Interest Margins. The applicable Prime margins shall be the percentage per annum set forth in the Summary Pricing Matrix below for the appropriate level. The level shall be determined quarterly by the Leverage Ratio, defined as Total Liabilities divided by Tangible Net Worth. Margins at all levels shall be considered void in the event of a default, at which time the default rate of 15.00% will be imposed. Summary Pricing Matrix Term Loan Level I Level II Level III ------------------------------------------------------------------ Leverage Ratio *1.0x **1.0 & *2.0x **2.0x ------------------------------------------------------------------ Prime Margin -1.00% 0.00% 1.00% ------------------------------------------------------------------
Interest Margins. The “Applicable Margin” will be the interest rate per annum set forth in the following pricing grid. The Applicable Margins will initially be set at the Applicable Margins in Tier 3 below and, commencing with the date that is 6 months after the Closing Date, will be subject to increase or reduction based upon the average daily Excess Availability Percentage (as defined below) during the most recently ended fiscal quarter: Tier Quarterly Average Excess Availability Percentage LIBOR Borrowings Base Rate Borrowings 1 >66.7% 1.50% 0.50% 2 <66.7% but > 33.3% 1.75% 0.75% 3 <33.3% 2.00% 1.00%
Interest Margins. The applicable interest margins (the “Interest Margins”) for Term A Facility and the Revolving Credit Facility will be (x) 2.50% per annum, in the case of Adjusted Term SOFR Loans and (y) 1.50% per annum, in the case of Base Rate Loans; provided that after the date on which the Borrower shall have delivered financial statements for the first full fiscal quarter ending after the Closing Date, the Interest Margins for the Term A Facility and the Revolving Credit Facility will be determined in accordance with the Pricing Grid set forth below.
Examples of Interest Margins in a sentence
Interest Margins: The Prime Rate and LIBOR margin for Facilities A and B shall be the percentage set forth in the pricing matrix below for the applicable debt ratio level (defined as Net Debt (defined as total debt less cash and cash equivalents) divided by EBITDA less CapEx) calculated over the preceding four fiscal quarters.
Interest Margins: Initial margins under each of the Revolving Credit Facility and the Term Loan A Facility will be .25% for Base Rate loans and 1.50% for LIBOR loans.
Interest Margins The results of the Allmerica Financial Services segment depend, in part, on the maintenance of profitable margins between investment results from investment assets supporting universal life and general account annuity products and the interest credited on those products.
Page 2 3 Exhibit 3 DIFFERENT PATHS TO SIMILAR PERFORMANCE ASSOCIATED FIRST FINANCIAL ---------- --------------- Assets $4.5 Billion $5.8 Billion Earnings (1996) 57 Million 72 Million Tangible Capital 357 Million 394 Million Net Interest Margins 4.53% 3.45% ROAA* 1.38% 1.31% ROAE* 15.39% 17.91% 5-year EPS CAGR* 10.9% 17.45% -------------- * 1996 full-year adjusted for one-time SAIF charges.
The Pricing Grid reflects the initial pricing and the Applicable Interest Margins which will replace the initial pricing based on a Pricing Event, and also reflects the applicable percentage for the Commitment Fee required by Section 2.15 of this Agreement.
More Definitions of Interest Margins
Interest Margins. The applicable Interest Margin will be the basis points set forth in the following table if the Borrower's corporate credit rating is B+ (with a stable or positive outlook) or better from S&P and the Borrower's corporate family rating is B1 (with a stable or positive outlook) or better from Moody's (the "Ratings Condition"). If the Ratings Condition is not met, the applicable Interest Margins set forth in the table below shall be increased by 50 basis points. Notwithstanding the foregoing, after the date on which Borrower shall have delivered financial statements for the fiscal quarter ending at least six months after the Closing Date, the Interest Margin with respect to the Revolving Credit Facility will be determined pursuant to a grid to be agreed. Base Rate LIBOR Loans Loans --------- ----- Term Loan Facility 150 250 Revolving Credit Facility 150 250 Commitment Fee: A Commitment Fee shall accrue on the unused amounts of the commitments under the Revolving Credit Facility. Such Commitment Fee will be 0.50% per annum. Accrued Commitment Fees will be payable quarterly in arrears (calculated on a 360-day basis) for the account of the Lenders from the Closing Date.
Interest Margins. The applicable interest margins (the “Interest Margins”) will be, (a) initially, for the first six (6) months following the Closing Date, 2.50% for LIBOR Rate Loans and 1.50% for Base Rate Loans, and (b) thereafter, 4.00% for LIBOR Rate Loans and 3.00% for Base Rate Loans.
Interest Margins. The applicable Interest Margin will be the basis points set forth in the following table:
Interest Margins. The applicable interest margins will be the basis points set forth in the following table based upon the ratings by S&P and Xxxxx’x applicable on such date of the senior unsecured long-term debt securities of the Initial Borrower that are not guaranteed by any other Person or subject to any other credit enhancement (the “Index Debt”): Senior unsecured non-credit enhanced debtratings by S&P/Xxxxx’x Interest Margin for Base Rate Loans Interest Margin for LIBOR Loans A-/A3 or higher 0 100.0 BBB+ / Baa1 12.5 112.5 BBB / Baa2 25.0 125.0 BBB- / Baa3 50.0 150.0 BB+/Ba1 or lower 75.0 175.0 For purposes of the foregoing, (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 the lowest category in the schedule above; (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 in the schedule above, the applicable interest margin shall be based on the higher of the two ratings; unless one of the two ratings is two or more categories lower than the other, in which case the applicable interest margin shall be determined by reference to the category next below that of the higher of the two ratings; 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. 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 Initial Borrower and the Lenders shall negotiate in good faith to amend applicable interest margin to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the applicable interest margin shall be determined by reference to the rating most recently in effect prior to such change or cessation. On the JV Closing Date, upon the assumption by novation by GPI, the Initial Borrower shall pay all accrued but unpaid interest accrued under the Initial Facility.
Interest Margins. The interest rates applicable to the JV Facility will be LIBOR plus the Applicable Margin (as defined below) or, at the option of GPI, the Base Rate (to be defined as the highest of (x) the Bank of America prime rate, (y) the Federal Funds Rate plus 0.50% and (z) the one-month LIBOR rate plus 1.00%) plus the Applicable Margin.
Interest Margins. The applicable Interest Margin will ---------------- initially be the basis points set forth in the following table and thereafter with respect to the Revolving Credit Facility will be determined pursuant to a leverage ratio grid to be determined, which grid will not be applicable until the date on which Borrower shall have delivered financial statements for the fiscal quarter ending at least six months after the Closing Date. Base Rate LIBOR Loans Loans ----- ----- Term Loan 225 basis 325 basis Facility points points Revolving 225 basis 325 basis Credit points points Facility Commitment Fee: A Commitment Fee shall accrue on the -------------- unused amounts of the commitments under the Revolving Credit Facility. Such Commitment Fee will initially be 0.50% and thereafter will be determined pursuant to a grid (based on utilization) to be determined. Accrued Commitment Fees will be payable quarterly in arrears (calculated on a 360-day basis) for the account of the Lenders from the Closing Date.
Interest Margins. The applicable Interest Margin will initially be the basis points set forth in the following table: Base Rate LIBOR Loans Loans Initial Interest Margin 0 150 After the date that is six months after the Closing Date (and so long as Borrower shall have delivered financial statements for the first full fiscal quarter after the Closing Date), the Interest Margin with respect to the Revolving Credit Facility will be based on average Excess Availability (as defined below) as follows: