Level V Status definition

Level V Status exists at any date if, on such date, the Borrower has not qualified for Level I Status, Level II Status, Level III Status or Level IV Status.

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

Level V Status exists at any date if, at such date, none of Level I Status, Level II Status, Level III Status or Level IV Status exists.

Examples of Level V Status in a sentence

• Except under the circumstances described in clause (iii) below, if at any time none of the Fincos has a ▇▇▇▇▇’▇ Rating, S&P Rating or Fitch Rating, Level V Status shall exist with respect to Loans to any Borrower other than Harley.

• Except under the circumstances described in clause (iii) below, if at any time Harley has no ▇▇▇▇▇’▇ Rating, no S&P Rating and no Fitch Rating, Level V Status shall exist with respect to Loans to Harley.

• If at any time the Borrower has no ▇▇▇▇▇’▇ Rating and no S&P Rating, Level V Status shall exist.

• If at any time the Borrower has no ▇▇▇▇▇'▇ Rating or no S&P Rating, Level V Status shall exist.

• 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.

More Definitions of Level V Status

Level V 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, Level III Status or Level IV Status and (iii) the Leverage Ratio is less than 3.50 to 1.00.

Level V Status means, on any date, the circumstance that the Consolidated Total Debt to Consolidated EBITDA Ratio is less than 4.50 to 1.00 as of such date.

Level V Status means neither Level I Status, Level II Status, Level III Status nor Level IV Status applies.

Level V Status means neither Level I Status, Level II Status, Level III Status, nor Level IV Status exists, but Borrower’s S&P Rating is BBB- or higher and its ▇▇▇▇▇’▇ Rating is Baa3 or higher.

Level V Status exists at any date if, at such date, the Index Debt is rated either BBB- by S&P or lower or Baa3 by ▇▇▇▇▇’▇ or lower, or, no other Status exists.

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

Level V Status exists at any date if, at such date, no other Status exists.