Common use of Applicable Base Rate Margin Clause in Contracts

Applicable Base Rate Margin. With respect to Base Rate Loans, the spread, expressed in basis points, over the Base Rate and used in calculating the interest rate applicable to Base Rate Loans which spread shall vary from time to time in relationship to variances in the Debt Ratings as set forth below. The applicable Debt Ratings and Base Rate spreads (bps) for Base Rate Loans are as set forth in the following table: S&P ▇▇▇▇▇’▇ Base Spread (bps) Base Spread (bps) A- A3 0.0 0.0 BBB+ Baa1 0.0 0.0 BBB Baa2 0.0 10.0 BBB- Baa3 20.0 35.0 Below BBB- or unrated Below Baa3 or unrated 55.0 75.0 In the event only one of S&P or ▇▇▇▇▇’▇ is one of the two Rating Agencies as required hereunder at the time of reference, the Debt Rating from the other Rating Agency for purposes of establishing the Base Spread (bps) shall be the rating level utilized by such other Rating Agency which corresponds to the comparable rating levels set forth in the table above. In the event the Debt Ratings from the Rating Agencies are not equivalent, the Base Spread (bps) will be determined (i) based on the higher of the two Debt Ratings if the lower Debt Rating is no more than one level lower than the higher Debt Rating, and (ii) based on the level that is one rating level higher than the lower Debt Rating if the lower Debt Rating is more than one level lower than the higher Debt Rating. Adjustments in the Base Spread (bps) for a Base Rate Loan based upon a change in a Debt Rating level shall be effective on the first day following the change in such Debt Rating. The Borrower shall notify the Agent in writing of any change in the Debt Rating as and when such change occurs. Applicable Eurocurrency Margin. With respect to Eurocurrency Rate Loans, the spread, expressed in basis points, over the Eurocurrency Rate and used in calculating the interest rate applicable to Eurocurrency Rate Loans which spread shall vary from time to time in relationship to variances in the Debt Ratings as set forth below. The applicable Debt Ratings and Eurocurrency Spreads (bps) for Eurocurrency Rate Loans are as set forth in the following table: S&P ▇▇▇▇▇’▇ Eurocurrency Spread (bps) Eurocurrency Spread (bps) A or above A2 or above 77.5 85.0 A- A3 82.5 90.0 BBB+ Baa1 87.5 95.0 BBB Baa2 100.0 110.0 BBB- Baa3 120.0 135.0 Below BBB- or unrated Below Baa3 or unrated 155.0 175.0 In the event only one of S&P or ▇▇▇▇▇’▇ is one of the two Rating Agencies as required hereunder at the time of reference, the Debt Rating from the other Rating Agency for purposes of establishing the Eurocurrency Spread (bps) shall be the rating level utilized by such other Rating Agency which corresponds to the comparable rating levels set forth in the table above. In the event the Debt Ratings from the Rating Agencies are not equivalent, the Eurocurrency Spread (bps) will be determined (i) based on the higher of the two Debt Ratings if the lower Debt Rating is no more than one level lower than the higher Debt Rating, and (ii) based on the level that is one rating level higher than the lower Debt Rating if the lower Debt Rating is more than one level lower than the higher Debt Rating. Adjustments in the Eurocurrency Spread (bps) for a Eurocurrency Rate Loan based upon a change in a Debt Rating level shall be effective on the first day following the change in such Debt Rating. The Borrower shall notify the Agent in writing of any change in the Debt Rating as and when such change occurs.

Applicable Base Rate Margin. With respect to Base Rate Loans, the spread, expressed in basis points, over the Base Rate and used in calculating the interest rate applicable to Base Rate Loans which spread shall vary from time to time in relationship to variances in the Debt Ratings as set forth below. The applicable Debt Ratings and Base Rate spreads (bps) for Base Rate Loans are as set forth in the following table: S&P ▇▇▇▇▇’▇ Base Spread (bps) Moody’s Base Spread (bps) A- or above A3 0.0 or above 0.0 BBB+ Baa1 0.0 0.0 BBB Baa2 0.0 10.0 BBB- Baa3 20.0 35.0 ▇▇▇▇ ▇▇.▇ ▇▇▇- ▇▇▇▇ 30.0 Below BBB- or unrated Below Baa3 or unrated 55.0 75.0 70.0 In the event only one of S&P or ▇▇▇▇▇’▇ is one of the two Rating Agencies as required hereunder at the time of reference, the Debt Rating from the other Rating Agency for purposes of establishing the Base Spread (bps) shall be the rating level utilized by such other Rating Agency which corresponds to the comparable rating levels set forth in the table above. In the event the Debt Ratings from the Rating Agencies are not equivalent, the Base Spread (bps) will be determined (i) based on the higher of the two Debt Ratings if the lower Debt Rating is no more than one level lower than the higher Debt Rating, and (ii) based on the level that is one rating level higher than the lower Debt Rating if the lower Debt Rating is more than one level lower than the higher Debt Rating. Adjustments in the Base Spread (bps) for a Base Rate Loan based upon a change in a Debt Rating level shall be effective on the first day following the change in such Debt Rating. The Borrower shall notify the Agent in writing of any change in the Debt Rating as and when such change occurs. Applicable Eurocurrency Margin. With respect to Eurocurrency Rate Loans, the spread, expressed in basis points, over the Eurocurrency Rate and used in calculating the interest rate applicable to Eurocurrency Rate Loans which spread shall vary from time to time in relationship to variances in the Debt Ratings as set forth below. The applicable Debt Ratings and Eurocurrency Spreads (bps) for Eurocurrency Rate Loans are as set forth in the following table: S&P ▇▇▇▇▇’▇ Moody’s Eurocurrency Spread (bps) Eurocurrency Spread (bps) A A- or above A2 A3 or above 77.5 85.0 A- A3 82.5 90.0 92.5 BBB+ Baa1 87.5 95.0 100.0 BBB Baa2 100.0 110.0 BBB- Baa3 120.0 135.0 130.0 Below BBB- or unrated Below Baa3 or unrated 155.0 175.0 170.0 In the event only one of S&P or ▇▇▇▇▇’▇ is one of the two Rating Agencies as required hereunder at the time of reference, the Debt Rating from the other Rating Agency for purposes of establishing the Eurocurrency Spread (bps) shall be the rating level utilized by such other Rating Agency which corresponds to the comparable rating levels set forth in the table above. In the event the Debt Ratings from the Rating Agencies are not equivalent, the Eurocurrency Spread (bps) will be determined (i) based on the higher of the two Debt Ratings if the lower Debt Rating is no more than one level lower than the higher Debt Rating, and (ii) based on the level that is one rating level higher than the lower Debt Rating if the lower Debt Rating is more than one level lower than the higher Debt Rating. Adjustments in the Eurocurrency Spread (bps) for a Eurocurrency Rate Loan based upon a change in a Debt Rating level shall be effective on the first day following the change in such Debt Rating. The Borrower shall notify the Agent in writing of any change in the Debt Rating as and when such change occurs.

Applicable Base Rate Margin. With respect to Base Rate Loans, the spread, expressed in basis points, over the Base Rate and used in calculating the interest rate applicable to Base Rate Loans which spread shall vary from time to time in relationship to variances in the Debt Ratings as set forth below. The applicable Debt Ratings and Base Rate spreads (bps) for Base Rate Loans are as set forth in the following table: S&P ▇▇▇▇▇’▇ Moody’s Base Spread (bps) Base Spread (bps) A- A - or above A3 0.0 0.0 or above 15.0 BBB+ Baa1 0.0 0.0 22.5 BBB Baa2 0.0 10.0 BBB- Baa3 20.0 35.0 ▇▇▇▇ ▇▇.▇ ▇▇▇- ▇▇▇▇ 65.0 Below BBB- BBB - or unrated Below Baa3 or unrated 55.0 75.0 95.0 In the event only one of S&P or ▇▇▇▇▇’▇ is one of the two Rating Agencies as required hereunder at the time of reference, the Debt Rating from the other Rating Agency for purposes of establishing the Base Spread (bps) shall be the rating level utilized by such other Rating Agency which corresponds to the comparable rating levels set forth in the table above. In the event the Debt Ratings from the Rating Agencies are not equivalent, the Base Spread (bps) will be determined (i) based on the higher of the two Debt Ratings if the lower Debt Rating is no more than one level lower than the higher Debt Rating, and (ii) based on the level that is one rating level higher than the lower Debt Rating if the lower Debt Rating is more than one level lower than the higher Debt Rating. Adjustments in the Base Spread (bps) for a Base Rate Loan based upon a change in a Debt Rating level shall be effective on the first day following the change in such Debt Rating. The Borrower shall notify the Agent in writing of any change in the Debt Rating as and when such change occurs. Applicable Eurocurrency Eurodollar Margin. With respect to Eurocurrency Eurodollar Rate Loans, the spread, expressed in basis points, over the Eurocurrency Eurodollar Rate and used in calculating the interest rate applicable to Eurocurrency Eurodollar Rate Loans which spread shall vary from time to time in relationship to variances in the Debt Ratings as set forth below. The applicable Debt Ratings and Eurocurrency Eurodollar Spreads (bps) for Eurocurrency Eurodollar Rate Loans are as set forth in the following table: S&P ▇▇▇▇▇’▇ Eurocurrency Spread (bps) Eurocurrency Moody’s Eurodollar Spread (bps) A - or above A2 A3 or above 77.5 85.0 A- A3 82.5 90.0 115.0 BBB+ Baa1 87.5 95.0 122.5 BBB Baa2 100.0 110.0 137.5 BBB- Baa3 120.0 135.0 165.0 Below BBB- BBB - or unrated Below Baa3 or unrated 155.0 175.0 195.0 In the event only one of S&P or ▇▇▇▇▇’▇ is one of the two Rating Agencies as required hereunder at the time of reference, the Debt Rating from the other Rating Agency for purposes of establishing the Eurocurrency Eurodollar Spread (bps) shall be the rating level utilized by such other Rating Agency which corresponds to the comparable rating levels set forth in the table above. In the event the Debt Ratings from the Rating Agencies are not equivalent, the Eurocurrency Eurodollar Spread (bps) will be determined (i) based on the higher of the two Debt Ratings if the lower Debt Rating is no more than one level lower than the higher Debt Rating, and (ii) based on the level that is one rating level higher than the lower Debt Rating if the lower Debt Rating is more than one level lower than the higher Debt Rating. Adjustments in the Eurocurrency Eurodollar Spread (bps) for a Eurocurrency Eurodollar Rate Loan based upon a change in a Debt Rating level shall be effective on the first day following the change in such Debt Rating. The Borrower shall notify the Agent in writing of any change in the Debt Rating as and when such change occurs.