Adjustment of Margin. (a) Subject to this Clause 12.5, the Margin applicable to each Utilisation shall be the rate per annum specified in the definition of Margin set out in Clause 1.1 (Definitions) adjusted by reference to the ratio of Net Debt to EBITDA as shown in the then most recent Compliance Certificate (and the financial statements with which it is required by this Agreement to be delivered) received by the Agent, to equal the rate per annum specified opposite the relevant range set out in the following table in which the ratio of Net Debt to EBITDA falls: Ratio Margin (% p.a.) Equal to or higher than 3.5:1 3.00 Equal to or higher than 3.0:1 but lower than 3.5:1 2.50 Equal to or higher than 2.5:1 but lower than 3.0:1 2.25 Equal to or higher than 2.0:1 but lower than 2.5:1 2.00 Equal to or higher than 1.5:1 but lower than 2.0:1 1.50 Lower than 1.5:1 1.00
Adjustment of Margin. (a) In this Clause 10.2:
Adjustment of Margin. (a) Subject to this Clause 8.17, the Margin for the Facility shall be the rate per annum specified in the definition of Margin set out in Clause 1.1 (Definitions) adjusted by reference to the ratio of Mechel Mining’s Net Borrowings to its EBITDA as evidenced in the then most recent Mechel Mining Compliance Document received by the Facility Agent, to equal the rate per annum specified opposite the relevant range set out in the following table in which the ratio of Mechel Mining’s Net Borrowings to its EBITDA falls: Ratio Margin (% p.a.) Equal to or higher than 3.0:1.0 5.50 Lower than 3.0:1.0 but equal to or higher than 2.5:1.0 5.00 Lower than 2.5:1.0 4.00
Adjustment of Margin. (a) Subject to this Clause 12.5, the Margin applicable to each Utilisation under Facility A, the Capex Facility and the Revolving Facility shall be the rate per annum specified in the definition of 77 Margin set out in Clause 1.1 (Definitions) adjusted, by reference to the ratio of Total Borrowings for the Testing Period to EBITDA for the Testing Period as shown in the most recent Compliance Certificate (and the financial statements with which it is required by this Agreement to be delivered) received by the Agent, to equal the rate per annum specified opposite the relevant range set out in the following table in which the ratio of Total Borrowings to EBITDA falls:
Adjustment of Margin. This Clause 8.5 sets out the mechanics of adjustment of the Margin, each provision of this Clause 8.5 operating cumulatively.
Adjustment of Margin. (a) Any reduction or increase in the Margin following the Margin Date shall be determined by the Collateral Monitoring Agent on each Margin Adjustment Date, based on the ratio between (i) the arithmetic mean (rounded downwards to four decimal places) of the value y/qb (with respect to the Olivetti Share Value and the Olivetti Warrant Value) calculated for the preceding three Calculation Dates and for such Margin Adjustment Date multiplied by the number of shares or warrants in Olivetti and Convertible Bonds that are secured at such Margin Adjustment Date under the Security Documents and (ii) the Total Outstandings as at such Margin Calculation Date. Any such reduction or increase shall take effect from such Margin Adjustment Date.
Adjustment of Margin. 8.2.1 Provided that:
Adjustment of Margin. (a) Subject to this Clause 8.5, the Margin applicable to each Utilisation under Facility 2 shall be reduced to 0.75 (zero point seventy five) per cent. per annum.
Adjustment of Margin. The Margin shall be adjusted up or down in relation to the Financial Ratios. ----------------------------------------------------------------------------- MARGIN RATIO L RATIO G ----------------------------------------------------------------------------- 65 base points 2 < L < 2.50 ET 0.65 < G < 0.80 ----------------------------------------------------------------------------- 60 base points 1.50 < L < 2 ET 0.50 < G < 0.65 ----------------------------------------------------------------------------- 55 base points L < 1.50 And G < 0.50 ----------------------------------------------------------------------------- The first adjustment shall take place in response to the results of the fiscal year ending on December 31 2003, with effect from the first drawdown requested after the communication to Agent of calculation of the Financial Ratios.
Adjustment of Margin. The applicable Margin shall be determined by reference to the unaudited Consolidated Accounts for the first semi-annual period of each Financial Year of the Borrower and the audited Consolidated Accounts for each Financial Year of the Borrower delivered to the Agent pursuant to this Agreement (or, if none are delivered, it shall be 1.25 per cent. per annum). The Margin shall be adjusted on 1 March and 1 September in each year by reference to the Consolidated Accounts for the periods ending on the preceding 31 December and 30 June respectively.
