Performance Pricing Adjustments. The interest rate spread parameters set forth in Sections (1) and (3) above shall be either increased or decreased in accordance with the following schedule: Pricing Type Initial Spread Spread After Profitable Operation the Preceding Fiscal Year (beginning the fiscal year after completion of all required Free Cash Flow Payments) Spread After Unprofitable Operation the Preceding Fiscal Year (beginning the fiscal year after completion of all required Free Cash Flow Payment) Agent Base Rate +25 Basis Points -10 Basis Points +25 Basis Points LIBOR +315 Basis Points +280 Basis Points +315 Basis Points The applicable interest rate adjustment shall (i) be considered as of each fiscal year end based on annual financial information provided by the Company within 90 days of such fiscal year end; (ii) become effective as of the first day of the month following receipt of such information by Agent; and (iii) shall be effective on a prospective basis only and shall not affect existing fixed rate pricing. The Company shall select the applicable rate option at the time it requests a loan hereunder and may, subject to the limitations set forth above, elect to convert balances bearing interest at the variable rate option to one of the fixed rate options. Upon the expiration of any fixed rate period, interest shall automatically accrue at the variable rate option unless the amount fixed is repaid or fixed for an additional period in accordance with the terms hereof. Notwithstanding the foregoing, rates may not be fixed in such a manner as to cause the Company to have to break any fixed rate balance in order to pay any installment of principal. All elections provided for herein shall be made electronically (if applicable), telephonically or in writing and must be received by Agent not later than 12:00 Noon Company's local time in order to be considered to have been received on that day; provided, however, that in the case of LIBOR rate loans, all such elections must be confirmed in writing upon Agent’s request. Interest shall be calculated on the actual number of days each loan is outstanding on the basis of a year consisting of 360 days and shall be payable monthly in arrears by the 20th day of the following month or on such other day in such month as Agent shall require in a written notice to the Company; provided, however, in the event the Company elects to fix all or a portion of the indebtedness outstanding under the LIBOR interest rate option above, at Agent’s option upon written notice to the Company, interest shall be payable at the maturity of the Interest Period and if the LIBOR interest rate fix is for a period longer than 3 months, interest on that portion of the indebtedness outstanding shall be payable quarterly in arrears on each three-month anniversary of the commencement date of such Interest Period, and at maturity.
Appears in 2 contracts
Samples: Construction and Term Loan Supplement (Green Plains Renewable Energy, Inc.), Green Plains Renewable Energy, Inc.
Performance Pricing Adjustments. The interest rate spread parameters set forth in Sections Subsections (1A) and (3C) above shall be either increased or decreased in accordance with the following schedule: Pricing Type Initial Maximum Total Debt to EBITDA (MLA, Section 10(B)) Applicable Spread Spread After Profitable Operation the Preceding Fiscal Year (beginning the fiscal year after completion of all required Free Cash Flow Payments) Spread After Unprofitable Operation the Preceding Fiscal Year (beginning the fiscal year after completion of all required Free Cash Flow Payment) Agent Base Rate +25 Basis Points -10 Basis Points +25 Basis Points LIBOR +315 Basis Points +280 Basis Points +315 Basis Points > 4.00 to 1.00 + 3.00 % > 3.50 to 1.00 but < 4.00 to 1.00 + 2.75 % > 3.00 to 1.00 but < 3.50 to 1.00 + 2.50 % > 2.50 to 1.00 but < 3.00 to 1.00 + 2.25 % < 2.50 to 1.00 + 2.00 % The applicable interest rate adjustment shall shall: (i1) be considered as of each fiscal year quarter end based on annual financial information the quarterly Compliance Certificate provided by the Company within 90 days under Section 8(H)(7) of such fiscal year endthe MLA; (ii2) become effective as of the first day of the month fiscal quarter following receipt of such information by AgentCoBank; and (iii3) shall be effective on a prospective basis only and shall not affect existing fixed rate pricing. The Company shall select the applicable rate option at the time it requests a loan hereunder and may, subject to the limitations set forth above, elect to convert balances bearing interest at the variable rate option to one of the fixed rate options. Upon the expiration of any fixed rate period, interest shall automatically accrue at the variable rate option unless the amount fixed is repaid or fixed for an additional period in accordance with the terms hereof. Notwithstanding the foregoing, rates may not be fixed in such a manner as to cause the Company to have to break any fixed rate balance in order to pay any installment of principal. All elections provided for herein shall be made electronically (if applicable), telephonically or in writing and must be received by Agent CoBank not later than 12:00 Noon Company's ’s local time in order to be considered to have been received on that day; provided, however, that in the case of LIBOR rate loans, all such elections must be confirmed in writing upon AgentCoBank’s request. Interest shall be calculated on the actual number of days each loan is outstanding on the basis of a year consisting of 360 days and shall be payable monthly in arrears by the 20th day of the following month or on such other day in such month as Agent CoBank shall require in a written notice to the Company; provided, however, in the event the Company elects to fix all or a portion of the indebtedness outstanding under the LIBOR interest rate option above, at AgentCoBank’s option upon written notice to the Company, interest shall be payable at the maturity of the Interest Period and if the LIBOR interest rate fix is for a period longer than 3 three months, interest on that portion of the indebtedness outstanding shall be payable quarterly in arrears on each three-month anniversary of the commencement date of such Interest Period, and at maturity.
Appears in 2 contracts
Samples: Supplement (Dakota Growers Pasta Co Inc), Supplement (Dakota Growers Pasta Co Inc)
Performance Pricing Adjustments. The interest rate spread parameters set forth in Sections Subsections (1A)(1) and (3) above shall be either increased or decreased in accordance with the following schedule: Pricing Type Initial Spread Spread After Profitable Operation the Preceding Fiscal Year (beginning the fiscal year after completion of all required Free Cash Flow Payments) Spread After Unprofitable Operation the Preceding Fiscal Year (beginning the fiscal year after completion of all required Free Cash Flow Payment) ---------------------------------------------------------------------------------------------------------------------- Total Equity/ Total Equity/ Total Equity/ Total Assets Total Assets Total Assets Less than 0.50 Greater than 0.50 to Less than 0.60 Greater than 0.60 ---------------------------------------------------------------------------------------------------------------------- Agent Base Rate +50 BP +25 Basis Points -10 Basis Points +25 Basis Points BP +0 BP ---------------------------------------------------------------------------------------------------------------------- LIBOR +315 Basis Points +280 Basis Points +315 Basis Points +335 BP +310 BP +285 BP ---------------------------------------------------------------------------------------------------------------------- The applicable interest rate adjustment shall shall: (i) be considered as of each fiscal year quarter end based on annual financial interim fmancial information provided by the Company within 90 20 working days of such fiscal year quarter end; (ii) become effective as of the first day of the month following receipt of such information by Agent; , and (iii) shall be effective on a prospective basis only and shall not affect existing fixed rate pricing. The Company shall select the applicable rate option at the time it requests a loan hereunder and may, subject to the limitations set forth above, elect to convert balances bearing interest at the variable rate option to one of the fixed rate options. Upon the expiration of any fixed rate period, interest shall automatically accrue at the variable rate option unless the amount fixed is repaid or fixed for an additional period in accordance with the terms hereof. Notwithstanding the foregoing, rates may not be fixed in such a manner as to cause the Company to have to break any fixed rate balance in order to pay any installment of principal. All elections provided for herein shall be made electronically (if applicable), telephonically or in writing and must be received by Agent not later than 12:00 Noon Company's local time in order to be considered to have been received on that day; provided, however, that in the case of LIBOR rate loans, all such elections must be confirmed in writing upon Agent’s 's request. Interest shall be calculated on the actual number of days each loan is outstanding on the basis of a year consisting of 360 days and shall be payable monthly in arrears by the 20th day of the following month or on such other day in such month as Agent shall require in a written notice to the Company; provided, however, in the event the Company elects to fix all or a portion of the indebtedness outstanding under the LIBOR interest rate option above, at Agent’s 's option upon written notice to the Company, interest shall be payable at the maturity of the Interest Period and if the LIBOR interest rate Construction and Revolving Term Loan Supplement RI0355T02 4 Green Plains Renewable Energy, Inc. Shenandoah, Iowa fix is for a period longer than 3 months, interest on that portion of the indebtedness outstanding shall be payable quarterly in arrears on each three-month anniversary of the commencement date of such Interest Period, and at maturity.
Appears in 1 contract
Samples: Green Plains Renewable Energy, Inc.
Performance Pricing Adjustments. The interest rate spread parameters set forth in Sections Subsections (1A) and (3B) above shall be either increased or decreased in accordance with the following schedule: Pricing Type Initial Maximum Total Debt to EBITDA (MLA, Section 10(B)) Applicable Spread Spread After Profitable Operation the Preceding Fiscal Year (beginning the fiscal year after completion of all required Free Cash Flow Payments) Spread After Unprofitable Operation the Preceding Fiscal Year (beginning the fiscal year after completion of all required Free Cash Flow Payment) Agent Base Rate +25 Basis Points -10 Basis Points +25 Basis Points LIBOR +315 Basis Points +280 Basis Points +315 Basis Points > 4.00 to 1.00 + 3.00 % > 3.50 to 1.00 but < 4.00 to 1.00 + 2.75 % > 3.00 to 1.00 but < 3.50 to 1.00 + 2.50 % > 2.50 to 1.00 but < 3.00 to 1.00 + 2.25 % < 2.50 to 1.00 + 2.00 % The applicable interest rate adjustment shall shall: (i1) be considered as of each fiscal year quarter end based on annual financial information the quarterly Compliance Certificate provided by the Company within 90 days under Section 8(H)(7) of such fiscal year endthe MLA; (ii2) become effective as of the first day of the month fiscal quarter following receipt of such information by AgentCoBank; and (iii3) shall be effective on a prospective basis only and shall not affect existing fixed rate pricing. The Company shall select the applicable rate option at the time it requests a loan hereunder and may, subject to the limitations set forth above, elect to convert balances bearing interest at the variable rate option to one of the fixed rate options. Upon the expiration of any fixed rate period, interest shall automatically accrue at the variable rate option unless the amount fixed is repaid or fixed for an additional period in accordance with the terms hereof. Notwithstanding the foregoing, rates may not be fixed in such a manner as to cause for periods expiring after the Company to have to break any fixed rate balance in order to pay any installment maturity date of principalthe loans. All elections provided for herein shall be made electronically (if applicable), telephonically or in writing and must be received by Agent CoBank not later than 12:00 Noon Company's ’s local time in order to be considered to have been received on that day; provided, however, that in the case of LIBOR rate loans, all such elections must be confirmed in writing upon AgentCoBank’s request. Interest shall be calculated on the actual number of days each loan is outstanding on the basis of a year consisting of 360 days and shall be payable monthly in arrears by the 20th day of the following month or on such other day in such month as Agent CoBank shall require in a written notice to the Company; provided, however, in the event the Company elects to fix all or a portion of the indebtedness outstanding under the LIBOR interest rate option above, at AgentCoBank’s option upon written notice to the Company, interest shall be payable at the maturity of the Interest Period and if the LIBOR interest rate fix is for a period longer than 3 three months, interest on that portion of the indebtedness outstanding shall be payable quarterly in arrears on each three-month anniversary of the commencement date of such Interest Period, and at maturity.
Appears in 1 contract
Samples: Dakota Growers Pasta Co Inc
Performance Pricing Adjustments. The interest rate spread parameters set forth in Sections Subsections (1A) and (3C) above shall be either increased or decreased in accordance with the following schedule: Performance Level Pricing Type Initial Leverage Ratio* LIBOR Spread Level 1 Lesser than or equal to .35 to 1 1.40% Level 2 Lesser than or equal to .45 to 1 1.65% Level 3 Greater than .45 to 1 2.15% *The Pricing Leverage Ratio (for determining LIBOR Spread After Profitable Operation as indicated in subsection (D) above and the Preceding Fiscal Year Commitment Fee as indicated in Section 6(A) below) is defined as: (beginning long term debt + capital leases) divided by (long term debt + capital leases + Equity + Minority Interests (as defined in the fiscal year after completion of Company’s financial statements)), all required Free Cash Flow Payments) Spread After Unprofitable Operation the Preceding Fiscal Year (beginning the fiscal year after completion of all required Free Cash Flow Payment) Agent Base Rate +25 Basis Points -10 Basis Points +25 Basis Points LIBOR +315 Basis Points +280 Basis Points +315 Basis Points as determined in accordance with GAAP consistently applied. The applicable interest rate adjustment shall shall: (i) be considered as of each fiscal year quarter end based on annual interim financial information provided by the Company within 90 20 working days of such fiscal year quarter end; (ii) become effective as of the first day of the month following receipt of such information by AgentCoBank; and (iii) shall be effective on a prospective basis only and shall not affect existing fixed rate pricing. The Company shall select the applicable rate option at the time it requests a loan hereunder and may, subject to the limitations set forth above, elect to convert balances bearing interest at the variable rate option to one of the fixed rate options. Upon the expiration of any fixed rate period, interest shall automatically accrue at the variable rate option unless the amount fixed is repaid or fixed for an additional period in accordance with the terms hereof. Notwithstanding the foregoing, rates may not be fixed in such a manner as to cause the Company to have to break any fixed rate balance in order to pay any installment of principal. All elections provided for herein shall be made electronically (if applicable), telephonically or in writing and must be received by Agent CoBank not later than 12:00 Noon Company's ’s local time in order to be considered to have been received on that day; provided, however, that in the case of Single Advance Term Loan Supplement RIA685T04A -3- Minn-Dak Farmers Cooperative Wahpeton, North Dakota LIBOR rate loans, all such elections must be confirmed in writing upon AgentCoBank’s request. Interest shall be calculated on the actual number of days each loan is outstanding on the basis of a year consisting of 360 days and shall be payable monthly in arrears by the 20th day of the following month or on such other day in such month as Agent CoBank shall require in a written notice to the Company; provided, however, in the event the Company elects to fix all or a portion of the indebtedness outstanding under the LIBOR interest rate option above, at AgentCoBank’s option upon written notice to the Company, interest shall be payable at the maturity of the Interest Period and if the LIBOR interest rate fix is for a period longer than 3 three months, interest on that portion of the indebtedness outstanding shall be payable quarterly in arrears on each three-month anniversary of the commencement date of such Interest Period, and at maturity.
Appears in 1 contract
Samples: Revolving Credit Supplement (Minn Dak Farmers Cooperative)
Performance Pricing Adjustments. The interest rate spread parameters set forth in Sections Subsection (1) and (3C) above shall be either increased or decreased in accordance with the following schedule: Pricing Type Initial Spread Spread After Profitable Operation the Preceding Fiscal Year PERFORMANCE PRICING GUIDELINES ------------------------------ LONG TERM DEBT TO NET WORTH LIBOR SPREAD (beginning the fiscal year after completion of all required Free Cash Flow PaymentsIN BASIS POINTS) Spread After Unprofitable Operation the Preceding Fiscal Year (beginning the fiscal year after completion of all required Free Cash Flow Payment) Agent Base Rate +25 Basis Points -10 Basis Points +25 Basis Points LIBOR +315 Basis Points +280 Basis Points +315 Basis Points --------------------------- ------------------------------ < 67.5% 80 > or = 67.5% 95 The applicable interest rate adjustment shall shall: (i) be considered as of each fiscal year quarter end based on annual interim financial information provided by the Company within 90 45 working days of such fiscal year quarter end; (ii) become effective as of the first day of the month following receipt of such information by Agent; CoBank, and (iii) shall be effective on a prospective basis only and shall not affect existing fixed rate pricing. (The term Long Term Debt to Net Worth is defined in Section 10(C) of the MLA.) The Company shall select the applicable rate option at the time it requests a loan hereunder and may, subject to the limitations set forth above, elect to convert balances bearing interest at the variable rate option to one of the fixed rate options. Upon the expiration of any fixed rate period, interest shall automatically accrue at the variable rate option unless the amount fixed is repaid or fixed for an additional period in accordance with the terms hereof. Notwithstanding the foregoing, rates may not be fixed in such a manner as to cause the Company to have to break any fixed rate balance in order to pay any installment of principal. All elections provided for herein shall be made electronically (if applicable), telephonically or in writing and must be received by Agent CoBank not later than 12:00 Noon Company's local time in order to be considered to have been received on that day; provided, however, that in the case ease of LIBOR rate loans, all such elections must be confirmed in writing upon Agent’s request. CoBank's request Interest shall be calculated on the actual number of days each loan is outstanding on the basis of a year consisting of 360 days and shall be payable monthly quarterly in arrears by the 20th day of the following month or on such other day in such month as Agent CoBank shall require in a written notice to the Company; provided, however, in the event the Company elects to fix all or a portion of the indebtedness outstanding under the LIBOR interest rate option above, at Agent’s CoBank's option upon written notice to the Company, interest shall be payable at the maturity of the Interest Period and if the LIBOR interest rate fix is for a period longer than 3 months, interest on that portion of the indebtedness outstanding shall be payable quarterly in arrears on each three-month anniversary of the commencement date of such Interest Period, and at maturity.
Appears in 1 contract
Performance Pricing Adjustments. The interest rate spread parameters set forth in Sections Subsections (1A)(1) and (3) above shall be either increased or decreased in accordance with the following schedule: Pricing Type Initial Spread Spread After Profitable Operation the Preceding Fiscal Year (beginning the fiscal year after completion of all required Free Cash Flow Payments) Spread After Unprofitable Operation the Preceding Fiscal Year (beginning the fiscal year after completion of all required Free Cash Flow Payment) ------------------------------------------------------------------------------------------------------ Total Equity/ Total Equity/ Total Equity/ Total Assets Total Assets Total Assets Less than 0.50 Greater than 0.50 to Less than 0.60 Greater than 0.60 ------------------------------------------------------------------------------------------------------ Agent Base Rate +50 BP +25 Basis Points -10 Basis Points +25 Basis Points BP +0 BP ------------------------------------------------------------------------------------------------------ LIBOR +315 Basis Points +280 Basis Points +315 Basis Points +335 BP +310 BP +285 BP ------------------------------------------------------------------------------------------------------ The applicable interest rate adjustment shall shall: (i) be considered as of each fiscal year quarter end based on annual financial interim fmancial information provided by the Company within 90 20 working days of such fiscal year quarter end; (ii) become effective as of the first day of the month following receipt of such information by Agent; , and (iii) shall be effective on a prospective basis only and shall not affect existing fixed rate pricing. The Company shall select the applicable rate option at the time it requests a loan hereunder and may, subject to the limitations set forth above, elect to convert balances bearing interest at the variable rate option to one of the fixed rate options. Upon the expiration of any fixed rate period, interest shall automatically accrue at the variable rate option unless the amount fixed is repaid or fixed for an additional period in accordance with the terms hereof. Notwithstanding the foregoing, rates may not be fixed in such a manner as to cause the Company to have to break any fixed rate balance in order to pay any installment of principal. All elections provided for herein shall be made electronically (if applicable), telephonically or in writing and must be received by Agent not later than 12:00 Noon Company's local time in order to be considered to have been received on that day; provided, however, that in the case of LIBOR rate loans, all such elections must be confirmed in writing upon Agent’s 's request. Interest shall be calculated on the actual number of days each loan is outstanding on the basis of a year consisting of 360 days and shall be payable monthly in arrears by the 20th day of the following month or on such other day in such month as Agent shall require in a written notice to the Company; provided, however, in the event the Company elects to fix all or a portion of the indebtedness outstanding under the LIBOR interest rate option above, at Agent’s 's option upon written notice to the Company, interest shall be payable at the maturity of the Interest Period and if the LIBOR interest rate fix is for a period longer than 3 months, interest on that portion of the indebtedness outstanding shall be payable quarterly in arrears on each three-month anniversary of the commencement date of such Interest Period, and at maturity.
Appears in 1 contract
Samples: Green Plains Renewable Energy, Inc.