Applicable LC Fee Rate definition

Applicable LC Fee Rate means, as of any date, the percentage rate per annum which is applicable at such time with respect to Facility LCs as set forth in the Pricing Schedule.

Applicable LC Fee Rate means at any time (x) in the case of standby Letters of Credit (other than those described in the following clause (y)), the same Applicable Rate used to determine the interest rate applicable to Eurocurrency Revolving Loans at such time and (y) in the case of commercial Letters of Credit and standby Letters of Credit issued to ensure the performance of services and/or delivery of goods, in each case at a per annum rate equal to 50% of the Applicable Rate used to determine the interest rate applicable to Eurocurrency Revolving Loans at such time.

Applicable LC Fee Rate means, as at any date, (a) with respect to Financial Letters of Credit, the Applicable Margin for Eurocurrency Loans on such date and (b) with respect to Non-Financial Letters of Credit, 50% of the Applicable Margin for Eurocurrency Loans on such date.

Examples of Applicable LC Fee Rate in a sentence

• The Borrower shall pay to the Agent, for the account of the Lenders ratably in accordance with their respective Pro Rata Shares, a per annum letter of credit fee equal to the Applicable LC Fee Rate multiplied by the average daily undrawn stated amounts under the Facility LCs, such fee to be payable in arrears quarterly on the last Business Day of each March, June, September and December, and on the Termination Date (each such fee described in this sentence an “LC Fee”).

• The Borrower shall pay to the Administrative Agent, for the account of the Lenders ratably in accordance with their respective Pro Rata Shares, with respect to each Facility LC, a letter of credit fee at a per annum rate equal to the Applicable LC Fee Rate in effect from time to time on the maximum undrawn amount available under such Facility LC from time to time, such fee to be payable in arrears on each Payment Date (each such fee, an “LC Fee”).

• If there is any change in the Applicable LC Fee Rate during any calendar quarter, the daily amount available to be drawn under of each Letter of Credit shall be computed and multiplied by the Applicable LC Fee Rate separately for each period during such calendar quarter that such Applicable LC Fee Rate was in effect.

• The Borrowers shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit, for each period referred to below, equal to the Applicable LC Fee Rate on a per annum basis multiplied by the Average Daily Stated Amount under each such Letter of Credit.

• The Borrowers shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Standby Letter of Credit and Commercial Letter of Credit equal to the Applicable LC Fee Rate times the daily Stated Amount under each such Letter of Credit (whether or not such maximum amount is then in effect under such Letter of Credit).

More Definitions of Applicable LC Fee Rate

Applicable LC Fee Rate means (a) with respect to Financial Letters of Credit, the "Applicable Financial LC Fee Rate" determined in accordance with the Pricing Grid set forth in Annex I hereto and (b) with respect to Non-Financial Letters of Credit, the "Applicable Non-Financial LC Fee Rate" determined in accordance with the Pricing Grid set forth in Annex I hereto.

Applicable LC Fee Rate means the rate set forth opposite “LC Fee Rate” on the Pricing Grid for the applicable Pricing Level.

Applicable LC Fee Rate means (a) with respect to Financial Letters of Credit, the “Applicable Financial LC Fee Rate” determined in accordance with the Pricing Grid set forth in Annex I hereto and (b) with respect to Non-Financial Letters of Credit, the “Applicable Non-Financial LC Fee Rate” determined in accordance with the Pricing Grid set forth in Annex I hereto.

Applicable LC Fee Rate means the rate set forth in the column titled “Applicable LC Fee Rate” in the Pricing Grid for the applicable Pricing Level.

Applicable LC Fee Rate means on any day (a) with respect to any Financial Letter of Credit, a rate per annum equal to the Credit Default Swap Spread as of the most recent CDS Determination Date for Letters of Credit, but in no event less than the “Minimum Applicable Margin” or more than the “Maximum Applicable Margin” applicable to Eurocurrency Loans in accordance with the Pricing Grid set forth in Annex I hereto and (b) with respect to any Non-Financial Letter of Credit, a rate per annum equal to 50% of the rate determined under the preceding clause (a).

Applicable LC Fee Rate means the percentage set forth in Level II of the pricing grid below; provided, that, on and after the first Adjustment Date, and on each Adjustment Date thereafter, the Applicable LC Fee Rate shall be determined from the following pricing grid based upon the Quarterly Average Excess Availability for the most recent Fiscal Quarter ended immediately preceding such Adjustment Date; except that (i) notwithstanding anything to the contrary set forth herein, upon the occurrence of an Event of Default, the Administrative Agent may, and at the direction of the Required Lenders shall, immediately increase the Applicable LC Fee Rate to the rate set forth in Level III (even if the Quarterly Average Excess Availability requirements for a different Level have been met) and interest shall accrue at the Default Rate and (ii) if any Borrowing Base Certificate is at any time restated or otherwise revised (including as a result of a field examination) or if the information set forth in any Borrowing Base Certificate otherwise proves to be false or incorrect such that the Applicable LC Fee Rate would have been higher than was otherwise in effect during any period, without constituting a waiver of any Default or Event of Default arising as a result thereof, Letter of Credit Fees due under this Agreement shall be immediately recalculated at such higher rate for any applicable periods and shall be due and payable on demand. In the event that the credit rating of the Lead Borrower is upgraded by both S&P and Xxxxx’x in each case for the Lead Borrower’s Corporate Family Ratings to Ba1 (stable outlook) and BB+ (stable outlook) or better, respectively, commencing on the first day of the calendar month after the receipt by Administrative Agent of a written request from the Lead Borrower with confirmation of such upgrade, the Applicable LC Fee Rates in each of the Levels set forth below will be reduced by twenty-five (25) basis points. Level Quarterly Average Excess Availability Letter of Credit Fee I Equal to or greater than 66.67% of the Aggregate Commitments 1.75 % II Greater than or equal to 33.33% of the Aggregate Commitments but less than 66.67% of the Aggregate Commitments 2.00 % III Less than 33.33% of the Aggregate Commitments 2.25 %

Applicable LC Fee Rate means the applicable percentage rate per annum set forth on the Pricing Schedule opposite the heading “Letter of Credit Fee”.