Applicable Margin definition
Applicable Margin means:
Applicable Margin means, with respect to Advances of any Type at any time, the percentage rate per annum which is applicable at such time with respect to Advances of such Type as set forth in the Pricing Schedule.
Applicable Margin means, as of any date of determination and with respect to Base Rate Loans or LIBOR Rate Loans, as applicable, the applicable margin set forth in the following table that corresponds to the most recent Total Leverage Ratio calculation delivered to Agent pursuant to Section 5.1 of the Agreement (the “Total Leverage Ratio Calculation”); provided, that for the period from the Closing Date through the date Agent receives the Total Leverage Ratio Calculation in respect of the testing period ending March 31, 2013, the Applicable Margin shall be set at the margin in the row styled “Level III”; provided further, that any time an Event of Default has occurred and is continuing, the Applicable Margin shall be set at the margin in the row styled “Level III”: Except as set forth in the foregoing proviso, the Applicable Margin shall be based upon the most recent Total Leverage Ratio Calculation, which will be calculated as of the end of each fiscal quarter. Except as set forth in the foregoing proviso, the Applicable Margin shall be re-determined quarterly on the first day of the month following the date of delivery to Agent of the certified calculation of the Total Leverage Ratio pursuant to Section 5.1 of the Agreement; provided, that if Borrowers fail to provide such certification when such certification is due, the Applicable Margin shall be set at the margin in the row styled “Level III” as of the first day of the month following the date on which the certification was required to be delivered until the date on which such certification is delivered (on which date (but not retroactively), without constituting a waiver of any Default or Event of Default occasioned by the failure to timely deliver such certification, the Applicable Margin shall be set at the margin based upon the calculations disclosed by such certification. In the event that the information regarding the Total Leverage Ratio contained in any certificate delivered pursuant to Section 5.1 of the Agreement is shown to be inaccurate, and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin actually applied for such Applicable Period, then (i) Borrowers shall immediately deliver to Agent a correct certificate for such Applicable Period, (ii) the Applicable Margin shall be determined as if the correct Applicable Margin (as set forth in the table above) were applicable for such Applicable Period, an...
Examples of Applicable Margin in a sentence
Each Loan shall at all times bear interest (i) if a Base Rate Loan, at the Base Rate in effect from time to time, plus the Applicable Margin or (ii) if a Term SOFR Loan, at a rate equal to the sum of Term SOFR plus the Applicable Margin (the “Interest”).
If there is any change in the Applicable Margin during any quarter, the daily maximum amount of each Letter of Credit shall be computed and multiplied by the Applicable Margin separately for each period during such quarter that such Applicable Margin was in effect.
More Definitions of Applicable Margin
Applicable Margin appearing in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
Applicable Margin with respect to any Initial Thai Baht Revolving Facility Loan will be determined pursuant to the Pricing Grid, (iii) solely prior to the 2025 Refinancing Amendment Effective Date, with respect to any Initial Term B Loan, 3.50% per annum in the case of any Term SOFR Loan and 2.50% per annum in the case of any ABR Loan; provided, however, that on and after the first Adjustment Date occurring after delivery of the financial statements and any Compliance Certificate required by Section 5.04 upon the completion of one full fiscal quarter of the Borrower after the Closing Date, the “Applicable Margin” with respect to any Initial Term B Loan will be determined pursuant to the Pricing Grid, (iv) from and after the 2025 Refinancing Amendment Effective Date but prior to the 2025-2 Refinancing Amendment Effective Date, with respect to any Initial Term B Loans, 2.75% per annum in the case of any Term SOFR Loan and 1.75% per annum in the case of any ABR Loan; provided, however, that on and after the first Adjustment Date occurring after delivery of the financial statements and any Compliance Certificate required by Section 5.04 upon the completion of the first fiscal quarter of the Borrower after the 2025 Refinancing Amendment Effective Date, the “Applicable Margin” with respect to any Initial Term B Loan will be determined pursuant to the Pricing Grid and (v) from and after the 2025-2 Refinancing Amendment Effective Date, with respect to any Initial Term B Loans, 2.25% per annum in the case of any Term SOFR Loan and 1.25% per annum in the case of any ABR Loan; provided, however, that on and after the first Adjustment Date occurring after delivery of the financial statements and any Compliance Certificate required by Section 5.04 upon the completion of the first fiscal quarter of the Borrower after the 2025-2 Refinancing Amendment Effective Date, the “Applicable Margin” with respect to any Initial Term B Loan will be determined pursuant to the Pricing Grid.
Applicable Margin means for any day, with respect to (i) (a) Tranche B-1 Term Loans or Tranche B-2 Term Loans that are Eurodollar Rate Loans, 4.00% per annum and (b) Tranche B-1 Term Loans or Tranche B-2 Term Loans that are Base Rate Loans, 3.00% per annum, (ii) (a) Revolving Loans that are Eurodollar Rate Loans, 4.00% per annum and (b) Revolving Loans that are Base Rate Loans or Canadian Prime Rate Loans, 3.00% per annum; provided that commencing upon the date that financial statements are delivered for the Fiscal Quarter ending December 31, 2013, if the Leverage Ratio (calculated on a pro forma basis) as of the date of the most recently delivered financial statements is less than 2.75:1.00, each percentage figure in the preceding clause (ii) shall be reduced by 25 basis points (e.g. 4.00% shall be reduced to 3.75%). Changes in the Applicable Margin resulting from changes in the Leverage Ratio shall become effective on the date on which quarterly or annual financial statements are delivered to the Lenders pursuant to Section 5.01 and shall remain in effect until the next change to be effected pursuant to this definition. If any financial statements referred to above are not delivered within the time periods specified in Section 5.01, then, at the option of (and upon delivery of notice (telephonic or otherwise) by) the Required Revolving Lenders, until such financial statements are delivered, the Leverage Ratio as at the end of the fiscal period that would have been covered thereby shall for the purposes of this definition be deemed to be in excess of 2.75:1.00. In the event that any financial statement or certificate delivered pursuant to Section 5.01 is shown to be inaccurate, and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Period”) than the Applicable Margin applied for such Applicable Period, then (i) the U.S. Borrower shall immediately deliver to the Administrative Agent a correct certificate required by Section 5.01 for such Applicable Period and (ii) the U.S. Borrower (or the Canadian Borrower, as applicable) shall immediately pay to the Revolving Administrative Agent the accrued additional fees owing as a result of such increased Applicable Margin for such Applicable Period.
Applicable Margin has the meaning set forth in the Fee Letter.
Applicable Margin means a percentage per annum equal to:
Applicable Margin means the percentage rates set forth in the tables below corresponding to the level (each, a “Level”) into which the Credit Rating then falls. As of the Agreement Date, the Applicable Margins are determined based on Level 2. Any change in the Borrower’s Credit Rating which would cause the Applicable Margins to be determined based on a different Level shall be effective as of the first day of the first calendar month immediately following receipt by the Administrative Agent of written notice delivered by the Borrower in accordance with Section 9.4(p) that the Borrower’s Credit Rating has changed; provided, however, that if the Borrower has not delivered the notice required by such Section but the Administrative Agent becomes aware that the Borrower’s Credit Rating has changed, then the Administrative Agent shall give the Borrower notice of its awareness of such change (provided that failure to give such notice shall not limit the effectiveness of any adjustment of the applicable Level by the Administrative Agent in accordance with this definition) and may, in its sole discretion, adjust the Level effective as of the first day of the first calendar month following the date the Administrative Agent becomes aware that the Credit Rating has changed. During any period for which the Borrower has received three Credit Ratings which are not equivalent, the Applicable Margins shall be determined by (a) the highest Credit Rating if they differ by only one Level and (b) the average of the two highest Credit Ratings if they differ by two or more Levels (unless the average is not a recognized Level, in which case the Applicable Margins will be based on the Level corresponding to the second highest Credit Rating). During any period for which the Borrower has received only two Credit Ratings and such Credit Ratings are not equivalent, the Applicable Margins shall be determined by (i) the highest Credit Rating if they differ by only one Level and (ii) the average of the two Credit Ratings if they differ by two or more Levels (unless the average is not a recognized Level, in which case the Applicable Margins shall be based on the Credit Rating one Level below the Level corresponding to the higher Credit Rating). During any period for which the Borrower has received a Credit Rating from only one Rating Agency, the Applicable Margins shall be determined based on such Credit Rating so long as such Credit Rating is from either S&P or ▇▇▇▇▇’▇. During any period that the Borrower...
Applicable Margin means, for any day, the rate per annum set forth below, it being understood that the Applicable Margin for (i) Base Rate Loans shall be the percentage set forth under the column "Base Rate Applicable Margin", and (ii) LIBOR Loans shall be the percentage set forth under the column "LIBOR Applicable Margin". The Applicable Margin shall be determined by reference to the Company's corporate rating provided by Standard & Poor's as set forth below: -------------------------------------------------------------------------------- Pricing Standard & Poor's LIBOR Applicable Base Rate Level Corporate Rating Margin Applicable Margin -------------------------------------------------------------------------------- I BBB+ or higher 0.450% 0.000% -------------------------------------------------------------------------------- II BBB 0.575% 0.000% -------------------------------------------------------------------------------- III BBB- 0.800% 0.000% -------------------------------------------------------------------------------- IV BB+ 0.950% 0.250% -------------------------------------------------------------------------------- V BB or lower 1.000% 0.375% -------------------------------------------------------------------------------- The Applicable Margin shall be determined and adjusted on the date of each change in the Company's corporate rating. Adjustments in the Applicable Margin shall be effective as to all Base Rate Loans and LIBOR Loans, existing and prospective, from the date of adjustment in rating. The Company shall provide the Administrative Agent with written notice of any change in the corporate rating of the Company within ten (10) Business Days after the Company becomes aware of or receives notice of such change. Notwithstanding the foregoing, during the period from December 1, 1999 through October 31, 2000, unless a change in the Company's corporate rating justifying an increase in the Applicable Margin occurs, the Applicable Margin for all LIBOR Loans shall be 0.950% and for all Base Rate Loans shall be 0.250%, and no adjustment to reduce the Applicable Margin shall be made.