Applicable Margin means:
Applicable Margin means, with respect to Advances of any Type at any time, the percentage rate per annum which is applicable at such time with respect to Advances of such Type as set forth in the Pricing Schedule.
Applicable Margin appearing in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:
Examples of Applicable Margin in a sentence
Each Loan funded by the Lenders shall accrue interest at a rate per annum equal to: (i) with respect to SOFR Loans, Adjusted Term SOFR plus the Applicable Margin for the applicable Interest Period; and (ii) with respect to Reference Rate Loans, the Reference Rate in effect from day to day.
The Loans constituting each ABR Borrowing shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.
Additional “Fund Groups” may be added to this Credit Facility so long as (a) the entities reflected therein are added pursuant to Section 6.3 or Section 6.4 hereof and Schedule I, Schedule III and Schedule IV hereto are updated accordingly and (b) the Borrowers in such Fund Group agree to any Applicable Margin established by the Administrative Agent for such Fund Group.
The Loans constituting each Term Benchmark Borrowing shall bear interest at a rate per annum equal to the Adjusted Term Benchmark Rate for the related Interest Period for such Borrowing plus the Applicable Margin.
The Loans constituting each RFR Borrowing shall bear interest at a rate per annum equal to Adjusted Daily Simple RFR for the applicable Currency plus the Applicable Margin.
More Definitions of Applicable Margin
Applicable Margin means (a) initially, (i) in the case of Loans bearing interest at the Prime Rate, if a Half Turn Election is in effect, 1.00%, and if a Full Turn Election is in effect, 0.0%; and (ii) in the case of Loans bearing interest at the LIBOR Rate, if a Half Turn Election is in effect, 2.00%, and if a Full Turn Election is in effect, 1.00% and (b) on and after the date any Third Party Debt is incurred, the greater of (x) 2.00% and (y) 100 basis points higher than the weighted average applicable margin applicable to all Third Party Debt outstanding. “LIBOR Rate” means the rate for eurodollar deposits for a period equal to one month appearing on Reuters Screen LIBOR01 Page or if such rate ceases to appear on Reuters Screen LIBOR01 Page, on any other service providing comparable rate quotations at approximately 11:00 a.m., London time on the date of determination. The LIBOR Rate applicable to each Accrual Period shall be determined on the second business proceeding the first day of such Accrual Period. DEFAULT RATE During an Event of Default, the Applicable Margin shall be 2.00% above the rate otherwise applicable. Overdue interest and other amounts shall bear interest at the rate then applicable to the Loans. RATE BASIS All per annum rates shall be calculated on the basis of a 360- day year for the actual days elapsed (including the first day but excluding the last day) occurring in the period for which payable. EXHIBIT B Priority of Payments On each Loan Payment Date, amounts on deposit in the Custodial Account attributable to the related Collection Period (including amounts held as Temporary Investments) shall be applied in accordance with the following priority; provided that during the Investment Period the General Partner may withdraw funds from the Custodial Account for the purpose of making investments in additional Eligible Assets on any day so long as after giving effect thereto and to the use of proceeds thereof, (i) no incipient or matured Event of Default is then continuing, (ii) the Asset Coverage Test would be satisfied on a pro forma basis, (iii) there will be on deposit in the Custodial Account in the reasonable judgment of the General Partner sufficient funds to make the payments required under clauses A.1, A.2 and A.3 below on the next Loan Payment Date, (iv) the Required Interest Reserve Amount would be satisfied on a pro forma basis and (v) the General Partner provides certification to the Agent and the Lender to such effect. In addition the Gene...
Applicable Margin means, as of any date, with respect to interest on all Revolving Loans and Term Loans outstanding on any date, or the letter of credit fee, as the case may be, a percentage per annum determined by reference to the applicable Leverage Ratio from time to time in effect as set forth on Schedule I; provided, that a change in the Applicable Margin resulting from a change in the Leverage Ratio shall be effective on the second Business Day after which the Borrower delivers the financial statements required by Section 5.1(a) or (b) and the Compliance Certificate required by Section 5.1(d); provided, further, that if at any time the Borrower shall have failed to deliver such financial statements and such Compliance Certificate when so required, the Applicable Margin shall be at Level III as set forth on Schedule I until such time as such financial statements and Compliance Certificate are delivered, at which time the Applicable Margin shall be determined as provided above; and provided, further, that in the event that any financial statement delivered pursuant to Section 5.1(a) or (b) or any Compliance Certificate delivered pursuant to Section 5.1(d) is shown to be inaccurate (regardless of whether this Agreement or the Commitments are in effect when such inaccuracy is discovered), and such inaccuracy, if corrected, would have led to the application of a higher Applicable Margin for any period (an “Applicable Margin Period”) than the Applicable Margin applied for such Applicable Margin Period, and only in such case, then the Borrower shall immediately (i) deliver to the Administrative Agent a corrected Compliance Certificate for such Applicable Margin Period, (ii) determine the Applicable Margin for such Applicable Margin Period based upon the corrected Compliance Certificate, and (iii) immediately pay to the Administrative Agent the accrued additional interest owing as a result of such increased Applicable Margin for such Applicable Margin Period, which payment shall be promptly applied by the Administrative Agent in accordance with Section 2.22. The provisions of this definition are in addition to rights of the Administrative Agent and Lenders with respect to Section 2.14(c) and Article 8 and other of their respective rights under this Agreement. Notwithstanding the foregoing, the Applicable Margin from the Closing Date until the financial statements and Compliance Certificate for the Fiscal Quarter ending December 31, 2012, are required to be delivered shall be ...
Applicable Margin has the meaning set forth in the Fee Letter.
Applicable Margin means the percentage per annum set forth below in the column entitled Domestic Rate Loans or Eurodollar Rate Loans, as appropriate, opposite the Fixed Charge Coverage Ratio set forth below as shown on the last Compliance Certificate delivered by Borrower to Agent for any of the first three quarters of Borrower’s fiscal year pursuant to Section 9.8 or with Borrower’s annual audited financial statements as required pursuant to Section 9.7, as the case may be: Applicable Applicable Margin for Percentage for Domestic Rate Eurodollar Rate Level Fixed Charge Coverage Ratio Loans Loans I Less than 1.15 to 1.00 0% 2.75% II Greater than or equal to 1.15 to 1.00, but less than 1.30 to 1.00 0% 2.50% III Greater than or equal to 1.30 to 1.00, but less than 1.50 to 1.00 0% 2.25% IV Greater than or equal to 1.50 to 1.00 0% 2.00% ; provided, however, that (a) adjustments, if any, to such percentage resulting from a change in the Fixed Charge Coverage Ratio shall be effective five (5) Business Days after Agent has received a Compliance Certificate for the first three quarters of the Borrower’s fiscal year in accordance with Section 9.8 or a Compliance Certificate that is delivered with Borrower’s annual audited financial statements in accordance with Section 9.7, as the case may be, (b) in the event that no Compliance Certificate has been delivered in accordance with the Section 9.7 or 9.8, as the case may be, such percentage from such date until such Compliance Certificate is actually delivered shall be that applicable under Level I (c) in the event that the actual Fixed Charge Coverage Ratio for any fiscal period is subsequently determined to be greater than that set forth on the in the Compliance Certificate for such fiscal period, the Applicable Margin shall be recalculated for the applicable period based on such actual Fixed Charge Coverage Ratio and (d) anything in this definition to the contrary notwithstanding, until receipt by Agent of the annual audited financial statements required by subsection 9.7 for the fiscal year ending December 31, 2007 together with the accompanying Compliance Certificate, the Applicable Margin for Eurodollar Rate Loans shall be two and one-half percent (2.5%). Any additional interest resulting from the operation of clause (c) above, shall be due and payable to Lenders with five (5) after receipt of written demand therefor from Agent.
Applicable Margin on any date, with respect to (a) any Eurodollar Loan, a rate per annum equal to the Credit Default Swap Spread applicable to the relevant Borrower in effect for Eurodollar Loans on such date, (b) any EURIBOR Loan, a rate per annum equal to the Credit Default Swap Spread applicable to the relevant Borrower in effect for EURIBOR Loans on such date or (c) any ABR Loan, a rate per annum equal to the Credit Default Swap Spread applicable to the relevant Borrower in effect for ABR Loans on such date less 1% per annum (but not less than 0%). Notwithstanding the foregoing, (x) the non-default Applicable Margin for Eurodollar Loans and EURIBOR Loans in effect at any time shall not be less than 0.10%, and shall not exceed 0.75% (the “Maximum Applicable Margin”) and (y) the non-default Applicable Margin for ABR Loans in effect at any time shall be 0.00%. If at any time (i) the Credit Default Swap Spread applicable to IBMCLLC is unavailable and (ii) IBMCLLC’s long term senior unsecured debt rating, for debt that has the benefit of support arrangements from IBM comparable to those provided for in the Support Agreement but is not guaranteed by any other Person or subject to any other credit enhancement, by each of S&P and Xxxxx’x are equal to or higher than those of IBM at such time, the Credit Default Swap Spread of IBMCLLC shall be deemed to be the Credit Default Swap Spread applicable to IBM at such time. If at any time the Credit Default Swap Spread applicable to IBM or IBMCLLC (subject, in the case of IBMCLLC, to the immediately preceding sentence) is unavailable, IBM and the Lenders shall negotiate in good faith (for a period of up to thirty days after the Credit Default Swap Spread becomes unavailable (such thirty-day period, the “Negotiation Period”)) to agree on an alternative method for establishing the Applicable Margin. The Applicable Margin at any date of determination thereof which falls during the Negotiation Period shall be based upon the then most recently available quote of the Credit Default Swap Spread. If no such alternative method is agreed upon during the Negotiation Period, the Applicable Margin at any date of determination subsequent to the end of the Negotiation Period shall be (x) in the case of ABR Loans, 0.00% and (y) in the case of Eurodollar Loans or EURIBOR Loans, the greater of (i) a rate per annum based upon the then most recently available quote of the Credit Default Swap Spread (but in no event (A) greater than 0.75% or (B) less than ...
Applicable Margin means that percent per annum set forth below, which shall be based upon the Consolidated Total Leverage Ratio for the Four-Quarter Period most recently ended as specified below: ------------------------------------------------------------------------------------------------------------------------- Tier Consolidated Total Leverage Ratio Applicable Margin for Applicable Margin for Base Eurodollar Rate Loans Rate Loan ------------------------------------------------------------------------------------------------------------------------- IV Greater than 5.50 to 1.00 1.000% 0.00% ------------------------------------------------------------------------------------------------------------------------- III Less than or equal to 5.50 to 1.00 but greater 0.750% 0.00% than 5.00 to 1.00 ------------------------------------------------------------------------------------------------------------------------- II Less than or equal to 5.00 to 1.00 but greater 0.500% 0.00% than 3.50 to 1.00 ------------------------------------------------------------------------------------------------------------------------- I Less than or equal to 3.50 to 1.00 0.375% 0.00% ------------------------------------------------------------------------------------------------------------------------- The Applicable Margin shall be established at the end of each fiscal quarter of the Borrower (each, a "Determination Date"). Any change in the Applicable Margin following each Determination Date shall be determined based upon the computations set forth in the certificate furnished to the Agent pursuant to SECTION 8.1(a)(ii) and SECTION 8.1(b)(ii), subject to review and approval of such computations by the Agent, and shall be effective commencing on the date following the date such certificate is received (or, if earlier, the date such certificate was required to be delivered) until the date following the date on which a new certificate is delivered or is required to be delivered, whichever shall first occur; PROVIDED HOWEVER, if the Borrower shall fail to deliver any such certificate within the time period required by SECTION 8.1, then the Applicable Margin shall be Tier IV from the date such certificate was required to be delivered until the appropriate certificate is so delivered. From the Closing Date to the day following the date of delivery of such certificate for the period ending December 31, 1997, the Applicable Margin shall be Tier II.