Applicable Margins. The ABR Applicable Margin and the LIBOR Applicable Margin to be used in calculating the interest rate applicable to different Types of Advances shall vary from time to time in accordance with the long-term unsecured debt ratings from Xxxxx’x, and Fitch of the General Partner and the Borrower. In the event the General Partner and the Borrower have different ratings, the rating of the higher rated entity shall be used. In the event the rating agencies are split on the rating for the higher rated entity, the lower rating for such entity shall be deemed to be the applicable rating (e.g., if the higher rated entity’s Xxxxx’x debt rating is Baa1, and its Fitch’s rating is BBB, then the Applicable Margins shall be computed based on the Fitch rating), and the Applicable Margins shall be adjusted effective on the next Business Day following any change in the higher rated entity’s Xxxxx’x debt rating, and/or Fitch’s debt rating, as the case may be. The applicable debt ratings and the Applicable Margins are set forth in the table attached as Exhibit A. In the event that Fitch or Xxxxx’x shall discontinue their ratings of the REIT industry, the General Partner or the Borrower, a mutually agreeable substitute rating agency (or two mutually agreeable substitute agencies if both existing rating agencies discontinue such ratings) shall be selected by the Required Lenders and the Borrower. If the Required Lenders and the Borrower cannot agree on a substitute rating agency or substitute rating agencies within thirty (30) days after such discontinuance, or if Fitch and Xxxxx’x shall discontinue their ratings of the REIT industry, the Borrower, or the General Partner, the Applicable Margin to be used for the calculation of interest on Advances hereunder shall be the highest Applicable Margin for each Type. If a rating agency downgrade or discontinuance results in an increase in the ABR Applicable Margin, the LIBOR Applicable Margin, or Facility Fee Rate and if such downgrade or discontinuance is reversed and the affected Applicable Margin is restored within ninety (90) days thereafter, at the Borrower’s request, the Borrower shall receive a credit against interest next due the Lenders equal to interest accrued from time to time during such period of downgrade or discontinuance and actually paid by the Borrower on the Advances at the differential between such Applicable Margins, and the differential of the Facility Fee paid during such period of downgrade. If a rating agency u...
Applicable Margins. Each of the ABR Applicable Margin and the LIBOR Applicable Margin to be used in calculating the interest rate applicable to different Types of Borrowings shall vary from time to time in accordance with the higher of Borrower’s then applicable Mxxxx’x debt rating and S&P’s debt rating unless one of such two ratings is more than one rating category lower than the other, in which case the Applicable Margins shall be based on the rating category which is between such two ratings (or if there is more than one rating category in between the two ratings, the higher of such categories shall apply). The Applicable Margins shall be adjusted effective on the next Business Day following any change in Borrower’s Mxxxx’x debt rating and/or S&P’s debt rating, as the case may be. The applicable debt ratings and the Applicable Margins are set forth in the following table: LIBOR ABR Applicable Applicable S&P Rating Mxxxx’x Rating Margin Margin A- or higher A3 or higher 0.60 % 0.15 % BBB+ Baa1 0.75 % 0.15 % BBB Baa2 0.85 % 0.175 % BBB- Baa3 1.00 % 0.20 % Less than BBB- Less than Baa3 1.40 % 0.50 % In the event that either S&P or Mxxxx’x shall discontinue their ratings of the REIT industry or the Borrower, the Borrower may seek a debt rating from another substitute rating agency reasonably satisfactory to the Administrative Agent and the Borrower. For the period from the date of such discontinuance until the first to occur of (i) the date the Borrower receives a debt rating from such new rating agency or (ii) a date 180 days after such discontinuance, the single rating from S&P or Mxxxx’x, as the case may be, shall be used to determine the Applicable Margin. If the debt rating of the Borrower from such new rating agency is not received within such 180 day period, or if both S&P and Mxxxx’x shall discontinue their ratings of the REIT industry or the Borrower, the Applicable Margin to be used for the calculation of interest on Borrowings hereunder shall be the highest Applicable Margin for each Type. If a rating agency downgrade or discontinuance results in an increase in the ABR Applicable Margin or the LIBOR Applicable Margin and if such increase is reversed and the affected Applicable Margin is restored within ninety (90) days thereafter, at Borrower’s request, Borrower shall receive a credit against interest next due the Lenders equal to interest accrued at the differential between such Applicable Margins accruing from time to time during such period of downgrade or discont...
Applicable Margins. The interest due hereunder with respect to the Advances shall vary from time to time and shall be determined by reference to the Type of Advance and the then-current Leverage Ratio. Any such change in the Applicable Margin shall be made on the fifth (5th) day subsequent to the date on which the Administrative Agent receives a compliance certificate pursuant to Section 6.1(e) with respect to the preceding fiscal quarter of Borrower, provided that the Administrative Agent does not object to the information provided in such certificate. Such changes shall be given prospective effect only, and no recalculation shall be done with respect to interest or Facility Letter of Credit Fees accrued prior to the date of such change in the Applicable Margin. If any such compliance certificate shall later be determined to be incorrect and as a result a higher Applicable Margin should have been in effect for any period, Borrower shall pay to the Administrative Agent for the benefit of the Lenders all additional interest and fees which would have accrued if the original compliance certificate had been correct, as shown on an invoice to be prepared by the Administrative Agent and delivered to Borrower, on the next Payment Date following delivery of such invoice. If Borrower shall fail to deliver to the Administrative Agent any such compliance certificate by the date required under Section 6.1(v), the highest Applicable Margins set forth below shall apply until such compliance certificate has been delivered. The per annum Applicable Margins that will be either added to the Alternate Base Rate to determine the Floating Rate or added to LIBOR Base Rate (as adjusted for any Reserve Requirement) to determine the LIBOR Rate for any LIBOR Interest Period shall be determined as follows: Leverage Ratio LIBOR Applicable Margin ABR Applicable Margin < 45% 2.00 % 1.00 % > 45%, < 50% 2.25 % 1.25 % > 50%, < 55% 2.50 % 1.50 % > 55%, < 60% 2.75 % 1.75 % As of the Effective Date of the Third Amendment to this Agreement, based on the Leverage Ratio shown on the most recent compliance certificate delivered to the Administrative Agent by Borrower, the LIBOR Applicable Margin is 2.75% and the ABR Applicable Margin is 1.75%.
Applicable Margins. The interest due hereunder with respect to the Advances shall vary from time to time and shall be determined by reference to the Type of Advance and the then-current Leverage Ratio. Any such change in the Applicable Margin shall be made on the fifth (5th) day subsequent to the date on which the Administrative Agent receives a compliance certificate pursuant to Section 6.1(iv) with respect to the preceding fiscal quarter of Borrower, provided that the Administrative Agent does not object to the information provided in such certificate. Such changes shall be given prospective effect only, and no recalculation shall be done with respect to interest or Letter of Credit Fees accrued prior to the date of such change in the Applicable Margin. If any such compliance certificate shall later be determined to be incorrect and as a result a higher Applicable Margin should have been in effect for any period, Borrower shall pay to the Administrative Agent for the benefit of the Lenders all additional interest and fees which would have accrued if the original compliance certificate had been correct, as shown on an invoice to be prepared by the Administrative Agent and delivered to Borrower, on the next Payment Date following delivery of such invoice. The per annum Applicable Margins that will be either added to the Floor Base Rate to determine the Base Rate or added to LIBOR Base Rate (as adjusted for any Reserve Requirement) to determine the LIBOR Rate for any LIBOR Interest Period shall be determined as follows: Base Rate Leverage Ratio LIBOR Applicable Margin Applicable Margin > 55% but ≤ 60% 4.25 % 0 > 50% but ≤ 55% 3.75 % 0 > 45% but ≤ 50% 3.25 % 0 ≤45% 3.00 % 0
Applicable Margins. The Applicable ABR Margin and Applicable LIBOR Margin for the Tranche B-9 Term Loans shall be as set forth below: Tranche B-9 Term Loans Applicable LIBOR Margin Applicable ABR Margin 2.00% 1.00%
Applicable Margins. Initially from the Second Amendment Effective Date, and continuing through the day immediately preceding the first Adjustment Date occurring after the Second Amendment Effective Date, the Applicable Margins and Commitment Fee Margin shall be the applicable per annum percentage set forth in the pricing table below based on the pro forma Leverage Ratio certified by the Borrower in the Closing Certificate delivered by the Borrower on the Second Amendment Effective Date. Thereafter, the Applicable Margins and Commitment Fee Margin shall be for each Calculation Period the applicable per annum percentage set forth in the pricing table below opposite the applicable Leverage Ratio of the Borrower, determined on a consolidated basis for the Borrower and its Subsidiaries as set forth in the most recently delivered Compliance Certificate received by the Administrative Agent pursuant to Section 5.03; provided, that, in the event that (i) the Administrative Agent shall not receive the financial statements and the Compliance Certificate required pursuant to Section 5.03 when due, or (ii) at the option of the Administrative Agent or Required Lenders, an Event of Default occurs, then from such due date or dates or the date of the earliest to occur of all existing Events of Default and until the fifth Business Day following the Administrative Agent’s receipt of such overdue financial statements, Compliance Certificate (and in the event a decrease in the applicable margin is then warranted, receipt of the Borrower’s written request to decrease such margin) or the waiver of all existing Defaults, the Applicable Margins and Commitment Fee Margin shall be the applicable per annum percentage set forth in Level I of the pricing table below. PRICING TABLE Level Leverage Ratio Revolving Credit and Term Loan A Base Rate Margin Term Loan B Base Rate Margin Revolving Credit and Term Loan A Eurodollar Rate Margin Term Loan B Eurodollar Rate Margin Commitment Fee Margin I ≥ 4.50 2.750% 3.000% 3.750% 4.000% 0.750% II ≥ 4.00 and <4.50 2.250% 2.500% 3.250% 3.500% 0.500% III > 3.00 and <4.00 2.000% 2.250% 3.000% 3.250% 0.500% IV <3.00 1.750% 2.000% 2.7500% 3.000% 0.375% If the Administrative Agent determines that (i) the Leverage Ratio as calculated by the Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Leverage Ratio would have resulted in different pricing for any period, then (1) if the proper calculation of the Leverage Ratio would have resulted i...
Applicable Margins. The CBR Applicable Margin and the LIBOR Applicable Margin to be used in calculating the interest rate applicable to different types of Advances shall vary from time to time in accordance with the ratings for Borrower's or General Partner's long-term, senior unsecured debt as follows: Rating Period: LIBOR CBR Rating Level of Lower of Applicable Applicable Two Highest Ratings* Margin Facility Fee Margin A-/A3 0.65% 0.15% 0 BBB+/Baa1 0.70% 0.20% 0 BBB/Baa2 0.80% 0.20% 0 BBB-/Baa3 0.95% 0.25% 0 Below BBB- or Baa3 1.25% 0.25% 0.25% * The letter categories used above are established by reference to S&P and Moodx'x xxxegories, respectively. At least one of S&P or Moody's ratings must always be included in the two ratings used. All margins and fees change as and when the applicable rating level changes. In the event an agency issues different ratings for the Borrower and the General Partner, then the higher rating of the two entities shall be deemed to be the rating from such agency.
Applicable Margins. Initially, and continuing through the day immediately preceding the first Adjustment Date occurring on or after September 30, 2008, the LIBOR Margin shall be 1.25% and the Base Rate Margin will be 0.00%. Commencing on such Adjustment Date, the applicable Base Rate Margin and LIBOR Margin for any Revolver Loan, the Term Loan and the applicable Commitment Fee Margin for the unused portion of the Revolver Loan Commitment shall be for each Calculation Period the applicable per annum percentage set forth in the pricing table below opposite the applicable Total Net Leverage Ratio of Borrower, determined on a consolidated basis for Borrower and its Subsidiaries; provided, that, in the event that Administrative Agent shall not receive the financial statements and Compliance Certificate required pursuant to Subsections 4.4(A), 4.4(B) and 4.4(C) when due, from such due date and until the fifth Business Day following Administrative Agent’s receipt of such overdue financial statements and Compliance Certificate (and in the event a decrease in the applicable margin is then warranted, receipt of Borrower’s written request to decrease such margin), the Base Rate Margin and the LIBOR Margin shall be 0.50% and 2.00% per annum, respectively, with respect to any Revolver Loan and the Term Loan, and the Commitment Fee Margin shall be 0.375% with respect to the unused portion of the Revolver Loan Commitment; provided, further, that effective upon the closing of any acquisition that will increase the Total Net Leverage Ratio on a pro forma basis, the Base Rate Margin, LIBOR Margin and Commitment Fee Margin will immediately adjust to reflect such higher ratio. PRICING TABLE – Revolver Loan, Term Loan and Commitment Fee Total Net Leverage Ratio Base Rate Margin LIBOR Margin Commitment Fee Margin > 2.50x 0.50 % 2.00 % 0.375 % > 2.00x and < 2.50x 0.25 % 1.75 % 0.375 % > 1.50x and < 2.00x 0.00 % 1.50 % 0.325 % > 1.00x and < 1.50x 0.00 % 1.375 % 0.250 % < 1.00x 0.00 % 1.25 % 0.250 % If, as a result of any restatement of or other adjustment to any financial statements referred to above (i) the Total Net Leverage Ratio as calculated by Borrower as of any applicable date was inaccurate and (ii) a proper calculation of the Total Net Leverage Ratio would have resulted in different pricing for any period, then (1) if the proper calculation of the Total Net Leverage Ratio would have resulted in higher pricing for such period, Borrower shall automatically and retroactively be obligated to pa...
Applicable Margins. Based on the calculation of the Consolidated Adjusted Leverage Ratio set forth below, the undersigned [Chief Accounting Officer] [or] [Treasurer] of the Borrower, on behalf of the Borrower and with no personal liability, certifies that [Tier 1] [Tier 2] [Tier 3] [or] [Tier 4] of the Term Loan Pricing Grid and Revolving Loan Pricing Grid (for determination of the Applicable Margin and the Letter of Credit Fee Percentage) shall become effective as of the fifth Business Day following the date this Compliance Certificate is required to be delivered pursuant to Section 5.02(d)(i) of the Credit Agreement. The Consolidated Adjusted Leverage Ratio was calculated as follows:
Applicable Margins. The Applicable ABR Margin and Applicable LIBOR Margin for the Tranche B-5 Term Loans shall be as set forth below: Tranche B-5 Term Loans LIBOR Margin ABR Loans 2.75 % 1.75 %
