{"component": "clause", "props": {"groups": [{"size": 58, "snippet": "(i) The Applicable Margin provided for in Section 5.1(a) with respect to any Revolving Credit Loans and Swingline Loans (the \"Applicable Margin\") shall be based upon the table set forth below and shall be determined and adjusted quarterly on the date (each a \"Calculation Date\") ten (10) Business Days after the date by which the Borrower is required to provide an Officer's Compliance Certificate for the most recently ended fiscal quarter of the Borrower; provided, however, that (A) the initial Applicable Margin for the Revolving Credit Loans and Swingline Loans shall be based on Pricing Level IV (as shown below) and shall remain at Pricing Level IV until December 31, 2001, and, thereafter the Pricing Level shall be determined by reference to the Total Leverage Ratio as of the last day of the most recently ended fiscal quarter of the Borrower preceding the applicable Calculation Date, and (B) if the Borrower fails to provide the Officer's Compliance Certificate as required by Section 8.2 for the most recently ended fiscal quarter of the Borrower preceding the applicable Calculation Date, the Applicable Margin for Revolving Credit Loans and Swingline Loans from such Calculation Date shall be based on Pricing Level IV (as shown below) until such time as an appropriate Officer's Compliance Certificate is provided, at which time the Pricing Level shall be determined by reference to the Total Leverage Ratio as of the last day of the most recently ended fiscal quarter of the Borrower preceding such Calculation Date. The Applicable Margin for Revolving Credit Loans and Swingline Loans shall be effective from one Calculation Date until the next Calculation Date. Any adjustment in the Applicable Margin shall be applicable to all Extensions of Credit then existing or subsequently made or issued. PRICING LEVEL TOTAL LEVERAGE RATIO LIBOR BASE RATE ------------- -------------------- ----- --------- I <2.00x 2.25% 1.25% II greater than or equal to 2.00x but <2.50x 2.50% 1.50% III greater than or equal to 2.50x but <3.00x 2.75% 1.75% IV greater than or equal to 3.00x 3.00% 2.00%\n(ii) Subject to the provisions of Section 4.6(g), the Applicable Margin for Term Loans shall be based on the table set forth below and shall be determined and adjusted on each Calculation Date until such time as any change in the Applicable Margin or pricing grid, as applicable for Term Loans pursuant to Section 4.6; provided, however that (A) the initial Applicable Margin for Term Loans shall be based on Pricing Level II until the Calculation Date of March 31, 2002 and (B) if the Borrower fails to provide the Officer's Compliance Certificate as required by Section 8.2 for the most recently ended fiscal quarter of the Borrower preceding the applicable Calculation Date, the Applicable Margin for Term Loans from such Calculation Date shall be based on Pricing Level II (as shown below) until such time as an appropriate Officer's Compliance Certificate is provided, at which time the Pricing Level shall be determined by reference to the Total Leverage Ratio as of the last day of the most recently ended fiscal quarter of the Borrower preceding such Calculation Date. The Applicable Margin for Term Loans shall be effective from one Calculation Date until the next Calculation Date. Any adjustment in the Applicable Margin shall be applicable to all Term Loans then existing or subsequently made or issued. Applicable LIBOR Applicable Base Rate Level Total Leverage Ratio Rate Margin (bps) Margin (bps) ----- -------------------- ----------------- -------------------- I < 2.50x 300.0 200.0 II greater than or equal to 2.50x 325.0 225.0", "samples": [{"hash": "d5bNbsPnnLE", "uri": "/contracts/d5bNbsPnnLE#applicable-margin", "label": "Credit Agreement (Paravant Inc)", "score": 18.0, "published": true}, {"hash": "29D0aPRNu4Z", "uri": "/contracts/29D0aPRNu4Z#applicable-margin", "label": "Credit Agreement (Paravant Inc)", "score": 18.0, "published": true}], "snippet_links": [{"key": "with-respect-to", "type": "clause", "offset": [57, 72]}, {"key": "swingline-loans", "type": "definition", "offset": [104, 119]}, {"key": "days-after", "type": "definition", "offset": [297, 307]}, {"key": "to-provide", "type": "definition", "offset": [351, 361]}, {"key": "an-officer", "type": "clause", "offset": [362, 372]}, {"key": "compliance-certificate", "type": "clause", "offset": [375, 397]}, {"key": "most-recently-ended", "type": "definition", "offset": [406, 425]}, {"key": "fiscal-quarter", "type": "definition", "offset": [426, 440]}, {"key": "of-the-borrower", "type": "clause", "offset": [441, 456]}, {"key": "the-revolving-credit-loans", "type": "clause", "offset": [520, 546]}, {"key": "loans-shall", "type": "definition", "offset": [561, 572]}, {"key": "based-on", "type": "definition", "offset": [576, 584]}, {"key": "pricing-level-iv", "type": "definition", "offset": [585, 601]}, {"key": "as-shown", "type": "definition", "offset": [603, 611]}, {"key": "until-december", "type": "definition", "offset": [656, 670]}, {"key": "reference-to", "type": "definition", "offset": [738, 750]}, {"key": "total-leverage-ratio", "type": "definition", "offset": [755, 775]}, {"key": "day-of", "type": "clause", "offset": [791, 797]}, {"key": "applicable-calculation-date", "type": "definition", "offset": [867, 894]}, {"key": "the-officer", "type": "definition", "offset": [937, 948]}, {"key": "as-required-by", "type": "clause", "offset": [974, 988]}, {"key": "section-82", "type": "clause", "offset": [989, 1000]}, {"key": "appropriate-officer", "type": "definition", "offset": [1273, 1292]}, {"key": "effective-from", "type": "clause", "offset": [1612, 1626]}, {"key": "applicable-to", "type": "definition", "offset": [1730, 1743]}, {"key": "all-extensions-of-credit", "type": "clause", "offset": [1744, 1768]}, {"key": "then-existing", "type": "definition", "offset": [1769, 1782]}, {"key": "libor-base-rate", "type": "definition", "offset": [1850, 1865]}, {"key": "equal-to", "type": "definition", "offset": [1957, 1965]}, {"key": "section-46", "type": "clause", "offset": [2133, 2144]}, {"key": "change-in-the-applicable", "type": "clause", "offset": [2315, 2339]}, {"key": "pricing-grid", "type": "clause", "offset": [2350, 2362]}, {"key": "pursuant-to-section", "type": "clause", "offset": [2393, 2412]}, {"key": "pricing-level-ii", "type": "definition", "offset": [2508, 2524]}, {"key": "date-of", "type": "clause", "offset": [2547, 2554]}, {"key": "all-term-loans", "type": "clause", "offset": [3354, 3368]}, {"key": "applicable-libor", "type": "definition", "offset": [3415, 3431]}, {"key": "applicable-base-rate", "type": "definition", "offset": [3432, 3452]}, {"key": "rate-margin", "type": "definition", "offset": [3480, 3491]}], "hash": "2aa3c516a09d34271e623ecd466e70d3", "id": 1}, {"size": 24, "snippet": "(i) The Applicable Margin provided for in Section 5.1(a) with respect to any Revolving Credit Loan, Swingline Loan or Term Loan shall be based upon the Leverage Ratio as of the end of the fiscal quarter immediately preceding the delivery of the financial statements and the accompanying Officer\u2019s Compliance Certificate for such fiscal quarter, as follows: I Greater than 2.50 to 1.00 1.625 % 0.625 % II Greater than or equal to 1.50 to 1.00 but less than or equal to 2.50 to 1.00 1.375 % 0.375 % III Less than 1.50 to 1.00 1.125 % 0.125 %\n(ii) Adjustments, if any, in the Applicable Margin shall be made on the date (each a \u201cCalculation Date\u201d) ten (10) Business Days after the date on which the Borrower provides quarterly financial statements of the Borrower and its Subsidiaries and an accompanying Officer\u2019s Compliance Certificate setting forth the Leverage Ratio of the Borrower and its Subsidiaries for the most recently ended fiscal quarter of the Borrower and its Subsidiaries; provided that (A) the Applicable Margin shall be based on 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 Leverage Ratio as of the last day of the most recently ended fiscal quarter of the Borrower preceding the applicable Calculation Date, and (B) if the Borrower fails to provide the Officer\u2019s Compliance Certificate as required by Section 8.2 for the most recently ended fiscal quarter of the Borrower and its Subsidiaries preceding the applicable Calculation Date, the Applicable Margin shall be based on Pricing Level I (as shown above) from such Calculation Date until such time as an appropriate Officer\u2019s Compliance Certificate is provided, at which time the Applicable Margin shall be determined by reference to the Leverage Ratio as of the last day of the most recently ended fiscal quarter of the Borrower and its Subsidiaries preceding such Calculation Date. Except as provided in the preceding sentence, the Applicable Margin shall be effective from one Calculation Date until the next Calculation Date.", "samples": [{"hash": "6CkuqDBfNsL", "uri": "/contracts/6CkuqDBfNsL#applicable-margin", "label": "Credit Agreement (Jack in the Box Inc /New/)", "score": 21.0, "published": true}], "snippet_links": [{"key": "the-applicable", "type": "clause", "offset": [4, 18]}, {"key": "with-respect-to", "type": "clause", "offset": [57, 72]}, {"key": "revolving-credit-loan", "type": "definition", "offset": [77, 98]}, {"key": "swingline-loan", "type": "definition", "offset": [100, 114]}, {"key": "loan-shall", "type": "definition", "offset": [123, 133]}, {"key": "fiscal-quarter", "type": "definition", "offset": [188, 202]}, {"key": "the-financial-statements", "type": "definition", "offset": [241, 265]}, {"key": "compliance-certificate", "type": "clause", "offset": [297, 319]}, {"key": "equal-to", "type": "definition", "offset": [420, 428]}, {"key": "days-after", "type": "definition", "offset": [663, 673]}, {"key": "financial-statements-of-the-borrower-and-its-subsidiaries", "type": "clause", "offset": [724, 781]}, {"key": "leverage-ratio-of-the-borrower", "type": "clause", "offset": [853, 883]}, {"key": "most-recently-ended", "type": "definition", "offset": [913, 932]}, {"key": "provided-that", "type": "definition", "offset": [986, 999]}, {"key": "based-on", "type": "definition", "offset": [1035, 1043]}, {"key": "pricing-level-ii", "type": "definition", "offset": [1044, 1060]}, {"key": "first-calculation-date", "type": "definition", "offset": [1071, 1093]}, {"key": "after-the-closing-date", "type": "clause", "offset": [1104, 1126]}, {"key": "reference-to", "type": "definition", "offset": [1184, 1196]}, {"key": "day-of", "type": "clause", "offset": [1231, 1237]}, {"key": "applicable-calculation-date", "type": "definition", "offset": [1307, 1334]}, {"key": "the-officer", "type": "definition", "offset": [1377, 1388]}, {"key": "as-required-by", "type": "clause", "offset": [1414, 1428]}, {"key": "section-82", "type": "clause", "offset": [1429, 1440]}, {"key": "as-shown", "type": "definition", "offset": [1621, 1629]}, {"key": "appropriate-officer", "type": "definition", "offset": [1686, 1705]}, {"key": "except-as-provided-in", "type": "clause", "offset": [1966, 1987]}, {"key": "effective-from", "type": "clause", "offset": [2043, 2057]}], "hash": "617d5aa174ddec03300c946d69adea07", "id": 4}, {"size": 28, "snippet": "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.", "samples": [{"hash": "lCTTpxjmbGk", "uri": "/contracts/lCTTpxjmbGk#applicable-margin", "label": "Revolving Credit Agreement (Coach Inc)", "score": 18.0, "published": true}, {"hash": "8Imzgh6XTj7", "uri": "/contracts/8Imzgh6XTj7#applicable-margin", "label": "Revolving Credit Agreement (Coach Inc)", "score": 18.0, "published": true}], "snippet_links": [{"key": "subject-to-the", "type": "definition", "offset": [0, 14]}, {"key": "with-respect-to", "type": "clause", "offset": [53, 68]}, {"key": "rate-adjustment-period", "type": "definition", "offset": [187, 209]}, {"key": "the-applicable", "type": "clause", "offset": [213, 227]}, {"key": "prime-rate-loans", "type": "clause", "offset": [251, 267]}, {"key": "eurodollar-rate-loans", "type": "definition", "offset": [269, 290]}, {"key": "standby-letter-of-credit-fees", "type": "definition", "offset": [292, 321]}, {"key": "documentary-letter-of-credit-fees", "type": "clause", "offset": [323, 356]}, {"key": "commitment-fees", "type": "definition", "offset": [360, 375]}, {"key": "the-case", "type": "definition", "offset": [380, 388]}, {"key": "fixed-charge-ratio", "type": "definition", "offset": [487, 505]}, {"key": "borrower-and-its-subsidiaries", "type": "definition", "offset": [553, 582]}, {"key": "day-of", "type": "clause", "offset": [602, 608]}, {"key": "prior-to-the", "type": "clause", "offset": [683, 695]}, {"key": "applicable-rate-adjustment", "type": "clause", "offset": [696, 722]}, {"key": "credit-level", "type": "definition", "offset": [807, 819]}, {"key": "equal-to", "type": "definition", "offset": [1024, 1032]}, {"key": "during-the-period", "type": "clause", "offset": [1859, 1876]}, {"key": "commencing-on-the-closing-date", "type": "clause", "offset": [1877, 1907]}, {"key": "first-adjustment-date", "type": "definition", "offset": [1951, 1972]}, {"key": "fiscal-quarter-ending", "type": "definition", "offset": [1992, 2013]}, {"key": "loans-outstanding", "type": "definition", "offset": [2072, 2089]}, {"key": "the-letter-of-credit", "type": "clause", "offset": [2094, 2114]}, {"key": "fee-payable", "type": "clause", "offset": [2139, 2150]}, {"key": "level-iii", "type": "clause", "offset": [2195, 2204]}, {"key": "notwithstanding-the-foregoing", "type": "clause", "offset": [2212, 2241]}, {"key": "fails-to-deliver", "type": "clause", "offset": [2263, 2279]}, {"key": "certificate-required", "type": "clause", "offset": [2295, 2315]}, {"key": "following-the", "type": "definition", "offset": [2470, 2483]}, {"key": "level-iv", "type": "clause", "offset": [2606, 2614]}, {"key": "at-all-times", "type": "clause", "offset": [2630, 2642]}, {"key": "default-shall", "type": "definition", "offset": [2661, 2674]}, {"key": "applicable-pension-legislation", "type": "clause", "offset": [2851, 2881]}, {"key": "at-any-time", "type": "clause", "offset": [2883, 2894]}, {"key": "retirement-benefits", "type": "definition", "offset": [2911, 2930]}, {"key": "to-the-borrower", "type": "definition", "offset": [3023, 3038]}], "hash": "f7c3d1cf35d375db43988c1727a8c5dd", "id": 2}, {"size": 20, "snippet": "With respect to any Advance, the Applicable Margin shall be as set forth in a certificate of the chief financial officer of the Borrower delivered to the Administrative Agent based upon the Applicable Margin Ratio for the most recent fiscal quarter end for which financial statements are furnished by the Borrower to the Administrative Agent and each Bank for the fiscal quarter most recently ended as follows: Applicable Margin Ratio Base Rate Advance LIBOR Advance Applicable Margin Applicable Margin\nA. Greater than or equal 1.250% 2.500% to 5.50:1\nB. Greater than or equal 1.125% 2.375% to 5.00:1, but less than 5.50:1\nC. Greater than or equal 0.875% 2.125% to 4.50:1, but less than 5.00:1\nD. Greater than or equal 0.625% 1.875% to 4.00:1, but less than 4.50:1\nE. Less than 4.00:1 0.250% 1.500% Changes to the Applicable Margin shall be effective (i) with respect to an increase in the Applicable Margin, as of the second (2nd) Business Day after the day on which the financial statements are required to be delivered to the Administrative Agent and the Banks pursuant to Section 6.1 or Section 6.2 hereof, as the case may be; provided, however, if such financial statements are not delivered to the Administrative Agent and the Banks on or before the date specified in such Section, such increase shall be effective as of the date specified in such Section for delivery of the financial statements, and (ii) with respect to a decrease in the Applicable Margin, as of the later of (A) the second (2nd) Business Day after the day on which such financial statements are required to be delivered pursuant to Section 6.1 or Section 6.2 hereof, as the case may be, and (B) the date on which such financial statements are actually delivered to the Administrative Agent and the Banks. Upon the occurrence and during the continuance of an Event of Default, the Applicable Margins shall not be subject to downward adjustment and shall automatically revert to the Applicable Margins set forth in part A of the above table until such time as such Event of Default is cured or waived.", "samples": [{"hash": "8fvWcbOVeb8", "uri": "/contracts/8fvWcbOVeb8#applicable-margin", "label": "Loan Agreement (American Radio Systems Corp /Ma/)", "score": 18.0, "published": true}, {"hash": "79Lr3Ce9VM9", "uri": "/contracts/79Lr3Ce9VM9#applicable-margin", "label": "Loan Agreement (American Tower Systems Corp)", "score": 18.0, "published": true}], "snippet_links": [{"key": "any-advance", "type": "clause", "offset": [16, 27]}, {"key": "the-applicable", "type": "clause", "offset": [29, 43]}, {"key": "financial-officer-of-the-borrower", "type": "definition", "offset": [103, 136]}, {"key": "margin-ratio", "type": "definition", "offset": [201, 213]}, {"key": "most-recent-fiscal-quarter-end", "type": "definition", "offset": [222, 252]}, {"key": "by-the-borrower", "type": "clause", "offset": [298, 313]}, {"key": "each-bank", "type": "clause", "offset": [346, 355]}, {"key": "most-recently-ended", "type": "definition", "offset": [379, 398]}, {"key": "base-rate-advance", "type": "definition", "offset": [435, 452]}, {"key": "libor-advance", "type": "clause", "offset": [453, 466]}, {"key": "or-equal", "type": "definition", "offset": [519, 527]}, {"key": "changes-to-the", "type": "definition", "offset": [799, 813]}, {"key": "with-respect-to-an", "type": "clause", "offset": [855, 873]}, {"key": "business-day", "type": "definition", "offset": [932, 944]}, {"key": "the-day", "type": "definition", "offset": [951, 958]}, {"key": "the-financial-statements", "type": "definition", "offset": [968, 992]}, {"key": "the-administrative-agent-and-the-banks", "type": "clause", "offset": [1025, 1063]}, {"key": "section-61", "type": "clause", "offset": [1076, 1087]}, {"key": "section-62", "type": "clause", "offset": [1091, 1102]}, {"key": "the-case", "type": "definition", "offset": [1114, 1122]}, {"key": "effective-as-of-the", "type": "clause", "offset": [1311, 1330]}, {"key": "delivery-of-the", "type": "clause", "offset": [1366, 1381]}, {"key": "actually-delivered", "type": "definition", "offset": [1720, 1738]}, {"key": "upon-the-occurrence-and-during", "type": "clause", "offset": [1782, 1812]}, {"key": "continuance-of-an-event-of-default", "type": "clause", "offset": [1817, 1851]}, {"key": "applicable-margins", "type": "definition", "offset": [1857, 1875]}, {"key": "subject-to", "type": "clause", "offset": [1889, 1899]}, {"key": "downward-adjustment", "type": "clause", "offset": [1900, 1919]}], "hash": "71e0bf70f4c6c735103860ab69edad68", "id": 7}, {"size": 21, "snippet": "On any date the Applicable Margin for LIBOR Rate Loans and Base Rate Loans shall be as set forth below based on the ratio of the Consolidated Total Indebtedness of REIT and its respective Subsidiaries to the Gross Asset Value of REIT and its respective Subsidiaries: Pricing Level 1 Less than or equal to 35% 2.50 % 1.25 % Pricing Level 2 Greater than 35% but less than 40% 2.75 % 1.50 % Pricing Level 3 Greater than or equal to 40% but less than 45% 3.00 % 1.75 % Pricing Level 4 Greater than or equal to 45% but less than 55% 3.25 % 2.00 % Pricing Level 5 Greater than or equal to 55% 3.50 % 2.25 % The initial Applicable Margin shall be at Pricing Level 4. The Applicable Margin shall not be adjusted based upon such ratio, if at all, until the first (1st) day of the first (1st) month following the delivery by Borrower to the Agent of the Compliance Certificate after the end of a calendar quarter. In the event that Borrower shall fail to deliver to the Agent a quarterly Compliance Certificate on or before the date required by \u00a77.4(c), then without limiting any other rights of the Agent and the Lenders under this Agreement, the Applicable Margin for Loans shall be at Pricing Level 5 until such failure is cured within any applicable cure period, or waived in writing by the Required Lenders, in which event the Applicable Margin shall adjust, if necessary, on the first (1st) day of the first (1st) month following receipt of such Compliance Certificate. In the event that the Agent and the Borrower determine that any financial statements previously delivered were incorrect or inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an \u201cApplicable Period\u201d) than the Applicable Margin applied for such Applicable Period, then (i) the Borrower shall as soon as practicable deliver to the Agent the corrected financial statements for such Applicable Period, (ii) the Applicable Margin shall be determined as if the Pricing Level for such higher Applicable Margin were applicable for such Applicable Period, and (iii) the Borrower shall within three (3) Business Days of demand thereof by the Agent pay to the Agent the accrued additional amount owing as a result of such increased Applicable Margin for such Applicable Period, which payment shall be promptly applied by the Agent in accordance with this Agreement.", "samples": [{"hash": "kQNKgARTSKH", "uri": "/contracts/kQNKgARTSKH#applicable-margin", "label": "Credit Agreement (Carter Validus Mission Critical REIT, Inc.)", "score": 23.9021224976, "published": true}], "snippet_links": [{"key": "the-applicable", "type": "clause", "offset": [12, 26]}, {"key": "libor-rate-loans", "type": "clause", "offset": [38, 54]}, {"key": "loans-shall", "type": "definition", "offset": [69, 80]}, {"key": "based-on", "type": "definition", "offset": [103, 111]}, {"key": "ratio-of", "type": "clause", "offset": [116, 124]}, {"key": "indebtedness-of", "type": "definition", "offset": [148, 163]}, {"key": "gross-asset-value", "type": "definition", "offset": [208, 225]}, {"key": "pricing-level-1", "type": "definition", "offset": [267, 282]}, {"key": "equal-to", "type": "definition", "offset": [296, 304]}, {"key": "pricing-level-2", "type": "definition", "offset": [323, 338]}, {"key": "pricing-level-3", "type": "definition", "offset": [388, 403]}, {"key": "pricing-level-4", "type": "definition", "offset": [465, 480]}, {"key": "level-5", "type": "clause", "offset": [550, 557]}, {"key": "day-of", "type": "clause", "offset": [760, 766]}, {"key": "the-delivery", "type": "clause", "offset": [799, 811]}, {"key": "by-borrower", "type": "clause", "offset": [812, 823]}, {"key": "calendar-quarter", "type": "clause", "offset": [886, 902]}, {"key": "in-the-event", "type": "clause", "offset": [904, 916]}, {"key": "deliver-to", "type": "definition", "offset": [945, 955]}, {"key": "quarterly-compliance-certificate", "type": "definition", "offset": [968, 1000]}, {"key": "required-by", "type": "definition", "offset": [1023, 1034]}, {"key": "without-limiting", "type": "definition", "offset": [1049, 1065]}, {"key": "rights-of-the-agent-and-the-lenders", "type": "clause", "offset": [1076, 1111]}, {"key": "this-agreement", "type": "clause", "offset": [1118, 1132]}, {"key": "applicable-cure-period", "type": 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"clause", "offset": [2273, 2285]}, {"key": "pay-to", "type": "definition", "offset": [2286, 2292]}, {"key": "the-accrued", "type": "clause", "offset": [2303, 2314]}, {"key": "amount-owing", "type": "definition", "offset": [2326, 2338]}, {"key": "in-accordance-with", "type": "clause", "offset": [2468, 2486]}], "hash": "36d4f8628116d49b9710276d9c5d3fc6", "id": 5}, {"size": 25, "snippet": "The Applicable Margin for each Series [ ] New Term Loan shall mean, as of any date of determination, [ ]% per annum", "samples": [{"hash": "ggOPB0QmZqK", "uri": "/contracts/ggOPB0QmZqK#applicable-margin", "label": "Credit and Guaranty Agreement (Nord Anglia Education, Inc.)", "score": 26.9958934784, "published": true}, {"hash": "6vmtEs80317", "uri": "/contracts/6vmtEs80317#applicable-margin", "label": "Credit and Guaranty Agreement (Nord Anglia Education, Inc.)", "score": 25.8815879822, "published": true}, {"hash": "49ifBpXwb9U", "uri": "/contracts/49ifBpXwb9U#applicable-margin", "label": "Credit and 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"/contracts/cU3AjbCTGbe#applicable-margin", "label": "Credit Agreement (Lifetime Brands, Inc)", "score": 21.0, "published": true}], "snippet_links": [{"key": "the-credit-agreement", "type": "clause", "offset": [16, 36]}, {"key": "the-definition-of", "type": "definition", "offset": [67, 84]}], "hash": "0c5a318ef3c3747c1baefc99350390c6", "id": 6}, {"size": 16, "snippet": "The Applicable Margin for each New [Term][Revolving] Loan shall mean, as of any date of determination, a percentage per annum as set forth below:", "samples": [{"hash": "ZkkqU5emwu", "uri": "/contracts/ZkkqU5emwu#applicable-margin", "label": "Credit Agreement (Covetrus, Inc.)", "score": 30.1006164551, "published": true}, {"hash": "a4ErRl8KcPM", "uri": "/contracts/a4ErRl8KcPM#applicable-margin", "label": "First Lien Credit Agreement (Engility Holdings, Inc.)", "score": 26.1553726196, "published": true}, {"hash": "klyv0ZUIPyV", "uri": "/contracts/klyv0ZUIPyV#applicable-margin", "label": "Credit Agreement (Booz Allen Hamilton Holding Corp)", "score": 23.5817928314, "published": true}], "snippet_links": [{"key": "the-applicable", "type": "clause", "offset": [0, 14]}, {"key": "loan-shall", "type": "definition", "offset": [53, 63]}, {"key": "date-of-determination", "type": "definition", "offset": [80, 101]}, {"key": "a-percentage", "type": "definition", "offset": [103, 115]}, {"key": "per-annum", "type": "definition", "offset": [116, 125]}], "hash": "99a1a74982d9b9a336574d2875f0f197", "id": 8}, {"size": 16, "snippet": "The definition of \u201cApplicable Margin\u201d is amended in its entirety to read as follows:", "samples": [{"hash": "3t9YzviX26O", "uri": "/contracts/3t9YzviX26O#applicable-margin", "label": "Credit Agreement", "score": 26.5961666107, "published": true}, {"hash": "dHns8hptuii", "uri": "/contracts/dHns8hptuii#applicable-margin", "label": "Credit Agreement (Phillips 66 Partners Lp)", "score": 25.8870639801, "published": true}], "snippet_links": [{"key": "the-definition-of", "type": "definition", "offset": [0, 17]}], "hash": "84a745ae5c310c11d6561e46e9e216fe", "id": 9}, {"size": 15, "snippet": "The Applicable Margin shall be in effect for each period commencing on an Adjustment Date through the date immediately preceding the next Adjustment Date (each a \"Rate Adjustment Period\") based on a determination of the Fixed Charge Coverage Ratio and the Senior Debt Rating. The Fixed Charge Coverage Ratio shall be determined as at the end of the fiscal period for which financial statements and a Compliance Certificate have most recently been delivered to the Agent pursuant to ss.6.4 and the Senior Debt Rating shall be determined as of the last day of the preceding Rate Adjustment Period. The Applicable Margin shall be the applicable rate PER ANNUM, expressed in Basis Points, corresponding to the lower of the Levels set forth in the table below (with Level I being the lowest level and Level VI being the highest level) corresponding to the Fixed Charge Coverage Ratio or the Senior Debt Rating, PROVIDED THAT if the Fixed Charge Coverage Ratio and Senior Debt Rating are more than one Level apart, the Applicable Margin shall be one Level below the higher of the two applicable Levels. In the event that the Senior Debt Ratings assigned by Mood\u2587'\u2587 \u2587\u2587\u2587 S&P are not equivalent, the following criteria shall determine which Level shall be applicable to the Senior Debt Rating: (i) if the Senior Debt Ratings are one Level apart, the Level applicable to the Senior Debt Rating shall be the lower of the two Levels and (ii) if the Senior Debt Ratings are more than one Level apart, the Level applicable to the Senior Debt Rating shall be one Level below the higher of the two Levels. For purposes of clarity, the parties hereto acknowledge that the Applicable Margin with respect to (i) Eurodollar Rate Loans and Letter of Credit Fees shall be the rate per annum set forth in column D in the table below and (ii) the Facility Fee shall be the rate per annum set forth in column E in the table below. ======================================================================================================== A B C D E ======================================================================================================== LEVEL FIXED CHARGE SENIOR DEBT EURODOLLAR RATE FACILITY FEE COVERAGE RATIO RATING LOANS AND LETTER OF CREDIT FEES 1/ -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------- I [GREATER 2.50:1 S&P: A- 15.0 7.0 THAN OR Mood\u2587'\u2587: \u2587\u2587 or EQUAL TO] better -------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------- ---------- _______1/ As provided in ss.3.5, Letter of Credit Fees with respect to documentary Letters of Credit shall be calculated at one-half (1/2) the Applicable Margin set forth below.", "samples": [{"hash": "ducdjQsbzpc", "uri": "/contracts/ducdjQsbzpc#applicable-margin", "label": "Revolving Credit Agreement (Staples Inc)", "score": 18.0, "published": true}], "snippet_links": [{"key": "the-applicable", "type": "clause", "offset": [0, 14]}, {"key": "in-effect", "type": "definition", "offset": [31, 40]}, {"key": "commencing-on", "type": "clause", "offset": [57, 70]}, {"key": "adjustment-date", "type": "clause", "offset": [74, 89]}, {"key": "rate-adjustment-period", "type": "definition", "offset": [163, 185]}, {"key": "based-on", "type": "definition", "offset": [188, 196]}, {"key": "fixed-charge-coverage-ratio", "type": "clause", "offset": [220, 247]}, {"key": "the-senior", "type": "clause", "offset": [252, 262]}, {"key": "at-the-end-of-the", "type": "clause", "offset": [331, 348]}, {"key": "fiscal-period", "type": "clause", "offset": [349, 362]}, {"key": "financial-statements", "type": "clause", "offset": [373, 393]}, {"key": "a-compliance-certificate", "type": "clause", "offset": [398, 422]}, {"key": "the-agent", "type": "clause", "offset": [460, 469]}, {"key": "pursuant-to", "type": "definition", "offset": [470, 481]}, {"key": "day-of", "type": "clause", "offset": [551, 557]}, {"key": "applicable-rate", "type": "clause", "offset": [631, 646]}, {"key": "per-annum", "type": "definition", "offset": [647, 656]}, {"key": "basis-points", "type": "definition", "offset": [671, 683]}, {"key": "level-i", "type": "definition", "offset": [761, 768]}, {"key": "lowest-level", "type": "clause", "offset": [779, 791]}, {"key": "level-vi", "type": "clause", "offset": [796, 804]}, {"key": "provided-that", "type": "definition", "offset": [906, 919]}, {"key": "applicable-levels", "type": "clause", "offset": [1078, 1095]}, {"key": "in-the-event", "type": "clause", "offset": [1097, 1109]}, {"key": "senior-debt-ratings", "type": "definition", "offset": [1119, 1138]}, {"key": "applicable-to", "type": "definition", "offset": [1247, 1260]}, {"key": "for-purposes-of", "type": "clause", "offset": [1590, 1605]}, {"key": "the-parties-hereto", "type": "clause", "offset": [1615, 1633]}, {"key": "with-respect-to", "type": "clause", "offset": [1673, 1688]}, {"key": "eurodollar-rate-loans", "type": "definition", "offset": [1693, 1714]}, {"key": "letter-of-credit-fees-shall-be", "type": "clause", "offset": [1719, 1749]}, {"key": "the-rate", "type": "clause", "offset": [1750, 1758]}, {"key": "column-d", "type": "definition", "offset": [1782, 1790]}, {"key": "the-facility-fee", "type": "clause", "offset": [1819, 1835]}, {"key": "column-e", "type": "definition", "offset": [1877, 1885]}, {"key": "equal-to", "type": "definition", "offset": [2511, 2519]}, {"key": "documentary-letters-of-credit", "type": "clause", "offset": [2820, 2849]}], "hash": "b7fef1684b092842407069e6189ac0d8", "id": 10}], "next_curs": "CloSVGoVc35sYXdpbnNpZGVyY29udHJhY3RzcjYLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhphcHBsaWNhYmxlLW1hcmdpbiMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"title": "Applicable Margin", "children": [["changes-in-applicable-margin-determination-of-debt-rating", "Changes in Applicable Margin; Determination of Debt Rating"], ["", ""], ["swingline-loans", "Swingline Loans"], ["eurodollar-rate-loans", "Eurodollar Rate Loans"], ["term-loans", "Term Loans"]], "size": 1564, "parents": [["interest", "Interest"], ["general-loan-provisions", "General Loan Provisions"], ["miscellaneous", "Miscellaneous"], ["definitions", "Definitions"], ["loans", "Loans"]], "id": "applicable-margin", "related": [["applicable-margins", "Applicable Margins", "<strong>Applicable Margins</strong>"], ["interest-and-applicable-margins", "Interest and Applicable Margins", "Interest and <strong>Applicable Margins</strong>"], ["applicable-rate", "Applicable Rate", "Applicable Rate"], ["base-rate", "Base Rate", "Base Rate"], ["base-rates", "Base Rates", "Base Rates"]], "related_snippets": [], "updated": "2026-04-18T05:49:41+00:00", "also_ask": ["How can the Applicable Margin be structured to maximize flexibility for future rate changes?", "What are essential components to include in the Applicable Margin definition to avoid ambiguity?", "What are the most common pitfalls or litigation risks associated with poorly drafted Applicable Margin clauses?", "How does this Applicable Margin compare to market standards or similar facilities?", "What factors do courts consider when interpreting disputes over Applicable Margin adjustments?"], "drafting_tip": "Define the calculation method and adjustment triggers for the Applicable Margin to ensure clarity and prevent disputes; specify reference rates to maintain consistency.", "explanation": "The Applicable Margin clause defines the specific interest rate margin that will be added to a base rate to determine the total interest rate payable on a loan or credit facility. This margin may vary depending on factors such as the borrower's credit rating, financial covenants, or the type of loan tranche involved. For example, a borrower with a higher credit rating might receive a lower margin, while a riskier borrower could be assigned a higher margin. The core function of this clause is to clearly establish how the interest rate is calculated, ensuring transparency and predictability for both lender and borrower."}, "json": true, "cursor": ""}}