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 such Compliance Certificate is delivered, the Applicable Margin shall be the Applicable Margin set forth in Level IV above, and (b) at all times while an Event of Default shall have occurred and be continuing, the Applicable Margin to be included in the calculations set forth in Section 5.11 shall be the Applicable Margin set forth in Level IV above. APPLICABLE PENSION LEGISLATION. At any time, any pension or retirement benefits legislation (be it national, federal, provincial, territorial or otherwise) then applicable to the Borrower or any of its Subsidiaries.
Appears in 2 contracts
Sources: Revolving Credit Agreement (Coach Inc), Revolving Credit Agreement (Coach Inc)
Applicable Margin. Subject to the last paragraph of this definition and The Applicable Margins set forth below, with respect to each period commencing on an Adjustment Date through Advance (other than Alternate Currency Advances which shall be governed by the date immediately preceding applicable Alternate Currency Addendum) and 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 beapplicable fee rate for facility fees and utilization fees payable hereunder, shall be subject to adjustment (upwards or downwards, as appropriate) in accordance with the applicable margin table set forth below based on the Company's Status shall be determined from its then-current ▇▇▇▇▇'▇ and S&P Ratings. The credit rating in effect on any date for each all purposes is that in effect at the close of business on such category with respect to the Fixed Charge Ratio, as determined for the Reference Period of date. If at any time the Borrower and its Subsidiaries ending on the last day of the fiscal quarter of has no ▇▇▇▇▇'▇ Rating or no S&P Rating, Level V Status shall exist. If the Borrower is split-rated and its Subsidiaries ended immediately prior to the applicable Rate Adjustment Periodratings differential is one level, the higher rating will apply. STANDBY DOCUMENTARY LETTER OF LETTER OF FIXED CHARGE EURODOLLAR If the Borrower is split-rated and the ratings differential is two levels, the intermediate rating at the midpoint will apply. If the Borrower is split-rated and the ratings differential is more than two levels, the rating that is one level above the lowest rating will apply. ------------------------------------------------------------------------------- APPLICABLE LEVEL I LEVEL II LEVEL III LEVEL IV LEVEL V MARGIN STATUS STATUS STATUS STATUS STATUS ------------------------------------------------------------------------------- EUROCURRENCY 0.195% 0.225% 0.300% 0.350% 0.550% MARGIN ------------------------------------------------------------------------------- ALTERNATE BASE 0% 0% 0% 0% 0% RATE CREDIT CREDIT ------------------------------------------------------------------------------- APPLICABLE FEE LEVEL RATIO PRIME I LEVEL II LEVEL III LEVEL IV LEVEL V RATE LOANS LOANS FEES FEES COMMITMENT STATUS STATUS STATUS STATUS STATUS ------------------------------------------------------------------------------- UTILIZATION FEE ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- I Greater than or equal to 5.00:1.00 0.0000% 0.7500% 0.7500% 0.3750.05% 0.10% ------------------------------------------------------------------------------- FACILITY FEE 0.080% 0.100% 0.125% 0.150% 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 ------------------------------------------------------------------------------- For the period commencing purposes of this Agreement, the Company's Status will be determined based on the Closing Date through the following definitions: "LEVEL I STATUS" exists at any date immediately preceding the first Adjustment Date to occur after the fiscal quarter ending March 31if, 2001on such date, the Applicable Margin with respect to Company's ▇▇▇▇▇'▇ Rating is A3 or better or the Loans outstanding and the Letter of Credit Fees and the Commitment Fee payable shall be the Applicable Margin set forth in Level III aboveCompany's S&P Rating is A- or better. Notwithstanding the foregoing"LEVEL II STATUS" exists at any date if, on such date, (ai) if the Borrower fails to deliver any Compliance Certificate required under Section 8.3(c) hereof, then, Company has not qualified for the period commencing on the next Adjustment Date to occur subsequent to such failure through the date immediately following the date on which such Compliance Certificate is delivered, the Applicable Margin shall be the Applicable Margin set forth in Level IV above, I Status and (bii) at all times while an Event of Default shall have occurred and be continuing, the Applicable Margin to be included in Company's ▇▇▇▇▇'▇ Rating is Baa1 or better or the calculations set forth in Section 5.11 shall be the Applicable Margin set forth in Level IV above. APPLICABLE PENSION LEGISLATION. At any time, any pension Company's S&P Rating is BBB+ or retirement benefits legislation (be it national, federal, provincial, territorial or otherwise) then applicable to the Borrower or any of its Subsidiariesbetter.
Appears in 2 contracts
Sources: Multicurrency Credit Agreement (Crane Co /De/), Multicurrency Credit Agreement (Crane Co /De/)
Applicable Margin. Subject to the last paragraph of this definition and with respect to For each period commencing on an Adjustment Date through the date immediately preceding the next Adjustment Date (each a "RATE ADJUSTMENT PERIODRate 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 Leverage Ratio, as determined for the Reference Period four (4) consecutive fiscal quarters then ending 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 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- ------------------------------------------------------------------------------------------------ Base LIBOR Leverage Rate Rate Loans Letter of Commitment Fee Level Ratio Loans Credit ------------------------------------------------------------------------------------------------ I Greater Less than or equal to 5.00:1.00 0.0002.25:1 0.125% 0.7501.125% 0.7501.125% 0.3750.250% 0.200% ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- ------------------------------------------------------------------------------------------------ II Less than 5.00:1.00 2.50:1 but 0.000greater than or 0.250% 1.0001.250% 1.0001.250% 0.300% equal to 2.25:1 ------------------------------------------------------------------------------------------------ III Less than 2.75:1 but greater than or 0.375% 1.375% 1.375% 0.350% equal to 2.50:1 ------------------------------------------------------------------------------------------------ IV Less than 3.00:1 but 0.500% 0.2501.500% 1.500% 0.375% greater than or equal to 3.50:1.00 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- III Less 2.75:1 ------------------------------------------------------------------------------------------------ V Greater than 3.50:1.00 but 0.000% 1.250% 1.250% or 0.625% 0.3001.625% greater than or 1.625% 0.450% equal to 2.50:1.00 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- IV Less than 2.50:1.00 0.000% 1.500% 1.500% 0.750% 0.350% ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- During 3.00:1 ------------------------------------------------------------------------------------------------ Notwithstanding 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, 2001foregoing, the Applicable Margin with respect to for the Loans outstanding and period from the Letter date of Credit Fees and Closing until the Commitment Fee payable date of receipt of the Compliance Certificate for the period ending June 30, 2002 shall be the Applicable Margin set forth in Level III IV above. Notwithstanding the foregoing, (a) if If the Borrower fails to deliver any Compliance Certificate required under Section 8.3(cpursuant to (S)8.4(c) hereof, then, 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 such Compliance Certificate is delivered, the Applicable Margin shall be the highest Applicable Margin set forth in Level IV above, and (b) at all times while an Event of Default shall have occurred and be continuing, the Applicable Margin to be included in the calculations set forth in Section 5.11 shall be the Applicable Margin set forth in Level IV above. APPLICABLE PENSION LEGISLATION. At any time, any pension or retirement benefits legislation (be it national, federal, provincial, territorial or otherwise) then applicable to the Borrower or any of its Subsidiaries.
Appears in 1 contract
Sources: Senior Unsecured Revolving Credit Agreement (Barnes Group Inc)
Applicable Margin. Subject to the last paragraph of this definition and with respect to For each period commencing on an Adjustment Date through the date immediately preceding the next Adjustment Date (each a "RATE ADJUSTMENT PERIODRate Adjustment Period"), the Applicable Margin with respect to Prime Rate Loans, Eurodollar Rate Loans, Standby Letter for each Type of Credit Fees, Documentary Letter Loan of Credit Fees or Commitment Fees, as the case may be, each Tranche shall be the applicable margin set forth below for each such category Type and Tranche with respect to the Fixed Charge Total Leverage 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 ---------- -------------------- ----------------- -------------------- ------------------ --------------------------------------------------------------- Revolving Credit Tranche B Term Loans Loans & Tranche A Term Loan --------------------------------------------------------------- ------------------ ---------------------- Total Leverage Base Eurodollar Base Rate Eurodollar Level Ratio Rate Rate Loans Loans Rate Loans Loans --------------------------------------------------------------- --------------------------------------------------------------- I Greater than or equal to 5.00:1.00 0.0001.375% 0.7502.375% 0.7501.875% 0.3752.875% 0.200% ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- 7.00:1.00 --------------------------------------------------------------- --------------------------------------------------------------- II Less than 5.00:1.00 7.00:1.00 but 0.0001.125% 1.0002.125% 1.0001.875% 0.500% 0.2502.875% greater than or equal to 3.50:1.00 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- 6.50:1.00 --------------------------------------------------------------- --------------------------------------------------------------- III Less than 3.50:1.00 6.50:1.00 but 0.0000.875% 1.2501.875% 1.2501.875% 0.625% 0.3002.875% greater than or equal to 2.50:1.00 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- 6.00:1.00 --------------------------------------------------------------- --------------------------------------------------------------- IV Less than 2.50:1.00 6.00:1.00 but 0.625% 1.625% 1.875% 2.875% greater than or equal to 5.50:1.00 --------------------------------------------------------------- --------------------------------------------------------------- V Less than 5.50:1.00 but 0.375% 1.375% 1.875% 2.875% greater than or equal to 5.00:1.00 --------------------------------------------------------------- --------------------------------------------------------------- VI Less than 5.00:1.00 but 0.125% 1.125% 1.625% 2.625% greater than or equal to 4.50:1.00 --------------------------------------------------------------- --------------------------------------------------------------- VII Less than 4.50:1.00 0.000% 1.5000.875% 1.5001.625% 0.7502.625% 0.350% ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- During --------------------------------------------------------------- Notwithstanding the foregoing, during the period commencing on the Closing Funding Date through the date immediately preceding the first Adjustment Date to occur after the fiscal quarter ending March 31, 2001which is one hundred eighty (180) days thereafter, the Applicable Margin with respect to for the Revolving Credit Loans outstanding and the Letter of Credit Fees and the Commitment Fee payable Tranche A Term Loan shall be the higher of (i) the Applicable Margin determined as set forth in Level III aboveabove by reference to the Total Leverage Ratio or (ii) for Base Rate Loans, 1.125%, and for Eurodollar Rate Loans, 2.125%. Notwithstanding the foregoing, (a) if until the first anniversary of the Funding Date, the Applicable Margin for the Tranche B Term Loans which are Base Rate Loans shall be 1.875% and which are Eurodollar Rate Loans shall be 2.875%. If the Borrower fails to deliver any Compliance Certificate required under Section 8.3(c) hereofpursuant to ss.10.4(c), then, then for the period commencing on the next Adjustment Date second Business Day following the date on which the Compliance Certificate was to be delivered pursuant to ss.10.4(c) through the earlier to occur subsequent to such failure through of (i) the date immediately following the date on which such Compliance Certificate is delivereddelivered or (ii) the 10th Business Day following such Adjustment Date, the Applicable Margin shall be the Applicable Margin set forth then in Level IV aboveeffect, and (b) at all times while an Event of Default shall provided that if upon delivery, such Compliance Certificate shows the Applicable Margin should have occurred and be continuingincreased during such period, the Applicable Margin will be increased retroactively to such Adjustment Date. If the Borrower fails to deliver a Compliance Certificate pursuant to ss.10.4(c) and such Compliance Certificate has not been delivered on or prior to the 10th Business Day following the day on which such Compliance Certificate was required to be included in delivered, then commencing on the calculations set forth in Section 5.11 11th Business Day following the day on which such Compliance Certificate was required to be delivered, and continuing through the date on which Compliance Certificate is delivered, then the Applicable Margin shall be the highest Applicable Margin set forth in Level IV above. APPLICABLE PENSION LEGISLATION. At any time, any pension or retirement benefits legislation (be it national, federal, provincial, territorial or otherwise) then applicable to the Borrower or any of its Subsidiaries.
Appears in 1 contract
Sources: Revolving Credit and Term Loan Agreement (Emmis Communications Corp)
Applicable Margin. Subject to the last paragraph of this definition and with respect to For each period commencing on an Adjustment Date through the date immediately preceding the next Adjustment Date (each a "RATE ADJUSTMENT PERIODRate 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 Tangible Net Worth Ratio of the Borrower and its Subsidiaries ending as determined 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 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- ---------------------------------------------------------------------------- Base Rate LIBOR Letter of Tangible Net Worth Loans Rate Loans Credit Level Ratio Fees ---------------------------------------------------------------------------- I Greater than or equal to 5.00:1.00 0.0001.00:1.00 0% 0.7501.25% 0.7501.25% 0.375% 0.200% ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- ---------------------------------------------------------------------------- II Less than 5.00:1.00 1.00:1.00 but 0.000% 1.000% 1.000% 0.500% 0.250% greater than or 0% 1.00% 1.00% equal to 3.50:1.00 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- 0.75:1.00 ---------------------------------------------------------------------------- III Less than 3.50:1.00 but 0.0000.75:1.00 0% 1.250.75% 1.250.75% 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 ---------------------------------------------------------------------------- Notwithstanding the foregoing, (a) for the Revolving Credit Loans outstanding and the Letter of Credit Fees payable 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 31September 30, 20012002, 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, and (ab) if the Borrower fails to deliver any Compliance Certificate required under Section 8.3(cpursuant to (S)8.4(c) hereof, 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 such Compliance Certificate is delivered, the Applicable Margin shall be the highest Applicable Margin set forth in Level IV above, and (b) at all times while an Event of Default shall have occurred and be continuing, the Applicable Margin to be included in the calculations set forth in Section 5.11 shall be the Applicable Margin set forth in Level IV above. APPLICABLE PENSION LEGISLATION. At any time, any pension or retirement benefits legislation (be it national, federal, provincial, territorial or otherwise) then applicable to the Borrower or any of its Subsidiaries.
Appears in 1 contract
Applicable Margin. Subject to the last paragraph of this definition and with respect to For each period commencing on an Adjustment Date through the date immediately preceding the next Adjustment Date (each a "RATE ADJUSTMENT PERIODRate 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 Holdings' Leverage Ratio, as determined for the Reference Period fiscal 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 ------------------------------------------------------------------------------------------------------- Letter Base Rate Eurodollar Rate Commitment of Credit Leverage Ratio Loans Loans Fees Fees ------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- Greater than 4.50:1.00 1.00% 2.50% 0.500% 2.50% ------------------------------------------------------------------------------------------------------- Less than or equal to 5.00:1.00 0.000% 0.750% 0.7502.25% 0.375% 0.2002.25% ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- II Less than 5.00:1.00 4.50:1.00 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 0.0000.500% 1.2502.00% 1.2500.250% 0.6252.00% 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 ------------------------------------------------------------------------------------------------------- Notwithstanding the foregoing, (a) for Revolving Credit Loans outstanding, the Letter of Credit Fees and the commitment fee payable 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 31September 30, 20011997, the Applicable Margin with respect to the Loans outstanding and the Letter of Credit Fees and the Commitment Fee payable shall be the highest Applicable Margin set forth in Level III above. Notwithstanding the foregoing, and (ab) if the Borrower fails to deliver any Compliance Certificate required under Section 8.3(cpursuant to (S)8.4(d) hereof, 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 such Compliance Certificate is delivered, the Applicable Margin shall be the highest Applicable Margin set forth in Level IV above, and (b) at all times while an Event of Default shall have occurred and be continuing, the Applicable Margin to be included in the calculations set forth in Section 5.11 shall be the Applicable Margin set forth in Level IV above. APPLICABLE PENSION LEGISLATIONAsset Purchase Agreement. At any timeThe Asset Purchase Agreement dated as of September 30, any pension or retirement benefits legislation 1994 by and between BNB, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ and the Borrower. Assignment and Acceptance. See (be it nationalS)19.1 hereof. Balance Sheet Date. March 31, federal, provincial, territorial or otherwise) then applicable to the Borrower or any of its Subsidiaries1997.
Appears in 1 contract
Applicable Margin. Subject to the last paragraph of this definition and The applicable margin per annum provided for in Section 5.1(a) with respect to each period commencing any Loan (the "Applicable Margin") shall be based upon the table set forth below and shall be determined and adjusted quarterly on an Adjustment Date through the date immediately preceding the next Adjustment Date (each a "RATE ADJUSTMENT PERIODCalculation 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 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 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, from such Calculation Date shall be based on Pricing Level I (as shown below) until such time as an appropriate Officer's Compliance Certificate is provided, at which time the applicable margin set forth below for each such category with respect Pricing Level shall be determined by reference to the Fixed Charge Ratio, Leverage Ratio as determined for the Reference Period of the Borrower and its Subsidiaries ending on the last day of the most recently ended fiscal quarter of the Borrower and its Subsidiaries ended immediately prior preceding such Calculation Date. The Applicable Margin shall be effective from one Calculation Date until the next Calculation Date. Any adjustment in the Applicable Margin shall be applicable to the applicable Rate Adjustment Periodall Advances then existing or subsequently made or issued. STANDBY DOCUMENTARY LETTER OF LETTER OF FIXED CHARGE EURODOLLAR --------------------------------------------------------------------------------------------------------------- LIBOR FOR BASE RATE FOR TOTAL REVOLVING REVOLVING LIBOR FOR BASE RATE FOR PRICING LEVEL LEVERAGE RATIO CREDIT FACILITY CREDIT LEVEL RATIO PRIME RATE LOANS LOANS FEES FEES COMMITMENT FEE ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- FACILITY TERM LOAN TERM LOAN --------------------------------------------------------------------------------------------------------------- Level I Greater than or equal 3.50% 2.25% 4.00% 2.75% to 5.00:1.00 0.000% 0.750% 0.750% 0.375% 0.200% ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- 4.5 to 1.0 --------------------------------------------------------------------------------------------------------------- Level II Less than 5.00:1.00 4.5 to 1.0, 3.25% 2.00% 3.75% 2.50% but 0.000% 1.000% 1.000% 0.500% 0.250% greater than or equal to 3.50:1.00 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- 4.0 to 1.0 --------------------------------------------------------------------------------------------------------------- Level III Less than 3.50:1.00 4.0 to 1.0, 3.00% 1.75% 3.75% 2.50% but 0.000% 1.250% 1.250% 0.625% 0.300% greater than or equal to 2.50:1.00 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- 3.5 to 1.0 --------------------------------------------------------------------------------------------------------------- Level IV Less than 2.50:1.00 0.0003.5 to 1.0, 2.75% 1.5001.50% 1.5003.75% 0.7502.50% 0.350but greater than or equal to 3.0 to 1.0 --------------------------------------------------------------------------------------------------------------- Level V Less than 3.0 to 1.0 2.50% ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- 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 such Compliance Certificate is delivered, the Applicable Margin shall be the Applicable Margin set forth in Level IV above, and (b) at all times while an Event of Default shall have occurred and be continuing, the Applicable Margin to be included in the calculations set forth in Section 5.11 shall be the Applicable Margin set forth in Level IV above. APPLICABLE PENSION LEGISLATION. At any time, any pension or retirement benefits legislation (be it national, federal, provincial, territorial or otherwise) then applicable to the Borrower or any of its Subsidiaries.1.25% 3.75% 2.50% ---------------------------------------------------------------------------------------------------------------
Appears in 1 contract
Sources: Credit Agreement (Veridian Corp)
Applicable Margin. Subject to the last paragraph of this definition and with respect to For each period commencing on an Adjustment Date through the date immediately preceding the next Adjustment Date (each a "RATE ADJUSTMENT PERIODRate 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 FIL's Leverage Ratio, as determined for the Reference Period fiscal period of the Borrower FIL 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 LEVEL BASE RATE EURODOLLAR RATE CREDIT CREDIT LEVEL ACCEPTANCE FEE COMMITMENT 1 LEVERAGE RATIO PRIME LOANS RATE LOANS LOANS FEES FEES COMMITMENT RATE FEE ---------- -------------------- RATE -------- --------------------------- --------------- --------------- ---------------- ---------------- ----------------- -------------------- ------------------ ------------------ ---------------------- 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% 1.50:1.00 0 50.00 50.00 50.00 20.00 -------- --------------------------- --------------- --------------- ---------------- ---------------- ----------------- II Equal to or greater than 0 62.50 62.50 62.50 20.00 1.50:1.00 but less than 2.00:1.00 -------- --------------------------- --------------- --------------- ---------------- ---------------- ----------------- III Equal to 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 0 87.50 87.50 87.50 25.00 2.00:1.00 but less than 2.50:1.00 0.000% 1.500% 1.500% 0.750% 0.350% ---------- -------------------- -------- --------------------------- --------------- --------------- ---------------- ---------------- ----------------- -------------------- ------------------ ------------------ ---------------------- During IV Equal to or greater than 0 112.50 112.50 112.50 25.00 2.50:1.00 but less than 3.00:1.00 -------- --------------------------- --------------- --------------- ---------------- ---------------- ----------------- V Equal to or greater than 0 137.50 137.50 137.50 25.00 3.00:1.00 -------- --------------------------- --------------- --------------- ---------------- ---------------- ----------------- Notwithstanding the foregoing, (a) for purposes of interest on Revolving Credit Loans outstanding, the Letter of Credit Fees, the Acceptance Fee Rate and the Commitment Fee Rate payable 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 ended December 31, 20011997, 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 at Level II set forth in Level III above. Notwithstanding the foregoing, and (ab) if the Borrower fails to deliver any Compliance Certificate required under pursuant to Section 8.3(c9.4(a) hereof, 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 such Compliance Certificate is delivered, the Applicable Margin shall be at the highest Applicable Margin set forth in Level IV above, and (b) at all times while an Event of Default shall have occurred and be continuing, the Applicable Margin to be included in the calculations set forth in Section 5.11 shall be the Applicable Margin set forth in Level IV above. APPLICABLE PENSION LEGISLATION. At any time, any pension or retirement benefits legislation (be it national, federal, provincial, territorial or otherwise) then applicable to the Borrower or any of its Subsidiaries.
Appears in 1 contract
Sources: Revolving Credit Agreement (Flextronics International LTD)
Applicable Margin. Subject to the last paragraph of this definition and The Applicable Margins set forth below, 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 Advance and for commitment fees and Letter of Credit Fees payable hereunder, shall be subject to adjustment (upwards or Commitment Feesdownwards, as appropriate) based on the Company's status (the "Company's Status") as at the end of each fiscal quarter in accordance with the table set forth below. The Company's Status as at the last day of each fiscal quarter shall be determined from the annual or quarterly financial statements of the Company which first included such fiscal quarter delivered by the Company to the Lenders pursuant to Section 6.1. The adjustments, if any, to the Applicable Margin shall be ----------- effective five days after the Agent has received such annual or quarterly financial statements, as the case may be. In the event that the Company shall at any time fail to furnish to the Lenders such financial statements within the time limitations specified by Section 6.1, then the Company's Status shall be ----------- Level I Status from the applicable margin set forth below for each date of such category with respect to failure until the Fixed Charge Ratiofifth day after such financial statements are so delivered. =============================================================================================== EUROCURRENCY ALTERNATE BASE RATE COMMITMENT MARGINS MARGINS FEE PERCENTAGE ----------------------------------------------------------- REVOLVING TERM LOANS REVOLVING TERM LOANS LOANS LOANS LEVERAGE RATIO =============================================================================================== Level I 3.50% 4.00% 2.50% 3.00% 0.50% Status ----------------------------------------------------------------------------------------------- Level II 3.25% 4.00% 2.25% 3.00% 0.50% Status ----------------------------------------------------------------------------------------------- Level III 3.00% 4.00% 2.00% 3.00% 0.50% Status ----------------------------------------------------------------------------------------------- Level IV 2.75% 4.00% 1.75% 3.00% 0 .50% Status ----------------------------------------------------------------------------------------------- Level V 2.50% 4.00% 1.50% 3.00% 0.375% Status ----------------------------------------------------------------------------------------------- Level VI 2.25% 4.00% 1.25% 3.00% 0.375% Status ----------------------------------------------------------------------------------------------- For the purposes of this Agreement, the Company's Status will be determined based on the following definitions: "Level I Status" exists at any date if, as determined for the Reference Period of the Borrower and its Subsidiaries ending on the last day of the then most recently ended fiscal quarter of the Borrower and its Subsidiaries ended immediately prior to Company, 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% Leverage Ratio is 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% 5.5 to 1.0. "Level II Status" exists at any date if, as of the last day of the then most recently ended fiscal quarter of the Company, the Leverage Ratio is greater than or equal to 2.50:1.00 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- IV Less 5.0 to 1.0 but 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 5.5 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 such Compliance Certificate is delivered, the Applicable Margin shall be the Applicable Margin set forth in Level IV above, and (b) at all times while an Event of Default shall have occurred and be continuing, the Applicable Margin to be included in the calculations set forth in Section 5.11 shall be the Applicable Margin set forth in Level IV above. APPLICABLE PENSION LEGISLATION. At any time, any pension or retirement benefits legislation (be it national, federal, provincial, territorial or otherwise) then applicable to the Borrower or any of its Subsidiaries1.0.
Appears in 1 contract
Sources: Credit Agreement (Tokheim Corp)
Applicable Margin. Subject to the last paragraph of this definition and with respect to For each period commencing on an Adjustment Date through ---------- ------ the date immediately preceding the next Adjustment Date (each a "RATE ADJUSTMENT PERIODRate 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 Ratioaverage weekly Availability during the most recently ended fiscal quarter, as determined for by 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 Administrative Agent pursuant to the applicable weekly Borrowing Base Reports delivered in accordance with Section 8.4(f) herein; provided that, solely for purposes of calculating the Applicable Margin, -------- ---- Availability shall be calculated without giving effect to the Designated Reserve. ------------------------------------------------------------------------- Availability Base LIBOR Letter of Commitment Level 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 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- Rate Credit Fees Loans Loans Fees ------------------------------------------------------------------------- I Less than $15,000,000 1.50% 3.00% 3.00% 0.50% ------------------------------------------------------------------------- Greater than or equal II to 5.00:1.00 0.000$15,000,000 but less 1.25% 0.7502.75% 0.7502.75% 0.375% 0.200% ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- II Less than 5.00:1.00 but 0.000% 1.000% 1.000% 0.500% 0.250% greater $25,000,000 ------------------------------------------------------------------------- Greater than or equal III to 3.50:1.00 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- III Less $25,000,000 but less 1.00% 2.50% 2.50% 0.375% than 3.50:1.00 but 0.000% 1.250% 1.250% 0.625% 0.300% greater $35,000,000 ------------------------------------------------------------------------- IV Greater than or equal to 2.50:1.00 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- IV Less than 2.50:1.00 0.0000.75% 1.5002.25% 1.500% 0.7502.25% 0.350% ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- During to $35,000,000 ------------------------------------------------------------------------- Notwithstanding the foregoing, for the Revolving Credit Loans outstanding and the Letter of Credit Fees and the Commitment Fee payable 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 31September 30, 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 such Compliance Certificate is delivered2002, the Applicable Margin shall be the Applicable Margin set forth in Level IV II above, and (b) at all times while an Event of Default shall have occurred and be continuing, the Applicable Margin to be included in the calculations set forth in Section 5.11 shall be the Applicable Margin set forth in Level IV above. APPLICABLE PENSION LEGISLATION. At any time, any pension or retirement benefits legislation (be it national, federal, provincial, territorial or otherwise) then applicable to the Borrower or any of its Subsidiaries.
Appears in 1 contract
Sources: Revolving Credit Agreement (Us Xpress Enterprises Inc)
Applicable Margin. Subject to From the last paragraph of this definition and Closing Date until the date immediately preceding the first Reset Date after the Closing Date, the Applicable Margin with respect to Base Rate Loans shall be 1.50%, the Applicable Margin with respect to Eurocurrency Rate Loans shall be 3.00%, and the Commitment Fee Rate shall be 0.50%. Subject to paragraphs (b) and (c) below, for each period commencing on an Adjustment a Reset Date (beginning with the first Reset Date following the Closing Date) through the date immediately preceding the next Adjustment Reset Date (each such period, a "RATE ADJUSTMENT SETTING 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 percentage set forth in the chart below for each such category with respect to (the Fixed Charge Ratio"INITIAL PRICING GRID"), based upon the Leverage Ratio as determined for the Reference Period of the Borrower and its Subsidiaries ending ended on the last day of the fiscal quarter of the Borrower and its Subsidiaries ended immediately prior to preceding the commencement of the applicable Rate Adjustment Setting Period. STANDBY DOCUMENTARY LETTER OF LETTER OF FIXED CHARGE EURODOLLAR RATE CREDIT CREDIT LEVEL RATIO PRIME RATE LOANS LOANS FEES FEES COMMITMENT FEE : @@ ------------------------------------------------------------------------------------------- Applicable Margin ----------------- Leverage Ratio Base Rate Eurocurrency Commitment -------------- --------- ------------ ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- I Greater than Loans Rate Loans Fee Rate ----- ---------- -------- ------------------------------------------------------------------------------------------- 2.50:1 or equal to 5.00:1.00 0.000lower 0.25% 0.750% 0.7501.75% 0.375% 0.200------------------------------------------------------------------------------------------- 3.00:1 or lower, but higher 0.50% ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- II Less 2.00% 0.375% than 5.00:1.00 2.50:1 ------------------------------------------------------------------------------------------- 3.50:1 or lower, but 0.000higher 0.75% 1.0002.25% 1.0000.375% than 3.00:1 ------------------------------------------------------------------------------------------- 4.00:1 or lower, but higher 1.00% 2.50% 0.500% 0.250than 3.50:1 ------------------------------------------------------------------------------------------- 4.50:1 or lower, but higher 1.25% greater 2.75% 0.500% than or equal to 3.50:1.00 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- III Less 4.00:1 ------------------------------------------------------------------------------------------- Higher than 3.50:1.00 but 0.0004.50:1 1.50% 1.2503.00% 1.2500.500% 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 such Compliance Certificate is delivered, the Applicable Margin shall be the Applicable Margin set forth in Level IV above, and (b) at all times while an Event of Default shall have occurred and be continuing, the Applicable Margin to be included in the calculations set forth in Section 5.11 shall be the Applicable Margin set forth in Level IV above. APPLICABLE PENSION LEGISLATION. At any time, any pension or retirement benefits legislation (be it national, federal, provincial, territorial or otherwise) then applicable to the Borrower or any of its Subsidiaries.------------------------------------------------------------------------------------------- @@
Appears in 1 contract
Applicable Margin. Subject to the last paragraph of this definition and with With respect to each period commencing on an Adjustment Date through the date immediately preceding the next Adjustment Date (each a "RATE ADJUSTMENT PERIOD")any Loan, the Applicable Margin with respect to Prime Rate Loans, Eurodollar Rate Loans, Standby Commitment Fees or Letter of Credit FeesFee, Documentary Letter of Credit Fees or Commitment Fees, as the case may be, shall be the applicable margin percentage set forth in the table below for each such category with respect to opposite the Fixed Charge Ratio, Leverage Ratio set forth therein as determined for the Reference Period of the Borrower and its Subsidiaries ending on the last day relevant date 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 determination; provided, however, that for the period commencing on the Closing Date through and ending on the date immediately preceding the first Adjustment Date to occur after Lenders receive the financial statements and certificates required under ss.8.4(c) and (d) for the fiscal quarter ending March year ended December 31, 2001, the Applicable Margin shall be as set forth opposite Level II below. ----------------------------------------------------------------------------------------------------- Level Leverage Ratio Base Rate Loans Eurodollar Rate Loans Commitment Fee ----------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------- I Greater than 3.5:1.0 1.500% 3.000% 0.500% ----------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------- II Greater than 1.250% 2.750% 0.500% 3.00:1.0 but less than or equal to 3.50:1.0 ----------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------- III Greater than 1.000% 2.500% 0.500% 2.50:1.0 but less than or equal to 3.00:1.0 ----------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------- IV Less than or equal .750% 2.250% 0.500% to 2.50:1.0 ----------------------------------------------------------------------------------------------------- Each change in the Applicable Margin resulting from a change in the Leverage Ratio shall be effective with respect to the Loans outstanding all Loans, Revolving Credit Commitments and the Letter Letters of Credit Fees outstanding on and after the Commitment Fee payable date of delivery to the Agent of the Compliance Certificate required by ss.8.4(d) (which shall be include attached thereto the Applicable Margin set forth in Level III abovefinancial statements and certificates required by ss.8.4(c) or (d) as applicable) indicating such change until the date immediately preceding the next delivery of such Compliance Certificate indicating another such change. Notwithstanding the foregoing, (ai) if at any time during which the Borrower fails Borrowers have failed to timely deliver any such Compliance Certificate required under Section 8.3(cby ss.8.4(d) hereofand the financial statements and certificates required by ss.8.4(c) or (d), then, for or (ii) after the period commencing on occurrence of and during the next Adjustment Date to occur subsequent to such failure through the date immediately following the date on which such Compliance Certificate is delivered, the Applicable Margin shall be the Applicable Margin set forth in Level IV above, and (b) at all times while continuance of an Event of Default shall have occurred and be continuingDefault, the Applicable Margin Leverage Ratio shall be deemed to be included in the calculations set forth in Section 5.11 shall be Level I for purposes of determining the Applicable Margin set forth in Level IV above. APPLICABLE PENSION LEGISLATION. At any time, any pension or retirement benefits legislation (be it national, federal, provincial, territorial or otherwise) then applicable to the Borrower or any of its SubsidiariesMargin.
Appears in 1 contract
Applicable Margin. Subject to the last paragraph of this definition and The Applicable Margin provided for in Section 4.1(a) with respect to each period commencing any Loan (the "Applicable Margin") shall be based upon the table set forth below and shall be determined and adjusted quarterly on an Adjustment Date through the date immediately preceding the next Adjustment Date (each a "RATE ADJUSTMENT PERIODCalculation Date")) ten (10) Business Days after the date by which the Borrowers are required to provide an Officer's Compliance Certificate for the most recently ended fiscal quarter of the Borrowers; provided, however, that (a) the initial 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 based on Pricing Level II (as shown below) and shall remain at Pricing Level II until the applicable margin set forth below for each such category with respect first Calculation Date occurring after the Closing Date and, thereafter the Pricing Level shall be determined by reference to the Fixed Charge Ratio, Coverage Ratio as determined for the Reference Period of the Borrower and its Subsidiaries ending on the last day of the most recently ended fiscal quarter of the Borrower and its Subsidiaries ended immediately prior to Borrowers preceding 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 Calculation Date, and (b) if the Borrowers fail 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 provide the period commencing on Officer's Compliance Certificate as required by Section 7.2 for the Closing Date through most recently ended fiscal quarter of the date immediately Borrowers preceding the first Adjustment Date to occur after the fiscal quarter ending March 31, 2001applicable Calculation Date, the Applicable Margin with respect to the Loans outstanding and the Letter of Credit Fees and the Commitment Fee payable from such Calculation Date shall be the Applicable Margin set forth in based on Pricing Level III above. Notwithstanding the foregoing, IV (aas shown below) 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 until such failure through the date immediately following the date on which such time as an appropriate Officer's Compliance Certificate is deliveredprovided, at which time the Pricing Level shall be determined by reference to the Coverage Ratio as of the last day of the most recently ended fiscal quarter of the Borrowers preceding such Calculation Date. The Applicable Margin shall be effective from one Calculation Date until the next Calculation Date. Any adjustment in the Applicable Margin shall be the Applicable Margin set forth in Level IV above, and (b) at all times while an Event of Default shall have occurred and be continuing, the Applicable Margin to be included in the calculations set forth in Section 5.11 shall be the Applicable Margin set forth in Level IV above. APPLICABLE PENSION LEGISLATION. At any time, any pension or retirement benefits legislation (be it national, federal, provincial, territorial or otherwise) then applicable to the Borrower all Extensions of Credit then existing or any of its Subsidiaries.subsequently made or issued. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Pricing Level Coverage Ratio LIBOR Base Rate -------------------------------------------------------------------------------- I Greater than 3.75 to 1.00 .875% 0% -------------------------------------------------------------------------------- II Greater than 3.00 to 1.00, 1.000% 0% but less than or equal to 3.75 to 1.00 -------------------------------------------------------------------------------- III Greater than 2.25 to 1.00, 1.250% 0% but less than or equal to 3.00 to 1.00 -------------------------------------------------------------------------------- IV Less than or equal to 2.25 1.500% 0% to 1.00 --------------------------------------------------------------------------------
Appears in 1 contract
Sources: Credit Agreement (Belk Inc)
Applicable Margin. Subject to the last paragraph of this definition and The Applicable Margins set forth below, 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 Advance and for commitment fees and Letter of Credit Fees payable hereunder, shall be subject to adjustment (upwards or Commitment Feesdownwards, as appropriate) based on the Company's status (the "Company's Status") as at the end of each fiscal quarter in accordance with the table set forth below. The Company's Status as at the last day of each fiscal quarter shall be determined from the annual or quarterly financial statements of the Company which first included such fiscal quarter delivered by the Company to the Lenders pursuant to Section 6.1. The adjustments, if any, to the Applicable Margin shall be ----------- effective five days after the Agent has received such annual or quarterly financial statements, as the case may be. In the event that the Company shall at any time fail to furnish to the Lenders such financial statements within the time limitations specified by Section 6.1, then the Company's Status shall be ----------- Level I Status from the applicable margin set forth below for each date of such category with respect to failure until the Fixed Charge Ratiofifth day after such financial statements are so delivered. ================================================================================================ COMMITMENT EUROCURRENCY ALTERNATE BASE RATE FEE MARGINS MARGINS PERCENTAGE --------------------------------------------------------- REVOLVING TERM LOANS REVOLVING TERM LOANS LOANS LOANS LEVERAGE RATIO ================================================================================================ Level I 4.00% 4.00% 3.00% 3.00% 0.50% Status ------------------------------------------------------------------------------------------------ Level II 3.75% 4.00% 2.75% 3.00% 0.50% Status ------------------------------------------------------------------------------------------------ Level III 3.50% 4.00% 2.50% 3.00% 0.50% Status ------------------------------------------------------------------------------------------------ Level IV 3.25% 4.00% 2.25% 3.00% 0 .50% Status ------------------------------------------------------------------------------------------------ Level V 3.00% 4.00% 2.00% 3.00% 0.50% Status ------------------------------------------------------------------------------------------------ Level VI 2.50% 4.00% 1.50% 3.00% 0.375% Status ------------------------------------------------------------------------------------------------ For the purposes of this Agreement, the Company's Status will be determined based on the following definitions: "Level I Status" exists at any date if, as determined for the Reference Period of the Borrower and its Subsidiaries ending on the last day of the then most recently ended fiscal quarter of the Borrower and its Subsidiaries ended immediately prior to Company, 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% Leverage Ratio is 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% 5.5 to 1.0. "Level II Status" exists at any date if, as of the last day of the then most recently ended fiscal quarter of the Company, the Leverage Ratio is greater than or equal to 2.50:1.00 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- IV Less 5.0 to 1.0 but 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 5.5 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 such Compliance Certificate is delivered, the Applicable Margin shall be the Applicable Margin set forth in Level IV above, and (b) at all times while an Event of Default shall have occurred and be continuing, the Applicable Margin to be included in the calculations set forth in Section 5.11 shall be the Applicable Margin set forth in Level IV above. APPLICABLE PENSION LEGISLATION. At any time, any pension or retirement benefits legislation (be it national, federal, provincial, territorial or otherwise) then applicable to the Borrower or any of its Subsidiaries1.0.
Appears in 1 contract
Sources: Credit Agreement (Tokheim Corp)
Applicable Margin. Subject The term "APPLICABLE MARGIN" means the annual percentage which is to be added 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")LIBOR RATE, the Applicable Margin with respect FIXED RATE, or the COST OF FUNDS RATE in order 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 determine the applicable margin rate of interest accruing on the REVOLVING LOAN, the TERM LOAN or the EQUIPMENT LINE. The APPLICABLE MARGIN is subject to reduction as set forth below for each such category with respect to the Fixed Charge Ratiobelow, as determined for the Reference Period of the Borrower and its Subsidiaries ending on the last day of dates set forth below, provided that the fiscal quarter of BORROWER'S financial statements referenced below evidence that 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 BORROWER is in compliance with respect to the Loans outstanding and the Letter of Credit Fees and the Commitment Fee payable shall be the Applicable Margin all financial covenants set forth in Level III above. Notwithstanding the foregoingSections 6.22, (a) if the Borrower fails to deliver any Compliance Certificate required under Section 8.3(c) hereof6.23, 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 such Compliance Certificate is delivered, the Applicable Margin shall be the Applicable Margin set forth in Level IV above6.24 and 6.25 of this AGREEMENT, and at the time of such reduction there are no DEFAULTS: ------------------------------------------------------------------------------------------------------------------------- APPLICABLE MARGIN ------------------------------------------------------------------------------------------------------------------------- TIME PERIOD REVOLVING EQUIPMENT LINE & TERM LOAN LOAN ------------------------------------------------------------------------------------------------------------------------- COM. COM. COST OF LIBOR PAPER LIBOR PAPER FIXED FUNDS RATE RATE RATE RATE RATE RATE ------------------------------------------------------------------------------------------------------------------------- Initial Margin 2.5% 2.6% 2.5% 2.6% 2.8% 2.5% ------------------------------------------------------------------------------------------------------------------------- Margin Effective 10 BUSINESS DAYS after LENDER'S receipt of 2/28/98 financial statements (bsubject 2.0% 2.1% 2.0% 2.1% 2.3% 2.0% to above conditions) at all times while an Event ------------------------------------------------------------------------------------------------------------------------- Margin effective 10 BUSINESS DAYS after LENDER'S receipt of Default shall have occurred and be continuing, the Applicable Margin 1.5% 1.6% 1.5% 1.6% 1.8% 1.5% 8/31/98 financial statements (subject to be included in the calculations set forth in Section 5.11 shall be the Applicable Margin set forth in Level IV above. APPLICABLE PENSION LEGISLATION. At any time, any pension or retirement benefits legislation (be it national, federal, provincial, territorial or otherwiseabove conditions) then applicable to the Borrower or any of its Subsidiaries.-------------------------------------------------------------------------------------------------------------------------
Appears in 1 contract
Sources: Loan and Security Agreement (Ea Engineering Science & Technology Inc)
Applicable Margin. Subject to the last paragraph of this definition and The Applicable Margin provided for in Section 4.1(a) with respect to each period commencing any Loan (the "Applicable Margin") shall be based upon the table set forth below and shall be determined and adjusted quarterly on an Adjustment Date through the date immediately preceding the next Adjustment Date (each a "RATE ADJUSTMENT PERIODCalculation Date")) ten (10) Business Days after the date by which the Borrowers are required to provide an Officer's Compliance Certificate for the most recently ended fiscal quarter of the Borrowers; provided, however, that (a) the initial 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 based on Pricing Level IV (as shown below) and shall remain at Pricing Level IV until the applicable margin set forth below for each such category with respect first Calculation Date occurring after the Closing Date and, thereafter the Pricing Level shall be determined by reference to the Fixed Charge Ratio, Leverage Ratio as determined for the Reference Period of the Borrower and its Subsidiaries ending on the last day of the most recently ended fiscal quarter of the Borrower Borrowers preceding the applicable Calculation Date, and its Subsidiaries (b) if the Borrowers fail to provide the Officer's Compliance Certificate as required by Section 7.2 for the most recently ended immediately prior fiscal quarter of the Borrowers preceding the applicable Calculation Date, the Applicable Margin from such Calculation Date shall be based on Pricing Level I (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 Leverage Ratio as of the last day of the most recently ended fiscal quarter of the Borrowers preceding such Calculation Date. The Applicable Margin shall be effective from one Calculation Date until the next Calculation Date. Any adjustment in the Applicable Margin shall be applicable Rate Adjustment Periodto all Extensions of Credit then existing or subsequently made or issued. STANDBY DOCUMENTARY LETTER OF LETTER OF FIXED CHARGE EURODOLLAR -------------------------------------------------------------------- --------------- ----------------------------- --------- ------------ PRICING LEVEL LEVERAGE RATIO LIBOR BASE RATE CREDIT CREDIT LEVEL RATIO PRIME RATE LOANS LOANS FEES FEES COMMITMENT FEE ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- --------------- ----------------------------- --------- ------------ I Greater than or equal to 5.00:1.00 0.0001.250% 0.7500% 0.750% 0.375% 0.200% ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- 3.00 to 1.00 --------------- ----------------------------- --------- ------------ --------------- ----------------------------- --------- ------------ II Less than 5.00:1.00 but 0.000% 1.000% 1.000% 0.500% 0.250% greater Greater than or equal to 3.50:1.00 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- 1.000% 0% 2.50 to 1.00, but less than 3.00 to 1.00 --------------- ----------------------------- --------- ------------ III Less than 3.50:1.00 but 0.000% 1.250% 1.250% 0.625% 0.300% greater Greater than or equal to 2.50:1.00 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- 0.750% 0% 2.00 to 1.00, but less than 2.50 to 1.00 --------------- ----------------------------- --------- ------------ IV Greater than or equal to 0.625% 0% 1.50 to 1.00, but less than 2.00 to 1.00 --------------- ----------------------------- --------- ------------ V Greater than or equal to 0.500% 0% 1.00 to 1.00 but less than 1.50 to 1.0 --------------- ----------------------------- --------- ------------ VI Less than 2.50:1.00 0.0001.00 to 1.00 0.400% 1.5000% 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 such Compliance Certificate is delivered, the Applicable Margin shall be the Applicable Margin set forth in Level IV above, and (b) at all times while an Event of Default shall have occurred and be continuing, the Applicable Margin to be included in the calculations set forth in Section 5.11 shall be the Applicable Margin set forth in Level IV above. APPLICABLE PENSION LEGISLATION. At any time, any pension or retirement benefits legislation (be it national, federal, provincial, territorial or otherwise) then applicable to the Borrower or any of its Subsidiaries.--------------- ----------------------------- --------- ------------
Appears in 1 contract
Sources: Credit Agreement (Belk Inc)
Applicable Margin. Subject to the last paragraph of this definition and with respect to For each period commencing on an Adjustment Date through ----------------- the date immediately preceding the next Adjustment Date (each a "RATE ADJUSTMENT PERIODRate 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 or rate (in each ------ case per annum) set forth below for each such category with respect to the Fixed Charge Leverage Ratio, as determined as of the end of and for the Reference Period period of four consecutive fiscal quarters of the Borrower ending immediately prior to the applicable Rate Adjustment Period and its Subsidiaries ending pertaining to such Adjustment Date: ------------------------------------------------------------------------------- LEVEL LEVERAGE RATIO EURODOLLAR BASE COMMITMENT FEE RATE LOANS RATE LOANS ------------------------------------------------------------------------------- I Greater than or 1.00% 0.00% 0.20% equal to 3.5:1.0 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- II Less than 3.5:1.0 but greater than or 0.875% 0.00% 0.20% equal to 3.0:1.0 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- III Less than 3.0:1.0 but greater than or 0.750% 0.00% 0.15% equal to 2.5:1.0 ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- IV Less than 2.5:1.0 0.700% 0.00% 0.15% ------------------------------------------------------------------------------ Notwithstanding the foregoing, (a) for the period commencing on the Closing Date to (but not including) the first Adjustment Date which occurs following the earlier of (i) the quarter on which the Borrower achieves a Fixed Charge Coverage Ratio in excess of 1.10:1.00 and (ii) the last day of the fiscal quarter following the closing of the Borrower and its Subsidiaries ended immediately prior to transactions contemplated under 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, 2001Permitted Refinancing Indebtedness, the Applicable Margin with respect to the Loans outstanding and the Letter of Credit Fees and the Commitment Fee payable shall be at least equal to the Applicable Margin set forth in on Level III II of the chart set forth above. Notwithstanding the foregoing, and (ab) if the Borrower fails to deliver any financial statements when due pursuant to (S)8.4(a) or (b) hereof or any Compliance Certificate required under Section 8.3(cwhen due pursuant to (S)8.4(d) hereof, hereof then, for the period commencing on the next Adjustment Date to occur subsequent to such failure (if such failure is then continuing uncured) through the date immediately following the date on which such financial statements or Compliance Certificate Certificate, as the case may be, is delivered, the Applicable Margin shall be the Applicable Margin set forth in on Level IV above, and (b) at all times while an Event I of Default shall have occurred and be continuing, the Applicable Margin to be included in the calculations chart set forth in Section 5.11 shall be the Applicable Margin set forth in Level IV above. APPLICABLE PENSION LEGISLATION. At any time, any pension or retirement benefits legislation (be it national, federal, provincial, territorial or otherwise) then applicable to the Borrower or any of its Subsidiaries.
Appears in 1 contract
Sources: Revolving Credit Agreement (California Steel Industries Inc)
Applicable Margin. Subject to (a) Effective as of the last paragraph Effective Date, the ----------------- table contained in the definition of this definition and with respect to each period commencing on an Adjustment Date through Applicable Margin in Section 1.1 of the date immediately preceding Credit Agreement is hereby amended by substituting the next Adjustment Date following replacement table for the existing table: --------------------------------------------------------------------------------------------------------------------- Eurodollar Rate Loans Documentary (each a "RATE ADJUSTMENT PERIOD"other than Letter of the Domestic Credit Fee Term Loan), the Applicable Margin with respect to Prime Eurodollar Rate and Multicurrency Rate Foreign Base Rate Base Rate Loans, Eurodollar Rate Loans, Standby and Loans that Documentary Loans Loans that Multicurrency are the Letter of (other than are the Pricing Leverage Swing Line Domestic Credit Fees, Documentary Letter of Credit Fees or Fee Domestic Domestic 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 Tier Ratio Loans Term 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 Term Term Fee Rate Loan Loan) Loan --------------------------------------------------------------------------------------------------------------------- Tier 5 Greater 3.25% 3.75% 2.25% 2.25% 2.75% 0.625% than or equal to 5.00:1.00 0.000% 0.750% 0.750% 0.375% 0.200% ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- II 6.50:1.00 --------------------------------------------------------------------------------------------------------------------- Tier 4 Less than 5.00:1.00 3.00% 3.50% 2.00% 2.00% 2.50% 0.625% 6.50:1.00, but 0.000greater than or equal to 5.50:1.00 --------------------------------------------------------------------------------------------------------------------- Tier 3 Less than 2.50% 1.0003.00% 1.0001.80% 1.50% 2.00% 0.500% 0.2505.50:1.00, but greater than or equal to 4.50:1.00 --------------------------------------------------------------------------------------------------------------------- Tier 2 Less than 2.00% 2.50% 1.50% 1.00% 1.50% 0.500% 4.50:1.00, but greater than or equal to 3.50:1.00 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- III --------------------------------------------------------------------------------------------------------------------- Tier 1 Less than 1.50% 2.00% 1.00% 0.50% 1.00% 0.500% 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, ---------------------------------------------------------------------------------------------------------------------
(b) Paragraph (a) if of the Borrower fails to deliver any Compliance Certificate required under Section 8.3(c) hereof, then, definition of Applicable Margin is hereby amended by substituting the phrase "the highest pricing tier" for the period commencing on phrase "Tier 7" in such paragraph (a) of such definition.
(c) Paragraph (c) of the next Adjustment Date to occur subsequent to such failure through the date immediately following the date on which such Compliance Certificate is delivered, the definition of Applicable Margin shall be is hereby amended by substituting the Applicable Margin set forth phrase "the highest pricing tier" for the phrase "Tier 7" in Level IV above, and such paragraph (bc) at all times while an Event of Default shall have occurred and be continuing, the Applicable Margin to be included in the calculations set forth in Section 5.11 shall be the Applicable Margin set forth in Level IV above. APPLICABLE PENSION LEGISLATION. At any time, any pension or retirement benefits legislation (be it national, federal, provincial, territorial or otherwise) then applicable to the Borrower or any of its Subsidiariessuch definition.
Appears in 1 contract
Sources: Multicurrency Revolving Credit and Term Loan Agreement (Samsonite Corp/Fl)
Applicable Margin. Subject 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 last paragraph of this definition and with respect to each period commencing on an Adjustment Date through foregoing (including the date immediately preceding the next Adjustment Date (each a "RATE ADJUSTMENT PERIOD"paragraph), 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 during the period commencing on the Closing Amendment No. 6 Effective Date through the date immediately preceding the first Adjustment Date to occur after the fiscal quarter ending March and including December 31, 2001, the Applicable Margin with respect to the schedule set forth above shall read as follows: ---------------- ----------- ------------ ------------ ----------- ------------ ----------- ------------ ------------ Base Rate Revolving Credit Base Rate Euro-currency Loans outstanding and the Euro-currency Term B Revolving Canadian Letter of 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 and the Commitment Fee payable 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 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, applicable for the period commencing on the next Adjustment 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 occur subsequent the prepayment of Loans and reduction of Commitments hereunder pursuant to such failure 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 immediately following the date on upon which such Compliance Certificate is deliveredprepayment 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 Applicable Margin prepayment and reduction of Commitments as described above have not occurred, then on August 15, 2001 PGI shall be pay to the Applicable Margin set forth Administrative Agent for the account of each of the Lenders a fee in Level IV abovean 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 (bz) at all times while an Event the outstanding principal amount of Default shall have occurred and be continuingthe Loans of such Lender, the Applicable Margin to be included in the calculations set forth in Section 5.11 shall be the Applicable Margin set forth in Level IV above. APPLICABLE PENSION LEGISLATION. At any time, any pension or retirement benefits legislation (be it national, federal, provincial, territorial or otherwise) then applicable to the Borrower or any each case determined as of its Subsidiariessuch date."
Appears in 1 contract
Sources: Amendment No. 6 (Polymer Group Inc)
Applicable Margin. Subject to Section 1.1 of the last paragraph Credit Agreement is hereby amended by deleting the definition of this definition "Applicable Margin" set forth therein and with respect to substituting in lieu thereof the following new definition: "Applicable Margin. For each period commencing on an Adjustment Date through the date immediately preceding the next Adjustment Date (each a "RATE ADJUSTMENT PERIODRate 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 percentage set forth below for each such category with respect to the Fixed Charge Leverage Ratio, determined on a Pro Forma Basis as determined for the Reference Period of the Borrower and its Subsidiaries ending on the last day end of the fiscal quarter of the Borrower and its Subsidiaries ended immediately prior preceding the date of the Compliance Certificate relating to the applicable such Adjustment Date: -------------- ------------------------------------------------ ------------- Base Level Leverage Ratio 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 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- Loans -------------- ------------------------------------------------ ------------- -------------- ------------------------------------------------ ------------- -------------- ------------------------------------------------ ------------- -------------- ------------------------------------------------ ------------- I Greater than 3.00 to 1.00 3.00% -------------- ------------------------------------------------ ------------- -------------- ------------------------------------------------ ------------- -------------- ------------------------------------------------ ------------- -------------- ------------------------------------------------ ------------- II Le than or equal to 5.00:1.00 0.0003.00 to 1.00 1.75% 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, (ai) until the delivery of the Compliance Certificate for the fiscal quarter of the Borrower ending on March 31, 1999, the Applicable Margin shall be the percentage corresponding to Level I in the table above, and (ii) if the Borrower fails to deliver any Compliance Certificate required under Section 8.3(cpursuant to .11.4(d) hereof, then, then for the period commencing on the next Adjustment Date to occur subsequent to date such failure 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 set forth in that percentage corresponding to Level IV above, and (b) at all times while an Event of Default shall have occurred and be continuing, the Applicable Margin to be included I in the calculations set forth in Section 5.11 shall be the Applicable Margin set forth in Level IV table above. APPLICABLE PENSION LEGISLATION. At any time, any pension or retirement benefits legislation (be it national, federal, provincial, territorial or otherwise) then applicable to the Borrower or any of its Subsidiaries."
Appears in 1 contract
Sources: Amended and Restated Revolving Credit and Term Loan Agreement (Hvide Marine Inc)
Applicable Margin. Subject to the last paragraph of this definition and with respect to For each period commencing on an Adjustment Date through the date immediately preceding the next Adjustment Date (each a "RATE ADJUSTMENT PERIODRate 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 Borrower's Leverage Ratio, as determined for the Reference Period fiscal 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 ------------------------------------------------------------------ Base Rate Eurodollar Letter of Loans Rate Loans Credit Fee Tier Leverage Ratio (basis pts) (basis pts) (basis pts) ------------------------------------------------------------------ ------------------------------------------------------------------ 1 Less than 5.00:1.00 2.00:1.00 25 175 175 ------------------------------------------------------------------ 2 Less than 2.50:1.00 50 200 200 but 0.000% 1.000% 1.000% 0.500% 0.250% greater than or equal to 3.50:1.00 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- III 2.00:1.00 ------------------------------------------------------------------ 3 Less than 3.50:1.00 3.00:1.00 75 225 225 but 0.000% 1.250% 1.250% 0.625% 0.300% greater than or equal to 2.50:1.00 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- IV Less ------------------------------------------------------------------ 4 Equal to or greater 150 250 250 than 2.50:1.00 0.000% 1.500% 1.500% 0.750% 0.350% ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- During 3.00:1.00 ------------------------------------------------------------------ Notwithstanding the foregoing, (a) Loans outstanding and Letter of Credit Fees payable 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 31September 30, 20011997, 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 foregoinga Tier 2, and (ab) if the Borrower fails to deliver any Compliance Certificate required under Section 8.3(cpursuant to ss.9.4(d) hereof, 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 such Compliance Certificate is delivered, the Applicable Margin shall be the highest Applicable Margin set forth in Level IV above, and (b) at all times while an Event of Default shall have occurred and be continuing, the Applicable Margin to be included in the calculations set forth in Section 5.11 shall be the Applicable Margin set forth in Level IV above. APPLICABLE PENSION LEGISLATIONAsset Sale. At Any one or series of related transactions on which any timePerson conveys, sells, transfers or otherwise disposes of, directly or indirectly, any pension of its properties, businesses or retirement benefits legislation assets (be it national, federal, provincial, territorial including the sale or otherwise) then applicable issuance of capital stock of any Subsidiary other than to the Borrower or any of its SubsidiariesSubsidiary) whether owned on the Closing Date or thereafter acquired.
Appears in 1 contract
Sources: Revolving Credit and Term Loan Agreement (Mapics Inc)
Applicable Margin. Subject to the last paragraph of this definition and with respect to For each period commencing on an Adjustment Date through the date immediately preceding the next Adjustment Date (each a "RATE ADJUSTMENT PERIODRate 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 Borrower's Excess Availability for the Reference Period of the Borrower and its Subsidiaries calendar month 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 For purposes of calculating Excess Availability for each calendar month, Excess Availability shall be deemed to be the average daily Excess Availability for such calendar month. ----------------------------------------------------------------------------------- Letter of Credit Base Rate Eurodollar Rate Fee Applicable Applicable Applicable Excess Availability Margin Margin Margin ------------------- ------ ------ ------ ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Greater than $75,000,000 0.25% 2.25% 2.25% ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Less 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 $75,000,000 but 0.000% 1.000% 1.000% 0.500% 0.250% greater than or equal to 3.50:1.00 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- III $35,000,000 0.50% 2.50% 2.50% ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Less than 3.50:1.00 but 0.000$35,000,000 0.75% 1.2502.75% 1.2502.75% 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 ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Notwithstanding the foregoing, for Revolving Credit Loans and Letters of Credit outstanding 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 31June 1, 20011997, the Base Rate Applicable Margin with respect to shall be 0.25%, the Loans outstanding Eurodollar Rate Applicable Margin shall be 2.25%, 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 such Compliance Certificate is delivered, the Applicable Margin shall be the Applicable Margin set forth in Level IV above, and (b) at all times while an Event of Default shall have occurred and be continuing, the Applicable Margin to be included in the calculations set forth in Section 5.11 shall be the Applicable Margin set forth in Level IV above. APPLICABLE PENSION LEGISLATION. At any time, any pension or retirement benefits legislation (be it national, federal, provincial, territorial or otherwise) then applicable to the Borrower or any of its Subsidiaries2.25%.
Appears in 1 contract
Sources: Revolving Credit Agreement (Republic Engineered Steels Inc)
Applicable Margin. Subject to the last paragraph of this definition and with respect to For each period commencing on an Adjustment Date through the date immediately preceding the next Adjustment Date (each a "RATE ADJUSTMENT PERIODRate 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, Leverage Ratio as determined for the Reference Period of the Borrower and its Subsidiaries period ending on the last day of the fiscal quarter of the Borrower and its Subsidiaries ended immediately prior to preceding the applicable Rate Adjustment Period. STANDBY DOCUMENTARY -------------------------------------------------------------------------------- PRIME LETTER OF LETTER OF FIXED CHARGE EURODOLLAR COMMITMENT RATE EUROCURRENCY RATE CREDIT CREDIT LEVEL FEE LEVERAGE RATIO PRIME RATE LOANS LOANS FEES FEES COMMITMENT FEE ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- I RATE -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Greater than or equal to 5.00:1.00 0.0000% 0.7502.00% 0.750% 0.375% 0.200% ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- II Less than 5.00:1.00 but 0.000% 1.000% 1.000% 0.5002.00% 0.250% to 2.00:1.00 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Less than 2.00:1.00 but greater than or equal to 3.50:1.00 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- III 1.50:1.00 0% 1.75% 1.75% 0.250% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Less than 3.50:1.00 1.50:1.00 but 0.000% 1.250% 1.250% 0.625% 0.300% greater than or equal to 2.50:1.00 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- IV 1.00:1.00 0% 1.50% 1.50% 0.125% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Less than 2.50:1.00 0.0001.00:1.00 0% 1.5001.25% 1.5001.25% 0.7500.125% 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(cpursuant to ss.9.4(c) hereof, 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 such Compliance Certificate is delivered, the Applicable Margin shall be the highest Applicable Margin set forth in Level IV above, and (b) at all times while an Event of Default shall have occurred and be continuing, the Applicable Margin to be included in the calculations set forth in Section 5.11 shall be the Applicable Margin set forth in Level IV above. APPLICABLE PENSION LEGISLATION. At any time, any pension or retirement benefits legislation (be it national, federal, provincial, territorial or otherwise) then applicable to the Borrower or any of its Subsidiaries.
Appears in 1 contract
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 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 provided 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 in Section 4.1(a) with respect to the Loans outstanding and (the Letter of Credit Fees and the Commitment Fee payable "Applicable Margin") shall be the Applicable Margin set forth in Level III above. Notwithstanding the foregoing, (ai) if the Borrower fails to deliver any Compliance Certificate required under Section 8.3(c) hereof, then, for during the period commencing on from the next Adjustment Closing Date to occur subsequent to such failure through and including the date immediately which is five (5) Business Days following the date on which such Compliance Certificate is deliveredthe Administrative Agent receives notice that CCA REIT has received an Investment Grade Rating, 0.25% for Base Rate Loans and 1.50% for LIBOR Rate Loans and (ii) thereafter shall be determined by reference to the higher Senior Debt Rating announced by Standard & Poor's or Mood▇'▇, ▇▇ applicable, as follows: ============================================================================================================================= Tier Senior Debt Rating Applicable Margin ========================================================= LIBOR Base Rate ----------------------------------------------------------------------------------------------------------------------------- I GREATER THAN OR EQUAL TO = BBB+/Baa1 1.125% 0.000% ----------------------------------------------------------------------------------------------------------------------------- II GREATER THAN OR EQUAL TO = BBB/Baa2 1.250% 0.000% ----------------------------------------------------------------------------------------------------------------------------- III GREATER THAN OR EQUAL TO = BBB-/Baa3 1.375% 0.125% ----------------------------------------------------------------------------------------------------------------------------- IV LESS THAN BBB-/Baa3 1.750% 0.500% ============================================================================================================================= Adjustments, if any, in the Applicable Margin shall be made by the Administrative Agent on the fifth (5th) Business Day after the Administrative Agent has received notice of a change in the Senior Debt Rating. In the event that the above referenced rating designations are replaced by Standard & Poor's or Mood▇'▇, ▇▇ applicable, the equivalent replacement rating designation shall be deemed automatically substituted therefor. Subject to Section 4.1(d), in the event that the Senior Debt Rating becomes unavailable, the Applicable Margin shall be the highest Applicable Margin set forth in Level IV above, and above until the fifth (b5th) at all times while an Event of Default shall have occurred and be continuing, Business Day after the Applicable Margin to be included in the calculations set forth in Section 5.11 shall be the Applicable Margin set forth in Level IV above. APPLICABLE PENSION LEGISLATION. At any time, any pension or retirement benefits legislation (be it national, federal, provincial, territorial or otherwise) then applicable to the Borrower or any of its SubsidiariesSenior Debt Rating once again becomes available.
Appears in 1 contract
Applicable Margin. Subject to For the last paragraph of this definition period from the Closing Date through and including the Margin Modification Date, with respect to all Base Rate Loans, Euro Base Rate Loans, Eurocurrency Rate Loans and the Facility Fee, at any time of determination thereof, the applicable annual percentage rate set forth in the table below opposite the Debt Ratings with respect to Long Term Senior Debt of the Parent then in effect, subject to the provisions set forth below: ------------------------------------------------------------------------------- Debt Rating Applicable Margin ------------------------------------------------------------------------------- Eurocurrency Rate Loans and Base Rate Euro Base Rate Facility S&P Moody's Loans L▇▇▇▇ Fee ------------------------------------------------------------------------------- ------------------------------------------------------------------------------- A- or better A3 or better 0% 0.50% 0.10% ------------------------------------------------------------------------------- BBB+ Baa1 0% 0.60% 0.15% ------------------------------------------------------------------------------- BBB Baa2 0% 0.70% 0.175% ------------------------------------------------------------------------------- BBB- Baa3 0% 0.80% 0.20% ------------------------------------------------------------------------------- BB+ Ba1 0% 1.05% 0.25% ------------------------------------------------------------------------------- Below BB+ Below Ba1 0% 1.30% 0.325% ------------------------------------------------------------------------------- provided that (i) in the event of a split rating by the two rating agencies with respect to the same Long Term Senior Debt where such ratings differ only by one level, the higher rating shall determine the Applicable Margin, (ii) in the event of a split rating by the two rating agencies with respect to the same Long Term Senior Debt where such ratings differ by more than one level, the rating level that is one level above the lower level shall determine the Applicable Margin, (iii) in the event that only one of the two rating agencies issues a Debt Rating, such rating shall determine the Applicable Margin, (iv) in the event that different types or series of Long Term Senior Debt have different Debt Ratings, the Long Term Senior Debt with the highest Debt Ratings will be used to determine the Applicable Margin, (v) determinations of the Applicable Margin, and any resulting adjustment of the effective interest rate with respect to Base Rate Loans and Eurocurrency Rate Loans and the Facility Fee, shall be made on the first day of each fiscal quarter (the "Adjustment Date") based on the Parent's Debt Rating as of the last day of the previous fiscal quarter and shall remain in effect until the next Adjustment Date, and all adjustments shall take effect on the applicable Adjustment Date, and (vi) in the event that S&P and Moody's and any Successor Rating Ag▇▇▇▇ ▇▇ase to issue Debt Ratings (other than as a result of the Margin Modification Date having occurred), the Administrative Agent, the Lenders and the Borrowers shall commence negotiations in good faith to agree on a new methodology for determining the Applicable Margin and until such new methodology has been agreed to in writing by the Borrowers and the Lenders, the Applicable Margin shall be two levels higher than the most recent Applicable Margin which was determined by a Debt Rating; and provided, further, in the event that there is a Successor Rating Agency or there is a change in rating terminology by S&P or Moody's, each of the Borrowers and ▇▇▇ ▇▇▇uired Lenders shall agree as to the amendment of the table set forth above taking into account the explanation of such new rating terminology by S&P, Moody's or such Successor Rating Ag▇▇▇▇, ▇s the case may be, and its comparability to the Debt Ratings set forth in the table above; and (b) from and after the Margin Modification Date, with respect to all Base Rate Loans, Euro Base Rate Loans, Eurocurrency Rate Loans and the Facility Fee for each period commencing on an a Leverage Adjustment Date through the date immediately preceding the next Leverage Adjustment Date (each a "RATE ADJUSTMENT PERIODRate 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 Leverage Ratio, as determined for the Reference Period of the Borrower Parent 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 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- ----------------------------------------------------------------------- Eurocurrency Loans and Rate Leverage Base Rate Euro Base Rate Facility Level Ratio Loans Loans Fee ----------------------------------------------------------------------- I Greater than or equal to 5.00:1.00 0.0000% 0.7501.30% 0.7500.325% 0.375% 0.200% ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- 2.75:1.00 ----------------------------------------------------------------------- II Less than 5.00:1.00 2.75:1.00 but 0.0000% 1.000% 1.000% 0.5001.05% 0.250% greater than or equal to 3.50:1.00 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- 2.25:1.00 ----------------------------------------------------------------------- III Less than 3.50:1.00 2.25:1.00 but 0.0000% 1.2500.80% 1.250% 0.625% 0.3000.200% greater than or equal to 2.50:1.00 ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- 1.75:1.00 ----------------------------------------------------------------------- IV Less than 2.50:1.00 0.0001.75:1.00 but 0% 1.5000.70% 1.5000.175% 0.750greater than or equal to 1.25:1.00 ----------------------------------------------------------------------- IV Less than 0% 0.3500.60% ---------- -------------------- ----------------- -------------------- ------------------ ------------------ ---------------------- During 0.150% 1.25:1.00 ----------------------------------------------------------------------- Notwithstanding the foregoing, (a) for the Revolving Credit Loans outstanding and the Facility Fee payable during the period commencing on the Closing Margin Modification Date through the date immediately preceding the first Leverage Adjustment Date to occur after the fiscal quarter ending March 31, 2001Margin Modification Date, the Applicable Margin with respect shall be based on the Parent's Leverage Ratio as of the fiscal quarter most recently ended prior to the Loans outstanding Margin Modification Date, 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, (ab) if the Borrower Parent fails to deliver any Compliance Certificate required under Section 8.3(cpursuant to ss.7.4(c) hereof, hereof then, for the period commencing on the next Leverage Adjustment Date to occur subsequent to such failure through the date immediately following the date on which such Compliance Certificate is delivered, the Leverage Applicable Margin shall be the highest Applicable Margin set forth in Level IV above, and (b) at all times while an Event of Default shall have occurred and be continuing, the Applicable Margin to be included in the calculations set forth in Section 5.11 shall be the Applicable Margin set forth in Level IV above. APPLICABLE PENSION LEGISLATION. At any time, any pension or retirement benefits legislation (be it national, federal, provincial, territorial or otherwise) then applicable to the Borrower or any of its Subsidiaries.
Appears in 1 contract