Calculation of Margin. (a) The Bank shall, on each Margin Calculation Date, calculate the Leverage Ratio for the Measurement Period relevant to the Margin Period commencing on such Margin Calculation Date, based on the then latest audited consolidated financial statements of the Group delivered to the Bank pursuant to clause 8.1.5 of this Agreement and clause 5.1.4 of the Corporate Guarantee.
Calculation of Margin. The Margin in relation to any Loan, and the Letter of Credit fee for the purposes of clause 13.4.1 (Letter of Credit Fees), shall (subject to the proviso below) be the rate set out in column (1) below which corresponds to the ratio of Net Debt to EBITDA set out in column (2) below, EBITDA being calculated as the aggregate EBITDA for the two most recently preceding Half-Yearly Periods in respect of which a Compliance Certificate has been delivered to the Agent in accordance with clause 21.1.5(c) (Delivery of reports) (and, if applicable, paragraph 12 of Schedule 2 (Conditions Precedent) and determined from the most recent such Compliance Certificate:
Calculation of Margin. (a) Subject to clause 5.1(b), the Margin shall be 1.00 per cent. per annum. the Margin shall be adjusted in accordance with the table below semi-annually and shall be the lowest Margin shown in column (2) for which the ratio in column (1) is satisfied, such rate to take effect for Advances drawn, Swingline Letters of Credit issued and Utilisations made and for the purposes of clause 5.5, on or following, the delivery to the Agent of the latest audited, or as the case may be, unaudited (interims or preliminaries) consolidated financial statements in respect of the relevant period pursuant to clause 12.1(e) and related Compliance Certificate;
Calculation of Margin. (a) Subject to the following provisions of this Clause 11.5, the Margin for an Advance borrowed on or after the Effective Date will be 0.275 per cent. per annum.
Calculation of Margin. On each of the Availability Date, 30 June 2006 and quarterly thereafter (each such date being a “Margin Set Date”) the Lender shall calculate the Margin applicable for the period from that Margin Set Date to the next Margin Set Date.
Calculation of Margin. The Agent shall, on or before each Margin Calculation Date (such Margin Calculation Date for the purposes of this clause 3.1, the “calculation day”), calculate, based on the then latest consolidated financial statements of the Group and the Compliance Certificate delivered to it pursuant to clause 5.1 of the Corporate Guarantee, the Equity Ratio in respect of the Measurement Period relevant to the Margin Period commencing on such calculation day and, based on such calculation, the Agent shall determine, and notify the Borrower and the Banks of, the Margin that shall apply during the Margin Period commencing on such calculation day.
Calculation of Margin. (a) Subject to the following provisions of this Clause 8.5, during the period from the date of this Agreement until the Original Final Maturity Date the Margin for any Loan will be 0.275 per cent. per annum.
Calculation of Margin. The Margin in relation to any Loan, and the Letter of Credit fee for the purposes of clause 13.4.1 (Letter of Credit Fees), shall (subject to the proviso below) be the rate set out in column (1) below which corresponds to the ratio of Net Debt to EBITDA set out in column (2) below, EBITDA being calculated as the aggregate EBITDA for the two most recently preceding Half-Yearly Periods in respect of which a Compliance Certificate has been delivered to the Agent in accordance with clause 21.1.5(c) (Delivery of reports) and determined from the most recent such Compliance Certificate:
