Applicable Pricing Level means, (a) for the Initial Pricing Period, Pricing Level II, and (b) thereafter, the pricing level set forth below opposite the Debt Rating achieved by Borrower as of the first day of that Pricing Period: I Greater than or equal to Aa3 / AA- II Less than Aa3 / AA- but greater than or equal to A1/A+ III Less than A1/A+ but greater than or equal to A2/A IV Less than A2/A but greater than or equal to A3/A- V Less than A3/A- provided that in the event that the then prevailing Debt Ratings are “split ratings”, Borrower will receive the benefit of the higher Debt Rating, unless the split is a “double split rating” (in which case the pricing level applicable to the middle Debt Rating will apply) or a “triple split rating” (in which case the pricing level applicable to the Debt Rating above the Debt Rating applicable to the lowest pricing level will apply). For purposes hereof, a Debt Rating is only a “split rating” if the Debt Rating applies to a different pricing level.
Applicable Pricing Level means, for each Pricing Period the pricing level set forth below opposite the Debt Rating achieved by Borrower as of the first day of that Pricing Period:
Applicable Pricing Level means, for each Pricing Period the pricing level set forth below opposite the Debt Rating achieved by Borrower as of the first day of that Pricing Period: I Greater than or equal to A1 / A+ II Less than A1 / A+ but greater than or equal to A2 / A III Less than A2 / A but greater than or equal to A3 / A- V Less than Baa2/BBB provided that in the event that the then prevailing Debt Ratings are “split ratings”, Borrower will receive the benefit of the higher Debt Rating, unless the split is a “double split rating” (in which case the pricing level applicable to the middle Debt Rating will apply) or a “triple split rating” (in which case the pricing level applicable to the Debt Rating above the Debt Rating applicable to the lowest pricing level will apply). For purposes hereof, a Debt Rating is only a “split rating” if the Debt Rating applies to a different pricing level.
Examples of Applicable Pricing Level in a sentence
The Applicable Pricing Level set forth above was determined on the basis of the following: LEVERAGE RATIO.
Subject to later adjustment as provided in the Loan Agreement, the Applicable Pricing Level for the Subject Pricing Period shall be Level 1.
A certificate of a Responsible Officer of the Parent, dated the Restatement Effective Date, as to the Total Leverage Ratio referred to in the definition of "Applicable Pricing Level" in Section 1.01 hereof.
Section 1.1 of the Loan Agreement is further amended by adding the following proviso at the end of the definition of "Applicable Pricing Level": ; and provided further that, notwithstanding anything to the contrary heretofore set forth in this definition, the Applicable Pricing Level for the period commencing on the issuance of the Convertible Subordinated Notes and ending on the effective date of Amendment No. 2 to this Agreement shall be Pricing Level V.
WEBSTER, AN AMERICAN DICTIONARY OF THE ENGLISH LANGUAGE 51 (1828) (quoted in DOJMackie Br. 8).
More Definitions of Applicable Pricing Level
Applicable Pricing Level means, for each Pricing Period, the pricing level set forth below opposite the Leverage Ratio as of the last day of the Fiscal Quarter most recently ended prior to the commencement of that Pricing Period:
Applicable Pricing Level means, for each Pricing Period, the pricing level set forth below opposite the Debt Rating achieved by Borrower as of the first day of that Pricing Period: I Greater than or equal to Aa3 / AA- II Less than Aa3 / AA- but greater than or equal to A1/A+ III Less than A1/A+ but greater than or equal to A2/A IV Less than A2/A but greater than or equal to A3/A- V Less than A3/A- provided that in the event that the then prevailing Debt Ratings are “split ratings”, Borrower will receive the benefit of the higher Debt Rating, unless the split is a “double split rating” (in which case the pricing level applicable to the middle Debt Rating will apply) or a “triple split rating” (in which case the pricing level applicable to the Debt Rating above the Debt Rating applicable to the lowest pricing level will apply). For purposes hereof, a Debt Rating is only a “split rating” if the Debt Rating applies to a different pricing level.
Applicable Pricing Level means, for each Pricing Period, the pricing level set forth below opposite the Funded Debt to EBITDA Ratio as of the last day of the Fiscal Quarter most recently ended prior to the commencement of that Pricing Period: Pricing Level Funded Debt to EBITDA Ratio ------------- ------------------------------------------ I Less than 1.00 to 1.00 II Less than 1.50 to 1.00 but greater than or equal to 1.00 to 1.00 III Greater than or equal to 1.50 to 1.00 provided that (i) in the event that Borrower does not deliver a Pricing Certificate with respect to any Pricing Period prior to the commencement of such Pricing Period, then until such Pricing Certificate is delivered, the Applicable Pricing Level for that Pricing Period shall be Pricing Level III, but once Borrower has delivered a Pricing Certificate with respect to such Pricing Period, then any resulting change in the Applicable Pricing Level shall be made retroactively to the beginning of such Pricing Period, and (ii) if any Pricing Certificate is subsequently determined to be in error, then any resulting change in the Applicable Pricing Level shall be made retroactively to the beginning of the relevant Pricing Period.
Applicable Pricing Level means, for any day, the Applicable Pricing Level that is determined in accordance with Borrower’s Consolidated Leverage Ratio on such date as follows: Any change in the Applicable Pricing Level resulting from a change in the Consolidated Leverage Ratio shall be effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 7.2; provided, however, that if a Compliance Certificate is not delivered on or prior to a date required by Section 7.2, and if the Compliance Certificate when delivered indicates that the Applicable Pricing Level of Borrower will increase (i.e., becomes less favorable to Borrower), the date of increase in the Applicable Pricing Level will be deemed to be the date upon which such Compliance Certificate was due under Section 7.2, not the date upon which such Compliance Certificate was delivered.
Applicable Pricing Level means, Pricing Level "I" for any day on which Borrower holds an Investment Grade Credit Rating and, for any day during a Pricing Period on which Borrower does not hold an Investment Grade Credit Rating, means the following: Consolidated Leverage Ratio Applicable Pricing Level Applicable to Pricing Period ------------------------ ---------------------------- II Consolidated Leverage Ratio of less than or equal to 1.25 to 1.00 III Consolidated Leverage Ratio of higher than 1.25 to 1.00, but less than or equal to 1.80 to 1.00
Applicable Pricing Level means, for each Pricing Period, the pricing level set forth below opposite the Leverage Ratio as of the last day of the Fiscal Quarter most recently ended prior to the commencement of that Pricing Period: Pricing Level Leverage Ratio I Less than 1.50 to 1.00 II Greater than or equal to 1.50 to 1.00, but less than 2.50 to 1.00 III Greater than or equal to 2.50 to 1.00 provided that (i) in the event that Borrower does not deliver a Pricing Certificate with respect to any Pricing Period prior to the commencement of such Pricing Period, then until such Pricing Certificate is delivered, the Applicable Pricing Level for that Pricing Period shall be Pricing Level III, but once Borrower has delivered a Pricing Certificate with respect to such Pricing Period, then any resulting change in the Applicable Pricing Level shall be made retroactively to the beginning of such Pricing Period, and (ii) if any Pricing Certificate is subsequently determined to be in error, then any resulting change in the Applicable Pricing Level shall be made retroactively to the beginning of the relevant Pricing Period.
Applicable Pricing Level means, for each Pricing Period subsequent to the Initial Pricing Period, the pricing level set forth below opposite the Leverage Ratio as of the last day of the Fiscal Quarter most recently ended prior to the commencement of that Pricing Period: I Less than 1.25 to 1.00 II Greater than or equal to 1.25 to 1.00, but less than 3.00 to 1.00 III Greater than or equal to 3.00 to 1.00 provided that (i) in the event that Borrower does not deliver a Compliance Certificate with respect to any Pricing Period prior to the commencement of such Pricing Period, then until (but only until) such Compliance Certificate is delivered the Applicable Pricing Level for that Pricing Period shall be Pricing Level III, and, subject to clause (ii) of this proviso, if upon delivery of such Compliance Certificate a change is warranted in the Applicable Pricing Level for such Pricing Period, such change shall be effective on the first calendar day of the first calendar month beginning after delivery of such Compliance Certificate, and (ii) if any Compliance Certificate is subsequently determined to be in error with respect to the Applicable Pricing Level, then any resulting change in the Applicable Pricing Level shall be made retroactively to the beginning of the relevant Pricing Period. Changes in the Applicable Pricing Level shall occur irrespective of the presence or absence of an Event of Default, and the changes resulting from time to time in the Applicable LIBOR Rate Margin or the Applicable Alternate Base Rate Margin shall apply and be payable cumulatively with, not in lieu of, any Default Rate then applicable.