Term Benchmark Margin means, on any date, the rate per annum set forth under the caption “Term Benchmark Margin” for such date determined in accordance with the Pricing Grid.
Term Benchmark Margin has the meaning set forth on the Pricing Schedule.
Examples of Term Benchmark Margin in a sentence
Notwithstanding anything to the contrary contained herein, upon the request of the Required Banks, while any payment-related Event of Default exists, all Letter of Credit Fees shall accrue at a rate per annum equal to the Term Benchmark Margin plus 2%.
The Applicable Term Benchmark Margin and the Applicable Base Rate Margin, respectively, shall be determined in accordance with the table below (in basis points per annum) and the other provisions of this Schedule 5 on the basis of the publicly announced ratings (“Credit Ratings”) by Moody’s, S&P and Fitch on the Borrower’s senior unsecured Debentures, the applicable rate to change when and as such Credit Ratings change.
Subject to Section 3.7, with respect to any outstanding Letter of Credit, the Borrower shall pay to the Administrative Agent, for the account of the applicable Issuing Lender and the applicable L/C Participants, a letter of credit commission in the amount equal to the daily amount available to be drawn under such Letter of Credit times the Term Benchmark Margin then in effect (determined on a per annum basis).
More Definitions of Term Benchmark Margin
Term Benchmark Margin means, for any day, for each Class of Loans, the applicable rate per annum set forth below for such Class of Loans based upon the Applicable Rating Level, applicable on such date: Applicable Rating Level 364-Day Tranche Loans Term Benchmark Margin (in basis points) 3-Year Tranche Loans Term Benchmark Margin (in basis points) Level I 125.0 bps 137.5 bps 162.5 bps Level II 137.5 bps 150.0 bps 175.0 bps Level III 162.5 bps 175.0 bps 200.0 bps Level IV 187.5 bps 200.0 bps 225.0 bps Level V 200.0 bps 212.5 bps 237.5 bps Each change in the Term Benchmark Margin shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. Changes in the Term Benchmark Margin will occur automatically without prior notice.
Term Benchmark Margin means, for any day, the applicable rate per annum set forth below under the caption “Term Benchmark Margin” based upon the Applicable Rating Level, applicable on such date: Applicable Rating Level Term Benchmark Margin (in basis points) Level I 110.0 bps Level II 120.0 bps Level III 140.0 bps Level IV 160.0 bps Level V 167.5 bps Each change in the Term Benchmark Margin shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. Changes in the Term Benchmark Margin will occur automatically without prior notice.
Term Benchmark Margin means, on any date, the number of basis points in effect on such date as determined in accordance with Schedule II under the heading “Term Benchmark Margin”. For purposes of the definition of Applicable Rate and Section 2.1B, the Term Benchmark Margin shall be expressed as a percentage.
Term Benchmark Margin means a rate per annum determined in accordance with the Pricing Schedule at the applicable date of determination, which, in the case of a Term Benchmark Rate Advance, shall be the date of determination of the applicable Term Benchmark Rate.
Term Benchmark Margin means a rate per annum determined in accordance with the Pricing Schedule at the applicable date of determination, which, in the case of a Term Benchmark Rate Advance, shall be the date of determination of the applicable Term Benchmark Rate. “Term Benchmark Rate” means, subject to Section 2.17, for any Interest Period for each Term Benchmark Rate Advance comprising part of the same Borrowing, an interest rate per annum equal to (a) for Term Benchmark Rate Advances denominated in US Dollars, Adjusted Term SOFR; (b) for Term Benchmark Rate Advances denominated in Canadian Dollars, the CDOR Rate; (c) for Term Benchmark Rate Advances denominated in Euros, the EURIBO Rate, and (d) for Term Benchmark Rate Advances denominated in Yen, the rate per annum equal to the Tokyo Interbank Offered Rate (“XXXXX”) as administered by the Ippan Xxxxxx Xxxxx XXX XXXXX Administration (or any other Person that takes over the administration of such rate) for a period comparable in length to such Interest Period (the “XXXXX Xxxx”), at approximately 11:00 a.m. (Tokyo time) two Business Days prior to the commencement of such Interest Period; provided that if the Term Benchmark Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. “Term Benchmark Rate Advance” means an Advance, denominated in US Dollars or a Term Benchmark Committed Currency, that bears interest as provided in Section 2.8(a)(iii). “Term SOFR” means, (a) for any calculation with respect to a Term Benchmark Rate Advance denominated in US Dollars, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the “Periodic Term SOFR Determination Day”) that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such first preceding U.S. Governm...