Common use of Calculation of Margin Clause in Contracts

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. The Margin in relation to any Loan, and the Letter of Credit fee for the purposes of Clause 13.5(a) clause 13.4.1 (Letter of Credit fee) 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(e)(iiiclause 21.1.5(c) (Delivery of reports) (and, if applicable, paragraph 12 of Schedule 2 (Conditions Precedent to Initial UtilisationPrecedent) and determined from the most recent such Compliance Certificate: (1) (2) Rate (per cent. per annum) Net Debt: EBITDA