ABR Spread definition
ABR Spread or "Commitment Fee Rate" as the case may be, based upon the Leverage Ratio for the Rolling Period ending on the most recent Quarterly Date with respect to which the Administrative Agent shall have received the financial statements and other information (the "Current Information") required to be delivered to the Administrative Agent pursuant to Section 6.01(a) or Section 6.01(b) and the compliance certificate required to be delivered pursuant to Section 6.01(c) in respect of such financial statements: Fixed Rate Commitment Fee Leverage Ratio Spread ABR Spread Rate ------------------------------------- ---------- ---------- --------------- Less than 1.00 to 1.00 0.750% 0.000% 0.150% Greater than or equal to 1.00 to 1.00 0.875% 0.000% 0.175% but less than 1.50 to 1.00 Greater than or equal to 1.50 to 1.00 1.000% 0.000% 0.200% but less than 2.25 to 1.00 Greater than or equal to 2.25 to 1.00 1.250% 0.250% 0.250% but less than 3.00 to 1.00 Greater than or equal to 3.00 to 1.00 1.500% 0.500% 0.300% Each change in the Applicable Rate based on a change in the Current Information shall become effective on the date on which Current Information is delivered to the Lenders pursuant to Section 6.01 (but in any event not later than the 45th day after the end of each of the first three quarterly periods of each Fiscal Year or the 90th day after the end of each Fiscal Year, as the case may be) and shall remain in effect until the next change to be effected pursuant to this paragraph. If any Current Information is not delivered within the time periods specified in Section 6.01, then, until such Current Information is delivered, the Leverage Ratio as of the end of the Rolling Period that would have been covered thereby shall, for the purposes of this definition, be deemed to be greater than or equal to 3.00 to 1.00. Furthermore, and notwithstanding any other provision to the contrary, for the period from the Effective Date until the date on which the Current Information for the Rolling Period ending March 31, 2005 is delivered to the Lenders, the Leverage Ratio as at the end of each Rolling Period during such period shall, for the purposes of this definition, be deemed to be greater than or equal to 1.50 to 1.00 but less than 2.25 to 1.00.
ABR Spread or "Commitment Fee Percentage", as the case may be, based upon the Rating applicable on such date. =============================================================================== Eurocurrency Commitment Fee S&P Ratings Spread ABR Spread Percentage ----------- ---------------- ---------- -------------- Category 1 ---------- BBB or higher 1.00% .000% .25% Category 2 ---------- BBB- 1.25% .250% .30% Category 3 --------- BB+ 1.625% .625% .35% Category 4 ---------- BB 2.00% 1.00% .40% Category 5 ---------- BB- 2.50% 1.50% .50% Category 6 ---------- Lower than BB- or unrated 3.00% 2.00% .75% =============================================================================== For purposes of the foregoing, (i) if S&P shall not have in effect a Rating, such rating agency shall be deemed to have established a Rating in Category 6; and (ii) if the Rating established or deemed to have been established by S&P shall be changed (other than as a result of a change in the rating system of S&P), such change shall be effective as of the date on which it is first announced by S&P. If the rating system of S&P shall change, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system and, pending the effectiveness of any such amendment, the Applicable Percentage shall be determined by reference to the ratings most recently in effect (or deemed to be in effect) prior to such change. Each change in the Applicable Percentage shall apply to Eurocurrency Loans and ABR Loans outstanding and Commitment Fees accruing during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change.
ABR Spread. Eurodollar Spread" or "Commitment Fee", as the case may be, based upon the Total Leverage Ratio as of the most recent determination date, provided that notwithstanding the Total Leverage Ratio, until delivery of the Borrower's audited financial statements for the fiscal year ended December 31, 2006, Category 1 below shall apply with respect to any Revolving Loan or commitment fee: ABR Eurodollar Commitment Total Leverage Ratio: Spread Spread Fee --------------------- ------ ---------- ---------- Category 1 1.00% 2.00% 0.375% > or = 6.50 to 1.00 Category 2 < 6.50 to 1.00 and 0.50% 1.50% 0.375% > or = 6.00 to 1.00 Category 3 < 6.00 to 1.00 and 0.25% 1.25% 0.375% > or = 5.00 to 1.00 Category 4 < 5.00 to 1.00 and 0.00% 1.00% 0.375% > or = 4.50 to 1.00 Category 5 < 4.50 to 1.00 and 0.00% 0.75% 0.300% > or = 4.00 to 1.00 Category 6 0.00% 0.675% 0.250% < 4.00 to 1.00 For purposes of the foregoing, (i) the Total Leverage Ratio shall be determined as of the end of each fiscal quarter of the Borrower's fiscal year based upon the Borrower's consolidated financial statements delivered pursuant to Section 5.01(a) or (b) and (ii) each change in the Applicable Rate resulting from a change in the Total Leverage Ratio shall be effective during the period commencing on and including the date of delivery to the Administrative Agent of such consolidated financial statements indicating such change and ending on the date immediately preceding the effective date of the next such change; provided that the Applicable Rate shall be deemed to be as provided in Category 1 of the table set forth above if the Borrower fails to deliver the consolidated financial statements required to be delivered by it pursuant to Section 5.01(a) or (b) and the certificate of a Financial Officer delivered in connection therewith, as of the first Business Day after the date on which such financial statements and certificate of a Financial Officer were required to have been delivered until the Business Day after delivery thereof.
Examples of ABR Spread in a sentence
Notwithstanding anything set forth in this Agreement, Swingline Loans shall bear interest at the Swingline Lender quoted cost of funds plus the Applicable Rate (Eurodollar Spread) for Tranche B Term Loans; provided, however, that Swingline Loans shall bear interest at a rate no higher than at the Alternate Base Rate plus the Applicable Rate (ABR Spread) for Revolving Loans.
Subject to Section 2.06(c), the Borrower agrees to pay --------- interest in respect of the unpaid principal amount of each ABR Loan from the date thereof until payment in full thereof at a rate per annum which shall be, for any day, equal to the sum of the Applicable Rate (ABR Spread) plus the Alternate Base Rate in effect on such day, but in no event to exceed the Highest Lawful Rate.
In the event that the Index Debt is (i) not rated by any Rating Agency or (ii) rated only by Fitch, then the Facility Fee, the applicable LIBOR Spread and the applicable ABR Spread shall be deemed to be calculated as if the lowest rating category set forth above applied.
The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable ABR Spread then in effect for such Borrowing.
Each Swingline Loan shall bear interest at a rate equal to the Swingline Lender's quoted cost of funds plus the Eurodollar Spread for Tranche B Term Loans, but in no event will such rate exceed a rate equal to the Alternate Base Rate plus ABR Spread for Revolving Loans, provided that for all other purposes each Swingline Loan shall be deemed to be an ABR Loan.
More Definitions of ABR Spread
ABR Spread or "Eurodollar Spread", respectively, based upon the Ratings applicable on such date to the Loans (each a "Rating"): Ratings ABR Eurodollar (S&P/Moody's) Spread Spread --------------- -------- ----------- Category 1 > or = BB+ and > or = Ba2 1.25% 2.25% BB and > or = Ba2 Other than in Category 3 Category 1 or 2 1.75% 2.75% For pu▇▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇, (▇) ▇▇ ▇▇▇ ▇▇ ▇&▇ ▇▇▇ ▇▇▇▇▇'▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇ ▇▇ ▇▇▇▇▇▇ ▇ ▇▇▇▇▇▇ (▇ther than by reason ▇▇ ▇▇▇ circumstances referred to in the last sentence of this definition), such rating agency shall be deemed to have a Rating equal to the level of the Rating of the other rating agency; (b) if neither S&P nor Moody's shall have in effect a Rating (other than by reason of ▇▇▇ ▇▇▇cumstances referred to in the last sentence of this definition), then each such rating agency shall be deemed to have established a Rating in Category 3; and (c) if the Ratings established or deemed to have been established by S&P and Moody's shall be changed (other than as a result of a change in ▇▇▇ ▇▇ting system of S&P or Moody's), such change shall be effective as of the date on whic▇ ▇▇ ▇▇ first announced by the applicable rating agency. Each change in the Applicable Term Loan Margin shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change; provided that no reduction in the Applicable Term Loan Margin shall be effective for so long as an Event of Default shall have occurred and be continuing. If the rating system of S&P or Moody's shall change, or if either such rating agency shall cea▇▇ ▇▇ ▇e in the business of rating secured bank loans, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Term Loan Margin shall be determined by reference to the rating most recently in effect prior to such change or cessation. The Applicable Term Loan Margin in effect on effective date of Amendment No. 2 hereto dated as of December 17, 2003 shall be (i) in the case of Term Loans constituting an ABR Borrowing shall be 1.75% per annum and (ii) in the case of Term Loans constituting a Eurodollar Borrowing shall be 2.75% per annum.
ABR Spread or "Eurodollar Spread", as the case may be, based upon the ratings by Mood▇'▇ ▇▇▇ S&P, respectively, applicable on such date to the Company or the Index Debt: ================================================================================ Index Debt Ratings ABR Eurodollar (S&P/Mood▇'▇): Spread (bps) Spread (bps) -------------------------------------------------------------------------------- Category 1 A-/A3 or better 0.0 60.0 -------------------------------------------------------------------------------- Category 2 BBB+/Baa1 0.0 75.0 -------------------------------------------------------------------------------- Category 3 BBB/Baa2 0.0 87.5 -------------------------------------------------------------------------------- Category 4 BBB-/Baa3 or lower rating 0.0 100.0 ================================================================================ For purposes of the foregoing, (A) if the ratings established or deemed to have been established by Mood▇'▇ ▇▇▇ S&P for the Company or the Index Debt shall fall within different Categories, the Applicable Rate shall be based on the higher of the two ratings unless one of the two ratings is two or more Categories lower than the other, in which case the Applicable Rate shall be determined by reference to the Category next below that of the higher of the two ratings, and (B) if the ratings established or deemed to have been established by Mood▇'▇ ▇▇▇ S&P for the Company or the Index Debt shall be changed (other than as a result of a change in the rating system of Mood▇'▇ ▇▇ S&P), such change shall be effective as of the date on which it is first announced by the applicable rating agency. Each change in the Applicable Rate in accordance with this clause (i) shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Mood▇'▇ ▇▇ S&P shall change, or if either such rating agency shall cease to be in the business of rating companies or corporate debt obligations, the Company and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of 9 3 any such amendment, the Applicable Rate shall be determined by reference to the rating most recently in effect prior to such change or cessation; or
ABR Spread means (a) with respect to Tranche A Term Loans and Revolving Loans, 0.50% per annum, subject to adjustment pursuant to Section 2.06(c) and (b) with respect to Tranche B Term Loans, 1.00% per annum, subject to adjustment pursuant to Section 2.06(c).
ABR Spread or "Facility Fee Rate", as the case may be, based upon the ratings by ▇▇▇▇▇'▇ and S&P, respectively, applicable on such date to the Index Debt (and Usage, in the case of the "Eurodollar Spread" and "ABR Spread"), provided that the rates per annum set forth below under the caption "Eurodollar Spread" shall increase by 0.25% per annum after the Termination Date: Eurodollar Spread ABR Spread ---------------------------- --------------------------- Index Debt Ratings: Usage * 50% Usage **** 50% Usage * 50% Usage **** 50% Facility Fee Rate ------------------- ----------------- Category 1 0.190% 0.315% 0.00% 0.125% 0.060% ---------- A/A2 Category 2 0.305% 0.430% 0.00% 0.125% 0.070% ---------- A-/A3 Category 3 0.400% 0.525% 0.00% 0.125% 0.100% ---------- BBB+/Baa1 Category 4 0.500% 0.625% 0.00% 0.125% 0.125% ---------- BBB/Baa2 Category 5 0.700% 0.825% 0.00% 0.125% 0.175% ---------- *** BBB-/Baa3 * denotes less than *** denotes less than or equal to **** denotes more than or equal to For purposes of the foregoing, (a) if either ▇▇▇▇▇'▇ or S&P shall not have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition) the Applicable Rate shall be determined on the basis of the rating agency that does then have a rating for the Index Debt in effect, (b) if neither ▇▇▇▇▇'▇ nor S&P has in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition) then the Index Debt shall be deemed to be rated in Category 5, (c) the Index Debt shall be deemed to be rated in Category 5 at any time that an Event of Default has occurred and is continuing, (d) if the ratings established or deemed to have been established by ▇▇▇▇▇'▇ or S&P for the Index Debt are not in the same Category, then the Applicable Rate will be determined by reference to the Category next above that of the lower of the two ratings and (e) if the ratings established or deemed to have been established by ▇▇▇▇▇'▇ and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of ▇▇▇▇▇'▇ or S&P), such change shall be effective as of the date on which it is first announced by the applicable rating agency. Each change in an Applicable Rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of ▇▇▇▇▇'▇ or S&...
ABR Spread or "Fee Percentage", as applicable, based upon the ratios described below: ============================================================================================== Eurodollar ABR Fee Spread Spread Percentage ---------------------------------------------------------------------------------------------- Category 0 ---------------------------------------------------------------------------------------------- Leverage Ratio of greater than or equal 1.50% 0.50% 0.375% to 3.75 to 1.00 ---------------------------------------------------------------------------------------------- Category 1 ---------------------------------------------------------------------------------------------- Leverage Ratio of less than 3.75 to 1.25% 0.25% 0.375% 1.00 and greater than or equal to 3.25 to 1.00 ---------------------------------------------------------------------------------------------- Category 2 ---------------------------------------------------------------------------------------------- Leverage Ratio of less than 3.25 to 1.00% 0.00% 0.375% 1.00 and greater than or equal to 3.00 to 1.00 ---------------------------------------------------------------------------------------------- Category 3 ---------------------------------------------------------------------------------------------- Leverage Ratio of less than 3.00 to 0.875% 0.00% 0.300% 1.00 and greater than or equal to 2.00 to 1.00 ---------------------------------------------------------------------------------------------- Category 4 ---------------------------------------------------------------------------------------------- Leverage Ratio of less than 2.00 to 0.75% 0.00% 0.25% 1.00 and greater than or equal to 1.00 to 1.00 ---------------------------------------------------------------------------------------------- Category 5 ---------------------------------------------------------------------------------------------- Leverage Ratio of less than 1.00 to 1.00 0.625% 0.00% 0.25% ---------------------------------------------------------------------------------------------- For purposes of the foregoing, the Applicable Percentage for any date shall be (i) if such date is prior to the availability of financial statements for the fiscal quarter of the Borrower ending June 30, 1998, as set forth in Category 2, and (ii) otherwise, determined by reference to the Leverage Ratio as of the last day of the Borrower's fiscal quarter most recently ended as of such date. Any change in the Applicable Percentage shall bec...
ABR Spread. “Term Benchmark and RFR Spread” or “Facility Fee Rate”, as the case may be, based upon the ratings by ▇▇▇▇▇’▇ and S&P, respectively, applicable on such date to the Pricing Level: Level I 0.00 % 1.00 % 0.09 % Level II 0.125 % 1.125 % 0.11 % Level III 0.25 % 1.25 % 0.125 % Level IV 0.375 % 1.375 % 0.175 % Level V 0.625 % 1.625 % 0.225 % For purposes of the foregoing, (i) if the ratings established by both S&P and ▇▇▇▇▇’▇ for the Index Debt shall fall within the same Pricing Level, the Applicable Rate shall be determined by reference to such Pricing Level; (ii) if none of ▇▇▇▇▇’▇ and S&P shall have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition), then such Rating Agency shall be deemed to have established a rating in Level V; (iii) if only one Rating Agency shall have in effect a rating for the Index Debt, the Applicable Rate shall be determined by reference to the Pricing Level in which such rating falls; (iv) if the ratings established or deemed to have been established by Moody’s and S&P for the Index Debt shall each fall within different Pricing Levels from each other, the Applicable Rate shall be based on the highest of the two ratings unless the difference in ratings is more than one full rating category, in which case the Applicable Rate shall be determined by reference to the Pricing Level next above that of the lowest of the two ratings; and (v) if the ratings established or deemed to have been established by Moody’s and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of ▇▇▇▇▇’▇ or S&P), such change shall be effective as of the third Business Day following the date on which it is first announced by the applicable rating agency, irrespective of when notice of such change shall have been furnished by the Borrower to the Administrative Agent and the Banks pursuant to this Agreement or otherwise. Each change in the Applicable Rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Moody’s or S&P shall change, or if any such Rating Agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the Banks shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such Rating Agency an...
ABR Spread means, at any date or for any period of determination, the ABR Spread that would be in effect on such date pursuant to the chart set forth in Section 2.23 based on the rating of the Borrower’s senior unsecured non-credit enhanced long-term debt.