Applicable Rate means, for any day, with respect to any Eurodollar Loan, or with respect to the Letter of Credit fees and commitment fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Eurodollar Applicable Rate”, “Letter of Credit Applicable Rate” or “Commitment Fee Rate”, as the case may be, (a) from the Effective Date to the date on which the Administrative Agent receives a Compliance Certificate pursuant to Section 5.1(c) for the Measurement Period ending December 31, 2007, Pricing Level 2 shall apply and (b) thereafter, as determined by reference to the Consolidated Total Leverage Ratio of the Borrower as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 5.1(c): Eurodollar Consolidated Total Applicable Letter of Credit Commitment Fee Pricing Level Leverage Ratio Rate Applicable Rate Rate 1 Greater than or equal to 2.0 1.00 % 1.00 % 0.175 % 2 Greater than or equal to 1.5 but less than 2.0 0.875 % 0.875 % 0.15 % 3 Greater than or equal to 1.0 but less than 1.5 0.75 % 0.75 % 0.125 % 4 Less than 1.0 0.625 % 0.625 % 0.10 % Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated Total Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 5.1(c); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then Pricing Level 1 shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered through and including the tenth Business Day after delivery of such Compliance Certificate, unless the delivery of such Compliance Certificate is waived or the date for delivery thereof extended in writing by the Administrative Agent and the Required Lenders in their sole discretion. In the event either the Borrower or the Administrative Agent determines, in good faith, that the calculation of the Consolidated Total Leverage Ratio on which the Applicable Rate for any particular period was determined is inaccurate and, as a consequence thereof, the Applicable Rate originally calculated was lower than it would have been if the Consolidated Leverage Ratio had been correctly calculated, (i) the Borrower shall immediately deliver to the Administrative Agent a corrected Compliance Certificate for such period (and if such Compliance ...
Applicable Rate means, for any day, with respect to any ABR Loan or Eurocurrency Revolving Loan, or with respect to the commitment fees and letter of credit fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “ABR Spread”, “Eurocurrency Spread”, “Commitment Fee Rate” or “Letter of Credit Fee”, as the case may be, based upon the Leverage Ratio: Leverage Ratio: ABRSpread EurocurrencySpread Commitment Fee Rate Letter ofCredit Fee Category 1< 1.25 to 1.00 .25% 1.25% .20% 1.25% Category 2>1.25 to 1.00 but < 2.00 to 1.00 .50% 1.50% .25% 1.50% Category 3> 2.00 to 1.00 .75% 1.75% .25% 1.75% The Applicable Fee shall initially be based on Category 1. Commencing with the Borrower’s fiscal quarter ending December 31, 2014 and thereafter, (a) the Applicable Rate shall be determined as of the end of each fiscal quarter of the Borrower, based upon the Borrower’s annual or quarterly consolidated financial statements delivered pursuant to Section 5.01 and (b) each change in the Applicable Rate resulting from a change in the Leverage Ratio shall be effective during the period commencing on and including the date of delivery to the Administrative Agent of such consolidated financial statements indicating such change and ending on the date immediately preceding the effective date of the next such change, provided that at the option of the Administrative Agent or at the request of the Required Lenders, if the Borrower fails to deliver the annual or quarterly consolidated financial statements required to be delivered by it pursuant to Section 5.01, the Leverage Ratio shall be deemed to be in Category 3 during the period from the expiration of the time for delivery thereof until such consolidated financial statements are delivered.
Examples of Applicable Rate in a sentence
If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.
The Borrower shall pay to the Administrative Agent for the account of each Lender in accordance, subject to Section 2.18, with its Applicable Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate then applicable to Term SOFR Loans under the Revolving Credit Facility times the daily amount available to be drawn under such Letter of Credit.
The Borrower shall pay to the Administrative Agent, for the account of each Lender in accordance with its Applicable Percentage, a commitment fee equal to the product of (i) the Applicable Rate times (ii) the actual daily amount by which the Aggregate Revolving Commitments exceed the sum of (A) the Outstanding Amount of Revolving Loans and (B) the Outstanding Amount of L/C Obligations, subject to adjustment as provided in Section 2.15.
The facility fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.
Notwithstanding the above, the parties hereto acknowledge and agree that all calculations of the financial ratios (including for purposes of determining the Applicable Rate) shall be made on a Pro Forma Basis.
More Definitions of Applicable Rate
Applicable Rate means, for any day, the rate per annum set forth below opposite the applicable Level then in effect (based on the Consolidated Leverage Ratio), it being understood that the Applicable Rate for (a) Base Rate Loans shall be the percentage set forth under the column “Base Rate,” (b) Term Rate Loans shall be the percentage set forth under the column “Term Rate, Daily Rate & Letter of Credit Fee,” (c) Daily SOFR Loans and Alternative Currency Daily Rate Loans shall be the percentage set forth under the column “Term Rate, Daily Rate & Letter of Credit Fee,” (d) the Letter of Credit Fee shall be the percentage set forth under the column “Term Rate, Daily Rate & Letter of Credit Fee”, (e) the commitment fee for the Revolving Facility shall be the percentage set forth under the column “Revolving Commitment Fee” and (f) the commitment fee for the Term Facility shall be the percentage set forth under the column “Term Commitment Fee”: Applicable Rate Level Consolidated Leverage Ratio Term Rate, Daily Rate & Letter of Credit Fee Base Rate Revolving Commitment Fee Term Commitment Fee Term Loans, Revolving Loans & Letter of Credit Fee Term Loans & Revolving Loans I < 1.50:1.00 1.00% 0.00% 0.10% 0.15% II > 1.50:1.00 but < 2.50:1.00 1.125% 0.125% 0.125% 0.15% III > 2.50:1.00 but < 3.50:1.00 1.25% 0.25% 0.15% 0.15% IV > 3.50:1.00 1.375% 0.375% 0.175% 0.15% Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(c); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then, upon the request of the Required Lenders, Pricing Level IV shall apply, in each case as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and in each case shall remain in effect until the first Business Day following the date on which such Compliance Certificate is delivered. In addition, at all times while the Default Rate is in effect, the highest rate set forth in each column of the Applicable Rate shall apply. Notwithstanding anything to the contrary contained in this definition, (a) the determination of the Applicable Rate for any period shall be subject to the provisions of Section 2.10(b) and (b) the initial Applicable Rate shall be set forth in Level II until the first Business Day im...
Applicable Rate means from time to time, for the purposes of calculating (a) the commitment fee for the purposes of Section 2.09(a), (b) the Standby Letter of Credit Fee for purposes of Section 2.03(i), (c) the interest rate applicable to Loans that are Eurodollar Rate Loans for the purposes of Section 2.08 and (d) the interest rate applicable to Loans that are Base Rate Loans for the purposes of Section 2.08, the following percentages per annum, based upon the Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Sections 6.04(a)(v) and 6.04(b)(iv): Pricing Level Consolidated Leverage Ratio Commitment Fee Eurodollar Rate Loans and Standby Letter of Credit Fee Base Rate Loans 1 < 3.50:1 0.25% 1.25% 0.25% 2 ≥3.50:1 but < 4.00:1 0.30% 1.50% 0.50% 3 ≥4.00:1 but < 4.50:1 0.35% 1.75% 0.75% 4 ≥ 4.50:1 0.40% 2.00% 1.00% Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is required to be delivered pursuant to Section 6.04 (i.e., 45 days after the end of each of the first three fiscal quarters of the Company’s fiscal year and 95 days after the end of the Company’s fiscal year); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then Pricing Level 4 shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered until the first Business Day after actual delivery thereof. The Applicable Rate in effect from the Closing Date through the first Business Day immediately following the date a Compliance Certificate is required to be delivered pursuant to Section 6.04(b)(iv) for the fiscal quarter ending September 30, 2007 shall be determined based upon Pricing Level 3. Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable Rate for any period shall be subject to the provisions of Section 2.10(b).
Applicable Rate means, for any day, with respect to any Loan, or with respect to the commitment fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption "Revolving Commitment ABR Spread", "Revolving Commitment Eurodollar Spread" or "Commitment Fee Rate", as the case may be, based upon the Borrower’s Total Leverage Ratio as of the most recent determination date, provided that until the delivery to the Administrative Agent, pursuant to Section 5.01, of the Borrower’s consolidated financial information for the Borrower’s first fiscal quarter ending after the Effective Date, the "Applicable Rate" shall be the applicable rates per annum set forth below in Category 1: Total LeverageRatio RevolvingCommitmentABR Spread Revolving CommitmentEurodollar Spread Commitment Fee Rate Category 1> 2.0 to 1.0 0.875% 1.875% 0.35% Category 2<2.0 to 1.0 but> 1.5 to 1.0 0.750% 1.750% 0.30% Category 3< 1.5 to 1.0 but> 1.0 to 1.0 0.625% 1.625% 0.25% Category 4<1.0 to 1.0 0.500% 1.500% 0.20% Credit Agreement, Page 2 For purposes of the foregoing, (a) the Applicable Rate shall be determined as of the end of each fiscal quarter of the Borrower, based upon the Borrower’s annual or quarterly consolidated financial statements delivered pursuant to Section 5.01 and (b) each change in the Applicable Rate resulting from a change in the Total Leverage Ratio shall be effective during the period commencing on and including the date of delivery to the Administrative Agent of such consolidated financial statements indicating such change and ending on the date immediately preceding the effective date of the next such change, provided that (A) at any time that an Event of Default has occurred and is continuing or (B) at the option of the Administrative Agent or at the request of the Required Lenders, if the Borrower fails to deliver the annual or quarterly consolidated financial statements required to be delivered by it pursuant to Section 5.01, the Total Leverage Ratio shall be deemed to be in Category 1 during the period from the expiration of the time for delivery thereof until such consolidated financial statements are delivered. If at any time the Administrative Agent determines that the financial statements upon which the Applicable Rate was determined were incorrect (whether based on a restatement, fraud or otherwise), the Borrower shall be required to retroactively pay any additional amount that the Borrower would have been required to pay if such financ...
Applicable Rate set forth in Section 1.01 of the Credit Agreement is hereby amended to read as follows:
Applicable Rate means for any day (a) with respect to the Loans made to each Borrower, the applicable rate per annum set forth below under the caption “Eurodollar Spread” for Loans comprising Eurodollar Borrowings or “ABR Spread” for Loans comprising ABR Borrowings, as the case may be, based upon the ratings by Xxxxx’x and S&P, respectively, applicable on such date to the Index Debt for such Borrower, or (b) with respect to the commitment fees payable hereunder, the rate per annum set forth below under the caption “Commitment Rate” based upon the ratings by Xxxxx’x and S&P, respectively, applicable on such date to the Index Debt for WPZ. Index Debt Ratings: Eurodollar (S&P/Xxxxx’x) Spread ABR Spread Commitment Rate Category 1 ³ BBB+ / Baa1 1.25 % 0.25 % 0.175 % Category 2 BBB / Baa2 1.50 % 0.50 % 0.20 % Category 3 BBB- / Baa3 1.75 % 0.75 % 0.25 % Category 4 BB+ / Ba1 1.875 % 0.875 % 0.30 % Category 5 £ BB / Ba2 2.25 % 1.25 % 0.40 % For purposes of the foregoing, with respect to each Borrower (i) if only one of Xxxxx’x and S&P shall have in effect a rating for the Index Debt, then the other rating agency shall be deemed to have established a rating in the same Category as such agency; (ii) if each of Xxxxx’x and S&P shall have in effect a rating for the Index Debt, and such ratings shall fall within different Categories, the Applicable Rate shall be based on (A) if the difference is one Category, the higher of the two ratings, and (B) if the difference is more than one Category, the rating one Category below the higher of the two ratings; and (iii) if the ratings established or deemed to have been established by Xxxxx’x and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Xxxxx’x or S&P), 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 Rate 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. If the rating system of Xxxxx’x or S&P shall change, or if any such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrowers 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 Rate shall be determined by refer...
Applicable Rate means the rate per annum at which cash dividends are payable on the AMPS or Other AMPS, as the case may be, for any Dividend Period.
Applicable Rate means, for any day: