Applicable Term Loan Margin

Applicable Term Loan Margin. Means for any day, with respect to any ABR Loan or Eurodollar Loan, the applicable rate per annum set forth below under the caption "ABR Spread" or "Eurodollar Spread", respectively, based upon the Ratings applicable on such date to the Loans (each a "Rating"): Ratings ABR Eurodollar (S&P/Moody's) Spread Spread ... --------------- -------- ----------- Category 1 > or = BB+ and > or = Ba2 1.25% 2.25% BB and > or = Ba2 Category 2 1.50% 2.50% > or = BB and Ba3 Other than in Category 3 Category 1 or 2 1.75% 2.75% Amendment No. 2 For purposes of the foregoing, (a) if one of S&P and Moody's shall not have in effect a Rating (other than by reason of the circumstances referred to in the last sentence of this definition), such rating agency shall be deemed to have a Rating equal to the level of the Rating of the other rating agency; (b) if neither S&P nor Moody's shall have in effect a Rating (other than by reason of the circumstances referred to in the last sentence of this definition), then each such rating agency shall be deemed to have established a Rating in Category 3; and (c) if the Ratings established or deemed to have been established by S&P and Moody's shall be changed (other than as a result of a change in the rating system of S&P or Moody's), such change shall be effective as of the date on which it is first announced by the applicable rating agency. Each change in the Applicable Term Loan Margin shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change; provided that no reduction in the Applicable Term Loan Margin shall be effective for so long as an Event of Default shall have occurred and be continuing. If the rating system of S&P or Moody's shall change, or if either such rating agency shall cease to be in the business of rating secured bank loans, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Term Loan Margin shall be determined by reference to the rating most recently in effect prior to such change or cessation. The Applicable Term Loan Margin in effect on effective date of Amendment No. 2 hereto dated as of December 17, 2003 shall be (i) in the case of Term Loans constituting an ABR Borrowing shall be 1.75% per annum and (ii) in the case of Term Loans constituting a Eurodollar Borrowing shall be 2.75% per annum. View More

Applicable Term Loan Margin. Shall mean, at any time, as to the Interest Rate for Term Loans, the applicable percentage (on a per annum basis) set forth below if the Leverage Ratio for the immediately preceding fiscal quarter is at or within the amounts indicated for such percentage: Pricing Level Leverage Ratio Applicable Term Loan Margin for Eurodollar Rate- Based Term Loans Applicable Term Loan Margin for Prime Rate-Based Term Loans I 3.50:1.0 11.00% 10.00% II 3.50:1.0....0 but > 3.25:1.0 10.50% 9.50% III <3.25:1.0 10.00% 9.00% provided, that, (i) the Applicable Margin shall be calculated and established once each fiscal quarter and shall remain in effect until adjusted thereafter after the end of such fiscal quarter, (ii) each adjustment of the Applicable Margin shall be effective as of the first day of a fiscal quarter based on the Leverage Ratio for the immediately preceding fiscal quarter, and (iii) the Applicable Margin for the period through and including the delivery of the financial statements and compliance certificate with respect to the fiscal quarter of Borrowers ending on December 31, 2010 shall be no less than the amount for Tier 1 set forth above. View More