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 credit against interest next due the Lenders equal to (i) interest accrued at the differential between such Applicable Margins plus (ii) the differential in the Facility Fees accruing from time to time during such period of downgrade or discontinuance. If a rating agency upgrade results in decrease in the ABR Applicable Margin or the LIBOR Applicable Margin or in the Facility Fee Rate and if such upgrade is reversed and the affected Applicable Margin or Facility Fee Rate is restored within ninety (90) days thereafter, Borrower shall be required to pay an amount to the Lenders equal to the interest differential on the Borrowings and the differential on the Facility Fees during such period of upgrade.
Appears in 1 contract
Samples: Credit Agreement (DDR Corp)
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: LIBOR ABR Applicable Applicable Facility S&P Rating Xxxxx’x Rating LIBOR Applicable Margin ABR Applicable Margin Facility Fee Rate A- BBB+ or higher A3 Baa1 or higher 0.825 2.10 % 0 1.10 % 0.125 % BBB+ Baa1 0.875 % 0 % 0.15 0.40 % BBB Baa2 1.00 2.30 % 0 1.30 % 0.20 0.45 % BBB- Baa3 1.20 2.75 % 0.20 1.75 % 0.25 0.50 % Less than BBB- Less than Baa3 1.55 3.00 % 0.55 2.00 % 0.30 0.60 % 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 credit against interest next due the Lenders equal to (i) interest accrued at the differential between such Applicable Margins plus (ii) the differential in the Facility Fees accruing from time to time during such period of downgrade or discontinuance. If a rating agency upgrade results in decrease in the ABR Applicable Margin or the LIBOR Applicable Margin or in the Facility Fee Rate and if such upgrade is reversed and the affected Applicable Margin or Facility Fee Rate is restored within ninety (90) days thereafter, Borrower shall be required to pay an amount to the Lenders equal to the interest differential on the Borrowings and the differential on the Facility Fees during such period of upgrade.
Appears in 1 contract
Samples: Credit Agreement (Developers Diversified Realty Corp)
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 Mxxxx’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 of such categories shall apply). The Applicable Margins shall be adjusted effective on the next Business Day following any change in Borrower’s Xxxxx’x Mxxxx’x debt rating and/or S&P’s debt rating, as the case may be. The applicable debt ratings, ratings and the Applicable Margins and Facility Fee Rate are set forth in the following table: LIBOR ABR Applicable Applicable S&P Rating Xxxxx’x Mxxxx’x Rating LIBOR Applicable Margin ABR Applicable Margin Facility Fee Rate A- or higher A3 or higher 0.825 0.60 % 0 % 0.125 0.15 % BBB+ Baa1 0.875 % 0 0.75 % 0.15 % BBB Baa2 1.00 0.85 % 0 % 0.20 0.175 % BBB- Baa3 1.20 1.00 % 0.20 % 0.25 % Less than BBB- Less than Baa3 1.55 1.40 % 0.55 % 0.30 0.50 % In the event that either of S&P or Xxxxx’x Mxxxx’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 first to occur of (i) the date the Borrower receives a debt rating from such new rating agencyagency or (ii) a date 180 days after such discontinuance, the single rating from S&P or Xxxxx’xMxxxx’x, as the case may be, shall be used to determine the Applicable Margin and the Facility Fee RateMargin. If the debt rating of the Borrower from such new rating agency is not received within such 180 day period, or if both S&P and Xxxxx’x Mxxxx’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 aboveType. 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 credit against interest next due the Lenders equal to (i) interest accrued at the differential between such Applicable Margins plus (ii) the differential in the Facility Fees accruing from time to time during such period of downgrade or discontinuance. If a rating agency upgrade results in decrease in the ABR Applicable Margin or the LIBOR Applicable Margin or in the Facility Fee Rate and if such upgrade is reversed and the affected Applicable Margin or Facility Fee Rate is restored within ninety (90) days thereafter, Borrower shall be required to pay an amount to the Lenders equal to the interest differential on the Borrowings and the differential on the Facility Fees during such period of upgrade.
Appears in 1 contract
Samples: Secured Term Loan Agreement (Developers Diversified Realty Corp)
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 rating, 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 Fitch 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 or Fitch Rating Xxxxx’x Rating LIBOR Applicable Margin ABR Applicable Margin Facility Fee Rate A- or higher A3 or higher 0.825 0.775 % 0 % 0.125 % BBB+ Baa1 0.875 0.825 % 0 % 0.15 % BBB Baa2 1.00 0.90 % 0 % 0.20 % BBB- Baa3 1.20 1.10 % 0.20 0.10 % 0.25 % Less than BBB- Less than Baa3 1.55 1.45 % 0.55 0.45 % 0.30 % In the event that either of S&P or Xxxxx’x shall discontinue their ratings of the REIT industry or the Borrower, If at any time the Borrower may seek a has two (2) applicable 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 agencyratings, 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 Rate shall be the rate per annum applicable to the highest applicable debt rating; provided that if the highest applicable debt rating and Xxxxx’x shall discontinue their the lowest applicable debt rating are more than one ratings of the REIT industry or the Borrowercategory apart, the Applicable Margin to be used for the calculation of interest on Borrowings hereunder and Facility Fee Rate shall be the rate per annum applicable to applicable debt rating that is one ratings category below the highest applicable debt rating. If at any time the Borrower has three (3) applicable debt ratings, and such applicable debt ratings are split, then: (A) if the difference between the highest and the lowest such applicable debt ratings is one ratings category (e.g. Baa2 by Xxxxx’x and BBB- by S&P or Fitch), the Applicable Margin for each Type and the Facility Fee to be used for the calculation of the Facility Fee Rate shall be the rate per annum that would be applicable if the highest of the applicable debt ratings were used; and (B) if the difference between such applicable debt ratings is two ratings categories (e.g. Baa1 by Xxxxx’x and BBB- by S&P or Fitch) or more, the Applicable Margin and Facility Fee Rate shall be the rate shown per annum that would be applicable if the average of the two (2) highest applicable debt ratings were used, provided that if such average is not a recognized rating category, then the Applicable Margin and Facility Fee Rate shall be the rate per annum that would be applicable if the second highest applicable debt rating of the three were used. If at any time the Borrower has only one applicable debt rating (and such debt rating is from Xxxxx’x or S&P), the Applicable Margin and Facility Fee Rate shall be the rate per annum applicable to such applicable debt rating. If the Borrower neither has an applicable debt rating from Xxxxx’x nor S&P, the Applicable Margin and Facility Fee Rate shall be the rate per annum applicable to an applicable debt rating of “Less than BBB-/Less than Baa3” in the table 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 credit against interest next due the Lenders equal to (i) interest accrued at the differential between such Applicable Margins plus (ii) the differential in the Facility Fees accruing from time to time during such period of downgrade or discontinuance. If a rating agency upgrade results in decrease in the ABR Applicable Margin or the LIBOR Applicable Margin or in the Facility Fee Rate and if such upgrade is reversed and the affected Applicable Margin or Facility Fee Rate is restored within ninety (90) days thereafter, Borrower shall be required to pay an amount to the Lenders equal to the interest differential on the Borrowings and the differential on the Facility Fees during such period of upgrade.
Appears in 1 contract
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 Advances 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 Mxxxx’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 average of the two different Applicable Margins and the average of the two different Facility Fee Rate Rates 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)used. The Applicable Margins shall be adjusted effective on the next Business Day following any change in Borrower’s Xxxxx’x Mxxxx’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: LIBOR ABR Applicable Applicable Facility S&P Rating Xxxxx’x Mxxxx’x Rating LIBOR Applicable Margin ABR Applicable Margin Facility Fee Rate A- or higher A3 or higher 0.825 0.45% 0 0.00% 0.125 0.15% BBB+ Baa1 0.875 0.60% 0 0.00% 0.15 0.15% BBB Baa2 1.00 0.675% 0 0.00% 0.20 0.175% BBB- Baa3 1.20 0.80% 0.20 0.00% 0.25 0.20% Less than BBB- Less than Baa3 1.55 1.15% 0.55 0.25% 0.30 0.25% In the event that either of S&P or Xxxxx’x Mxxxx’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 first to occur of (i) the date the Borrower receives a debt rating from such new rating agencyagency or (ii) a date 180 days after such discontinuance, the single rating from S&P or Xxxxx’xMxxxx’x, as the case may be, shall be used to determine the Applicable Margin and the Facility Fee Rate. If the debt rating of the Borrower from such new rating agency is not received within such 180 day period, or if both S&P and Xxxxx’x Mxxxx’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 Advances 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 credit against interest next due the Lenders equal to (i) interest accrued at the differential between such Applicable Margins plus (ii) the differential in the Facility Fees accruing from time to time during such period of downgrade or discontinuance. If a rating agency upgrade results in decrease in the ABR Applicable Margin or the LIBOR Applicable Margin or in the Facility Fee Rate and if such upgrade is reversed and the affected Applicable Margin or Facility Fee Rate is restored within ninety (90) days thereafter, Borrower shall be required to pay an amount to the Lenders equal to the interest differential on the Borrowings Advances and the differential on the Facility Fees during such period of upgrade.
Appears in 1 contract
Samples: Credit Agreement (Developers Diversified Realty Corp)
Applicable Margins. Each of the ABR Applicable Margin, the Term Benchmark Applicable Margin and the LIBOR RFR 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 rating, 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 Fitch 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 or Fitch Rating Xxxxx’x Rating LIBOR Term Benchmark Applicable Margin/ RFR Applicable Margin ABR Applicable Margin Facility Fee Rate A- or higher A3 or higher 0.825 0.725 % 0 % 0.125 % BBB+ Baa1 0.875 0.775 % 0 % 0.15 % BBB Baa2 1.00 0.85 % 0 % 0.20 % BBB- Baa3 1.20 1.05 % 0.20 0.05 % 0.25 % Less than BBB- Less than Baa3 1.55 1.40 % 0.55 0.40 % 0.30 % In the event that either of S&P or Xxxxx’x shall discontinue their ratings of the REIT industry or the Borrower, If at any time the Borrower may seek a has two (2) applicable 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 agencyratings, 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 Rate shall be the rate per annum applicable to the highest applicable debt rating; provided that if the highest applicable debt rating and Xxxxx’x shall discontinue their the lowest applicable debt rating are more than one ratings of the REIT industry or the Borrowercategory apart, the Applicable Margin to be used for the calculation of interest on Borrowings hereunder and Facility Fee Rate shall be the rate per annum applicable to applicable debt rating that is one ratings category below the highest applicable debt rating. If at any time the Borrower has three (3) applicable debt ratings, and such applicable debt ratings are split, then: (A) if the difference between the highest and the lowest such applicable debt ratings is one ratings category (e.g. Baa2 by Xxxxx’x and BBB- by S&P or Fitch), the Applicable Margin for each Type and the Facility Fee to be used for the calculation of the Facility Fee Rate shall be the rate per annum that would be applicable if the highest of the applicable debt ratings were used; and (B) if the difference between such applicable debt ratings is two (2) ratings categories (e.g. Baa1 by Xxxxx’x and BBB- by S&P or Fitch) or more, the Applicable Margin and Facility Fee Rate shall be the rate shown per annum that would be applicable if the average of the two (2) highest applicable debt ratings were used, provided that if such average is not a recognized rating category, then the Applicable Margin and Facility Fee Rate shall be the rate per annum that would be applicable if the second highest applicable debt rating of the three were used. If at any time the Borrower has only one applicable debt rating (and such debt rating is from Xxxxx’x or S&P), the Applicable Margin and Facility Fee Rate shall be the rate per annum applicable to such applicable debt rating. If the Borrower neither has an applicable debt rating from Xxxxx’x nor S&P, the Applicable Margin and Facility Fee Rate shall be the rate per annum applicable to an applicable debt rating of “Less than BBB-/Less than Baa3” in the table 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 credit against interest next due the Lenders equal to (i) interest accrued at the differential between such Applicable Margins plus (ii) the differential in the Facility Fees accruing from time to time during such period of downgrade or discontinuance. If a rating agency upgrade results in decrease in the ABR Applicable Margin or the LIBOR Applicable Margin or in the Facility Fee Rate and if such upgrade is reversed and the affected Applicable Margin or Facility Fee Rate is restored within ninety (90) days thereafter, Borrower shall be required to pay an amount to the Lenders equal to the interest differential on the Borrowings and the differential on the Facility Fees during such period of upgrade. During any applicable Sustainability Adjustment Period, the Applicable Margin set forth in the above table for any Borrowing shall be decreased by the Applicable Sustainability Adjustment (if any) in effect during such Sustainability Adjustment Period (to be applied as set forth in the definition of “Applicable Sustainability Adjustment”); provided that in no event shall the Applicable Margin be less than zero.
Appears in 1 contract
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 0.875 % 0 % 0.125 % BBB+ Baa1 0.875 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 credit against interest next due the Lenders equal to (i) interest accrued at the differential between such Applicable Margins plus (ii) the differential in the Facility Fees accruing from time to time during such period of downgrade or discontinuance. If a rating agency upgrade results in decrease in the ABR Applicable Margin or the LIBOR Applicable Margin or in the Facility Fee Rate and if such upgrade is reversed and the affected Applicable Margin or Facility Fee Rate is restored within ninety (90) days thereafter, Borrower shall be required to pay an amount to the Lenders equal to the interest differential on the Borrowings and the differential on the Facility Fees during such period of upgrade.
Appears in 1 contract
Samples: Credit Agreement (DDR Corp)
