Interest and Fee Basis. Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage. (i) Interest on all Fixed-Rate Loans and fees shall be calculated for actual days elapsed on the basis of a 360-day year. Interest on all Floating Rate Loans shall be calculated for actual days elapsed on the basis of a 365-, or when appropriate 366-, day year. Interest shall be payable for the day an Obligation is incurred but not for the day of any payment on the amount paid if payment is received prior to 3:00 p.m. (New York time) at the place of payment. If any payment of principal of or interest on a Loan or any payment of any other Obligations shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest, fees and commissions in connection with such payment. (ii) The Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage shall be determined on the basis of the then applicable Leverage Ratio as described in this SECTION 2.15(D)(ii), from time to time by reference to the following table: ------------------------------------- ------------------- --------------------------------- -------------------------- APPLICABLE FLOATING RATE APPLICABLE COMMITMENT LEVERAGE RATIO MARGIN APPLICABLE EUROCURRENCY MARGIN FEE PERCENTAGE ------------------------------------- ------------------- --------------------------------- -------------------------- Less than 1.50 0.25% 1.25% 0.300% ------------------------------------- ------------------- --------------------------------- -------------------------- 1.50 or greater, but less than 2.00 0.50% 1.50% 0.375% ------------------------------------- ------------------- --------------------------------- -------------------------- 2.00 or greater, but less than 2.50 0.75% 1.75% 0.450% ------------------------------------- ------------------- --------------------------------- -------------------------- 2.50 or greater, but less than 3.00 1.00% 2.00% 0.500% ------------------------------------- ------------------- --------------------------------- -------------------------- 3.00 or greater 1.25% 2.25% 0.500% ------------------------------------- ------------------- --------------------------------- -------------------------- The Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage shall be 1.00%, 2.00% and 0.500%, respectively, until the Administrative Agent has received the Company's financial statements for the fiscal quarter ending September 30, 2000; PROVIDED that if the Leverage Ratio as reflected in the most recently delivered financial statements, delivered pursuant to SECTIONS 7.1(A)(i) and (ii), as applicable, is 3.00 or greater, the Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage shall be 1.25%, 2.25% and 0.500%, respectively. Thereafter, upon receipt of the financial statements to be delivered by the Company in accordance with SECTION 7.1(A)(i) or (ii), as applicable, for any fiscal quarter or, if earlier, upon receipt of the Company's unaudited financial statements for any fiscal year, the Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage shall be adjusted, such adjustment being effective five (5) Business Days following the Administrative Agent's receipt of such financial statements and the compliance certificate required to be delivered in connection therewith pursuant to SECTION 7.1(A)(iii); PROVIDED, that if the Company shall not have timely delivered its financial statements in accordance with SECTION 7.1(A)(i) or (ii), as applicable, then commencing on the date upon which such financial statements should have been delivered and continuing until such financial statements are actually delivered, it shall be assumed for purposes of determining the Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage that the Leverage Ratio was greater than 3.00 to 1.0. Notwithstanding the foregoing, for so long as any Default shall have occurred and been continuing, the Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage shall be the highest Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Margin set forth in the foregoing table. At all times after the first anniversary of the Closing Date until the "Term Loans" under the 5-Year Credit Agreement have been repaid in full, each of the Applicable Floating Rate Margin and the Applicable Eurocurrency Margin shall increase by 25 basis points.
Appears in 1 contract
Interest and Fee Basis. Applicable Eurodollar Margin; Applicable ---------------------------------------------------------------- Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage.. -------------------------------------------------------------
(i) Interest All computations of interest and fees based on the Alternate Base Rate which are computed by reference to the Corporate Base Rate shall be calculated on the basis of a year of 365 or 366 days, as the case may be, and all Fixed-Rate Loans other computations of interest and fees shall be calculated for actual days elapsed on the basis of a 360-day year. Interest on all Floating Rate Loans shall be calculated for actual days elapsed on the basis of a 365-, or when appropriate 366-, day year. Interest shall be payable for the day an Obligation is incurred but not for the day of any payment on the amount paid if payment is received prior to 3:00 2:00 p.m. (New York Chicago time) at the place of payment. If any payment of principal of or interest on a Loan or any payment of any other Obligations shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest, fees and commissions interest in connection with such payment.
(ii) The Applicable Floating Rate Eurodollar Margin, Applicable Eurocurrency Floating Rate Margin and Applicable Commitment Fee Percentage shall be determined from time to time by reference to the table set forth below, on the basis of the then applicable Leverage Ratio as described in this SECTION Section 2.15(D)(ii): ------------------- =============================================================================================================================== APPLICABLE MARGINS/FEES FOR OBLIGATIONS ------------------------------------------------------------------------------------------------------------------------------- LEVERAGE RATIO APPLICABLE APPLICABLE APPLICABLE APPLICABLE APPLICABLE FLOATING EURODOLLAR FLOATING EURODOLLAR COMMITMENT RATE MARGIN RATE MARGIN RATE RATE MARGIN FEE FOR FOR MARGIN FOR TERM PERCENTAGE OBLIGATIONS OBLIGATIONS FOR TERM LOANS OTHER THAN OTHER THAN LOANS TERM LOANS TERM LOANS ------------------------------------------------------------------------------------------------------------------------------- LEVEL 1 equals to or less than 3.25 to 1.0 0.50% 3.00% 1.25% 3.50% 0.50% ------------------------------------------------------------------------------------------------------------------------------- equals to or less than 3.00 to 1.00 ▇▇▇▇▇ ▇ 0.25% 2.50% 1.00% 3.25% 0.50% and greater than 3.25 to 1.00 ------------------------------------------------------------------------------------------------------------------------------- equals to or less than 2.75 to 1.00 ▇▇▇▇▇ ▇ 0.00% 2.25% 0.75% 3.00% 0.50% and greater than 3.00 to 1.00 ------------------------------------------------------------------------------------------------------------------------------- equals to or less than 2.25 to 1.00 ▇▇▇▇▇ ▇ 0.00% 2.00% 0.50% 2.75% 0.50% and greater than 2.75 to 1.00 ------------------------------------------------------------------------------------------------------------------------------- LEVEL 5 greater than 2.25 to 1.00 0.00% 1.75% 0.25% 2.50% 0.50% =============================================================================================================================== Except as set forth in clause (iii) below, for purposes of this Section ------- 2.15(D)(ii), from time to time by reference to the following table: ------------------------------------- ------------------- --------------------------------- -------------------------- APPLICABLE FLOATING RATE APPLICABLE COMMITMENT LEVERAGE RATIO MARGIN APPLICABLE EUROCURRENCY MARGIN FEE PERCENTAGE ------------------------------------- ------------------- --------------------------------- -------------------------- Less than 1.50 0.25% 1.25% 0.300% ------------------------------------- ------------------- --------------------------------- -------------------------- 1.50 or greater, but less than 2.00 0.50% 1.50% 0.375% ------------------------------------- ------------------- --------------------------------- -------------------------- 2.00 or greater, but less than 2.50 0.75% 1.75% 0.450% ------------------------------------- ------------------- --------------------------------- -------------------------- 2.50 or greater, but less than 3.00 1.00% 2.00% 0.500% ------------------------------------- ------------------- --------------------------------- -------------------------- 3.00 or greater 1.25% 2.25% 0.500% ------------------------------------- ------------------- --------------------------------- -------------------------- The Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage shall be 1.00%, 2.00% and 0.500%, respectively, until the Administrative Agent has received the Company's financial statements for the fiscal quarter ending September 30, 2000; PROVIDED that if the Leverage Ratio as reflected in the most recently delivered financial statements, delivered pursuant to SECTIONS 7.1(A)(i) and (ii), as applicable, is 3.00 or greater, the Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage shall be 1.25%, 2.25% and 0.500%, respectivelydetermined as of the last day of each ----------- fiscal quarter on a basis consistent with the calculation under Section 6.4. Thereafter, upon ----------- Upon receipt of the financial statements delivered pursuant to be delivered by the Company in accordance with SECTION 7.1(A)(i) or (iiSection ------- 6.1(A)(ii), as applicable, for any fiscal quarter or, if earlier, upon receipt of the Company's unaudited financial statements for any fiscal year, the Applicable Floating Rate Eurodollar Margin, Applicable Eurocurrency Floating Rate Margin ---------- and Applicable Commitment Fee Percentage shall be adjusted, such adjustment being effective five (5) Business Days following the Administrative Agent's receipt of such financial statements and the compliance certificate Officer's Certificate required to be delivered in connection therewith pursuant to SECTION 7.1(A)(iiiSection 6.1(A)(iv); PROVIDEDprovided, that if the Company Borrower shall ------------------ -------- not have timely delivered its financial statements in accordance with SECTION 7.1(A)(i) or (iiSection ------------ 6.1(A)(ii), as applicable, then commencing on the date upon which such financial statements ---------- should have been delivered and continuing until such financial statements are actually delivered, it shall be assumed for purposes of determining the Applicable Floating Rate Eurodollar Margin, Applicable Eurocurrency Floating Rate Margin and Applicable Commitment Fee Percentage that the Leverage Ratio was greater than 3.00 3.25 to 1.0. 1.0 and the Level 1 pricing shall be applicable.
(iii) Notwithstanding anything herein to the foregoing, for so long as any Default shall have occurred and been continuingcontrary, the initial Applicable Eurodollar Margin, Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage shall be at the highest Level 3 pricing level and no adjustment which would otherwise be made during the period from the Closing Date through March 31, 1998 shall be made but the Level 3 pricing shall remain in effect for such period. Thereafter, the Applicable Eurodollar Margin, Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Margin Percentage shall be adjusted pursuant to the provisions of this Section 2.15 set forth in the foregoing tableabove. At all times after the first anniversary of the Closing Date until the "Term Loans" under the 5-Year Credit Agreement have been repaid in full, each of the Applicable Floating Rate Margin and the Applicable Eurocurrency Margin shall increase by 25 basis points.------------
Appears in 1 contract
Interest and Fee Basis. Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage.
(i) Interest on all Fixed-Eurocurrency Rate Loans, all Alternate Currency Loans (except as provided otherwise in the applicable Alternate Currency Addendum) and on all fees shall be calculated for actual days elapsed on the basis of a 360-day year. Interest on all Floating Rate Loans shall be calculated for actual days elapsed on the basis of a 365-, or when appropriate 366-, day year. Interest shall be payable for the day an Obligation is incurred but not for the day of any payment on the amount paid if payment is received prior to 3:00 2:00 p.m. (New York Chicago time) at the place of payment. If any payment of principal of or interest on a Loan or any payment of any other Obligations shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest, fees and commissions in connection with such payment.
(ii) The Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage shall be determined on the basis of the then applicable Leverage Ratio as described in this SECTION Section 2.15(D)(ii), from time to time by reference to the following table: ------------------------------------- ------------------- --------------------------------- -------------------------- ----------------------- ----------------------- ----------------------- APPLICABLE APPLICABLE FLOATING RATE APPLICABLE COMMITMENT LEVERAGE RATIO MARGIN APPLICABLE EUROCURRENCY COMMITMENT RATE MARGIN MARGIN FEE PERCENTAGE LEVERAGE RATIO ------------------------------------- ------------------- --------------------------------- -------------------------- ----------------------- ----------------------- ----------------------- Greater than 2.50 to 1.0 0.3125% 1.5625% 0.30% ------------------------------------- ----------------------- ----------------------- ----------------------- Greater than 2.00 to 1.0 and less than or equal 0.0625% 1.3125% 0.25% to 2.50 to 1.0 ------------------------------------- ----------------------- ----------------------- ----------------------- Greater than 1.50 to 1.0 and less than or 0.0% 1.0625% 0.25% equal to 2.00 to 1.0 ------------------------------------- ----------------------- ----------------------- ----------------------- Less than 1.50 0.25or equal to 1.5 to 1.0 0.0% 1.250.9375% 0.3000.20% ------------------------------------- ------------------- --------------------------------- -------------------------- 1.50 or greater----------------------- ----------------------- ----------------------- For purposes of this Section 2.15(D)(ii), but less than 2.00 0.50% 1.50% 0.375% ------------------------------------- ------------------- --------------------------------- -------------------------- 2.00 or greater, but less than 2.50 0.75% 1.75% 0.450% ------------------------------------- ------------------- --------------------------------- -------------------------- 2.50 or greater, but less than 3.00 1.00% 2.00% 0.500% ------------------------------------- ------------------- --------------------------------- -------------------------- 3.00 or greater 1.25% 2.25% 0.500% ------------------------------------- ------------------- --------------------------------- -------------------------- The Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage shall be 1.00%, 2.00% and 0.500%, respectively, until the Administrative Agent has received the Company's financial statements for the fiscal quarter ending September 30, 2000; PROVIDED that if the Leverage Ratio shall be calculated as reflected provided in Section 7.4(B). Upon receipt of the most recently delivered financial statements, statements delivered pursuant to SECTIONS Sections 7.1(A)(i) and (ii), as applicable, is 3.00 or greater, the Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage shall be 1.25%, 2.25% and 0.500%, respectively. Thereafter, upon receipt of the financial statements to be delivered by the Company in accordance with SECTION 7.1(A)(i) or (ii), as applicable, for any fiscal quarter or, if earlier, upon receipt of the Company's unaudited financial statements for any fiscal year, the Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage shall be adjusted, such adjustment being effective five (5) Business Days following the Administrative Agent's receipt of such financial statements and the compliance certificate required to be delivered in connection therewith pursuant to SECTION Section 7.1(A)(iii); PROVIDEDprovided, that if the Company Borrower shall not have timely delivered its financial statements in accordance with SECTION Section 7.1(A)(i) or (ii), as applicable, then and such failure continues for five (5) days after notice from the Agent to the Borrower, then, at the discretion of the Required Lenders, commencing on the date upon which such financial statements should have been delivered and continuing until such financial statements are actually delivered, it shall be assumed for purposes of determining the Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage that the Leverage Ratio was greater than 3.00 2.5 to 1.0. .
(iii) Notwithstanding anything herein to the foregoingcontrary, from the date of this Agreement to but not including the fifth (5th) Business Day following receipt of the Borrower's financial statements delivered pursuant to Section 7.1(A)(i) for so long as any Default shall have occurred and been continuingthe fiscal quarter ending September 30, 1999, the Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage shall be the highest Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Margin set forth in the foregoing table. At all times after the first anniversary of the Closing Date until the "Term Loans" under the 5-Year Credit Agreement have been repaid in full, each of the Applicable Floating Rate Margin and the Applicable Eurocurrency Margin shall increase by 25 basis pointsdetermined based upon a Leverage Ratio less than or equal to 1.5 to 1.0.
Appears in 1 contract
Sources: Credit Agreement (Schawk Inc)
Interest and Fee Basis. Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage.
(i) Interest on all Fixed-Rate Loans (except as provided otherwise in the applicable Alternate Currency Addendum in the case of an Alternate Currency Loan) and fees shall be calculated for actual days elapsed on the basis of a 360-day year. Interest on all Floating Rate Loans shall be calculated for actual days elapsed on the basis of a 365-, or when appropriate 366-, day year. Interest shall be payable for the day an Obligation is -44- 51 incurred but not for the day of any payment on the amount paid if payment is received prior to 3:00 p.m. (New York time) at the place of payment. If any payment of principal of or interest on a Loan or any payment of any other Obligations shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest, fees and commissions in connection with such payment.
(ii) The Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage shall be determined on the basis of the then applicable Leverage Ratio as described in this SECTION 2.15(D)(ii), from time to time by reference to the following table: ------------------------------------- ------------------- --------------------------------- -------------------------- APPLICABLE APPLICABLE FLOATING RATE APPLICABLE COMMITMENT LEVERAGE RATIO RATE EUROCURRENCY FEE MARGIN APPLICABLE EUROCURRENCY MARGIN FEE PERCENTAGE ------------------------------------- ------------------- --------------------------------- -------------------------- Less than 1.50 0.25% 1.25% 0.300% ------------------------------------- ------------------- --------------------------------- -------------------------- 1.50 or greater, but less than 2.00 0.50% 1.50% 0.375% 2.00 ------------------------------------- ------------------- --------------------------------- -------------------------- 2.00 or greater, but less than 2.50 0.75% 1.75% 0.450% 2.50 ------------------------------------- ------------------- --------------------------------- -------------------------- 2.50 or greater, but less than 3.00 1.00% 2.00% 0.500% 3.00 ------------------------------------- ------------------- --------------------------------- -------------------------- 3.00 or greater 1.25% 2.25% 0.500% ------------------------------------- ------------------- --------------------------------- -------------------------- The Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage shall be 1.00%, 2.00% and 0.500%, respectively, until the Administrative Agent has received the Company's financial statements for the fiscal quarter ending September 30, 2000; PROVIDED that if the Leverage Ratio as reflected in the most recently delivered financial statements, delivered pursuant to SECTIONS 7.1(A)(i) and (ii), as applicable, is 3.00 or greater, the Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage shall be 1.25%, 2.25% and 0.500%, respectively. Thereafter, upon receipt of the financial statements to be delivered by the Company in accordance with SECTION 7.1(A)(i) or (ii), as applicable, for any fiscal quarter or, if earlier, upon receipt of the Company's unaudited financial statements for any fiscal year, the Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage shall be adjusted, such adjustment being effective five (5) Business Days following the Administrative Agent's receipt of such financial statements and the compliance certificate required to be delivered in connection therewith pursuant to SECTION 7.1(A)(iii); PROVIDEDprovided, that if the Company shall not have timely delivered its financial statements in accordance with SECTION 7.1(A)(i) or (ii), as applicable, then commencing on the date upon which such financial statements should have been delivered and continuing until such financial statements are actually delivered, it shall be assumed for purposes of determining the Applicable Floating Rate Margin, Applicable -45- 52 Eurocurrency Margin and Applicable Commitment Fee Percentage that the Leverage Ratio was greater than 3.00 to 1.0. Notwithstanding the foregoing, for so long as any Default shall have occurred and been continuing, the Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage shall be the highest Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Margin set forth in the foregoing table. At all times after the first anniversary of the Closing Date until the "Term Loans" under the 5-Year Credit Agreement Loans have been repaid in full, each of the Applicable Floating Rate Margin and the Applicable Eurocurrency Margin shall increase by 25 basis points.
Appears in 1 contract
Interest and Fee Basis. Applicable Floating Rate Margin, -------------------------------------------------------- Applicable Eurocurrency Margin, Applicable Alternate Currency Margin and ------------------------------------------------------------------------ Applicable Commitment Fee Percentage.. ------------------------------------
(i) Interest on all Fixed-Eurocurrency Rate Loans, all Alternate Currency Loans (except as provided otherwise in the applicable Alternate Currency Addendum), all Floating Rate Loans where the basis for calculation is the Federal Funds Effective Rate and on all fees shall be calculated for actual days elapsed on the basis of a 360-day year. Interest on all Floating Rate Loans for where the basis for calculation is the Prime Rate shall be calculated for actual days elapsed on the basis of a 365-, or when appropriate 366-, day year. Interest shall be payable for the day an Obligation is incurred but not for the day of any payment on the amount paid if payment is received prior to 3:00 2:00 p.m. (New York local time) at the place of payment. If any payment of principal of or interest on a Loan or any payment of any other Obligations shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest, fees and commissions in connection with such payment.
(ii) The ================================================================================================================ Applicable Margin Level I Status Level II Status Level III Status Level IV Status Level V Status (Less than or (Greater than (Greater than (Greater than (Greater than equal to 1.0 to 1.0 to 1.0 and 1.5 to 1.0 and 2.0 to 1.0 and 2.5 to 1.0) 1.0) less than or less than or less than or equal to 1.5 to equal to 2.0 to equal to 2.5 to 1.0) 1.0) 1.0) ---------------------------------------------------------------------------------------------------------------- Eurocurrency 0.625% 0.75% 0.875% 1% 1.125% Margin, Alternate Currency Margin and L/C Percentage ---------------------------------------------------------------------------------------------------------------- Floating Rate 0% 0% 0% 0% 0% Margin ================================================================================================================ Commitment Fee 0.175% 0.20% 0.225% 0.25% 0.375% Percentage ================================================================================================================
(iii) Notwithstanding anything herein to the contrary, from the date of this Agreement to but not including the fifth (5th) Business Day following receipt of the Borrower's financial statements delivered pursuant to Section 7.1(A)(i) for the fiscal quarter ending April 30, 2000, the ----------------- Applicable Floating Rate Margin, Applicable Eurocurrency Margin, Applicable Alternate Currency Margin and Applicable Commitment Fee Percentage shall be determined on the basis of the then applicable based upon a Leverage Ratio as described in this SECTION 2.15(D)(ii), from time to time by reference to the following table: ------------------------------------- ------------------- --------------------------------- -------------------------- APPLICABLE FLOATING RATE APPLICABLE COMMITMENT LEVERAGE RATIO MARGIN APPLICABLE EUROCURRENCY MARGIN FEE PERCENTAGE ------------------------------------- ------------------- --------------------------------- -------------------------- Less than 1.50 0.25% 1.25% 0.300% ------------------------------------- ------------------- --------------------------------- -------------------------- 1.50 or greater, but less than 2.00 0.50% 1.50% 0.375% ------------------------------------- ------------------- --------------------------------- -------------------------- 2.00 or greater, but less than 2.50 0.75% 1.75% 0.450% ------------------------------------- ------------------- --------------------------------- -------------------------- 2.50 or greater, but less than 3.00 1.00% 2.00% 0.500% ------------------------------------- ------------------- --------------------------------- -------------------------- 3.00 or greater 1.25% 2.25% 0.500% ------------------------------------- ------------------- --------------------------------- -------------------------- The Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage shall be 1.00%, 2.00% and 0.500%, respectively, until the Administrative Agent has received the Company's financial statements for the fiscal quarter ending September 30, 2000; PROVIDED that if the Leverage Ratio as reflected in the most recently delivered financial statements, delivered pursuant equal to SECTIONS 7.1(A)(i) and (ii), as applicable, is 3.00 or greater, the Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage shall be 1.25%, 2.25% and 0.500%, respectively. Thereafter, upon receipt of the financial statements to be delivered by the Company in accordance with SECTION 7.1(A)(i) or (ii), as applicable, for any fiscal quarter or, if earlier, upon receipt of the Company's unaudited financial statements for any fiscal year, the Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage shall be adjusted, such adjustment being effective five (5) Business Days following the Administrative Agent's receipt of such financial statements and the compliance certificate required to be delivered in connection therewith pursuant to SECTION 7.1(A)(iii); PROVIDED, that if the Company shall not have timely delivered its financial statements in accordance with SECTION 7.1(A)(i) or (ii), as applicable, then commencing on the date upon which such financial statements should have been delivered and continuing until such financial statements are actually delivered, it shall be assumed for purposes of determining the Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage that the Leverage Ratio was greater than 3.00 2.0 to 1.0. Notwithstanding the foregoing, for so long as any Default shall have occurred and been continuing, the Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Percentage shall be the highest Applicable Floating Rate Margin, Applicable Eurocurrency Margin and Applicable Commitment Fee Margin set forth in the foregoing table. At all times after the first anniversary of the Closing Date until the "Term Loans" under the 5-Year Credit Agreement have been repaid in full, each of the Applicable Floating Rate Margin and the Applicable Eurocurrency Margin shall increase by 25 basis points.
Appears in 1 contract