Term Loan Applicable Rate definition

Term Loan Applicable Rate any rate of interest on the Term Loan Balance from time to time applicable pursuant to Section 6.1;
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Term Loan Applicable Rate means, for any day with respect to any Tranche B Term Loan that is an ABR Loan or Eurodollar Loan, the applicable rate per annum set forth below under the caption “ABR Spread” or ‘‘Eurodollar Spread”, as applicable, in each case, based upon the Leverage Ratio as of the most recent determination date, provided that prior to the date of delivery to the Administrative Agent, pursuant to Section 5.01, of the Borrower’s consolidated financial information for the Borrower’s fiscal quarter ended June 30, 2006, the “Term Loan Applicable Rate” for purposes of the foregoing shall be the applicable rate per annum set forth below in Category 1. Leverage Ratio ABR Spread Eurodollar Spread Category 1 >4.50x 125 bps 225 bps Category 2 >3.00x and < 4.50x 100 bps 200 bps Category 3 < 3.00x (and satisfaction of the Ratings Condition) 75 bps 175 bps For purposes of the foregoing, (a) the Leverage Ratio shall be determined on a Pro Forma Basis as of the end of each fiscal quarter of the Borrower based upon the Borrower’s consolidated financial statements delivered pursuant to Section 5.01(a) or (b), and (b) each change in the Term Loan Applicable Rate resulting from a change in the Leverage Ratio shall be effective during the period commencing on and including the date of delivery to the Administrative Agent of such consolidated financial statements indicating such change and ending on the date immediately preceding the effective date of the next such change, provided that the Leverage Ratio, for purposes of determining the Term Loan Applicable Rate, shall be deemed lo be in Category 1 (i) at any time that an Event of Default has occurred and is continuing or (ii) at the option of the Administrative Agent or at the request of the Required Lenders if the Borrower fails to deliver the consolidated financial statements required to be delivered by it pursuant to Section 5.01(a) or (b), during the period from the expiration of the time for delivery thereof until such consolidated financial statements are delivered.
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Term Loan Applicable Rate means, with respect to the Incremental Term Loans, (a) in the case of Eurodollar Loans, (i) at any time that the Total Leverage Ratio is equal to or greater than 4.50 to 1.0, 6.00%, (ii) at any time that the Total Leverage Ratio is equal to or greater than 3.50 to 1.0 but less than 4.50 to 1.0, 5.75%,(iii) at any time that the Total Leverage Ratio is equal to or greater than 3.00 to 1.0 but less than 3.50 to 1.0, 5.50%,(iv) at any time that the Total Leverage Ratio is equal to or greater than 2.50 to 1.0 but less than 3.00 to 1.0, 5.25%, and (v) at any time that the Total Leverage Ratio is less than 2.50 to 1.0, 5.00%, and (b) in the case of Base Rate Loans, (i) at any time that the Total Leverage Ratio is equal to or greater than 4.50 to 1.0, 5.00%, (ii) at any time that the Total Leverage Ratio is equal to or greater than 3.50 to 1.0 but less than 4.50 to 1.0, 4.75%, (iii) at any time that the Total Leverage Ratio is equal to or greater than 3.00 to 1.0 but less than 3.50 to 1.0, 4.50%, (iv) at any time that the Total Leverage Ratio is equal to or greater than 2.50 to 1.0 but less than 3.00 to 1.0, 4.25%, and(v) at any time that the Total Leverage Ratio is less than 2.50 to 1.0, 4.00%. Any increase or decrease in the Term Loan Applicable Rate resulting from a change in the Total Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(b) of the Credit Agreement in the case of the first three fiscal quarters of any fiscal year and immediately following the date a certification of the Total Leverage Ratio is delivered pursuant to Section 6.02(c) of the Credit Agreement in the case of the final quarter of any fiscal year; provided, however, that if a Compliance Certificate is not delivered when due in accordance with Section 6.02(b) of the Credit Agreement or a certification of Total Leverage Ratio is not delivered when due in accordance with Section 6.02(c) of the Credit Agreement, then the Term Loan Applicable Rate shall be the rate referred to in clause (a)(i) or (b)(i) of the definition thereof (set forth above) as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall continue to apply until the first Business Day after the date such certificate is delivered. Notwithstanding the foregoing, in the event that the Effective Yield (as defined below) for any Term Facility under the Credi...
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Examples of Term Loan Applicable Rate in a sentence

  • The Borrower shall be promptly notified in writing of such determination of the Term Loan Applicable Rate and the Revolving Credit Facility Applicable Rate, as the case may be.

  • The Term Loan Balance shall bear interest at the Term Loan Applicable Rate which shall be the rate per annum which is equal to the aggregate of (a) LIBOR for the applicable Interest Period (determined in accordance with Section 6.5) plus (b) the then prevailing Margin.

  • Any principal payment with respect to the Term Loan not paid when due, whether on a Term Loan Payment Date or by acceleration, shall bear interest thereafter at a rate per annum of two percent (2.0%) over the Term Loan Applicable Rate in effect with respect to such payment at the time of such default (the "Term Loan Default Rate").

  • The US Borrowers shall pay to LC Facility Administrative Agent for the ratable benefit of the Term Loan Lenders interest on the outstanding principal amount of the Term Loans at (x) in the case of Term Loans that are US Prime Rate Loans, the then prevailing US Prime Rate plus the Term Loan Applicable Rate and (y) in the case of Term Loans that are Eurodollar Rate Loans, the then prevailing Eurodollar Rate plus the Term Loan Applicable Rate.


More Definitions of Term Loan Applicable Rate

Term Loan Applicable Rate shall be 1.50% per annum for Term Loans that are US Prime Rate Loans and 2.50% per annum for Term Loans that are Eurodollar Rate Loans.
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Term Loan Applicable Rate means, with respect to the Incremental Term Loans, (a) in the case of Eurodollar Loans, (i) at any time that the Total Leverage Ratio is equal to or greater than 4.50 to 1.0, 6.00%,
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Term Loan Applicable Rate means, with respect to the Incremental Term Loans governed hereby, (a) in the case of Eurodollar Loans, (i) at any time that the Total Leverage Ratio is 5.00 to 1.0 or greater, 5.75%, and (ii) at any time that the Total Leverage Ratio is less than 5.00 to 1.0, 5.50%, and (b) in the case of Base Rate Loans, (i) at any time that the Total Leverage Ratio is 5.00 to 1.0 or greater, 4.75%, and (ii) at any time that the Total Leverage Ratio is less than 5.00 to 1.0, 4.50%. Any increase or decrease in the Term Loan Applicable Rate resulting from a change in the Total Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(b) of the Credit Agreement in the case of the first three fiscal quarters of any fiscal year and immediately following the date a certification of the Total Leverage Ratio is delivered pursuant to Section 6.02(c) of the Credit Agreement in the case of the final quarter of any fiscal year; provided, however, that if a Compliance Certificate is not delivered when due in accordance with Section 6.02(b) of the Credit Agreement or a certification of Total Leverage Ratio is not delivered when due in accordance with Section 6.02(c) of the Credit Agreement, then the Term Loan Applicable Rate shall be the rate referred to in clause (a)(i) or (b)(i) of the definition thereof as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall continue to apply until the first Business Day after the date such certificate is delivered. Notwithstanding the foregoing, in the event that the Effective Yield for any Term Facility under the Credit Agreement (other than the Incremental Term Facility governed hereby), as determined by the Administrative Agent, is higher than the Effective Yield for the Incremental Term Facility governed hereby, as determined by the Administrative Agent, by more than 50 basis points, then the interest rates referred to above shall be increased to the extent necessary so that the Effective Yield for the Incremental Term Facility governed hereby, as determined by the Administrative Agent, is equal to the Effective Yield for such other Term Facility minus 50 basis points. If necessary, this Agreement shall be amended, in form and substance reasonably satisfactory to the Administrative Agent and the Borrower, to reflect such increase in interest rate.
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Related to Term Loan Applicable Rate

  • Applicable Rate means a percentage per annum equal to:

  • 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.