Applicable Margin. On any date the Applicable Margin for LIBOR Rate Loans and Base Rate Loans shall be as set forth below based on the ratio of the Consolidated Total Indebtedness of REIT and its respective Subsidiaries to the Gross Asset Value of REIT and its respective Subsidiaries: Pricing Level Ratio LIBOR Rate Loans Base Rate Loans Pricing Level 1 Less than or equal to 35% 2.50 % 1.25 % Pricing Level 2 Greater than 35% but less than or equal to 40% 2.75 % 1.50 % Pricing Level 3 Greater than 40% but less than or equal to 45% 3.00 % 1.75 % Pricing Level 4 Greater than 45% but less than or equal to 55% 3.25 % 2.00 % Pricing Level Ratio LIBOR Rate Loans Base Rate Loans Pricing Level 5 Greater than 55% 3.50 % 2.25 % The initial Applicable Margin shall be at Pricing Level 4. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by Borrower to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent and the Borrower determine that any financial statements previously delivered were incorrect or 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 Period”) than the Applicable Margin applied for such Applicable Period, then (i) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (ii) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (iii) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for suc...
Applicable Margin. The Applicable Margin for each Series [ ] New Term Loan shall mean, as of any date of determination, [ ]% per annum
Applicable Margin. On any date that the lower of the Ratings issued from time to time by the Rating Agencies for the Borrower is a Qualifying Rating, the Applicable Margin shall be as set forth below: Pricing Level LIBOR Rate Loans Base Rate Loans Pricing Xxxxx 0 1.75% 0% In the event that any of the Rating Agencies issues a Rating for the Borrower that is a Qualifying Rating, or in the event of any change in a Rating of the Borrower by any of the Rating Agencies, or if the Borrower's Rating, after having obtained a Qualifying Rating, shall cease at any time to be a Qualifying Rating by any of the Rating Agencies (but subject to the provisions within the definition of the term "Qualifying Rating"), such change shall effect a change in the Applicable Margin, as applicable, on the first (1st) day of the first (1st) month following the Rating Notice Date. On any date that the lower of the Ratings for the Borrower is not a Qualifying Rating, or the Borrower has not obtained a Qualifying Rating from either S&P or Xxxxx'x, the Applicable Margin shall be based upon the ratio of the Consolidated Total Liabilities of the Borrower to the Consolidated Total Assets of the Borrower as set forth below. It is the intention of the parties that if the Borrower shall only obtain a Qualifying Rating from one of S&P or Xxxxx'x without seeking a Qualifying Rating from the other of S&P or Xxxxx'x, the Borrower shall be entitled to the benefit of the Pricing Level 1 described above; provided that if the Borrower shall have obtained a Qualifying Rating from both of S&P and Xxxxx'x, the lower of the two ratings (or the loss of the Qualifying Rating from either or both of S&P or Xxxxx'x thereafter) shall control. The Borrower may obtain a Rating from Fitch in lieu of a Rating from S&P or Xxxxx'x, which Rating shall be considered for the purposes hereof, provided that in no event may a Rating from Fitch be the sole Rating for the purposes hereof. On any date on which the Applicable Margin is to be determined based upon the ratio of the Consolidated Total Liabilities of the Borrower to the Consolidated Total Assets of the Borrower, the applicable margin set forth below based on the ratio of the Consolidated Total Liabilities of Borrower to the Consolidated Total Assets of Borrower: -------------------------------------------------------------------------------- Base Rate Pricing Level Ratio LIBOR Rate Loans Loans -------------------------------------------------------------------------------- Pricing L...
Applicable Margin. Section 1.01 of the Credit Agreement is hereby amended by deleting the definition of “Applicable Margin” in its entirety and substituting the following therefor:
Applicable Margin. The Applicable Margin provided for in Section 4.1(a) with respect to the Loans (the "Applicable Margin") shall (i) on the Closing Date equal the percentages set forth in the certificate delivered pursuant to Section 5.2(d) and (ii) for each fiscal quarter thereafter be determined by reference to the Senior Leverage Ratio as of the end of the fiscal quarter immediately preceding the delivery of the applicable Officer's Compliance Certificate as follows: Applicable Margin Per Annum --------------------------- Level Senior Leverage Ratio Base Rate LIBOR Rate ----- --------------------- --------- ---------- 1 Greater than 2.5 to 1.00 0.00% 1.25% 2 Greater than 2.0 to 1.00 0.00% 1.00% but less than or equal to 2.5 to 1.00 3 Greater than 1.5 to 1.00 0.00% 0.75% but less than or equal to 2.0 to 1.00 4 Less than or equal to 1.5 to 1.00 0.00% 0.50% Adjustments, if any, in the Applicable Margin shall be made by the Administrative Agent on the tenth (10th) Business Day after receipt by the Administrative Agent of quarterly financial statements for the Borrower and its Subsidiaries and the accompanying Officer's Compliance Certificate setting forth the Senior Leverage Ratio of the Borrower and its Subsidiaries as of the most recent fiscal quarter end. Subject to Section 4.1(d), in the event the Borrower fails to deliver such financial statements and certificate within the time required by Section 7.2, the Applicable Margin shall be the highest Applicable Margin set forth above until the delivery of such financial statements and certificate.
Applicable Margin. The definition of "Applicable Margin" in Section 1.01 of the Credit Agreement shall be amended by adding the following new paragraphs at the end thereof to read as follows: "Notwithstanding the foregoing (including the immediately preceding paragraph), during the period commencing on the Amendment No. 6 Effective Date through and including December 31, 2001, the schedule set forth above shall read as follows: ---------------- ----------- ------------ ------------ ----------- ------------ ----------- ------------ ------------ Base Rate Revolving Credit Base Rate Euro-currency Loans and Euro-currency Term B Revolving Canadian Letter Term B and and Euro-currency Base Rate Credit Base Rate Of Commitment Term B-1 Term B-1 Term C Term C Period Loans Loans Credit Fees Fees Loans Loans Loans Loans ---------------- ----------- ------------ ------------ ----------- ------------ ----------- ------------ ------------ Period I 3.75% 2.75% 3.75% 0.50% 4.25% 3.25% 4.50% 3.50% ---------------- ----------- ------------ ------------ ----------- ------------ ----------- ------------ ------------ Period II 4.25% 3.25% 4.25% 0.50% 4.75% 3.75% 5.00% 4.00% ---------------- ----------- ------------ ------------ ----------- ------------ ----------- ------------ ------------ For purposes hereof, Period I shall be applicable for the period commencing on the Amendment No. 6 Effective Date through and including December 31, 2001, provided that if on or before August 15, 2001, Net Available Proceeds from one or more Asset Dispositions shall not have been applied to the prepayment of Loans and reduction of Commitments hereunder pursuant to Section 2.10 hereof in an amount at least equal to U.S. $150,000,000, then for the period commencing on August 15, 2001 through and including the earlier of December 31, 2001 and the date upon which such prepayment and reduction of Commitments from Asset Dispositions in fact occur, Period II shall be applicable. In addition to the foregoing if, on or before August 15, 2001, the prepayment and reduction of Commitments as described above have not occurred, then on August 15, 2001 PGI shall pay to the Administrative Agent for the account of each of the Lenders a fee in an amount equal to 1/2 of 1% of the sum of (x) the unutilized Commitments of such Lender, (y) the aggregate amount of Letter of Credit Liabilities held by such Lender and (z) the outstanding principal amount of the Loans of such Lender, in each case determined as of such date."
Applicable Margin. The definition of “Applicable Margin” is amended in its entirety to read as follows:
Applicable Margin. The Applicable Margin for each New [Term][Revolving] Loan shall mean, as of any date of determination, a percentage per annum as set forth below:
Applicable Margin. The Applicable Margin for LIBOR Rate Loans and Base Rate Loans shall be as set forth below based on the Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate pursuant to §7.4(c): Pricing Level Consolidated Leverage Ratio LIBOR Rate Loans Base Rate Loans Pricing Level 1 Less than 45% 1.75% 0.75% Pricing Level 2 Greater than or equal to 45% but less than 55% 2.00% 1.00% Pricing Level 3 Greater than or equal to 55% but less than 60% 2.25% 1.25% Pricing Level 4 Greater than or equal to 60% 2.50% 1.50% The Applicable Margin shall not be adjusted based upon such Consolidated Leverage Ratio, if at all, until the third (3rd) Business Day following receipt of any updated Compliance Certificate. In the event that Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by §7.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Revolving Credit Loans shall be at Pricing Level 4 commencing on the first (1st) Business Day following the date on which such Compliance Certificate was required to have been delivered and shall remain in effect until such failure is cured, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. The Applicable Rate in effect from the Effective Date through the date of the next change in the Applicable Rate pursuant to the provisions hereof shall be determined based upon Pricing Level 2. The provisions of this definition shall be subject to §2.6(e).
Applicable Margin. The definition of “Applicable Margin” in Section 1.10 of the Loan Agreement is hereby amended by deleting such definition in its entirety and replacing it with the following:
