Interest Margins definition
Interest Margins. The applicable interest margins (the “Interest Margins”) for Term A Facility and the Revolving Credit Facility will be (x) 2.50% per annum, in the case of Adjusted Term SOFR Loans and (y) 1.50% per annum, in the case of Base Rate Loans; provided that after the date on which the Borrower shall have delivered financial statements for the first full fiscal quarter ending after the Closing Date, the Interest Margins for the Term A Facility and the Revolving Credit Facility will be determined in accordance with the Pricing Grid set forth below.
Interest Margins. The applicable Prime margins shall be the percentage per annum set forth in the Summary Pricing Matrix below for the appropriate level. The level shall be determined quarterly by the Leverage Ratio, defined as Total Liabilities divided by Tangible Net Worth. Margins at all levels shall be considered void in the event of a default, at which time the default rate of 15.00% will be imposed. Summary Pricing Matrix Term Loan Level I Level II Level III ------------------------------------------------------------------ Leverage Ratio *1.0x **1.0 & *2.0x **2.0x ------------------------------------------------------------------ Prime Margin -1.00% 0.00% 1.00% ------------------------------------------------------------------
Interest Margins. The “Applicable Margin” will be the interest rate per annum set forth in the following pricing grid. The Applicable Margins will initially be set at the Applicable Margins in Tier 3 below and, commencing with the date that is 6 months after the Closing Date, will be subject to increase or reduction based upon the average daily Excess Availability Percentage (as defined below) during the most recently ended fiscal quarter: Tier Quarterly Average Excess Availability Percentage LIBOR Borrowings Base Rate Borrowings 2 <66.7% but > 33.3% 1.75% 0.75%
Examples of Interest Margins in a sentence
The Pricing Grid reflects the initial pricing and the Applicable Interest Margins which will replace the initial pricing based on a Pricing Event, and also reflects the applicable percentage for the Commitment Fee required by Section 2.15 of this Agreement.
The Interest Margins with respect to the Facility will be determined in accordance with Intersil’s credit ratings, with the Interest Margin for Base Rate term loans being either 2.75% or 3.00% and the Interest Margin for LIBOR term loans being either 3.75% or 4.0%.
More Definitions of Interest Margins
Interest Margins. The applicable Interest Margins under the Term Facility will be 575 basis points for LIBOR loans and 475 basis points for Base Rate loans.
Interest Margins. The applicable Interest Margin will initially be the basis points set forth in the following table: Base Rate LIBOR Loans Loans Initial Interest Margin 0 150 After the date that is six months after the Closing Date (and so long as Borrower shall have delivered financial statements for the first full fiscal quarter after the Closing Date), the Interest Margin with respect to the Revolving Credit Facility will be based on average Excess Availability (as defined below) as follows:
Interest Margins. The Interest Margin for each type of Loan will be the margins per annum set forth under the relevant column heading below which corresponds with the most current rating of the Senior Facilities issued by ▇▇▇▇▇’▇ Investor Service, Inc. (“Moody’s”) and by Standard & Poor’s Ratings Group (“S&P”): B1 or better by Moody’s and B+ or better by S&P, in each case with a stable outlook 2.50% 1.50% B2 by Moody’s and B- or better by S&P, in each case with a stable outlook 2.75% 1.75% B3 or lower by Moody’s 3.00% 2.00% In addition, the foregoing margins for Revolving Credit Loans and Swing Line Loans, and the Commitment Fee described below, shall be subject to reduction, after a period to be agreed, by amounts, and based on financial tests, to be determined, provided that no Default or Event of Default has occurred and is continuing (such margin and fee reduction provisions, the “Pricing Grid”).
Interest Margins. The interest margin for (a) Revolving Loans which are Alternate Base Rate Loans shall be 2.25% and for Revolving Loans which are Eurodollar Loans shall be 3.25% and (b) for Term Loans which are Alternate Base Rate Loans shall be 2.25% and for Term Loans which are Eurodollar Loans shall be 3.25%. The foregoing margins shall be subject to reduction by amounts to be agreed upon based on the achievement of performance targets to be determined and provided that no event of default is in existence; provided that the interest margin for (i) Alternate Base Rate Loans shall in no event be less than 1.75% and (ii) Eurodollar Loans shall in no event be less than 2.75%.
Interest Margins. The applicable Interest Margin will ---------------- initially be the basis points set forth in the following table and thereafter with respect to the Revolving Credit Facility will be determined pursuant to a leverage ratio grid to be determined, which grid will not be applicable until the date on which Borrower shall have delivered financial statements for the fiscal quarter ending at least six months after the Closing Date. Base Rate LIBOR Loans Loans ----- ----- Term Loan 225 basis 325 basis Facility points points Revolving 225 basis 325 basis Credit points points Facility Commitment Fee: A Commitment Fee shall accrue on the -------------- unused amounts of the commitments under the Revolving Credit Facility. Such Commitment Fee will initially be 0.50% and thereafter will be determined pursuant to a grid (based on utilization) to be determined. Accrued Commitment Fees will be payable quarterly in arrears (calculated on a 360-day basis) for the account of the Lenders from the Closing Date.
Interest Margins. The applicable Interest Margin will be the basis points set forth in the following table if the Borrower's corporate credit rating is B+ (with a stable or positive outlook) or better from S&P and the Borrower's corporate family rating is B1 (with a stable or positive outlook) or better from Moody's (the "Ratings Condition"). If the Ratings Condition is not met, the applicable Interest Margins set forth in the table below shall be increased by 50 basis points. Notwithstanding the foregoing, after the date on which Borrower shall have delivered financial statements for the fiscal quarter ending at least six months after the Closing Date, the Interest Margin with respect to the Revolving Credit Facility will be determined pursuant to a grid to be agreed. Base Rate LIBOR Loans Loans --------- ----- Term Loan Facility 150 250 Revolving Credit Facility 150 250 Commitment Fee: A Commitment Fee shall accrue on the unused amounts of the commitments under the Revolving Credit Facility. Such Commitment Fee will be 0.50% per annum. Accrued Commitment Fees will be payable quarterly in arrears (calculated on a 360-day basis) for the account of the Lenders from the Closing Date.
Interest Margins. The applicable interest margins (the “Interest Margins”) will be, (a) initially, for the first six (6) months following the Closing Date, 2.50% for LIBOR Rate Loans and 1.50% for Base Rate Loans, and (b) thereafter, 4.00% for LIBOR Rate Loans and 3.00% for Base Rate Loans.