Determination of Margin Sample Clauses
The Determination of Margin clause defines how the required margin or collateral amount is calculated and maintained between parties in a financial or trading agreement. Typically, it outlines the methods, timing, and criteria for assessing the value of assets or obligations, and may specify who is responsible for making these calculations and how disputes are resolved. This clause ensures that both parties have a clear understanding of their margin requirements, reducing the risk of under-collateralization and helping to manage credit risk throughout the duration of the agreement.
Determination of Margin. As used in the Note, "Margin" means an incremental amount used in determining certain interest rates under the Note. The initial Margin shall be 65 basis points. The Margin shall be adjusted each fiscal quarter of the Borrower on the basis of the Leverage Ratio of the G&K Group as at the end of the previous fiscal quarter, in accordance with the following table: Leverage Ratio Margin (basis points) -------------- --------------------- 3.50 to 1 or more 127.5 3.00 to 1 or more, but less than 3.50 to 1 110 2.50 to 1 or more, but less than 3.00 to 1 90 2.00 to 1 or more, but less than 2.50 to 1 77.5 Less than 2.00 to 1 65 Reductions and increases in the Margin will be made quarterly within five business days following receipt of the Borrower's financial statements and quarterly certificates required under the Multibank Credit Agreement. Notwithstanding the foregoing, (i) if the Borrower fails to deliver any such financial statements or certificates when required under the Multibank Credit Agreement, the Bank may, by notice to the Borrower, increase the Margin to the highest rates set forth above until such time as the Bank has received all such financial statements and certificates, and (ii) no reduction in the Margin will be made if a Default or Event of Default has occurred and is continuing at the time that such reduction would otherwise be made.
Determination of Margin. The Lender shall calculate the Asset Cover Ratio on the Drawdown Date and on the date falling every 3 months thereafter (each a “Margin Calculation Date”) for the purposes of calculating the applicable Margin and shall advise the Borrower in writing, within 5 Business Days of each Margin Calculation Date, of the applicable Margin which will apply for the 3-month period commencing on the relevant Margin Calculation Date Provided that in respect of each Margin Calculation Date other than the first Margin Calculation Date, the Lender shall only be obliged to advise the Borrower of the Margin which will apply for the 3-month period commencing on the relevant Margin Calculation Date if that Margin will be different to the Margin which applied immediately prior to the relevant Margin Calculation Date. For the purposes of calculating the Asset Cover Ratio pursuant to this Clause 4.12, the Market Value of the Ship shall be determined in accordance with Clause 14.3.
Determination of Margin. (a) The Agent shall calculate and determine the Margin (having regard to the definition of “Margin” in clause 1.2) at any time when required by it but (i) only on Quarter Dates (or within five (5) Banking Days following a Quarter Date) and (ii) in any event not more frequently than on each Quarter Date (or within five (5) Banking Days after each Quarter Date) of each calendar year. Following each determination by the Agent, the Margin so determined will apply to the Loan as of the Quarter Date on or around which the relevant determination was made.
(b) In the event that the Agent has elected not to make a determination of Margin on a particular Quarter Date, then the Borrowers shall be entitled to request that such determination is made by the Agent, provided that, not later than 5 Banking Days after the relevant Quarter Date:
(i) they make a relevant request to the Agent in writing; and
(ii) they supply to the Agent with valuations of the Mortgaged Ships addressed to the Agent and otherwise made in all respects in the manner set out in clause 8.2.2 at the cost and expense of the Borrowers. In that case, the Agent will calculate and determine the Margin which will apply retroactively from the relevant Quarter Date in respect of which the Borrowers requested a determination.
(c) The Agent shall notify the Borrowers and the Banks of any determination of the Margin made by it under this clause 3.1.2 and, once made, each such determination shall (in the absence of manifest error) be conclusive and binding on all parties to this Agreement.
Determination of Margin. The Agent shall review the applicable Margin in relation to each Tranche on the date falling on the earlier of (i) 12 months after the Drawdown Date and (ii) 30 August 2009 (the “Margin Calculation Date”), and shall advise the Borrower in writing within 5 Business Days of the Margin Calculation Date of the Margin which will apply to that Tranche commencing on the Margin Calculation Date Provided that if the Borrower disagrees with the revised Margin the provisions of Clause 8.8(c) and 8.8(d) shall apply.
Determination of Margin. (a) The Margin shall be determined based on the ratio of Net Senior Debt divided by EBITDA and shall be as follows: Net Senior Debt / EBITDA Margin in % per annum > 2.25 x < 2.75 x 2.75% > 1.75 x < 2.25 x 2.10% > 1.25 x < 1.75 x 1.60% > 0.75 x < 1.25 x 1.25% < 0.75 x 0.90%
(b) The Margin shall be computed quarterly based on the audited consolidated annual financial statements and the unaudited consolidated quarterly financial statements of the Group covering the four quarters immediately preceding such reporting on a rolling basis, as well as the Compliance Certificate delivered to the Agent pursuant to Clause 20 (Information undertakings) (for the purpose of this Clause 11.2 together the “Information”). Until the adjustment based on the Information as of 31 March 2012, the Margin shall be equal to 1.00 per cent. per annum.
(c) In the event that the Margin is to be adjusted pursuant to this Clause 9.2, the new Margin shall apply:
(i) to any new Loan (including, for the avoidance of doubt, any Rollover Loan);
(ii) in respect of a running Interest Period, to the period starting on the next calendar day immediately following an interest payment date pursuant to Clause 9.3 (Payment of interest), if any, until the last day of that Interest Period; in each case after 10 calendar days after receipt of the Information by the Agent according to Clause 20 (Information undertakings).
Determination of Margin. The Lender shall calculate the Market Value on the Drawdown Date and every 6 months thereafter (each a “Margin Calculation Date”) for the purposes of calculating the applicable Margin and shall advise the Borrower in writing of the applicable Margin which will apply for the 6-month period commencing on the relevant Margin Calculation Date Provided that in respect of each Margin Calculation Date other than the first applicable Margin Calculation Date, the Lenders shall only be obliged to advise the Borrowers of the Margin which will apply for the Interest Period commencing on the relevant applicable Margin Calculation Date if that Margin will be different to the Margin which applied immediately prior to the relevant Margin Calculation Date. For the purposes of calculating the Market Value of the Ship pursuant to this Clause 5.14, it shall be determined no more than 30 days prior to the relevant Margin Calculation Date. The valuations of the Ship are to be provided to the Agent at least 5 Business Days prior to the Margin Calculation Date.
Determination of Margin. For the purposes of calculating the Eurodollar Margin Increment in Section 6.2, the Ratio of Earnings to Fixed Charges as at the end of any Fiscal Quarter shall be determined (i) in the case of each of the first three Fiscal Quarters of any Fiscal Year by reference to the certificate from the Company to be delivered to the Bank pursuant to Section 11.1(c) and (ii) in the case of the last Fiscal Quarter of any Fiscal Year, initially by reference to a certificate from the Company to be delivered to the Bank not later than ninety days following the end of such Fiscal Quarter in the form of the certificate delivered pursuant to the foregoing clause (i) (but limited to the calculation of the Ratio of Earnings to Fixed Charges). Each such certificate shall contain the Company's calculation of the Ratio of Earnings to Fixed Charges as at the end of the preceding Fiscal Quarter. Until receipt by the Bank of such certificate, failure of the Company to furnish such certificate on a timely basis shall be deemed (for purposes of Sections 6.2) to constitute an acknowledgement by the Company that the Ratio of Earnings to Fixed Charges is less than 1.25:1. If, in the case of any Fiscal Quarter, the actual Ratio of Earnings to Fixed Charges as at the end of the preceding Fiscal Quarter (as determined by reference to the audited report delivered pursuant to Section 11.1, to any correction with respect to any certificate previously furnished by the Company or to any certificate furnished on an untimely basis) results in a Eurodollar Margin Increment different from that applied in connection with the Company's calculation, such new Eurodollar Margin Increment shall come into effect immediately upon the Bank's receipt of such report, correction or untimely certificate and shall be given retroactive effect to and including the first day of the Fiscal Quarter immediately following the Fiscal Quarter to which such report, correction or untimely certificate relates, and within fifteen days of the Bank's receipt of such report, correction or untimely certificate, either the Company shall pay to the Bank or the Bank shall pay to the Company such amounts as shall be necessary to give effect to such new Eurodollar Margin Increment.
Determination of Margin. The Purchase Price shall consist of actual production costs (as defined in Schedule 6) plus a differential (the "Margin") resulting from deducting from the Sales Price (i) the actual production costs, (ii) shipment costs, (iii) taxes and duties and other payments due to government authorities that have been paid by the Marketing Company in respect of the relevant transaction. If Gaifar has paid any additional costs incorporated with sales, these payments will be added to the actual production costs. BICO and the Marketing Company shall be entitled to have Gaifar's actual production costs verified by an independent auditor who shall be granted unlimited access to the production site and to Gaifar's books and records in order to make the assessment. If Gaifar shows, and the independent auditor confirms, that substantial losses of production occur due to failed lots, which are not taken into account in the production costs, the parties will agree on an adequate surcharge to add to the production costs in order to take account of such losses. If the parties cannot agree on such surcharge, they shall submit this dispute to an expert ("Expert") appointed by the parties; if the parties fail to agree on the Expert within two weeks after one party has informed the others of its wish to submit the dispute to the Expert, the Expert shall be nominated by the President of the German American Chamber of Commerce, Frankfurt/M. for binding resolution.
Determination of Margin. (a) The Margin shall be determined based on the ratio of Net Senior Debt divided by EBITDA and shall be as follows: > 2.25 x < 2.75 x 2.75% > 1.75 x < 2.25 x 2.10% > 1.25 x < 1.75 x 1.60% > 0.75 x < 1.25 x 1.25% < 0.75 x 0.90%
(b) The Margin shall be computed quarterly based on the audited consolidated annual financial statements and the unaudited consolidated quarterly financial statements of the Group covering the four quarters immediately preceding such reporting on a rolling basis, as well as the Compliance Certificate delivered to the Agent pursuant to Clause 20 (Information undertakings) (for the purpose of this Clause 11.2 together the “Information”). Until the adjustment based on the Information as of 31 March 2012, the Margin shall be equal to 1.00 per cent. per annum.
(c) In the event that the Margin is to be adjusted pursuant to this Clause 9.2, the new Margin shall apply:
(i) to any new Loan (including, for the avoidance of doubt, any Rollover Loan);
(ii) in respect of a running Interest Period, to the period starting on the next calendar day immediately following an interest payment date pursuant to Clause 9.3 (Payment of interest), if any, until the last day of that Interest Period; in each case after 10 calendar days after receipt of the Information by the Agent according to Clause 20 (Information undertakings).
Determination of Margin. (a) The Margin shall be determined and adjusted from time to time by reference to the lower of the ratings published by either M▇▇▇▇’▇ or S&P (together, the Rating Agencies) in respect of the Company’s long term corporate credit rating (in the case of S&P) or senior implied rating (in the case of M▇▇▇▇’▇), each a relevant rating, such that when such a rating is that which appears in Column A in the table below, the Margin will be the percentage rate per annum which appears next to that rating in Column B.