Applicable Margin Sample Clauses
The Applicable Margin clause defines the specific interest rate margin that will be added to a base rate to determine the total interest rate payable on a loan or credit facility. This margin may vary depending on factors such as the borrower's credit rating, financial covenants, or the type of loan tranche involved. For example, a borrower with a higher credit rating might receive a lower margin, while a riskier borrower could be assigned a higher margin. The core function of this clause is to clearly establish how the interest rate is calculated, ensuring transparency and predictability for both lender and borrower.
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Applicable Margin. On the Third Amendment Effective Date and thereafter, the Applicable Margin with respect to the Term Loan D Loans shall be for Base Rate Advances, 1.50%, and for LIBOR Advances, 2.50%. The Applicable Margin with respect to the Term Loan D Loans shall be subject to reduction or increase, as applicable, and as set forth in the tables below, based upon the Borrower Leverage Ratio and the Senior Leverage Ratio set forth on a pro forma basis in any Request for Advance and as reflected in the financial statements required to be delivered for the fiscal quarter most recently ended pursuant to Section 6.1 or Section 6.2 hereof; provided that the Applicable Margins set forth in the tables below shall be increased by 25 bps at any time when the Senior Leverage Ratio is greater than 2.5 to 1.0. The adjustment provided for in this Section 2.3(f)(ii) shall be effective (A) with respect to an increase of the Applicable Margin, as of the second (2nd) Business Day after the earliest of (1) with respect to Base Rate Advances, the day on which any Request for Advance is delivered, (2) with respect to LIBOR Advances, the day on which the requested Advance is made or (3) the day on which financial statements are required to be delivered to the Administrative Agent pursuant to Sections 6.1 and 6.2 hereof, as the case may be, and (B) with respect to a decrease in the Applicable Margin, as of the second (2nd) Business Day after the earliest of (1) with respect to Base Rate Advances, the day on which any Request for Advance is delivered, (2) with respect to LIBOR Advances, the day on which the requested Advance is made or (3) except with respect to Interest Periods ending (or other payments of interest occurring) before the date that such financial statements are actually delivered to the Administrative Agent, the day on which such financial statements are required to be delivered to the Administrative Agent pursuant to Section 6.1 or 6.2 hereof. Notwithstanding the foregoing, if the Borrower shall fail to deliver financial statements within forty-five (45) days after the end of any of the first three fiscal quarters of the Borrower’s fiscal year (or within ninety (90) days after the end of the last fiscal quarter of the Borrower’s fiscal year), as required by Sections 6.1 or 6.2 hereof, it shall be conclusively presumed that the Applicable Margin is based upon a Borrower Leverage Ratio equal to the highest level set forth in the table below and a Senior Leverage Ratio greater th...
Applicable Margin. The Applicable Margin provided for in Section 3.1(a) with respect to the Loans (the "Applicable Margin") shall:
(i) for the period commencing on the Closing Date and ending on the date immediately preceding the fifth (5th) Business Day following receipt by the Administrative Agent of the financial statements of BREED and its Subsidiaries for the fiscal quarter ending March 31, 1997 and the accompanying Officer's Compliance Certificate, be determined based on the Leverage Ratio set forth in the Financial Condition Certificate delivered pursuant to Section 4.2(e)(ii) in accordance with the chart below;
(ii) for the period commencing on the fifth (5th) Business Day following receipt by the Administrative Agent of the financial statements of BREED and its Subsidiaries for the fiscal quarter ending June 30, 1997 and the accompanying Officer's Compliance Certificate and continuing through and including the Credit Facility Termination Date, be determined by reference to the Leverage Ratio as of the end of the fiscal quarter immediately preceding the delivery of the applicable Officer's Compliance Certificate in accordance with the chart below: Applicable Margin Per Annum Leverage Ratio Base Rate + LIBOR Rate + Greater than 3.25 0.00% 0.950% Less than or equal to 3.25 and greater than 3.00 0.00% 0.700% Less than or equal to 3.00 and greater than 2.50 0.00% 0.500% less than or equal to 2.50 but greater than 2.00 0.00% 0.375% less than or equal to 2.00 0.00% 0.300% Adjustments, if any, in the Applicable Margin shall be made by the Administrative Agent on the tenth (10th) Business Day (the "Adjustment Date") after receipt by the Administrative Agent of quarterly financial statements for BREED and its Subsidiaries and the accompanying Officer's Compliance Certificate setting forth the Leverage Ratio as of the most recent fiscal quarter end. Subject to Section 3.1(d), in the event the Borrowers fail to deliver such financial statements and certificate within the time required by Section 6.2 hereof, the Applicable Margin shall be the highest Applicable Margin set forth above until the delivery of such financial statements and certificate. Notwithstanding anything to the contrary contained herein, in the event the Interest Coverage Ratio (as determined pursuant to Section 8.3 of this Agreement) is less than 3.00 to 1.00 during the applicable period set forth in such Section 8.3, the Applicable Margin set forth in this Section 3.1 shall be deemed to be 1.000% with respect...
Applicable Margin. On any date, the Applicable Margin for LIBOR Rate Loans and Base Rate Loans for the Revolving Credit Loans and the Term Loans shall be a percentage per annum as set forth below based on the ratio of the Consolidated Total Indebtedness to the Borrower’s Gross Asset Value: Pricing Level 1 Less than or equal to 35% 1.55 % 0.55 % 1.50 % 0.50 % Pricing Level 2 Greater than 35% but less than or equal to 40% 1.65 % 0.65 % 1.60 % 0.60 % Pricing Level 3 Greater than 40% but less than or equal to 45% 1.80 % 0.80 % 1.75 % 0.75 % Pricing Level 4 Greater than 45% but less than or equal to 52.5% 1.95 % 0.95 % 1.90 % 0.90 % Pricing Level 5 Greater than 52.5% 2.15 % 1.15 % 2.10 % 1.10 % The initial Applicable Margin as of the Closing Date shall be at Pricing Level 1. At such time as this subparagraph (a) is applicable, the Applicable Margin for each Base Rate Loan shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect from time to time, and the Applicable Margin for any Interest Period for all LIBOR Rate Loans comprising part of the same borrowing shall be determined by reference to the ratio of Consolidated Total Indebtedness to Gross Asset Value in effect on the first (1st) day of such Interest Period. 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 REIT to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that REIT 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.
Applicable Margin. On the terms and subject to the conditions of this Amendment, the definition of Applicable Margin in Section 1.01 of the Existing Credit Agreement is hereby amended and restated in its entirety as follows:
Applicable Margin. The Applicable Margin for each Series [ ] New Term Loan shall mean, as of any date of determination, [ ]% per annum
Applicable Margin. Subject to the last paragraph of this definition and with respect to each period commencing on an Adjustment Date through the date immediately preceding the next Adjustment Date (each a "RATE ADJUSTMENT PERIOD"), the Applicable Margin with respect to Prime Rate Loans, Eurodollar Rate Loans, Standby Letter of Credit Fees, Documentary Letter of Credit Fees or Commitment Fees, as the case may be, shall be the applicable margin set forth below for each such category with respect to the Fixed Charge Ratio, as determined for the Reference Period of the Borrower and its Subsidiaries ending on the last day of the fiscal quarter of the Borrower and its Subsidiaries ended immediately prior to the applicable Rate Adjustment Period. STANDBY DOCUMENTARY LETTER OF LETTER OF FIXED CHARGE EURODOLLAR RATE CREDIT CREDIT LEVEL RATIO PRIME RATE LOANS LOANS FEES FEES COMMITMENT FEE ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- I Greater than or equal to 5.00:1.00 0.000% 0.750% 0.750% 0.375% 0.200% ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- II Less than 5.00:1.00 but 0.000% 1.000% 1.000% 0.500% 0.250% greater than or equal to 3.50:1.00 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- III Less than 3.50:1.00 but 0.000% 1.250% 1.250% 0.625% 0.300% greater than or equal to 2.50:1.00 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- IV Less than 2.50:1.00 0.000% 1.500% 1.500% 0.750% 0.350% ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- During the period commencing on the Closing Date through the date immediately preceding the first Adjustment Date to occur after the fiscal quarter ending March 31, 2001, the Applicable Margin with respect to the Loans outstanding and the Letter of Credit Fees and the Commitment Fee payable shall be the Applicable Margin set forth in Level III above. Notwithstanding the foregoing, (a) if the Borrower fails to deliver any Compliance Certificate required under Section 8.3(c) hereof, then, for the period commencing on the next Adjustment Date to occur subsequent to such failure through the date immediately following the date on which su...
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 Applicable Margin shall be in effect for each period commencing on an Adjustment Date through the date immediately preceding the next Adjustment Date (each a “Rate Adjustment Period”) based on a determination of the Senior Debt Rating. The Senior Debt Rating shall be determined as of the last day of the preceding Rate Adjustment Period. The Applicable Margin shall be the applicable rate per annum, corresponding to the lower of the Levels set forth in the table below (with Level I being the lowest level and Level IV being the highest level) corresponding to the Senior Debt Rating. In the event that the Senior Debt Ratings assigned by ▇▇▇▇▇’▇ and S&P are not equivalent, the following criteria shall determine which Level shall be applicable to the Senior Debt Rating: (a) if the Senior Debt Ratings are one Level apart, the Level applicable to the Senior Debt Rating shall be the lower of the two Levels and (b) if the Senior Debt Ratings are more than one Level apart, the Level applicable to the Senior Debt Rating shall be one Level above (i.e., towards Level IV) the lower of the two Levels. For purposes of clarity, the parties hereto acknowledge that (i) the Applicable Margin with respect to Base Rate Loans shall be the rate per annum set forth in column C in the table below (as such Applicable Margin shall be adjusted pursuant to the last paragraph of this definition), (ii) the Applicable Margin with respect to Eurocurrency Rate Loans shall be the rate per annum set forth in column D in the table below (as such Applicable Margin shall be adjusted pursuant to the last paragraph of this definition) and (iii) the Commitment Fee shall be the rate per annum set forth in column E. I S&P: BBB+ or better ▇▇▇▇▇’▇: Baa1 or better 0 % 1.00 % 0.08 % II S&P: BBB ▇▇▇▇▇’▇: Baa2 0.125 % 1.125 % 0.09 % III S&P: BBB- ▇▇▇▇▇’▇: Baa3 0.375 % 1.375 % 0.125 % IV S&P: Lower than BBB- ▇▇▇▇▇’▇: Lower than Baa3 0.75 % 1.75 % 0.175 % Notwithstanding the foregoing, if the Borrower fails to deliver any Compliance Certificate pursuant to §§5.4(a) or (b) hereof then, for the period commencing on the date such Compliance Certificate was due through the date immediately preceding the Adjustment Date that occurs immediately following the date on which such Compliance Certificate is delivered, the Applicable Margin shall be the Applicable Margin corresponding to Level IV above. The relevant Applicable Margin for Base Rate Loans and Eurocurrency Rate Loans, as determined in accordance with th...
Applicable Margin. (i) The Applicable Margin provided for in Section 5.1(a) with respect to any Revolving Credit Loans and Swingline Loans (the "APPLICABLE MARGIN") shall be based upon the table set forth below and shall be determined and adjusted quarterly on the date (each a "CALCULATION DATE") ten (10) Business Days after the date by which the Borrower is required to provide an Officer's Compliance Certificate for the most recently ended fiscal quarter of the Borrower; PROVIDED, HOWEVER, that (A) the initial Applicable Margin for the Revolving Credit Loans and Swingline Loans shall be based on Pricing Level IV (as shown below) and shall remain at Pricing Level IV until December 31, 2001, and, thereafter the Pricing Level shall be determined by reference to the Total Leverage Ratio as of the last day of the most recently ended fiscal quarter of the Borrower preceding the applicable Calculation Date, and (B) if the Borrower fails to provide the Officer's Compliance Certificate as required by Section 8.2 for the most recently ended fiscal quarter of the Borrower preceding the applicable Calculation Date, the Applicable Margin for Revolving Credit Loans and Swingline Loans from such Calculation Date shall be based on Pricing Level IV (as shown below) until such time as an appropriate Officer's Compliance Certificate is provided, at which time the Pricing Level shall be determined by reference to the Total Leverage Ratio as of the last day of the most recently ended fiscal quarter of the Borrower preceding such Calculation Date. The Applicable Margin for Revolving Credit Loans and Swingline Loans shall be effective from one Calculation Date until the next Calculation Date. Any adjustment in the Applicable Margin shall be applicable to all Extensions of Credit then existing or subsequently made or issued.
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: