Calculation of Margin Clause Samples

Calculation of Margin. (a) Subject to the following provisions of this Clause 8.5, during the period from the date of this Agreement until the Original Final Maturity Date the Margin for any Loan will be 0.275 per cent. per annum. (b) After the Original Final Maturity Date, the Margin for all Loans will, if necessary, be adjusted (upwards or downwards) as provided for in paragraphs (c) and (d) below to the percentage rates per annum set opposite the range into which the Net Consolidated Financial Debt to EBITDA ratio falls, as shown in the most recent Margin Certificate delivered in accordance with Clause 16.2 (Financial information). (c) For the purposes of this Clause 8.5, a Margin Certificate means a certificate, substantially in the form of Schedule 9 (Form of Margin Certificate): (i) where required to be delivered with the Group’s quarterly consolidated financial statements, signed by one of the Company’s Financial Officers; and (ii) where required to be delivered with the Group’s annual consolidated financial statements, signed by the auditors (if so required by the Agent or if not so required, by one of the Company’s Financial Officers), and confirming the ratio of Net Consolidated Financial Debt to EBITDA ratio for the relevant period. For the purposes of calculating EBITDA at the end of any given quarter, the EBITDA for the four consecutive quarters of the Group’s financial year ending at the end of that first mentioned quarter will be used. Below 1.0:1 0.275 Equal to or higher than 1.0:1 and lower than 1.5:1 0.325 Equal to or higher than 1.5:1 and lower than 2.0:1 0.375 Equal to or higher than 2.0:1 and lower than 2.5:1 0.425 Equal to or higher than 2.5:1 and lower than 3.0:1 0.475 (d) Any adjustment to the Margin (whether upwards or downwards) in accordance with paragraphs (b) and (c) above will only apply to the Term of any Loan commencing following receipt of the relevant consolidated financial statements of the Group and the related Margin Certificate. (e) Notwithstanding the provisions of (a) to (d) above: (i) if an Event of Default occurs, the applicable Margin shall with immediate effect be 0.475 per cent. per annum for as long as an Event of Default continues; or (ii) if the long term credit rating assigned to the Company by either ▇▇▇▇▇’▇ or Standard & Poor’s is at any time below Baa3 or BBB- (as applicable) or if at any time both ▇▇▇▇▇’▇ and Standard & Poor’s cease for any reason to assign a long term credit rating to the Company, the applicable Margin will b...

Calculation of Margin. (a) The "Margin" for the purposes of this Agreement shall mean: (i) from the Start Date, a percentage per annum set forth in the table below, based on the ratio of Net Debt to Total Capitalisation Ratio set forth in the most recent Quarterly Pricing Certificate provided to the Facility Agent: II Net Debt to Total Capitalisation 2.60% > 40% and < 60% III I 2.90% Pricing Level > 60% 2.30% (ii) if no Quarterly Pricing Certificate indicating an entitlement to a margin adjustment has been delivered to the Facility Agent by the End Date, the Margin shall be the Highest Margin; (iii) notwithstanding the above, the Margin shall be the Highest Margin at all times during an Event of Default pursuant to Clause 27.2 (Non-payment), Clause 27.7 (Insolvency) or Clause 27.8 (Insolvency proceedings).

Calculation of Margin. The Margin in relation to any Loan, and the Letter of Credit fee for the purposes of Clause 13.5(a) (Letter of Credit fee) shall (subject to the proviso below) be the rate set out in column (1) below which corresponds to the ratio of Net Debt to EBITDA set out in column (2) below, EBITDA being calculated as the aggregate EBITDA for the two most recently preceding Half-Yearly Periods in respect of which a Compliance Certificate has been delivered to the Agent in accordance with Clause 21.1(e)(iii) (Delivery of reports) (and, if applicable, paragraph 12 of Schedule 2 (Conditions Precedent to Initial Utilisation) and determined from the most recent such Compliance Certificate: (1) (2) Rate (per cent. per annum) Net Debt: EBITDA

Calculation of Margin. On each of the Availability Date, 30 June 2006 and quarterly thereafter (each such date being a “Margin Set Date”) the Lender shall calculate the Margin applicable for the period from that Margin Set Date to the next Margin Set Date.

Calculation of Margin. (a) Subject to clause 5.1(b), the Margin shall be 1.00 per cent. per annum. the Margin shall be adjusted in accordance with the table below semi-annually and shall be the lowest Margin shown in column (2) for which the ratio in column (1) is satisfied, such rate to take effect for Advances drawn, Swingline Letters of Credit issued and Utilisations made and for the purposes of clause 5.5, on or following, the delivery to the Agent of the latest audited, or as the case may be, unaudited (interims or preliminaries) consolidated financial statements in respect of the relevant period pursuant to clause 12.1(e) and related Compliance Certificate;

Calculation of Margin. The Agent shall, on or before each Margin Calculation Date (such Margin Calculation Date for the purposes of this clause 3.1, the “calculation day”), calculate, based on the then latest consolidated financial statements of the Group and the Compliance Certificate delivered to it pursuant to clause 5.1 of the Corporate Guarantee, the Equity Ratio in respect of the Measurement Period relevant to the Margin Period commencing on such calculation day and, based on such calculation, the Agent shall determine, and notify the Borrower and the Banks of, the Margin that shall apply during the Margin Period commencing on such calculation day.

Calculation of Margin. (a) Subject to clause 5.1(b), the Margin shall be 1.00 per cent. per annum. (i) the Margin shall be adjusted in accordance with the table below semi-annually and shall be the lowest Margin shown in column (2) for which the ratio in column (1) is satisfied, such rate to take effect for Advances drawn, Swingline Letters of Credit issued and Utilisations made and for the purposes of clause 5.5, on or following, the delivery to the Agent of the latest audited, or as the case may be, unaudited (interims or preliminaries) consolidated financial statements in respect of the relevant period pursuant to clause 12.1(e) and related Compliance Certificate; (ii) the ratio of Consolidated Gross Borrowings to Adjusted PBIT set out in column (1) below shall be calculated by reference to the relevant Compliance Certificate and the relevant sets of latest audited, or as the case may be, unaudited (interims or preliminaries) consolidated financial statements delivered to the Agent pursuant to clause 12.1(e) as referred to in paragraph (iii) below; (iii) with effect from the delivery to the Agent pursuant to clause 12.1(e) of unaudited (preliminaries) consolidated financial statements in respect of the 12 months ending 31 December, 1999 and each audited or, as the case may be, unaudited financial statements thereafter, the ratio in column (1) below shall be calculated (A) as at the end of the Fiscal Year, by reference to the unaudited (preliminaries) consolidated financial statements and subsequently by reference to the audited consolidated financial statements delivered to the Agent pursuant to clause 12.1(e) and relevant Compliance Certificates in respect of such Fiscal Year; (B) as at the end of each Fiscal Half-Year ended 30 June by reference to the unaudited (interims) consolidated financial statements for such Fiscal Half-Year and the audited consolidated financial statements for the previous Fiscal Year delivered to the Agent pursuant to clause 12.1(e) and the relevant Compliance Certificate in respect of such Fiscal Half- Year (in the case of 30 June, 2000 taking account of the unaudited (interims) for the Fiscal Half-Year ended 30 June, 1999 in extracting the relevant amounts from the audited consolidated financial statements for the Fiscal Year ended 31 December 1999); and (C) Adjusted PBIT being calculated for the relevant twelve months and Consolidated Gross Borrowings being calculated by reference to the average daily outstandings over the most recent Fiscal Half...

Calculation of Margin. The rate of Margin that shall apply for each period where the Loan to Value Ratio is less than or equal to 0.65:1 shall be 1.05 per cent. per annum. The rate of Margin that shall apply for each period where the Loan to Value Ratio is greater than 0.65:1 shall be 1.2 per cent. per annum. The Loan to Value Ratio shall be calculated on the first Drawdown Date and at six monthly intervals thereafter. The Lender shall notify to the Borrowers the applicable Margin for the period following the first Drawdown Date and shall thereafter only notify the Borrowers in relation to subsequent periods if there is a change to the relevant applicable Margin that shall apply due to a change in the Loan to Value Ratio. For the purposes of this Clause 4.12 the Loan to Value Ratio shall mean the ratio of the Loan to the aggregate of the market value (determined as provided in Clause 14.3) of the Ships plus the net realisable value of any additional security provided under Clause 14.

Calculation of Margin. The Margin in relation to any Loan, and the Letter of Credit fee for the purposes of clause 13.4.1 (Letter of Credit Fees), shall (subject to the proviso below) be the rate set out in column (1) below which corresponds to the ratio of Net Debt to EBITDA set out in column (2) below, EBITDA being calculated as the aggregate EBITDA for the two most recently preceding Half-Yearly Periods in respect of which a Compliance Certificate has been delivered to the Agent in accordance with clause 21.1.5(c) (Delivery of reports) and determined from the most recent such Compliance Certificate: (1) (2) Rate (per cent. per annum) Net Debt: EBITDA 1. 125 greater than or equal to 3.00:1