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 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 Interest Margin will be the basis points set forth in the following table:
Examples of Interest Margins in a sentence
Our results of operations are substantially dependent upon the level of our Net Interest Margins.
Drakos (2003): Assessing the Success of Reform in Transition Banking 10 Years Later: an Interest Margins Analysis, Journal of Policy Modelling, 25, 309-317.
The Issuer shall, and shall ensure that each Group Company will, comply with all environmental laws and obtain, maintain and ensure compliance with all requisite environmental permits.
In the event the interest rates at which we advance these loans declines due to a decrease in external benchmark rates and there is no corresponding decrease in the interest rates payable by us, we may experience reduced Net Interest Margins.
Any change or volatility in interest rates would affect our interest expense on our interest-bearing liabilities and interest income from interest-bearing assets including investments, and therefore affect our Net Interest Income and Net Interest Margins.
More Definitions of Interest Margins
Interest Margins. The applicable Interest Margins for the Revolving Credit Facility will initially be 2.00% for LIBOR and BA Rate loans and 1.00% for Base Rate and Canadian prime rate loans; provided that commencing on the last day of the second full calendar quarter after the Closing Date, the Interest Margins with respect to the Revolving Credit Facility will be determined based on the average daily aggregate Unused Borrowing Availability (as defined below) for the immediately preceding quarter in accordance with the following grid: Average Daily Unused Borrowing Availability LIBOR Loans and BA Rate Loans Base Rate Loans and Canadian Prime Rate Loans Greater than or equal to 66-2/3% of the Revolving Credit Facility 1.75% 0.75% Greater than or equal to 33-1/3% of the Revolving Credit Facility but less than 66-2/3% of the Revolving Credit Facility 2.00% 1.00% Less than 33-1/3% of the Revolving Credit Facility 2.25% 1.25%
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 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 Xxxxx’x 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 applicable interest margins will be the basis points set forth in the following table based upon the ratings by S&P and Xxxxx’x applicable on such date of the senior unsecured long-term debt securities of the Initial Borrower that are not guaranteed by any other Person or subject to any other credit enhancement (the “Index Debt”): Senior unsecured non-credit enhanced debtratings by S&P/Xxxxx’x Interest Margin for Base Rate Loans Interest Margin for LIBOR Loans A-/A3 or higher 0 100.0 BBB+ / Baa1 12.5 112.5 BBB / Baa2 25.0 125.0 BBB- / Baa3 50.0 150.0 BB+/Ba1 or lower 75.0 175.0 For purposes of the foregoing, (i) if either Xxxxx’x or S&P shall not have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this paragraph), then such rating agency shall be deemed to have established a rating in the lowest category in the schedule above; (ii) if the ratings established or deemed to have been established by Xxxxx’x and S&P for the Index Debt shall fall within different categories in the schedule above, the applicable interest margin shall be based on the higher of the two ratings; unless one of the two ratings is two or more categories lower than the other, in which case the applicable interest margin shall be determined by reference to the category next below that of the higher of the two ratings; and (iii) if the ratings established or deemed to have been established by Xxxxx’x and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Xxxxx’x or S&P), such change shall be effective as of the date on which it is first announced by the applicable rating agency. If the rating system of Xxxxx’x or S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Initial Borrower and the Lenders shall negotiate in good faith to amend applicable interest margin to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the applicable interest margin shall be determined by reference to the rating most recently in effect prior to such change or cessation. On the JV Closing Date, upon the assumption by novation by GPI, the Initial Borrower shall pay all accrued but unpaid interest accrued under the Initial Facility.
Interest Margins. The interest rates applicable to the JV Facility will be LIBOR plus the Applicable Margin (as defined below) or, at the option of GPI, the Base Rate (to be defined as the highest of (x) the Bank of America prime rate, (y) the Federal Funds Rate plus 0.50% and (z) the one-month LIBOR rate plus 1.00%) plus the Applicable Margin.
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 under the Term Facility will be 575 basis points for LIBOR loans and 475 basis points for Base Rate loans.