Interest Reduction Discount means zero; provided that from and after the first day of any Margin Reduction Period (the "Start Date") to and including the last day of such Margin Reduction Period (the "End Date"), the Interest Reduction Discount shall be the respective percentage per annum set forth in clause (A), (B), (C) or (D) below if, but only if, as of the last day of the immediately preceding fiscal quarter or fiscal year of the Company preceding such Start Date (the "Test Date"), the applicable conditions set forth in clause (A), (B), (C) or (D) below, as the case may be, are met:
Interest Reduction Discount means (i) for the period from the Effective Date through but not including the first Start Date, 1/4 of 1%, and (ii) from and after any Start Date to and including the corresponding End Date the percentage set forth in clause (A) or (B) below to the extent that the condition set forth in clause (A) or (B) below is satisfied (and to the extent that neither such condition is satisfied the Interest Reduction Discount shall be zero):
Interest Reduction Discount means initially zero; PROVIDED, that from and after the first day of any Margin Reduction Period (the "Start Date") occurring after the last day of the first fiscal quarter of the Borrower ended after the Original Effective Date to and including the last day of such Margin Reduction Period (the "End Date"), the Interest Reduction Discount shall be (1) for all purposes of determining interest with respect to Revolving Loans and Swingline Loans, the respective percentage per annum set forth in clause (A), (B), (C), (D), (E) or (F) below if, but only if, as of the last day of the most recent fiscal quarter or year, as the case may be, of the Borrower ended immediately prior to such Start Date (the "Test Date") the conditions in clause (A), (B), (C), (D), (E) or (F) below are met:
More Definitions of Interest Reduction Discount
Interest Reduction Discount means zero; provided that from and after the first day of any Margin Reduction Period after the occurrence of the June 2002 Repayment Event (the "Start Date") to and including the last day of such Margin Reduction Period (the "End Date"), the Interest Reduction Discount shall be the respective percentage per annum set forth in clause (A), (B), (C), (D), (E) or (F) below if, but only if, as of the last day of the immediately preceding fiscal quarter or fiscal year of the Company preceding such Start Date (the "Test Date"), the applicable conditions set forth in clause (A), (B), (C), (D), (E) or (F) below, as the case may be, are met:
Interest Reduction Discount means (i) initially zero and (ii) from and after each day (each a "Start Date") of delivery of any certificate delivered in accordance with the following sentence indicating an entitlement to an Interest Reduction Discount other than zero (or, if a Start Date has theretofore occurred with an Interest Reduction Discount of .25%, indicating an entitlement to an Interest Reduction Discount of .50%), the percentage set forth below opposite the Leverage Ratio indicated to have been achieved in any certificate delivered in accordance with the following sentence: Base Rate Euro Rate Leverage Ratio Loans Loans -------------- --------- --------- Equal to or less than 3.25:1 0.25% 0.25% but greater than 2.75:1 Equal to or less than 2.75:1 0.50% 0.50% The Leverage Ratio shall be determined based on the delivery of a certificate of Holdings to the Administrative Agent (with a copy to be sent by Holdings to each Bank), certified by an Authorized Officer of Holdings within 90 days after the last day of any fiscal quarter of Holdings (commencing with its fiscal quarter ending April 30, 1998), which certificate shall set forth the calculation of the Leverage Ratio for the Test Period ended immediately prior to the relevant Start Date and the Interest Reduction Discount which shall be thereafter applicable (unless and until, in an instance where an Interest Reduction Discount of .25% is indicated, such time, if any, as a subsequent Start Date occurs where, in accordance with the requirements of this sentence, a subsequent certificate of an Authorized Officer of Holdings indicates an entitlement to an Interest Reduction Discount of .50%). Notwithstanding anything to the contrary contained above in this definition, the Interest Reduction Discount shall be reduced to zero at any time upon the occurrence of any Default under Section 10.05 or any Event of Default, in which case the Interest Reduction Discount shall remain at 0% until such time, if any, as on a subsequent Start Date, no Default or Event of Default is in existence and an Interest Reduction Discount of more than zero is attained in accordance with the provisions of the preceding sentences of this definition of Interest Reduction Discount.
Interest Reduction Discount means initially zero (except as provided in clause (i) of the final sentence of this definition) and from and after the first day of any Margin Reduction Period (the "Start Date") to and including the last day of such Margin Reduction Period (the "End Date"), the Interest Reduction Discount, if any, for such Margin Reduction Period shall be the applicable percentage set forth in clause (A), (B), (C) or (D) below based on the satisfaction of the applicable conditions in such clauses below:
Interest Reduction Discount means (i) in the case of Tranche A Term Loan, Revolving Loans and Swingline Loans, zero, and from and after any Start Date occurring after the last day of the first fiscal quarter of the Borrower ended after the Initial Borrowing Date to and including the corresponding End Date:
Interest Reduction Discount means initially zero, provided that from and after any Start Date to and including the corresponding End Date, the Interest Reduction Discount shall be (I) in the case of A Term Loans and Revolving Loans, the respective percentage per annum set forth in clause (A), (B), (C), (D), (E), or (F) below if, but only if, as of the Test Date for such Start Date the applicable condition set forth in clause (A), (B), (C), (D), (E), or (F) below, as the case may be, is met:
Interest Reduction Discount contained in Section 10 of the Credit Agreement are hereby amended to read in their entirety as follows:
Interest Reduction Discount means (i) initially 0% and (ii) from and after each day of delivery of any certificate delivered in accordance with the following sentence indicating an entitlement to an Interest Reduction Discount other than zero (each, a "Start Date") to and including the applicable End Date described below, the percentage set forth below opposite the Leverage Ratio indicated to have been achieved in any certificate delivered in accordance with the following sentence: Base Rate Eurodollar Leverage Ratio Loans Loans -------------- ----------- ---------- Equal to or greater than 5:1 0% 0% Equal to or greater than 4.5:1 but less than 5.0:1 0.25 % 0.25 % Equal to or greater than 4.0:1 but less than 4.5:1 0.50 % 0.50 % Less than 4.0:1 0.75 % 0.75 % The Leverage Ratio shall be determined based on the delivery of a certificate of the Borrower to the Administrative Agent (with a copy to be sent by the Administrative Agent to each Bank), certified by an Authorized Officer of the Borrower within 30 days after the last day of any fiscal quarter of the Borrower, (commencing with its fiscal quarter ending December 31, 1998, which certificate shall set forth the calculation of the Leverage Ratio for the Test Period ended immediately prior to the relevant Start Date and the Interest Reduction Discount which shall be thereafter applicable (until same is changed or ceases to apply in accordance with the following sentences). The Interest Reduction Discount so determined shall apply, except as set forth in the succeeding sentence, from the Start Date to the earlier of (x) the date on which the next certificate is delivered to the Administrative Agent and (y) the date which is 30 days following the last day of the fiscal quarter in which the previous Start Date occurred (the "End Date"), at which time, if no certificate has been delivered to the Administrative Agent indicating an entitlement to an Interest Reduction Discount other than zero (and thus commencing a new Start Date), the Interest Reduction Discount shall be reduced to zero. Notwithstanding anything to the contrary contained above in this definition, the Interest Reduction Discount shall be reduced to zero at all times during which there shall exist an Event of Default.