PRICING REDUCTION means, if at any time Company's obligations in respect of the Pass Through Trust Documents are rated by Moody's or S&P at the levels specified below, a pricing reduction equal to the percentage corresponding to the applicable rating set forth in the chart below: Rating Pricing Reduction ------ ----------------- Ba3 or below by Moody's and BB- or below by S&P None Ba2 by Moody's and BB by S&P 0.25% Ba1 or higher by Moody's and BB+ by S&P 0.50% In the event of a split rating, the more creditworthy of the two ratings shall be used to determine the Pricing Reduction; provided that, if the less creditworthy of the two ratings is two or more rating categories below the more creditworthy rating, the more creditworthy rating shall be deemed to be the rating category which is one rating category above the less creditworthy rating. The Pricing Reduction shall be determined with reference to the most recent Pricing Certificate delivered by Company to Administrative Agent pursuant to subsection 5.1(xvi). Any changes to the Pricing Reduction shall become effective on the day following the delivery of the relevant Pricing Certificate to Administrative Agent and shall remain in effect through the next date a Pricing Certificate is required to be delivered. It is understood and agreed that the Pricing Reduction percentages provided are not cumulative. Notwithstanding anything to the contrary herein, at any time an Event of Default shall have occurred and be continuing, the Pricing Reduction shall be zero.
PRICING REDUCTION means (i) from the Closing Date to (but not including) October 1, 1996, a pricing reduction equal to 0.25%; (ii) if at any time after October 1, 1996 the Leverage Ratio as of the end of any Fiscal Quarter is less than 7.00:1.00, a pricing reduction equal to 0.25%; and (iii) if at any time after the first anniversary of the Closing Date the Leverage Ratio as of the end of any Fiscal Quarter is equal to or less than 5.75:1.00, a pricing reduction equal to 0.50%. After October 1, 1996, the Pricing Reduction shall be determined by reference to the Leverage Ratio set forth in the most recent financial statements delivered by Company to Administrative Agent and Lenders pursuant to clause (ii) or (iii) of subsection 5.1 (accompanied by a Compliance Certificate delivered by Company pursuant to clause (iv) of subsection 5.1). It is understood and agreed that the Pricing Reduction set forth in clause (ii) and the Pricing Reduction set forth in clause (iii) of this definition are not cumulative. Notwithstanding anything herein to the contrary, at any time an Event of Default shall have occurred and be continuing, the Pricing Reduction shall be zero.
PRICING REDUCTION means, if at any time Company's "Senior Secured Debt Rating" or "Senior Secured Rating" as assigned by Moody's or S&P, as applicable, are at the levels specified below, a pricing reduction equal to the per annum percentage corresponding to the applicable rating set forth in the chart below: Rating Pricing Reduction ------ ----------------- Ba1 or higher by Moody's and 0.125% BB- or higher by S&P Ba1 or higher by Moody's and 0.250% BB or higher by S&P The Pricing Reduction shall be determined with reference to the most recent Pricing Certificate delivered by Company to Administrative Agent pursuant to subsection 5.1(xvi). Any changes to the Pricing Reduction shall become effective on the day following the delivery of the relevant Pricing Certificate to Administrative Agent and shall remain in effect through the next date a Pricing Certificate is required to be delivered. It is understood and agreed that the Pricing Reduction percentages provided are not cumulative. Notwithstanding anything to the contrary herein, at any time an Event of Default shall have occurred and be continuing, the Pricing Reduction shall be zero.
Examples of PRICING REDUCTION in a sentence
The Senator from Iowa.fPRESCRIPTION DRUG PRICING REDUCTION ACTMr. GRASSLEY.
Withoutobjection, it is so ordered.fPRESCRIPTION DRUG PRICING REDUCTION ACTMr. GRASSLEY.
More Definitions of PRICING REDUCTION
PRICING REDUCTION means, at any time after the Closing Date, a pricing reduction determined by reference to the correlative Leverage Ratio set forth below: ================================================================================ Leverage Ratio Pricing Reduction ================================================================================ Greater than or equal to 2.25:1.0, but less than 2.75:1.0 .25% -------------------------------------------------------------------------------- Less than 2.25:1.0 .50% ================================================================================ The Pricing Reduction shall be determined by reference to the Leverage Ratio set forth in the most recent financial statements delivered by Company pursuant to clause (ii) or (iii) of subsection 6.1 (accompanied by a Compliance Certificate delivered by Company pursuant to clause (iv) of subsection 6.1) commencing with the delivery of audited financial statements pursuant to subsection 6.1(iii) with respect to the Fiscal Year ending December 31, 1996; provided, however, that for purposes of determining the Leverage Ratio for any four-Fiscal Quarter period including the Closing Date, Consolidated EBITDA shall be calculated on a pro forma basis assuming that the Closing Date, the related borrowings by Company pursuant to this Agreement and the Subordinated Notes, and the Acquisition occurred on the first day of the applicable four-Fiscal Quarter period, all such calculations to be in form and substance reasonably satisfactory to Co-Administrative Agents. The Pricing Reduction shall be effective on the day following delivery of the relevant Compliance Certificate to Chase Co-Administrative Agent and shall remain in effect through the next scheduled date for delivery of a Compliance Certificate. It is understood that the Pricing Reductions set forth in the table above are not cumulative. Notwithstanding anything herein to the contrary, at any time an Event of Default shall have occurred and be continuing the Pricing Reduction shall be zero.
PRICING REDUCTION means, if at any time after the end of the eighteenth month after the Closing Date, as of the end of any Fiscal Quarter, the ratio of (i) the aggregate amount of Loans outstanding under this Agreement to (ii) Consolidated Adjusted EBITDA for such Fiscal Quarter multiplied by four is less than or equal to 7:1, a pricing reduction equal to 0.25%. The Pricing Reduction shall be determined by reference to the Consolidated Adjusted EBITDA set forth in the most recent Compliance Certificate delivered by Company pursuant to clause (iv) of subsection 6.1 (accompanied by financial statements delivered by Company to Administrative Agent and Lenders pursuant to clauses (ii) or (iii) of subsection 6.1). Any changes in the Pricing Reduction shall become effective on the day following delivery of the relevant Compliance Certificate to Administrative Agent and Lenders and shall remain in effect through the next scheduled date for delivery of a Compliance Certificate. Notwithstanding anything herein to the contrary, (i) from the Closing Date to and including the date eighteen months after the Closing Date, the Pricing Reduction shall be zero and (ii) at any time an Event of Default shall have occurred and be continuing, the Pricing Reduction shall be zero.
PRICING REDUCTION means, at any time after the Closing Date, a pricing reduction determined by reference to the correlative Leverage Ratio set forth below: LEVERAGE RATIO PRICING REDUCTION Greater than or equal to 2.25:1.0, but less .25% than 2.75:1.0 Less than 2.25:1.0 .50% The Pricing Reduction shall be determined by reference to the Leverage Ratio set forth in the most recent financial statements delivered by Company pursuant to clause (ii) or (iii) of subsection 6.1 (accompanied by a Compliance Certificate delivered by Company pursuant to clause (iv) of subsection 6.1) commencing with the delivery of audited financial statements pursuant to subsection 6.1(iii) with respect to the Fiscal Year ending December 31, 1996; provided, however, that for purposes of determining the Leverage Ratio for any four-Fiscal Quarter period including the Closing Date, Consolidated EBITDA shall be calculated on a pro forma basis assuming that the Closing Date, the related borrowings by Company pursuant to this Agreement and the Subordinated Notes, and the Acquisition occurred on the first day of the applicable four-Fiscal Quarter period, all such calculations to be in form and substance reasonably satisfactory to Co-Administrative Agents. The Pricing Reduction shall be effective on the day following delivery of the relevant Compliance Certificate to Chase Co- Administrative Agent and shall remain in effect through the next scheduled date for delivery of a Compliance Certificate. It is understood that the Pricing Reductions set forth in the table above are not cumulative. Notwithstanding anything herein to the contrary, at any time an Event of Default shall have occurred and be continuing the Pricing Reduction shall be zero.
PRICING REDUCTION means, for any Interest Period, a pricing reduction in the Tranche A Applicable Margin equal to:
PRICING REDUCTION means (i) if at any time after the first
PRICING REDUCTION means (i) if at any time after the first anniversary of the Closing Date as of the end of any Fiscal Quarter, the Leverage Ratio is equal to or less than 6.00:1.00, a pricing reduction equal to .25% and (ii) if at any time after the second anniversary of the Closing Date, as of the end of any Fiscal Quarter, the Leverage Ratio is equal to or less than 5.25:1.00, a pricing reduction equal to .50%. The Pricing Reduction shall be determined by reference to the Leverage Ratio set forth in the most recent financial statements delivered by Borrower to Administrative Agent and Lenders pursuant to clause (i) or (ii) of subsection 6.1 (accompanied by a Compliance Certificate delivered by Borrower pursuant to clause (iii) of subsection 6.1). Any changes in the Pricing Reduction shall become effective on the day following delivery of the relevant Compliance Certificate to Administrative Agent and Lenders and shall remain in effect through the next scheduled date for delivery of a Compliance Certificate. It is understood and agreed that the Pricing Reductions set forth in clause (i) and (ii) are not cumulative. Notwithstanding anything herein to the contrary, (a) from the Closing Date to and including the date of the first anniversary of the Closing Date, the Pricing Reduction shall be zero and (b) at any time an Event of Default shall have occurred and be continuing, the Pricing Reduction shall be zero.
PRICING REDUCTION means, at any time after June 30, 1998, a pricing reduction determined by reference to the correlative Leverage Ratio set forth below: ============================================== ============================= LEVERAGE RATIO PRICING REDUCTION ============================================== ============================= Greater than or equal to 2.25:1.0, .25% but less than 2.75:1.0 ============================================== ============================= Less than 2.25:1.0 .50% ============================================== ============================= The Pricing Reduction shall be determined by reference to the Leverage Ratio set forth in the most recent financial statements delivered by Company pursuant to clause (ii) or (iii) of subsection 6.1 (accompanied by a Compliance Certificate delivered by Company pursuant to clause (iv) of subsection 6.1). The Pricing Reduction shall be effective on the day following delivery of the relevant Compliance Certificate to Chase Co-Administrative Agent and shall remain in effect through the next scheduled date for delivery of a Compliance Certificate. It is understood that the Pricing Reductions set forth in the table above are not cumulative. Notwithstanding anything herein to the contrary, at any time an Event of Default shall have occurred and be continuing the Pricing Reduction shall be zero.