Base Rate Margin. The definition of the term “Base Rate Margin” set forth in Section 1.1 of the Loan Agreement is hereby amended and restated in its entirety to read as follows:
Base Rate Margin. Subsection 3.6.1 Borrower Introductory Agreement paragraph Borrower Pension Plan Subsection 7.10.2 Borrowing Notice Section 8.2 CERCLA Section 1.46 Change in Law Subsection 3.2.2 CoBank Introductory Agreement paragraph COBRA Subsection 7.10.12 Collateral Section 6.1 Commitment Fee Subsection 3.5.1 Commitment Fee Factor Subsection 3.6.1 Commitment Letter Subsection 8.1.7 Contributing Syndication Parties Section 13.3 Conversion Amount Subsection 4.1.1 Conversion Date Subsections 4.1.1 Converted Loan Subsection 4.1.1 Credit Agreement Introductory Agreement paragraph Delinquency Interest Section 13.3 Delinquent Amount Section 13.3 Delinquent Syndication Party Section 13.3 Effective Date Introductory Agreement paragraph Embargoed Person Section 9.16 Environmental Regulations Section 1.60 Event of Default Section 14.1 Event of Syndication Default Subsection 13.28.1 Executive Order Subsection 7.26.1 Farm Credit Law Section 12.4 Fee Letter Subsection 8.1.7 Funding Losses Section 4.8 Funding Loss Notice Section 4.8 Funding Notice Section 8.2 Indemnified Agency Parties Section 13.17 Indemnified Parties Section 11.1 Intercreditor Agreement Section 1.90 IRS Subsection 7.10.2 LIBO Rate Loan Subsection 3.1.2 LIBO Rate Period Subsection 3.1.2 LIBO Request Subsection 3.1.2 LIBOR Margin Subsection 3.6.1 Licensing Laws Section 7.4 Mandatory Prepayments Section 4.4 Margin Report Deadline Subsection 3.6.2 Margins Subsection 3.6.1 Mortgage Section 9.14 OFAC Section 9.16 Original Effective Date Recital A Other Lists Section 9.16 Payment Account Section 13.8 Payment Distribution Section 13.8 Permitted Encumbrances Section 10.3 Pilgrim Ltd Section 6.2 Pilgrim Guaranty Section 6.2 Pricing Level Subsection 3.6.1 Pro Rata Amount Section 4.4 RCRA Section 1.46 Reallocation Section 13.31 Reduction Section 13.31 Regulatory Change Subsection 14.12 Required Licenses Section 7.9 Revolving Note(s) Section 2.2 Scheduled Payments Subsection 4.1.2 Scheduled Payment Amount Subsection 4.1.2 SDN List Section 9.16 Shut Down Section 9.15 15 Successor Agent Section 13.20 Syndication Acquisition Agreement Section 13.25 Syndication Interest Section 13.1 Syndication Party Advance Date Section 13.2 Transfer Section 13.25 2000 Credit Agreement Recital A Voluntary Prepayments Section 4.3 Voting Participant Section 13.26 Voting Participant Notification Section 13.26 Wire Instructions Section 13.27
Base Rate Margin. The definition of “Base Rate Margin” is hereby deleted in its entirety, and the following is hereby substituted therefor:
Base Rate Margin. (i) for each Loan which is a Base Rate Loan and is outstanding during the period beginning on December 1, 2004, and ending on the Initial Interest Rate Adjustment Date, 0.00% per annum; and (ii) thereafter for each Loan which is a Base Rate Loan outstanding during the period beginning on an Interest Rate Adjustment Date and ending on the day preceding the subsequent Interest Rate Adjustment Date, the applicable percent per annum set forth in the pricing table below opposite the ratio of (a) the aggregate principal amount of all Money Borrowed outstanding on the calculation date of the applicable Quarterly Compliance Certificate to (b) the EBITDA calculated for the trailing twelve calendar month period ending on the calculation date of the applicable Quarterly Compliance Certificate.
Base Rate Margin. 2 1.17 BDGCFR......................................................................2 1.18 Borrower Benefit Plan.......................................................2 1.19
Base Rate Margin. The "Base Rate Margin" (expressed in terms of basis points) shall at any time be determined by: (a) adding the dollar amount of Base Rate Numerator for each Underlying Term Loan Borrower as of any Calculation Date and (b) dividing the sum thereof by the sum of the dollar amount of outstanding principal balance owing by all such Underlying Term Loan Borrowers under Underlying Term Loans as of such Calculation Date. The "Base Rate Numerator" for any Underlying Term Loan Borrower shall be determined by multiplying the Base Rate Factor by the dollar amount of the entire principal balance owed (without regard to which interest option(s) is applicable to such balance) by such Underlying Term Loan Borrower under its Underlying Term Loan as of the Calculation Date.
Base Rate Margin. The Base Rate Margin shall be equal to one percent (1%), except that during such time as Borrower maintains certain financial ratios, the Base Rate Margin may be lower as follows: If Borrower's Tangible Net Worth is greater than $10,000,000 AND Borrower's ratio of Debt to Tangible Net Worth is less than or equal to 1 to 1, then the Base Rate Margin shall be 0%. If Borrower's Tangible Net Worth is greater than $9,500,000 AND Borrower's ratio of Debt to Tangible Net Worth is less than or equal to 1.25 to 1, then the Base Rate Margin shall be .25%. If Borrower's Tangible Net Worth is greater than $9,000,000 AND Borrower's ratio of Debt to Tangible Net Worth is less than or equal to 1.5 to 1, then the Base Rate Margin shall be .5%. If Borrower's Tangible Net Worth is greater than $9,000,000 AND Borrower's ratio of Debt to Tangible Net Worth is less than or equal to 1.75 to 1, then the Base Rate Margin shall be .75%. If any of the criteria set forth above are not met for a particular interest rate, then the Base Rate Margin shall be the next highest rate for which both criteria have been met by Borrower.
Base Rate Margin negative 50 basis points.
Base Rate Margin zero basis points.
Base Rate Margin. Effective upon satisfaction of the conditions set forth in Section 4 of this Amendment, notwithstanding any applicable Pricing Level with respect to any Pricing Period, the Base Rate Margin with respect to all Revolving Loans shall be 2%.
