Pricing Level 3 definition
Pricing Level 3 means the Pricing Level that applies to each Advance (whether then outstanding or thereafter made) on and after, to each Letter of Credit (whether then outstanding or thereafter issued) on and after, and to each Commitment on and after, the date of receipt by the Administrative Agent of a schedule of computations referred to in Section 6.4(a) or (b) if the ratio of (a) the difference between Consolidated Long-Term Debt and the aggregate amount, if any, of Cash Equivalents held by FOC and its Subsidiaries in excess of the sum of the smallest aggregate amount of Cash Equivalents needed to be held by FOC in order for FOC to comply with the covenant contained in Section 7.10, all as determined on the last day of the fiscal quarter of FOC ended immediately before that date, to (b) Consolidated EBITDA for the Calculation Period ended on the last day of that fiscal quarter was equal to or greater than 3.00:1.00, as demonstrated by that schedule; provided, however, that (i) if the information in any such schedule is incorrect and results in the payment of lower interest or fees than should have been paid based on the correct information, then the Borrower shall nevertheless be liable to the Lenders and the Administrative Agent for the correct amounts of interest and fees and will pay any unpaid portion of the same to the Administrative Agent for the benefit of the Person(s) entitled thereto, promptly upon demand therefor, and (ii) if FOC fails to deliver any such schedule by the required day, then Pricing Level 3 shall apply until FOC delivers such schedule and the appropriate Pricing Level can be determined.
Pricing Level 3 means the Pricing Level that applies to each Advance (whether then outstanding or thereafter made) on and after, to each Letter of Credit (whether then outstanding or thereafter issued) on and after, and to each Commitment on and after, the date of receipt by the Administrative Agent of a schedule of computations referred to in Section 6.4(a) or (b) if the ratio of (a) the difference between Consolidated Funded Debt and the aggregate amount, if any, of cash and Cash Equivalents held by FOC and its Subsidiaries in excess of the sum of the smallest aggregate amounts of cash and Cash Equivalents needed to be held by FOC in order for FOC to comply with the covenants contained in Sections 7.11, 7.13 and 7.14, all as determined on the last day of the fiscal quarter of FOC ended immediately before that date, to (b) Consolidated EBITDA for the Calculation Period ended on the last day of that fiscal quarter was equal to or greater than 2.5:1.0 but less than 3.0:1.0, as demonstrated by that schedule.
Pricing Level 3. (in the case of Revolving Loans) shall apply without regard to the Consolidated Total Net Leverage Ratio or the Consolidated First Lien Net Leverage Ratio (x) at any time after the date on which any annual or quarterly financial statement was required to have been delivered pursuant to Section 9.01(a) or Section 9.01(b) but was not delivered (or the compliance certificate related to such financial statements was required to have been delivered pursuant to Section 9.01(e) but was not delivered), commencing with the first Business Day immediately following such date and continuing until the first Business Day immediately following the date on which such financial statements (or, if later, the compliance certificate related to such financial statements) are delivered or (y) at all times if an Event of Default shall have occurred and be continuing. The Applicable Margins for any Tranche of Incremental Term Loans shall be (i) in the case of Incremental Term Loans added to an existing Tranche, the same as the Applicable Margins for such existing Tranche, and (ii) otherwise, as specified in the applicable Incremental Agreement; provided that (w) on and after the date of the most recent incurrence of any Tranche of Incremental Term Loans which gives rise to a determination of a new Applicable Increased Term Loan Spread, the Applicable Margins for any Tranche of Initial Term Loans shall be the higher of (a) the Applicable Increased Term Loan Spread for such Tranche of Initial Term Loans and (b) the Applicable Margin for such Type and Tranche of Initial Term Loans as otherwise determined above in the absence of this clause (w); (x) the Applicable Margin in respect of Refinancing Term Loans of any Tranche shall be the applicable percentages per annum provided pursuant to the relevant Refinancing Term Loan Amendment; (y) the Applicable Margin in respect of Extended Term Loans of any Extension Series shall be the applicable percentages per annum provided pursuant to the relevant Term Loan Extension Amendment; and (z) the Applicable Margin of certain Term Loans shall be increased as, and to the extent, necessary to comply with the provisions of Section 2.15.
Examples of Pricing Level 3 in a sentence
The Applicable Rate in effect from the date hereof through the date of the next change in the Applicable Rate pursuant to the provisions hereof shall be determined based upon Pricing Level 3.
On any date prior to the IPO Conditions Satisfaction Date, the Applicable Margin for LIBOR Rate Loans and Base Rate Loans shall be as set forth below based on the ratio of the Consolidated Total Indebtedness to the Gross Asset Value: Pricing Level 1 Less than or equal to 35% 2.75 % 1.75 % Pricing Level 2 Greater than 35% but less than or equal to 50% 3.25 % 2.25 % Pricing Level 3 Greater than 50% 3.75 % 2.75 % The initial Applicable Margin shall be at Pricing Level 2.
On any date, the Applicable Margin set forth below based on the ratio of the Consolidated Total Indebtedness to the Gross Asset Value: Pricing Level 1 Less than or equal to 50% 1.50 % 0.00 % Pricing Level 2 Greater than 50% but less than or equal to 60% 1.65 % 0.00 % Pricing Level 3 Greater than 60% but less than or equal to 65% 1.80 % 0.25 % Pricing Level 4 Greater than 65% 2.00 % 0.50 % The initial Applicable Margin shall be at Pricing Level 4.
If the Senior Debt Rating established or deemed to have been established by S&P and ▇▇▇▇▇’▇ are split within different categories above, then the lower rating shall apply (with Pricing Level 3 being lower than Pricing Level 2).
Pricing Level 1 Less than 40% 2.00% 0.75% Pricing Level 2 Greater than or equal to 40% but less than 45% 2.25% 1.00% Pricing Level 3 Greater than or equal to 45% but less than 50% 2.50% 1.25% Pricing Level 4 Greater than or equal to 50% but less than 55% 2.75% 1.50% Pricing Level 5 Greater than or equal to 55% 3.00% 1.75% The initial Applicable Margin shall be at Pricing Level 3.
More Definitions of Pricing Level 3
Pricing Level 3 means the Pricing Level that applies to each Eurodollar Rate Advance, Letter of Credit and unused Commitment from and after the fifth Business Day after the date of receipt by the Lender that is also the Administrative Agent of a Compliance Certificate pursuant to Section 5.1(a)(v) if the Funded Debt Ratio as of the end of the fiscal quarter ended immediately before that date was greater than 0.735 but less than or equal to 0.860, as demonstrated by that schedule.
Pricing Level 3 means the Pricing Level which would be applicable for so long as (a) Parkway Properties does not have a Credit Rating from both S&P and ▇▇▇▇▇'▇ or has a Below Grade Rating and did not previously have an Investment Grade Rating which was subsequently reduced to a Below Grade Rating, (b) the Leverage Ratio is greater than 40% but less than 50%, and (c) Pricing Levels 1 and 2 are not applicable. "Pricing Level 4" means the Pricing Level which would be applicable for so long as (a) Parkway Properties does not have a Credit Rating from both S&P and ▇▇▇▇▇'▇ or has a Below Grade Rating and did not previously have an Investment Grade Rating which was subsequently reduced to a Below Grade Rating, (b) the Leverage Ratio is less than or equal to 40% but greater than or equal to 30% and (c) Pricing Levels 1, 2 and 3 are not applicable. "Pricing Level 5" means the Pricing Level which would be applicable for so long as (a) Parkway Properties does not have a Credit Rating from both S&P and ▇▇▇▇▇'▇ or has a Below Grade Rating and did not previously have an Investment Grade Rating which was subsequently reduced to a Below Grade Rating, (b) the Leverage Ratio is less than 30%, and (c) Pricing Levels 1-4 are not applicable.
Pricing Level 3 means the Pricing Level which would be applicable for so long as the higher of the Credit Ratings of Borrower is equal to BBB- by S&P or Baa3 by ▇▇▇▇▇'▇.
Pricing Level 3 means the Pricing Level which would be applicable for so long as (a) the Credit Rating is equal to BBB- by S&P or Baa3 by Moody's and (b) Pricing Levels 1 and 2 are not applicable; and "Pricing Level 4" means the Pricing Level which would be applicable for so long as (a) the Credit Rating is less than BBB- by S&P or Baa3 by Moody's or the Borrower has no Credit Rating from either S&P or Moody's, and (b) Pricing Levels 1, 2 and 3 are not applicable. If the Borrower shall only obtain a Credit Rating from one of the Rating Agencies, the Borrower shall be entitled to the benefit of the applicable Pricing Level based on the Credit Rating issued by such Rating Agency.
Pricing Level 3 means the Pricing Level which would be applicable for so long as (a) Parkway Properties does not have a Credit Rating from both S&P and Moody's or has a Below Grade Rating and did not previously have an Investment Grade Rating which was subsequently reduced to a Below Grade Rating, (b) the Leverage Ratio is less than or equal to 40% but greater than or equal to 30% and (c) Pricing Levels 1 and 2 are not applicable.
Pricing Level 3 means the Pricing Level that applies to each Advance (whether then outstanding or thereafter made) on and after, to each Letter of Credit (whether then outstanding or thereafter issued) on and after, and to each Commitment on and after, the date of receipt by UBOC of a schedule of computations referred to in Section 7(j)(i) or (ii) of the Clawback Agreement if the ratio of (a) the difference between FOC Funded Debt and Investible Cash as of the end of the fiscal quarter ended immediately before that date to (b) FOC EBITDA for the Calculation Period ended on the last day of that fiscal quarter was equal to or greater than 2.5:1.0 but less than 3.0:1.0, as demonstrated by that schedule.
Pricing Level 3 means the Pricing Level that applies to each Advance (whether then outstanding or thereafter made) on and after, to each Letter of Credit (whether then outstanding or thereafter issued) on and after, and to each Commitment on and after, the date of receipt by the Administrative Agent of a schedule of computations referred to in Section 6.4(a) or (b) if the ratio of (a) the difference between Consolidated Funded Debt and the aggregate amount, if any, of cash and Cash Equivalents held by FOC and its Subsidiaries in excess of the sum of the smallest aggregate amounts of cash and Cash Equivalents needed to be held by FOC in order for FOC to comply with the covenant contained in Section 7.10, all as determined on the last day of the fiscal quarter of FOC ended immediately before that date, to (b) Consolidated EBITDA for the Calculation Period ended on the last day of that fiscal quarter was equal to or greater than 2.5:1.0 but less than 3.0:1.0, as demonstrated by that schedule; provided, however, that (i) if the information in any such schedule is incorrect and results in the payment of lower interest or fees than should have been paid based on the correct information, then the Borrower shall nevertheless be liable to the Lenders and the Administrative Agent for the correct amounts of interest and fees and will pay any unpaid portion of the same to the Administrative Agent for the benefit of the Person(s) entitled thereto, promptly upon demand therefor, and (ii) if FOC fails to deliver any such schedule by the required day, then Pricing Level 4 shall apply until FOC delivers such schedule and the appropriate Pricing Level can be determined.