MARGIN RATCHET. (a) The initial Margin is the percentage rate per annum specified as such in the Reference Rate Terms.
MARGIN RATCHET. 7.6.1 The Agent and the Lenders agree with the Borrowers that the level of the Applicable Margin will be periodically reviewed by the Agent. The Agent agrees that (A) the first such review shall take place on the date upon which the Agent receives all of the signed, audited, consolidated Financial Statements of every Group Company for the Financial Year ended 31 December 2003 required to be delivered pursuant to clause 15.1 and (B) the second such review shall take place on the date upon which the Agent receives all of the signed, audited, consolidated Financial Statements of every Group Company for the Financial Year ended 31 December 2004, required to be delivered pursuant to clause 15.1 (each such date being, a "REVIEW DATE"). Each Borrower acknowledges and agrees that notwithstanding any extension(s) of the Termination Date which may be agreed to pursuant to clause 9.5, the Agent will not review the Applicable Margin and the Applicable Margin may not be reduced on more than two occasions. The Agent and the Lenders agree with Ideal and each other Borrower that, provided that the conditions set out in clause 7.6.2 are satisfied on the relevant Review Date, the Applicable Margin shall be adjusted in accordance with this clause 7.6 with effect from the date determined in accordance with clause 7.6.5.
MARGIN RATCHET. The Margin shall:
MARGIN RATCHET. (a) Subject to paragraph (b) below and Clause 12.4 (Default Margin), if the ratio of Consolidated Total Net Debt to Consolidated Adjusted EBITDA in respect of the most recent Relevant Period (as defined in Clause 24 (Financial Covenants)) falls within one of the ranges set out in column 1 of the margin grid table set out below then the Margin in respect of Facility A1, Facility A2 and the Revolving Facility shall be the percentage per annum set opposite the range into which that Relevant Ratio falls.
MARGIN RATCHET. 5.3.1 Subject to sub-clause 5.3.3 below, if the Total Debt Leverage Ratio as defined in Schedule 5 (FINANCIAL CONDITION) in respect of the most recent Relevant Period ending on or after the date falling 12 months after the date hereof is within the range set out in column 1 of the margin grid table set out below, then the Applicable A1 Margin, the Applicable A2 Margin and the Applicable Revolving Margin shall be the percentage per annum set out opposite such range in column 2, 3 and 4. MARGIN GRID TABLE COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 TOTAL DEBT LEVERAGE RATIO APPLICABLE A1 APPLICABLE A2 APPLICABLE MARGIN MARGIN REVOLVING MARGIN % % % Greater than or equal to 2.25 2.25 2.25 3.5 Greater than or equal to 2.0 2.0 2.0 3.0 but less than 3.5 Greater than or equal to 1.75 1.75 1.75 2.5 but less than 3.0 Less than 2.5 1.5 1.5 1.5
MARGIN RATCHET. 6.2.1 In respect of each Financial Year of Dynea beginning after 31 December 2001, the Margin in relation to the Term A Loan Facility and the Revolving Credit Facility shall reduce or increase in accordance with the other provisions of this Clause 6.2, PROVIDED THAT the Margin in relation to the Term A Loan Facility and the Revolving Credit Facility shall at no time be greater than 2.00 per cent. per annum or less than 1.25 per cent. per annum.
MARGIN RATCHET. The Interest Margin for Tranches A and A1 and the RCF shall be subject to the following margin ratchet based upon the Leverage Ratio: Leverage Ratio Margin Less than 3.00 : 1 1.000 % Greater than or equal to 3.00 : 1 but less than 3.40 : 1 1.125 % Greater than or equal to 3.40 : 1 but less than 3.80 : 1 1.250 % Greater than or equal to 3.80 : 1 but less than 4.20 : 1 1.375 % Greater than or equal to 4.20 : 1 but less than 4.50 : 1 1.500 % Greater than or equal to 4.50 : 1 but less than 4.80 : 1 1.625 % Greater than or equal to 4.80 : 1 but less than 5.00 : 1 1.875 % Greater than or equal to 5.00 2.000 % There will be no time period restrictions (other than the first quarter after Closing) for adjustments in the Margin Ratchet and no limitations on the number of step-downs in the Margin Ratchet that can apply in any quarter. Upon an Event of Default which is continuing, the Interest Margin for each of the RCF and Tranches A and A1 shall immediately revert to 2.00% per annum until such time that the Event of Default has been remedied or waived. Commitment Fee: Commitment fee which is the lower of 50% of the RCF Interest Margin or 0.75% per annum of the aggregate undrawn portion of the RCF, payable from the Merger Closing Date from day to day during the availability period of the RCF, payable from the date of first drawdown under Tranche A of the Senior Facilities Agreement from day to day during the availability period of the RCF, (such fee being due and payable in arrear on the last day of each successive period of three months which ends during such period).
MARGIN RATCHET. (a) The “Margin” will be based upon the ratings of the Facility or, if the Facility is not rated, upon the rating of the Existing Bonds and will be calculated in accordance with Clauses 8.3(b) and (c) (Margin ratchet).
MARGIN RATCHET. 11.3.1 Subject to sub-clauses 11.3.2 to 11.3.5, if the ratio of Total Net Debt to EBITDA (as defined in Clause 23 (FINANCIAL COVENANTS) (in this Clause 11, the "RELEVANT RATIO") in respect of the most recent Relevant Period falls within one of the ranges specified in column 1 of the margin grid table set out below then the Applicable Margin in respect of the Facilities shall be the percentage per annum set opposite the range into which that Relevant Ratio falls.
MARGIN RATCHET. 7.2.1 In respect of each Quarter beginning after 31st December 1999, the Margin shall reduce or increase in accordance with the other provisions of this Clause 7.2, provided that the Margin shall at no time be greater than 2.00 per cent. per annum or less than 1.25 per cent. per annum.
