Common use of MARGIN RATCHET Clause in Contracts

MARGIN RATCHET. The Margin shall: 4.3.1 from the date hereof until the Pushdown Date, be 2.25 per cent. per annum; 4.3.2 (if relevant) on and after the Pushdown Date and until the date falling 12 months after the date hereof, be 2.00 per cent. per annum; and 4.3.3 at any other time, subject to clause 4.5 (Default Margin) and in accordance with the provisions of Clause 4.4 (Margin Changes), be the percentage rate per annum determined by the ratio of EBITDA of the UK Group in respect of the Relevant Period ended on the most recent Quarter Date to the Total Net Cash Finance Charges for that Relevant Period in accordance with the table set out below. RATIO OF EBITDA TO TOTAL NET CASH FINANCE CHARGES MARGIN (PER CENT. PER ANNUM) Less than 1.25:1 2.00 Equal to or greater than 1.25:1 but less than 1.50:1 1.75 Equal to or greater than 1.50:1 but less than 1.75:1 1.50 Equal to or greater than 1.75:1 but less than 2.00:1 1.25 Equal to or greater than 2.00:1 but less than 2.25:1 1.00 Equal to or greater than 2.25:1 0.75