Applicable LIBO Rate Margin definition
Applicable LIBO Rate Margin means, with respect to any Loan made or maintained as a LIBO Rate Loan, the lowest per annum rate determined by reference to the Net Debt to EBITDA Ratio and EBITDA to Interest Ratio, in each case that is satisfied for each of such ratios in a given clause below and as indicated in the Compliance Certificate most recently delivered pursuant to clause (c) of Section 7.1.1, equal to:
Applicable LIBO Rate Margin shall have the meaning set forth in the definition of “LIBO Rate”.
Applicable LIBO Rate Margin means the following per annum interest rate from time to time, determined for each fiscal quarter by reference to the Percentage Outstanding for the immediately prior fiscal quarter, in accordance with the following schedule: Percentage Outstanding Rate Margin 0 to 50% 1.75 % above 50% to 90% 2.00 % above 90% 2.25 % The Applicable LIBO Rate Margin shall remain fixed during each fiscal quarter of the Borrower’s fiscal year, determined on the first day of each fiscal quarter depending upon the Percentage Outstanding for the immediately prior quarter. (During the first partial quarter of this Agreement, commencing on the Closing Date, the Applicable LIBO Rate Margin shall be set using the Percentage Outstanding under the Prior Loan Agreement for the period from April 1, 2008, through the Closing Date.) No more than four (4) LIBO Rate tranches at any one time are permitted for the Notes. The Borrower will comply with the provisions of Addendum I hereto, relating to the LIBO Rate, which is an integral part of this Agreement. The LIBO Rate shall remain fixed for the duration of the LIBO Rate Interest Period selected. The Borrower shall not have the right to voluntarily prepay Advances outstanding at the LIBO Rate prior to the end of the applicable LIBO Rate Interest Period unless the Borrower includes payment of amounts, if any, required to be paid pursuant to paragraph 6 of Addendum I.
Examples of Applicable LIBO Rate Margin in a sentence
Interest shall accrue on each LIBOR Loan at a rate equal to the LIBO Rate for the selected Interest Period plus the Applicable LIBO Rate Margin.
Interest shall accrue on each LIBOR Loan at a rate equal to the LIBO Rate for the selected Interest Period plus the Applicable LIBO Rate Margin, said rate to change contemporaneously with any change in the LIBO Rate Margin.
The fee for a standby letter of credit shall be at the per annum rate equal to the Applicable LIBO Rate Margin then in effect on the face amount of the letter of credit for the period from the letter of credit's issuance to the expiration date, paid quarterly in arrears on each September 30, December 31, March 31 and June 30, plus additional amounts customarily charged by the Lender for the issuance and processing of letters of credit.
The Borrower shall pay to the Agent, for disbursement to the Lenders in accordance with Subsection 9.1(a), a fee for each standby letter of credit at the per annum rate equal to the Applicable LIBO Rate Margin then in effect on the maximum amount available to be drawn under the letter of credit for the period from the date of issuance to its expiration date, payable quarterly in arrears on each June 30, September 30, December 31 and March 31 (and on the Maturity Date).
From the fee for each standby letter of credit the Agent shall retain as a fronting fee, for its own account as letter of credit Issuing Bank, one-quarter of one (0.25%) percent on the face amount (i.e., the first 0.25% of the Applicable LIBO Rate Margin).
More Definitions of Applicable LIBO Rate Margin
Applicable LIBO Rate Margin and "APPLICABLE BASE RATE MARGIN" mean, for purposes of calculating the applicable interest rate for any day for any Loan advanced hereunder and the commitment fee respecting the Loans, (i) until the Pricing Tier Determination Date determined by the delivery of the Borrower's financial statements for the fiscal quarter ending June 30, 2002, the rates identified as Tier 1 in the table below, and (ii) thereafter, the rates established by the Agent from time to time upon each subsequent Pricing Tier Determination Date pursuant to the percentage rates per annum set forth opposite the appropriate test in the pricing grid below (ratio values shall be rounded to the nearest one-hundredth, with any value of .005 rounded upward): BASE RATE LIBO RATE COMMITMENT LEVERAGE RATIO MARGIN MARGIN FEE -------------- --------- --------- ---------- Tier 1 0% 1.0% 0.20% Less than or equal to 1.0 Tier 2 Greater than 1.0 and 0% 1.25% 0.20% less than or equal to 1.5 Tier 3 Greater than 1.5 and 0% 1.50% 0.25% less than or equal to 2.0 Tier 4 0.25% 1.75% 0.25% Greater than 2.0 The Leverage Ratio shall be established by the Agent on each Pricing Tier Determination Date on the basis of the then current consolidated quarterly financial statements of and schedules prepared by the Borrower delivered to the Agent pursuant to this Agreement; provided, however, that, if the Borrower fails to provide the financial statements and certificates required by Section 5.3 for the last day of the most recently ended fiscal quarter preceding the Pricing Tier Determination Date, the Applicable Commitment Fee, the Applicable LIBO Rate Margin and the Applicable Base Rate Margin shall be based on Tier 4 in the table above until such time as the appropriate financial statements and certificates are provided, whereupon the rates shall be determined as provided above. Additionally, if the Borrower's financial statements are determined to have been in error in a manner that affects the Leverage Ratio sufficiently that, in retrospect, a higher tier should have applied to any period, the Borrower shall pay to the Agent for the account of the Lenders, upon demand, the additional amount of interest that would have been paid had the financial statements been correctly stated.
Applicable LIBO Rate Margin set forth in Section 1.1 of the Credit Agreement, as amended by Fourth Modification, is hereby amended and restated to read in its entirety as follows:
Applicable LIBO Rate Margin means, (w) relative to any Term B Loan, (1) on any date prior to June 30, 2001, 3.50% per annum, (2) on any date from and after the Effective Date of the Eighth Amendment to Credit Agreement and prior to June 30, 2002, 11.00% per annum, as such rate may be reduced from time to time upon the occurrence of an Interest Reduction Event, and (3) on any date from and after June 30, 2002, 3.50% per annum, (x) relative to any Term C Loan, (1) on any date prior to June 30, 2001, 4.00% per annum, (2) on any date from and after the Effective Date of the Eighth Amendment to Credit Agreement and prior to June 30, 2002, 11.00% per annum, as such rate may be reduced from time to time upon the occurrence of an Interest Reduction Event, and (3) on any date from and after June 30, 2002, 4.00% per annum; (y) relative to any Term D Loan, (1) on any date prior to June 30, 2001, 4.50% per annum, (2) on any date from and after the Effective Date of the Eighth Amendment to Credit Agreement and prior to June 30, 2002, 11.50% per annum, as such rate may be reduced from time to time upon the occurrence of an Interest Reduction Event, and (3) on any date from and after June 30, 2002, 4.5%; and (z) relative to any Term A Loan, (1) on any date prior to February 18, 2001, 3.00% per annum, (2) on any date from and after February 18, 2001 and prior to June 30, 2001, the per annum percentage set forth below opposite the Total Debt to EBITDA Ratio set forth in the Current Compliance Certificate, (3) on any date from and after the Effective Date of the Eighth Amendment to Credit Agreement and prior to June 30, 2002, 11.00% per annum, as such rate may be reduced from time to time upon the occurrence of an Interest Reduction Event, and (4) on any date from and after June 30, 2002, the per annum percentage set forth below opposite the Total Debt to EBITDA Ratio set forth in the Current Compliance Certificate: a 4.5:1 3.00 % a 4.0:1 and < 4.5:1 2.75 % a 3.5:1 and < 4.0:1 2.50 % a 3.0:1 and < 3.5:1 2.00 % a 2.5:1 and < 3.0:1 1.75 % < 2.5:1 1.50 %"
Applicable LIBO Rate Margin means, with respect to any LIBO Rate Loan --------------------------- for any Pricing Period, the then applicable per annum rate set forth in the Pricing Grid.
Applicable LIBO Rate Margin means two and one-half percent (2.50%) per annum; provided however, that during any fiscal quarter of the Borrower where the Borrower shall have satisfied the Funded Debt to Cash Flow ratio test indicated in the table below, then the Applicable LIBO Rate Margin for the Effective Period (as defined below) shall be the percentage rate per annum set forth opposite the appropriate test in the table below: Funded Debt to Cash Flow Applicable LIBO Rate Margin ------------------------ --------------------------- Greater than 3.0 to 1.0 2.50% per annum Equal to or Less than 3.0:1.0 and 2.00% per annum Greater than 2.25:1.0 Equal to or Less than 2.25:1.0 and 1.50% per annum Greater than 1.5:1.0 Equal to or Less than 1.5 to 1.0 0.75% per annum The Funded Debt to Cash Flow ratio shall be computed generally as set forth in Paragraph 6.17(C) with Cash Flow being computed on a rolling four (4) quarter basis after giving Pro-Forma Effect to any Permitted Acquisition or Indebtedness associated therewith, and the Applicable LIBO Rate Margin shall be confirmed by the Agent on the basis of quarter-annual financial statements of the Borrower delivered to the Banks pursuant to Paragraph 6.2(B) and year end financial statements delivered pursuant to Paragraph 6.2(C). The "Effective Period" shall be the period commencing on the first Business Day of the first month following delivery to the Agent of the financial statements of the Borrower pursuant to Paragraphs 6.2(B) and 6.2(C), which financial statements indicate that the applicable test set forth above has been satisfied for the preceding fiscal quarter, and ending on the date that is three months after such commencement date. At the end of any Effective Period, the Applicable LIBO Rate Margin shall automatically become two and one-half percent (2.50%) per annum unless at or prior to such time the next Effective Period shall have commenced.
Applicable LIBO Rate Margin. As set forth in Annex II.
Applicable LIBO Rate Margin means, as at any date of