Applicable Rate definition
Applicable Rate means a percentage per annum equal to:
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”: 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% 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 immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(c) for the fiscal quarter ending September 30, 2022 to the Administrative Agent. Any adjustment in the Applicable Rate shall be applicable to all Credit Extensions then existing or...
Applicable Rate means, for any day:
Examples of Applicable Rate in a sentence
The Borrower shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage, in Dollars, a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit, which shall accrue at a rate equal to the Applicable Rate applicable to Letters of Credit times the Dollar Equivalent of 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 (the “Commitment Fee”) in Dollars equal to the Applicable Rate for Commitment Fees times the actual daily amount by which the Aggregate Commitments exceed the sum of (i) the Outstanding Amount of Committed Loans and (ii) the Outstanding Amount of L/C Obligations, subject to adjustment as provided in Section 2.19.
The Commitment 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.
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 Applicable Rate times the actual daily unused amount of the aggregate Term Loan A-3 Commitments, subject to adjustment as provided in Section 2.12.
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.
More Definitions of Applicable Rate
Applicable Rate means, from time to time, the following percentages per annum, based upon the Debt Rating as set forth below:
Applicable Rate means the corresponding percentages per annum as set forth below based on the applicable Debt Rating (as defined below): I ≥A+/A1/A+ 0.080% 0.875% 0% II A/A2/A 0.100% 1.000% 0% III A-/A3/A- 0.150% 1.125% 0.125% IV BBB+/Baa1/BBB+ 0.200% 1.250% 0.250% V ≤BBB/Baa2/BBB 0.250% 1.500% 0.500%
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 ▇▇▇▇▇’▇ 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 ▇▇▇▇▇’▇ and S&P, respectively, applicable on such date to the Index Debt for WPZ. 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 ▇▇▇▇▇’▇ 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 ▇▇▇▇▇’▇ 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 ▇▇▇▇▇’▇ and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of ▇▇▇▇▇’▇ 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 ▇▇▇▇▇’▇ 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 reference to the rating most recently in effect prior to such change or cessation.
Applicable Rate means, for any day, with respect to (a) any commitment fee payable hereunder, the rate per annum set forth below under the caption “Commitment Fee Rate”, (b) any Eurocurrency Loan hereunder, a rate per annum equal to the percentage of the Index applicable on such day set forth below under the caption “Eurocurrency Spread” (but in no event shall the Applicable Rate for any Eurocurrency Loan be less than the rate per annum set forth below under the caption “Eurocurrency Floor”) and (c) any ABR Loan hereunder, the Applicable Rate for Eurocurrency Loans minus 1% per annum (but in no event shall the Applicable Rate for any ABR Loan be less than 0% per annum), in each case based on the Ratings: Ratings: Commitment Fee Rate (basis points) Eurocurrency Spread (percentage of the Index) Eurocurrency Floor (basis points) Category 1 Greater than or equal to Aa3 / AA- 4.0 40% 30.0 Category 2 Less than Aa3 / AA- and greater than or equal to A3 / A- 8.0 50% 40.0 Category 3 Less than A3 / A- 10.0 65% 50.0 For purposes of the foregoing, (a) if either ▇▇▇▇▇’▇ or S&P shall not have in effect Ratings (other than by reason of the circumstances referred to in the penultimate paragraph of this definition), then such rating agency shall be deemed to have established a rating in Category 3; (b) if the Ratings established or deemed to have been established by ▇▇▇▇▇’▇ and S&P shall fall within different Categories, the Applicable Rate shall be based on the higher of the two ratings unless the ratings differ by two or more Categories, in which case the Commitment Fee Rate, the Eurocurrency Spread and the Eurocurrency Floor shall be based on the Category one level above that corresponding to the lower rating; (c) if the Ratings established or deemed to have been established by ▇▇▇▇▇’▇ and S&P shall be changed (other than as a result of a change in the rating system of ▇▇▇▇▇’▇ or S&P), such change shall be effective as of the date on which it is first publicly announced by ▇▇▇▇▇’▇ or S&P; and (d) the Index shall be determined as of each Reset Date for the applicable Revolving Loans. Each change in the Applicable Rate on account of (a) a change in the Ratings 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 or (b) a change in the Index shall apply during the period commencing on the Reset Date on which a change in the Index becomes effective and ending on the date immedia...
Applicable Rate means, for any day, with respect to any Eurodollar Loan, or with respect to the facility fees payable hereunder, as the case may be (subject to the immediately following paragraph of this defined term), the applicable rate per annum set forth below under the caption “Eurodollar Spread”, “ABR Spread” or “Facility Fee Rate”, as the case may be, based upon the ratings by ▇▇▇▇▇'▇ and/or S&P, respectively, applicable on such date to the Index Debt: Category 1 > A2/A 0.815% 0.000% 0.060% Category 2 A3/A- 0.925% 0.000% 0.075% Category 3 Baa1/BBB+ 1.025% 0.025% 0.100% Category 4 Baa2/BBB 1.125% 0.125% 0.125% Category 5 < Baa3/BBB- 1.350% 0.350% 0.150% For purposes of the foregoing, (i) if only one of ▇▇▇▇▇'▇ and S&P shall have in effect a rating for the Index Debt (other than by reason of a change in the rating system of, or unavailability of a ratings by, such rating agencies, as referred to in the last sentence of this paragraph), then the other rating agency shall be deemed to have established a rating in the same Category as such agency; (ii) if each of ▇▇▇▇▇’▇ 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 the higher of the two ratings; and (iii) if the ratings established or deemed to have been established by ▇▇▇▇▇'▇ and/or S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of ▇▇▇▇▇'▇ 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 ▇▇▇▇▇'▇ or S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, 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 Rate shall be determined by reference to the rating most recently in effect prior to such change or cessation.
Applicable Rate means, for any day, (a) with respect to any Eurodollar Loan, 2.25%, (b) with respect to any ABR Loan, 1.00%, and (c) with respect to commitment fees, 0.50%.
Applicable Rate means, for any day, with respect to (a) any commitment fee payable hereunder, the rate per annum set forth below under the caption “Commitment Fee Rate”, (b) any Eurocurrency Loan hereunder, a rate per annum equal to the percentage of the Index applicable on such day set forth below under the caption “Eurocurrency Spread” (but in no event shall the Applicable Rate for any Eurocurrency Loan be less than the rate per annum set forth below under the caption “Eurocurrency Floor”) and (c) any ABR Loan hereunder, the Applicable Rate for Eurocurrency Loans minus 1% per annum (but in no event shall the Applicable Rate for any ABR Loan be less than 0% per annum), in each case based on the Ratings: For purposes of the foregoing, (a) if either ▇▇▇▇▇’▇ or S&P shall not have in effect Ratings (other than by reason of the circumstances referred to in the penultimate paragraph of this definition), then such rating agency shall be deemed to have established a rating in Category 3; (b) if the Ratings established or deemed to have been established by ▇▇▇▇▇’▇ and S&P shall fall within different Categories, the Applicable Rate shall be based on the higher of the two ratings unless the ratings differ by two or more Categories, in which case the Commitment Fee Rate, the Eurocurrency Spread and the Eurocurrency Floor shall be based on the Category one level above that corresponding to the lower rating; (c) if the Ratings established or deemed to have been established by ▇▇▇▇▇’▇ and S&P shall be changed (other than as a result of a change in the rating system of ▇▇▇▇▇’▇ or S&P), such change shall be effective as of the date on which it is first publicly announced by ▇▇▇▇▇’▇ or S&P; and (d) the Index shall be determined as of each Reset Date for the applicable Revolving Loans. Each change in the Applicable Rate on account of (a) a change in the Ratings 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 or (b) a change in the Index shall apply during the period commencing on the Reset Date on which a change in the Index becomes effective and ending on the date immediately preceding the Reset Date on which the next such change becomes effective. If the rating system of ▇▇▇▇▇’▇ or S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Company and the Required Lenders shall negotiate in good faith to a...