ABR Spread or "Facility Fee Rate" as the case may be, based upon the Leverage Ratio for the Rolling Period ending on the most recent Quarterly Date with respect to which the Administrative Agent shall have received the financial statements and other information (the "Current Information") required to be delivered to the Administrative Agent pursuant to Section 6.01(a) or Section 6.01(b) and the compliance certificate required to be delivered pursuant to Section 6.01(c) in respect of such financial statements: Eurodollar Facility Fee Leverage Ratio Spread ABR Spread Rate -------------- ------ ---------- ---- Less than 1.00 to 1.00 1.000% 0.000% 0.250% ---------------------------------------------------------------------------------------------- Greater than or equal to 1.00 to 1.00 1.125% 0.000% 0.375% but less than 1.50 to 1.00 ---------------------------------------------------------------------------------------------- Greater than or equal to 1.50 to 1.00 1.250% 0.250% 0.500% but less than 2.25 to 1.00 ---------------------------------------------------------------------------------------------- Greater than or equal to 2.25 to 1.00 1.500% 0.500% 0.500% but less than 2.75 to 1.00 ---------------------------------------------------------------------------------------------- Greater than or equal to 2.75 to 1.00 1.750% 0.750% 0.500% Each change in the Applicable Rate based on a change in the Current Information shall become effective on the date on which Current Information is delivered to the Lenders pursuant to Section 6.01 (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 or the 90th day after the end of each Fiscal Year, as the case may be) and shall remain in effect until the next change to be effected pursuant to this paragraph. If any Current Information is not delivered within the time periods specified in Section 6.01, then, until such Current Information is delivered, the Leverage Ratio as of the end of the Rolling Period that would have been covered thereby shall, for the purposes of this definition, be deemed to be greater than or equal to 2.75 to 1.00. Furthermore, and notwithstanding any other provision to the contrary, for the period from the Effective Date until the date on which the Current Information for the Rolling Period ending March 31, 2004 is delivered to the Lenders, the Leverage Ratio as at the end of each Rolling Period during such period shall, for the purposes of ...
ABR Spread or "Commitment Fee Percentage", as the case may be, based upon the Rating applicable on such date. =============================================================================== Eurocurrency Commitment Fee S&P Ratings Spread ABR Spread Percentage ----------- ---------------- ---------- -------------- Category 1 ---------- BBB or higher 1.00% .000% .25% Category 2 ---------- BBB- 1.25% .250% .30% Category 3 --------- BB+ 1.625% .625% .35% Category 4 ---------- BB 2.00% 1.00% .40% Category 5 ---------- BB- 2.50% 1.50% .50% Category 6 ---------- Lower than BB- or unrated 3.00% 2.00% .75% =============================================================================== For purposes of the foregoing, (i) if S&P shall not have in effect a Rating, such rating agency shall be deemed to have established a Rating in Category 6; and (ii) if the Rating established or deemed to have been established by S&P shall be changed (other than as a result of a change in the rating system of S&P), such change shall be effective as of the date on which it is first announced by S&P. If the rating system of S&P shall change, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system and, pending the effectiveness of any such amendment, the Applicable Percentage shall be determined by reference to the ratings most recently in effect (or deemed to be in effect) prior to such change. Each change in the Applicable Percentage shall apply to Eurocurrency Loans and ABR Loans outstanding and Commitment Fees accruing during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change.
ABR Spread or “Commitment Fee Rate” as the case may be, based upon the ratings by S&P and Xxxxx’x, respectively, applicable on such date to the Index Debt: Category 1: A-/A3 or higher 1.000 % 0.000 % 0.100 % Category 2: BBB+/Baa1 1.125 % 0.125 % 0.125 % Category 3: BBB/Baa2 1.250 % 0.250 % 0.175 % Category 4: BBB-/Baa3 1.375 % 0.375 % 0.225 % Category 5: BB+/Ba1 or lower 1.625 % 0.625 % 0.275 % For purposes of the foregoing, (i) if either S&P or Xxxxx’x shall not have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition), then such rating agency shall be deemed to have established a rating in Category 5; (ii) if the ratings established or deemed to have been established by S&P and Xxxxx’x for the Index Debt shall fall within different Categories, the Applicable Rate shall be based on the higher of the two ratings unless one of the two ratings is two or more Categories lower than the other, in which case the Applicable Rate shall be determined by reference to the Category next below that of the higher of the two ratings; and (iii) if the ratings established or deemed to have been established by S&P and Xxxxx’x for the Index Debt shall be changed (other than as a result of a change in the rating system of S&P or Xxxxx’x), such change shall be effective as of the date on which it is first announced by the applicable rating agency, irrespective of when notice of such change shall have been furnished by the Company to the Administrative Agent and the Lenders pursuant to Section 5.01 or otherwise. Each change in the Applicable Rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of S&P or Xxxxx’x shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrowers and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Rate shall be determined by reference to the rating most recently in effect prior to such change or cessation.
Examples of ABR Spread in a sentence
Notwithstanding anything set forth in this Agreement, Swingline Loans shall bear interest at the Swingline Lender quoted cost of funds plus the Applicable Rate (Eurodollar Spread) for Tranche B Term Loans; provided, however, that Swingline Loans shall bear interest at a rate no higher than at the Alternate Base Rate plus the Applicable Rate (ABR Spread) for Revolving Loans.
Subject to Section 2.06(c), the Borrower agrees to pay --------- interest in respect of the unpaid principal amount of each ABR Loan from the date thereof until payment in full thereof at a rate per annum which shall be, for any day, equal to the sum of the Applicable Rate (ABR Spread) plus the Alternate Base Rate in effect on such day, but in no event to exceed the Highest Lawful Rate.
Any decrease in the Facility Fee, the applicable LIBOR Spread and the applicable ABR Spread shall be effective on the date of announcement or publication by any of such Rating Agencies of an increase in rating or in the absence of announcement or publication on the effective date of such increase in rating.
The applicable ABR Spread or LIBOR Spread for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be presumptively correct absent manifest error.
The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable ABR Spread then in effect for such Borrowing.
More Definitions of ABR Spread
ABR Spread means (a) with respect to Tranche A Term Loans and Revolving Loans, 0.50% per annum, subject to adjustment pursuant to Section 2.06(c) and (b) with respect to Tranche B Term Loans, 1.00% per annum, subject to adjustment pursuant to Section 2.06(c).
ABR Spread or "Eurodollar Spread", as the case may be, based upon the Leverage Ratio as of the most recent determination date; provided that until the delivery of the financial statements pursuant to Section 5.01 for the fiscal quarter ending October 4, 2003, the "Applicable Rate" for purposes of this clause (a) shall be the applicable rate per annum set forth in Category 3: ==================================================================================================== ABR Eurodollar --- ---------- Leverage Ratio: Spread Spread --------------- ------ ------ ---------------------------------------------------------------------------------------------------- Category 1 ---------- Leverage Ratio is less than 1.50 to 1.00 1.25% 2.25% ---------------------------------------------------------------------------------------------------- Category 2 ---------- Leverage Ratio is greater than or equal to 1.50 to 1.00 1.50% 2.50% and less than 2.00 to 1.00 ---------------------------------------------------------------------------------------------------- Category 3 --------- Leverage Ratio is greater than or equal to 2.00 to 1.00 1.75% 2.75% and less than 2.50 to 1.00 ---------------------------------------------------------------------------------------------------- Category 4 2.00% 3.00% ---------- Leverage Ratio is greater than or equal to 2.50 to 1.00 and less than 3.00 to 1.00 ---------------------------------------------------------------------------------------------------- Category 5 ---------- Leverage Ratio is greater than or equal to 3.00 to 1.00 2.25% 3.25% and less than 3.50 to 1.00 ---------------------------------------------------------------------------------------------------- Category 6 ---------- Leverage Ratio is greater than or equal to 3.50 to 1.00 2.50% 3.50% ====================================================================================================
ABR Spread or "Fee Percentage", as the case may be, based upon the ratings by S&P and Xxxxx'x, respectively, applicable on such date to the Index Debt. For purposes of the foregoing, (i) if either Xxxxx'x or S&P shall not have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition), then such rating agency shall be deemed to have established a rating of BB-/Ba3, unless such rating agency shall have in effect a rating for senior subordinated unsecured, non-credit enhanced, long-term indebtedness for borrowed money of FRP, in which case such rating, increased by two categories, shall be used as the Index Debt rating of such rating agency so long as such rating agency has in effect such a rating and does not have in effect a rating for Index Debt; (ii) if the ratings established or deemed to have been established by Xxxxx'x and S&P for the Index Debt shall fall within different categories, the Applicable Margin shall be based on the lower of the two ratings unless either of the two ratings qualifies as "investment grade", in which case the higher of the two ratings will apply; and (iii) if the ratings established or deemed to have been established by Xxxxx'x and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Xxxxx'x or S&P), such change shall be effective as of the date on which it is first announced by the applicable rating agency. Each change in the Applicable Margin shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Xxxxx'x or S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrowers and the Banks shall negotiate in good faith to amend this definition to reflect such changed rating system or the non-availability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Margin shall be determined by reference to the rating most recently in effect prior to such change or cessation.
ABR Spread or "Facility Fee Rate," based upon the ratings by Moodx'x xxx S&P, respectively, applicable on such date to the Index Debt: ===================================================================================== Eurodollar Facility Fee Utilization Level Index Debt Rating Spread ABR Spread Rate Fee Rate ----- ----------------- ------ ---------- ---- -------- ------------------------------------------------------------------------------------- I => A-/A3 0.35% 0.00% 0.10% 0.125% ------------------------------------------------------------------------------------- => BBB+/Baa1 but 0.50% 0.00% 0.125% 0.125% II < A-/A3 ------------------------------------------------------------------------------------- => BBB/Baa2 III but 0.60% 0.00% 0.15% 0.25% < BBB+Baa1 ------------------------------------------------------------------------------------- => BBB-/Baa3 but IV < BBB/Baa2 0.80% 0.00% 0.20% 0.25% V <= BB+/Ba1 1.025% 0.00% 0.30% 0.25% ===================================================================================== For purposes of the foregoing, (i) if either Moodx'x xx S&P shall not have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the penultimate sentence of this definition), then such rating agency shall be deemed to have established a rating in Level III; (ii) if the ratings established or deemed to have been established by Moodx'x xxx S&P for the Index Debt shall fall within different Levels, the Applicable Rate shall be based on the higher of the two ratings (i.e., the lower Level number) unless one of the two ratings is two or more Levels lower than the other, in which case the Applicable Rate shall be determined by reference to the Level next below that of the higher of the two Levels; and (iii) if the ratings established or deemed to have been established by Moodx'x xxx S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Moodx'x xx S&P), such change shall be effective as of the date on which it is first announced by the applicable rating agency. Each change in the Applicable Rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Moodx'x xx S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the Lenders shall negotiate in good faith...
ABR Spread means, at any date or for any period of determination, the ABR Spread that would be in effect on such date pursuant to the chart set forth in Section 2.23 based on the rating of the Index Debt.
ABR Spread or “Commitment Fee Rate” as the case may be, based upon the Leverage Ratio as of the most recent determination date: Category 1: Greater than or equal to 3.00 to 1.00 2.250% 1.25% 0.400% Category 2: Less than 3.00 to 1.00 but Greater than or equal to 2.50 to 1.00 2.000% 1.00% 0.350% Category 3: Less than 2.50 to 1.00 but Greater than or equal to 2.00 to 1.00 1.750% 0.75% 0.300% Category 4: Less than 2.00 to 1.00 but Greater than or equal to 1.50 to 1.00 1.500% 0.50% 0.250% Category 5: Less than 1.50 to 1.00 but Greater than or equal to 1.00 to 1.00 1.375% 0.375% 0.225% Category 6: Less than 1.00 to 1.00 1.250% 0.250% 0.200% For purposes of the foregoing, (i) the Leverage Ratio shall be determined as of the end of each fiscal quarter of the Company’s fiscal year based upon the Company’s consolidated financial statements delivered pursuant to Section 5.01(a) or (b); provided that until the delivery to the Administrative Agent of the Company’s consolidated financial statements for the fiscal quarter ending September 30, 2012 pursuant to Section 5.01(b), the “Applicable Rate” shall be the applicable rate per annum set forth in Category 5 and (ii) each change in the Applicable Rate resulting from a change in the Leverage Ratio shall be effective during the period commencing on and including the date of delivery to the Administrative Agent of such consolidated financial statements indicating such change and ending on the date immediately preceding the effective date of the next such change; provided that the Leverage Ratio shall be deemed to be in Category 1 (A) at any time that an Event of Default has occurred and is continuing or (B) at the option of the Administrative Agent or at the request of the Required Lenders if the Company fails to deliver the consolidated financial statements required to be delivered by it pursuant to Section 5.01(a) or (b), during the period from the expiration of the time for delivery thereof until such consolidated financial statements are delivered. If it is ever subsequently determined that such financial statements did not accurately report as of the date of such financial statements the information necessary to determine the Leverage Ratio and as a result thereof the Leverage Ratio utilized to determine the Applicable Rate was not correct and resulted in the Applicable Rate being otherwise lower than it should have been if the Leverage Ratio was accurately determined, the Borrowers shall pay to the Administrative Agent the amou...
ABR Spread or "Facility Fee Rate", as the case may be, based upon the ratings by Xxxxx'x and S&P, respectively, applicable on such date to the Index Debt (and Usage, in the case of the "Eurodollar Spread" and "ABR Spread"), provided that the rates per annum set forth below under the caption "Eurodollar Spread" shall increase by 0.25% per annum after the Termination Date: Eurodollar Spread ABR Spread ---------------------------- --------------------------- Index Debt Ratings: Usage * 50% Usage **** 50% Usage * 50% Usage **** 50% Facility Fee Rate ------------------- ----------------- Category 1 0.190% 0.315% 0.00% 0.125% 0.060% ---------- A/A2 Category 2 0.305% 0.430% 0.00% 0.125% 0.070% ---------- A-/A3 Category 3 0.400% 0.525% 0.00% 0.125% 0.100% ---------- BBB+/Baa1 Category 4 0.500% 0.625% 0.00% 0.125% 0.125% ---------- BBB/Baa2 Category 5 0.700% 0.825% 0.00% 0.125% 0.175% ---------- *** BBB-/Baa3 * denotes less than *** denotes less than or equal to **** denotes more than or equal to For purposes of the foregoing, (a) if either Xxxxx'x or S&P shall not have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition) the Applicable Rate shall be determined on the basis of the rating agency that does then have a rating for the Index Debt in effect, (b) if neither Xxxxx'x nor S&P has in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition) then the Index Debt shall be deemed to be rated in Category 5, (c) the Index Debt shall be deemed to be rated in Category 5 at any time that an Event of Default has occurred and is continuing, (d) if the ratings established or deemed to have been established by Xxxxx'x or S&P for the Index Debt are not in the same Category, then the Applicable Rate will be determined by reference to the Category next above that of the lower of the two ratings and (e) if the ratings established or deemed to have been established by Xxxxx'x and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Xxxxx'x or S&P), such change shall be effective as of the date on which it is first announced by the applicable rating agency. Each change in an Applicable Rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Xxxxx'x or S&...