Applicable Pricing Margin means, with respect to any applicable Borrowing or the standby fees payable under Section 5.8, a rate per annum set forth opposite the applicable Debt Rating: Level Debt Rating (S&P/Xxxxx'x/Fitch) Bankers' Acceptances / Term Benchmark Loans / Letters of Credit (in bps) Prime Loans / USBR Loans (in bps) Standby Fee (in bps) 1 A/A2/A or higher 80 0 16 3 BBB+/Baa1/BBB+ 120 20 24 4 BBB/Baa2/BBB 145 45 29 5 BBB-/Baa3/BBB- 170 70 34 6 Lower than Level 5, or unrated by each of S&P, Xxxxx'x and Fitch 225 125 45 provided that, in each case, as applicable:

Applicable Pricing Margin means, as regards any Advance, the percentage rate per annum in the following table set forth below the applicable column and opposite the applicable Senior Debt to Cash Flow Ratio of the Borrower: Level Senior Debt to Cash Flow Ratio BA Stamping Fee/LIBOR Loan/LC Fee Prime Loans and USBR Loans 1 < 1.0 3.50 % 2.50 % 2 > 1.0 to <2.0 4.00 % 3.00 % 3 >2.0 to <3.0 4.75 % 3.75 % provided that:

Applicable Pricing Margin in Section 1.1 of the Credit Agreement is amended by replacing the table setting out the Applicable Pricing Margin levels corresponding to ranges of Consolidated Debt to Cash Flow Ratios with the following table: Level Consolidated Debt to Cash Flow Ratio Applicable Pricing Margin Banker’s Acceptances, BA Equivalent Loans and LIBOR Loans Prime Rate Loans and U.S. Base Rate Loans Standby Fees

Examples of Applicable Pricing Margin in a sentence

The importance of such issues as jobs, quality of work, workplace health and safety, etc., has often been lost as companies and environmentalists go head to head over specificpollutants or over new regulation and enforcement.
The Borrower shall pay interest on its Prime Loans outstanding from time to time at a rate per annum equal to the aggregate of the Prime Rate and the Applicable Pricing Margin in effect from time to time.
Such interest shall be calculated daily, compounded monthly and payable on demand of the Agent at a rate per annum equal to the aggregate of the Prime Rate plus the Applicable Pricing Margin for Prime Loans plus 2%.
The Borrower shall pay interest on its LIBOR Loans outstanding from time to time at a rate per annum equal to the aggregate of the LIBOR for each LIBOR Period and the Applicable Pricing Margin in effect from time to time.
The Borrower shall pay interest in US Dollars on its LIBOR Loans outstanding from time to time at a rate per annum equal to the aggregate of the LIBOR for each LIBOR Period and the Applicable Pricing Margin for the LIBOR Margin in effect from time to time.

More Definitions of Applicable Pricing Margin

Applicable Pricing Margin means, with respect to the Loans or the standby fees payable under Section 4.6, the applicable rate per annum set forth in the table below opposite the applicable S&P Rating: Level S&P Rating Prime Loans/ USBR Loans (in bps) Libor Loans/ Bankers’ Acceptances (in bps) Letters of Credit (in bps) Standby fees (in bps) 1 B- (or unrated) 100 250 200 50 2 B 50 200 150 40 3 B+ 25 175 125 30 4 BB- or better 0 150 100 20 provided that changes in Applicable Pricing Margin shall be effective and adjusted upon any change in the S&P Rating in accordance with Section 7.7.

Applicable Pricing Margin means, in respect of any Loan, the percentage rate per annum (based on: (a) a 365 day period for Prime Loans and U.S. Base Rate Advances bearing interest at the rate announced from time to time by the Agent in accordance with paragraph (a) of the definition of "U.S. Base Rate Advance"; (b) a 360 day period for LIBOR Advances and U.S. Base Rate Advances bearing interest at the Federal Funds Rate plus 50 bps in accordance with paragraph (b) of the definition of "U.S. Base Rate Advance"; or (c) a 365 day period in the case of BA Stamping Fees) set forth opposite the applicable Senior Secured Debt to EBITDA Ratio as set out in Schedule B hereto, provided that after an Event of Default occurs and continues for 30 days (each an "Effective Increase Date"), each of the Applicable Pricing Margins shall, to the extent permitted by law, increase by 2.00% per annum until such Event of Default has been remedied; and with respect to BA Issues, such increase will on the Effective Increase Date apply proportionately to such Bankers' Acceptances outstanding on the basis of the number of days remaining in the term to maturity of each such Bankers' Acceptance. The Borrower will pay to the Agent, for the benefit of the Lenders, any resulting increase in BA Stamping Fees in arrears on the maturity or expiry of the relevant Bankers' Acceptances;

Applicable Pricing Margin in Section 1.1 of the Credit Agreement is hereby deleted in its entirety and replaced by the following:

Applicable Pricing Margin means, in respect of any Bankers Acceptance, LIBOR Loan, Prime Rate Loan or U.S. Base Rate Loan, or the Standby Fee payable under Section 3.2, the margin set out on the following table under the appropriate Accommodation that is opposite to the applicable Consolidated Debt to Cash Flow Ratio: -2- Execution Form CAL_LAW\ 1265540\5 Level Consolidated Debt to Cash Flow Ratio Margin on Banker's Acceptances and LIBOR Loans Margin on Prime Rate Loans and U.S. Base Rate Loans Margin re Standby Fee 1 £ 1.0:1.0 95.0 BPs 0 BPs 15.0 BPs 2 > 1.0:1.0, £ 1.0:1.5 110.0 BPs 10.0 BPs 15.0 BPs 3 > 1.5:1.0, £ 2.0:1.0 125.0 BPs 25.0 BPs 17.5 BPs 4 > 2.0:1.0, £ 3.0:1.0 140.0 BPs 40.0 BPs 20.0 BPs 5 > 3.0:1.0 165.0 BPs 65.0 BPs 25.0 BPs provided that:

Applicable Pricing Margin in Section 1.1 of the Credit Agreement is amended by deleting the pricing table therein and replacing same with the following new pricing table (and these pricing changes shall be applied to existing Outstandings in accordance with proviso (ii) in the definition of Applicable Pricing Margin): Level Senior Debt to Cash Flow Ratio BA Stamping Fee / LIBOR Loan / LC Fee (in bps) Prime Loans and USBR Loans (in bps) 1 < 1.0 250 150 2 >1.0 to < 2.0 275 175 3 >2.0 to <3.0 325 225

Applicable Pricing Margin means, in respect of any Accommodation by way of any Bankers Acceptance, LIBOR Loan, Prime Rate Loan or U.S. Base Rate Loan, or any Standby Fee payable under Section 3.2, the number of BPs set out on the following table under the appropriate Accommodation that is opposite to the applicable Consolidated Debt to Cash Flow Ratio: [Table Redacted] provided that the Applicable Pricing Margins:

Applicable Pricing Margin definition

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