Determination of Applicable Margin. Payments; Pro Rata Treatment; Computations; Etc....... 51 4.
Determination of Applicable Margin. 6.5.1 Any adjustment of the Applicable Margin to be effective within five (5) Business Days after the delivery of the Compliance Certificate evidencing the LTV Ratio.
6.5.2 Upon the date of utilisation of the Facility for the financing of the Belfast Portfolio the Applicable Margin shall be recalculated with reference to a Compliance Certificate not more than six weeks old delivered on that date, adjusted on a pro-forma basis to take into account the acquisition of the Belfast Portfolio. Such recalculated Applicable Margin shall apply until the next determination of Applicable Margin pursuant to clause 6.2.1 above.
6.5.3 In the event that the Borrower fails to deliver a Compliance Certificate on time the Interest shall: (i) when the overdue Compliance Certificate is delivered, be recalculated for the period from the latest date on which the Compliance Certificate should have been delivered, based on the Applicable Margin determined with reference to that Compliance Certificate, or (ii) if no Compliance Certificate is delivered before the next Compliance Certificate is due for delivery, be recalculated based on the highest Applicable Margin, for that period. To the extent any Interest has already been paid by the Borrower for any part of the period for which Interest is recalculated, the Borrower shall not be entitled to receive any reimbursement of Interest paid in excess of the recalculated interest.
Determination of Applicable Margin. (a) The Applicable Margin for all Quarterly Payment Periods through and including the Quarterly Payment Period ending July 21, 1997, shall be determined under the assumption that the Rate Ratio is 5.50 to 1. Thereafter, the Applicable Margin for each Quarterly Payment Period shall be determined based upon a Rate Ratio Certificate for such Quarterly Payment Period delivered by the Borrowers to the Lenders and the Administrative Agent under this Section 3.03. If the Rate Ratio Certificate for any Quarterly Payment Period is delivered to the Administrative Agent three or more days prior to the first day of such Quarterly Payment Period, any adjustment in the Applicable Margin required to be made, as shown in such Rate Ratio Certificate, shall be effective on the first day of such Quarterly Payment Period.
(b) If the Rate Ratio Certificate for any Quarterly Payment Period is delivered by the Borrowers to the Administrative Agent later than three days prior to the commencement of such Quarterly Payment Period, then (i) any decrease in the Applicable Margin for such Quarterly Payment Period shall not become effective on the first day of such Quarterly Payment Period but shall instead become effective on the third day following receipt by the Administrative Agent of such Rate Ratio Certificate and (ii) any increase in the Applicable Margin for such Quarterly Payment Period shall become effective retroactively from the first day of such Quarterly Payment Period.
(c) If it shall be determined at any time, on the basis of a certificate of a Senior Officer delivered pursuant to the last sentence of Section 8.01 hereof, that the Applicable Margin then in effect for the current Quarterly Payment Period, or any previous Quarterly Payment Period, is or was incorrect, and that a correction would have the effect of increasing the Applicable Margin, then the Applicable Margin shall be so increased effective retroactively from the first day of such Quarterly Payment Period, provided that in the event such certificate for any fiscal quarter is not delivered to the Lenders pursuant to said Section 8.01 within 60 days of the end of such fiscal quarter, then, unless the Borrowers shall deliver such certificate within 10 days after notice of such non-delivery shall be given by any Lender or the Administrative Agent to the Borrowers, the Applicable Margin for such Quarterly Payment Period shall be deemed to be the highest Applicable Margin Credit Agreement ---------------- provide...
Determination of Applicable Margin. The Applicable Margin identified in this Section 2.06 and the Facility Fee Percentage and Letter of Credit Fee Percentage identified in Section 2.04 shall be defined and determined as follows:
Determination of Applicable Margin. (a) On each receipt of the Financial Statements of the Guarantor in accordance with Clause 19.4, no later than the Specified Time the Intercreditor Agent shall calculate the Applicable Margin that shall apply for the fiscal quarter of the Guarantor that commences immediately following the fiscal quarter in respect of which such Financial Statements were provided and shall notify each Borrower and each Facility Agent of such determination.
(b) Any Applicable Margin determined by the Intercreditor Agent in accordance with Clause 6.6(a) in respect of any fiscal quarter shall apply from the first day of the fiscal quarter commencing after the fiscal quarter in respect of which the Financial Statements were provided, and continuing for the duration of such fiscal quarter.
Determination of Applicable Margin. (i) The Applicable Margin for Base Rate Loans and LIBOR Loans shall be determined based upon the ratio of (A) Total Funded Debt as of the first day of such Pricing Period to (B) Annualized Operating Cash Flow for the three months ended on the last day of the month immediately preceding the first day of such Pricing Period (the "Pricing Ratio"), as indicated in the ------------- following Table: ------------------------------------------------------------------------------------ RATIO OF TOTAL FUNDED DEBT TO ANNUALIZED OPERATING APPLICABLE MARGIN: APPLICABLE MARGIN: CASH FLOW BASE RATE LOANS LIBOR LOANS ------------------------------------------------------------------------------------ Greater than or equal to 2.25% 3.50% 5.00:1.00 ------------------------------------------------------------------------------------ Less than 5.00:1.00 but greater than or equal to 4.50:1.00 2.00% 3.25% ------------------------------------------------------------------------------------ Less than 4.50:1.00 but greater than or equal to 4.00:1.00 1.75% 3.00% ------------------------------------------------------------------------------------ Less than 4.00:1.00 1.50 % 2.75% ------------------------------------------------------------------------------------
Determination of Applicable Margin. The Margin shall be determined by the Agent two (2) Banking Days prior to the first day of the relevant Interest Period. Prior to the day falling two (2) Banking Days after the date on which the Borrower delivers its first quarterly financial report to the Agent in accordance with Section 9.1(A)(iv), the Margin shall be equal to one and three quarters of one percent (1.75--%) per annum. Thereafter, the Margin shall be based upon the then prevailing ratio of the Borrower's Total Debt to EBITDA, as determined in accordance with Section 9.1(A)(xvii) as follows: Applicable Margin Total Debt to EBITDA 2.25% > 3.0x 2.00% <=3.0x but >2.5x 1.75% <=2.5x but >2.0x 1.50% <=2.0x but >=1.0x 1.25% <1.0x
Determination of Applicable Margin. On every Interest Rate Setting Date, the Facility Agent shall determine the Applicable Margin for the relevant Interest Period based on information with respect to Guarantor EBITDA and Guarantor Senior Debt, which shall be included in a Compliance Certificate delivered by the Borrowers for the most recently-ended Fiscal Quarter prior to such Interest Rate Setting Date (or for the initial Interest Setting Date, the certificate delivered pursuant to Section 4.01(p)). If the Borrowers fail to deliver or delay in delivering a Compliance Certificate, the Facility Agent shall make its own computations of Guarantor Senior Debt and Guarantor EBITDA based on the most recent quarterly report of the Guarantor submitted to the Securities and Exchange Commission of the United States pursuant to the Securities Exchange Act of 1934 or such other information as the Facility Agent decides as appropriate. Upon the determination of the Facility Agent of the Applicable Margin pursuant to this Agreement, the Facility Agent shall promptly communicate the Applicable Margin to the Borrowers.
Determination of Applicable Margin. The Margin shall be determined by the Agent two (2) Banking Days prior to the first day of the relevant Interest Period. Prior to the day falling two (2) Banking Days after the date on which Marine Transport Corporation delivers its first quarterly financial report to the Agent in accordance with Section 9.1(A)(iv), the Margin shall be equal to one and three quarters of one percent (1.75%) per annum. Thereafter, the Margin shall be based upon the then prevailing ratio of Marine Transport Corporation's Total Debt to EBITDA, as determined in accordance with Section 9.1(A)(xvii) as follows:
Determination of Applicable Margin. The Applicable Base Rate Margin and the Applicable LIBOR Margin (collectively, the "Applicable Margin") in respect of any Base Rate Loan or LIBOR Base Loan, as applicable, shall be determined by reference to the table set forth below on the basis of the Type of Loan and the Indebtedness Ratio determined by reference to the most recent financial statements delivered pursuant to Section 5.1(a) or 5.1(b).
