Honeywell 2002 Annual Report Download - page 62

"Applicable Lending Office" means, with respect to each Lender, such
Lender's Domestic Lending Office in the case of a Base Rate Advance and
such Lender's Eurocurrency Lending Office in the case of a Eurocurrency
Rate Advance and, in the case of a Competitive Bid Advance, the office of
such Lender notified by such Lender to the Agent as its Applicable Lending
Office with respect to such Competitive Bid Advance.
"Applicable Margin" means (a) for Base Rate Advances, 0% per annum and
(b) for Eurocurrency Rate Advances, as of any date, a percentage per annum
determined by reference to the Public Debt Rating in effect on such date as
set forth below:
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Applicable Margin for
Applicable Margin for Eurocurrency Rate
Eurocurrency Rate Advances On and After
Public Debt Rating Advances Prior to Term Term Loan Conversion
S&P/Moody's Loan Conversion Date Date
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Level 1
A+ or A1 or above 0.200% 0.550%
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Level 2
Lower than Level 1 but 0.240% 0.600%
at least A or A2
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Level 3
Lower than Level 2 but 0.280% 0.700%
at least A- or A3
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Level 4
Lower than Level 3 but 0.400% 0.875%
at least BBB+ or Baa1
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Level 5
Lower than Level 4 0.625% 1.375%
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"Applicable Percentage" means, as of any date prior to the Term Loan
Conversion Date, a percentage per annum determined by reference to the
Public Debt Rating in effect on such date as set forth below:
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Public Debt Rating Applicable
S&P/Moody's Percentage
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Level 1
A+ or A1 or above 0.050%
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Level 2 Lower than Level 1 but at
least A or A2 0.060%
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Level 3
Lower than Level 2 but at 0.070%
least A- or A3
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2