Applicable Margin for Base Rate Loans and "Facility Fee" shall mean, for any day, the per annum rates set forth below in the column under such term and in the row corresponding to the "Leverage Ratio", based upon the Leverage Ratio as of the most recent determination date; provided that for the period from and after the Amendment No. 5 Effective Date until the third Business Day after delivery of the Company's unaudited consolidated financial statements for the fiscal quarter ending July 31, 1999, the "Applicable Margin for Eurodollar Loans," "Applicable Margin for Base Rate Loans" and "Facility Fee" shall be the applicable rate per annum set forth below in the row corresponding to the "Leverage Ratio" in the range of > 3.50:1 < or = 4.00:1: Leverage Ratio Applicable Applicable Margin for Margin for Eurodollar Loans Base Rate Loans Facility Fee >4.00:1 1.50% 0.50% 0.50% > 3.50:1 < or = 4.00:1 1.30% 0.30% 0.45% > or = 3.00:1 < or = 3.50:1 1.125% 0.125% 0.375% < 3.00:1 0.95% 0 0.30%
Applicable Margin for Base Rate Loans and "Facility Fee" shall be the applicable rate per annum set forth below in the row corresponding to the "Leverage Ratio" in the range of > 3.50:1 < or = 4.00:1: Leverage Ratio Applicable Applicable Margin for Margin for Eurodollar Loans Base Rate Loans Facility Fee >4.00:1 1.50% 0.50% 0.50% > 3.50:1 < or = 4.00:1 1.30% 0.30% 0.45% > or = 3.00:1 < or = 3.50:1 1.125% 0.125% 0.375% < 3.00:1 0.95% 0 0.30%
Applicable Margin for Base Rate Loans and "Facility Fee" resulting from a change in the Leverage Ratio shall be effective during the period commencing on and including the date three Business Days after delivery to the Agent of such consolidated financial statements indicating such change and ending on the date immediately preceding the effective date of the next such change. Notwithstanding the foregoing, for each day during any period that the Company's senior unsecured long-term debt that is not guaranteed by any other Person or subject to any credit enhancement shall be rated Ba2 or lower by Mxxxx'x Investors Service, Inc. and BB or lower by Standard & Poor's Ratings Services, the "Applicable Margin for Eurodollar Loans" and "Applicable Margin for Base Rate Loans" then in effect shall be increased by 0.40% per annum and the "Facility Fee" then in effect shall be increased by 0.10% per annum."
Examples of Applicable Margin for Base Rate Loans in a sentence
During such periods as such Loan is a Base Rate Revolving Loan, a rate per annum equal at all times to the sum of (x) the Base Rate plus (y) the Applicable Margin for Base Rate Loans in effect from time to time, payable in arrears quarterly on the last day of each March, June, September and December during such periods and on the date such Base Rate Loan shall be Converted or paid in full.
If the Borrower does not so immediately accept the Swing Line Lender’s Quoted Rate for the full amount requested by the Borrower for such Swing Loan, the Swing Line Lender’s Quoted Rate shall be deemed immediately withdrawn and such Swing Loan shall bear interest at the rate per annum determined by adding the Applicable Margin for Base Rate Loans under the Revolving Credit to the Base Rate as from time to time in effect.
Swingline Loans shall bear interest at a per annum rate equal to the Base Rate plus the Applicable Margin for Base Rate Loans.
Swingline Loans shall bear interest at a per annum rate equal to the Base Rate plus the Applicable Margin for Base Rate Loans (or at such other rate or rates as the Borrower and the Swingline Lender may agree from time to time in writing).
Swingline Loans shall bear interest at a per annum rate equal to the Base Rate as in effect from time to time plus the Applicable Margin for Base Rate Loans or at such other rate or rates as the Borrower and the Swingline Lender may agree from time to time in writing.
More Definitions of Applicable Margin for Base Rate Loans
Applicable Margin for Base Rate Loans as the case may be, based upon the Consolidated Total Leverage Ratio as of the last day of the most recently ended Test Period; (b) with respect to the Sterling Term Loans, (i) from the FourthFifth Amendment Effective Date until the third Business Day following the date of the delivery to the Administrative Agent of the consolidated financial statements pursuant to Section 6.1(b) for the Fiscal Quarter ending MarchDecember 31, 2021 and the related Compliance Certificate pursuant to Section 6.1(d), 6.255.25% per annum and (ii) thereafter, the rate per annum as set forth in the table below under the caption “Applicable Margin for Eurocurrency RateSONIA Loans (£)”, based upon the Consolidated Total Leverage Ratio as of the last day of the most recently ended Test Period; and (c) with respect to Loans under any other Facility, the rate per annum specified in the Incremental Amendment, the Extension/Modification Amendment or the amendment with respect to Replacement Loans, as the case may be, establishing Loans under such Facility; provided, in the case of clauses (a)(i) and (b)(i) above, that if the Consolidated Total Leverage Ratio as of the last day of the most recently ended Fiscal Quarter for which the consolidated financial statements pursuant to Section 6.1(b) or 6.1(c) and the related Compliance Certificate pursuant to Section 6.1(d) shall have been delivered to the Administrative Agent shall be greater than 4.50:1.00, then, from and after the third Business Day after the date of the delivery thereof and until the third Business Day after the next such delivery, the Applicable Margin shall be determined in accordance with clause (a)(ii) or (b)(ii) above, as applicable, it being understood, however, that Pricing Level III set forth in the table below shall not be available until the expiration of the period referred to in clause (a)(i) or (b)(i) above, as applicable. 3 [[5628733]]
Applicable Margin for Base Rate Loans as the case may be, based upon the Consolidated Total Leverage Ratio as of the last day of the most recently ended Test Period; 3 [[5286738]]
Applicable Margin for Base Rate Loans. (Revolving Loans)”,
Applicable Margin for Base Rate Loans as appropriate, as specified in the table below opposite the applicable Tier determined by the Ratings as in effect at the time of determination: Tier S&P Xxxxx'x Applicable Margin for Applicable Margin for ---- --- ------- --------------------- --------------------- Eurodollar Rate Loans Base Rate Loans --------------------- --------------- I *BBB+ *Baa1 1.000% 0.000% II BBB Baa2 1.250% 0.250% III BBB- Baa3 1.500% 0.500% IV **BB+ **Ba1 1.750% 0.750% ** less than or equal to * greater than or equal to provided, however that until May 30, 2000, Tier I shall not be available and Tier II shall apply in its stead. The Applicable Margin shall be established from time to time based upon the Ratings in effect from time to time. Any change in the Applicable Margin due to a change in any Rating shall be effective on the date of such change in such Rating. In the event of a split Rating where the Ratings are one level apart, the higher Rating shall determine the Applicable Margin. In the event of a split Rating where the Ratings are more than one level apart, the Applicable Margin shall be determined by the Tier that is one level below the Tier corresponding to the higher Rating. In the event that the Borrower shall have not have a Rating from either S&P or Xxxxx'x, the Applicable Margin shall remain at the last applicable Tier until the earlier of (i) thirty (30) days and (ii) the date a mutual agreement is reached between the Borrower, the Agent and the Lenders. If such mutual agreement is not reached within thirty (30) days, the Applicable Margin shall be Tier IV until such mutual agreement is reached.
Applicable Margin for Base Rate Loans below the heading “Revolving Loans and Term Loan A-1” or below the heading “Term Loan A-2,” as applicable; or the percentage spread to be added to the Adjusted LIBORTerm SOFR Rate(b) applicable to LIBORTerm SOFR Rate Loans based on the Total Net Leverage Ratio then in effect according to the Pricing Grid (i) below the heading “Applicable Margin for LIBORTerm SOFR Rate Loans and Letter of Credit Fee” below the heading “Revolving Loans and Term Loan A-1” or (ii) below the heading “Applicable Margin for LIBORTerm SOFR Rate Loans” below the heading “Term Loan A-2”. Notwithstanding the foregoing, the Applicable Margin for any Incremental Term Loan shall be the interest rate margin per annum governing such Tranche of Incremental Term Loan as set forth in the Incremental Term Loan Funding Agreement related to such Tranche, subject to Section 2.1. 2
Applicable Margin for Base Rate Loans means (a) from and after the Closing Date to but excluding the Completion Date, 0.50%, and (b) from and after the Completion Date, 0.25%; provided, that to the extent that more than 21% of the Project’s nameplate capacity of 100 million gallons per year is sold under firm, fixed-price Offtake Agreements, using a cost-plus formula mutually acceptable to the Borrower, the Offtakers party thereto and the Administrative Agent, to Offtakers acceptable to the Administrative Agent and having a Xxxxx’x or equivalent credit rating of at least Baa3 or an investment grade credit rating from another recognized provider of credit rating services, and those firm, fixed-price Offtake Agreements are expected to provide the Project with sufficient Cash Flow to meet the minimum Debt Service Coverage Ratio until Maturity, the Applicable Margin for Base Rate Loans will be reduced by .005% for each 1 million gallons of capacity sold under such Offtake Agreements.
Applicable Margin for Base Rate Loans. (B) the percentage spread to be added to the Term SOFR Rate applicable to Revolving Credit Loans under the Term SOFR Rate Option based on the Ratings of the Borrower then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Applicable Margin for Term SOFR Rate Loans and Daily SOFR Loans”, or (C) the percentage spread to be added to Daily SOFR applicable to Swing Loans under the Swing Loan Daily SOFR Option based on the Ratings of the Borrower then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Applicable Margin for Term SOFR Rate Loans and Daily SOFR Loans”.