Margin Ratchet definition

Margin Ratchet means, in relation to any Margin applicable to an Advance (other than an Additional Facility Advance), following receipt by the Facility Agent of any certificate delivered under Clause 4.1(b) (Conditions to Utilisation), the certificate delivered under Clause 24.2(d)(ii) (Financial Information) or the certificate delivered under Clause 24.3(c) (Information - Miscellaneous), the Margin for that Advance, with effect on the first day of the first Interest Period or Term for that Advance (in the case of a certificate delivered under Clause 4.1(b) (Conditions to Utilisation)) or, as applicable, the first day of the immediately succeeding Interest Period or Term for that Advance will be the percentage per annum set out below in the column for the relevant Facility in relation to that Advance opposite the relevant Leverage range as determined from the calculations in the relevant certificate: Either (i) Total Net Debt to Annualised EBITDA for the Latest Ratio Period is less than or equal to 3.75:1 or (ii) the ratio of Senior Net Debt to Annualised EBITDA for the Latest Ratio Period is less than or equal to 3.00:1 and the ratio of Total Net Debt to Annualised EBITDA is less than or equal to 4.00:1 2.50 2.75 2.50 Total Net Debt to Annualised EBITDA for the Latest Ratio Period is greater than 3.75:1 unless the ratio of Senior Net Debt to Annualised EBITDA for the Latest Ratio Period is less than or equal to 3.00:1 and the ratio of Total Net Debt to Annualised EBITDA is less than or equal to 4.00:1 2.75 3.00 2.75 If the Parent has failed to deliver a certificate in accordance with Clause 24.2(d)(ii) (Financial Information), then until such time as the certificate is delivered (when each Margin will again be determined in accordance with this definition of “Margin Ratchet”), each Margin shall be the higher percentage per annum set out above in the column for the relevant Facility to which that Margin relates.
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Examples of Margin Ratchet in a sentence

  • Any reduction or increase to the Margin provided for by Clause 4.3 (Margin Ratchet) shall take effect in relation to all existing Revolving Advances and future Revolving Advances, in each case with effect from the date the Agent receives the Parent's Compliance Certificate in accordance with Clause 17.4 (Compliance Certificates) for -53- 57 its most recent Financial Quarter.

  • Notwithstanding the terms of Clause 12.3 (Margin Ratchet), no reduction in the Margin shall be effected whilst an Event of Default is continuing.

  • Margin The Margin for Revolving Advances shall be determined in accordance with Clause 5.3 (Margin Ratchet) to Clause 5.5 (Default Margin).

  • Tranche A/ RCF 1.625% per annum from the Merger Closing Date, for a period of three months and thereafter subject to the Margin Ratchet provisions.

  • Margin Ratchet In accordance with the provisions of Clause 5.4 (Margin Changes) and subject to Clause 5.5 (Default Margin), the Margin shall be the percentage rate per annum determined by the ratio of Senior Debt to Annualised EBITDA in respect of the most recent Financial Quarter in accordance with the table set out below.

  • For the avoidance of any doubt, any ESG-linked ratchet discount to the Margin applicable to any Facility shall be additional or incremental to the Margin Ratchet and shall (on the same basis that the Margin Ratchet shall) be taken into account in determining the relevant Margin for the purposes of any PIK Toggle.

  • Subject to the margin ratchet provisions set out in PART A of SCHEDULE 6 (Margin Ratchet provisions and grid) to this Term Sheet, 3.75 per cent.

  • Subject to the Margin Ratchet (as defined below): Facility B1: 5.50% per annum.

  • The Margin for Term-Out Advances shall be determined in accordance with Clause 5.3 (Margin Ratchet) to Clause 5.5 (Default Margin).

  • MARGIN The Margin for Revolving Advances shall be determined in accordance with Clause 5.3 (Margin Ratchet) to Clause 5.5 (Default Margin).

Related to Margin Ratchet

  • Margin Ratio is the percentage of the value of the Collateral up to which the Customer is permitted to borrow (or otherwise to secure other forms of financial accommodation) from the Company against the Collateral.

  • Margin Level means the percentage Equity to Necessary Margin ratio. It is calculated as (Equity / Necessary Margin) * 100%.

  • Margin means [•] per cent. per annum.]

  • Weighted Average Yield means with respect to any Loan, on any date of determination, the weighted average yield to maturity, in each case, based on the interest rate applicable to such Loan on such date and giving effect to all upfront or similar fees or original issue discount payable with respect to such Loan.

  • Applicable Margins means collectively the Applicable L/C Margin, the Applicable Revolver Index Margin, the Applicable Term Loan Index Margin, the Applicable Revolver LIBOR Margin and the Applicable Term Loan LIBOR Margin.