Common use of Purpose of the Letters of Credit Clause in Contracts

Purpose of the Letters of Credit. The Sterling Letters of Credit shall be used for any lawful purposes requested by the Sterling Subsidiary Borrowers. APPENDIX I PRICING GRID FOR STERLING LOANS PRICING GRID Leverage Ratio Applicable Margin LIBOR Reference Rate > 3.00 to 1.00 2.25% 1.25% > 2.50 to 1.00but < 3.00 to 1.00 2% 1% > 2.00 to 1.00but < 2.50 to 1.00 1.750% 0.750% < 2.00 to 1.00 1.500% 0.500% Changes in the Applicable Margin resulting from changes in the Leverage Ratio shall become effective on the date (the “Adjustment Date”) on which financial statements are delivered to the Lenders pursuant to subsection 6.1 (but in any event not later than the 45th day after the end of each of the first three quarterly periods of each fiscal year of the Borrower or the 90th day after the end of each fiscal year of the Borrower, as the case may be) and shall remain in effect until the next change to be effected pursuant to this paragraph. If any financial statements referred to above are not delivered within the time periods specified above, then, until such financial statements are delivered, the Leverage Ratio as at the end of the fiscal period that would have been covered thereby shall for the purposes of this definition be deemed to be greater than or equal to 3.00 to 1.00. In addition, at all times while an Event of Default shall have occurred and be continuing, the Leverage Ratio shall for the purposes of this definition be deemed to be greater than 3.00 to 1.00. Each determination of the Leverage Ratio pursuant to this pricing grid shall be made with respect to (or, in the case of Average Total Indebtedness, as at the end of) the period of four consecutive fiscal quarters of the Borrower ending at the end of the period covered by the relevant financial statements. ANNEX C

Appears in 1 contract

Samples: Credit Agreement (Scotts Miracle-Gro Co)

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Purpose of the Letters of Credit. The Sterling Australian Letters of Credit shall be used for any lawful purposes requested by the Sterling Australian Subsidiary Borrowers. APPENDIX I PRICING GRID FOR STERLING AUSTRALIAN DOLLAR LOANS PRICING GRID Leverage Ratio Applicable Margin LIBOR Reference Bank Xxxx Rate > Overnight Rate ³ 3.00 to 1.00 2.252.50 % 1.251.50 % > ³ 2.50 to 1.00but 1.00 but < 3.00 to 1.00 22.25 % 11.25 % > ³ 2.00 to 1.00but 1.00 but < 2.50 to 1.00 1.7502.00 % 0.7501.00 % < 2.00 to 1.00 1.5001.75 % 0.5000.75 % Changes in the Applicable Margin resulting from changes in the Leverage Ratio shall become effective on the date (the “Adjustment Date”) on which financial statements are delivered to the Lenders pursuant to subsection 6.1 (but in any event not later than the 45th day after the end of each of the first three quarterly periods of each fiscal year of the Borrower or the 90th day after the end of each fiscal year of the Borrower, as the case may be) and shall remain in effect until the next change to be effected pursuant to this paragraph. If any financial statements referred to above are not delivered within the time periods specified above, then, until such financial statements are delivered, the Leverage Ratio as at the end of the fiscal period that would have been covered thereby shall for the purposes of this definition be deemed to be greater than or equal to 3.00 to 1.00. In addition, at all times while an Event of Default shall have occurred and be continuing, the Leverage Ratio shall for the purposes of this definition be deemed to be greater than 3.00 to 1.00. Each determination of the Leverage Ratio pursuant to this pricing grid shall be made with respect to (or, in the case of Average Total Indebtedness, as at the end of) the period of four consecutive fiscal quarters of the Borrower ending at the end of the period covered by the relevant financial statements. ANNEX CD

Appears in 1 contract

Samples: Credit Agreement (Scotts Miracle-Gro Co)

Purpose of the Letters of Credit. The Sterling Letters of Credit shall be used for any lawful purposes requested by the Sterling Subsidiary Borrowers. APPENDIX I PRICING GRID FOR STERLING LOANS PRICING GRID Leverage Ratio Applicable Margin LIBOR Reference Rate > ³ 3.00 to 1.00 2.252.50 % 1.251.50 % > ³ 2.50 to 1.00but 1.00 but < 3.00 to 1.00 22.25 % 11.25 % > ³ 2.00 to 1.00but 1.00 but < 2.50 to 1.00 1.7502.00 % 0.7501.00 % < 2.00 to 1.00 1.5001.75 % 0.5000.75 % Changes in the Applicable Margin resulting from changes in the Leverage Ratio shall become effective on the date (the “Adjustment Date”) on which financial statements are delivered to the Lenders pursuant to subsection 6.1 (but in any event not later than the 45th day after the end of each of the first three quarterly periods of each fiscal year of the Borrower or the 90th day after the end of each fiscal year of the Borrower, as the case may be) and shall remain in effect until the next change to be effected pursuant to this paragraph. If any financial statements referred to above are not delivered within the time periods specified above, then, until such financial statements are delivered, the Leverage Ratio as at the end of the fiscal period that would have been covered thereby shall for the purposes of this definition be deemed to be greater than or equal to 3.00 to 1.00. In addition, at all times while an Event of Default shall have occurred and be continuing, the Leverage Ratio shall for the purposes of this definition be deemed to be greater than 3.00 to 1.00. Each determination of the Leverage Ratio pursuant to this pricing grid shall be made with respect to (or, in the case of Average Total Indebtedness, as at the end of) the period of four consecutive fiscal quarters of the Borrower ending at the end of the period covered by the relevant financial statements. ANNEX C

Appears in 1 contract

Samples: Credit Agreement (Scotts Miracle-Gro Co)

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Purpose of the Letters of Credit. The Sterling Australian Letters of Credit shall be used for any lawful purposes requested by the Sterling Australian Subsidiary Borrowers. APPENDIX I PRICING GRID FOR STERLING AUSTRALIAN DOLLAR LOANS PRICING GRID Leverage Ratio Applicable Margin LIBOR Reference Bank Xxxx Rate Overnight Rate > 3.00 to 1.00 2.25% 1.25% > 2.50 to 1.00but < 3.00 to 1.00 2% 1% > 2.00 to 1.00but < 2.50 to 1.00 1.750% 0.750% < 2.00 to 1.00 1.500% 0.500% Changes in the Applicable Margin resulting from changes in the Leverage Ratio shall become effective on the date (the “Adjustment Date”) on which financial statements are delivered to the Lenders pursuant to subsection 6.1 (but in any event not later than the 45th day after the end of each of the first three quarterly periods of each fiscal year of the Borrower or the 90th day after the end of each fiscal year of the Borrower, as the case may be) and shall remain in effect until the next change to be effected pursuant to this paragraph. If any financial statements referred to above are not delivered within the time periods specified above, then, until such financial statements are delivered, the Leverage Ratio as at the end of the fiscal period that would have been covered thereby shall for the purposes of this definition be deemed to be greater than or equal to 3.00 to 1.00. In addition, at all times while an Event of Default shall have occurred and be continuing, the Leverage Ratio shall for the purposes of this definition be deemed to be greater than 3.00 to 1.00. Each determination of the Leverage Ratio pursuant to this pricing grid shall be made with respect to (or, in the case of Average Total Indebtedness, as at the end of) the period of four consecutive fiscal quarters of the Borrower ending at the end of the period covered by the relevant financial statements. ANNEX CD

Appears in 1 contract

Samples: Credit Agreement (Scotts Miracle-Gro Co)

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