Applicable Margin Percentage means, at any time from and after the Restatement Effective Date , the applicable margin percentage (i) to be added to the LIBOR Market Index Rate and the LIBOR Rate pursuant to Section 2.8 for purposes of determining the Adjusted LIBOR Market Index Rate and the Adjusted LIBOR Rate, as the case may be, (ii) to be added to the Base Rate pursuant to Section 2.8 for the purpose of determining the Adjusted Base Rate and (iii) to be used in calculating the commitment fee payable pursuant to Section 2.9(a), in each case as determined under the following matrix with reference to the ratio of Consolidated Debt to Consolidated Total Capitalization: On each Adjustment Date (as hereinafter defined), the Applicable Margin Percentage for all Loans and the commitment fee payable pursuant to Section 2.9(a) shall be adjusted effective as of such date (based upon the calculation of the Consolidated Debt to Consolidated Total Capitalization as of the last day of the fiscal period to which such Adjustment Date relates) in12581222v10 24740.00017 accordance with the above matrix; provided, however, that, notwithstanding the foregoing or anything else herein to the contrary, if at any time the Borrower shall have failed to deliver the financial statements and a Compliance Certificate as required by Section 6.1(a) or Section 6.1(b), as the case may be, and Section 6.2(a) , or if at any time an Event of Default shall have occurred and be continuing, then at the election of the Required Lenders, at all times from and including the date on which such statements and Compliance Certificate are required to have been delivered (or the date of occurrence of such Event of Default, as the case may be) to the date on which the same shall have been delivered (or such Event of Default shall have been cured or waived, as the case may be), each Applicable Margin Percentage shall be calculated in accordance with level 4 of the above matrix. For purposes of this definition, “Adjustment Date” shall mean, with respect to any fiscal period of the Borrower beginning with the fiscal quarter ending December 31, 2019 , the tenth (10th) day (or, if such day is not a Business Day, the next succeeding Business Day) after delivery by the Borrower in accordance with Section 6.1(a) or Section 6.1(b) , as the case may be, of
Applicable Margin Percentage means, at any time, the applicable percentage (a) to be added to the Base Rate pursuant to SECTION 2.8 for purposes of determining the Adjusted Base Rate, (b) to be added to the IBOR Rate pursuant to SECTION 2.8 for purposes of determining the Adjusted IBOR Rate, and (c) to be added to the LIBOR Rate pursuant to SECTION 2.8 for purposes of determining the Adjusted LIBOR Rate, in each case as determined under the following matrices with reference to the Leverage Ratio and the applicable Class of Loan: Tranche A Term Loans and Revolving Loans Applicable Margin Percentage for Applicable Margin Foreign Currency Percentage for Revolving Loans and Leverage Ratio Base Rate Loans LIBOR Loans -------------- ----------------- ------------------- Greater than or equal to 3.0 to 1.0 2.250% 3.250% Greater than or equal to 2.5 to 1.0 but less than 3.0 to 1.0 2.000% 3.000% Greater than or equal to 2.0 to 1.0 but less than 2.5 to 1.0 1.750% 2.750% Greater than or equal to 1.5 to 1.0 but less than 2.0 to 1.0 1.500% 2.500% Less than 1.5 to 1.0 1.250% 2.250% Tranche B Term Loans Applicable Margin Applicable Margin Percentage for Percentage for Leverage Ratio Base Rate Loans LIBOR Loans -------------- ----------------- ------------------- Greater than or equal to 3.0 to 1.0 2.500% 3.500% Greater than or equal to 2.5 to 1.0 but less than 3.0 to 1.0 2.250% 3.250% Greater than or equal to 2.0 to 1.0 but less than 2.5 to 1.0 2.000% 3.000% Greater than or equal to 1.5 to 1.0 but less than 2.0 to 1.0 1.750% 2.750% Less than 1.5 to 1.0 1.500% 2.500% On each Adjustment Date (as hereinafter defined), the Applicable Margin Percentage for all Loans shall be adjusted effective as of such date (based upon the calculation of the Leverage Ratio as of the last day of the fiscal period to
Applicable Margin Percentage means, at any time (x) with respect to any Initial Term Loans, (i) 3.00% in the case of Base Rate Loans and (ii) 4.00% in the case of LIBOR Loans, (y) with respect to Initial Revolving Loans, (a) from and after the Closing Date until the first date of delivery of financial statements required to be delivered pursuant to Section 6.01(b) or Section 6.01(c), as applicable, (i) 3.00% in the case of Base Rate Loans and (ii) 4.00% in the case of LIBOR Loans, and (b) thereafter, the applicable percentage per annum set forth below determined by reference to the First Lien Leverage Ratio of the Borrower and the Restricted Subsidiaries as set forth in the most recent financial statements required to be delivered pursuant to Section 6.01(b) or Section 6.01(c), as applicable, following the completion of the first full fiscal quarter ending after the Closing Date and (z) with respect to any Additional Term Loan of any Class or any Additional Revolving Loan of any Class, the rate or rates per annum specified in the applicable Refinancing Amendment, Incremental Facility Agreement or Extension Amendment. Applicable Margin Percentage Initial Revolving Loans Pricing Level First Lien Leverage Ratio LIBOR Loans Base Rate Loans 2 < 4.00:1.00 but > 3.50:1.00 3.75% 2.75% Any increase or decrease in the Applicable Margin Percentage resulting from a change in the First Lien Leverage Ratio of the Borrower and the Restricted Subsidiaries shall become effective as of the first Business Day immediately following the date financial statements are required to be delivered pursuant to Section 6.01(b) or Section 6.01(c) following the completion of the first full fiscal quarter ending after the Closing Date; provided, however, that if financial statements are not delivered when due in accordance with such Sections, then Pricing Level 1 shall apply in respect of the Credit Facilities as of the first Business Day after the date on which financial statements pursuant to Section 6.01(b) or Section 6.01(c) were required to have been delivered and shall remain in effect until the date on which such financial statements are so delivered.
Examples of Applicable Margin Percentage in a sentence
Each Swingline Loan shall accrue interest at the Base Rate (plus the Applicable Margin Percentage for Base Rate Loans) or the Swingline Rate and shall have an Interest Period as agreed between the Borrower and the Swingline Lender.
During the period from the Effective Date to but not including the Certificate Date only, the Applicable Margin Percentage for Base Rate Term and Revolving Loans shall be 2.500% and the Applicable Margin Percentage for LIBOR Term and Revolving Loans shall be 3.500%.
Each Swingline Loan shall accrue interest at the Base Rate plus the Applicable Margin Percentage for Base Rate Loans (or, if otherwise requested by the Borrower and agreed by the Swingline Lender, the Swingline Rate) and shall have an Interest Period as agreed between the Borrower and the Swingline Lender.
In accordance with the SLA between GSAL and the borrowers, the borrower will agree to add to the collateral to cover increases in the value of the loaned securities in an amount such that the aggregate collateral has a value of not less than the Applicable Margin Percentage and the borrower’s failure to do so shall constitute a default thereunder.
The Applicable Margin as to Revolving Credit Loans will be adjusted on the first day of each fiscal quarter, commencing on October 1, 2020 (each such date an “Adjustment Date”), effective prospectively, by reference to the applicable “Financial Measurement” (as defined below) for the quarter most recently ending in accordance with the following: For purposes hereof, “Financial Measurement” shall mean the Quarterly Average Excess Availability for Applicable Margin Percentage.
More Definitions of Applicable Margin Percentage
Applicable Margin Percentage means, at any time from and after the Closing Date, the applicable percentage (a) to be added to the Base Rate pursuant to Section 2.8 for purposes of determining the Adjusted Base Rate, (b) to be added to the LIBOR Rate pursuant to Section 2.8 for purposes of determining the Adjusted LIBOR Rate, and (c) to be used in calculating the commitment fee payable pursuant to Section 2.9(a), in each case as determined under the following matrix with reference to the Leverage Ratio: Applicable Margin Applicable Margin Applicable Margin Leverage Ratio Percentage for Percentage for Percentage for -------------- Base Rate Loans LIBOR Loans Commitment Fee ----------------- ----------------- ----------------- Greater than or equal to 3.0 to 1.0 2.00% 3.00% 0.50% Greater than or equal to 2.5 to 1.0 but 1.75% 2.75% 0.50% less than 3.0 to 1.0 Greater than or equal to 2.0 to 1.0 but 1.50% 2.50% 0.50% less than 2.5 to 1.0 Greater than or equal to 1.5 to 1.0 but 1.25% 2.250% 0.50% less than 2.0 to 1.0 Less than 1.5 to 1.0 1.00% 2.00% 0.50%
Applicable Margin Percentage means, (a) at any time from and after the Closing Date, the applicable percentage to be added to the LIBOR Rate pursuant to Section 2.8 for purposes of determining the Adjusted LIBOR Rate, and (b) at any time from and after the earlier of the Closing Date and February 1, 2000, the applicable percentage to be used in calculating the commitment fee payable pursuant to Section 2.9(c), in each case as determined under the following matrix with reference to the Borrower's senior unsecured debt rating, or if the Borrower does not then have a senior unsecured debt rating, Holding's senior unsecured debt rating, by Standard & Poor's, Duff & Xxxxxx, A.M. Best, and Moody's (in each case based upon the higher of the rating of Standard & Poor's and the highest rating of the other three rating agencies): Applicable Margin Standard & Poor's/ Applicable Percentage for Duff & Xxxxxx/A.M Best/ Margin Percentage for Unutilized Level Xxxxx'x Rating LIBOR Loans Commitments Fee ----- -------------- ----------- --------------- I A-/A-/a-/A3 or above 1.000% 0.20% II BBB+/BBB+/bbb+/Baa1 1.125% 0.25% III BBB/BBB/bbb/Baa2 1.250% 0.30% IV BBB-/BBB-/bbb-/Baa3 1.500% 0.35% V Below BBB-/BBB-/bbb-/Baa3 2.500% 0.50% Notwithstanding anything set forth herein to the contrary, if at any time the difference between the senior unsecured debt rating of Standard & Poor's and the highest senior unsecured debt rating of the other three rating agencies is more than one rating grade, then for purposes of determining the applicable level set forth above, the applicable rating shall be one rating grade higher than the lower of such two ratings. If the rating system of Standard & Poor's, Duff & Xxxxxx, A.M. Best or Moody's changes, or if any such rating agency ceases to be in the business of rating corporate debt obligations, the Borrower and the Lenders agree to negotiate in good faith to amend the references to specific ratings in this definition to reflect such changed rating system or nonavailability of ratings from such rating agency.
Applicable Margin Percentage means, (a) the applicable percentage to be added to the Adjusted LIBOR Rate or the Base Rate for purposes of determining the interest rate applicable to Revolving Loans pursuant to Section 2.8, and (b) the applicable percentage to be used in calculating the commitment fee payable pursuant to Section 2.9(b), in each case as determined under the following matrix with reference to the Borrower’s Leverage Ratio: Level Leverage Ratio Applicable Margin Percentage for LIBOR Loans Applicable Margin Percentage for Base Rate Loans Applicable Margin Percentage for Unutilized Revolving Commitments Fee I ³ 0.35:1.00 1.625 % 0.625 % 0.275 % II ³ 0.30:1.00 but <0.35:1.00 1.50 % 0.50 % 0.25 % III ³ 0.20:1.00 but <0.30:1.00 1.375 % 0.375 % 0.225 % IV <0.20: 1.00 1.25 % 0.25 % 0.20 % Initially, the Applicable Margin Percentages shall be determined by reference to Level II in the matrix above. On the second (2nd) Business Day after the date each Compliance Certificate is delivered pursuant to Section 5.3, the Applicable Margin Percentage for all Loans payable pursuant to Section 2.8(a) and the commitment fee payable pursuant to Section 2.9(b) shall be adjusted effective as of such date in accordance with the above matrix and the Leverage Ratio as calculated in such Compliance Certificate. If the required Compliance Certificate is not delivered on or prior to any date such delivery is required pursuant to Section 5.3, then during the period from the first Business Day after such date to the date such Compliance Certificate is delivered, the Applicable Margin Percentage shall be determined by reference to Level I in the matrix above.
Applicable Margin Percentage means, at any time from and after the Closing Date, the applicable percentage (a) to be added to the Base Rate pursuant to SECTION 2.8 for purposes of determining the Adjusted Base Rate, (b) to be added to the LIBOR Rate pursuant to SECTION 2.8 for purposes of determining the Adjusted LIBOR Rate, and (c) to be used in calculating the commitment fee payable pursuant to SECTION 2.9(b), in each case as determined under the following matrix with reference to the Borrower's senior unsecured debt rating by Xxxxx'x or Standard & Poor's (in each case based upon the higher of the two ratings), when available, or, if not available, then with reference to an implied senior or unsecured debt rating, if available (provided that, for purposes of this Agreement, the rating that is one level higher than the rating of the Borrower's Trust Preferred Securities by Standard & Poor's shall be deemed to be an implied senior or unsecured debt rating by Standard & Poor's):
Applicable Margin Percentage means, at any time, the applicable percentage (a) to be added to the LIBOR Rate for purposes of determining the Adjusted LIBOR Rate, (b) to be used in calculating the Sterling Base Rate, and (c) to be used in calculating the Letter of Credit Fee payable pursuant to Section 2.9(d), in each case as determined under the following matrix with reference to the ratings given to the Borrower's senior unsecured long-term publicly traded Indebtedness without third party credit enhancement: Applicable Margin Rating Status Percentage for LIBOR Loans ------------- -------------------------- Level I Status 0.500% Level II Status 0.625% Level III Status 0.750% Level IV Status 0.875% For purposes of determining any Applicable Margin Percentage at any date:
Applicable Margin Percentage means, at any time from and after the Amendment Effective Date, 0.0% if such Revolving Loan is an ABR Loan and 1.0% if such Revolving Loan is a LIBOR Loan; provided, however, that on each Adjustment Date, the Applicable Margin Percentage for all Revolving Loans shall be adjusted effective as of such date (based upon the calculation of the ratio of Consolidated Funded Debt to Annualized EBITDA as of the last day of the fiscal period to which such Adjustment Date relates) in accordance with (i) matrix A set forth in Annex I hereto for any such fiscal periods ending prior to the successful consummation of a Qualified Public Offering or (ii) matrix B set forth in Annex I hereto for any such fiscal periods ending concurrently with or any time after the successful consummation of a Qualified Public Offering; and provided further that, notwithstanding the foregoing or anything in Annex I to the contrary, (A) if at any time the Borrower shall have failed to deliver the financial statements and a Compliance Certificate as required by SECTION 6.1(a) or SECTION 6.1(b) (as the case may be) and SECTION 6.2(a), then at all times from and including the date on which such statements and Compliance Certificate are required to have been delivered to the date on which the same shall
Applicable Margin Percentage means, at any time from and after the Closing Date, the applicable percentage (a) to be added to the Base Rate pursuant to SECTION 2.8 for purposes of determining the Adjusted Base Rate, (b) to be added to the IBOR Rate pursuant to SECTION 2.8 for purposes of determining the Adjusted IBOR Rate, and (c) to be added to the LIBOR Rate pursuant to SECTION 2.8 for purposes of determining the Adjusted LIBOR Rate, in each case as determined under the following matrix with reference to the Leverage Ratio: