Applicable Term SOFR Margin definition

Applicable Term SOFR Margin means, on any date for each Term SOFR Advance, means, on any date, a rate per annum equal to (i) 0.850% if on such date the Company’s outstanding Long-Term Indebtedness is rated A+ or higher by S&P, A1 or higher by Moody’s, or A+ or higher by Fitch,

Applicable Term SOFR Margin means at any date, in the case of each Term SOFR Loan that is a 2018 Incremental Term Loan, (i) at any date after the Tenth Amendment Effective Date but prior to the Fifteenth Amendment Effective Date, 1.75% per annum, and (ii) at any date on and after the Fifteenth Amendment Effective Date, 2.00% per annum.

Applicable Term SOFR Margin means, on any date for each Term SOFR Advance, means, on any date, a rate per annum equal to

Examples of Applicable Term SOFR Margin in a sentence

• If such Advance is a Term SOFR Advance, a rate per annum equal at all times during the Interest Period for such Advance to the sum of Term SOFR for such Interest Period plus the Applicable Term SOFR Margin for such Interest Period, payable in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on each day which occurs during such Interest Period every three months from the first day of such Interest Period.

• If such Advance is a Term SOFR Advance, a rate per annum equal at all times during the Interest Period for such Advance to the sum of the Term SOFR for such Interest Period plus the Applicable Term SOFR Margin for such Interest Period, payable in arrears on the last day of such Interest Period.

• If such Advance is a Term SOFR Advance, a rate per annum equal at all times during the Interest Period for such Advance to the sum of the Term SOFR for such Interest Period plus the Applicable Term SOFR Margin for such Interest Period, payable in arrears on the last day of such Interest Period.(b) Default Rate.

• If there is any change in the relevant Applicable Term SOFR Margin during any quarter, the daily maximum amount of each Revolving Letter of Credit shall be computed and multiplied by the relevant Applicable Term SOFR Margin separately for each period during such quarter that such relevant Applicable Term SOFR Margin was in effect.

More Definitions of Applicable Term SOFR Margin

Applicable Term SOFR Margin means, with respect to any Term SOFR Loans at any time, the percentage rate per annum specified as the “Applicable Term SOFR Margin” at such time, as determined pursuant to the Pricing Schedule.

Applicable Term SOFR Margin means, at any date, with respect to each Term SOFR Loan, the percentage per annum set forth below based upon the Status in effect on such date: Status Applicable Term SOFR Margin Level I Status 1.75% Level II Status 1.50% Level III Status 1.25% Level IV Status 1.125%

Applicable Term SOFR Margin means, on any date for each Term SOFR Advance, means, on any date, a rate per annum equal to (i) 0.850% if on such date the Company’s outstanding Long-Term Indebtedness is rated A+ or higher by S&P, A1 or higher by Moody’s, or A+ or higher by Fitch, (ii) 0.975% if on such date clause (i) is inapplicable and the Company’s outstanding Long-Term Indebtedness is rated A or higher by S&P, A2 or higher by Moody’s, or A or higher by Fitch, (iii) 1.100% if on such date clauses (i) and (ii) are inapplicable and the Company’s outstanding Long-Term Indebtedness is rated A- or higher by S&P, A3 or higher by Moody’s, or A- or higher by Fitch, (iv) 1.225% if on such date clauses (i), (ii) and (iii) are inapplicable and the Company’s outstanding Long-Term Indebtedness is rated BBB+ or higher by S&P, Baa1 or higher by Moody’s, or BBB+ or higher by Fitch, and

Applicable Term SOFR Margin means at any date, (i) prior to the Amendment No. 2 Effective Date, (x) in the case of each Term SOFR Loan that is an Initial Term B Loan, 4.50% per annum, and (iiy) in the case of each Term SOFR Loan that is an Initial Term C Loan, 4.50% per annum, (ii) on and after the Amendment No. 2 Effective Date, (x) in the case of each Term SOFR Loan that is an Initial Term B Loan, 3.50% per annum and (y) in the case of each Term SOFR Loan that is an Initial Term C Loan, 3.50% per annum, and (iii) in the case of each Term SOFR Loan that is a Revolving Loan,

Applicable Term SOFR Margin appearing in Section 1.1 of the Credit Agreement is hereby amended by deleting said definition in its entirety and inserting a new definition in lieu thereof as follows:

Applicable Term SOFR Margin means, in each case, the percentages per annum set forth in the table below under the heading applicable thereto: Category 1 A-/A3/A- or better 87.5 0.0 Category 2 BBB+/Baa1/BBB+ 100.0 0.0 Category 3 BBB/Baa2/BBB 112.5 12.5 Category 4 BBB-/Baa3/BBB- 125.0 25.0 Category 5 BB+/Ba1/BB+ or lower 150.0 50.0 The Applicable Margins will be determined by reference to the public ratings by S&P, Moody’s and Fitch applicable to the Company’s senior unsecured, non-credit-enhanced, long-term indebtedness for borrowed money (the “Unsecured Ratings”). In the event (i) any of Moody’s, S&P or Fitch shall not have an Unsecured Rating in effect, then (A) if only one rating agency shall not have an Unsecured Rating in effect, the Applicable Margins shall be determined by reference to the remaining two Unsecured Ratings, (B) if two rating agencies shall not have Unsecured Ratings in effect, one of such rating agencies shall be deemed to have an Unsecured Rating in Category 5 and the Applicable Margins shall be determined by reference to such deemed Unsecured Rating and the remaining effective Unsecured Rating and (C) if no rating agency shall have an Unsecured Rating in effect, the Applicable Margins shall be Category 5, (ii) if only two Unsecured Ratings are in effect or deemed to be in effect, and there are split Unsecured Ratings, the Applicable Margins will be based upon the higher Unsecured Rating unless the Unsecured Ratings differ by two or more Categories, in which case the Applicable Margins will be based upon the Category one Category below the Category corresponding to the higher Unsecured Rating and (iii) if all three Unsecured Ratings are in effect, and (A) all three Unsecured Ratings fall in different Categories, the Applicable Margins shall be based upon the Category indicated by the Unsecured Ratings that is neither the highest nor the lowest of the three Unsecured Ratings or (B) two of the three Unsecured Ratings fall in one Category (the “Majority Category”) and the third Unsecured Rating falls in a different Category, the Applicable Margins shall be based upon the Category indicated by the Majority Category.

Applicable Term SOFR Margin has the meaning specified in Section 2.10(b).