Applicable Margins. The ABR Applicable Margin and the LIBOR Applicable Margin to be used in calculating the interest rate applicable to different Types of Advances shall vary from time to time in accordance with the long-term unsecured debt ratings from Xxxxx’x, and Fitch of the General Partner and the Borrower. In the event the General Partner and the Borrower have different ratings, the rating of the higher rated entity shall be used. In the event the rating agencies are split on the rating for the higher rated entity, the lower rating for such entity shall be deemed to be the applicable rating (e.g., if the higher rated entity’s Xxxxx’x debt rating is Baa1, and its Fitch’s rating is BBB, then the Applicable Margins shall be computed based on the Fitch rating), and the Applicable Margins shall be adjusted effective on the next Business Day following any change in the higher rated entity’s Xxxxx’x debt rating, and/or Fitch’s debt rating, as the case may be. The applicable debt ratings and the Applicable Margins are set forth in the table attached as Exhibit A. In the event that Fitch or Xxxxx’x shall discontinue their ratings of the REIT industry, the General Partner or the Borrower, a mutually agreeable substitute rating agency (or two mutually agreeable substitute agencies if both existing rating agencies discontinue such ratings) shall be selected by the Required Lenders and the Borrower. If the Required Lenders and the Borrower cannot agree on a substitute rating agency or substitute rating agencies within thirty (30) days after such discontinuance, or if Fitch and Xxxxx’x shall discontinue their ratings of the REIT industry, the Borrower, or the General Partner, the Applicable Margin to be used for the calculation of interest on Advances hereunder shall be the highest Applicable Margin for each Type. If a rating agency downgrade or discontinuance results in an increase in the ABR Applicable Margin, the LIBOR Applicable Margin, or Facility Fee Rate and if such downgrade or discontinuance is reversed and the affected Applicable Margin is restored within ninety (90) days thereafter, at the Borrower’s request, the Borrower shall receive a credit against interest next due the Lenders equal to interest accrued from time to time during such period of downgrade or discontinuance and actually paid by the Borrower on the Advances at the differential between such Applicable Margins, and the differential of the Facility Fee paid during such period of downgrade. If a rating agency u...
Applicable Margins. Initially, and continuing through the day immediately preceding the first Adjustment Date occurring on or after [DATE SIX MONTHS AFTER CLOSING DATE], 2003, on which Borrower demonstrates that a change in the Base Rate Margin and the LIBOR Margin is warranted and requests such change in writing, (i) the applicable Base Rate Margin and LIBOR Margin shall be 2.750% and 3.750% per annum, respectively, for the Revolving Loans and the Term A Loan and (ii) 3.0% and 4.0% per annum, respectively, for the Term B Loan. Commencing on such Adjustment Date, the applicable Base Rate Margin and LIBOR Margin shall be for each Calculation Period the applicable per annum percentage set forth in the pricing tables below opposite the Total Leverage Ratio of Borrower, ona consolidated basis for Borrower and its Subsidiaries; provided, that effective (a) upon the occurrence of an Event of Default and until such Event of Default is cured or waived or (b) in the event that Administrative Agent shall not receive the financial statements and compliance certificate required pursuant to Subsections 4.6(A), 4.6(B) and 4.6(C) when due, from such due date and until the fifth (5th) Business Day following Administrative Agent’s receipt of such overdue financial statements and compliance certificate (and in the event a decrease in the applicable margin is then warranted, receipt of the Borrower’s written request to decrease such margin), the applicable Base Rate Margin and LIBOR Rate Margin shall be 2.750% and 3.750% per annum, respectively, for the Revolving Loans and the Term A Loan and 3.0% and 4.0% per annum, respectively, for the Term B Loan. Revolving Loans and Term A Loan Total Leverage Ratio Base Rate Margin LIBOR Margin Total Leverage Ratio Base Rate LIBOR Margin Margin
Applicable Margins. Each of the ABR Applicable Margin and the LIBOR Applicable Margin to be used in calculating the interest rate applicable to different Types of Advances shall vary from time to time in accordance with the higher of Borrower's then applicable Xxxxx'x long-term unsecured debt rating and S&P's long-term unsecured debt rating unless one of such two ratings is more than one rating category lower than the other, in which case the average of the two different Applicable Margins shall be used. The Applicable Margins shall be adjusted effective on the next Business Day following any change in Borrower's Xxxxx'x long-term unsecured debt rating and/or S&P's long-term unsecured debt rating, as the case may be. The applicable debt ratings and the Applicable Margins are set forth in the following table: =============================================================== LIBOR ABR Applicable Applicable S&P Rating Xxxxx'x Rating Margin Margin ---------- -------------- ------ ------ A- or higher A3 or higher 0.75% 0.00% ------------------------------------------------------------- BBB+ Baa1 0.90% 0.00% --------------------------- --------------------------------- BBB Baa2 1.00% 0.00% ------------------------------------------------------------- BBB- Baa3 1.15% 0.15% ------------------------------------------------------------- Less than BBB- Less than Baa3 1.50% 0.50% =============================================================== In the event that either S&P or Xxxxx'x shall discontinue their ratings of the REIT industry or the Borrower, the Borrower may seek a long-term unsecured debt rating from another substitute rating agency reasonably satisfactory to the Arrangers and the Borrower. For the period from the date of such discontinuance until the first to occur of (i) the date the Borrower receives a long-term unsecured debt rating from such new rating agency or (ii) a date 180 days after such discontinuance, the single rating from S&P or Xxxxx'x, as the case may be, shall be used to
Applicable Margins. The interest due hereunder with respect to the Advances shall vary from time to time and shall be determined by reference to the Type of Advance and the then-current Leverage Ratio. Any such change in the Applicable Margin shall be made on the fifth (5th) day subsequent to the date on which the Administrative Agent receives a compliance certificate pursuant to Section 6.1(iv) with respect to the preceding fiscal quarter of Borrower, provided that the Administrative Agent does not object to the information provided in such certificate and provided further that if any such compliance certificate has not been delivered by the date required under Section 6.1(iv) and remains undelivered for five (5) business days after written notice thereof from the Administrative Agent, the Applicable Margins shall accrue as if the Leverage Ratio were in excess of 55% until such delivery occurs. Such changes shall be given prospective effect only, and no recalculation shall be done with respect to interest or Letter of Credit Fees accrued prior to the date of such change in the Applicable Margin. If any such compliance certificate shall later be determined to be incorrect and as a result a higher Applicable Margin should have been in effect for any period, Borrower shall pay to the Administrative Agent for the benefit of the Lenders all additional interest and fees which would have accrued if the original compliance certificate had been correct, as shown on an invoice to be prepared by the Administrative Agent and delivered to Borrower, on the next Payment Date following delivery of such invoice. The per annum Applicable Margins that will be either added to the Floor Base Rate to determine the Base Rate or added to LIBOR Base Rate (as adjusted for any Reserve Requirement) to determine the LIBOR Rate for any LIBOR Interest Period shall be determined as follows: > 55% but < 60% 2.65 % 0 > 50% but < 55% 2.40 % 0 > 45% but < 50% 2.15 % 0 > 40% but < 45% 1.90 % 0 < 40% 1.65 % 0
Applicable Margins. The Applicable ABR Margin and Applicable LIBOR Margin for the Tranche B-9 Term Loans shall be as set forth below: Tranche B-9 Term Loans Applicable LIBOR Margin Applicable ABR Margin 2.00% 1.00%
Applicable Margins. The interest due hereunder with respect to the Advances shall vary from time to time and shall be determined by reference to the Type of Advance and the then-current Leverage Ratio. Any such change in the Applicable Margin shall be made on the fifth (5th) day subsequent to the date on which the Administrative Agent receives a compliance certificate pursuant to Section 6.1(iv) with respect to the preceding fiscal quarter of Borrower, provided that the Administrative Agent does not object to the information provided in such certificate. Such changes shall be given prospective effect only, and no recalculation shall be done with respect to interest or Letter of Credit Fees accrued prior to the date of such change in the Applicable Margin. If any such compliance certificate shall later be determined to be incorrect and as a result a higher Applicable Margin should have been in effect for any period, Borrower shall pay to the Administrative Agent for the benefit of the Lenders all additional interest and fees which would have accrued if the original compliance certificate had been correct, as shown on an invoice to be prepared by the Administrative Agent and delivered to Borrower, on the next Payment Date following delivery of such invoice. The per annum Applicable Margins that will be either added to the Floor Base Rate to determine the Base Rate or added to LIBOR Base Rate (as adjusted for any Reserve Requirement) to determine the LIBOR Rate for any LIBOR Interest Period shall be determined as follows: > 55% but ≤ 60% 4.25 % 0 > 50% but ≤ 55% 3.75 % 0 > 45% but ≤ 50% 3.25 % 0 ≤45% 3.00 % 0
Applicable Margins. (a) The Base Rate Applicable Margin and the LIBOR Applicable Margin to be used in calculating the interest rate applicable to different Types of Borrowings, shall vary from time to time in accordance with the Consolidated Leverage Ratio as follows: Consolidated Leverage Ratio LIBOR Applicable Margin Base Rate Applicable Margin Less than 35% 1.20% 1.20% 35% or greater but less than 40% 1.30% 1.30% 40% or greater but less than 45% 1.35% 1.35% 45% or greater but less than 50% 1.40% 1.40% 50% or greater but less than 55% 1.50% 1.50% 55% or greater 1.70% 1.70% The LIBOR Applicable Margin and Base Rate Applicable Margin shall be determined by the Administrative Agent from time to time, based on the Consolidated Leverage Ratio as set forth in the compliance certificate most recently delivered by the Borrower pursuant to Section 8.2(iv). Any adjustment to the LIBOR Applicable Margin and Base Rate Applicable Margin shall be effective as of the first day of the calendar month immediately following the month during which the Borrower delivers to the Administrative Agent the applicable compliance certificate pursuant to Section 8.2(iv). If the Borrower fails to deliver a compliance certificate in accordance with Section 8.2(iv), the LIBOR Applicable Margin and the Base Rate Applicable Margin shall equal the percentages corresponding to a Consolidated Leverage Ratio of 55% or greater until the first day of the calendar month immediately following the month that the required compliance certificate is delivered. Notwithstanding the foregoing, for the period from the Agreement Execution Date through but excluding the date on which the Administrative Agent first determines the LIBOR Applicable Margin and the Base Rate Applicable Margin as set forth above, the LIBOR Applicable Margin and the Base Rate Applicable Margin shall be determined based on a Consolidated Leverage Ratio of “Less than 35%”. Thereafter, such LIBOR Applicable Margin and Base Rate Applicable Margin shall be adjusted from time to time as set forth in this definition. It is understood and agreed that each change in pricing level 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. The parties understand that the applicable interest rate for the Obligations and certain fees set forth herein may be determined and/or adjusted from time to time based upon certain financial ratios and/or other infor...
Applicable Margins. Based on the calculation of the Consolidated Adjusted Leverage Ratio set forth below, the undersigned [Chief Accounting Officer] [or] [Treasurer] of the Borrower, on behalf of the Borrower and with no personal liability, certifies that [Tier 1] [Tier 2] [Tier 3] [or] [Tier 4] of the Term Loan Pricing Grid and Revolving Loan Pricing Grid (for determination of the Applicable Margin and the Letter of Credit Fee Percentage) shall become effective as of the fifth Business Day following the date this Compliance Certificate is required to be delivered pursuant to Section 5.02(d)(i) of the Credit Agreement. The Consolidated Adjusted Leverage Ratio was calculated as follows:
Applicable Margins. 18 2.5 Facility Fee; Closing Fee ...................................... 19 2.6
Applicable Margins. The "APPLICABLE MARGIN" with respect to the Base Rate Option, the CD Rate Option and the Euro-Rate Option shall be determined in accordance with the pricing grid set forth in the definition of "Applicable Margin".
