Pricing Level 4 definition

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Pricing Level 4 means the Pricing Level which would be applicable for so long as the higher of the Credit Ratings of Borrower is equal to BB+ by S&P or Ba1 by ▇▇▇▇▇'▇.

Pricing Level 4 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 0.860, as demonstrated by that schedule.

Examples of Pricing Level 4 in a sentence

In the event that Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by Section 7.4(e), then without limiting any other rights of the Agent and the Banks under this Agreement, the Applicable Margin shall be at Pricing Level 4 until such failure is cured within any applicable cure period.
In the event that Parent shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin shall be at Pricing Level 4 until such failure is cured within any applicable cure period, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) Business Day following receipt of such Compliance Certificate.
Notwithstanding anything to the contrary herein, (x) until the date on which the Administrative Agent receives financial statements for the fiscal quarter of the Borrower ending on June 30, 2018, Pricing Level 2 set forth above shall apply and (y) in the event the Borrower fails to deliver to the Administrative Agent financial statements pursuant to Sections 6.01(a) or (b), as applicable, Pricing Level 4 set forth above shall apply until the date such financial statements have been delivered.
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 4.
In the event that REIT or Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin shall be at Pricing Level 4 until such failure is cured within any applicable cure period, in which event the Applicable Margin shall adjust, if necessary, three (3) Business Days following receipt of such Compliance Certificate.
Notwithstanding the foregoing, the Applicable Rate in effect from the Closing Date through the date on which the Borrower is required to deliver the required financial statements and Compliance Certificate for the fiscal quarter ending on or about March 31, 2013 shall be the Applicable Rate determined based upon Pricing Level 4.
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.
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.
On any date, the Applicable Margin set forth below based on the ratio of the Consolidated Total Indebtedness of Borrower to the Consolidated Total Asset Value of Borrower: Pricing Level 1 Less than or equal to 50% 2.50 % 1.50 % Pricing Level 2 Greater than 50% but less than or equal to 55% 2.75 % 1.75 % Pricing Level 3 Greater than 55% but less than or equal to 60% 3.00 % 2.00 % Pricing Level 4 Greater than 60% 3.25 % 2.25 % The initial Applicable Margin shall be at Pricing Level 3.
Pricing Level 1 Less than or equal to 35% 1.50% 0.50% Pricing Level 2 Greater than 35% but less than or equal to 40% 1.60% 0.60% Pricing Level 3 Greater than 40% but less than or equal to 45% 1.65% 0.65% Pricing Level 4 Greater than 45% but less than or equal to 50% 1.75% 0.75% Pricing Level 5 Greater than 50% 1.85% 0.85% The initial Term Loan C Applicable Margin shall be at Pricing Level 1.

More Definitions of Pricing Level 4

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 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 30%, and (c) Pricing Levels 1-3 are not applicable. "Pricing Level 5" means the Pricing Level which would be applicable for so long as (a) Parkway Properties previously had an Investment Grade Rating from S&P and Moody's, (b) Parkway Properties has a Below Grade Rating, and (c) Pricing Levels 1-4 are not applicable. "Pricing Level 6" means the Pricing Level which would be applicable for so long as (a) Parkway Properties has a Credit Rating which is equal to BBB- by S&P and Baa3 by Moody's, and (b) Pricing Levels 1-5 are not applicable. "Pricing Level 7" means the Pricing Level which would be applicable for so long as (a) Parkway Properties has a Credit Rating which is equal to BBB by S&P and Baa2 by Moody's, and (b) Pricing Levels 1-6 are not applicable. "Pricing Level 8" means the Pricing Level which would be applicable for so long as (a) Parkway Properties has a Credit Rating which is greater than or equal to BBB+ by S&P and Baa1 by Moody's, and (b) Pricing Levels 1-7 are not applicable.

Pricing Level 4 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 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.