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. (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. PRICING LEVEL TOTAL LEVERAGE RATIO LIBOR BASE RATE ------------- -------------------- ----- --------- I <2.00x 2.25% 1.25% II greater than or equal to 2.00x but <2.50x 2.50% 1.50% III greater than or equal to 2.50x but <3.00x 2.75% 1.75% IV greater than or equal to 3.00x 3.00% 2.00%
(ii) Subject to the provisions of Section 4.6(g), the Applicable Margin for Term Loans shall be based on the table set forth below and shall be determined and adjusted on each Calculation Date until such time as any change in the Applicable Margin or pricing grid, as applicable for Term Loans pursuant to Section 4.6; provided, however that (A) the initial Applicable Margin for Term Loans shall be b...
Applicable Margin. Effective as of February 11, 1997, ----------------- subparagraph (a) of the definition of Applicable Margin is hereby amended to read as follows:
(a) for purposes of interest on Loans outstanding, Commitment Fee Rate and Documentary Letter of Credit Fee Rate (i) with respect to the period commencing on the Redemption Notice Date through the date immediately preceding the Adjustment Date occurring on March 22, 1997, the Applicable Margin shall be the Applicable Margin set forth in Tier 2 above; and (ii) with respect to each of (1) the period commencing with the Adjustment Date occurring on March 22, 1997 thorough the date immediately preceding the Adjustment Date occurring on June 19, 1997 and (2) the period commencing with the Adjustment Date occurring on June 19, 1997 through the date immediately preceding the Adjustment Date occurring on September 19, 1997, the Applicable Margin for each such period shall be determined by reference to the Leverage Ratio determined for the applicable fiscal periods ending January 31, 1997 and April 30, 1997, respectively, provided that, notwithstanding the terms of the definition of the Leverage Ratio, for purposes of such two specific Applicable Margin calculations only, the numerator portion of the Leverage Ratio (clause (a) of the definition thereof) shall reflect, without duplication, the applicable reduction (if any) in the outstanding principal of the Subordinated Notes resulting from the Redemption and any Open Market Purchases which are permitted pursuant to (S)10.8 hereof and which have occurred on or prior to the date the applicable Compliance Certificate prepared as of the end of the relevant fiscal period is actually delivered to the Managing Agents pursuant to and in accordance with (S)9.4(d) hereof (but only if such Open Market Purchases are reflected and described in reasonable detail in such Compliance Certificate and the Subordinated Notes so purchased have been cancelled by the Company), as if such reductions had occurred on January 31, 1997, or April 30, 1997, as the case may be.
Applicable Margin. The Applicable Margin for each Series [ ] New Term Loan shall mean, as of any date of determination, [ ]% per annum
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. Initially, the Applicable Margin shall be the applicable rate per annum, corresponding to Level III set forth in the table below; thereafter, 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 Fixed Charge Coverage Ratio and the Senior Debt Rating by ▇▇▇▇▇’▇ and S&P. The Fixed Charge Coverage Ratio shall be determined as at the end of the fiscal period for which financial statements and a Compliance Certificate have most recently been delivered to the Administrative Agent pursuant to §6.4 hereof and 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 higher of the Levels set forth in the table below (with Level I being the highest level and Level V being the lowest level) corresponding to the Fixed Charge Coverage Ratio or the Senior Debt Rating. In the event that the Level derived from the Senior Debt Ratings and the Level derived from the Fixed Charge Coverage Ratio are more than two Levels apart, the applicable Level for the Applicable Margin shall be the Level that is two Levels higher than the lower of the two Levels. 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 higher 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 higher than the lower of the two Levels. For purposes of clarity, the parties hereto acknowledge that (i) the Applicable Margin with respect to Eurocurrency Rate Loans shall be the rate per annum set forth in column D in the table below, (ii) the Applicable Margin with respect to Base Rate Loans shall be the rate per annum set forth in column E in the table below, (iii) the Facility Fee shall be the rate per annum set forth in column F in the table below, (iv) the Letter of Credit Fee with respect to standby Letters of Credit shall be the rate per annum set forth in column G in the table below and (v) the Letter of Credit Fee with respect to documentary Letters of Credit shall be the rate per...
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. (i) With respect to any Loans, the Applicable Margin shall be a percentage per annum determined by reference to the Applicable Debt Rating (as such Applicable Debt Rating is determined pursuant to Section 2.3(f)(ii)) in effect on such date as set forth below: Applicable Debt Rating Term Rate Advance and ▇▇▇▇▇ Rate Advance Applicable Margin Base Rate Advance Applicable Margin A. ≥ A- / A3 / A- 0.8750.750 % 0.000 % B. BBB+ / Baa1/ BBB+ 1.0000.875 % 0.000 % C. BBB / Baa2 / BBB 1.1251.000 % 0.1250.000 %
Applicable Margin. The definition of “Applicable Margin” in Section 1.2 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
Applicable Margin. The Applicable Margin provided for in Section ----------------- 5.1
(a) with respect to the Loans (the "Applicable Margin") (i) with respect to Term B Loans, shall be as follows: --------------------------------------------------------------------------------------- Applicable Margin Applicable Margin LIBOR Rate Base Rate --------------------------------------------------------------------------------------- 4.750% 3.750% --------------------------------------------------------------------------------------- and (ii) with respect to Revolving Credit Loans and Term A Loans, shall be determined by reference to the Company Leverage Ratio as of the end of the fiscal quarter immediately preceding the delivery of the applicable Officer's Compliance Certificate as follows: ---------------------------------------------------------------------------------------------------------- Company Leverage Applicable Margin Applicable Margin Ratio LIBOR Rate Base Rate ---------------------------------------------------------------------------------------------------------- * 10.0x 4.000% 3.000% * 9.0x but ** 10.0x 3.750% 2.750% * 8.0x but ** 9.0x 3.500% 2.500% * 7.0x but ** 8.0x 3.250% 2.250% * 6.0x but ** 7.0x 3.000% 2.000% * 5.0x but ** 6.0x 2.750% 1.750% * 4.0x but ** 5.0x 2.500% 1.500% * 4.0x 2.250% 1.250% ---------------------------------------------------------------------------------------------------------- _______________________ * greater than or equal to sign ** less than sign Adjustments, if any, in the Applicable Margin with respect to Revolving Credit Loans and Term A Loans shall be made by the Administrative Agent on the fifth (5th) Business Day after receipt by the Administrative Agent of quarterly financial statements for the Company and its Subsidiaries and the accompanying Officer's Compliance Certificate setting forth the Company Leverage Ratio as of the most recent fiscal quarter end. Subject to Section 5.1(d), in the event the Company fails to deliver such financial statements and certificate within the time required by Sections 8.1(b) and 8.2 hereof, 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 for each New [Term][Revolving] Loan shall mean, as of any date of determination, a percentage per annum as set forth below: