Applicable Margin means, with respect to Advances of any Type at any time, the percentage rate per annum which is applicable at such time with respect to Advances of such Type as set forth in the Pricing Schedule.
Applicable Margin means:
Applicable Margin appearing in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
Examples of Applicable Margin in a sentence
The Revolving Loans shall bear interest on the outstanding principal amount thereof at a rate per annum equal to Adjusted Term SOFR or the Base Rate, as the case may be, plus the Applicable Margin.
Notwithstanding the foregoing, (i) upon the occurrence and during the continuance of any Event of Default described in clauses (a), (b) and (h) of Section 11.01, and (ii) upon notice from the Agent upon the occurrence and during the continuance of any other Event of Default, the Applicable Margin shall increase automatically by three percent (3.0%) per annum (the Interest Rate, as increased pursuant to this Section 3.02(b), being the “Default Rate”).
The Borrowers shall pay to the Administrative Agent for the account of each Revolving Lender in accordance with its Applicable Percentage, a commitment fee equal to the Applicable Margin times the actual daily amount by which the Aggregate Revolving Commitments exceeds the sum of (i) the Outstanding Amount of Revolving Loans and (ii) the Outstanding Amount of L/C Obligations, subject to adjustment as provided in Section 2.15.
The commitment fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Margin during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Margin separately for each period during such quarter that such Applicable Margin was in effect.
Subject to Section 2.7(b), (i) each ABR Loan shall bear interest at a rate per annum equal to the ABR plus the Applicable Margin for such Loan; and (ii) each SOFR Loan shall bear interest at a rate per annum equal to the Term SOFR for the Interest Period therefor plus the Applicable Margin for such Loan.
More Definitions of Applicable Margin
Applicable Margin means the percentage per annum set forth below in the column entitled Domestic Rate Loans or Eurodollar Rate Loans, as appropriate, opposite the Fixed Charge Coverage Ratio set forth below as shown on the last Compliance Certificate delivered by Borrower to Agent for any of the first three quarters of Borrower’s fiscal year pursuant to Section 9.8 or with Borrower’s annual audited financial statements as required pursuant to Section 9.7, as the case may be: Applicable Applicable Margin for Percentage for Domestic Rate Eurodollar Rate Level Fixed Charge Coverage Ratio Loans Loans I Less than 1.15 to 1.00 0% 2.75% II Greater than or equal to 1.15 to 1.00, but less than 1.30 to 1.00 0% 2.50% III Greater than or equal to 1.30 to 1.00, but less than 1.50 to 1.00 0% 2.25% IV Greater than or equal to 1.50 to 1.00 0% 2.00% ; provided, however, that (a) adjustments, if any, to such percentage resulting from a change in the Fixed Charge Coverage Ratio shall be effective five (5) Business Days after Agent has received a Compliance Certificate for the first three quarters of the Borrower’s fiscal year in accordance with Section 9.8 or a Compliance Certificate that is delivered with Borrower’s annual audited financial statements in accordance with Section 9.7, as the case may be, (b) in the event that no Compliance Certificate has been delivered in accordance with the Section 9.7 or 9.8, as the case may be, such percentage from such date until such Compliance Certificate is actually delivered shall be that applicable under Level I (c) in the event that the actual Fixed Charge Coverage Ratio for any fiscal period is subsequently determined to be greater than that set forth on the in the Compliance Certificate for such fiscal period, the Applicable Margin shall be recalculated for the applicable period based on such actual Fixed Charge Coverage Ratio and (d) anything in this definition to the contrary notwithstanding, until receipt by Agent of the annual audited financial statements required by subsection 9.7 for the fiscal year ending December 31, 2007 together with the accompanying Compliance Certificate, the Applicable Margin for Eurodollar Rate Loans shall be two and one-half percent (2.5%). Any additional interest resulting from the operation of clause (c) above, shall be due and payable to Lenders with five (5) after receipt of written demand therefor from Agent.
Applicable Margin means, as of any date, with respect to interest on all Revolving Loans and Term Loans outstanding on any date, or the letter of credit fee, as the case may be, a percentage per annum determined by reference to the applicable Leverage Ratio from time to time in effect as set forth on Schedule I; provided, that a change in the Applicable Margin resulting from a change in the Leverage Ratio shall be effective on the second Business Day after which the Borrower delivers the financial statements required by Section 5.1(a) or (b) and the Compliance Certificate required by Section 5.1(d); provided, further, that if at any time the Borrower shall have failed to deliver such financial statements and such Compliance Certificate when so required, the Applicable Margin shall be at Level III as set forth on Schedule I until such time as such financial statements and Compliance Certificate are delivered, at which time the Applicable Margin shall be determined as provided above; and provided, further, that in the event that any financial statement delivered pursuant to Section 5.1(a) or (b) or any Compliance Certificate delivered pursuant to Section 5.1(d) is shown to be inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Margin Period”) than the Applicable Margin applied for such Applicable Margin Period, and only in such case, then the Borrower shall immediately (i) deliver to the Administrative Agent a corrected Compliance Certificate for such Applicable Margin Period, (ii) determine the Applicable Margin for such Applicable Margin Period based upon the corrected Compliance Certificate, and (iii) immediately pay to the Administrative Agent the accrued additional interest owing as a result of such increased Applicable Margin for such Applicable Margin Period, which payment shall be promptly applied by the Administrative Agent in accordance with Section 2.22. The provisions of this definition are in addition to rights of the Administrative Agent and Lenders with respect to Section 2.14(c) and Article 8 and other of their respective rights under this Agreement. Notwithstanding the foregoing, the Applicable Margin from the Closing Date until the financial statements and Compliance Certificate for the Fiscal Quarter ending December 31, 2012, are required to be delivered shall be ...
Applicable Margin means the percentage rates set forth in the tables below corresponding to the level (each, a “Level”) into which the Credit Rating then falls. As of the Agreement Date, the Applicable Margins are determined based on Level 2. Any change in the Borrower’s Credit Rating which would cause the Applicable Margins to be determined based on a different Level shall be effective as of the first day of the first calendar month immediately following receipt by the Administrative Agent of written notice delivered by the Borrower in accordance with Section 9.4(p) that the Borrower’s Credit Rating has changed; provided, however, that if the Borrower has not delivered the notice required by such Section but the Administrative Agent becomes aware that the Borrower’s Credit Rating has changed, then the Administrative Agent shall give the Borrower notice of its awareness of such change (provided that failure to give such notice shall not limit the effectiveness of any adjustment of the applicable Level by the Administrative Agent in accordance with this definition) and may, in its sole discretion, adjust the Level effective as of the first day of the first calendar month following the date the Administrative Agent becomes aware that the Credit Rating has changed. During any period for which the Borrower has received three Credit Ratings which are not equivalent, the Applicable Margins shall be determined by (a) the highest Credit Rating if they differ by only one Level and (b) the average of the two highest Credit Ratings if they differ by two or more Levels (unless the average is not a recognized Level, in which case the Applicable Margins will be based on the Level corresponding to the second highest Credit Rating). During any period for which the Borrower has received only two Credit Ratings and such Credit Ratings are not equivalent, the Applicable Margins shall be determined by (i) the highest Credit Rating if they differ by only one Level and (ii) the average of the two Credit Ratings if they differ by two or more Levels (unless the average is not a recognized Level, in which case the Applicable Margins shall be based on the Credit Rating one Level below the Level corresponding to the higher Credit Rating). During any period for which the Borrower has received a Credit Rating from only one Rating Agency, the Applicable Margins shall be determined based on such Credit Rating so long as such Credit Rating is from either S&P or Xxxxx’x. During any period that the Borrower...
Applicable Margin has the meaning set forth in Section 2.06(a).
Applicable Margin means the rate per annum set forth on the grid when the Borrowing Base Utilization Percentage is at its highest level.
Applicable Margin and “Commitment Fee Rate” shall mean, for any day, the applicable rate per annum set forth below under the caption “Applicable Margin” or “Commitment Fee Rate”, respectively, based upon the ratings by Xxxxx’x and S&P, respectively, applicable on such date to the Borrower’s non-credit-enhanced long term senior unsecured debt or, to the extent that no such rating is available, one (1) rating notch below the ratings of the Borrower’s long term senior secured debt: Debt Ratings Applicable Margin Xxxxx’x/S&P Commitment Fee LIBOR ABR Category 1 > A1/A+ 0.075 % 0.875 % 0.000 % Category 2 = A2/A 0.100 % 1.000 % 0.000 % Category 3 = A3/A- 0.125 % 1.125 % 0.125 % Category 4 = Baa1/BBB+ 0.175 % 1.250 % 0.250 % Category 5 = Baa2/BBB 0.225 % 1.500 % 0.500 % Category 6 < Baa3/BBB- 0.275 % 1.750 % 0.750 % For purposes of this definition, (i) if the ratings established by Xxxxx’x and S&P shall fall within different Categories, the Applicable Margin and the Commitment Fee Rate shall be based on the higher of the two ratings unless one of the two ratings is two or more Categories lower than the other, in which case the Applicable Margin and the Commitment Fee Rate shall be determined by reference to the Category next below the higher of the two Categories, (ii) if only one rating is available from either Xxxxx’x or S&P, then such rating shall be used to determine the applicable Category, (iii) if neither Xxxxx’x nor S&P shall have in effect a rating for the Borrower’s non-credit-enhanced long term senior unsecured debt and neither Xxxxx’x nor S&P shall have in effect a rating for the Borrower’s long term senior secured debt, then Category 6 above shall apply, and (iv) if the ratings established or deemed to have been established by Xxxxx’x and S&P shall be changed (other than as a result of a change in the rating system of Xxxxx’x or S&P), such change shall be effective as of the date on which it is first announced by the applicable rating agency. Each change in the Applicable Margin and Commitment Fee Rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Xxxxx’x or S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of rati...