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:
Applicable Margin means, as of any date, with respect to interest on all Revolving Loans and Term Loans outstanding on any date, or the letter of credit fee, as the case may be, a percentage per annum determined by reference to the applicable Leverage Ratio from time to time in effect as set forth on Schedule I; provided, that a change in the Applicable Margin resulting from a change in the Leverage Ratio shall be effective on the second Business Day after which the Borrower delivers the financial statements required by Section 5.1(a) or (b) and the Compliance Certificate required by Section 5.1(d); 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 III 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; and provided, further, that in the event that any financial statement delivered pursuant to Section 5.1(a) or (b) or any Compliance Certificate delivered pursuant to Section 5.1(d) is shown to be inaccurate (regardless of whether this Agreement or the 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 for any period (an “Applicable Margin Period”) than the Applicable Margin applied for such Applicable Margin Period, and only in such case, then the Borrower shall immediately (i) deliver to the Administrative Agent a corrected Compliance Certificate for such Applicable Margin Period, (ii) determine the Applicable Margin for such Applicable Margin Period based upon the corrected Compliance Certificate, and (iii) immediately pay to the Administrative Agent the accrued additional interest owing as a result of such increased Applicable Margin for such Applicable Margin Period, which payment shall be promptly applied by the Administrative Agent in accordance with Section 2.22. The provisions of this definition are in addition to rights of the Administrative Agent and Lenders with respect to Section 2.14(c) and Article 8 and other of their respective rights under this Agreement. Notwithstanding the foregoing, the Applicable Margin from the Closing Date until the financial statements and Compliance Certificate for the Fiscal Quarter ending December 31, 2012, are required to be delivered shall be ...
Examples of Applicable Margin in a sentence
The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the Applicable Margin, but in no event to exceed the Highest Lawful Rate.
Each Revolving Loan (other than any Specified Revolving Loan) that is a SOFR Loan shall bear interest on the principal amount thereof from time to time outstanding, from the date of such Loan until repaid, at a rate per annum equal to Term SOFR for the Interest Period in effect for such Loan plus the Applicable Margin.
Each Revolving Loan that is a Specified Revolving Loan shall bear interest on the principal amount thereof from time to time outstanding, from the date of such Loan until repaid, at a rate per annum equal to the Applicable Margin then applicable to Specified Revolving Loans.
Each Revolving Loan (other than any Specified Revolving Loan) that is a Reference Rate Loan shall bear interest on the principal amount thereof from time to time outstanding, from the date of such Loan until repaid, at a rate per annum equal to the Reference Rate plus the Applicable Margin.
The Loans comprising each SOFR Borrowing shall bear interest at the Adjusted Term SOFR for the Interest Period in effect for such Borrowing plus the Applicable Margin, but in no event to exceed the Highest Lawful 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 means, on any date of determination, a rate that is determined, based upon the S&P Rating, the Xxxxx’x Rating or the Fitch Rating, as follows: If at any time each Rating Agency issues a different rating, then the Applicable Margin shall be determined based on the intermediate rating at such time. If at any time two Rating Agencies issue the same rating, which is different than the other Rating Agency, the rating issued by such other Rating Agency shall be disregarded, and the Applicable Margin shall be determined based on the two identical ratings at such time. If there is no S&P Rating and Fitch Rating, then the Applicable Margin shall be determined based on the Xxxxx’x Rating. If there is no Xxxxx’x Rating and Fitch Rating, then the Applicable Margin shall be determined based on the S&P Rating. If there is no Xxxxx’x Rating and S&P Rating, then the Applicable Margin shall be determined based on the Fitch Rating. If at any time only two Rating Agencies issue a rating and there is a difference of two or more rating levels between such Rating Agencies, then the Applicable Margin shall be determined based on the intermediate rating levels at the midpoint between the ratings issued by such Rating Agencies at such time or, if there is no midpoint, based on the higher intermediate level. If (i) there is no S&P Rating, Xxxxx’x Rating and Fitch Rating or (ii) an Event of Default has occurred and is continuing, the Applicable Margin shall be the highest rate per annum indicated therefor in the above table. The S&P Rating, Xxxxx’x Rating and Fitch Rating in effect on any date for purposes of determining the Applicable Margin shall be that S&P Rating, Xxxxx’x Rating and Fitch Rating in effect at the close of business on such date. Each change in the Applicable Margin resulting from a publicly announced change in the S&P Rating, the Fitch Rating and/or the Xxxxx’x Rating shall be effective during the period commencing on the date of the public announcement thereof and ending on the date immediately preceding the effective date of the next change.
Applicable Margin has the meaning set forth in the Fee Letter.
Applicable Margin means, for any day, the applicable percentage set forth below under the caption "Base Rate Loans," or "Euro-Dollar Loans," as the case may be, based upon the Leverage Ratio as of the relevant date of determination: --------------------------------------------------------------------------------------------- Leverage Ratio Base Rate Loans Euro-Dollar Loans --------------------------------------------------------------------------------------------- Level I Greater than 3.0 to 1.0 0.375% 1.375% --------------------------------------------------------------------------------------------- Level II Equal to or less than 3.0 to 1.0, but greater than 2.5 to 1.0 0.125% 1.125% --------------------------------------------------------------------------------------------- Level III Equal to or less than 2.5 to 1.0, but greater than 2.0 to 1.0 0.000% 0.875% --------------------------------------------------------------------------------------------- Level IV Equal to or less than 2.0 to 1.0, but greater than 1.0 to 1.0 0.000% 0.750% --------------------------------------------------------------------------------------------- Level V Equal to or less than 1.0 to 1.0 0.000% 00.625% --------------------------------------------------------------------------------------------- Each change in the Applicable Margin resulting from a change in the Leverage Ratio shall be effective with respect to all Loans outstanding on and after the date of delivery to the Administrative Agent of the financial statements and certificates required by Section 5.01(a) or (b) and Section 5.01(e), respectively, indicating such change until the date immediately preceding the next date of delivery of such financial statements and certificates indicating another such change. Notwithstanding the foregoing, (i) from the Closing Date to the date of delivery to the Administrative Agent of the financial statements and certificates required by Section 5.01(a) or (b) and Section 5.01(e) for the fiscal quarter ending at least six months after the Closing Date, the Leverage Ratio shall be deemed to be in Level III for purposes of determining the Applicable Margin and (ii) (a) at any time during which the Borrower has failed to deliver the financial statements and certificates required by Section 5.01(a) or (b) and Section 5.01(e), respectively, or (b) at any time after the occurrence and during the continuance of an Event of Default, the Leverage Ratio shall be deemed to be in Level I for purposes of determin...
Applicable Margin has the meaning set forth in Section 2.06(a).