Level III Status definition

Level III Status exists at any date if, on such date, (i) the Borrower has not qualified for Level I Status or Level II Status and (ii) the Borrower's Xxxxx'x Rating is Baa2 or better or the Borrower's S&P Rating is BBB or better.

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 2.50 to 1.00.

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

Examples of Level III Status in a sentence

The Company shall pay to the Agent for the account of each Bank a facility fee on the entire portion of such Bank’s Commitment (whether utilized or unutilized), computed on a quarterly basis in arrears on the last Business Day of each calendar quarter, equal to (i) 0.060% per annum if Level I Status exists, (ii) 0.070% per annum if Level II Status exists, (iii) 0.080% per annum if Level III Status exists, (iv) 0.100% per annum if Level IV Status exists and (v) 0.125% per annum if Level V Status exists.
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.
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 III Status

Level III Status means, on any date, the circumstance that neither Level I Status nor Level II Status exists and the Consolidated Total Debt to Consolidated EBITDA Ratio is greater than or equal to 4.00 to 1.00 as of such date.

Level III Status means neither Level I Status nor Level II Status exists, but, subject to the provisions of Schedule 1, the Borrower’s S&P Rating is A+ or higher and its Xxxxx’x Rating is A1 or higher.

Level III Status means, on any date, the circumstance that the Consolidated Total Debt to Consolidated EBITDA Ratio is less than or equal to 5.00 to 1.00 as of such date.

Level III Status exists at any date if, at such date, the Leverage Ratio is greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00;

Level III Status exists at any date if, on such date, (i) the Company has not qualified for Level I or II Status and (ii) the Company’s Applicable Xxxxx’x Rating is B1 or better and the Company’s Applicable S&P Rating is B+ or better.

Level III Status exists at any date if, at such date, the Index Debt is rated either BBB by S&P or Baa2 by Xxxxx’x.

Level III Status exists at any date if at such date the Borrower is at Level III in the chart appearing in the definition of Applicable Margin as a result of its Debt Ratings as determined in accordance with such definition.