. “Level III Status” exists at any date if, at such date, (i) the Borrower’s long-term debt is rated at least BBB+ by S&P or Baa1 by ▇▇▇▇▇’▇ and (ii) neither Level I Status nor Level II Status exists.

Level II Status exists on any date if, at such date, (i) the Company’s outstanding senior unsecured long-term debt is rated A or an equivalent rating or higher by S&P or A2 or an equivalent rating or higher by Moody’s and (ii) Level I Status does not exist on such date.

Level II Status exists at any date after the Separation if, at such date, (i) the Borrower's outstanding senior unsecured long-term debt securities are rated A or higher by S&P or A2 or higher by Moody's and (ii) Level I Status does not exist.

Level II Status exists at any date if, as of the last day of the fiscal quarter referred to in the most recent Financials, (i) the Company has not qualified for Level I Status and (ii) the Leverage Ratio is less than or equal to 1.50 to 1.00.

Level II Status exists at any date if, at such date, the Leverage Ratio is greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00;