Pricing Level III definition
Pricing Level III shall exist on an Adjustment Date if the Consolidated Leverage Ratio for the relevant period is less than or equal to 3.00 to 1.00 but greater than 2.50 to 1.00.
Pricing Level III 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 Baa1 or higher and (ii) neither Pricing Level I nor Pricing Level II applies.
Pricing Level III 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 Baa2 or higher by Moody’s and (iii) Pricing Levels I and II do not apply.
Examples of Pricing Level III in a sentence
Pricing Level I, Pricing Level II, Pricing Level III, Pricing Level IV, Pricing Level V or Pricing Level VI, as the case may be.
In the event that, on any day, Best shall not have in effect a Best Rating, the Pricing Level shall be Pricing Level III.
The Applicable Percentage in effect from the Closing Date through the date of delivery of the Compliance Certificate for the fiscal quarter ending December 31, 2011 shall be determined based on Pricing Level III.
Pricing Level III shall apply commencing on the Effective Date until adjusted pursuant to the immediately preceding paragraph.
Initially, the Applicable Rate shall be determined based upon Pricing Level III.
More Definitions of Pricing Level III
Pricing Level III means at any time the Borrower’s Senior Debt Rating is (a) A- or higher by S&P or (b) A3 or higher by Moody’s, and Pricing Levels I and II are not applicable.
Pricing Level III the Pricing Level which would be applicable for so long as the Senior Debt Rating is equal to BBB- by S&P or Baa3 by Xxxxx’x and Pricing Levels I and II are not applicable; and
Pricing Level III any time when the Leverage Ratio is greater than 2.50:1.00 but less than or equal to 3.00:1.00.
Pricing Level III any time when the Leverage Ratio is greater than 4.50:1.00 but less than or equal to 5.00:1.00.
Pricing Level III shall exist on an Adjustment Date if the Secured Leverage Ratio for the relevant period is less than or equal to 1.50 to 1.00 and shall apply to the Revolving Loans and Swingline Loans.
Pricing Level III shall exist on an Adjustment Date if the Debt to Cash Flow Ratio for the relevant period is less than or equal to 3.25 to 1.00 but greater than 2.50 to 1.00.
Pricing Level III shall be applicable for so long as the Senior Debt Rating is greater than or equal to BBB+ by S&P and greater than or equal to Baa1 by Moody's and neither Pricing Level I nor II is applicable; "Pricing Level IV" shall be applicable for so long as the Senior Debt Rating is greater than or equal to BBB- by S&P and greater than or equal to Baa3 by Moody's and neither Pricing Level I, II nor III is applicable; and "Pricing Level V" shall be applicable for so long as neither Pricing Level I, II, III nor IV is applicable. Notwithstanding the foregoing, (I) in the event of a split rating as between S&P and Xxxxx'x, and one or more of Fitch Investors Service, Inc. ("Fitch") and Duff & Xxxxxx Inc. ("D&P" and, collectively with S&P, Xxxxx'x and Fitch, the "Rating Agencies") then has or have a publicly available Senior Debt Rating or Ratings for the Company, then the pricing level shall be determined by either (i) the higher of the ratings of S&P and Moody's if either Fitch or D&P have a rating corresponding to such higher rating of S&P or Moody's, or (ii) the lower of the ratings of S&P and Moody's if neither Fitch nor D&P have a rating corresponding to the higher of the ratings of S&P and Xxxxx'x; (II) in the event that no Senior Debt Rating is made publicly available by S&P or Moody's and the Company's senior subordinated unsecured debt rating ("Subordinated Debt Rating") is made publicly available by S&P or Moody's, then for purposes of the foregoing determinations the Senior Debt Rating shall be deemed to be equal to the Subordinated Debt Rating plus one level (e.g., if S&P's Subordinated Debt Rating is A-, then S&P's Senior Debt Rating shall be deemed to be A); and (III) in the event that no Senior Debt Rating and no Subordinated Debt Rating are made available by S&P or Moody's, then Pricing Level V above shall apply.