AEP » Topics » Applicable Margin”

These excerpts taken from the AEP 10-Q filed Oct 31, 2008.
Applicable Margin” shall mean, with respect to any Base Rate Advance and any Eurodollar Rate Advance made to any Borrower, at all times during which any Applicable Rating Level set forth below is in effect for such Borrower, the rate per annum (except as provided below) for such Advance set forth below next to such Applicable Rating Level:
 
Applicable
Rating Level
    Applicable Margin
for Eurodollar Rate
                             Advances
Applicable Margin    
  for Base Rate Advances
1
0.350%
 0.000%
2
0.400%
                               0.000%
3
0.500%
                               0.000%
4
0.600%
                               0.000%
5
0.700%
                               0.000%
6
1.000%
                               0.000%

provided, that the Applicable Margins set forth above shall be increased, for each Applicable Rating Level for each Borrower, upon the occurrence and during the continuance of any Event of Default with respect to such Borrower by 2.00% per annum.
 
Any change in the Applicable Margin resulting from a change in the Applicable Rating Level for any Borrower shall become effective upon the date of announcement of any change in the Moody’s Rating or the S&P Rating for such Borrower that results in such change in the Applicable Rating Level.
 
Applicable Margin” shall mean, with respect to any Base Rate Advance and any Eurodollar Rate Advance made to any Borrower, at all times during which any Applicable Rating Level set forth below is in effect for such Borrower, the rate per annum (except as provided below) for such Advance set forth below next to such Applicable Rating Level:
 
Applicable
Rating Level
Applicable Margin
for Eurodollar Rate
                               Advances
                       Applicable Margin
for                 Base Rate
                     Advances
1
0.350%
0.000%
2
0.400%
         0.000%
3
0.500%
         0.000%
4
0.600%
         0.000%
5
0.700%
         0.000%
6
1.000%
         0.000%

provided, that the Applicable Margins set forth above shall be increased, for each Applicable Rating Level for each Borrower, upon the occurrence and during the continuance of any Event of Default with respect to such Borrower by 2.00% per annum; and provided further that, upon exercise of the Term-Out, the Applicable Margins set forth above shall be increased, for Applicable Rating Levels one through five by an additional 0.125% and for Applicable Rating Level six by an additional 0.250%.
 
Any change in the Applicable Margin resulting from a change in the Applicable Rating Level for any Borrower shall become effective upon the date of announcement of any change in the Moody’s Rating or the S&P Rating for such Borrower that results in such change in the Applicable Rating Level.
 
Applicable Margin” shall mean, with respect to any Base Rate Advance and any Eurodollar Rate Advance, at all times during which any Applicable Rating Level set forth below is in effect, the rate per annum (except as provided below) for such Advance set forth below next to such Applicable Rating Level:
 
Applicable
Rating Level
Applicable Margin
for Eurodollar Rate
Advances
Applicable Margin
for Base Rate
Advances
1
0.200%
0.000%
2
0.250%
0.000%
3
0.350%
0.000%
4
0.450%
0.000%
5
0.550%
0.000%
6
0.750%
0.000%

provided, that
 
(i) the Applicable Margins set forth above shall be increased, at any time the aggregate principal amount of the Extensions of Credit outstanding is greater than 50% of the aggregate Commitments by the Utilization Fee Rate; and
 
(ii) the Applicable Margins set forth above shall be increased, for each Applicable Rating Level, upon the occurrence and during the continuance of any Event of Default by 2.00% per annum.
 
Any change in the Applicable Margin resulting from a change in the Applicable Rating Level shall become effective upon the date of announcement of any change in the Moody’s Rating or the S&P Rating that results in such change in the Applicable Rating Level.
 
Applicable Margin” shall mean, with respect to any Base Rate Advance and any Eurodollar Rate Advance, at all times during which any Applicable Rating Level set forth below is in effect, the rate per annum (except as provided below) for such Advance set forth below next to such Applicable Rating Level:
 
Applicable
Rating Level
Applicable Margin
for Eurodollar Rate
Advances
Applicable Margin
for Base Rate
Advances
1
0.200%
0.000%
2
0.250%
0.000%
3
0.350%
0.000%
4
0.450%
0.000%
5
0.550%
0.000%
6
0.750%
0.000%

provided, that
 
(i) the Applicable Margins set forth above shall be increased, at any time the aggregate principal amount of the Extensions of Credit outstanding is greater than 50% of the aggregate Commitments by the Utilization Fee Rate; and
 
(ii) the Applicable Margins set forth above shall be increased, for each Applicable Rating Level, upon the occurrence and during the continuance of any Event of Default by 2.00% per annum.
 
Any change in the Applicable Margin resulting from a change in the Applicable Rating Level shall become effective upon the date of announcement of any change in the Moody’s Rating or the S&P Rating that results in such change in the Applicable Rating Level.
 

EXCERPTS ON THIS PAGE:

10-Q (4 sections)
Oct 31, 2008
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