Applicable Margins. The ABR Applicable Margin and the LIBOR Applicable Margin to be used in calculating the interest rate applicable to different Types of Advances shall vary from time to time in accordance with the long-term unsecured debt ratings from Xxxxx’x, and Fitch of the General Partner and the Borrower. In the event the General Partner and the Borrower have different ratings, the rating of the higher rated entity shall be used. In the event the rating agencies are split on the rating for the higher rated entity, the lower rating for such entity shall be deemed to be the applicable rating (e.g., if the higher rated entity’s Xxxxx’x debt rating is Baa1, and its Fitch’s rating is BBB, then the Applicable Margins shall be computed based on the Fitch rating), and the Applicable Margins shall be adjusted effective on the next Business Day following any change in the higher rated entity’s Xxxxx’x debt rating, and/or Fitch’s debt rating, as the case may be. The applicable debt ratings and the Applicable Margins are set forth in the table attached as Exhibit A. In the event that Fitch or Xxxxx’x shall discontinue their ratings of the REIT industry, the General Partner or the Borrower, a mutually agreeable substitute rating agency (or two mutually agreeable substitute agencies if both existing rating agencies discontinue such ratings) shall be selected by the Required Lenders and the Borrower. If the Required Lenders and the Borrower cannot agree on a substitute rating agency or substitute rating agencies within thirty (30) days after such discontinuance, or if Fitch and Xxxxx’x shall discontinue their ratings of the REIT industry, the Borrower, or the General Partner, the Applicable Margin to be used for the calculation of interest on Advances hereunder shall be the highest Applicable Margin for each Type. If a rating agency downgrade or discontinuance results in an increase in the ABR Applicable Margin, the LIBOR Applicable Margin, or Facility Fee Rate and if such downgrade or discontinuance is reversed and the affected Applicable Margin is restored within ninety (90) days thereafter, at the Borrower’s request, the Borrower shall receive a credit against interest next due the Lenders equal to interest accrued from time to time during such period of downgrade or discontinuance and actually paid by the Borrower on the Advances at the differential between such Applicable Margins, and the differential of the Facility Fee paid during such period of downgrade. If a rating agency u...
Applicable Margins. The interest due hereunder with respect to the Advances shall vary from time to time and shall be determined by reference to the Type of Advance and the Leverage Ratio in effect as of the last day of the most recent fiscal quarter of the Borrower for which financial results have been reported. The Unused Fee due under Section 2.5 shall be determined by reference to the Leverage Ratio in effect as of the last day of the most recent fiscal quarter for which financial results have been reported. Any such change in the Applicable Margin and Unused Fee Percentage shall be made on the fifth (5th) day subsequent to the date on which the Administrative Agent receives a compliance certificate pursuant to Section 6.1(d) with respect to the preceding fiscal quarter of Borrower. Such changes shall be given prospective effect only, and no recalculation shall be done with respect to interest accrued prior to the date of such change in the Applicable Margin or Unused Fee Percentage. If any such compliance certificate shall later be determined to be incorrect and as a result a higher Applicable Margin and/or Unused Fee Percentage should have been in effect for any period, Borrower shall pay to the Administrative Agent for the benefit of the Lenders all additional interest and fees which would have accrued if the original compliance certificate had been correct, as shown on an invoice to be prepared by the Administrative Agent and delivered to Borrower, on the next Payment Date following delivery of such invoice. The per annum Applicable Margins that will be either added to the Alternate Base Rate to determine the Floating Rate or added to LIBOR Base Rate to determine the LIBOR Rate in effect from time to time during any Interest Period with respect to Loans as well as the Unused Fee due under Section 2.5 shall be determined as follows (the “Leverage Based Pricing Schedule”): Leverage Ratio LIBOR Applicable Margin ABR Applicable Margin Unused Fee Percentage < 35% 1.20 % 0.20 % 0.15 % > 35%, < 40% 1.25 % 0.25 % 0.15 % > 40%, < 45% 1.30 % 0.30 % 0.20 % > 45%, < 50% 1.40 % 0.40 % 0.20 % > 50%, < 55% 1.50 % 0.50 % 0.25 % > 55% 1.70 % 0.70 % 0.25 % Notwithstanding the foregoing, effective as of the date on which Borrower receives an Investment Grade Rating or any date thereafter on which Borrower maintains such an Investment Grade Rating, Borrower may make a one-time election, upon not less than five (5) Business Days prior written notice to the Administrative Agent, for the pe...
Applicable Margins. The interest due hereunder with respect to the Advances shall vary from time to time and shall be determined by reference to the Type of Advance and the then-current Leverage Ratio. Any such change in the Applicable Margin shall be made on the fifth (5th) day subsequent to the date on which the Administrative Agent receives a compliance certificate pursuant to Section 6.1(iv) with respect to the preceding fiscal quarter of Borrower, provided that the Administrative Agent does not object to the information provided in such certificate. Such changes shall be given prospective effect only, and no recalculation shall be done with respect to interest or Letter of Credit Fees accrued prior to the date of such change in the Applicable Margin. If any such compliance certificate shall later be determined to be incorrect and as a result a higher Applicable Margin should have been in effect for any period, Borrower shall pay to the Administrative Agent for the benefit of the Lenders all additional interest and fees which would have accrued if the original compliance certificate had been correct, as shown on an invoice to be prepared by the Administrative Agent and delivered to Borrower, on the next Payment Date following delivery of such invoice. The per annum Applicable Margins that will be either added to the Floor Base Rate to determine the Base Rate or added to LIBOR Base Rate (as adjusted for any Reserve Requirement) to determine the LIBOR Rate for any LIBOR Interest Period shall be determined as follows: Base Rate Leverage Ratio LIBOR Applicable Margin Applicable Margin > 55% but ≤ 60% 4.25 % 0 > 50% but ≤ 55% 3.75 % 0 > 45% but ≤ 50% 3.25 % 0 ≤45% 3.00 % 0
Applicable Margins. The Applicable ABR Margin and Applicable LIBOR Margin for the Tranche B-9 Term Loans shall be as set forth below: Tranche B-9 Term Loans Applicable LIBOR Margin Applicable ABR Margin 2.00% 1.00%
Applicable Margins. The CBR Applicable Margin and the LIBOR Applicable Margin to be used in calculating the interest rate applicable to different types of Advances shall vary from time to time in accordance with the ratings for Borrower's or General Partner's long-term, senior unsecured debt as follows: No Rating Pricing Period in Effect: Consolidated Total Indebtedness as a Percentage LIBOR CBR of Implied Capitalization Value Applicable Margin Applicable Margin less than 25% 0.95%* 0 25% or over, but less than 30% 1.10%* 0.125% 30% or over, but less than 40% 1.10%** 0.25% 40% or over, but not more than 50% 1.35%* 0.375% * These levels of LIBOR Applicable Margin shall be increased by 0.10% on the earlier of (i) a date six (6) months after the Agreement Execution Date if the Rating Pricing Period has not commenced by such date or (ii) any date on which Borrower or General Partner has received ratings from both S&P and Moodx'x xxxer than BBB-/Baa3 or has been refused a rating by both S&P and Moodx'x xx has other reason to know that the Rating Pricing Period will not commence within such six (6) month period. ** This level of LIBOR Applicable Margin shall be increased by 0.20% on the earlier of (i) a date six (6) months after the Agreement Execution Date if the Rating Pricing Period has not commenced by such date or (ii) any date on which Borrower or General Partner has received ratings from both S&P and Moodx'x xxxer than BBB-/Baa3 or has been refused a rating by both S&P and Moodx'x xx has other reason to know that the Rating Pricing Period will not commence within such six (6) month period. Rating Pricing Period in Effect: LIBOR CBR Rating Level of Lower of Two Applicable Margin Applicable Margin Highest Ratings*** Facility Fee A-/A3 0.80% 0 0.15% BBB+/Baa1 0.90% 0 0.20% BBB/Baa2 1.00% 0 0.225% BBB-/Baa3 1.10% 0.10% 0.25% *** Rating levels established by reference to S&P and Moodx'x xxxings, respectively. At least one of S&P or Moodx'x xxxings must always be included in the two ratings used. Subject to the clauses shown as * and **, the Applicable Margins when no Rating Pricing Period is in effect will change only quarterly and upon delivery of a compliance certificate in the form of Exhibit H attached hereto, when the Borrower's Implied Capitalization Value is determined. When a Rating Pricing Period is in effect, all Applicable Margins and the Facility Fee shall change as and when the applicable rating level changes. In the event an agency issues different ratings for the B...
Applicable Margins. Based on the calculation of the Consolidated Adjusted Leverage Ratio set forth below, the undersigned [Chief Accounting Officer] [or] [Treasurer] of the Borrower, on behalf of the Borrower and with no personal liability, certifies that [Tier 1] [Tier 2] [Tier 3] [or] [Tier 4] of the Term Loan Pricing Grid and Revolving Loan Pricing Grid (for determination of the Applicable Margin and the Letter of Credit Fee Percentage) shall become effective as of the fifth Business Day following the date this Compliance Certificate is required to be delivered pursuant to Section 5.02(d)(i) of the Credit Agreement. The Consolidated Adjusted Leverage Ratio was calculated as follows:
Applicable Margins. The "APPLICABLE MARGIN" with respect to the Base Rate Option, the CD Rate Option and the Euro-Rate Option shall be determined in accordance with the pricing grid set forth in the definition of "Applicable Margin".
Applicable Margins. Each of the ABR Applicable Margin and the LIBOR Applicable Margin to be used in calculating the interest rate applicable to different Types of Borrowings and the Facility Fee Rate to be used in calculating the Facility Fee shall vary from time to time in accordance with the higher of Borrower’s then applicable Xxxxx’x debt rating and S&P’s debt rating unless one of such two ratings is more than one rating category lower than the other, in which case the Applicable Margins and the Facility Fee Rate shall be based on the rating category which is in between such two ratings (or if there is more than one rating category in between the two ratings, the higher rating category in between the two ratings shall apply). The Applicable Margins shall be adjusted effective on the next Business Day following any change in Borrower’s Xxxxx’x debt rating and/or S&P’s debt rating, as the case may be. The applicable debt ratings, the Applicable Margins and Facility Fee Rate are set forth in the following table: S&P Rating Xxxxx’x Rating LIBOR Applicable Margin ABR Applicable Margin Facility Fee Rate A- or higher A3 or higher 0.875 % 0 % 0.125 % BBB+ Baa1 0.925 % 0 % 0.15 % BBB Baa2 1.00 % 0 % 0.20 % BBB- Baa3 1.20 % 0.20 % 0.25 % Less than BBB- Less than Baa3 1.55 % 0.55 % 0.30 % In the event that either of S&P or Xxxxx’x shall discontinue their ratings of the REIT industry or the Borrower, the Borrower may seek a debt rating from another substitute rating agency reasonably satisfactory to the Administrative Agent and the Borrower. For the period from the date of such discontinuance until the date the Borrower receives a debt rating from such new rating agency, the single rating from S&P or Xxxxx’x, as the case may be, shall be used to determine the Applicable Margin and the Facility Fee Rate. If both S&P and Xxxxx’x shall discontinue their ratings of the REIT industry or the Borrower, the Applicable Margin to be used for the calculation of interest on Borrowings hereunder shall be the highest Applicable Margin for each Type and the Facility Fee to be used for the calculation of the Facility Fee shall be the highest rate shown above. If a rating agency downgrade or discontinuance results in an increase in the ABR Applicable Margin or the LIBOR Applicable Margin or in the Facility Fee Rate and if such increase is reversed and the affected Applicable Margin or Facility Fee Rate is restored within ninety (90) days thereafter, at Borrower’s request, Borrower shall receive a cre...
Applicable Margins. Initially, and continuing through the day immediately preceding the first Adjustment Date that occurs on or after the date that is six months after the Amendment Date, the applicable Base Rate Margin, LIBOR Margin and Fixed Rate Margin shall be 1.50%, 2.50% and 0.75% per annum, respectively. Commencing on such Adjustment Date, the applicable Base Rate Margin, LIBOR Margin and Fixed Rate Margin shall be for each Calculation Period the applicable per annum percentage set forth in the pricing table below opposite the applicable Leverage Ratio of Borrower; provided, that at the election of Requisite Lenders, effective upon the occurrence of an Event of Default pursuant to Subsection 6.1(A) or Subsection 6.1(C) with respect to failure to comply with a financial covenant in Section 4 and for so long as it continues the applicable Base Rate Margin, LIBOR Margin and Fixed Rate Margin shall be 1.50%, 2.50%, 0.75% per annum, respectively. TERM LOAN A, TERM LOAN B AND REVOLVING LOAN PRICING TABLE Leverage Ratio Base Rate Margin LIBOR Margin Fixed Rate Margin > 3.00:1 1.50 % 2.50 % 0.75 % > 2.00:1 < 3.00:1 1.25 % 2.25 % 0.50 % > 1.00:1 < 2.00:1 1.00 % 2.00 % 0.25 % < 1.00:1 0.75 % 1.75 % 0.00 %
Applicable Margins. Initially, and continuing through the day immediately preceding the first Adjustment Date, the applicable Base Rate Margin and LIBOR Margin shall be 0.75% and 1.75% per annum, respectively. Commencing on such Adjustment Date, the applicable Base Rate Margin and LIBOR Margin shall be for each Calculation Period the applicable per annum percentage set forth in the pricing table below opposite the applicable Leverage Ratio of Borrower; provided, that at the election of Requisite Lenders, effective upon the occurrence of an Event of Default pursuant to Subsection 6.1(A) or Subsection 6.1(C) with respect to failure to comply with a financial covenant in Section 4 and for so long as it continues the applicable Base Rate Margin and LIBOR Margin shall be 0.75% and 1.75% per annum, respectively. Second Amended and Restated Credit Agreement/SureWest Communications TERM LOAN A, TERM LOAN B AND REVOLVING LOAN PRICING TABLE Leverage Ratio Base Rate Margin LIBOR Margin ≥ 3.00:1 0.75% 1.75% ≥ 2.00:1 < 3.00:1 0.50% 1.50% ≥ 1.00:1< 2.00:1 0.25% 1.25% < 1.00:1 0.00% 1.00% ; provided, that with respect to Term Loan B outstanding on and after May 13, 2008, the applicable Base Rate Margin and LIBOR Margin shall be the Base Rate Margin and LIBOR Margin set forth in the pricing table above plus an additional 0.25%; provided, further, that unless the outstanding principal amount of the Term Loan B has been reduced to $30,000,000 or less from the proceeds of the Wireless Sale on or before May 31, 2008, then with respect to Term Loan B outstanding on and after such date the applicable Base Rate Margin and LIBOR Margin shall be the Base Rate Margin and LIBOR Margin set forth in the pricing table above plus an additional 3.00%; and provided, further, that if the outstanding principal amount of the Term Loan B has been reduced to $30,000,000 or less from the proceeds of the Wireless Sale on or before May 31, 2008, then with respect to Term Loan B outstanding on and after August 12, 2008, the applicable Base Rate Margin and LIBOR Margin shall be the Base Rate Margin and LIBOR Margin set forth in the pricing table above plus an additional 0.75%.