ABR Spread or “Fee Percentage”, as the case may be, based upon the ratings by S&P and Xxxxx’x, respectively, applicable on such date to the Index Debt; provided, that, after the Maturity Date, the applicable percentage (Eurodollar Spread or ABR Spread) below shall be increased by 0.500% per annum Eurodollar Spread ABR Spread Fee Percentage Category 1 BBB+ or higher by S&P or Baa1 or higher by Xxxxx’x 0.625% 0.000% 0.125% Category 2 BBB by S&P or Baa2 by Xxxxx’x 0.725% 0.000% 0.150% Category 3 BBB–by S&P or Baa3 by Xxxxx’x 0.950% 0.000% 0.175% Category 4 BB+ by S&P or Ba1 by Xxxxx’x 1.275% 0.500% 0.225% Category 5 BB or lower by S&P or Ba2 or lower by Xxxxx’x 1.675% 1.000% 0.325% For purposes of this definition, (i) if either Xxxxx’x or S&P shall not have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this paragraph), then such rating agency shall be deemed to have established a rating in Category 5; (ii) if the ratings established or deemed to have been established by Xxxxx’x and S&P for the Index Debt shall fall within different Categories, the Applicable Percentage shall be based on the higher of the two ratings unless the ratings differ by more than one category, in which case the governing rating shall be the rating next below the higher of the two; and (iii) if the ratings established or deemed to have been established by Xxxxx’x and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Xxxxx’x or S&P), such change shall be effective as of the date on which it is first announced by the applicable rating agency. Each change in the Applicable Percentage shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Xxxxx’x or S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the non-availability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Percentage shall be determined by reference to the rating most recently in effect prior to such change or cessation.
ABR Spread or "Facility Fee Rate" as the case may be, based upon the Leverage Ratio for the Rolling Period ending on the most recent Quarterly Date with respect to which the Administrative Agent shall have received the financial statements and other information (the "Current Information") required to be delivered to the Administrative Agent pursuant to Section 6.01(a) or Section 6.01(b) and the compliance certificate required to be delivered pursuant to Section 6.01(c) in respect of such financial statements: Eurodollar Facility Fee Leverage Ratio Spread ABR Spread Rate -------------- ------ ---------- ---- Less than 1.00 to 1.00 1.000% 0.000% 0.250% ---------------------------------------------------------------------------------------------- Greater than or equal to 1.00 to 1.00 1.125% 0.000% 0.375% but less than 1.50 to 1.00 ---------------------------------------------------------------------------------------------- Greater than or equal to 1.50 to 1.00 1.250% 0.250% 0.500% but less than 2.25 to 1.00 ---------------------------------------------------------------------------------------------- Greater than or equal to 2.25 to 1.00 1.500% 0.500% 0.500% but less than 2.75 to 1.00 ---------------------------------------------------------------------------------------------- Greater than or equal to 2.75 to 1.00 1.750% 0.750% 0.500% Each change in the Applicable Rate based on a change in the Current Information shall become effective on the date on which Current Information is delivered to the Lenders pursuant to Section 6.01 (but in any event not later than the 45th day after the end of each of the first three quarterly periods of each Fiscal Year or the 90th day after the end of each Fiscal Year, as the case may be) and shall remain in effect until the next change to be effected pursuant to this paragraph. If any Current Information is not delivered within the time periods specified in Section 6.01, then, until such Current Information is delivered, the Leverage Ratio as of the end of the Rolling Period that would have been covered thereby shall, for the purposes of this definition, be deemed to be greater than or equal to 2.75 to 1.00. Furthermore, and notwithstanding any other provision to the contrary, for the period from the Effective Date until the date on which the Current Information for the Rolling Period ending March 31, 2004 is delivered to the Lenders, the Leverage Ratio as at the end of each Rolling Period during such period shall, for the purposes of ...
ABR Spread means (a) with respect to Tranche A Term Loans and Revolving Loans, 1.50% per annum, subject to adjustment pursuant to Section 2.06(c), and (b) with respect to Tranche B Term Loans, 2.25% per annum, subject to adjustment pursuant to Section 2.06(c).
Examples of ABR Spread in a sentence
The Applicable Rate equals an ABR Spread based on the higher of S&P and Moody’s credit ratings of our senior unsecured long-term debt.
For the first fiscal quarter after June 30, 2014, the Senior Facilities provide term loan borrowings at interest rates based on a LIBOR plus a LIBOR Spread of 3.50%, or an Alternate Base Rate (“ABR”) plus an ABR Spread of 2.50%.
Additionally, the Senior Facilities provide Revolver borrowings at interest rates based on a LIBOR plus LIBOR Spread of 3.25%, or an ABR plus an ABR Spread of 2.25%.
Subject to Section 10.13, if any fee, reimbursement obligations, or other amount payable by the Borrower hereunder is not paid when due, at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to 2% plus the Alternate Base Rate plus the ABR Spread set forth in the definition of “Applicable Rate”, which interest shall be payable on demand of the Issuing Bank.
Stoehr Title: Senior VP & CFO Exhibit D SCHEDULE I Calculation of Consolidated Net Worth as of March 30, 2010 $359,564,962 Exhibit D SCHEDULE II Borrower’s Applicable Rate Calculation ABR Spread Euro Dollar 3.50% 4.50% Exhibit D.
More Definitions of ABR Spread
ABR Spread or "Facility Fee Rate," based upon the ratings by Moodx'x xxx S&P, respectively, applicable on such date to the Index Debt: ===================================================================================== Eurodollar Facility Fee Utilization Level Index Debt Rating Spread ABR Spread Rate Fee Rate ----- ----------------- ------ ---------- ---- -------- ------------------------------------------------------------------------------------- I => A-/A3 0.35% 0.00% 0.10% 0.125% ------------------------------------------------------------------------------------- => BBB+/Baa1 but 0.50% 0.00% 0.125% 0.125% II < A-/A3 ------------------------------------------------------------------------------------- => BBB/Baa2 III but 0.60% 0.00% 0.15% 0.25% < BBB+Baa1 ------------------------------------------------------------------------------------- => BBB-/Baa3 but IV < BBB/Baa2 0.80% 0.00% 0.20% 0.25% V <= BB+/Ba1 1.025% 0.00% 0.30% 0.25% ===================================================================================== For purposes of the foregoing, (i) if either Moodx'x xx S&P shall not have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the penultimate sentence of this definition), then such rating agency shall be deemed to have established a rating in Level III; (ii) if the ratings established or deemed to have been established by Moodx'x xxx S&P for the Index Debt shall fall within different Levels, the Applicable Rate shall be based on the higher of the two ratings (i.e., the lower Level number) unless one of the two ratings is two or more Levels lower than the other, in which case the Applicable Rate shall be determined by reference to the Level next below that of the higher of the two Levels; and (iii) if the ratings established or deemed to have been established by Moodx'x xxx S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Moodx'x xx S&P), such change shall be effective as of the date on which it is first announced by the applicable rating agency. Each change in the Applicable Rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Moodx'x xx S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the Lenders shall negotiate in good faith...
ABR Spread or "Fee Percentage", as the case may be, based upon the ratings by S&P and Moody's, respectively, applicable on such date xx xxx Index Debt. For purposes of the foregoing, (i) if either Moody's or S&P shall not have in effect a ratixx xxx the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition), then such rating agency shall be deemed to have established a rating of BB-/Ba3 unless such rating agency shall have in effect a rating for senior subordinated unsecured, non-credit enhanced, long-term indebtedness for borrowed money of FCX, in which case such rating, increased by two categories, shall be used as the Index Debt rating of such rating agency so long as such rating agency has in effect such a rating and does not have in effect a rating for Index Debt; (ii) if the ratings established or deemed to have been established by Moody's and S&P for the Index Debt shall fall xxxxxx different categories, the Applicable Margin shall be based on the higher of the two ratings; and (iii) if the ratings established or deemed to have been established by Moody's and S&P for the Index Debt shall be chxxxxx (other than as a result of a change in the rating system of Moody's or S&P), such change shall be effectivx xx xx the date on which it is first announced by the applicable rating agency. Each change in the Applicable Margin shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Moody's or S&P shall change, or if either such xxxxxx agency shall cease to be in the business of rating corporate debt obligations, FI and the Banks shall negotiate in good faith to amend this definition to reflect such changed rating system or the non-availability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Margin shall be determined by reference to the rating most recently in effect prior to such change or cessation.
ABR Spread or "Commitment Fee Percentage", as the case may be, based upon the Consolidated Leverage Ratio as of the relevant date of determination: CONSOLIDATED EURODOLLAR COMMITMENT LEVERAGE RATIO SPREAD ABR SPREAD FEE PERCENTAGE ----------------------------- ----------------------- ---------------------- ------------------------ Category 1 2.500% 1.500% 0.500% Greater than 7.00 to 1.00 ----------------------------- ----------------------- ---------------------- ------------------------ Category 2 2.250% 1.250% 0.500% Greater than 6.50 to 1.00 but less than or equal to 7.00 to 1.00 ----------------------------- ----------------------- ---------------------- ------------------------ Category 3 2.000% 1.000% 0.500% Greater than 6.00 to 1.00 but less than or equal to 6.50 to 1.00 ----------------------------- ----------------------- ---------------------- ------------------------ Category 4 1.625% 0.625% 0.375% Greater than 5.50 to 1.00 but less than or equal to 6.00 to 1.00 ----------------------------- ----------------------- ---------------------- ------------------------ Category 5 1.500% 0.500% 0.375% Greater than 5.00 to 1.00 but less than or equal to 5.50 to 1.00 ----------------------------- ----------------------- ---------------------- ------------------------ Category 6 1.250% 0.250% 0.250% Greater than 4.50 to 1.00 but less than or equal to 5.00 to 1.00 ----------------------------- ----------------------- ---------------------- ------------------------ Category 7 1.000% 0.000% 0.250% Greater than 4.00 to 1.00 but less than or equal to 4.50 to 1.00 ----------------------------- ----------------------- ---------------------- ------------------------ Category 8 0.875% 0.000% 0.250% Greater than 3.50 to 1.00 but less than or equal to 4.00 to 1.00 ----------------------------- ----------------------- ---------------------- ------------------------ Consolidated Eurodollar Commitment Leverage Ratio Spread ABR Spread Fee Percentage ----------------------------- ----------------------- ---------------------- ------------------------ Category 9 0.750% 0.000% 0.250% Less than or equal to 3.50 to 1.00 ----------------------------- ----------------------- ---------------------- ------------------------ Each change in the Applicable Percentage resulting from a change in the Consolidated Leverage Ratio shall be effective with respect to all Loans, Commitments and Letters of Credit outstanding on and after the date of delivery to the Administrative Agent of the financial ...
ABR Spread or "Facility Fee Rate", as applicable, based upon the Adjusted Leverage Ratio as of the most recent determination date; provided that until the delivery to the Administrative Agent, pursuant to Section 5.01(a), of the Borrower's consolidated financial statements for the Borrower's fiscal year ending December 31, 1998, the "Applicable Rate" shall be deemed to be in Category 3: ============================================================================= EURODOLLAR ABR FACILITY ADJUSTED LEVERAGE RATIO: SPREAD SPREAD FEE RATE ----------------------------------------------------------------------------- Category 1 Greater than 5.00 to 1.00 2.500% 1.500% 0.500% Category 2 Greater than 4.50 to 1.00 but less than or equal to 5.00 to 1.00 2.000% 1.000% 0.500% Category 3 Greater than 4.00 to 1.00 but less than or equal to 4.50 to 1.00 1.500% 0.500% 0.500% Category 4 Greater than 3.50 to 1.00 but less than or equal to 4.00 to 1.00 1.000% 0.000% 0.500% ----------------------------------------------------------------------------- ============================================================================ EURODOLLAR ABR FACILITY ADJUSTED LEVERAGE RATIO: SPREAD SPREAD FEE RATE ---------------------------------------------------------------------------- Category 5 Greater than 3.00 to 1.00 but less than or equal to 3.50 to 1.00 0.625% 0.000% 0.375% Category 6 Less than or equal to 3.00 to 1.00 0.450% 0.000% 0.300% ============================================================================ Each change in the Applicable Rate resulting from a change in the Adjusted Leverage Ratio shall be effective with respect to all Loans and Commitments 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)) 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, at any time after the occurrence and during the continuance of an Event of Default, the Adjusted Leverage Ratio shall be deemed to be in Category 1 for purposes of determining the Applicable Rate.
ABR Spread. Eurodollar Spread" or "Commitment Fee", as the case may be, based upon the Total Leverage Ratio as of the most recent determination date, provided that notwithstanding the Total Leverage Ratio, until delivery of the Borrower's audited financial statements for the fiscal year ended December 31, 2006, Category 1 below shall apply with respect to any Revolving Loan or commitment fee: ABR Eurodollar Commitment Total Leverage Ratio: Spread Spread Fee --------------------- ------ ---------- ---------- Category 1 1.00% 2.00% 0.375% > or = 6.50 to 1.00 Category 2 < 6.50 to 1.00 and 0.50% 1.50% 0.375% > or = 6.00 to 1.00 Category 3 < 6.00 to 1.00 and 0.25% 1.25% 0.375% > or = 5.00 to 1.00 Category 4 < 5.00 to 1.00 and 0.00% 1.00% 0.375% > or = 4.50 to 1.00 Category 5 < 4.50 to 1.00 and 0.00% 0.75% 0.300% > or = 4.00 to 1.00 Category 6 0.00% 0.675% 0.250% < 4.00 to 1.00 For purposes of the foregoing, (i) the Total Leverage Ratio shall be determined as of the end of each fiscal quarter of the Borrower's fiscal year based upon the Borrower's consolidated financial statements delivered pursuant to Section 5.01(a) or (b) and (ii) each change in the Applicable Rate resulting from a change in the Total 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 Applicable Rate shall be deemed to be as provided in Category 1 of the table set forth above if the Borrower fails to deliver the consolidated financial statements required to be delivered by it pursuant to Section 5.01(a) or (b) and the certificate of a Financial Officer delivered in connection therewith, as of the first Business Day after the date on which such financial statements and certificate of a Financial Officer were required to have been delivered until the Business Day after delivery thereof.
ABR Spread or “Commitment Fee Rate”, as the case may be, based upon the Leverage Ratio applicable on such date: Eurocurrency ABR Commitment Leverage Ratio: Spread Spread Fee Rate Category 1: < 1.00 to 1.00 1.75 % 0.75 % 0.25 % Category 2: ≥ 1.00 to 1.00 but < 1.50 to 1.00 2.00 % 1.00 % 0.30 % Category 3: ≥ 1.50 to 1.00 but < 2.00 to 1.00 2.25 % 1.25 % 0.35 % Category 4: ≥ 2.00 to 1.00 but < 2.50 to 1.00 2.50 % 1.50 % 0.40 % Category 5: ≥ 2.50 to 1.00 but < 3.00 to 1.00 2.75 % 1.75 % 0.45 % Category 6: ≥ 3.00 to 1.00 but < 3.50 to 1.00 3.25 % 2.25 % 0.50 % Category 7: ≥ 3.50 to 1.00 3.75 % 2.75 % 0.55 % For purposes of the foregoing,
ABR Spread means, at any date or for any period of determination, the ABR Spread that would be in effect on such date pursuant to the chart set forth in Section 2.23 based on the rating of the Index Debt.