Pricing Levels. For purposes of Sections 2.1(e) and 2.3(c), the applicable level of pricing (the "Pricing Level") shall be determined by Pricing Level Test A, provided, that in the event the Borrower receives a Long-Term Debt Rating, the Borrower may elect, which election shall be irrevocable so long as the Borrower has a Long-Term Debt Rating, by written notice to the Agent, to have the Pricing Level determined by Pricing Level Test B. Any change in the applicable Pricing Level resulting from the election of the Borrower to have Pricing Level Test B apply shall be effective as of the first day of the calendar month following the month in which the Agent receives written notice of such election from the Borrower. The Pricing Level Tests described in this clause (b) are as follows:
Appears in 2 contracts
Sources: Term Loan Agreement (J&l Specialty Steel Inc), Credit Agreement (J&l Specialty Steel Inc)