Unused Line Margin definition
Unused Line Margin the percentage set forth below, as determined by the Line Usage for the prior month: I Greater than 67% 0.50 % II Less than or equal to 67%, but greater than 25% 0.625 % III Less than or equal to 25% 0.75 % Notwithstanding the forgoing, from the date hereof until the first day of the month immediately following the date which is 90 days after the date hereof, the Unused Line Margin shall be determined as if Level II were applicable regardless of the Line Usage for the last month. Thereafter, the Unused Line Margin shall be subject to increase or decrease based upon the Line Usage for the prior month, as determined by Agent. If by the first day of a month, any Borrowing Base Certificate due in the preceding month has not been received, then, at the option of Agent or Required Lenders, the Unused Line Margin shall be determined as if Level III were applicable, from such day until the first day of the calendar month following actual receipt.
Unused Line Margin the percentage set forth below, as determined by the Line Usage for the prior month: The Unused Line Margin shall be subject to increase or decrease based upon the Line Usage for the prior month, as determined by Agent. If by the first day of a month, any Borrowing Base Certificate due in the preceding month has not been received, then, at the option of Agent or Required Lenders, the Unused Line Margin shall be determined as if Level II were applicable, from such day until the first day of the calendar month following actual receipt.”
Unused Line Margin means, as of any date of determination, the percentage points set forth below based upon the Average Daily Excess Availability for the immediately preceding calendar quarter, as determined by Agent in its Permitted Discretion: ; provided, however, that for the period commencing on the Closing Date through the end of October 31, 2009, the Unused Line Margin shall be the percentage points specified for Pricing Level II as set forth in this definition; provided, further, however, that if the Borrowers fail to provide any reports or certifications required to determine the Average Daily Excess Availability when due, the Unused Line Margin shall be set at the percentage points specified for Pricing Level III until such reports or certifications are delivered, on which date (but not retroactively), without constituting a waiver of any Default or Event of Default occasioned by the failure to timely deliver such reports or certifications, the Unused Line Margin shall be set at the percentage based upon the calculation determined pursuant to such reports or certifications. For purposes of the preceding sentence (and subject to the forgoing provisos), at the end of each calendar quarter Agent will test the Borrowers’ Average Daily Excess Availability, which amount will be based upon reports and certifications delivered to Agent in accordance with the terms of this Agreement. If any such reports or certifications are subsequently determined to be incorrect in any material respect in a manner that would result in a lower Average Daily Excess Availability, Agent may increase the Unused Line Margin retroactively to the beginning of the relevant quarter to the extent that such error caused the applicable Unused Line Margin to be less than the Unused Line Margin that would have been in effect if the error was not made.
Examples of Unused Line Margin in a sentence
If within thirty (30) days after the end of any month it is determined that a lower Applicable Margin or Unused Line Margin should have applied to the prior month than was actually applied, and Borrower Agent sends notice to Agent within such thirty (30) days, the Borrowers shall receive a credit from Agent in an amount equal to the difference between the amount actually paid for such month and the amount of interest and fees that would have accrued using the proper margin.
Borrowers shall pay to Agent, for the Pro Rata benefit of Lenders, a fee equal to the Unused Line Margin per annum times the amount by which the Revolver Commitments exceed the average daily balance of Revolver Loans and LC Obligations during any month.
Borrowers shall pay to Agent, for the Pro Rata benefit of Lenders, a fee equal to the Unused Line Margin per annum times the amount by which the Revolver Commitments (minus the Availability Block) exceed the average daily balance of Revolver Loans and stated amount of Letters of Credit during any month.
Borrowers shall pay to Agent, for the Pro Rata benefit of Lenders, a fee equal to the Unused Line Margin per annum times the amount by which the Revolver Commitments exceed the average daily balance of Revolver Loans and stated amount of Letters of Credit during any month.
More Definitions of Unused Line Margin
Unused Line Margin the percentage set forth below, as determined by the Line Usage for the prior calendar month: I Greater than or equal to 50% 0.25 % II Less than 50% 0.375 % Notwithstanding the forgoing, from the Eighth Amendment Effective Date until November 30, 2013, the Unused Line Margin shall be determined as if Level II were applicable. Thereafter, the Unused Line Margin shall be subject to increase or decrease based upon the Line Usage for the prior month, as determined by Agent. If by the first day of a month, any Borrowing Base Certificate due in the preceding month has not been received, then, at the option of Agent or Required Lenders, the Unused Line Margin shall be determined as if Level II were applicable, from such day until the first day of the calendar month following actual receipt. Value: (a) for Inventory, its value determined on the basis of the lower of cost or market, calculated on a first-in, first-out basis, and excluding any portion of cost attributable to intercompany profit among Borrowers and their Affiliates; and (b) for an Account, its face amount, net of any returns, rebates, discounts (calculated on the shortest terms), credits, allowances or Taxes (including sales, excise or other taxes) that have been or could be claimed by the Account Debtor or any other Person.
Unused Line Margin the percentage set forth below, as determined by the Line Usage for the prior calendar month: I Greater than 50% 0.25 % II Less than or equal to 50%, but greater than 25% 0.375 % III Less than or equal to 25% 0.50 % Notwithstanding the forgoing, from the date hereof until the first day of the month immediately following the date hereof, the Unused Line Margin shall be determined as if Level III were applicable. Thereafter, the Unused Line Margin shall be subject to increase or decrease based upon the Line Usage for the prior month, as determined by Agent. If by the first day of a month, any Borrowing Base Certificate due in the preceding month has not been received, then, at the option of Agent or Required Lenders, the Unused Line Margin shall be determined as if Level III were applicable, from such day until the first day of the calendar month following actual receipt. Value: (a) for Inventory, its value determined on the basis of the lower of cost or market, calculated on a first-in, first-out basis, and excluding any portion of cost attributable to intercompany profit among Borrowers and their Affiliates; and (b) for an Account, its face amount, net of any returns, rebates, discounts (calculated on the shortest terms), credits, allowances or Taxes (including sales, excise or other taxes) that have been or could be claimed by the Account Debtor or any other Person.
Unused Line Margin the percentage set forth below, as determined by the Line Usage for the prior month: Notwithstanding the forgoing, from the date hereof until the first day of the month immediately following the date which is 90 days after the date hereof, the Unused Line Margin shall be determined as if Level II were applicable regardless of the Line Usage for the last month. Thereafter, the Unused Line Margin shall be subject to increase or decrease based upon the Line Usage for the prior month, as determined by Agent. If by the first day of a month, any Borrowing Base Certificate due in the preceding month has not been received, then, at the option of Agent or Required Lenders, the Unused Line Margin shall be determined as if Level III were applicable, from such day until the first day of the calendar month following actual receipt.
Unused Line Margin the percentage set forth below, as determined by the Line Usage for the prior month: I Greater than 50% 0.50 % II Less than or equal to 50% 0.75 % The Unused Line Margin shall be subject to increase or decrease based upon the Line Usage for the prior month, as determined by Agent. If by the first day of a month, any Borrowing Base Certificate due in the preceding month has not been received, then, at the option of Agent or Required Lenders, the Unused Line Margin shall be determined as if Level II were applicable, from such day until the first day of the calendar month following actual receipt.”
Unused Line Margin the percentage set forth below, as determined by the Line Usage for the prior calendar month: II Less than or equal to 50%, but greater than 25% 0.375% Notwithstanding the forgoing, from the date hereof until the first day of the month immediately following the date hereof,Eighth Amendment Effective Date until November 30, 2013, the Unused Line Margin shall be determined as if Level IIIII were applicable. Thereafter, the Unused Line Margin shall be subject to increase or decrease based upon the Line Usage for the prior month, as determined by Agent. If by the first day of a month, any Borrowing Base Certificate due in the preceding month has not been received, then, at the option of Agent or Required Lenders, the Unused Line Margin shall be determined as if Level IIIII were applicable, from such day until the first day of the calendar month following actual receipt. Value: (a) for Inventory, its value determined on the basis of the lower of cost or market, calculated on a first-in, first-out basis, and excluding any portion of cost attributable to intercompany profit among Borrowers and their Affiliates; and (b) for an Account, its face amount, net of any returns, rebates, discounts (calculated on the shortest terms), credits, allowances or Taxes (including sales, excise or other taxes) that have been or could be claimed by the Account Debtor or any other Person.
Unused Line Margin means one-half of one percent (.5%) per annum; provided, that the "Unused Line Margin" shall mean three-eighths of one percent (.375%) per annum at all times during a Step-Down Period.