Interest and Applicable Margins. (a) Borrowers shall pay interest to Agent, for the ratable benefit of Lenders in accordance with the various Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rates: (i) with respect to the Revolving Credit Advances denominated in Dollars, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Dollar LIBOR Rate plus the Applicable Dollar Revolver LIBOR Margin per annum, (ii) with respect to the Revolving Credit Advances denominated in Sterling, the Sterling Index Rate plus the Applicable Sterling Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Sterling LIBOR Rate plus the Applicable Sterling Revolver LIBOR Margin per annum and (iii) with respect to the Swing Line Loan, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum. As of the Closing Date, the Applicable Margins are as follows: ------------------------------------------------- Applicable Dollar Revolver Index Margin 1.25% ------------------------------------------------- Applicable Dollar Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable Sterling Revolver Index Margin 1.25% ------------------------------------------------- Applicable Sterling Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable L/C Margin 2.75% ------------------------------------------------- Applicable Unused Line Fee Margin 0.50% ------------------------------------------------- The Applicable Margins (other than the Applicable L/C Margin and the Applicable Unused Line Fee Margin) may be adjusted by reference to the following grids following receipt of Financial Statements with respect to the Fiscal Quarter ending March 31, 2005:
Appears in 1 contract
Interest and Applicable Margins. (a) Borrowers shall pay interest to Agent, for the ratable benefit of Lenders in accordance with the various Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rates: (i) with respect to the Revolving Credit Advances denominated in DollarsAdvances, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Dollar Applicable LIBOR Rate plus the Applicable Dollar Revolver LIBOR Margin per annum, (ii) with respect to based on the aggregate Revolving Credit Advances denominated in Sterling, the Sterling Index Rate plus the Applicable Sterling Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Sterling LIBOR Rate plus the Applicable Sterling Revolver LIBOR Margin per annum outstanding from time to time; and (iiiii) with respect to the Swing Line Loan, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum. As of the Closing Restatement Date, the Applicable Margins are as follows: ------------------------------------------------- Applicable Dollar Revolver Index Margin 1.250.00% ------------------------------------------------- Applicable Dollar Revolver LIBOR Margin 2.751.50% ------------------------------------------------- Applicable Sterling Revolver Index Margin 1.25% ------------------------------------------------- Applicable Sterling Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable L/C Margin 2.751.50% ------------------------------------------------- Applicable Unused Line Fee Margin 0.500.375% ------------------------------------------------- The Applicable Margins (other than the Applicable L/C Margin and the Applicable Unused Line Fee Margin) may shall be adjusted (up or down) prospectively on a quarterly basis as determined by reference to Borrowers' consolidated financial performance, commencing with the following grids following receipt first day of the first calendar month that occurs more than five (5) days after delivery of Borrowers' quarterly Financial Statements with respect to Lenders for the Fiscal Quarter ending March 31, 2005:2004. Adjustments in Applicable Margins shall be determined by reference to the following grids: IF FIXED CHARGE LEVEL OF COVERAGE RATIO IS: APPLICABLE MARGINS: ----------------- ------------------ > 5.25:1.00 Level I < or = 5.25:1.00, but > 4.25:1.00 Level II < or = 4.25:1.00, but > 3.25:1.00 Level III < or = 3.25:1.00, but > 1.00:1.00 Level IV < or = 1.00:1.00 Level V APPLICABLE MARGINS -------------------------------------------------------------- LEVEL I LEVEL II LEVEL III LEVEL IV LEVEL V ------- -------- --------- -------- ------- Applicable Index Margin 0.00% 0.00% 0.25% 0.50% 1.00% Applicable LIBOR Margin 1.25% 1.50% 1.75% 2.00% 2.50% APPLICABLE MARGINS -------------------------------------------------------------- LEVEL I LEVEL II LEVEL III LEVEL IV LEVEL V ------- -------- --------- -------- ------- Applicable L/C Margin 1.25% 1.50% 1.75% 2.00% 2.50% Applicable Unused Line Fee Margin 0.25% 0.375 0.375 0.50% 0.50% All adjustments in the Applicable Margins after March 31, 2004 shall be implemented quarterly on a prospective basis, for each calendar month commencing at least five (5) days after the date of delivery to Lenders of the quarterly unaudited or annual audited (as applicable) Financial Statements evidencing the need for an adjustment. Concurrently with the delivery of those Financial Statements, Borrower Representative shall deliver to Agent and Lenders a certificate, signed by its chief financial officer, setting forth in reasonable detail the basis for the continuance of, or any change in, the Applicable Margins. Failure to timely deliver such Financial Statements shall, in addition to any other remedy provided for in this Agreement, result in an increase in the Applicable Margins to the highest level set forth in the foregoing grid, until the first day of the first calendar month following the delivery of those Financial Statements demonstrating that such an increase is not required. If a Default or Event of Default has occurred and is continuing at the time any reduction in the Applicable Margins is to be implemented, that reduction shall be deferred until the first day of the first calendar month following the date on which such Default or Event of Default is waived or cured.
Appears in 1 contract
Samples: Credit Agreement (Brightpoint Inc)
Interest and Applicable Margins. (a) Borrowers Borrower shall pay interest to Agent, for the ratable benefit of Lenders in accordance with the various Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rates: (i) with respect to the Revolving Credit Advances denominated in Dollars, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum or, at the election of Borrower RepresentativeBorrower, the applicable Dollar LIBOR Rate plus the Applicable Dollar Revolver LIBOR Margin per annum, (ii) with respect to the Revolving Credit Advances denominated in Sterling, the Sterling Index Rate plus the Applicable Sterling Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Sterling LIBOR Rate plus the Applicable Sterling Revolver LIBOR Margin per annum and (iii) with respect to the Swing Line Loan, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum. As of the Closing Date, the Applicable Margins are as follows: ------------------------------------------------- Applicable Dollar Revolver Index Margin 1.250.00% ------------------------------------------------- Applicable Dollar Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable Sterling Revolver Index Margin 1.25% ------------------------------------------------- Applicable Sterling Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable L/C Margin 2.751.25% ------------------------------------------------- Applicable Unused Line Fee Margin 0.500.375% ------------------------------------------------- The Applicable Margins (other than the Applicable L/C Margin and the Applicable Unused Line Fee Margin) may shall be adjusted by reference to the following grids following receipt of Financial Statements grids: LEVEL OF IF REFERENCE AVAILABILITY IS: APPLICABLE MARGINS: ---------------------------- ------------------ >$35,000,000 Level I > $25,000,000, but < or = $35,000,000 Level II > $15,000,000, but < or = $25,000,000 Level III < or = $15,000,000 Level IV APPLICABLE MARGINS ------------------- LXXXX X XXXXX XX XXXXX XXX XXXXX XX ------ ------- -------- -------- Applicable Revolver 0.00% 0.00% 0.25% 0.50% Index Margin Applicable Revolver LIBOR Margin 1.25% 1.50% 1.75% 2.00% Applicable L/C Margin 1.25% 1.50% 1.75% 2.00% Applicable Unused Line Fee Margin 0.375% 0.375% 0.25% 0.25% Adjustments in the Applicable Margins commencing with respect to the Fiscal Quarter ending March on or about December 31, 2005:2005 shall be implemented quarterly on a prospective basis, commencing on the first day of the calendar month that begins after the date of delivery to Lenders of the Compliance Certificate delivered to Agent and Lenders pursuant to paragraph (b) of Annex E with respect to a Fiscal Quarter evidencing the need for an adjustment. Concurrently with the delivery of such Compliance Certificate, Borrower shall deliver to Agent and Lenders a certificate, signed by its chief financial officer, setting forth in reasonable detail the basis for the continuance of, or any change in, the Applicable Margins. Failure to timely deliver such Compliance Certificate shall, in addition to any other remedy provided for in this Agreement, result in an increase in the Applicable Margins to the highest level set forth in the foregoing grid, until the date of the delivery of a Compliance Certificate demonstrating that such an increase is not required. If an Event of Default has occurred and is continuing at the time any reduction in the Applicable Margins is to be implemented, that reduction shall be deferred until the date on which such Event of Default is waived or cured.
Appears in 1 contract
Interest and Applicable Margins. (a) Borrowers Borrower shall pay interest to Agent, for the ratable benefit of Lenders in accordance with the various Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rates: (i) with respect to the Revolving Credit Advances denominated in Dollars, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum or, at the election of Borrower RepresentativeBorrower, at the applicable Dollar LIBOR Rate plus the Applicable Dollar Revolver LIBOR Margin per annum, (ii) with respect to based on the aggregate Revolving Credit Advances denominated in Sterling, the Sterling Index Rate plus the Applicable Sterling Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Sterling LIBOR Rate plus the Applicable Sterling Revolver LIBOR Margin per annum and (iii) with respect outstanding from time to the Swing Line Loan, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annumtime. As of the Closing Date, the Applicable Margins are as follows: ------------------------------------------------- Applicable Dollar Revolver Index Margin 1.250.75 % ------------------------------------------------- Applicable Dollar Revolver LIBOR Margin 2.752.00 % ------------------------------------------------- Applicable Sterling Revolver Index Margin 1.25% ------------------------------------------------- Applicable Sterling Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable L/C Margin 2.752.00 % ------------------------------------------------- Applicable Unused Line Fee Margin 0.500.25 % ------------------------------------------------- The Applicable Margins shall be adjusted (other than up or down) prospectively on a quarterly basis as determined based upon the average daily Borrowing Availability for the then most recently ended Fiscal Quarter, commencing with the Fiscal Quarter ending on September 30, 2007. All adjustments in the Applicable Margins thereafter shall be implemented quarterly on a prospective basis at any time there is a need for an adjustment (the determination as to whether an adjustment is necessary to be made by Agent in good faith). Adjustments in Applicable Margins will be determined by reference to the following grids: If average daily Borrowing Availability for the Fiscal Level of Quarter is: Applicable Margins: ³ $45,000,000 Level I ³ $35,000,000, but < $45,000,000 Level II ³ $20,000,000, but < $35,000,000 Level III ³ $7,500,000, but < $20,000,000 Level IV If average daily Borrowing Availability for the Fiscal Level of Quarter is: Applicable Margins: < $7,500,000 Level V Level I Level II Level III Level IV Level V Applicable Revolver Index Margin 0.25 % 0.50 % 0.75 % 1.00 % 1.25 % Applicable Revolver LIBOR Margin 1.50 % 1.75 % 2.00 % 2.25 % 2.50 % Applicable L/C Margin and the 1.50 % 1.75 % 2.00 % 2.25 % 2.50 % Applicable Unused Line Fee Margin) may Margin 0.375 % 0.375 % 0.25 % 0.25 % 0.25 % If any Default or an Event of Default has occurred and is continuing at the time any reduction in the Applicable Margins is to be adjusted by reference to implemented, that reduction shall be deferred until the first day of the first calendar month following grids following receipt the date on which all Defaults or Events of Financial Statements with respect to the Fiscal Quarter ending March 31, 2005:Default are waived or cured.
Appears in 1 contract
Samples: Fourth Amended (Navarre Corp /Mn/)
Interest and Applicable Margins. (a) Borrowers Borrower shall pay interest to Administrative Agent, for the ratable benefit of Lenders in accordance with the various Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rates: (i) with respect to the Revolving Credit Advances denominated in DollarsAdvances, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum or, at the election of Borrower RepresentativeBorrower, the applicable Dollar LIBOR Rate plus the Applicable Dollar Revolver LIBOR Margin per annum; provided, (ii) with respect to the that Revolving Credit Advances denominated in Sterling, the Sterling Index Rate plus the Applicable Sterling Revolver Index Margin per annum or, with a LIBOR Period of less than one month shall be paid at the election of Borrower Representative, the applicable Sterling LIBOR Rate plus the Applicable Sterling Revolver LIBOR Margin per annum plus 0.0625%; and (iiiii) with respect to the Swing Line Loan, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin less the Applicable Unused Line Fee Margin per annum. As of the Closing Restatement Date, the Applicable Margins are as follows: ------------------------------------------------- Applicable Dollar Revolver Index Margin 1.250.25 % ------------------------------------------------- Applicable Dollar Revolver LIBOR Margin 2.751.50 % ------------------------------------------------- Applicable Sterling Revolver Index Margin 1.25% ------------------------------------------------- Applicable Sterling Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable L/C Margin 2.751.50 % ------------------------------------------------- Applicable Unused Line Fee Margin 0.500.375 % ------------------------------------------------- The Applicable Margins (other than the Applicable L/C Margin and the Applicable Unused Line Fee Margin) may be adjusted by reference to the following grids following receipt grids: If Average Adjusted Borrowing Level of Financial Statements with respect Availability is: Applicable Margin: ³ $125,000,000 Level V ³ $100,000,000, but < $125,000,000 Lxxxx XX 0 $75,000,000, but < $100,000,000 Level III ³ $50,000,000, but < $75,000,000 Level II < $50,000,000 Level I Applicable Margins Level I Level II Level III Level IV Level V Applicable Index Margin 1.25 % 1.00 % 0.75 % 0.50 % 0.25 % Applicable LIBOR Margin 2.50 % 2.25 % 2.00 % 1.75 % 1.50 % Applicable L/C Margin 2.50 % 2.25 % 2.00 % 1.75 % 1.50 % ; provided, (i) if the Consolidated Leverage Ratio set forth in the Applicable Margin Certificate (as defined below), as calculated for the immediately preceding four (4) Fiscal Quarters, shall be less than 2.00 to1.0, the Applicable Margins listed within Levels III and IV above shall be reduced by an additional 0.25%, and (ii) if (A) the Consolidated Leverage Ratio set forth in the Applicable Margin Certificate, as calculated for the immediately preceding four (4) Fiscal Quarters, shall be less than 1.00 to 1.0 and (B) the Average Borrowing Availability is in excess of $150,000,000, then (I) the Applicable Index Margin shall be 0.00% and (II) each of the Applicable LIBOR Margin and the Applicable L/C Margin shall be 1.25%. The Applicable Unused Line Fee Margin may be adjusted by reference to the Fiscal Quarter following grids: Level of If Average Revolving Outstandings: Applicable Margin: ³ $75,000,000 Level II < $75,000,000 Level I Applicable Margin: Level I Level II Applicable Unused Line Fee Margin 0.50 % 0.375 % Adjustments (including those adjustments set forth above) in the Applicable Margins commencing with the calendar month ending March 31June 30, 2005:2005 shall be implemented monthly on a prospective basis, commencing on the date which is two (2) Business Days after the date of delivery to the Agents of the Borrowing Base Certificate dated and accurate as of the last day of the most recently completed calendar month evidencing the need for an adjustment, together with a certificate, to the extent applicable, signed by a Responsible Officer and substantially in the form of Exhibit 1.5(a) attached hereto, setting forth in reasonable detail the basis for any change in the Applicable Margins due solely as a result of the Consolidated Leverage Ratio calculations noted above (the “Applicable Margin Certificate”). Following the delivery of such Borrowing Base Certificate (and the Applicable Margin Certificate, to the extent applicable), Administrative Agent shall notify Borrower, the other Agent and Lenders of any change in the Applicable Margins. Failure by Borrower to timely deliver such month-end Borrowing Base Certificate shall, in addition to any other remedy provided for in this Agreement, result in an increase in the Applicable Margins to the highest level set forth in the foregoing grids until the first day of the calendar month following the month in which a month-end Borrowing Base Certificate is delivered demonstrating that such an increase is not required. If an Event of Default has occurred and is continuing at the time any reduction in the Applicable Margins is to be implemented, that reduction shall be deferred until the first day of the first calendar month following the month in which such Event of Default is waived or cured.
Appears in 1 contract
Samples: Revolving Loan Agreement (Wheeling Pittsburgh Corp /De/)
Interest and Applicable Margins. (a) Borrowers Borrower shall pay interest to Administrative Agent, for the ratable benefit of Lenders in accordance with the various Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rates: (i) with respect to the Revolving Credit Advances denominated in DollarsAdvances, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum or, at the election of Borrower RepresentativeBorrower, the applicable Dollar LIBOR Rate plus the Applicable Dollar Revolver LIBOR Margin per annum, (ii) with respect to the Revolving Credit Advances denominated in Sterling, the Sterling Index Rate plus the Applicable Sterling Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Sterling LIBOR Rate plus the Applicable Sterling Revolver LIBOR Margin per annum and (iiiii) with respect to the Swing Line Loan, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum. As of During the Closing Dateperiod from the Second Amendment Effective Date through the Fiscal Quarter ending on or about July 31, 2004, the Applicable Margins are as followsshall be based on Level II (regardless of EBITDA during such period). Thereafter, the Applicable Margins may be adjusted (up or down) by reference to each of the following grids: ------------------------------------------------- LEVEL OF IF LTM EBITDA IS: APPLICABLE MARGINS: ------------------------------------ ------------------- < $300,000,000 Level I >or= $300,000,000 but < $500,000,000 Level II >or= $500,000,000 but < $600,000,000 Level III >or= $600,000,000 Level IV APPLICABLE MARGINS LEVEL I LEVEL II LEVEL III LEVEL IV ------- -------- --------- -------- Applicable Dollar Revolver Index Margin 1.75% 1.50% 1.25% ------------------------------------------------- 1.00% Applicable Dollar Revolver LIBOR Margin 2.75% ------------------------------------------------- 2.50% 2.25% 2.00% Applicable Sterling Revolver Index Margin 1.25% ------------------------------------------------- Applicable Sterling Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable Revolving Standby L/C Margin 2.75% ------------------------------------------------- 2.50% 2.25% 2.00% Applicable Unused Line Fee Margin 0.50% ------------------------------------------------- The Applicable Margins (other than the Applicable Revolving Documentary L/C Margin and 1.50% 1.25% 1.25% 1.25% Any such adjustments in the Applicable Unused Line Fee MarginMargins shall be implemented quarterly on a prospective basis on the fifth (5th) may be adjusted by reference to day following the following grids following receipt delivery of Financial Statements in accordance with respect paragraphs (b) or (d), as applicable, of Annex E evidencing the need for an adjustment. Concurrently with the delivery of those Financial Statements, Borrower shall deliver to Administrative Agent and Lenders a certificate, signed by a Financial Officer, setting forth in reasonable detail the basis for the continuance of, or any change in, the Applicable Margins (the "LTM EBITDA Certificate"). Failure to timely deliver such Financial Statements shall, in addition to any other remedy provided for in this Agreement, result in an increase in the Applicable Margins to the Fiscal Quarter ending March 31highest level set forth in the foregoing grid, 2005:until the fifth (5th) day following the delivery of those Financial Statements demonstrating that such an increase is not required. If an Event of Default has occurred and is continuing at the time any reduction in the Applicable Margins is to be implemented, that reduction shall be deferred until the third (3rd) Business Day following the date on which such Event of Default is waived or ceases to continue, as the case may be.
Appears in 1 contract
Interest and Applicable Margins. (a) Borrowers Borrower shall pay interest to Agent, for the ratable benefit of Lenders in accordance with the various Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rates: (i) with respect to the Revolving Credit Advances denominated in DollarsTerm Loan B, the Dollar Index Rate plus the Applicable Dollar Revolver Term Loan B Index Margin per annum or, at the election of Borrower RepresentativeBorrower, the applicable Dollar LIBOR Rate plus the Applicable Dollar Revolver Term Loan B LIBOR Margin per annum, (ii) with respect to the Revolving Credit Advances denominated in Sterling, the Sterling Index Rate plus the Applicable Sterling Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Sterling LIBOR Rate plus the Applicable Sterling Revolver LIBOR Margin per annum and (iii) with respect to the Swing Line Loan, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum. As of the Closing Date, the Applicable Margins are as follows: ------------------------------------------------- Applicable Dollar Revolver Term Loan B Index Margin 1.255. 00% ------------------------------------------------- Applicable Dollar Revolver Term Loan B LIBOR Margin 2.756.00% ------------------------------------------------- The Applicable Sterling Revolver Index Margin 1.25% ------------------------------------------------- Applicable Sterling Revolver Term Loan B LIBOR Margin 2.75% ------------------------------------------------- Applicable L/C Margin 2.75% ------------------------------------------------- Applicable Unused Line Fee Margin 0.50% ------------------------------------------------- The Applicable Margins (other than the Applicable L/C Margin and the Applicable Unused Line Fee Margin) may shall be adjusted (up or down) prospectively as determined by Borrower’s consolidated financial performance, commencing with the first day of the first full Fiscal Month that occurs more than 5 days after the twelve month anniversary of the Closing Date and will be determined based on the Financial Statements then most recently delivered by reference to the following grids following receipt based upon the twelve months then ended: If Leverage Ratio is: Level of Applicable Margins: <3.25x Level I >3.25x, but < 3.75x Level II >3.75x, but < 4.25x Level III >4.25x Xxxxx XX Xxxxxxxxxx Xxxxxxx Xxxxx X Xxxxx XX Xxxxx XXX Level IV Applicable Term Loan B LIBOR Margin 4.25% 4.75% 5.25% 6.00% Applicable Term Loan B Index Margin 3.25% 3.75% 4.25% 5.00% All adjustments in the Applicable Margins after the first adjustment shall be implemented quarterly on a prospective basis, for each calendar month commencing at least 5 days after the date of delivery to Lenders of the quarterly unaudited or annual audited (as applicable) Financial Statements evidencing the need for an adjustment. Concurrently with respect the delivery of those Financial Statements, Borrower shall deliver to Agent and Lenders a certificate, signed by its chief financial officer, setting forth in reasonable detail the basis for the continuance of, or any change in, the Applicable Margins. Failure to timely deliver such Financial Statements shall, in addition to any other remedy provided for in this Agreement, result in an increase in the Applicable Margins to the Fiscal Quarter ending March 31highest level set forth in the foregoing grid, 2005:until the first day of the first calendar month following the delivery of those Financial Statements demonstrating that such an increase is not required. If a Default or an Event of Default has occurred and is continuing at the time any reduction in the Applicable Margins is to be implemented, that reduction shall be deferred until the first day of the first calendar month following the date on which such Default or Event of Default is waived or cured.
Appears in 1 contract
Interest and Applicable Margins. (a) Borrowers shall pay interest to Agent, for the ratable benefit of Lenders in accordance with the various Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rates: (i) with respect to the Revolving Credit Advances denominated in DollarsAdvances, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Dollar LIBOR Rate plus the Applicable Dollar Revolver LIBOR Margin per annum, ; and (ii) with respect to the Revolving Credit Advances denominated in Sterling, the Sterling Index Rate plus the Applicable Sterling Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Sterling LIBOR Rate plus the Applicable Sterling Revolver LIBOR Margin per annum and (iii) with respect to the Swing Line Loan, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum. As The Applicable Margins shall be adjusted prospectively on the first day of each Fiscal Quarter based on the average daily Borrowing Availability for the immediately preceding Fiscal Quarter in accordance with the following grids: Average daily Borrowing Availability for previous Fiscal Quarter: Level of Applicable Margins: > $50,000,000 Level I < $50,000,000, but > $30,000,000 Level II < $30,000,000, but > $20,000,000 Level III < $20,000,000 Level IV Applicable Margins Level I Level II Level III Level IV Applicable Revolver Index Margin 1.000% 1.250% 1.375% 1.500% Applicable Revolver LIBOR Margin 2.250% 2.500% 2.625% 2.750% Applicable L/C Margin 2.250% 2.500% 2.625% 2.750% Applicable Unused Line Fee Margin 0.375% 0.375% 0.375% 0.375% From the Closing Date until the first day of the month beginning after delivery of the first Borrowing Base Certificate after the first Fiscal Quarter ending at least six (6) months after the Closing Date, the Applicable Margins are as follows: ------------------------------------------------- Applicable Dollar Revolver Index Margin 1.25% ------------------------------------------------- Applicable Dollar Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable Sterling Revolver Index Margin 1.25% ------------------------------------------------- Applicable Sterling Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable L/C Margin 2.75% ------------------------------------------------- Applicable Unused Line Fee Margin 0.50% ------------------------------------------------- The Applicable Margins (other than the Applicable L/C Margin and the Applicable Unused Line Fee Margin) may shall be adjusted by reference to the following grids following receipt of Financial Statements with respect to the Fiscal Quarter ending March 31, 2005:those set forth for Level II above.
Appears in 1 contract
Interest and Applicable Margins. (a) Borrowers shall pay interest to Agent, for the ratable benefit of Lenders in accordance with the various Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rates: (i) with respect to the Revolving Credit Advances denominated in DollarsAdvances, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Dollar LIBOR Rate plus the Applicable Dollar Revolver LIBOR Margin per annum, (ii) with respect to the Revolving Credit Advances denominated in Sterling, the Sterling Index Rate plus the Applicable Sterling Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Sterling LIBOR Rate plus the Applicable Sterling Revolver LIBOR Margin per annum and (iiiii) with respect to the Swing Line Loan, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum. As of the Closing Date, the Applicable Margins are as follows: ------------------------------------------------- Applicable Dollar Revolver Index Margin 1.250.00 % ------------------------------------------------- Applicable Dollar Revolver LIBOR Margin 2.751.00 % ------------------------------------------------- Applicable Sterling Revolver Index Margin 1.25% ------------------------------------------------- Applicable Sterling Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable L/C Margin 2.751.00 % ------------------------------------------------- Applicable Unused Line Fee Margin 0.500.32 % ------------------------------------------------- The Applicable Margins (other than the Applicable L/C Margin and the Applicable Unused Line Fee Margin) may be adjusted by reference to the following grids following receipt grids: If Average Availability is: Level of Financial Statements Applicable Margins: >$50,000,000 Level I >$35,000,000 but <$50,000,000 Level II >$25,000,000 but <35,000,000 Level III <$25,000,000 Level IV Applicable Margins Level I Level II Level III Level IV Applicable Revolver Index Margin 0.00 % 0.00 % 0.00 % 0.25 % Applicable Revolver LIBOR Margin 1.00 % 1.25 % 1.50 % 1.75 % Applicable L/C Margin 1.00 % 1.25 % 1.50 % 1.75 % Applicable Unused Line Fee Margin 0.32 % 0.30 % 0.25 % 0.25 % Adjustments in the Applicable Margins commencing with respect to the Fiscal Quarter ending March 31beginning January 1, 2005:2007 shall be implemented quarterly as of the first day of the Fiscal Quarter in which Agent receives delivery of the Borrowing Base Certificate dated and accurate as of the last day of the most recently completed Fiscal Quarter evidencing the need for an adjustment. Concurrently with the delivery of such Borrowing Base Certificate, Borrower Representative shall deliver to Agent and Lenders a certificate, signed by its chief financial officer or treasurer, setting forth in reasonable detail the basis for the continuance of, or any change in, the Applicable Margins, including, without limitation, a calculation of Average Availability for such period. Failure to timely deliver such quarter-end Borrowing Base Certificate shall, in addition to any other remedy provided for in this Agreement, result in an increase in the Applicable Margins to the highest level set forth in the foregoing grid, until the first day of the first calendar month following the delivery of a Borrowing Base Certificate demonstrating that such an increase is not required. If an Event of Default has occurred and is continuing at the time any reduction in the Applicable Margins is to be implemented, that reduction shall be deferred until the first day of the first calendar month following the date on which such Event of Default is waived or cured.
Appears in 1 contract
Interest and Applicable Margins. (a) Borrowers Borrower shall pay interest to Agent, for the ratable benefit of Lenders in accordance with the various Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rates: (i) with respect to the Revolving Credit Advances denominated in DollarsAdvances, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum or, at the election of Borrower RepresentativeBorrower, the applicable Dollar LIBOR Rate plus the Applicable Dollar Revolver LIBOR Margin per annum, based on the aggregate Revolving Credit Advances outstanding from time to time; (ii) with respect to the Revolving Credit Advances denominated in SterlingTerm Loan, the Sterling Index Rate plus the Applicable Sterling Revolver Term Loan Index Margin per annum or, at the election of Borrower RepresentativeBorrower, the applicable Sterling LIBOR Rate plus the Applicable Sterling Revolver Term Loan LIBOR Margin per annum annum; and (iii) with respect to the Swing Line Loan, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum. As The Applicable Revolver Index Margin, Applicable Revolver LIBOR Margin, Applicable Term Loan Index Margin, Applicable Term Loan LIBOR Margin and Applicable Unused Line Fee Margin, will be 0.0%, 1.5%, 0.0%, 1.5% and 0.25% per annum, respectively, as of the Closing Effective Date, the . The Applicable Margins are will be adjusted (up or down) prospectively on a quarterly basis as followsdetermined by Borrower's consolidated financial performance for the trailing twelve months most recently ended, commencing at least five (5) days after the date of delivery of Borrower's quarterly Financial Statements to Agent for the Fiscal Quarter ending April 4, 1999. Adjustments in Applicable Margins will be determined by reference to the following grids: ------------------------------------------------- IF CONSOLIDATED TOTAL FUNDED LEVEL OF INDEBTEDNESS COVERAGE RATIO IS APPLICABLE MARGINS: ------------------------------ ------------------- less than 2.5:1 Level I greater than or equal to 2.5:1 but less than or equal to 3.0:1 Level II greater than 3.0:1 Level III APPLICABLE MARGINS ------------------------------- LEVEL I LEVEL II LEVEL III ------- -------- --------- Applicable Dollar Revolver Index Margin 1.250.000% ------------------------------------------------- 0.000% 0.000% Applicable Dollar Revolver LIBOR Margin 2.751.500% ------------------------------------------------- 1.750% 2.000% Applicable Sterling Revolver Term Loan Index Margin 1.250.000% ------------------------------------------------- 0.000% 0.000% Applicable Sterling Revolver Term Loan LIBOR Margin 2.751.500% ------------------------------------------------- Applicable L/C Margin 2.751.750% ------------------------------------------------- 2.000% Applicable Unused Line Fee Margin 0.500.250% ------------------------------------------------- The 0.250% 0.375% [EXECUTION VERSION] All adjustments in the Applicable Margins after April 4, 1999, will be implemented quarterly on a prospective basis, for each calendar month commencing at least five (other than 5) days after the date of delivery of the quarterly unaudited or annual audited (as applicable) Financial Statements of the Credit Parties evidencing the need for an adjustment. Concurrently with the delivery of those Financial Statements, Borrower shall deliver to Agent and Lenders a certificate, signed by its chief financial officer, setting forth in reasonable detail the basis for the continuance of, or any change in, the Applicable L/C Margin and Margins. If a Default or an Event of Default shall have occurred or be continuing at the time any reduction in the Applicable Unused Line Fee Margin) may Margins is to be adjusted by reference to implemented, that reduction shall be deferred until the first day of the first calendar month following grids following receipt the date on which such Default or Event of Financial Statements with respect to the Fiscal Quarter ending March 31, 2005:Default is waived or cured.
Appears in 1 contract
Interest and Applicable Margins. (a) Borrowers shall pay interest to Agent, for the ratable benefit of Lenders in accordance with the various Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rates: (i) with respect to the Revolving Credit Advances denominated in DollarsAdvances, the Dollar Index Rate plus PLUS the Applicable Dollar Revolver Index Margin per annum PER ANNUM or, at the election of Borrower Representative, the applicable Dollar LIBOR Rate plus PLUS the Applicable Dollar Revolver LIBOR Margin per annumPER ANNUM, (ii) with respect to based on the aggregate Revolving Credit Advances denominated in Sterling, the Sterling Index Rate plus the Applicable Sterling Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Sterling LIBOR Rate plus the Applicable Sterling Revolver LIBOR Margin per annum outstanding from time to time; and (iiiii) with respect to the Swing Line Loan, the Dollar Index Rate plus PLUS the Applicable Dollar Revolver Index Margin per annumPER ANNUM. As of the Closing Date, the The Applicable Margins are as follows: ------------------------------------------------- Applicable Dollar Revolver Index Margin 1.25% ------------------------------------------------- Margin, Applicable Dollar Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable Sterling Revolver Index Margin 1.25% ------------------------------------------------- Applicable Sterling Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable L/C Margin 2.75% ------------------------------------------------- Margin, and Applicable Unused Line Fee Margin 0.50shall be 0%, 2.5%, and 0.25% ------------------------------------------------- PER ANNUM, respectively, as of the Closing Date. The Applicable Margins (other than the Applicable L/C Margin and the Applicable Unused Line Fee Margin) may shall be adjusted (up or down) prospectively on a quarterly basis as determined by reference to Borrowers' Net Borrowing Availability Ratio , commencing with the following grids following receipt first day of the first calendar month that occurs more than five days after delivery of Borrowers' quarterly Financial Statements with respect to Lenders for the Fiscal Quarter ending March 31, 2005:2001. Adjustments in Applicable Margins will be determined by reference to the following grids: IF NET BORROWING AVAILABILITY LEVEL OF RATIO IS: APPLICABLE MARGINS: --------- ------------------- GREATER THAN OR EQUAL TO 10% Level I GREATER THAN OR EQUAL TO 5%, but LESS THAN 10% Level II GREATER THAN OR EQUAL TO 0%, but LESS THAN 5% Level III APPLICABLE MARGINS ------------------ LEVEL I LEVEL II LEVEL III ------- -------- --------- Applicable Revolver -0.5% 0% 0.5% Index Margin Applicable Revolver LIBOR 2.0% 2.5% 3.0% Margin Applicable Unused Line Fee 0.25% 0.25% 0.375% Margin All adjustments in the Applicable Margins after March 31, 2001, shall be implemented quarterly on a prospective basis, for each calendar month commencing at least five days after the date of delivery to Lenders of the quarterly unaudited or annual audited (as applicable) Financial Statements evidencing the need for an adjustment. Concurrently with the delivery of such Financial Statements, Borrower Representative shall deliver to Agent and Lenders a certificate, in the form of EXHIBIT 1.5(a), signed by its chief financial officer, setting forth in reasonable detail the basis for the continuance of, or any change in, the Applicable Margins. Failure to timely deliver such Financial Statements shall, in addition to any other remedy provided for in this Agreement, result in an increase in the Applicable Margins to the highest level set forth in the foregoing grid until delivery of those Financial Statements demonstrating that such an increase is not required. If a Default or Event of Default shall have occurred and be continuing at the time any reduction in the Applicable Margins is to be implemented, that reduction shall be deferred until the first day of the first calendar month following the date on which such Default or Event of Default is waived or cured.
Appears in 1 contract
Samples: Credit Agreement (Track N Trail Inc)
Interest and Applicable Margins. (a) Borrowers shall pay interest to Administrative Agent, for the ratable benefit of Lenders in accordance with the various Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rates: (i) with respect to the Revolving Credit Advances denominated in DollarsAdvances, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Dollar LIBOR Rate plus the Applicable Dollar Revolver LIBOR Margin per annum, (ii) with respect to based on the aggregate Revolving Credit Advances denominated in Sterling, the Sterling Index Rate plus the Applicable Sterling Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Sterling LIBOR Rate plus the Applicable Sterling Revolver LIBOR Margin per annum outstanding from time to time and (iiiii) with respect to the Swing Line Loan, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum. As The Applicable Revolver Index Margin, and Applicable Revolver LIBOR Margin, will be 0.25%, and 1.50% per annum, respectively, as of the Closing Effective Date, the Applicable Margins are as follows: ------------------------------------------------- Applicable Dollar Revolver Index Margin 1.25% ------------------------------------------------- Applicable Dollar Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable Sterling Revolver Index Margin 1.25% ------------------------------------------------- Applicable Sterling Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable L/C Margin 2.75% ------------------------------------------------- Applicable Unused Line Fee Margin 0.50% ------------------------------------------------- . The Applicable Margins (other than the Applicable L/C Margin and the Applicable Unused Line Fee Margin) may will be adjusted (up or down) prospectively on a quarterly basis as determined by Parent's consolidated financial performance for the trailing four quarters most recently ended, commencing on June 1, 2003 (the "Initial Adjustment Date"). Adjustments in Applicable Margins will be determined by reference to the following grids following receipt grids: IF FIXED CHARGE IF AVERAGE EXCESS LEVEL OF COVERAGE RATIO IS: AVAILABILITY FOR QUARTER IS: APPLICABLE MARGINS: ----------------- --------------------------- ------------------ > or = 1.1:1.0 > or = $50MM Level I > or = 1.1:1.0 < $50MM > or = $40MM Level II > or = 1.1:1.0 <$40MM Level III <1.1:1.0 > or = $50MM Level IV <1.1:1.0 <$50MM > or = $40MM Level V <1.1:1.0 <$40MM > or = $30MM Level VI <1.1:1.0 <$30MM Xxxxx XXX XXXXX X XXXXX XX XXXXX XXX XXXXX XX XXXXX X XXXXX XX XXXXX XXX ------- -------- --------- -------- ------- -------- --------- Applicable Revolver Index Margin 0.25% 0.25% 0.50% 0.25% 0.50% 0.75% 1.00% Applicable Revolver LIBOR Margin 1.5% 1.75% 2.00% 1.75% 2.00% 2.25% 2.50% Applicable Unused Facility Fee 0.25% 0.25% 0.375% 0.25% 0.25% 0.375% 0.375% For purposes of Financial Statements this Section 1.5(a), the Fixed Charge Coverage Ratio shall be calculated without adjustments for any Special Capital Expenditures. Notwithstanding the foregoing, the Applicable Margins with respect to the Fiscal Quarter ending March 31aggregate amount of Advances outstanding on any date in excess of the Aggregate Borrowing Base, 2005:as of such date, determined with reference solely to Eligible Inventory shall be equal to the then otherwise Applicable Margin plus .50%. All adjustments in the Applicable Margins after the Initial Adjustment Date will be implemented quarterly on a prospective basis, for each calendar month commencing after the date of delivery to Lenders of the quarterly unaudited or annual audited (as applicable) Financial Statements of Parent evidencing the need for an adjustment. Concurrently with the delivery of those Financial Statements, Borrower Representative shall deliver to Administrative Agent and Lenders a certificate, signed by its chief financial officer, setting forth in reasonable detail the basis for the continuance of, or any change in, the Applicable Margins. Failure to deliver such Financial Statements shall, in addition to any other remedy provided for in this Agreement, result in an increase in the Applicable Margins to the highest level set forth in the foregoing grid, until the first day of the first calendar month following the delivery of those Financial Statements demonstrating that such an increase is not required. If an Event of Default shall have occurred or be continuing at the time any reduction in the Applicable Margins is to be implemented, that reduction shall be deferred until the first day of the first calendar month following the date on which such Event of Default is waived or cured.
Appears in 1 contract
Interest and Applicable Margins. (a) Borrowers shall pay interest to Agent, for the ratable benefit of Lenders in accordance with the various Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rates: (i) with respect to the Revolving Credit Advances denominated in DollarsAdvances, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Dollar LIBOR Rate plus the Applicable Dollar Revolver LIBOR Margin per annum, ; and (ii) with respect to the Revolving Credit Advances denominated in Sterling, the Sterling Index Rate plus the Applicable Sterling Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Sterling LIBOR Rate plus the Applicable Sterling Revolver LIBOR Margin per annum and (iii) with respect to the Swing Line Loan, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum. As of the Closing Date, the Applicable Margins are as follows: ------------------------------------------------- Applicable Dollar Revolver Index Margin 1.251.75 % ------------------------------------------------- Applicable Dollar Revolver LIBOR Margin 2.752.75 % ------------------------------------------------- Applicable Sterling Revolver Index Margin 1.25% ------------------------------------------------- Applicable Sterling Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable L/C Margin 2.752.75 % ------------------------------------------------- Applicable Unused Line Fee Margin 0.50.50 % ------------------------------------------------- The Applicable Margins (other than the Applicable L/C Margin and the Applicable Unused Line Fee Margin) may be adjusted by reference to the following grids following receipt grids: If Leverage Ratio is: Level of Financial Statements Applicable Margins: Less than 3.25 to 1.00 Level I Greater than or equal to 3.25 to 1.00, but less than 4.00 to 1.00 Level II Greater than or equal to 4.00 to 1.00, but less than 4.75 to 1.00 Level III Greater than or equal to 4.75 to 1.00 Xxxxx XX Xxxxxxxxxx Xxxxxxx Xxxxx X Xxxxx XX Xxxxx XXX Level IV Applicable Revolver Index Margin 1.00 % 1.25 % 1.50 % 1.75 % Applicable Revolver LIBOR Margin 2.00 % 2.25 % 2.50 % 2.75 % Applicable L/C Margin 2.00 % 2.25 % 2.50 % 2.75 % Applicable Unused Line Fee Margin 0.50 % 0.50 % 0.50 % 0.50 % Adjustments in the Applicable Margins commencing with respect to the Fiscal Quarter ending March 31September 30, 2005:2006, shall be implemented quarterly on a prospective basis, for each calendar month commencing at least five (5) days after the date of delivery to Lenders of the quarterly unaudited or annual audited (as applicable) Financial Statements evidencing the need for an adjustment. Concurrently with the delivery of those Financial Statements, Borrower Representative shall deliver to Agent and Lenders a certificate, signed by its chief financial officer, setting forth in reasonable detail the basis for the continuance of, or any change in, the Applicable Margins. Failure to timely deliver such Financial Statements shall, in addition to any other remedy provided for in this Agreement, result in an increase in the Applicable Margins to the highest level set forth in the foregoing grid, until the first day of the first calendar month following the delivery of those Financial Statements demonstrating that such an increase is not required. If an Event of Default has occurred and is continuing at the time any reduction in the Applicable Margins is to be implemented, that reduction shall be deferred until the first day of the first calendar month following the date on which such Event of Default is waived or cured.
Appears in 1 contract
Samples: Credit Agreement (Palace Entertainment Holdings, Inc.)
Interest and Applicable Margins. (a) Borrowers Borrower shall pay interest to Agent, for the ratable benefit of all Lenders in accordance with the various Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rates: (i) with respect to the Revolving Credit Advances denominated in DollarsAdvances, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum or, at the election of Borrower RepresentativeBorrower, the applicable Dollar LIBOR Rate plus the Applicable Dollar Revolver LIBOR Margin per annum, (ii) with respect to based on the aggregate Revolving Credit Advances denominated in Sterling, the Sterling Index Rate plus the Applicable Sterling Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Sterling LIBOR Rate plus the Applicable Sterling Revolver LIBOR Margin per annum outstanding from time to time and (iiiii) with respect to the Swing Line Loan, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum. As of the Closing Date, the The Applicable Margins are as follows: ------------------------------------------------- APPLICABLE MARGINS ------------------ LEVEL I LEVEL II LEVEL III ------- -------- --------- Applicable Dollar Revolver Index Margin 1.251.50% ------------------------------------------------- 1.75% 2.00% Applicable Dollar Revolver LIBOR Margin 2.753.00% ------------------------------------------------- Applicable Sterling Revolver Index Margin 1.253.25% ------------------------------------------------- Applicable Sterling Revolver LIBOR Margin 2.753.50% ------------------------------------------------- Applicable L/C Margin 2.753.00% ------------------------------------------------- 3.25% 3.50% Applicable Unused Line Fee Margin 0.75% 0.50% ------------------------------------------------- The 0.375% During the period from the Closing Date through August 31, 2002, the Applicable Margins shall be based on Level I (other than regardless of the Total Commitment Usage during such period). Thereafter, the Applicable L/C Margin and the Applicable Unused Line Fee Margin) may Margins shall be adjusted (up or down) prospectively on a monthly basis as determined by Borrower's Total Commitment Usage calculated on the average daily amount of usage of the Revolving Loan Commitment for the previous monthly period. Adjustments in Applicable Margins shall be determined by reference to the following grids following receipt of Financial Statements with respect grid: LEVEL OF IF TOTAL COMMITMENT USAGE IS: APPLICABLE MARGINS: ----------------------------- ------------------- greater than or equal to the Fiscal Quarter ending March 31zero but less than or equal to 33% Level I greater than 33%, 2005:but less than or equal to 66% Level II greater than 66% but less than or equal to 100% Level III
Appears in 1 contract
Samples: Credit Agreement (Budget Group Inc)
Interest and Applicable Margins. (a) Borrowers Borrower shall pay interest to Agent, for the ratable benefit of Lenders in accordance with the various Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rates: (i) with respect to the Revolving Credit Advances denominated in DollarsAdvances, the Dollar Index Prime Rate plus per annum; and (ii) with respect to the Applicable Dollar Revolver Index Margin Acquisition Loans, the Prime Rate per annum or, at the election of Borrower RepresentativeBorrower, the applicable Dollar LIBOR Rate plus the Applicable Dollar Revolver Acquisition Loan LIBOR Margin per annum. The Applicable Margin(s) shall be adjusted (up or down) prospectively on a quarterly basis as determined by Borrower’s consolidated financial performance, (ii) commencing with respect to the Revolving Credit Advances denominated in Sterling, the Sterling Index Rate plus the Applicable Sterling Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Sterling LIBOR Rate plus the Applicable Sterling Revolver LIBOR Margin per annum and (iii) with respect to the Swing Line Loan, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum. As first day of the Closing Datefirst calendar month that occurs more than 5 days after delivery of Borrower’s quarterly Financial Statements to Lenders for the Fiscal Quarter ending September 30, the 2005. Adjustments in Applicable Margins are as follows: ------------------------------------------------- Applicable Dollar Revolver Index Margin 1.25% ------------------------------------------------- Applicable Dollar Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable Sterling Revolver Index Margin 1.25% ------------------------------------------------- Applicable Sterling Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable L/C Margin 2.75% ------------------------------------------------- Applicable Unused Line Fee Margin 0.50% ------------------------------------------------- The Applicable Margins (other than the Applicable L/C Margin and the Applicable Unused Line Fee MarginMargin(s) may will be adjusted determined by reference to the following grids following receipt grids: If Operating Leverage Ratio is: Level of Financial Statements with respect Applicable Margin(s): < 1.00 to 1.00 Level I > 1.01 to 1.00, but < 1.50 to 1.00 Level II > 1.51 to 1.00, but < 2.00 to 1.00 Level III > 2.01 to 1.00 Xxxxx XX Xxxxxxxxxx Xxxxxx(x) Xxxxx X Xxxxx XX Xxxxx XXX Level IV Applicable Acquisition Loan LIBOR Margin 1.75% 2.00% 2.25% 2.50% If there is a disparity between the financial tests described above, the test resulting in the greater level of Applicable Margin(s) will prevail. All adjustments in the Applicable Margin(s) after September 30, 2005, shall be implemented quarterly on a prospective basis, for each calendar month commencing at least 5 days after the date of delivery to Lenders of the quarterly Compliance Certificate. Failure to timely deliver such Compliance Certificate shall, in addition to any other remedy provided for in this Agreement, result in an increase in the Applicable Margin(s) to the Fiscal Quarter ending March 31highest level set forth in the foregoing grid, 2005:until the first day of the first calendar month following the delivery of a Compliance Certificate demonstrating that such an increase is not required. If a Default or an Event of Default has occurred and is continuing at the time any reduction in the Applicable Margin(s) is to be implemented, that reduction shall be deferred until the first day of the first calendar month following the date on which such Default or Event of Default is waived or cured.
Appears in 1 contract
Interest and Applicable Margins. (a) Borrowers Borrower shall pay interest to Agent, for the ratable benefit of Lenders in accordance with the various Loans being made by each LenderLenders, in arrears on each applicable Interest Payment Date, at the following rates: (i) rates with respect to the Revolving Credit Advances denominated in DollarsAdvances, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum or, at the election of Borrower RepresentativeBorrower, the applicable Dollar LIBOR Rate plus the Applicable Dollar Revolver LIBOR Margin per annum, (ii) with respect to the Revolving Credit Advances denominated in Sterling, the Sterling Index Rate plus the Applicable Sterling Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Sterling LIBOR Rate plus the Applicable Sterling Revolver LIBOR Margin per annum and (iii) with respect to the Swing Line Loan, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum. As of the Closing Date, the Applicable Margins are as follows: ------------------------------------------------- Applicable Dollar Revolver Index Margin 1.252.00 % ------------------------------------------------- Applicable Dollar Revolver LIBOR Margin 2.753.00 % ------------------------------------------------- Applicable Sterling Revolver Index Margin 1.25% ------------------------------------------------- Applicable Sterling Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable L/C Margin 2.753.00 % ------------------------------------------------- Applicable Unused Line Fee Margin 0.50% ------------------------------------------------- The Applicable Margins (other than the Applicable L/C Margin and the Applicable Unused Line Fee Margin) may shall be adjusted by reference to the following grids following receipt of Financial Statements grids: Total Leverage Ratio Applicable Revolver Index Margin Applicable Revolver LIBOR Margin Applicable L/C Margin Level I > 7.50 3.00 % 4.00 % 4.00 % Level II > 7.00, but < 7.50 2.50 % 3.50 % 3.50 % Level III > 6.5, but < 7.00 2.25 % 3.25 % 3.25 % Level IV > 6.00, but < 6.50 2.00 % 3.00 % 3.00 % Level V > 5.50, but < 6.00 1.75 % 2.75 % 2.75 % Level VI > 5.00, but < 5.50 1.50 % 2.50 % 2.50 % Level VII < 5.00 1.25 % 2.25 % 2.25 % Adjustments in the Applicable Margins commencing with respect to the Fiscal Quarter ending March 31, 2005:2004 shall be implemented quarterly on a prospective basis, commencing two (2) Business Days after the date of delivery to Lenders of the quarterly unaudited or annual audited (as applicable) Financial Statements evidencing the need for an adjustment. Notwithstanding the preceding sentence, the Applicable Margins shall not be reduced below Level IV prior to June 30, 2004. Concurrently with the delivery of those Financial Statements, Borrower shall deliver to Agent and Lenders a certificate, signed by its chief financial officer, setting forth in reasonable detail the basis for the continuance of, or any change in, the Applicable Margins. Failure to timely deliver such Financial Statements shall, in addition to any other remedy provided for in this Agreement, result in an increase in the Applicable Margins to the highest level set forth in the foregoing grid, until the second Business Day following the delivery of those Financial Statements demonstrating that such an increase is not required. If a Default or an Event of Default has occurred and is continuing at the time any reduction in the Applicable Margins is to be implemented, that reduction shall be deferred until the second Business Day following the date on which such Default or Event of Default is waived or cured.
Appears in 1 contract
Interest and Applicable Margins. (a) Borrowers Borrower shall pay interest to Agent, for the ratable benefit of Lenders in accordance with the various Loans being made by each LenderLenders, in arrears on each applicable Interest Payment Date, at the following rates: (i) with respect to the Revolving Credit Advances denominated in Dollars, the Dollar Index Base Rate plus the Applicable Dollar Revolver Index Base Rate Margin per annum or, (ii) at the election of Borrower Representativeand subject to the other provisions of this Agreement respecting the availability of LIBOR Rate, the applicable Dollar LIBOR Rate plus the Applicable Dollar Revolver LIBOR Margin per annum, (ii) with respect to the Revolving Credit Advances denominated in Sterling, the Sterling Index Rate plus the Applicable Sterling Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Sterling LIBOR Rate plus the Applicable Sterling Revolver LIBOR Margin per annum and (iii) with respect to the Swing Line Loan, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum. As of the Closing DateDate and until adjusted as described below, the Applicable Margins are as follows: ------------------------------------------------- Applicable Dollar Revolver Index Base Rate Margin 1.253.50% ------------------------------------------------- Applicable Dollar Revolver LIBOR Margin 2.754.50% ------------------------------------------------- Applicable Sterling Revolver Index Margin 1.25% ------------------------------------------------- Applicable Sterling Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable L/C Margin 2.75% ------------------------------------------------- Applicable Unused Line Fee Margin 0.50% ------------------------------------------------- The Applicable Margins (other than shall, commencing on the Applicable L/C Margin and first day of the Applicable Unused Line Fee Margin) may month following the first anniversary of the Closing Date, be adjusted prospectively on a quarterly basis as determined by Borrower's financial performance, commencing on the fifth (5th) Business Day after delivery of Borrower's quarterly Financial Statements. Adjustments in Applicable Margins shall be determined by reference to the following grids following receipt of grid: APPLICABLE BASE APPLICABLE IF TOTAL LEVERAGE RATIO IS: RATE MARGIN LIBOR MARGIN --------------------------- --------------- ------------ > or = 4.0: 1.0 3.50% 4.50% < 4.0: 1.0, but > or = 3.5: 1.0 3.25% 4.25% < 3.5: 1.0, but > or = 3.0: 1.0 3.00% 4.00% < 3.0: 1.0 2.75% 3.75% Failure to timely deliver such Financial Statements with respect shall at the election of Agent, in addition to any other remedy provided for in this Agreement, result in an increase in the Applicable Margins to the Fiscal Quarter ending March 31highest level set forth in the foregoing grid, 2005:until the first day of the first calendar month following the delivery of those Financial Statements demonstrating that such an increase is not required. If an Event of Default has occurred and is continuing at the time any reduction in the Applicable Margins is to be implemented, that reduction shall be deferred until the first day of the first calendar month following the date on which such Event of Default is waived or cured.
Appears in 1 contract
Samples: Term Loan Agreement (Northland Cable Properties Seven Limited Partnership)
Interest and Applicable Margins. (a) Borrowers shall pay interest to Agent, for the ratable benefit of Lenders in accordance with the various Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rates: (i) with respect to the Revolving Credit Advances denominated in DollarsAdvances, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Dollar LIBOR Rate plus the Applicable Dollar Revolver LIBOR Margin per annum, ; and (ii) with respect to the Revolving Credit Advances denominated in Sterling, the Sterling Index Rate plus the Applicable Sterling Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Sterling LIBOR Rate plus the Applicable Sterling Revolver LIBOR Margin per annum and (iii) with respect to the Swing Line Loan, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum. As of the Closing Date, the Applicable Margins are as follows: ------------------------------------------------- Applicable Dollar Revolver Index Margin 1.250.50 % ------------------------------------------------- Applicable Dollar Revolver LIBOR Margin 2.751.75 % ------------------------------------------------- Applicable Sterling Revolver Index Margin 1.25% ------------------------------------------------- Applicable Sterling Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable L/C Margin 2.751.75 % ------------------------------------------------- Applicable Unused Line Fee Margin 0.500.50 % ------------------------------------------------- The Applicable Margins (other than the Applicable L/C Margin and the Applicable Unused Line Fee Margin) may be adjusted by reference to the following grids following receipt grids: If average Borrowing Availability (for the prior thirty days) plus Qualified Cash at the end of Financial Statements each Fiscal Quarter is: If trailing twelve months Consolidated Adjusted EBITDA at the end of each Fiscal Quarter is: Level of Applicable Margins: Greater than: $70,000,000 during the first Fiscal Quarter of any Fiscal Year; or $150,000,000 during the second Fiscal Quarter of any Fiscal Year; or $130,000,000 during the third Fiscal Quarter of any Fiscal Year; or $60,000,000 during the fourth Fiscal Quarter of any Fiscal Year. Greater than $35,000,000. Level I Greater than: $13,000,000 for any Fiscal Quarter ending on or prior to May 3, 2008; or $18,000,000 for any Fiscal Quarter ending after May 3, 2008. Greater than: $7,000,000 for the Fiscal Quarters ended April 28, 2007 and April 28, 2007; or $10,000,000 for the Fiscal Quarter ended October 27, 2007; or $15,000,000 for the Fiscal Quarter ended January 31, 2007; or $20,000,000 for the Fiscal Quarter ended May 3, 2008; or $25,000,000 for the Fiscal Quarter ended on or about July 31, 2008 and each Fiscal Quarter thereafter. Level II Less than or equal to: $13,000,000 for any Fiscal Quarter ending on or prior to May 3, 2008; or $18,000,000 for any Fiscal Quarter ending after May 3, 2008. Less than or equal to: $7,000,000 for the Fiscal Quarters ended April 28, 2007 and April 28, 2007; or $10,000,000 for the Fiscal Quarter ended October 27, 2007; or $15,000,000 for the Fiscal Quarter ended January 31, 2007; or Level III If average Borrowing Availability (for the prior thirty days) plus Qualified Cash at the end of each Fiscal Quarter is: If trailing twelve months Consolidated Adjusted EBITDA at the end of each Fiscal Quarter is: Level of Applicable Margins: $20,000,000 for the Fiscal Quarter ended May 3, 2008; or $25,000,000 for the Fiscal Quarter ended on or about July 31, 2008 and each Fiscal Quarter thereafter. Applicable Margins Level I Level II Level III Applicable Revolver Index Margin 0.00 % 0.25 % 0.50 % Applicable Revolver LIBOR Margin 1.50 % 1.75 % 2.00 % Applicable L/C Margin 1.50 % 1.75 % 2.00 % Applicable Unused Line Fee Margin 0.50 % 0.50 % 0.50 % If the two financial tests described above result in a disparity in Applicable Margins, the test resulting in the greater level of Applicable Margins will prevail. Adjustments in the Applicable Margins commencing with respect to the Fiscal Quarter ending March 31July 2007 shall be implemented quarterly on a prospective basis, 2005:for each calendar month commencing at least five (5) days after the date of delivery to Lenders of the quarterly unaudited or annual audited (as applicable) Financial Statements evidencing the need for an adjustment. Concurrently with the delivery of those Financial Statements, Borrower Representative shall deliver to Agent and Lenders a certificate, signed by its chief financial officer, setting forth in reasonable detail the basis for the continuance of, or any change in, the Applicable Margins. Failure to timely deliver such Financial Statements shall, in addition to any other remedy provided for in this Agreement, result in an increase in the Applicable Margins to the highest level set forth in the foregoing grid, until the first day of the first calendar month following the delivery of those Financial Statements demonstrating that such an increase is not required. If an Event of Default has occurred and is continuing at the time any reduction in the Applicable Margins is to be implemented, that reduction shall be deferred until the first day of the first calendar month following the date on which such Event of Default is waived or cured.
Appears in 1 contract
Samples: Credit Agreement (Handleman Co /Mi/)
Interest and Applicable Margins. (a) Borrowers Borrower shall pay interest to Agent, for the ratable benefit of Lenders in accordance with the various Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rates: (i) with respect to the Revolving Credit Advances denominated in DollarsAdvances, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum or, at the election of Borrower RepresentativeBorrower, the applicable Dollar LIBOR Rate plus the Applicable Dollar Revolver LIBOR Margin per annum, based on the aggregate Revolving Credit Advances outstanding from time to time; (ii) with respect to the Revolving Credit Advances denominated in SterlingTerm Loan, the Sterling Index Rate plus the Applicable Sterling Revolver Term Loan Index Margin per annum or, at the election of Borrower RepresentativeBorrower, the applicable Sterling LIBOR Rate plus the Applicable Sterling Revolver Term Loan LIBOR Margin per annum annum; and (iii) with respect to the Swing Line Loan, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum. As of the Closing Second Restatement Amendment Date, the Applicable Margins are as follows: ------------------------------------------------- Applicable Dollar Revolver Index Margin 1.253.00 % ------------------------------------------------- Applicable Dollar Revolver LIBOR Margin 2.754.00 % ------------------------------------------------- Applicable Sterling Revolver Term Loan Index Margin 1.253.00 % ------------------------------------------------- Applicable Sterling Revolver Term Loan LIBOR Margin 2.754.00 % ------------------------------------------------- Applicable L/C Margin 2.75% ------------------------------------------------- Applicable Unused Line Fee Margin 0.50% ------------------------------------------------- The Applicable Margins (other than the Applicable L/C Margin and the Applicable Unused Line Fee Margin) may shall be adjusted by reference to the following grids following receipt grids: If Consolidated Senior Leverage Ratio is: Level of Financial Statements Applicable Margins: ≥ 3.50:1.0 Level I <3.50:1.0, but ≥ 3.00:1.0 Level II <3.00:1.0, but ≥ 2.50:1.0 Level III <2.50:1.0 Xxxxx XX Xxxxxxxxxx Xxxxxxx Xxxxx X Xxxxx XX Xxxxx XXX Level IV Applicable Revolver Index Margin 3.25 % 3.00 % 2.75 % 2.50 % Applicable Revolver LIBOR Margin 4.25 % 4.00 % 3.75 % 3.50 % Applicable Term Loan Index Margin 3.25 % 3.00 % 2.75 % 2.50 % Applicable Term Loan LIBOR Margin 4.25 % 4.00 % 3.75 % 3.50 % Adjustments in the Applicable Margins commencing with respect to the Fiscal Quarter ending March 31September 30, 2005:2008 shall be implemented quarterly on a prospective basis, for each calendar month commencing no later than five (5) days after the date of delivery to Lenders of the quarterly unaudited or annual audited (as applicable) Financial Statements evidencing the need for an adjustment (as required in Annex E or otherwise). Concurrently with the delivery of those Financial Statements, Borrower shall deliver to Agent and Lenders a certificate, signed by its chief financial officer, setting forth in reasonable detail the basis for the continuance of, or any change in, the Applicable Margins. Failure to deliver such Financial Statements timely shall, in addition to any other remedy provided for in this Agreement, result in an increase in the Applicable Margins to the highest level set forth in the foregoing grid, until the first day of the first calendar month following the delivery of those Financial Statements demonstrating that such an increase is not required. If a Default or an Event of Default has occurred and is continuing at the time any reduction in the Applicable Margins is to be implemented, that reduction shall be deferred until the first day of the first calendar month following the date on which such Default or Event of Default is waived or cured.
Appears in 1 contract
Samples: Credit Agreement (Otelco Inc.)
Interest and Applicable Margins. (a) Borrowers shall pay interest to Agent, for the ratable benefit of Lenders in accordance with the various Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rates: (i) with respect to the Revolving Credit Advances denominated in DollarsAdvances, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Dollar LIBOR Rate plus the Applicable Dollar Revolver LIBOR Margin per annum, (ii) with respect to the Revolving Credit Advances denominated in Sterling, the Sterling Index Rate plus the Applicable Sterling Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Sterling LIBOR Rate plus the Applicable Sterling Revolver LIBOR Margin per annum and (iiiii) with respect to the Swing Line Loan, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum. As of the Closing Restatement Date, the Applicable Margins are as follows: ------------------------------------------------- Applicable Dollar Revolver Index Margin 1.250.50 % ------------------------------------------------- Applicable Dollar Revolver LIBOR Margin 2.752.50 % ------------------------------------------------- Applicable Sterling Revolver Index Margin 1.25% ------------------------------------------------- Applicable Sterling Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable L/C Margin 2.752.50 % ------------------------------------------------- Applicable Unused Line Fee Margin 0.500.375 % ------------------------------------------------- The Applicable Margins (other than the Applicable L/C Margin and the Applicable Unused Line Fee Margin) may be adjusted by reference to the following grids grids: If Average Availability is: Level of Applicable Margins: >$50,000,000 Level I >$35,000,000 but <$50,000,000 Level II >$25,000,000 but <35,000,000 Level III >$25,000,000 Level IV Applicable Margins Level I Level II Level III Level IV Applicable Revolver Index Margin 0.25 % 0.50 % 0.75 % 1.00 % Applicable Revolver LIBOR Margin 2.25 % 2.50 % 2.75 % 3.00 % Applicable L/C Margin 2.25 % 2.50 % 2.75 % 3.00 % The Applicable Unused Line Fee Margin may be adjusted by reference to the following receipt grids: If Average Revolving Outstandings: Level of Financial Statements Applicable Margins: >$60,000,000 Level I <$60,000,000 Level II Applicable Margins Level I Level II Applicable Unused Line Fee Margin 0.30 % 0.375 % Adjustments in the Applicable Margins commencing with respect to the Fiscal Quarter ending March 31beginning October 1, 2005:2010 shall be implemented quarterly as of the first day of the Fiscal Quarter in which Agent receives delivery of the Borrowing Base Certificate dated and accurate as of the last day of the most recently completed Fiscal Quarter evidencing the need for an adjustment. Concurrently with the delivery of such Borrowing Base Certificate, Borrower Representative shall deliver to Agent and Lenders a certificate, signed by its chief financial officer or treasurer, setting forth in reasonable detail the basis for the continuance of, or any change in, the Applicable Margins, including, without limitation, a calculation of Average Availability for such period. Failure to timely deliver such quarter-end Borrowing Base Certificate shall, in addition to any other remedy provided for in this Agreement, result in an increase in the Applicable Margins to the highest level set forth in the foregoing grid, until the first day of the first calendar month following the delivery of a Borrowing Base Certificate demonstrating that such an increase is not required. If an Event of Default has occurred and is continuing at the time any reduction in the Applicable Margins is to be implemented, that reduction shall be deferred until the first day of the first calendar month following the date on which such Event of Default is waived or cured.
Appears in 1 contract
Interest and Applicable Margins. (a) Borrowers Borrower shall pay interest to Agent, for the ratable benefit of Lenders in accordance with the various Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rates: (i) rates with respect to the Revolving Credit Advances denominated in Dollarsand the Term Loan B, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum or, at the election of Borrower RepresentativeBorrower, the applicable Dollar LIBOR Rate plus the Applicable Dollar Revolver LIBOR Margin per annum, (ii) with respect to the Revolving Credit Advances denominated in Sterling, the Sterling Index Rate plus the Applicable Sterling Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Sterling LIBOR Rate plus the Applicable Sterling Revolver LIBOR Margin per annum and (iii) with respect to the Swing Line Loan, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum. As of the Closing Date, Date the Applicable Margins are as follows: ------------------------------------------------- Applicable Dollar Revolver Index Margin 1.25% ------------------------------------------------- Applicable Dollar Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable Sterling Revolver Index Margin 1.25% ------------------------------------------------- Applicable Sterling Revolver LIBOR Margin 2.754.00% ------------------------------------------------- Applicable L/C Margin 2.75% ------------------------------------------------- Applicable Unused Line Fee Margin 0.50% ------------------------------------------------- The Applicable Margins (other than the Applicable L/C Margin and the Applicable Unused Line Fee Margin) may be adjusted by reference to the following grids following receipt grids: If Leverage Ratio is: Level of Financial Statements Applicable Margins: > 3.25 Level I > 2.75, but < 3.25 Level II > 2.25, but < 2.75 Level III < 2.25 Level IV Applicable Margins Level I Level II Level III Level IV Applicable Index Margin 2.75% 2.50% 2.25% 2.00% Applicable LIBOR Margin 4.00% 3.75% 3.50% 3.25% Adjustments in the Applicable Margins commencing with respect to the Fiscal Quarter ending March 31, 2005:2008 shall be implemented quarterly on a prospective basis, for each calendar month commencing at least five (5) days after the date of delivery to Lenders of the quarterly unaudited or annual audited (as applicable) Financial Statements evidencing the need for an adjustment. Concurrently with the delivery of those Financial Statements, Borrower shall deliver to Agent and Lenders a certificate, signed by a Responsible Financial Officer of the Borrower, setting forth in reasonable detail the basis for the continuance of, or any change in, the Applicable Margins. Failure to timely deliver such Financial Statements shall, in addition to any other remedy provided for in this Agreement, result in an increase in the Applicable Margins to the highest level set forth in the foregoing grid, until the date that is five (5) days following the delivery of those Financial Statements demonstrating that such an increase is not required. If an Event of Default has occurred and is continuing at the time any reduction in the Applicable Margins is to be implemented, that reduction shall be deferred until the first day of the first calendar month following the date on which such Event of Default is waived or cured. In the event that any Financial Statement or Compliance Certificate delivered hereunder is shown to be inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin based upon the foregoing pricing grid (the “Accurate Applicable Margin”) for any period that such Financial statement or Compliance Certificate covered, then (i) Borrower shall immediately, following actual knowledge of the Borrower of the occurrence thereof, deliver to the Agent a correct Financial Statement or Compliance Certificate, as the case may be, for such period, (ii) the Applicable Margin shall be adjusted such that after giving effect to the corrected Financial Statements or Compliance Certificate, as the case may be, the Applicable Margin shall be reset to the Accurate Applicable Margin based upon the foregoing pricing grid for such period as set forth in the foregoing pricing grid for such period and (iii) shall concurrently with the delivery of the corrected Financial Statement or Compliance Certificate, as the case may be, pay to the Agent, for the account of the Lenders, the accrued additional interest owing as a result of such Accurate Applicable Margin for such period. The provisions of this definition shall not limit the rights of the Agent and the Lenders with respect to Section 1.5(d) or Article VIII.
Appears in 1 contract
Interest and Applicable Margins. (a) Borrowers Borrower shall pay interest to Agent, for the ratable benefit of Lenders in accordance with the various Revolving Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rates: (i) with respect to the Revolving Credit Advances denominated in DollarsAdvances, at the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum orbased on the aggregate Revolving Credit Advances outstanding from time to time. The Applicable Revolver Index Margin, at the election of Borrower RepresentativeApplicable Standby L/C Fee and Applicable Unused Line Fee will be 2.25%, the applicable Dollar LIBOR Rate plus the Applicable Dollar Revolver LIBOR Margin 2.00% and .375% per annum, (ii) with respect to the Revolving Credit Advances denominated in Sterlingrespectively, the Sterling Index Rate plus the Applicable Sterling Revolver Index Margin per annum or, at the election of Borrower Representative, the applicable Sterling LIBOR Rate plus the Applicable Sterling Revolver LIBOR Margin per annum and (iii) with respect to the Swing Line Loan, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum. As as of the Closing Date, the Applicable Margins are as follows: ------------------------------------------------- Applicable Dollar Revolver Index Margin 1.25% ------------------------------------------------- Applicable Dollar Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable Sterling Revolver Index Margin 1.25% ------------------------------------------------- Applicable Sterling Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable L/C Margin 2.75% ------------------------------------------------- Applicable Unused Line Fee Margin 0.50% ------------------------------------------------- . The Applicable Margins (other than the Applicable L/C Margin and the Applicable Unused Line Fee Margin) may will be adjusted (up or down) prospectively on a quarterly basis as determined by Borrower's financial performance, commencing with the first day of the first calendar month that occurs more than five (5) days after delivery of Borrower's quarterly Financial Statements to Lenders for the applicable Fiscal Quarter(s) set forth below. Adjustments in Applicable Margins will be determined by reference to the following grids following receipt grids: APPLICABLE MARGIN FOR FISCAL QUARTER ENDING DECEMBER 31, 1999: If Adjusted EBITDA is: Level of Applicable Margins: >$15,000,000 Level I >$13,000,000, but < $15,000,000 Level II >$ 9,000,000, but < $13,000,000 Level III >$ 8,000,000, but < $ 9,000,000 Level IV < $ 8,000,000 Level V APPLICABLE MARGINS FOR 2 FISCAL QUARTERS ENDING MARCH 31, 2000: If Adjusted EBITDA is: Level of Applicable Margins: >$23,000,000 Level I >$19,500,000, but < $23,000,000 Level II >$13,500,000, but < $19,500,000 Level III >$12,000,000, but < $13,500,000 Level IV <$12,000,000 Level V APPLICABLE MARGINS FOR 3 FISCAL QUARTERS ENDING JUNE 30, 2000: If Adjusted EBITDA is: Level of Applicable Margins: >$30,500,000 Level I >$26,000,000, but < $30,500,000 Level II >$18,500,000, but < $26,000,000 Level III >$16,500,000, but < $18,500,000 Level IV <$16,500,000 Level V APPLICABLE MARGINS FOR 4 FISCAL QUARTERS ENDING SEPTEMBER 30, 2000: If Adjusted EBITDA is: Level of Applicable Margins: >$35,000,000 Level I >$32,500,000, but < $35,000,000 Level II >$24,000,000, but < $32,500,000 Level III >$21,000,000, but < $24,000,000 Level IV <$21,000,000 Level V APPLICABLE MARGINS FOR 4 FISCAL QUARTERS ENDING DECEMBER 31, 2000 AND THEREAFTER: If Adjusted EBITDA is: Level of Applicable Margins: >$38,000,000 Level I >$35,000,000, but < $38,000,000 Level II >$26,000,000, but < $35,000,000 Level III >$23,000,000, but < $26,000,000 Level IV <$23,000,000 Level V Applicable Margins Level I Level II Level III Level IV Level V Applicable Revolver Index 1.75% 2.0% 2.25% 2.50% 2.75% Margin Applicable Standby L/C Fee 1.75% 2.0% 2.0% 2.0% 2.25% Applicable Unused Line Fee .25% .375% .375% .375% .50% All adjustments in the Applicable Margins after December 31, 1999 shall be implemented quarterly on a prospective basis, for each calendar month commencing at least five (5) days after the date of delivery to Lenders of the quarterly unaudited or annual audited (as applicable) Financial Statements evidencing the need for an adjustment. Concurrently with the delivery of those Financial Statements, Borrower shall deliver to Agent and Lenders a certificate, signed by its chief financial officer, setting forth in reasonable detail the basis for the continuance of, or any change in, the Applicable Margins. Failure to timely deliver such Financial Statements shall, in addition to any other remedy provided for in this Agreement, result in an increase in the Applicable Margins to the highest level set forth in the foregoing grid, until the first day of the first calendar month following the delivery of those Financial Statements demonstrating that such an increase is not required. If a Default or an Event of Default has occurred and is continuing at the time any reduction in the Applicable Margins is to be implemented, that reduction shall be deferred until the first day of the first calendar month following the date on which such Default or Event of Default is waived or cured. Notwithstanding anything to the contrary set forth herein, the Applicable Margins shall not be adjusted down unless Excess Cash Flow exists for the four most recent Fiscal Quarters then ended (or with respect to the any Fiscal Quarter ending March 31on or before September 30, 2005:2000, the period commencing on October 1, 1999 and ending on the last day of such Fiscal Quarter).
Appears in 1 contract
Interest and Applicable Margins. (a) Borrowers shall pay interest to Administrative Agent, for the ratable benefit of Lenders in accordance with the various Loans being made by each Lender, in arrears on each applicable Interest Payment Date, at the following rates: (i) with respect to the Revolving Credit Advances denominated in DollarsAdvances, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum or, at the election of Borrower RepresentativeRepresentative in accordance with Section 1.5(e), the applicable Dollar LIBOR Rate plus the Applicable Dollar Revolver LIBOR Margin per annum, ; (ii) with respect to the Revolving Credit Advances denominated in SterlingTerm Loan, the Sterling Index Rate plus the Applicable Sterling Revolver Term Loan Index Margin per annum or, at the election of Borrower Representative, the applicable Sterling LIBOR Rate plus the Applicable Sterling Revolver LIBOR Margin per annum annum; and (iii) with respect to the Swing Line Loan, the Dollar Index Rate plus the Applicable Dollar Revolver Index Margin per annum. As of the Closing Date, the Applicable Margins are as follows: ------------------------------------------------- Applicable Dollar Revolver Index Margin 1.250.25% ------------------------------------------------- Applicable Dollar Revolver LIBOR Margin 2.751.75% ------------------------------------------------- Applicable Sterling Revolver Term Loan Index Margin 1.255.00% ------------------------------------------------- Applicable Sterling Revolver LIBOR Margin 2.75% ------------------------------------------------- Applicable L/C Margin 2.75% ------------------------------------------------- Applicable Unused Line Fee Margin 0.500.375% ------------------------------------------------- The Applicable Margins (Margins, other than the Applicable L/C Margin and the Applicable Unused Line Fee Term Loan Index Margin) may , will be adjusted (up or down) prospectively on a quarterly basis as determined based on daily average Borrowing Availability for the trailing fiscal quarter most recently ended, commencing with the calendar quarter ended January 31, 2004 (and with respect to such first fiscal period calculated from the Closing Date through January 31, 2004) (the "Initial Adjustment Date"). Adjustments in Applicable Margins will be determined by reference to the following grids following receipt grids: IF AVERAGE BORROWING LEVEL OF AVAILABILITY FOR THE QUARTER IS: APPLICABLE MARGINS: -------------------------------- ------------------ > or = $90 MM Level I < $90 MM > or = $55 MM Level II < $55 MM > or = $45 MM Level III < $45 MM Xxxxx XX XXXXX X XXXXX XX XXXXX XXX LEVEL IV ------- -------- --------- -------- Applicable Revolver 0.0% 0.25% 0.50% 0.75% Index Margin Applicable Revolver 1.50% 1.75% 2.00% 2.25% LIBOR Margin Applicable Unused 0.25% 0.375% 0.375% 0.375% Line Fee All adjustments in the Applicable Margins after the Initial Adjustment Date will be implemented quarterly on a prospective basis, for each quarter commencing the calendar quarter after the date of delivery to Lenders of the quarterly unaudited or annual audited (as applicable) Financial Statements of Parent evidencing the need for an adjustment based on daily average Borrowing Availability for the prior fiscal quarter. Concurrently with respect the delivery of those Financial Statements, Borrower Representative shall deliver to Administrative Agent and Lenders a certificate, signed by its chief financial officer, setting forth in reasonable detail the basis for the continuance of, or any change in, the Applicable Margins. Failure to deliver such Financial Statements shall, in addition to any other remedy provided for in this Agreement, result in an increase in the Applicable Margins to the Fiscal Quarter ending March 31highest level set forth in the foregoing grid, 2005:until the first day of the first calendar month following the delivery of those Financial Statements demonstrating that such an increase is not required. If an Event of Default shall have occurred or be continuing at the time any reduction in the Applicable Margins is to be implemented, that reduction shall be deferred until the first day of the first calendar month following the date on which such Event of Default is waived or cured.
Appears in 1 contract
