Common use of Margin adjustments Clause in Contracts

Margin adjustments. (a) The Company must notify the Facility Agent forthwith at any time there is a change in the long term credit rating assigned to the Company by either Xxxxx’x or S&P or a cessation in any such rating being assigned. (b) No change in the Margin pursuant to paragraphs (c) and (e) of this Clause shall apply prior to 31 December 2006. (c) Subject to paragraphs (b), (d) and (e) of this Clause, the Margin in respect of Loans under the A Facility and Loans under the B Facility will be the percentage rate indicated in the table below and such percentage will apply to each Loan made or (if outstanding) from the start of its next Term after the change in rating: A2/A 0.20 0.25 A3/A- 0.25 0.30 Baa1/BBB+ 0.30 0.35 Baa2/BBB 0.35 0.40 Baa3/BBB- 0.45 0.50 Below Baa3/BBB- 0.60 0.65 (d) Notwithstanding paragraph (b) above, for so long as: (i) an Event of Default is outstanding; or (ii) a long term rating ceases to be assigned to the Company by Xxxxx’x and S&P, the applicable Margin in respect of the Loans under the A Facility and Loans under the B Facility will be the highest applicable rate for the relevant Facility set out in the table in paragraph (c) above. (e) Subject to paragraph (b) of this Clause, if at any time there is a difference in the long term credit rating assigned to the Company by each of Xxxxx’x and S&P, the Margin will be determined on the basis of the average of the Margins applicable to each of such ratings and if only one of Xxxxx’x and S&P assigns to the Company a long term credit rating, the Margin will be determined on the basis of such long term credit rating only.

Margin adjustments. (a) The Company must notify the Facility Agent forthwith at any time there is a change in the long term credit rating assigned to the Company by either Xxxxx’x or S&P or a cessation in any such rating being assigned. (b) No change in the Margin pursuant to paragraphs (c) and (e) of this Clause shall apply prior to 31 December 2006. (c) Subject to paragraphs (b), (d) and (e) of this Clause, the Margin in respect of Loans under the A Facility and Loans under the B Facility will be the percentage rate indicated in the table below and such percentage will apply to each Loan made or (if outstanding) from the start of its next Term after the change in rating: A2/A 0.20 0.25 A3/A- 0.25 0.30 Baa1/BBB+ 0.30 0.35 Baa2/BBB 0.35 0.40 Baa3/BBB- 0.45 0.50 Below Baa3/BBB- 0.60 0.650.60 (d) Notwithstanding paragraph (b) above, for so long as: (i) an Event of Default is outstanding; or (ii) a long term rating ceases to be assigned to the Company by Xxxxx’x and S&P, the applicable Margin in respect of the Loans under the A Facility and Loans under the B Facility will be the highest applicable rate for the relevant Facility set out in the table in paragraph (c) above. (e) Subject to paragraph (b) of this Clause, if at any time there is a difference in the long term credit rating assigned to the Company by each of Xxxxx’x and S&P, the Margin will be determined on the basis of the average of the Margins applicable to each of such ratings and if only one of Xxxxx’x and S&P assigns to the Company a long term credit rating, the Margin will be determined on the basis of such long term credit rating only.