Pricing Level IV definition

Pricing Level IV means any time when (i) no Event of Default has occurred and is continuing, (ii) the Senior Debt Rating is BBB- or higher by S&P or Baa3 or higher by Moody’s and (iii) Pricing Levels I, II and III do not apply.

Pricing Level IV any time when (i) the senior unsecured long term debt rating of the Borrower by (x) S&P is BBB or higher or (y) Xxxxx’x is Baa2 or higher and (ii) none of Pricing Level I, Pricing Level II or Pricing Level III applies.

Pricing Level IV shall exist on an Adjustment Date if the Consolidated Leverage Ratio for the relevant period is less than 2.50 to 1.00 but greater than or equal to 2.00 to 1.00.

Examples of Pricing Level IV in a sentence

• The Borrower confirms that, as of the Effective Date, Pricing Level IV is in effect.

• The Debt Rating shall be better than or equal to the ----------- Debt Rating designated in the Debt Rating Table for Performance Pricing Level IV.

• In the event that, on any day, Best shall not then have in effect a Best FSR, the Pricing Level shall be Pricing Level IV.

• Pricing Levels are referred to in ascending order, that is, Pricing Level I is the lowest Pricing Level and Pricing Level IV is the highest Pricing Level.

• Pricing Level I Pricing Level II Pricing Level III Pricing Level IV Pricing Level V ³ BBB+/ Baa1/BBB+ BBB/ Xxx0/XXX XXX-/ Xxx0/XXX- XX+/ Xx0/XX+ £BB/ Ba2/BB 3-Year Tranche 0.125% 0.150% 0.200% 0.250% 0.350% 5-Year Tranche 0.150% 0.200% 0.250% 0.300% 0.400% The foregoing pricing shall be based on the Public Debt Ratings.

More Definitions of Pricing Level IV

Pricing Level IV means at any time the Borrower’s Senior Debt Rating is (a) BBB+ or higher by S&P or (b) Baa1 or higher by Xxxxx’x, and Pricing Levels I, II and III are not applicable.

Pricing Level IV the applicable Pricing Level at any time when the Leverage Ratio is greater than 1.75 to 1.00 but less than or equal to 2.25 to 1.00.

Pricing Level IV the Pricing Level which would be applicable for so long as the Senior Debt Rating is less than BBB- by S&P or Baa3 by Xxxxx’x and Pricing Levels I, II and III are not applicable.

Pricing Level IV means at any time the Borrower’s Senior Debt Rating is (a) BBB+ or higher by S&P or (b) Baa1 or higher by Moody’s, and Pricing Levels I, II and III are not applicable.

Pricing Level IV means the Pricing Level that will be in effect for the applicable Pricing Period if, as of the relevant Date of Determination, the ratio of the Borrower's Adjusted Funded Debt as measured on such Date of Determination, to the Borrower's EBITDA as measured on such Date of Determination, is equal to or greater than 2.25 to 1.00 but is less than or equal to 2.50 to 1.00.

Pricing Level IV shall exist on an Adjustment Date if the Secured Leverage Ratio for the relevant period is greater than 2.00 to 1.00 and shall apply to the Term Loans.

Pricing Level IV means at any time the Borrower’s Issuer Rating is (a) BBB- or higher by S&P, (b) Baa3 or higher by Xxxxx’x or (c) BBB- or higher by Fitch, and Pricing Levels I, II and III are not applicable.