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 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. On the Closing Date, the Applicable Margin shall be determined using Tier I of the performance grid below until June 30, 1998. Thereafter, the Base Rate Applicable Margin and LIBOR Applicable Margin shall be adjusted on the first day of each calendar quarter, beginning July 1, 1998, and on each October 1, January 1, April 1, and July 1, thereafter, based on the ratio of Consolidated Funded Debt plus Indebtedness for Borrowed Money arising under the Agreement for Inventory Financing and the Agreement for Wholesale Financing as of the end of the quarter ending on March 31, 1998, and on each June 30, September 30, December 31, and March 31, thereafter, to Consolidated EBITDA for the most recent preceding four (4) fiscal quarters, including the fiscal quarter ending on the date of determination. To the extent that, as of an adjustment date, Borrower has not provided to Agent information necessary to apply the performance grid, interest shall be payable retroactively upon receipt of such information and calculation by Agent. In such event, Borrower shall continue to pay interest at the interest rate and on the Payment Dates in effect for the preceding quarter and the parties shall adjust for the difference between interest payable and interest actually paid, when information to apply the performance grid is available. ========================================================================================== Tier Consolidated Funded Debt LIBOR + Base Facility Fee plus Indebtedness for Rate Borrowed Money arising under the Agreement for Inventory Financing and the Agreement for Wholesale Financing/EBITDA ------------------------------------------------------------------------------------------ Tier I Greater than 3.50x 112.5 bps* 0 bps 37.5 ------------------------------------------------------------------------------------------ Tier II Less than or equal to 3.50x 100.0 bps 0 bps 37.5 but greater than 3.25x ------------------------------------------------------------------------------------------ Tier III Less than or equal to 3.25x 87.5 bps 0 bps 37.5 but greater than 3.00x ------------------------------------------------------------------------------------------ Tier IV Less than or equal to 3.00x 75 bps 0 bps 37.5 but greater than 2.75x ------------------------------------------------------------------------------------------ Tier V. Less than or equal to 2.75x 62.5 bps 0 bps 37.5 but greater than 2.50x --------------------------------------------------------...
Applicable Margins. Initially, and continuing through the day immediately preceding the first Adjustment Date occurring on or after [DATE SIX MONTHS AFTER CLOSING DATE], 2003, on which Borrower demonstrates that a change in the Base Rate Margin and the LIBOR Margin is warranted and requests such change in writing, (i) the applicable Base Rate Margin and LIBOR Margin shall be 2.750% and 3.750% per annum, respectively, for the Revolving Loans and the Term A Loan and (ii) 3.0% and 4.0% per annum, respectively, for the Term B Loan. 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 tables below opposite the Total Leverage Ratio of Borrower, ona consolidated basis for Borrower and its Subsidiaries; provided, that effective (a) upon the occurrence of an Event of Default and until such Event of Default is cured or waived or (b) in the event that Administrative Agent shall not receive the financial statements and compliance certificate required pursuant to Subsections 4.6(A), 4.6(B) and 4.6(C) when due, from such due date and until the fifth (5th) Business Day following Administrative Agent’s receipt of such overdue financial statements and compliance certificate (and in the event a decrease in the applicable margin is then warranted, receipt of the Borrower’s written request to decrease such margin), the applicable Base Rate Margin and LIBOR Rate Margin shall be 2.750% and 3.750% per annum, respectively, for the Revolving Loans and the Term A Loan and 3.0% and 4.0% per annum, respectively, for the Term B Loan. PRICING TABLE Revolving Loans and Term A Loan Total Leverage Ratio Base Rate Margin LIBOR Margin 4.50:1.0 2.750% 3.750% 4.0:1.0 < 4.50:1.0 2.50% 3.50% 3.50:1.0 < 4.0:1.0 2.250% 3.250% < 3.50:1.0 2.0% 3.0% Term B Loan Total Leverage Ratio Base Rate LIBOR Margin Margin 4.50:1.0 3.0% 4.0% 4.0:1.0 < 4.50:1.0 2.750% 3.750% 3.50:1.0 < 4.00:1.0 2.50% 3.50% < 3.50:1.0 2.250% 3.250%
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. 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 0.825 % 0 % 0.125 % BBB+ Baa1 0.875 % 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. The Prime 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: Rating Period: LIBOR Prime Rating Level of Lower of Two Applicable Applicable Highest Ratings* Margin Facility Fee Margin A-/A3 0.475% 0.125% 0 % BBB+/Baa1 0.55% 0.15% 0 % BBB/Baa2 0.625% 0.175% 0 % BBB-/Baa3 0.80% 0.20% 0 % Below BBB- or Baa3 1.15% 0.25% 0.15 % * The letter categories used above are established by reference to S&P and Mxxxx’x categories, respectively. At least one of S&P or Mxxxx’x ratings must always be included in the two ratings used. All margins and fees change as and when the applicable rating level changes. In the event an agency issues different ratings for the Borrower and the General Partner, then the higher rating of the two entities shall be deemed to be the rating from such agency.
Applicable Margins. (a) The Base Rate Applicable Margin and the LIBOR Applicable Margin to be used in calculating the interest rate applicable to different Types of Borrowings, shall vary from time to time in accordance with the Consolidated Leverage Ratio as follows: Consolidated Leverage Ratio LIBOR Applicable Margin Base Rate Applicable Margin Less than 40% 1.70 % 1.70 % 40% or greater but less than 45% 1.75 % 1.75 % 45% or greater but less than 50% 1.90 % 1.90 % 50% or greater but less than 55% 2.05 % 2.05 % 55% or greater 2.30 % 2.30 % The LIBOR Applicable Margin and Base Rate Applicable Margin shall be determined by the Administrative Agent from time to time, based on the Consolidated Leverage Ratio as set forth in the compliance certificate most recently delivered by the Borrower pursuant to Section 8.2(iv). Any adjustment to the LIBOR Applicable Margin and Base Rate Applicable Margin shall be effective as of the first day of the calendar month immediately following the month during which the Borrower delivers to the Administrative Agent the applicable compliance certificate pursuant to Section 8.2(iv). If the Borrower fails to deliver a compliance certificate in accordance with Section 8.2(iv), the LIBOR Applicable Margin and the Base Rate Applicable Margin shall equal the percentages corresponding to a Consolidated Leverage Ratio of 55% or greater until the first day of the calendar month immediately following the month that the required compliance certificate is delivered. Notwithstanding the foregoing, for the period from the Agreement Execution Date through but excluding the date on which the Administrative Agent first determines the LIBOR Applicable Margin and the Base Rate Applicable Margin as set forth above, the LIBOR Applicable Margin and the Base Rate Applicable Margin shall be determined based on a Consolidated Leverage Ratio of “40% or greater but less than 45%”. Thereafter, such LIBOR Applicable Margin and Base Rate Applicable Margin shall be adjusted from time to time as set forth in this definition. It is understood and agreed that each change in pricing level shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. The parties understand that the applicable interest rate for the Obligations and certain fees set forth herein may be determined and/or adjusted from time to time based upon certain financial ratios and/or other information to be pro...
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 ABR Margin and Applicable LIBOR Margin for the Tranche B-4 Term Loans shall be as set forth below: Tranche B-4 Term Loans LIBOR Margin ABR Loans 2.75 % 1.75 %
