Applicable LIBOR Margin. The Applicable Libor Margin is set forth in §2.3(c).
Applicable LIBOR Margin. The Applicable LIBOR Margin is set forth in Section 2.9(c).
Applicable LIBOR Margin. Section 2.13.1 is hereby amended to change the Applicable LIBOR Margin from seventy-five one-hundredths of one percent (.75%) to thirty one-hundredths of one percent (.30%).
Applicable LIBOR Margin. The term "Applicable LIBOR Margin" shall mean (i) two and one-quarter percent (2.25%) per annum, or (ii) at such time as the Cash Flow Coverage is at least 1.45 to 1 for a calendar quarter, two percent (2%) per annum, provided, however, that if the Cash Flow Coverage should thereafter fall below 1.45 to 1 for a calendar quarter, the percentage in this clause (ii) shall increase to two and one-quarter percent (2.25%) until such time as the Cash Flow Coverage is again at 1.45 to 1 for a calendar quarter, it being understood and agreed that the Applicable LIBOR Margin will be continuously adjusted based on the current Cash Flow Coverage. No downward adjustment of the Applicable LIBOR Margin shall be made unless Borrower has previously notified Agent an adjustment is warranted.
Applicable LIBOR Margin. As of any date of determination, the annual rate determined pursuant to the following table: ---------------------------------------------------------------------- S&P Rating Xxxxx'x Rating Fitch Rating LIBOR Margin ---------------------------------------------------------------------- Below BBB- or Below Baa3 or Below BBB- or unrated unrated unrated 1.20% BBB- Baa3 BBB- 0.95% BBB Baa2 BBB 0.70% BBB+ Baa1 BBB+ 0.65% A- or higher A3 or higher A- or higher 0.60% ---------------------------------------------------------------------- In the event that the three Ratings are not equivalent, the Applicable LIBOR Margin will be based on the lower of the two highest ratings. Any change in the Applicable LIBOR Margin caused by a change in the Xxxxx'x Rating, the S&P Rating or the Fitch Rating shall become effective on the first day following the effective date of such change.
Applicable LIBOR Margin. The Applicable LIBOR Margin on LIBOR Loans shall be as set forth in the Pricing Table. Any change in the Applicable LIBOR Margin shall become effective on the first day of each Interest Period which begins three (3) or more days after receipt by the Banks of financial statements delivered pursuant to ss.6.4(a) or (b) hereof which indicate a change in the Pricing Ratio. If at any time the financial statements required to be delivered pursuant to ss.6.4(a) or (b) hereof are not delivered within the time periods specified in such subsections, the Applicable LIBOR Margin shall be 1.50% with respect to any LIBOR Loan requested on or after the date on which such financial statements were required to be delivered but before the time of actual receipt of such financial statements, subject to adjustment upon actual receipt of such financial statements.
Applicable LIBOR Margin. The applicable margin over the LIBOR Rate which is used in calculating the interest rate applicable to LIBOR Rate Loans and which shall vary from time to time in accordance with the Company's then applicable (if any) Xxxxx'x Rating, S&P's Rating and Fitch Rating, as set forth below in this definition. In order to qualify for an Applicable LIBOR Margin based upon a debt rating, the Company shall maintain senior long-term unsecured debt ratings from at least two (2) of Xxxxx'x, S&P and Fitch, provided that if the Company fails to maintain at least two such debt ratings, the Applicable LIBOR Margin shall be based upon the provisions of the immediately succeeding paragraph. If at any time of determination of the Applicable LIBOR Margin, the Company has then current debt ratings from at least two (2) of Xxxxx'x, S&P or Fitch, then the Applicable LIBOR Margin shall be based on the lower of such ratings. The applicable debt ratings and the Applicable LIBOR Margins are set forth in the following table: S&P Rating Xxxxx'x Rating Fitch Rating Applicable Margin for LIBOR Rate Loans BBB- Baa3 BBB-/Baa3 equivalent 1.20% BBB Baa2 BBB/Baa2 equivalent 1.10% BBB+ Baa1 BBB+/Baa1 equivalent 1.00% A- or higher A3 or higher A-/A3 equivalent or higher .95% If either (x) the Company does not maintain senior long-term unsecured debt ratings from at least two (2) of Xxxxx'x, S&P or Fitch or (y) the Company does maintain such debt ratings but such debt ratings or the lower of such debt ratings is less than BBB-/Baa3 (or the equivalent), the Applicable LIBOR Margin shall be the percentage opposite the Leverage Ratio (calculated as of the end of the immediately preceding fiscal quarter) set forth in the grid below under the caption "Applicable LIBOR Margin": Leverage Ratio Applicable LIBOR Margin <.35 1.35% >.35 but <.45 1.50% >.45 1.70% The Applicable LIBOR Margin shall be adjusted effective on the first day following the effective date of a change in the Xxxxx'x Rating, the S&P Rating or the Fitch Rating or the date the Leverage Ratio is determined pursuant to the Compliance Certificate, as the case may be.
Applicable LIBOR Margin. The margin, for calculating the applicable interest rate for any day for any loan based on LIBOR, equal to the appropriate applicable LIBOR margin as set forth in Exhibit B hereto.
Applicable LIBOR Margin. The Applicable LIBOR Margin will be a function of the Borrower's Funded Debt to EBITDA ratio as defined in the Second Amended and Restated Loan Agreement. The calculation and any change in the Applicable LIBOR Margin shall take place on the first day of the month immediately following receipt of Form 10-Q or Form 10-K of the Borrower. The Applicable LIBOR Margins are as follows: ---------------------------------------------------------------------------------------------- Revolver and Overline Term Loan ---------------------------------------------------------------------------------------------- Funded Debt to EBITDA Ratio Applicable LIBOR Margin ---------------------------------------------------------------------------------------------- > 3.75 275 BP 310 BP - ---------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------- > 3.00 to 1.0 but < 3.50 to 1.0 250 BP 285 BP - ---------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------- > 2.50 to 1.0 but < 3.00 to 1.0 225 BP 260 BP - ---------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------- >2.00 to 1.0 but < 2.50 to 1.0 200 BP 000 XX ---------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------- >1.50 to 1.0 but < 2.00 to 1.0 175 BP 000 XX - ---------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------- < 1.50 to 1.0 150 BP 000 XX - ----------------------------------------------------------------------------------------------
Applicable LIBOR Margin. Applicable Index Margin < 3.75 to 1.0 Base LIBOR Margin Base Index Margin > 3.75 to 1.0 Base LIBOR Margin plus 0.75% Base Index Margin plus 0.75% Adjustments in the Applicable LIBOR Margin or the Applicable Index Margin, as applicable, commencing with the first Fiscal Quarter ending after the Closing Date shall be implemented quarterly on a prospective basis, for each calendar month commencing at least five (5) days after the date of delivery to Lenders of the quarterly unaudited or annual audited (as applicable) Financial Statements evidencing the need for an adjustment. Concurrently with the delivery of those Financial Statements, Borrower Representative shall deliver to Agent and Lenders a certificate, signed by one of its Authorized Officers, setting forth in reasonable detail the basis for the continuance of, or any change in, the Applicable LIBOR Margin or Applicable Index Margin. Failure to timely deliver such Financial Statements shall, in addition to any other remedy provided for in this Agreement, result in (i) an increase in the Applicable LIBOR Margin to the highest level set forth in the foregoing grid for LIBOR Loans and (ii) an increase in the Applicable Index Margin to the highest level set forth in the foregoing grid for Index Loans, until the first day of the first calendar month following the delivery of those Financial Statements demonstrating that such an increase is not required. If an Event of Default has occurred and is continuing at the time any reduction in the Applicable LIBOR Margin and/or the Applicable Index Margin is to be implemented, that reduction shall be deferred until the first day of the first calendar month following the date on which such Event of Default is waived or cured.
