Level II Pricing definition

Level II Pricing applies on any day on which (i) the Borrower’s long-term debt is rated A or higher by S&P or A2 or higher by Moody’s and (ii) Level I Pricing does not apply.

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Level II Pricing applies at any date if, at such date, the Borrower’s long-term debt is rated BBB+ by S&P and Baa1 by Moody’s.

Level II Pricing applies at any date if, at such date, (i) the Borrower's long-term debt is rated A or higher by S&P or A2 or higher by Moody's and (ii) Level I Pricing does not apply.

Examples of Level II Pricing in a sentence

• Such commitment fee shall accrue at the rate of (i) 0.25% per annum during any Level I Pricing Period, (ii) 0.30% per annum during any Level II Pricing Period, (iii) 0.375% per annum during any Level III Pricing Period or Level IV Pricing Period or (iv) 0.4375% during any Level V Pricing Period.

• The Company shall pay to the -------------------- Administrative Agent, for the account of each Bank, a letter of credit fee for each day during the Revolving Credit Period, at a rate equal to (a) if such day falls within a Level I Pricing Period, 0.190% per annum or (b) if such day falls within a Level II Pricing Period, 0.325% per annum, in each case of such Bank's LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) for such day.

• LEVEL III PRICING applies at any date if (i) the Applicable Leverage Ratio is greater than or equal to 0.40 and (ii) neither Level I Pricing nor Level II Pricing applies.

• Level II Pricing applies at any date if, as of such date, (i) the Leverage Ratio is less than or equal to .35 to 1 and (ii) Level I Pricing does not apply.

• The Company shall ---- ------------- pay to the Administrative Agent, for the account of each Bank, facility fees for each day during the Revolving Credit Period, at a rate equal to (a) if such day falls within a Level I Pricing Period, 0.060% per annum or (b) if such day falls within a Level II Pricing Period, 0.125% per annum, in each case of such Bank's Commitment (whether used or unused) for such day.

More Definitions of Level II Pricing

Level II Pricing means the pricing during any period during which (i) the Company's long-term senior unsecured debt is rated AA- or higher by S&P or Aa3 or higher by Moody's and (ii) Level I Pricing does not apply.

Level II Pricing applies during any Rate Period if no higher Pricing Level applies and, at the end of the Preceding Fiscal Quarter, the Leverage Ratio was equal to or greater than 1.75 to 1.

Level II Pricing applies on any day if on such day Level I Pricing does not apply and the Company’s unsecured long-term debt is rated A+ or higher by S&P or A1 or higher by Moody’s.

Level II Pricing applies at any date if, at such date, (i) the Company's long-term debt is rated A or higher by S&P or A2 or higher by Moody's, and (ii) Level I Pricing does not apply. "Level III Pricing" applies at any date if, at such date, (i) the Company's long-term debt is rated A- or higher by S&P or A3 or higher by Moody's and (ii) neither Level I Pricing nor Level II Pricing applies.

Level II Pricing applies if the Debt Rating at the most recent Performance Pricing Determination Date was equal to A or A2.

Level II Pricing applies at any date if, at such date, (i) the Company's long-term debt is rated A- or higher by S&P or A3 or higher by Moody's, and (ii) Level I Pricing does not apply, except as provided below under "Split Rating".

Level II Pricing applies from (a) the Adjustment Date following a fiscal quarter for which [____________] until (b) the next subsequent Adjustment Date on which another Pricing Level becomes applicable.