Default Margin. Notwithstanding the terms of Clause 12.3 (Margin Ratchet), no reduction in the Margin shall be effected whilst an Event of Default is continuing. On the occurrence of an Event of Default, the Margin shall immediately revert to 0.75% per annum. On the date upon which such Event of Default is remedied or waived by the Majority Lenders, the Margin shall be recalculated by the Facility Agent by reference to the ratio of Consolidated Total Net Debt to Consolidated Adjusted EBITDA set out in the most recent Compliance Certificate delivered to the Facility Agent.
Appears in 2 contracts
Sources: Senior Facilities Agreement (Sirona Dental Systems, Inc.), Senior Facilities Agreement (Sirona Dental Systems, Inc.)