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 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: Fixed Rate Commitment Fee Leverage Ratio Spread ABR Spread Rate ------------------------------------- ---------- ---------- --------------- Less than 1.00 to 1.00 0.750% 0.000% 0.150% Greater than or equal to 1.00 to 1.00 0.875% 0.000% 0.175% but less than 1.50 to 1.00 Greater than or equal to 1.50 to 1.00 1.000% 0.000% 0.200% but less than 2.25 to 1.00 Greater than or equal to 2.25 to 1.00 1.250% 0.250% 0.250% but less than 3.00 to 1.00 Greater than or equal to 3.00 to 1.00 1.500% 0.500% 0.300% 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 3.00 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, 2005 is delivered to the Lenders, the Leverage Ratio as at the end of each Rolling Period during such period shall, for the purposes of this definition, be deemed to be greater than or equal to 1.50 to 1.00 but less than 2.25 to 1.00.
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).
Examples of ABR Spread in a sentence
The Applicable Rate equals an ABR Spread based on the higher of S&P and Moody’s credit ratings of our senior unsecured long-term debt.
For the first fiscal quarter after June 30, 2014, the Senior Facilities provide term loan borrowings at interest rates based on a LIBOR plus a LIBOR Spread of 3.50%, or an Alternate Base Rate (“ABR”) plus an ABR Spread of 2.50%.
Additionally, the Senior Facilities provide Revolver borrowings at interest rates based on a LIBOR plus LIBOR Spread of 3.25%, or an ABR plus an ABR Spread of 2.25%.
Subject to Section 10.13, if any fee, reimbursement obligations, or other amount payable by the Borrower hereunder is not paid when due, at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to 2% plus the Alternate Base Rate plus the ABR Spread set forth in the definition of “Applicable Rate”, which interest shall be payable on demand of the Issuing Bank.
Stoehr Title: Senior VP & CFO Exhibit D SCHEDULE I Calculation of Consolidated Net Worth as of March 30, 2010 $359,564,962 Exhibit D SCHEDULE II Borrower’s Applicable Rate Calculation ABR Spread Euro Dollar 3.50% 4.50% Exhibit D.
More Definitions of ABR Spread
ABR Spread or "Facility Fee Rate," based upon the ratings by Moody's and S&P, respectively, applicable on such date to the Index Xxxx: ==================================================================================================================== Eurocurrency Facility Fee Utilization Level Index Debt Rating Spread ABR Spread Rate Fee Rate -------------------------------------------------------------------------------------------------------------------- I >= A-/A3 0.35% 0.00% 0.10% 0.125% -------------------------------------------------------------------------------------------------------------------- II BBB+/Baa1 0.50% 0.00% 0.125% 0.125% -------------------------------------------------------------------------------------------------------------------- III BBB/Baa2 0.60% 0.00% 0.15% 0.125% -------------------------------------------------------------------------------------------------------------------- IV BBB-/Baa3 0.80% 0.00% 0.20% 0.25% -------------------------------------------------------------------------------------------------------------------- V <= BB+/Ba1 1.075% 0.025% 0.25% 0.25% ==================================================================================================================== For purposes of the foregoing, (i) if the ratings established or deemed to have been established by Moody's and S&P for the Index Debt shall fall within different Levexx, xxx 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 (ii) if the ratings established or deemed to have been established by Moody's and S&P for the Index Debt shall be changed (other than as x xxxxxt of a change in the rating system of Moody's or S&P), such change shall be effective as of the date on wxxxx xx 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 Moody's or S&P shall change, or if either such rating agency shall xxxxx xo be in the business of rating corporate debt obligations, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the ...
ABR Spread or "Fee Percentage", as the case may be, based upon the ratings by S&P and Mxxxx'x, respectively, applicable on such date to the Index Debt. For purposes of the foregoing, (i) if either Mxxxx'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 FCX, 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 Mxxxx'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 Mxxxx'x and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Mxxxx'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 Mxxxx'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 "Eurodollar Spread", as the case may be; provided, however, that unless Consolidated EBITDA for the most recent fiscal quarter for which financial statements have been delivered pursuant to Section 5.01 is positive, the "Applicable Margin" for purposes of clause (ii) shall be the applicable rate per annum set forth below in Category 1: ------------------------------------------------------------------------------ ABR Eurodollar Leverage Ratio: Spread Spread ------------------------------------------------------------------------------ Category 1 Not Applicable 1.250% 2.250% ------------------------------------------------------------------------------ Category 2 Greater than or equal to 10.0 to 1.00 1.000% 2.000% ------------------------------------------------------------------------------ Category 3 Greater than or equal to 9.0 to 1.00 but less than 10.0 to 1.00 0.875% 1.875% ------------------------------------------------------------------------------ Category 4 Greater than or equal to 8.0 to 1.00 but less than 9.0 to 1.00 0.750% 1.750% ------------------------------------------------------------------------------ ------------------------------------------------------------------------------ ABR Eurodollar Leverage Ratio: Spread Spread ------------------------------------------------------------------------------ Category 5 Greater than or equal to 6.0 to 1.00 but less than 8.0 to 1.00 0.500% 1.500% ------------------------------------------------------------------------------ Category 6 Greater than or equal to 5.0 to 1.00 but less than 6.0 to 1.00 0.250% 1.250% ------------------------------------------------------------------------------ Category 7 Less than 5.0 to 1.00 -- 1.000% ------------------------------------------------------------------------------ For purposes of the foregoing, (i) the Leverage Ratio shall be determined as of the end of each fiscal quarter of the Borrower's fiscal year based upon the Borrower's consolidated financial statements delivered pursuant to Section 5.01(a) or (b) and (ii) each change in the Applicable Margin 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 Ev...
ABR Spread or "Eurodollar Spread", as the case may be; provided further, that unless -------- ------- Consolidated EBITDA for the most recent fiscal quarter for which financial statements have been delivered pursuant to Section 5.01 is positive, the "Applicable Margin" for purposes of clause (b)(ii) shall be the applicable rate per annum set forth below in Category 1: ABR EURODOLLAR --- ---------- LEVERAGE RATIO: Spread Spread -------------- ------ ------ Category 1 ---------- Not Applicable 1.250% 2.250% -------------------------------------------------------------------------------- Category 2 ---------- Greater than or equal to 10.0 to 1.00 1.000% 2.000% -------------------------------------------------------------------------------- Category 3 ---------- Greater than or equal to 9.0 to 1.00 but less than 10.0 to 1.00 0.875% 1.875% -------------------------------------------------------------------------------- Category 4 ---------- Greater than or equal to 8.0 to 1.00 but less than 9.0 to 1.00 0.750% 1.750% -------------------------------------------------------------------------------- Category 5 ---------- Greater than or equal to 6.0 to 1.00 but less than 8.0 to 1.00 0.500% 1.500% -------------------------------------------------------------------------------- Category 6 ---------- Greater than or equal to 5.0 to 1.00 but less than 6.0 to 1.00 0.250% 1.250% -------------------------------------------------------------------------------- Category 7 ---------- Less than 5.0 to 1.00 ---- 1.000% -------------------------------------------------------------------------------- For purposes of the foregoing, (i) the Leverage Ratio shall be determined as of the end of each fiscal quarter of the Borrower's fiscal year based upon the Borrower's consolidated financial statements delivered pursuant to Section 5.01(a) or (b) and (ii) each change in the Applicable Margin 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) if the Borrower fails to deliver the consolidated financial statements required to be delivered by it pursuant to Section 5.01(a) or (b), durin...
ABR Spread. “Commitment Fee Rate” or “Ticking Fee Rate”, as the case may be, based upon the Leverage Ratio applicable on such date: Leverage Ratio Eurocurrency Spread ABR Spread Commitment Fee Rate / Ticking Fee Rate Category 1: < 1.50 to 1.00 1.25% 0.25% 0.20% Category 2: ³ 1.50 to 1.00 but < 2.00 to 1.00 1.50% 0.50% 0.20% Category 3: ³ 2.00 to 1.00 but < 2.50 to 1.00 1.75% 0.75% 0.25% Category 4: ³ 2.50 to 1.00 but < 3.00 to 1.00 2.00% 1.00% 0.30% Category 5: ³ 3.00 to 1.00 but < 3.50 to 1.00 2.25% 1.25% 0.35% Category 6: ³ 3.50 to 1.00 2.50% 1.50% 0.40% For purposes of the foregoing, (1) the Leverage Ratio shall be determined as of the last day of each fiscal quarter of the Company’s fiscal year based upon the consolidated financial information of the Company and its Subsidiaries delivered pursuant to Section 5.04(a) or (b) and (2) each change in the Applicable Margin resulting from a change in the Leverage Ratio shall be effective on the first Business Day after the date of delivery to the Administrative Agent of such consolidated financial information indicating such change and ending on the date immediately preceding the effective date of the next such change; provided that until the Administrative Agent’s receipt of the consolidated financial information of the Company and its Subsidiaries delivered pursuant to Section 5.04(b) for the first fiscal quarter the Company ending after the Amendment No. 1 Effective Date, the Leverage Ratio shall be deemed to be in Category 6; provided further that the Leverage Ratio shall be deemed to be in Category 6 at the option of the Administrative Agent or the Required Lenders, at any time during which the Company fails to deliver the consolidated financial information when required to be delivered pursuant to Section 5.04(a) or (b), during the period from the expiration of the time for delivery thereof until such consolidated financial information is delivered.”
ABR Spread or “Commitment Fee Rate”, as the case may be, based upon the Leverage Ratio applicable on such date: Leverage Ratio: Eurodollar Spread ABR Spread Commitment Fee Rate Category 1: < 2.50 to 1.00 1.25 % 0.25 % 0.15 % Category 2: > 2.50 to 1.00 but < 3.00 to 1.00 1.50 % 0.50 % 0.20 % Category 3: > 3.00 to 1.00 but < 3.50 to 1.00 1.75 % 0.75 % 0.25 % Category 4: > 3.50 to 1.00 2.00 % 1.00 % 0.30 % For purposes of the foregoing,
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.