Common use of Change in Applicable Margin Clause in Contracts

Change in Applicable Margin. Changes in the Applicable Margin, resulting from a change in the Leverage Ratio, shall become effective on the 45th day following the last day of each fiscal quarter of Borrower, and shall be based on the Leverage Ratio disclosed in the Compliance Certificate with respect to such fiscal quarter; provided, however, for purposes of determining the aforementioned margins, (i) until Borrower accurately completes and delivers to Bank the first Compliance Certificate due hereunder, the Leverage Ratio shall be conclusively presumed to be greater than 3.5:1.0 and (ii) if Borrower fails to deliver to Bank an accurately completed Compliance Certificate within forty-five (45) days following the end of each fiscal quarter of Borrower, the Leverage Ratio shall be conclusively presumed to be greater than 3.5:1.0 until the applicable Compliance Certificate has been so completed and delivered to Bank.

Change in Applicable Margin. Changes in the Applicable Margin, resulting from a change in the Leverage Ratio, shall become effective on the 45th day following the last day of each fiscal quarter of Borrower, and shall be based on the Leverage Ratio disclosed in the Compliance Certificate with respect to such fiscal quarter; providedPROVIDED, howeverHOWEVER, for purposes of determining the aforementioned margins, (i) until Borrower accurately completes and delivers to Bank the first Compliance Certificate due hereunder, the Leverage Ratio shall be conclusively presumed to be greater than 3.5:1.0 and (ii) if Borrower fails to deliver to Bank an accurately completed Compliance Certificate within forty-five (45) days following the end of each fiscal quarter of Borrower, the Leverage Ratio shall be conclusively presumed to be greater than 3.5:1.0 until the applicable Compliance Certificate has been so completed and delivered to Bank.