Applicable Interest Rate Margin means (a) as to any Base Rate Advance, the applicable rate per annum set forth below under the caption “Base Rate Spread” and (b) as to any LIBO Rate Advance, the applicable rate per annum set forth below under the caption “LIBO Rate Spread”, determined by reference to the higher of (i) the rating of Mondelēz’s long-term senior unsecured Debt from Standard & Poor’s (or, if there shall be no outstanding rated long-term senior unsecured Debt of Mondelēz, the long-term company, issuer or similar rating established by Standard & Poor’s for Mondelēz) and (ii) the rating of Mondelēz’s long-term senior unsecured Debt from Moody’s (or, if there shall be no outstanding rated long-term senior unsecured Debt of Mondelēz, the long-term company, issuer or similar rating established by Moody’s for Mondelēz), in each case on such date: Rating Base Rate Spread LIBO Rate Spread A or higher by Standard & Poor’s A2 or higher by Moody’s 0.000 % 0.805 % A- by Standard & Poor’s A3 by Moody’s 0.000 % 0.920 % BBB+ by Standard & Poor’s Baa1 by Moody’s 0.030 % 1.030 % BBB by Standard & Poor’s Baa2 by Moody’s 0.140 % 1.140 % Lower than BBB by Standard & Poor’s Lower than Baa2 by Moody’s 0.250 % 1.250 % provided that if on any date of determination (x) a rating is available on such date from only one of Standard & Poor’s and Moody’s but not the other, the Applicable Interest Rate Margin shall be determined by reference to the then available rating; (y) no rating is available from either of Standard & Poor’s or Moody’s, the Applicable Interest Rate Margin shall be determined by reference to the rating of any other nationally recognized statistical rating organization designated by Mondelēz and approved in writing by the Required Lenders and (z) no rating is available from any of Standard & Poor’s, Moody’s or any other nationally recognized statistical rating organization designated by Mondelēz and approved in writing by the Required Lenders, the Applicable Interest Rate Margin shall be 0.250% as to any Base Rate Advance and 1.250% as to any LIBO Rate Advance.
Applicable Interest Rate Margin means, for any Interest Period, a percentage per annum equal to 0.175%.
Applicable Interest Rate Margin means (a) for any date prior to the date of the Spin-Off (i) as to any Base Rate Advance, the applicable rate per annum set forth below under the caption “Base Rate Spread” and (ii) as to any LIBO Rate Advance, the applicable rate per annum set forth below under the caption “LIBO Rate Spread”, determined by reference to the higher of (A) the rating of Kraft Foods’ long-term senior unsecured Debt from Standard & Poor’s (or, if there shall be no outstanding rated long-term senior unsecured Debt of Kraft Foods, the long-term company, issuer or similar rating established by Standard & Poor’s for Kraft Foods) and (B) the rating of Kraft Foods’ long-term senior unsecured Debt from Moody’s (or, if there shall be no outstanding rated long-term senior unsecured Debt of Kraft Foods, the long-term company, issuer or similar rating established by Moody’s for Xxxxx Foods), in each case on such date, and (b) for any date on or following the date of the Spin-Off (i) as to any Base Rate Advance, the applicable rate per annum set forth below under the caption “Base Rate Spread” and (ii) as to any LIBO Rate Advance, the applicable rate per annum set forth below under the caption “LIBO Rate Spread”, determined by reference to the higher of (A) the rating of Kraft Foods Group’s long-term senior unsecured Debt from Standard & Poor’s (or, if there shall be no outstanding rated long-term senior unsecured Debt of Kraft Foods Group, the long-term company, issuer or similar rating established by Standard & Poor’s for Kraft Foods Group) and (B) the rating of Kraft Foods Group’s long-term senior unsecured Debt from Moody’s (or, if there shall be no outstanding rated long-term senior unsecured Debt of Kraft Foods Group, the long-term company, issuer or similar rating established by Moody’s for Xxxxx Foods Group), in each case on such date: Long-Term Senior Unsecured Debt Rating Base Rate Spread LIBO Rate Spread A or higher by Standard & Poor’s A2 or higher by Moody’s 0.000 % 0.875 % A- by Standard & Poor’s A3 by Moody’s 0.000 % 1.000 % BBB+ by Standard & Poor’s Baa1 by Moody’s 0.125 % 1.125 % BBB by Standard & Poor’s Baa2 by Moody’s 0.250 % 1.250 % BBB- by Standard & Poor’s Baa3 by Moody’s 0.500 % 1.500 % Lower than BBB- by Standard & Poor’s Lower than Baa3 by Moody’s 0.750 % 1.750 % provided that if on any date of determination pursuant to clause (a) or (b) above (x) a rating is available on such date from only one of Standard & Poor’s and Moody’s but not the other, the Applicable In...
Examples of Applicable Interest Rate Margin in a sentence
During such periods as such Pro Rata Advance is a Base Rate Advance, a rate per annum equal at all times to the sum of (1) the Base Rate in effect from time to time plus (2) the Applicable Interest Rate Margin in effect from time to time, payable in arrears quarterly on the last Business Day of each March, June, September and December, and on the date such Base Rate Advance shall be Converted or paid in full either prior to or on the Termination Date.
During such periods as such Pro Rata Advance is a Base Rate Advance, a rate per annum equal at all times to the sum of (x) the Base Rate in effect from time to time plus (y) the Applicable Interest Rate Margin (the sum of (x) and (y), the “Base Rate Interest”) payable in arrears monthly on the 20th day of each month and on the date such Base Rate Advance shall be Converted or paid in full.
More Definitions of Applicable Interest Rate Margin
Applicable Interest Rate Margin means for any Interest Period a percentage per annum equal to 0.3700% provided that for any day during any Interest Period that the aggregate amount of Advances outstanding under this Agreement and the 5-Year Facility exceeds 50% of the aggregate amount of Commitments under this Agreement and commitments under the 5-Year Facility, the Applicable Interest Rate Margin shall be increased by 0.1000% per annum.
Applicable Interest Rate Margin means (a) as to any Base Rate Advance, the applicable rate per annum set forth below under the caption “Base Rate Spread” and (b) as to any LIBO Rate Advance, the applicable rate per annum set forth below under the caption “LIBO Rate Spread”, determined by reference to the higher of (i) the rating of Mondelēz’s long-term senior unsecured Debt from Standard & Poor’s (or, if there shall be no outstanding rated long- term senior unsecured Debt of Mondelēz, the long-term company, issuer or similar rating established by Standard & Poor’s for Mondelēz) and (ii) the rating of Mondelēz’s long-term senior unsecured Debt from Moody’s (or, if there shall be no outstanding rated long-term senior unsecured Debt of Mondelēz, the long-term company, issuer or similar rating established by Moody’s for Mondelēz), in each case on such date:
Applicable Interest Rate Margin means, for each LIBOR Advance, for any Interest Period, a percentage per annum equal to the percentage set forth below determined by reference to the lower of (x) the rating of the Borrower's long-term, senior unsecured Debt from S&P or (y) the rating of the Borrower's long-term, senior unsecured Debt from Xxxxx'x, in each case for LIBOR Advances, as in effect on the first day of such Interest Period: ------------------------------------------------------------------------- Borrower's Long-Term Senior Unsecured Debt Rating Applicable S&P or Xxxxx'x ("Level") Interest Rate Margin ----- ------------------------------------------------------------------------- Level 1 ------- BBB+ or better, or Baa1 or better .650% Level 2 ------- BBB or Baa2 .800% Level 3 ------- BBB- or Baa3 1.000% Level 4 ------- BBB-and Ba1, or BB+ and Baa3 1.325% Level 5 ------- Worse than BB+ or worse than Ba1 1.400% ------------------------------------------------------------------------- provided that if, at any time, no rating is available from S&P, Xxxxx'x or any other nationally recognized statistical rating organization designated by the Borrower and approved in writing by the Majority Lenders, the Applicable Interest Rate Margin for LIBOR Advances for such Interest Period shall be 1.400%; and provided further that (i) upon the occurrence of a ratings differential between S&P and Xxxxx'x that corresponds to a differential of two or more Levels, the Applicable Interest Rate Margin shall be based upon the Level that is one Level above the Level corresponding to the lower rating and (ii) in the event of a ratings differential between Level 4 and Level 5, the Applicable Interest Rate Margin will be based upon Level 4. Notwithstanding the foregoing, prior to the delivery of financial statements required by Section 5.01(d)(i)(x) for the Borrower's second full fiscal quarter ending following the Effective Date, the Applicable Interest Rate Margin shall be the greater of (a) the rate determined by reference to the ratings on the Effective Date and (b) the Applicable Interest Rate Margin determined in accordance with the preceding sentence.
Applicable Interest Rate Margin means for any Interest Period or period set forth in Section 2.04(a)(iii), as applicable, a percentage per annum equal to the percentage set forth below as determined by reference to the higher of the ratings of Altria’s long-term senior unsecured debt from (i) Standard & Poor’s and (ii) Xxxxx’x, in each case in effect from time to time during such Interest Period or period set forth in Section 2.04(a)(iii), as applicable: Long-Term Senior Unsecured Debt Rating A and A2 or higher 0.875 % A- and A3 1.000 % BBB+ and Baa1 1.125 % BBB and Baa2 1.250 % Lower than BBB and Baa2 1.375 % provided that if no rating is available on any date of determination from Xxxxx’x and Standard & Poor’s or any other nationally recognized statistical rating organization designated by Altria and reasonably satisfactory to JPMCB, as Administrative Agent, the Applicable Interest Rate Margin shall be determined as if Altria’s long-term unsecured debt rating were lower than BBB+ and Baa1. The Applicable Interest Rate Margin for any Base Rate Advance on any date will equal the Applicable Interest Rate Margin for Term SOFR Advances or RFR Advances (if applicable) on such date minus 1.000% per annum, but only to the extent that the Applicable Interest Rate Margin for Term SOFR Advances or RFR Advances (if applicable) on such date exceeds 1.000% per annum. To the extent that the Applicable Interest Rate Margin for Term SOFR Advances or RFR Advances (if applicable) on such date equals or is less than 1.000% per annum, the Applicable Interest Rate Margin for any Base Rate Advance will be zero.
Applicable Interest Rate Margin means for any Interest Period a percentage per annum equal to the percentage set forth below as determined by reference to the higher of the ratings of Altria’s long-term senior unsecured debt from (i) Standard & Poor’s and (ii) Moody’s, in each case in effect from time to time during such Interest Period:
Applicable Interest Rate Margin means (a) as to any Base Rate Advance, a rate per annum equal to the Credit Default Swap Spread less 1.00% and (b) as to any LIBO Rate Advance, a rate per annum equal to the Credit Default Swap Spread.
Applicable Interest Rate Margin means, for any Interest Period, a percentage per annum equal to the percentage set forth below: Type of Advance Applicable Interest Rate Margin Tranche A Revolving Credit 0.3500 % Tranche B Revolving Credit 0.3250 % Tranche A Swingline 0.3500 % Tranche B Swingline 0.3250 % Term 0.3000 %