Common use of Performance Pricing Clause in Contracts

Performance Pricing. The margin applicable to the Prime Rate (the “Prime Rate Margin”) and the margin applicable to the LIBOR Rate (the “LIBOR Rate Margin”) shall be adjusted quarterly and shall he applied on and after the first day of each such fiscal quarter as follows: for any fiscal quarter, as of the first day of each such fiscal quarter: (i) if the Borrower’s EBITDA minus Capital Expenditures for the immediately preceding fiscal quarter is less than Five Million Dollars ($5,000,000), then the Prime Rate Margin for such fiscal quarter shall be 1.50% and the LIBOR Rate Margin for such fiscal quarter shall be 3.75%, and (ii) if the Borrower’s EBITDA minus Capital Expenditures for the immediately preceding fiscal quarter is greater than or equal to Five Million Dollars ($5,000,000), then the Prime Rate Margin for such fiscal quarter shall be 1.00% and the LIBOR Rate Margin for such fiscal quarter shall be 3.25%. Performance Pricing in effect as of January 1, 2009 will be in accordance with clause (i) hereof.” V. The Loan Modification Agreement shall be amended by deleting the following, appearing in Section 2.5(d) thereof, in its entirety:

Appears in 1 contract

Sources: Loan Modification Agreement (Ibasis Inc)

Performance Pricing. The margin applicable to the Prime Rate (the “Prime the“Prime Rate Margin”) and the margin applicable to the LIBOR Rate (the “LIBOR the“LIBOR Rate Margin”) shall be adjusted quarterly and shall he be applied on and after the first day of each such fiscal quarter as follows: for any fiscal quarter, as of the first day of each such fiscal quarter: (i) if the Borrower’s EBITDA minus Capital Expenditures for the immediately preceding fiscal quarter is less than Five Million Dollars ($5,000,000), then the Prime Rate Margin for such fiscal quarter shall be 1.50% and the LIBOR Rate Margin for such fiscal quarter shall be 3.75%, and (ii) if the Borrower’s EBITDA minus Capital Expenditures for the immediately preceding fiscal quarter is greater than or equal to Five Million Dollars ($5,000,000), then the Prime Rate Margin for such fiscal quarter shall be 1.00% and the LIBOR Rate Margin for such fiscal quarter shall be 3.25%. Performance Pricing in effect as of January 1, 2009 will be in accordance with clause (i) hereof.” V. The Loan Modification Agreement shall be amended by deleting ” and inserting in lieu thereof the following, appearing in Section 2.5(d) thereof, in its entirety:

Appears in 1 contract

Sources: Loan Modification Agreement (Ibasis Inc)

Performance Pricing. The margin applicable to the Prime Rate (the “Prime Rate Margin”) and the margin applicable to the LIBOR Rate (the “LIBOR Rate Margin”) shall be adjusted quarterly and shall he be applied on and after the first day of each such fiscal quarter as follows: for any fiscal quarter, as of the first day of each such fiscal quarter: (i) if the Borrower’s EBITDA minus Capital Expenditures for the immediately preceding fiscal quarter is less than Five Six Million Dollars ($5,000,0006,000,000), then the Prime Rate Margin for such fiscal quarter shall be 1.50% and the LIBOR Rate Margin for such fiscal quarter shall be 3.75%, and (ii) if the Borrower’s EBITDA minus Capital Expenditures for the immediately preceding fiscal quarter is greater than or equal to Five Six Million Dollars ($5,000,0006,000,000), then the Prime Rate Margin for such fiscal quarter shall be 1.00% and the LIBOR Rate Margin for such fiscal quarter shall be 3.25%. Performance Pricing in effect as of January 1, 2009 will be in accordance with clause (i) hereof.” V. The Loan Modification Agreement shall be amended by deleting the following, appearing in Section 2.5(d) thereof, in its entirety:

Appears in 1 contract

Sources: Loan Modification Agreement (Ibasis Inc)