Applicable Interest Margin definition
Applicable Interest Margin means:
Applicable Interest Margin. The margin above or below the applicable LIBOR Rate or Prime Rate, as appropriate, as determined from the Pricing Grid, in order to determine the applicable interest rate for advances under the Line of Credit and the Term Loan, or to determine the applicable fee for certain Letters of Credit. The Applicable Interest Margin shall be determined quarterly as of the last day of each fiscal quarter of the Company using a Rolling Four-Quarter Basis and shall be based on the Company's Leverage Ratio as indicated by the levels on the Pricing Grid.
Applicable Interest Margin. The term "Applicable Interest Margin" shall mean that percentage interest rate per annum of 2.50% added on to the "LIBOR Index Rate" as defined herein. AFCO, INC. The term "AFCO, Inc." means Autoparts Finance Company, Inc., (TIN: 51-0▇▇▇▇▇▇), ▇ Delaware corporation, World Houston Plaza, 15710 John ▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇, ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇, ▇▇s successors and assigns.
Examples of Applicable Interest Margin in a sentence
If and to the extent that any such reimbursement shall not have been made to the Administrative Agent, the Borrower agrees to repay to the Administrative Agent forthwith on demand a corresponding amount with interest thereon for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Administrative Agent at the Base Rate plus the Applicable Interest Margin for Base Rate Loans which are Revolving Credit Loans.
The outstanding principal balance of this Note shall bear interest (computed on the basis of a 360-day year and actual days elapsed) at a rate per annum equal at all times to the sum of the Prime Rate (as defined in the Credit Agreement referred to below) in effect from time to time plus the Applicable Interest Margin (as defined in the Credit Agreement).
Adjustment of Applicable Interest Margin shall become effective on the first day of the next quarterly interest period after New Lessor’s receipt and acceptance within five (5) business days of a written notice and financial statements (semi-annually or annually) from Lessee certifying the achievement of such ratio.
Applicable Interest Margin shall be adjusted semi-annually based on the semi-annual audited financial statements or annual audited consolidated financial statements of Lessee.
If Borrower makes a valid and effective Libor Rate Election with respect to a Term Loan, the rate of interest on any such Term Loan shall be the Libor Rate plus the Applicable Interest Margin for Libor Rate Balances as set forth in Section 1.4 hereof, from time to time in effect.
More Definitions of Applicable Interest Margin
Applicable Interest Margin means, with respect to any A Advance which is a LIBOR Rate Advance and for any period during which such Applicable Interest Margin shall be in effect, the percentage amount set forth in the appropriate column in the table below, relating to the applicable Leverage Ratio. The Agent shall determine the Applicable Interest Margin based upon the most recent quarterly or year-end financial statements delivered to the Agent pursuant to Sections 5.1(a) and (b). Any adjustments to the Applicable Interest Margin shall become effective three Business Days following the date of delivery of such financial statements to the Agent or, if the financial information required for such determination is according to regular practice made public prior to such date, three Business Days after the date such financial information is made public. Upon any change in the Applicable Interest Margin, the Agent shall promptly notify the Borrower and the Banks of the new Applicable Interest Margin. Document #0021220 2 Level I Level II Level III Level IV Level V Leverage Ratio Less than 40% Equal to or Equal to or Equal to or Equal to or greater than 40% greater than 45% greater than 55% greater than 60% but less than but less than but less than 60% 45% 55% Applicable Facility 9.0 10.0 12.5 17.5 25.0 Fee: (in basis points) Applicable Interest Margin: 23.5 25.0 27.5 32.5 50.0 (in basis points) For example, if the Leverage Ratio is less than 40%, the Applicable Facility Fee is 9/100 of one percent.
Applicable Interest Margin at any time and from time to time, for each Type of Loan hereunder, a percentage per annum determined by reference to the Total Debt-to-EBITDA Ratio for the four completed fiscal quarters of the Borrower ending on or immediately preceding such determination as set forth on the Pricing Grid. There will be an Applicable Interest Margin for ABR Loans and an Applicable Interest Margin for Libor Loans, each of which is subject to adjustment upon the occurrence of a Pricing Event.
Applicable Interest Margin set forth in Section 1 is hereby amended by deleting clause (i) thereof and inserting the following clause (i) in lieu thereof:
Applicable Interest Margin means, for any LIBOR Tranche or Prime Rate Tranche and as of any date of its determination, an amount equal to the percentage amount set forth in the table below opposite the applicable ratio of (a) the consolidated Funded Debt of the Parent as of the end of the fiscal quarter then most recently ended (as adjusted to reflect the effects of any Acquisitions as set forth below) to (b) the consolidated EBITDA of the Parent for the preceding four fiscal quarters then most recently ended (as adjusted to reflect the effects of any Acquisitions as set forth below). FUNDED DEBT TO APPLICABLE INTEREST MARGIN APPLICABLE INTEREST MARGIN EBITDA LIBOR TRANCHES PRIME TRANCHES (less than or equal to) 1.00 0.75% 0.00% (greater than) 1.00 but (less than or equal to) 1.25 1.00% 0.00% (greater than) 1.25 but (less than or equal to) 1.75 1.25% 0.00% (greater than) 1.75 1.50% 0.00% The Agent shall determine the Applicable Interest Margin on a quarterly basis based upon the most recent financial statements dated as of the end of a fiscal quarter delivered to the Agent pursuant to Section 5.2(b) (subject to revisions in subsequent periods based upon the audited financial statements delivered pursuant to Section 5.2(a), and further subject to adjustments for the effect of Acquisitions in accordance with Section 5.5(b)(iii)). Any adjustments to the Applicable Interest Margin shall become effective three Business Days following the date of delivery of such financial statements to the Agent; provided, however, that if such financial statements are not delivered when required hereunder, the Applicable Interest Margin shall increase to the maximum percentage amount set forth in the table above from the date when such financial statements were required to be delivered to the Agent hereunder until received by the Agent. In addition to the foregoing determinations, in the event there shall occur any Acquisition since the date the Applicable Interest Margin was last determined as set forth above, the Agent shall following the Acquisition make an interim redetermination of the Applicable Interest Margin reflecting the effect of the Acquisition. Any such adjustment to the Applicable Interest Margin shall become effective on the effective date of the Acquisition. Upon any change in the Applicable Interest Margin, the Agent shall promptly notify the Borrower and the Banks of the new Applicable Interest Margin.
Applicable Interest Margin means 0.00% as to Prime Rate Loans, except Acquisition Loans which are Prime Rate Loans, and .50% as to Acquisition Loans which are Prime Rate Loans, and 1.75% as to Eurodollar Rate Loans, except Acquisition Loans which are Eurodollar Rate Loans, and 2.25% as to Acquisition Loans which are Eurodollar Rate Loans.
Applicable Interest Margin means, as of any date, the applicable margin set forth below based on the ratio of Funded Debt to 12-month EBITDA determined by means of the Pricing Certificate to be delivered by Borrower to Bank pursuant to Section 4.3(d) hereof from time to time. -------------------------------------------------------------------------------- Level Funded Debt to EBITDA Ratio Applicable Interest Margin ----- --------------------------- -------------------------- -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- 1 *2.00:1.00 1.00% per annum -------------------------------------------------------------------------------- 2 # or =2.00:1.00 but *4.00:1.00 2.00% per annum -------------------------------------------------------------------------------- 3 # or =4.00:1.00 but *6.00:1.00 3.00% per annum -------------------------------------------------------------------------------- 4 # or =6.00:1.00 4.00% per annum -------------------------------------------------------------------------------- * Less than # Greater than The Applicable Interest Margin shall adjust, if applicable, each time Bank receives a Pricing Certificate pursuant to Section 4.3(d), on the third business day after such receipt, and the adjusted Applicable Interest Margin shall apply to each advance then outstanding or thereafter made by Bank under the Line of Credit until the Applicable Interest Margin is readjusted thereafter; provided, however, that (i) from and including the date hereof to but excluding the third business day after the day on which Bank receives a Pricing Certificate for the period ending on September 27, 2002 (EBITDA for which period shall be calculated by annualizing EBITDA for the nine fiscal months ending on that date), the Applicable Interest Margin shall be 4.00% per annum and (ii) if at any time Borrower fails to deliver a Pricing Certificate as required by Section 4.3(d), the Applicable Interest Margin shall be 4.00% per annum until Borrower delivers a Pricing Certificate as so required.
Applicable Interest Margin a per annum rate equal to 6.25%.