Common use of Adjustment of Margin Clause in Contracts

Adjustment of Margin. (a) Subject to this Clause 12.5, the Margin applicable to each Utilisation shall be the rate per annum specified in the definition of Margin set out in Clause 1.1 (Definitions) adjusted by reference to the ratio of Net Debt to EBITDA as shown in the then most recent Compliance Certificate (and the financial statements with which it is required by this Agreement to be delivered) received by the Agent, to equal the rate per annum specified opposite the relevant range set out in the following table in which the ratio of Net Debt to EBITDA falls: Ratio Margin (% p.a.) Equal to or higher than 3.5:1 3.00 Equal to or higher than 3.0:1 but lower than 3.5:1 2.50 Equal to or higher than 2.5:1 but lower than 3.0:1 2.25 Equal to or higher than 2.0:1 but lower than 2.5:1 2.00 Equal to or higher than 1.5:1 but lower than 2.0:1 1.50 Lower than 1.5:1 1.00

Adjustment of Margin. (a) Subject to this Clause 12.519.5, the Margin applicable to each Utilisation shall be the rate per annum specified in the definition of Margin set out in Clause 1.1 (Definitions) adjusted by reference to the ratio of Net Debt to EBITDA as shown in the then most recent Compliance Certificate (and the financial statements with which it is required by this Agreement to be delivered) received by the Agent, to equal the rate per annum specified opposite the relevant range set out in the following table in which the ratio of Net Debt to EBITDA falls: Ratio Margin (% p.a.) Equal to or higher than 3.5:1 3.00 Equal to or higher than 3.0:1 but lower than 3.5:1 2.50 Equal to or higher than 2.5:1 but lower than 3.0:1 2.25 Equal to or higher than 2.0:1 but lower than 2.5:1 2.00 Equal to or higher than 1.5:1 but lower than 2.0:1 1.50 Lower than 1.5:1 1.00

Adjustment of Margin. (a) Subject to this Clause 12.5, the Margin applicable to each Utilisation shall be the rate per annum specified in the definition of Margin set out in Clause 1.1 (Definitions) adjusted by reference to the ratio of Net Debt to EBITDA as shown in the then most recent Compliance Certificate (and the financial statements with which it is required by this Agreement to be delivered) received by the Agent, to equal the rate per annum specified opposite the relevant range set out in the following table in which the ratio of Net Debt to EBITDA falls: Ratio of Net Debt to EBITDA Margin for Revolving Credit Facility and Facility A (% p.a.) Equal Margin for Facility B (% p.a.) Higher than 2.00:1 3.75 4.00 Higher than 1.50:1 but equal to or higher lower than 3.5:1 2.00:1 3.25 3.50 Higher than 1.00:1 but equal to or lower than 1.50:1 2.75 3.00 Equal to or higher than 3.0:1 but lower than 3.5:1 2.50 Equal to or higher than 2.5:1 but lower than 3.0:1 2.25 Equal to or higher than 2.0:1 but lower than 2.5:1 1.00:1 2.00 Equal to or higher than 1.5:1 but lower than 2.0:1 1.50 Lower than 1.5:1 1.002.50