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, with respect to interest on all Loans outstanding on such date or the letter of credit fee, as the case may be, the percentage per annum determined by reference to the applicable Net Total Leverage Ratio in effect on such date as set forth on Schedule I; provided that a change in the Applicable Margin resulting from a change in the Net Total Leverage Ratio shall be effective on the second Business Day after which the Borrower delivers each of the financial statements required by Section 5.1(a) and (b) and the Compliance Certificate required by Section 5.2(a); provided, further, that if at any time the Borrower shall have failed to deliver such financial statements and such Compliance Certificate when so required, the Applicable Margin shall be at Level I as set forth on Schedule I until such time as such financial statements and Compliance Certificate are delivered, at which time the Applicable Margin shall be determined as provided above. In the event that any financial statement or Compliance Certificate delivered hereunder is shown to be inaccurate (regardless of whether this Agreement or the Revolving Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin based upon the pricing grid set forth on Schedule I (the “Accurate Applicable Margin”) for any period that such financial statement or Compliance Certificate covered, then (i) the Borrower shall as soon as practicable deliver to the Administrative Agent a corrected financial statement or Compliance Certificate, as the case may be, for such period, (ii) the Applicable Margin shall be adjusted such that after giving effect to the corrected financial statement or Compliance Certificate, as the case may be, the Applicable Margin shall be reset to the Accurate Applicable Margin based upon the pricing grid set forth on Schedule I for such period and (iii) the Borrower shall immediately on demand pay to the Administrative Agent, for the account of the Lenders, the accrued additional interest owing as a result of such Accurate Applicable Margin for such period. The provisions of this definition shall not limit the rights of the Administrative Agent and the Lenders with respect to Section 2.11(b) or Article VIII.
Examples of Applicable Margin in a sentence
Principal on each outstanding Loan shall bear interest at a variable rate per annum equal to the Overnight Rate plus the Applicable Margin.
The rate of interest applicable to each such period shall be the aggregate (as determined by the Lender) of (i) two per cent (2.00%) per annum, (ii) the Applicable Margin and (iii) the Reference Rate.
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 means the percentage per annum set forth below in the column entitled Domestic Rate Loans or Eurodollar Rate Loans, as appropriate, opposite the Fixed Charge Coverage Ratio set forth below as shown on the last Compliance Certificate delivered by Borrower to Agent for any of the first three quarters of Borrower’s fiscal year pursuant to Section 9.8 or with Borrower’s annual audited financial statements as required pursuant to Section 9.7, as the case may be: Level Fixed Charge Coverage Ratio Loans Loans I Less than 1.15 to 1.00 0% 2.75% II Greater than or equal to 1.15 to 1.00, but less than 1.30 to 1.00 0% 2.50% III Greater than or equal to 1.30 to 1.00, but less than 1.50 to 1.00 0% 2.25% IV Greater than or equal to 1.50 to 1.00 0% 2.00% ; provided, however, that (a) adjustments, if any, to such percentage resulting from a change in the Fixed Charge Coverage Ratio shall be effective five (5) Business Days after Agent has received a Compliance Certificate for the first three quarters of the Borrower’s fiscal year in accordance with Section 9.8 or a Compliance Certificate that is delivered with Borrower’s annual audited financial statements in accordance with Section 9.7, as the case may be, (b) in the event that no Compliance Certificate has been delivered in accordance with the Section 9.7 or 9.8, as the case may be, such percentage from such date until such Compliance Certificate is actually delivered shall be that applicable under Level I (c) in the event that the actual Fixed Charge Coverage Ratio for any fiscal period is subsequently determined to be greater than that set forth on the in the Compliance Certificate for such fiscal period, the Applicable Margin shall be recalculated for the applicable period based on such actual Fixed Charge Coverage Ratio and (d) anything in this definition to the contrary notwithstanding, until receipt by Agent of the annual audited financial statements required by subsection 9.7 for the fiscal year ending December 31, 2007 together with the accompanying Compliance Certificate, the Applicable Margin for Eurodollar Rate Loans shall be two and one-half percent (2.5%). Any additional interest resulting from the operation of clause (c) above, shall be due and payable to Lenders with five (5) after receipt of written demand therefor from Agent.
Applicable Margin has the meaning set forth in the Fee Letter.
Applicable Margin means a percentage per annum equal to:
Applicable Margin means 2.75 percentage points per annum; provided that upon satisfaction of the following conditions precedent (as reasonably determined by Lender), the Applicable Margin shall mean 2.50 percentage points per annum: (i) Borrowers have achieved positive EBITDA for each of three consecutive quarters (determined on a fiscal quarter by fiscal quarter basis) after the Closing Date; (ii) Borrowers have provided Lender with a written request to reduce the Applicable Margin (an “Applicable Margin Decrease Notice”), together with such information and calculations as Lender shall reasonably request to substantiate that the foregoing EBITDA requirement has been satisfied, at least 10 days prior to the effective date of any such decrease (including, without limitation, Lender’s receipt of Borrowers’ unaudited financial statements for each such fiscal quarter in accordance with Schedule 6.1); and (iii) no Event of Default shall have occurred and be continuing as of both the date of the request to decrease the Applicable Margin and as of the date that the Applicable Margin decrease becomes effective. Such decrease in the Applicable Margin (if applicable), shall be effective on the first calendar day of the first calendar month after the foregoing conditions precedent have been satisfied. In the event that the information regarding Borrowers’ EBITDA provided to Lender is shown to be inaccurate, and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period than the Applicable Margin actually applied for such period, then (i) Borrowers shall immediately deliver to Lender corrected information, (ii) the Applicable Margin shall be determined as if the correct Applicable Margin were applicable for such period, and (iii) Borrowers shall immediately deliver to Lender full payment in respect of the accrued additional interest as a result of such increased Applicable Margin for such period, which payment shall be promptly applied by Lender to the affected Obligations.
Applicable Margin on any date, with respect to (a) any Eurodollar Loan, a rate per annum equal to the Credit Default Swap Spread applicable to the relevant Borrower in effect for Eurodollar Loans on such date, (b) any EURIBOR Loan, a rate per annum equal to the Credit Default Swap Spread applicable to the relevant Borrower in effect for EURIBOR Loans on such date or (c) any ABR Loan, a rate per annum equal to the Credit Default Swap Spread applicable to the relevant Borrower in effect for ABR Loans on such date less 1% per annum (but not less than 0%). Notwithstanding the foregoing, (x) the non-default Applicable Margin for Eurodollar Loans and EURIBOR Loans in effect at any time shall not be less than 0.10%, and shall not exceed 0.75% (the “Maximum Applicable Margin”) and (y) the non-default Applicable Margin for ABR Loans in effect at any time shall be 0.00%. If at any time (i) the Credit Default Swap Spread applicable to IBMCLLC is unavailable and (ii) IBMCLLC’s long term senior unsecured debt rating, for debt that has the benefit of support arrangements from IBM comparable to those provided for in the Support Agreement but is not guaranteed by any other Person or subject to any other credit enhancement, by each of S&P and ▇▇▇▇▇’▇ are equal to or higher than those of IBM at such time, the Credit Default Swap Spread of IBMCLLC shall be deemed to be the Credit Default Swap Spread applicable to IBM at such time. If at any time the Credit Default Swap Spread applicable to IBM or IBMCLLC (subject, in the case of IBMCLLC, to the immediately preceding sentence) is unavailable, IBM and the Lenders shall negotiate in good faith (for a period of up to thirty days after the Credit Default Swap Spread becomes unavailable (such thirty-day period, the “Negotiation Period”)) to agree on an alternative method for establishing the Applicable Margin. The Applicable Margin at any date of determination thereof which falls during the Negotiation Period shall be based upon the then most recently available quote of the Credit Default Swap Spread. If no such alternative method is agreed upon during the Negotiation Period, the Applicable Margin at any date of determination subsequent to the end of the Negotiation Period shall be (x) in the case of ABR Loans, 0.00% and (y) in the case of Eurodollar Loans or EURIBOR Loans, the greater of (i) a rate per annum based upon the then most recently available quote of the Credit Default Swap Spread (but in no event (A) greater than 0.75% or (B) less than ...
Applicable Margin means the corresponding percentages per annum as set forth below based on the Consolidated Leverage Ratio: I Greater than or equal to 45.0% 0.40 % 2.60 % 2.60 % II Greater than or equal to 35.0% but less than 45.0% 0.35 % 2.15 % 2.15 % III Greater than or equal to 25.0% but less than 35.0% 0.25 % 2.00 % 2.00 % IV Greater than or equal to 15.0% but less than 25.0% 0.20 % 1.80 % 1.80 % V Less than 15.0% 0.15 % 1.60 % 1.60 % The Applicable Margin shall be determined and adjusted quarterly on the date (each a “Calculation Date”) ten (10) Business Days after receipt by the Administrative Agent of the Officer’s Compliance Certificate pursuant to Section 7.2 for the most recently ended fiscal quarter of the Company; provided that (a) the Applicable Margin shall be based on Pricing Level V until the Calculation Date for the fiscal quarter ending November 28, 2009 and, thereafter the Pricing Level shall be determined by reference to the Consolidated Leverage Ratio as of the last day of the most recently ended fiscal quarter of the Company preceding the applicable Calculation Date, and (b) if the Company, on behalf of the Borrowers, fails to provide the Officer’s Compliance Certificate as required by Section 7.2 for the most recently ended fiscal quarter of the Company preceding the applicable Calculation Date, the Applicable Margin from such Calculation Date shall be based on Pricing Level I until such time as an appropriate Officer’s Compliance Certificate is provided, at which time the Pricing Level shall be determined by reference to the Consolidated Leverage Ratio as of the last day of the most recently ended fiscal quarter of the Company preceding such Calculation Date. The Applicable Margin shall be effective from one Calculation Date until the next Calculation Date. Any adjustment in the Applicable Margin shall be applicable to all Extensions of Credit then existing or subsequently made or issued. Notwithstanding the foregoing, in the event that any financial statement or Officer’s Compliance Certificate delivered pursuant to Section 7.1 or 72 is inaccurate (regardless of whether (i) this Agreement is in effect, or (ii) the Revolving Credit Commitments are in effect, or (iii) any Extension of Credit is outstanding when such inaccuracy is discovered or such financial statement or Officer’s Compliance Certificate was delivered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Per...