Applicable Margin. The Applicable Margin provided for in Section 4.1(a) with respect to any Loan (the "Applicable Margin") shall be based upon the table set forth below and shall be determined and adjusted quarterly on the date (each a "Calculation Date") ten (10) Business Days after the date by which the 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 shall be based on Pricing Level II (as shown below) and shall remain at Pricing Level II until the first Calculation Date occurring after the Closing Date and, thereafter 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 the applicable Calculation Date, and (b) if the Borrowers fail to provide the Officer's Compliance Certificate as required by Section 7.2 for the most recently ended fiscal quarter of the Borrowers preceding the applicable Calculation Date, the Applicable Margin from such Calculation Date shall be based on Pricing Level IV (as shown below) until such time as an appropriate Officer's Compliance Certificate is provided, at which time the Pricing Level shall be determined by reference to the 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 applicable to all Extensions of Credit then existing or 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
Samples: Credit Agreement (Belk Inc)
Applicable Margin. The Applicable Margin provided for in Section 4.1(a) with respect to any Loan (the "Applicable Margin") shall be based upon the table set forth below and shall be determined and adjusted quarterly For each period commencing on an Adjustment Date through the date immediately preceding the next Adjustment Date (each a "Calculation DateRate Adjustment Period") 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 shall be based on Pricing Level II (as shown below) and shall remain at Pricing Level II until the first Calculation Date occurring after the Closing Date and, thereafter the Pricing Level shall be determined by reference applicable margin set forth below with respect to the Coverage Tangible Net Worth Ratio of the Borrower and its Subsidiaries as of determined on the last day of the most recently ended fiscal quarter ended immediately prior to the applicable Rate Adjustment Period. ---------------------------------------------------------------------------- Base Rate LIBOR Letter of Tangible Net Worth Loans Rate Loans Credit Level Ratio Fees ---------------------------------------------------------------------------- I Greater than or equal to 1.00:1.00 0% 1.25% 1.25% ---------------------------------------------------------------------------- II Less than 1.00:1.00 but greater than or 0% 1.00% 1.00% equal to 0.75:1.00 ---------------------------------------------------------------------------- III Less than 0.75:1.00 0% .75% .75% ---------------------------------------------------------------------------- Notwithstanding the Borrowers 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 applicable Calculation Datefirst Adjustment Date to occur after the fiscal quarter ending September 30, 2002, the Applicable Margin shall be the Applicable Margin set forth in Level III above, and (b) if the Borrowers fail Borrower fails to provide the Officer's deliver any Compliance Certificate as required by Section 7.2 pursuant to (S)8.4(c) hereof then, for the most recently ended fiscal quarter of period commencing on the Borrowers preceding next Adjustment Date to occur subsequent to such failure through the applicable Calculation Date, date immediately following the Applicable Margin from date on which such Calculation Date shall be based on Pricing Level IV (as shown below) until such time as an appropriate Officer's Compliance Certificate is provideddelivered, 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 applicable to all Extensions of Credit then existing or 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 --------------------------------------------------------------------------------the highest Applicable Margin set forth above.
Appears in 1 contract
Applicable Margin. The Applicable Margin provided for in Section 4.1(a) with respect to any Loan (the "Applicable Margin") shall be based upon the table set forth below and shall be determined and adjusted quarterly For each period commencing on an Adjustment Date through ---------- ------ the date immediately preceding the next Adjustment Date (each a "Calculation DateRate Adjustment ---- ---------- Period") ten (10) Business Days after ), the date by which Applicable Margin shall be the Borrowers are required applicable margin set forth below ------ with respect to provide an Officer's Compliance Certificate for the average weekly Availability during the most recently ended fiscal quarter quarter, as determined by the Administrative Agent pursuant to the weekly Borrowing Base Reports delivered in accordance with Section 8.4(f) herein; provided that, solely for purposes of calculating the Borrowers; providedApplicable Margin, however, that (a) the initial Applicable Margin -------- ---- Availability shall be based calculated without giving effect to the Designated Reserve. ------------------------------------------------------------------------- Availability Base LIBOR Letter of Commitment Level Rate 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 $15,000,000 but less 1.25% 2.75% 2.75% 0.375% than $25,000,000 ------------------------------------------------------------------------- Greater than or equal III to $25,000,000 but less 1.00% 2.50% 2.50% 0.375% than $35,000,000 ------------------------------------------------------------------------- IV Greater than or equal 0.75% 2.25% 2.25% 0.350% 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 Pricing Level II (as shown below) and shall remain at Pricing Level II until the first Calculation Date occurring after the Closing Date and, thereafter through the Pricing Level shall be determined by reference date immediately preceding the first Adjustment Date to occur after the Coverage Ratio as of the last day of the most recently ended fiscal quarter of the Borrowers preceding the applicable Calculation Dateending September 30, and (b) if the Borrowers fail to provide the Officer's Compliance Certificate as required by Section 7.2 for the most recently ended fiscal quarter of the Borrowers preceding the applicable Calculation Date2002, the Applicable Margin from such Calculation Date shall be based on Pricing Level IV (as shown below) until such time as an appropriate Officer's Compliance Certificate is provided, at which time the Pricing Level shall be determined by reference to the 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 applicable to all Extensions of Credit then existing or subsequently made or issued. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Pricing the Applicable Margin set forth in 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 --------------------------------------------------------------------------------above.
Appears in 1 contract
Samples: Revolving Credit Agreement (Us Xpress Enterprises Inc)
Applicable Margin. The Applicable Margin provided for in Section 4.1(a) with respect to any Loan (the "Applicable Margin") shall be based upon the table set forth below and shall be determined and adjusted quarterly For each period commencing on an Adjustment Date through ----------------- the date immediately preceding the next Adjustment Date (each a "Calculation DateRate Adjustment --------------- Period") 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 shall be based the applicable margin or rate (in each ------ case per annum) set forth below with respect to the Leverage Ratio, as determined as of the end of and for the period of four consecutive fiscal quarters of the Borrower ending immediately prior to the applicable Rate Adjustment Period and 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 Pricing Level II (as shown below) and shall remain at Pricing Level II until the first Calculation Date occurring after the Closing Date and, thereafter to (but not including) the Pricing Level shall be determined by reference to first Adjustment Date which occurs following the earlier of (i) the quarter on which the Borrower achieves a Fixed Charge Coverage Ratio as in excess of 1.10:1.00 and (ii) the last day of the most recently ended fiscal quarter following the closing of the Borrowers preceding transactions contemplated under the applicable Calculation DatePermitted Refinancing Indebtedness, the Applicable Margin shall be at least equal to the Applicable Margin set forth on Level II of the chart set forth above, and (b) if the Borrowers fail Borrower fails to provide the Officer's deliver any financial statements when due pursuant to (S)8.4(a) or (b) hereof or any Compliance Certificate as required by Section 7.2 when due pursuant to (S)8.4(d) hereof then, for the most recently ended fiscal quarter of the Borrowers preceding the applicable Calculation Date, the Applicable Margin from such Calculation Date shall be based period commencing on Pricing Level IV (as shown below) until such time as an appropriate Officer's Compliance Certificate is provided, at which time the Pricing Level shall be determined by reference to the 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 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, as the case may be, is delivered, the Applicable Margin shall be applicable to all Extensions the Applicable Margin set forth on Level I of Credit then existing or 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 --------------------------------------------------------------------------------the chart set forth above.
Appears in 1 contract
Samples: Revolving Credit Agreement (California Steel Industries Inc)
Applicable Margin. The Applicable Margin provided for in Section 4.1(a) with respect to any Loan (the "Applicable Margin") shall be based upon the table set forth below and shall be determined and adjusted quarterly For each period commencing on an Adjustment Date through the date immediately preceding the next Adjustment Date (each a "Calculation DateRate Adjustment Period") 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 shall be based the applicable margin set forth below with respect to Holdings' Leverage Ratio, as determined for the fiscal period of the Borrower and its Subsidiaries ending immediately prior to the applicable Rate Adjustment Period. ------------------------------------------------------------------------------------------------------- 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 0.750% 2.25% 0.375% 2.25% 4.50:1.00 but greater than or equal to 3.50:1.00 ------------------------------------------------------------------------------------------------------- Less than 3.50:1.00 0.500% 2.00% 0.250% 2.00% ------------------------------------------------------------------------------------------------------- Notwithstanding the foregoing, (a) for Revolving Credit Loans outstanding, the Letter of Credit Fees and the commitment fee payable during the period commencing on Pricing Level II (as shown below) and shall remain at Pricing Level II until the first Calculation Date occurring after the Closing Date andthrough the date immediately preceding the first Adjustment Date to occur after the fiscal quarter ending September 30, thereafter 1997, the Pricing Level Applicable Margin 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 the applicable Calculation Datehighest Applicable Margin set forth above, and (b) if the Borrowers fail Borrower fails to provide the Officer's deliver any Compliance Certificate as required by Section 7.2 pursuant to (S)8.4(d) hereof then, for the most recently ended fiscal quarter of period commencing on the Borrowers preceding next Adjustment Date to occur subsequent to such failure through the applicable Calculation Date, date immediately following the Applicable Margin from date on which such Calculation Date shall be based on Pricing Level IV (as shown below) until such time as an appropriate Officer's Compliance Certificate is provideddelivered, 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 applicable to all Extensions the highest Applicable Margin set forth above. Asset Purchase Agreement. The Asset Purchase Agreement dated as of Credit then existing or subsequently made or issuedSeptember 30, 1994 by and between BNB, Xxxxxxx Xxxxxxxx and the Borrower. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Pricing Level Coverage Ratio LIBOR Base Rate -------------------------------------------------------------------------------- I Greater than 3.75 to 1.00 .875% 0% -------------------------------------------------------------------------------- II Greater than 3.00 to 1.00Assignment and Acceptance. See (S)19.1 hereof. Balance Sheet Date. March 31, 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 --------------------------------------------------------------------------------1997.
Appears in 1 contract
Applicable Margin. The Applicable Margin provided for in Section 4.1(a) with respect to any Loan (the "Applicable Margin") shall be based upon the table set forth below and shall be determined and adjusted quarterly For each period commencing on an Adjustment Date through the date immediately preceding the next Adjustment Date (each a "Calculation DateRate Adjustment Period") 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 shall be based the applicable margin set forth below with respect to the Borrower's Leverage Ratio, as determined for the fiscal period of the Borrower and its Subsidiaries ending immediately prior to the applicable Rate Adjustment Period. ------------------------------------------------------------------ Base Rate Eurodollar Letter of Loans Rate Loans Credit Fee Tier Leverage Ratio (basis pts) (basis pts) (basis pts) ------------------------------------------------------------------ ------------------------------------------------------------------ 1 Less than 2.00:1.00 25 175 175 ------------------------------------------------------------------ 2 Less than 2.50:1.00 50 200 200 but greater than or equal to 2.00:1.00 ------------------------------------------------------------------ 3 Less than 3.00:1.00 75 225 225 but greater than or equal to 2.50:1.00 ------------------------------------------------------------------ 4 Equal to or greater 150 250 250 than 3.00:1.00 ------------------------------------------------------------------ Notwithstanding the foregoing, (a) Loans outstanding and Letter of Credit Fees payable during the period commencing on Pricing Level II (as shown below) and shall remain at Pricing Level II until the first Calculation Date occurring after the Closing Date andthrough the date immediately preceding the first Adjustment Date to occur after the fiscal quarter ending September 30, thereafter 1997, the Pricing Level Applicable Margin 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 the applicable Calculation Datea Tier 2, and (b) if the Borrowers fail Borrower fails to provide the Officer's deliver any Compliance Certificate as required by Section 7.2 pursuant to ss.9.4(d) hereof then, for the most recently ended fiscal quarter of period commencing on the Borrowers preceding next Adjustment Date to occur subsequent to such failure through the applicable Calculation Date, date immediately following the Applicable Margin from date on which such Calculation Date shall be based on Pricing Level IV (as shown below) until such time as an appropriate Officer's Compliance Certificate is provideddelivered, 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 applicable the highest Applicable Margin set forth above. Asset Sale. Any one or series of related transactions on which any Person conveys, sells, transfers or otherwise disposes of, directly or indirectly, any of its properties, businesses or assets (including the sale or issuance of capital stock of any Subsidiary other than to all Extensions of Credit then existing the Borrower or subsequently made any Subsidiary) whether owned on the Closing Date 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 --------------------------------------------------------------------------------thereafter acquired.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Mapics Inc)
Applicable Margin. The Applicable Margin provided for in Section 4.1(a) with With respect to any Loan (Loan, Commitment Fees or Letter of Credit Fee, the "Applicable Margin") shall be based upon applicable percentage set forth in the table below opposite the Leverage Ratio set forth below and shall be determined and adjusted quarterly on the date (each a "Calculation Date") ten (10) Business Days after the date by which the Borrowers are required to provide an Officer's Compliance Certificate for the most recently ended fiscal quarter therein as of the Borrowersrelevant date of determination; provided, however, that (a) for the initial Applicable Margin shall be based period commencing on Pricing Level II (as shown below) and shall remain at Pricing Level II until the first Calculation Date occurring after the Closing Date and, thereafter and ending on the Pricing Level shall be determined by reference to date the Coverage Ratio as of Lenders receive the last day of the most recently ended fiscal quarter of the Borrowers preceding the applicable Calculation Date, financial statements and certificates required under ss.8.4(c) and (bd) if the Borrowers fail to provide the Officer's Compliance Certificate as required by Section 7.2 for the most recently fiscal year ended fiscal quarter of the Borrowers preceding the applicable Calculation DateDecember 31, the Applicable Margin from such Calculation Date shall be based on Pricing Level IV (as shown below) until such time as an appropriate Officer's Compliance Certificate is provided2001, 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 applicable to all Extensions of Credit then existing or subsequently made or issuedas set forth opposite Level II below. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Pricing ----------------------------------------------------------------------------------------------------- Level Coverage Leverage Ratio LIBOR Base Rate -------------------------------------------------------------------------------- Loans Eurodollar Rate Loans Commitment Fee ----------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------- I Greater than 3.75 to 1.00 .8753.5:1.0 1.500% 03.000% -------------------------------------------------------------------------------- 0.500% ----------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------- II Greater than 3.00 to 1.00, 1.0001.250% 02.750% 0.500% 3.00:1.0 but less than or equal to 3.75 to 1.00 -------------------------------------------------------------------------------- 3.50:1.0 ----------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------- III Greater than 2.25 to 1.00, 1.2501.000% 02.500% 0.500% 2.50:1.0 but less than or equal to 3.00 to 1.00 -------------------------------------------------------------------------------- 3.00:1.0 ----------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------- IV Less than or equal to 2.25 1.500.750% 02.250% 0.500% to 1.00 --------------------------------------------------------------------------------2.50:1.0 ----------------------------------------------------------------------------------------------------- Each change in the Applicable Margin resulting from a change in the Leverage Ratio shall be effective with respect to all Loans, Revolving Credit Commitments and Letters of Credit outstanding on and after the date of delivery to the Agent of the Compliance Certificate required by ss.8.4(d) (which shall include attached thereto the financial 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, (i) at any time during which the Borrowers have failed to timely deliver such Compliance Certificate required by ss.8.4(d) and the financial statements and certificates required by ss.8.4(c) or (d), or (ii) after the occurrence of and during the continuance of an Event of Default, the Leverage Ratio shall be deemed to be in Level I for purposes of determining the Applicable Margin.
Appears in 1 contract
Applicable Margin. The Applicable Margin provided for in Section 4.1(a) with respect to any Loan (the "Applicable Margin") shall be based upon the table set forth below and shall be determined and adjusted quarterly For each period commencing on an Adjustment Date through the date immediately preceding the next Adjustment Date (each a "Calculation DateRate Adjustment Period") 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 shall be based on Pricing Level II (as shown below) and shall remain at Pricing Level II until the first Calculation Date occurring after the Closing Date and, thereafter the Pricing Level shall be determined by reference applicable margin set forth below with respect to the Coverage Ratio Leverage Ratio, as determined for the four (4) consecutive fiscal quarters then ending of the Borrower and its Subsidiaries ending on the last day of the most recently ended fiscal quarter of the Borrowers preceding ended immediately prior to the applicable Calculation Date, and (b) if Rate Adjustment Period. ------------------------------------------------------------------------------------------------ Base LIBOR Leverage Rate Rate Loans Letter of Commitment Fee Level Ratio Loans Credit ------------------------------------------------------------------------------------------------ I Less than to 2.25:1 0.125% 1.125% 1.125% 0.250% ------------------------------------------------------------------------------------------------ II Less than 2.50:1 but greater than or 0.250% 1.250% 1.250% 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% 1.500% 1.500% 0.375% greater than or equal to 2.75:1 ------------------------------------------------------------------------------------------------ V Greater than or 0.625% 1.625% 1.625% 0.450% equal to 3.00:1 ------------------------------------------------------------------------------------------------ Notwithstanding the Borrowers fail to provide the Officer's Compliance Certificate as required by Section 7.2 for the most recently ended fiscal quarter of the Borrowers preceding the applicable Calculation Dateforegoing, the Applicable Margin for the period from such Calculation Date the date of Closing until the date of receipt of the Compliance Certificate for the period ending June 30, 2002 shall be based on Pricing Level IV above. If the Borrower fails to deliver any Compliance Certificate pursuant to (as shown belowS)8.4(c) until hereof, then for the period commencing on the next Adjustment Date to occur subsequent to such time as an appropriate Officer's failure through the date immediately following the date on which such Compliance Certificate is provideddelivered, 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 applicable to all Extensions of Credit then existing or 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 --------------------------------------------------------------------------------the highest Applicable Margin set forth above.
Appears in 1 contract
Applicable Margin. The Applicable Margin provided for in Section 4.1(a) with respect to any Loan (the "Applicable Margin") shall be based upon the table set forth below and shall be determined and adjusted quarterly For each period commencing on an Adjustment Date through the date immediately preceding the next Adjustment Date (each a "Calculation DateRate Adjustment Period") 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 shall be based on Pricing Level II (as shown below) and shall remain at Pricing Level II until the first Calculation Date occurring after the Closing Date and, thereafter 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 the applicable Calculation Date, and (b) if the Borrowers fail to provide the Officer's Compliance Certificate as required by Section 7.2 for the most recently ended fiscal quarter of the Borrowers preceding the applicable Calculation Date, the Applicable Margin from such Calculation Date shall be based on Pricing Level IV (as shown below) until such time as an appropriate Officer's Compliance Certificate is provided, at which time the Pricing Level shall be determined by reference to the 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 below with respect to all Extensions the Borrower's Excess Availability for the calendar month ending immediately prior to the applicable Rate Adjustment Period. 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 then existing or subsequently made or issued. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Pricing Level Coverage Ratio LIBOR Base Rate -------------------------------------------------------------------------------- I Eurodollar Rate Fee Applicable Applicable Applicable Excess Availability Margin Margin Margin ------------------- ------ ------ ------ ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Greater than 3.75 to 1.00 .875$75,000,000 0.25% 02.25% -------------------------------------------------------------------------------- II Greater than 3.00 to 1.00, 1.0002.25% 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$75,000,000 but greater than or equal to $35,000,000 0.50% 02.50% to 1.00 --------------------------------------------------------------------------------2.50% ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Less than $35,000,000 0.75% 2.75% 2.75% ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Notwithstanding the foregoing, for Revolving Credit Loans and Letters of Credit outstanding during the period commencing on the Closing Date through June 1, 1997, the Base Rate Applicable Margin shall be 0.25%, the Eurodollar Rate Applicable Margin shall be 2.25%, and the Letter of Credit Fee Applicable Margin shall be 2.25%.
Appears in 1 contract
Samples: Revolving Credit Agreement (Republic Engineered Steels Inc)
Applicable Margin. The Applicable Margin applicable margin per annum provided for in Section 4.1(a5.1(a) with respect to any Loan (the "Applicable Margin") shall be based upon the table set forth below and shall be determined and adjusted quarterly on the date (each a "Calculation Date") ten (10) Business Days after the date by which the Borrowers are Borrower is required to provide an Officer's Compliance Certificate for the most recently ended fiscal quarter of the BorrowersBorrower; provided, however, that (a) the initial Applicable Margin shall be based on Pricing Level II (as shown below) and shall remain at Pricing Level II until the first Calculation Date occurring after the Closing Date and, thereafter 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 the applicable Calculation Date, and (b) if the Borrowers fail Borrower fails to provide the Officer's Compliance Certificate as required by Section 7.2 8.2 for the most recently ended fiscal quarter of the Borrowers Borrower preceding the applicable Calculation Date, the Applicable Margin from such Calculation Date shall be based on Pricing Level IV 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 Coverage Leverage Ratio as of the last day of the most recently ended fiscal quarter of the Borrowers Borrower 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 all Extensions of Credit Advances then existing or subsequently made or issued. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Pricing --------------------------------------------------------------------------------------------------------------- LIBOR FOR BASE RATE FOR TOTAL REVOLVING REVOLVING LIBOR FOR BASE RATE FOR PRICING LEVEL LEVERAGE RATIO CREDIT FACILITY CREDIT FACILITY TERM LOAN TERM LOAN --------------------------------------------------------------------------------------------------------------- Level Coverage Ratio LIBOR Base Rate -------------------------------------------------------------------------------- I Greater than 3.75 or equal 3.50% 2.25% 4.00% 2.75% to 1.00 .8754.5 to 1.0 --------------------------------------------------------------------------------------------------------------- Level II Less than 4.5 to 1.0, 3.25% 02.00% -------------------------------------------------------------------------------- II Greater than 3.00 to 1.00, 1.0003.75% 02.50% but less greater than or equal to 3.75 4.0 to 1.00 -------------------------------------------------------------------------------- 1.0 --------------------------------------------------------------------------------------------------------------- Level III Greater Less than 2.25 4.0 to 1.001.0, 1.2503.00% 01.75% 3.75% 2.50% but less greater than or equal to 3.00 3.5 to 1.00 -------------------------------------------------------------------------------- 1.0 --------------------------------------------------------------------------------------------------------------- Level IV Less than 3.5 to 1.0, 2.75% 1.50% 3.75% 2.50% but greater than or equal to 2.25 1.5003.0 to 1.0 --------------------------------------------------------------------------------------------------------------- Level V Less than 3.0 to 1.0 2.50% 01.25% to 1.00 --------------------------------------------------------------------------------3.75% 2.50% ---------------------------------------------------------------------------------------------------------------
Appears in 1 contract
Samples: Credit Agreement (Veridian Corp)
Applicable Margin. The Applicable Margin provided for in Section 4.1(a) with respect to any Loan (the "Applicable Margin") shall be based upon the table set forth below and shall be determined and adjusted quarterly For each period commencing on an Adjustment Date through the date immediately preceding the next Adjustment Date (each a "Calculation DateRate Adjustment Period") 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 shall be based the applicable margin set forth below with respect to FIL's Leverage Ratio, as determined for the fiscal period of the FIL and its Subsidiaries ending immediately prior to the applicable Rate Adjustment Period. LETTER OF LEVEL BASE RATE EURODOLLAR CREDIT ACCEPTANCE FEE COMMITMENT 1 LEVERAGE RATIO LOANS RATE LOANS FEES RATE FEE RATE -------- --------------------------- --------------- --------------- ---------------- ---------------- ----------------- I Less than 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 greater than 0 87.50 87.50 87.50 25.00 2.00:1.00 but less than 2.50:1.00 -------- --------------------------- --------------- --------------- ---------------- ---------------- ----------------- 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 Pricing Level II (as shown below) Revolving Credit Loans outstanding, the Letter of Credit Fees, the Acceptance Fee Rate and shall remain at Pricing Level II until the first Calculation Date occurring after Commitment Fee Rate payable during the period commencing on the Closing Date andthrough the date immediately preceding the first Adjustment Date to occur after the fiscal quarter ended December 31, thereafter 1997, the Pricing Level Applicable Margin 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 the applicable Calculation Dateat Level II set forth above, and (b) if the Borrowers fail Borrower fails to provide the Officer's deliver any Compliance Certificate as required by pursuant to Section 7.2 9.4(a) hereof then, for the most recently ended fiscal quarter of period commencing on the Borrowers preceding next Adjustment Date to occur subsequent to such failure through the applicable Calculation Date, date immediately following the Applicable Margin from date on which such Calculation Date shall be based on Pricing Level IV (as shown below) until such time as an appropriate Officer's Compliance Certificate is provideddelivered, 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 applicable to all Extensions of Credit then existing or 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 --------------------------------------------------------------------------------at the highest Applicable Margin set forth above.
Appears in 1 contract
Samples: Revolving Credit Agreement (Flextronics International LTD)
Applicable Margin. The Applicable Margin provided for in Section 4.1(a) with respect to any Loan (the "Applicable Margin") shall be based upon the table set forth below and shall be determined and adjusted quarterly on the date (each a "Calculation Date") ten (10) Business Days after the date by which the Borrowers are required to provide Borrower provides an Officer's Compliance Certificate for the most recently ended fiscal quarter of the BorrowersBorrower; provided, however, that (a) the initial Applicable Margin shall be based on Pricing Level II (as shown below) and shall remain at Pricing Level II until the first Calculation Date occurring after the Closing Date and, thereafter the Pricing Level shall be determined by reference to the Coverage Leverage Ratio (as calculated pursuant to the formula set forth in Section 9.1) as of the last day of the most recently ended fiscal quarter of the Borrowers Borrower preceding the applicable Calculation Date, and (b) if the Borrowers fail Borrower fails to provide the Officer's Compliance Certificate as required by Section 7.2 for the most recently ended fiscal quarter of the Borrowers Borrower preceding the applicable Calculation Date, the Applicable Margin from such Calculation Date shall be based on Pricing Level IV 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 Coverage Leverage Ratio as of the last day of the most recently ended fiscal quarter of the Borrowers Borrower 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 all Extensions of Credit then existing or subsequently made or issued. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------- ----------------------------- ----------------------------- ---------------------------- --------------------------- Pricing Level Coverage Leverage Ratio LIBOR Rate Base Rate -------------------------------------------------------------------------------- Applicable Margin Applicable Margin ----------------------------- ----------------------------- ---------------------------- --------------------------- ----------------------------- ----------------------------- ---------------------------- --------------------------- I Greater than 3.75 2.00 to 1.00 .8752.00% 01.00% -------------------------------------------------------------------------------- ----------------------------- ----------------------------- ---------------------------- --------------------------- ----------------------------- ----------------------------- ---------------------------- --------------------------- II Greater than 3.00 1.50 to 1.00, 1.000% 0% 1.00 but less than or equal to 3.75 2.00 to 1.00 -------------------------------------------------------------------------------- 1.75% 0.75% ----------------------------- ----------------------------- ---------------------------- --------------------------- ----------------------------- ----------------------------- ---------------------------- --------------------------- III Greater than 2.25 1.00 to 1.00, 1.250% 0% 1.00 but less than or equal to 3.00 1.50 to 1.00 -------------------------------------------------------------------------------- 1.50% 0.50% ----------------------------- ----------------------------- ---------------------------- --------------------------- ----------------------------- ----------------------------- ---------------------------- --------------------------- IV Less than or equal to 2.25 1.500% 0% 1.00 to 1.00 --------------------------------------------------------------------------------1.25% 0.25% ----------------------------- ----------------------------- ---------------------------- ---------------------------
Appears in 1 contract
Applicable Margin. The Applicable Margin provided for in Section 4.1(a) with respect to any Loan (1.1 of the Credit Agreement is hereby amended by deleting the definition of "Applicable Margin") shall be based upon the table " set forth below therein and shall be determined and adjusted quarterly 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 "Calculation DateRate Adjustment Period") 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 shall be based on Pricing Level II (as shown below) and shall remain at Pricing Level II until the first Calculation Date occurring after the Closing Date and, thereafter 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 the applicable Calculation Date, and (b) if the Borrowers fail to provide the Officer's Compliance Certificate as required by Section 7.2 for the most recently ended fiscal quarter of the Borrowers preceding the applicable Calculation Date, the Applicable Margin from such Calculation Date shall be based on Pricing Level IV (as shown below) until such time as an appropriate Officer's Compliance Certificate is provided, at which time the Pricing Level shall be determined by reference to the 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 percentage set forth below with respect to all Extensions the Leverage Ratio, determined on a Pro Forma Basis as of Credit then existing or subsequently made or issued. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Pricing the end of the fiscal quarter of the Borrower immediately preceding the date of the Compliance Certificate relating to such Adjustment Date: -------------- ------------------------------------------------ ------------- Base Level Coverage Leverage Ratio LIBOR Base Rate -------------------------------------------------------------------------------- Loans -------------- ------------------------------------------------ ------------- -------------- ------------------------------------------------ ------------- -------------- ------------------------------------------------ ------------- -------------- ------------------------------------------------ ------------- I Greater than 3.75 to 1.00 .875% 0% -------------------------------------------------------------------------------- II Greater than 3.00 to 1.00, 1.0001.00 3.00% 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 -------------- ------------------------------------------------ ------------- -------------- ------------------------------------------------ ------------- -------------- ------------------------------------------------ ------------- -------------- ------------------------------------------------ ------------- II Le than or equal to 3.00 to 1.00 -------------------------------------------------------------------------------- IV Less than or equal 1.75% -------------- ------------------------------------------------ ------------- -------------- ------------------------------------------------ ------------- -------------- ------------------------------------------------ ------------- Notwithstanding the foregoing, (i) 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 2.25 1.500% 0% Level I in the table above, and (ii) if the Borrower fails to 1.00 --------------------------------------------------------------------------------deliver any Compliance Certificate pursuant to .11.4(d) hereof, then for the period commencing on the date such Compliance Certificate was due through the date immediately preceding the Adjustment Date that occurs immediately following the date on which such Compliance Certificate is delivered, the Applicable Margin shall be that percentage corresponding to Level I in the table above."
Appears in 1 contract
Samples: Hvide Marine Inc
Applicable Margin. The Applicable Margin provided for in Section 4.1(a) with respect to any Loan (the "Applicable Margin") shall be based upon the table set forth below and shall be determined and adjusted quarterly on the date (each a "Calculation Date") ten (10) Business Days after the date by which the 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 shall be based on Pricing Level II IV (as shown below) and shall remain at Pricing Level II IV until the first Calculation Date occurring after the Closing Date and, thereafter the Pricing Level shall be determined by reference to the Coverage Leverage Ratio as of the last day of the most recently ended fiscal quarter of the Borrowers preceding the applicable Calculation Date, and (b) if the Borrowers fail to provide the Officer's Compliance Certificate as required by Section 7.2 for the most recently ended fiscal quarter of the Borrowers preceding the applicable Calculation Date, the Applicable Margin from such Calculation Date shall be based on Pricing Level IV 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 Coverage 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 to all Extensions of Credit then existing or subsequently made or issued. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Pricing Level Coverage Ratio -------------------------------------------------------------------- --------------- ----------------------------- --------- ------------ PRICING LEVEL LEVERAGE RATIO LIBOR Base Rate -------------------------------------------------------------------------------- BASE RATE --------------- ----------------------------- --------- ------------ I Greater than 3.75 or equal to 1.00 .8751.250% 0% -------------------------------------------------------------------------------- 3.00 to 1.00 --------------- ----------------------------- --------- ------------ --------------- ----------------------------- --------- ------------ II Greater than 3.00 or equal to 1.00, 1.000% 0% 2.50 to 1.00, but less than 3.00 to 1.00 --------------- ----------------------------- --------- ------------ III Greater than or equal to 3.75 to 1.00 -------------------------------------------------------------------------------- III Greater than 2.25 0.750% 0% 2.00 to 1.00, 1.250% 0% but less than 2.50 to 1.00 --------------- ----------------------------- --------- ------------ IV Greater than or equal to 3.00 0.625% 0% 1.50 to 1.00, but less than 2.00 to 1.00 -------------------------------------------------------------------------------- IV Less --------------- ----------------------------- --------- ------------ V Greater than or equal to 2.25 1.5000.500% 0% 1.00 to 1.00 --------------------------------------------------------------------------------but less than 1.50 to 1.0 --------------- ----------------------------- --------- ------------ VI Less than 1.00 to 1.00 0.400% 0% --------------- ----------------------------- --------- ------------
Appears in 1 contract
Samples: Credit Agreement (Belk Inc)
Applicable Margin. The Applicable Margin provided for in Section 4.1(a) with respect to any Loan (the definition of "Applicable Margin") " in Section 1.01 of the Credit Agreement shall be based upon amended by adding the table following new paragraphs at the end thereof to read as follows: "Notwithstanding the foregoing (including the immediately preceding paragraph), during the period commencing on the Amendment No. 6 Effective Date through and including December 31, 2001, the schedule set forth below above shall read as follows: ---------------- ----------- ------------ ------------ ----------- ------------ ----------- ------------ ------------ Base Rate Revolving Credit Base Rate Euro-currency Loans and shall be determined Euro-currency Term B Revolving Canadian Letter Term B and adjusted quarterly on the date (each a "Calculation 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; providedand Euro-currency Base Rate Credit Base Rate Of Commitment Term B-1 Term B-1 Term C Term C Period Loans Loans Credit Fees Fees Loans Loans Loans Loans ---------------- ----------- ------------ ------------ ----------- ------------ ----------- ------------ ------------ Period I 3.75% 2.75% 3.75% 0.50% 4.25% 3.25% 4.50% 3.50% ---------------- ----------- ------------ ------------ ----------- ------------ ----------- ------------ ------------ Period II 4.25% 3.25% 4.25% 0.50% 4.75% 3.75% 5.00% 4.00% ---------------- ----------- ------------ ------------ ----------- ------------ ----------- ------------ ------------ For purposes hereof, however, that (a) the initial Applicable Margin shall be based on Pricing Level II (as shown below) and shall remain at Pricing Level II until the first Calculation Date occurring after the Closing Date and, thereafter 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 the applicable Calculation Date, and (b) if the Borrowers fail to provide the Officer's Compliance Certificate as required by Section 7.2 for the most recently ended fiscal quarter of the Borrowers preceding the applicable Calculation Date, the Applicable Margin from such Calculation Date shall be based on Pricing Level IV (as shown below) until such time as an appropriate Officer's Compliance Certificate is provided, at which time the Pricing Level shall be determined by reference to the 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 Period I shall be applicable for the period commencing on the Amendment No. 6 Effective Date through and including December 31, 2001, provided that if on or before August 15, 2001, Net Available Proceeds from one or more Asset Dispositions shall not have been applied to all Extensions the prepayment of Loans and reduction of Commitments hereunder pursuant to Section 2.10 hereof in an amount at least equal to U.S. $150,000,000, then for the period commencing on August 15, 2001 through and including the earlier of December 31, 2001 and the date upon which such prepayment and reduction of Commitments from Asset Dispositions in fact occur, Period II shall be applicable. In addition to the foregoing if, on or before August 15, 2001, the prepayment and reduction of Commitments as described above have not occurred, then on August 15, 2001 PGI shall pay to the Administrative Agent for the account of each of the Lenders a fee in an amount equal to 1/2 of 1% of the sum of (x) the unutilized Commitments of such Lender, (y) the aggregate amount of Letter of Credit then existing or 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 1.00Liabilities held by such Lender and (z) the outstanding principal amount of the Loans of such Lender, 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 --------------------------------------------------------------------------------in each case determined as of such date."
Appears in 1 contract
Samples: Polymer Group Inc
Applicable Margin. The Applicable Margin provided for in Section 4.1(a) with respect to any Loan (the "Applicable Margin") shall be based upon the table set forth below and shall be determined and adjusted quarterly For each period commencing on an Adjustment Date through the date immediately preceding the next Adjustment Date (each a "Calculation DateRate Adjustment Period") 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 shall be based on Pricing Level II (as shown below) and shall remain at Pricing Level II until the first Calculation Date occurring after the Closing Date and, thereafter 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 the applicable Calculation Date, and (b) if the Borrowers fail to provide the Officer's Compliance Certificate as required by Section 7.2 for the most recently ended fiscal quarter of the Borrowers preceding the applicable Calculation Date, the Applicable Margin from such Calculation Date shall be based on Pricing Level IV (as shown below) until such time as an appropriate Officer's Compliance Certificate is provided, at which time the Pricing Level shall be determined by reference to the 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 below with respect to all Extensions the Borrower's Leverage Ratio, as determined at the end of Credit then existing or subsequently made or issuedthe fiscal quarter of the Borrower and its Subsidiaries ended immediately prior to the applicable Rate Adjustment Period. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Pricing Level Coverage Ratio LIBOR Base Rate -------------------------------------------------------------------------------- LIBOR Rate Credit Commitment Level Leverage Ratio Loans Loans Fees Fees ------- ----------------------- --------- ----------- -------- ----------- I Greater than 3.75 0.75:1.00 0.50% 1.50% 1.50% 0.500% ------- ----------------------- --------- ----------- -------- ----------- II Equal to 1.00 .875% 0% -------------------------------------------------------------------------------- II Greater than 3.00 to 1.00, 1.000% 0% but or less than or equal to 3.75 to 1.00 -------------------------------------------------------------------------------- 0.25% 1.25% 1.25% 0.375% 0.75:1.00 but greater than 0.50:1.00 ------- ----------------------- --------- ----------- -------- ----------- 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 1.5000.25% 01.25% 1.25% 0.300% 0.50:1.00 ------- ----------------------- --------- ----------- -------- ----------- Notwithstanding the foregoing, if the Borrower fails to 1.00 --------------------------------------------------------------------------------deliver any Compliance Certificate pursuant to Section 7.4(c) hereof then, for the period commencing on the 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 above. Asset Sale. Any one or series of related transactions in which any Person conveys, sells, transfers or otherwise disposes of, directly or indirectly, any of its properties, businesses or assets (including the sale or issuance of capital stock of any Subsidiary other than to the Borrower or any Subsidiary) whether owned on the Closing Date or thereafter acquired, excluding, however, in each case, any Excluded Disposition. Balance Sheet Date. December 31, 1999.
Appears in 1 contract
Applicable Margin. The (a) From the Closing Date until the date immediately preceding the first Reset Date after the Closing Date, the Applicable Margin provided for in Section 4.1(a) with respect to any Loan (the "Applicable Margin") Base Rate Loans shall be based upon 1.50%, the table set forth below and Applicable Margin with respect to Eurocurrency Rate Loans shall be determined 3.00%, and adjusted quarterly the Commitment Fee Rate shall be 0.50%. Subject to paragraphs (b) and (c) below, for each period commencing on a Reset Date (beginning with the first Reset Date following the Closing Date) through the date immediately preceding the next Reset Date (each such period, a "Calculation DateRATE SETTING PERIOD") 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 shall be the applicable percentage set forth in the chart below (the "INITIAL PRICING GRID"), based on Pricing Level II (as shown below) and shall remain at Pricing Level II until upon the first Calculation Date occurring after the Closing Date and, thereafter the Pricing Level shall be determined by reference to the Coverage Leverage Ratio as of determined for the Reference Period ended on the last day of the most recently ended fiscal quarter ended immediately preceding the commencement of the Borrowers preceding the applicable Calculation Date, and (b) if the Borrowers fail to provide the Officer's Compliance Certificate as required by Section 7.2 for the most recently ended fiscal quarter of the Borrowers preceding the applicable Calculation Date, the Rate Setting Period: @@ ------------------------------------------------------------------------------------------- Applicable Margin from such Calculation Date shall be based on Pricing Level IV (as shown below) until such time as an appropriate Officer's Compliance Certificate is provided, at which time the Pricing Level shall be determined by reference to the Coverage ----------------- 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 to all Extensions of Credit then existing or subsequently made or issued. -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Pricing Level Coverage Ratio LIBOR Base Rate -------------------------------------------------------------------------------- I Greater Eurocurrency Commitment -------------- --------- ------------ ---------- Loans Rate Loans Fee Rate ----- ---------- -------- ------------------------------------------------------------------------------------------- 2.50:1 or lower 0.25% 1.75% 0.375% ------------------------------------------------------------------------------------------- 3.00:1 or lower, but higher 0.50% 2.00% 0.375% than 3.75 to 1.00 .8752.50:1 ------------------------------------------------------------------------------------------- 3.50:1 or lower, but higher 0.75% 02.25% -------------------------------------------------------------------------------- II Greater 0.375% than 3.00 to 3.00:1 ------------------------------------------------------------------------------------------- 4.00:1 or lower, but higher 1.00% 2.50% 0.500% than 3.50:1 ------------------------------------------------------------------------------------------- 4.50:1 or lower, 1.000but higher 1.25% 02.75% but less 0.500% than or equal to 3.75 to 1.00 -------------------------------------------------------------------------------- III Greater 4.00:1 ------------------------------------------------------------------------------------------- Higher than 2.25 to 1.00, 1.2504.50:1 1.50% 03.00% but less than or equal to 3.00 to 1.00 -------------------------------------------------------------------------------- IV Less than or equal to 2.25 1.5000.500% 0% to 1.00 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------- @@
Appears in 1 contract
