Pricing Level 2 definition
Pricing Level 2 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 2.25:1.00 but less 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 2 in the grid set forth above. Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated Leverage Ratio shall become effective as of the first Business Day immediately following the date the applicable financial statements are delivered pursuant to Section 5.01(a) or (b), as applicable; provided, however, that “Pricing Level 5” shall apply without regard to the Consolidated Leverage Ratio (i) at any time after the date on which any annual or quarterly financial statements were required to have been delivered pursuant to Section 5.01(a) or (b) but were not so delivered, commencing with the first Business Day immediately following such required date of delivery and continuing until the first Business Day immediately following the date on which such financial statement are delivered or (ii) at all times when an Event of Default shall have occurred and be continuing. If it is subsequently determined that the Consolidated Leverage Ratio certified to the Administrative Agent is inaccurate for any reason and the result thereof is that the Lenders received interest or fees for any period based on an Applicable Rate or facility fee that is less than that which would have been applicable had the Consolidated Leverage Ratio been accurately determined, then, for all purposes of this Agreement, the “Applicable Rate” or “facility fee”, as applicable, for any day occurring within the period covered by such applicable period shall retroactively be deemed to be the relevant percentage as based upon the accurately determined Consolidated Leverage Ratio for such period, and any shortfall in the interest or fees theretofore paid by the Borrower for the relevant period pursuant to Sections 2.11 and 2.12 as a result of the miscalculation of the Consolidated Leverage Ratio shall be deemed to be (and shall be) due and payable under the relevant provisions of Sections 2.11 or 2.12, as applicable, at the time the interest or fees for such period were required to be paid pursuant to said Section (and shall remain due and payable until paid in full, together with all amounts owing under Section 2.12 (other than Section 2.12(c)), in accordance with the terms of this Agreement); provided that, notwithstanding the foregoing, so long as an Event of Default has not occurred, such shortfall shall be due and payable five (5) Business Days following the determination described above.
Pricing Level 2 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 or equal to 50% but less than 55% and (c) Pricing Level 1 is not applicable.
Examples of Pricing Level 2 in a sentence
The Applicable Rate in effect from the Effective Date through the date of the next change in the Applicable Rate pursuant to the provisions hereof shall be determined based upon Pricing Level 2.
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.
Subject to the immediately preceding sentence, from the Agreement Date until the second Business Day after the first date on which the financial statements referred to in Section 6.1 hereof are required to be furnished, Pricing Level 2 shall apply.
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 2.
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.
More Definitions of Pricing Level 2
Pricing Level 2 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 2.0:1.0 but less than 2.5:1.0, as demonstrated by that schedule.
Pricing Level 2 means the Pricing Level which would be applicable for so long as the Collateral Pool Leverage Ratio is greater than 55%.
Pricing Level 2 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 and its Subsidiaries 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 2.25:1.00 but less 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 2 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 Baa2 by ▇▇▇▇▇'▇.
Pricing Level 2 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 0.485 but less than or equal to 0.735, as demonstrated by that schedule.
Pricing Level 2 applies to any date if, at such date, (i) the Borrower’s Debt Rating is A- or higher by S&P or A3 or higher by ▇▇▇▇▇’▇ and neither such Debt Rating is less than BBB by S&P or Baa2 by ▇▇▇▇▇’▇ and (ii) Pricing ▇▇▇▇▇ ▇ does not apply; (3) “Pricing Level 3” applies to any date if, at such date, (i) the Borrower’s Debt Rating is BBB- or higher by S&P or Baa3 or higher by ▇▇▇▇▇’▇ and neither such Debt Rating is less than BBB- by S&P or Baa3 by ▇▇▇▇▇’▇ and (ii) neither Pricing Level 1 nor Pricing Level 2 applies; and (d) “Pricing Level 4” applies to any date if, at such date, no other Pricing Level applies.
Pricing Level 2 is at the time applicable, setting forth a calculation of the Senior Secured Net Leverage Ratio as of the end of the most recent Test Period.