Applicable Pricing Level definition
Applicable Pricing Level means, for each Pricing Period, the pricing level set forth below opposite the Debt Rating achieved by Borrower as of the first day of that Pricing Period: I Greater than or equal to Aa3 / AA- II Less than Aa3 / AA- but greater than or equal to A1/A+ III Less than A1/A+ but greater than or equal to A2/A IV Less than A2/A but greater than or equal to A3/A- V Less than A3/A- provided that in the event that the then prevailing Debt Ratings are “split ratings”, Borrower will receive the benefit of the higher Debt Rating, unless the split is a “double split rating” (in which case the pricing level applicable to the middle Debt Rating will apply) or a “triple split rating” (in which case the pricing level applicable to the Debt Rating above the Debt Rating applicable to the lowest pricing level will apply). For purposes hereof, a Debt Rating is only a “split rating” if the Debt Rating applies to a different pricing level.
Applicable Pricing Level means, for each Pricing Period the pricing level set forth below opposite the Debt Rating achieved by Borrower as of the first day of that Pricing Period:
Applicable Pricing Level means, for each Pricing Period the pricing level set forth below opposite the Debt Rating achieved by Borrower as of the first day of that Pricing Period: I Greater than or equal to A1 / A+ II Less than A1 / A+ but greater than or equal to A2 / A III Less than A2 / A but greater than or equal to A3 / A- V Less than Baa2/BBB provided that in the event that the then prevailing Debt Ratings are “split ratings”, Borrower will receive the benefit of the higher Debt Rating, unless the split is a “double split rating” (in which case the pricing level applicable to the middle Debt Rating will apply) or a “triple split rating” (in which case the pricing level applicable to the Debt Rating above the Debt Rating applicable to the lowest pricing level will apply). For purposes hereof, a Debt Rating is only a “split rating” if the Debt Rating applies to a different pricing level.
Examples of Applicable Pricing Level in a sentence
The Applicable Pricing Level set forth above was determined on the basis of the following: LEVERAGE RATIO.
The following table outlines the number of levels, performance thresholds, and applicable pricing for the Revolver: Senior Debt to Applicable Pricing Applicable Pricing Level EBITDA Prime plus LIBOR plus ----- -------------- ---------- ---------- 1.
Subject to later adjustment as provided in the Loan Agreement, the Applicable Pricing Level for the Subject Pricing Period shall be Level 1.
In addition, the amount thereof attributable to the amounts added to the denominator of the Leverage Ratio or the amount added to the numerator of the Fixed Charge Coverage Ratio, as applicable, shall be "Deemed EBITDA" for the applicable fiscal quarter for purposes of determining future compliance with both such financial ratio covenants (but not for determining the Applicable Pricing Level).
Immediately after the Effective Time, the officers of Grace Merger Sub shall be the officers of the Grace Surviving Corporation.
More Definitions of Applicable Pricing Level
Applicable Pricing Level means, for each Pricing Period, the pricing level set forth below opposite the Leverage Ratio as of the last day of the Fiscal Quarter most recently ended prior to the commencement of that Pricing Period:
Applicable Pricing Level means, for any day, the Applicable Pricing Level that is determined in accordance with Borrower’s Consolidated Leverage Ratio on such date as follows: Any change in the Applicable Pricing Level resulting from a change in the Consolidated Leverage Ratio shall be effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 7.2; provided, however, that if a Compliance Certificate is not delivered on or prior to a date required by Section 7.2, and if the Compliance Certificate when delivered indicates that the Applicable Pricing Level of Borrower will increase (i.e., becomes less favorable to Borrower), the date of increase in the Applicable Pricing Level will be deemed to be the date upon which such Compliance Certificate was due under Section 7.2, not the date upon which such Compliance Certificate was delivered.
Applicable Pricing Level means, Pricing Level "I" for any day on which Borrower holds an Investment Grade Credit Rating and, for any day during a Pricing Period on which Borrower does not hold an Investment Grade Credit Rating, means the following: Consolidated Leverage Ratio Applicable Pricing Level Applicable to Pricing Period ------------------------ ---------------------------- II Consolidated Leverage Ratio of less than or equal to 1.25 to 1.00 III Consolidated Leverage Ratio of higher than 1.25 to 1.00, but less than or equal to 1.80 to 1.00
Applicable Pricing Level means, for each Pricing Period, the pricing level set forth below opposite the Leverage Ratio as of the last day of the Fiscal Quarter most recently ended prior to the commencement of that Pricing Period: I Less than 1.00 to 1.00 II Greater than or equal to 1.00 to 1.00, but less than 1.50 to 1.00 III Greater than or equal to 1.50 to 1.00, but less than 2.00 to 1.0 IV Greater than or equal to 2.00 to 1.00, but less than 2.25 to 1.0 V Greater than or equal to 2.25 to 1.0 provided that (i) in the event that Borrower does not deliver a Pricing Certificate with respect to any Pricing Period prior to the commencement of such Pricing Period, then until (but only until) such Pricing Certificate is delivered the Applicable Pricing Level for that Pricing Period shall be Pricing Level V, and, subject to clause (iii) of this proviso, if upon delivery of such Pricing Certificate a change is warranted in the Applicable Pricing Level for such Pricing Period, such change shall be effective on the first Banking Day of the first calendar month beginning after delivery of such Pricing Certificate, and (iii) if any Pricing Certificate is subsequently determined to be in error, then any resulting change in the Applicable Pricing Level shall be made retroactively to the beginning of the relevant Pricing Period. Changes in the Applicable Pricing Level shall occur irrespective of the presence or absence of an Event of Default, and the changes resulting from time to time in the Applicable LIBOR Rate Margin or the Applicable Alternate Base Rate Margin shall apply and be payable cumulatively with, not in lieu of, any Default Rate then applicable.
Applicable Pricing Level means, for any day, the Applicable Pricing Level that is determined in accordance with Borrower’s Debt Rating and Consolidated Leverage Ratio, as appropriate, on such date as follows: Borrower must, pursuant to Section 7.1(k), provide the Administrative Agent with notice of each change in the Applicable Pricing Level that is due to any change in a Debt Rating. Any change in the Applicable Pricing Level resulting from a change in the Consolidated Leverage Ratio shall be effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 7.2; provided, however, that if a Compliance Certificate is not delivered on or prior to a date required by Section 7.2, and if the Compliance Certificate when delivered indicates that the Applicable Pricing Level of Borrower will increase (i.e., becomes less favorable to Borrower), the date of increase in the Applicable Pricing Level will be deemed to be the date upon which such Compliance Certificate was due under Section 7.2, not the date upon which such Compliance Certificate was delivered. In the event that there is a difference in the Applicable Pricing Levels determined by the Debt Ratings and the Consolidated Leverage Ratio, respectively, the higher of such Applicable Pricing Levels shall apply (with the Applicable Pricing Level I being the lowest and the Applicable Pricing Level V being the highest), unless there is a difference in the Applicable Pricing Levels (as indicated by the Debt Ratings and the Consolidated Leverage Ratio) of more than one level, in which case, the Applicable Pricing Level that is one level lower than the Applicable Pricing Level of the higher Applicable Pricing Level shall apply. In addition to other applicable rules with respect to the pricing grid, if the Borrower fails to obtain or maintain a Debt Rating then Pricing Level V shall apply.
Applicable Pricing Level means (a) for the First Pricing Period, Pricing Level III and (b) for each Pricing Period thereafter, the pricing level set forth below, as applicable, either (i) if Borrower did not deliver a Rating Notice to Administrative Agent as required by Section 6.1(k), below, Level IV, or (ii) if Administrative Agent did receive a Rating Notice, the Pricing Level opposite Borrower's Long-Term Unsecured Senior Debt Rating as of the date of Administrative Agent's receipt of such Rating Notice as determined by Administrative Agent: Borrower's Long-Term Pricing Level Unsecured Senior Debt Rating ------------- ---------------------------- I Equal to or higher than BBB+/Baa1 II BBB/Baa2 III BBB-/Baa3 IV Lower than BBB-/Baa3 or No Rating
Applicable Pricing Level means (a) for the Pricing Period commencing on the Closing Date and ending on September 30, 2000, Pricing Level III and (b) for each subsequent Pricing Period, the pricing level set forth below opposite the Funded Debt Ratio as of the last day of the Fiscal Quarter most recently ended prior to the commencement of that Pricing Period: Pricing Level Funded Debt Ratio ------------- ----------------- I Less than 1.00 to 1.00 II Equal to or greater than 1.00 to 1.00, but less than 1.50 to 1.00 III Equal to or greater than 1.50 to 1.00, but less than 2.25 to 1.00 IV Equal to or greater than 2.25 to 1.00 provided that (i) in the event that Borrower does not deliver a Pricing Certificate with respect to any Pricing Period prior to the commencement of such Pricing Period, then until (but only until) such Pricing Certificate is delivered the Applicable Pricing Level for that Pricing Period shall be the next higher Pricing Level (if there is a higher Pricing Level) and (ii) if any Pricing Certificate is subsequently determined to be in error, then any resulting change in the Applicable Pricing Level shall be made retroactively to the beginning of the relevant Pricing Period.