Applicable Rate and “Applicable Fee Rate” means (i) from the Closing Date to the date on which the Administrative Agent first receives a Compliance Certificate pursuant to Section 6.02(b), the applicable percentage per annum set forth below corresponding to Pricing Xxxxx 0 and thereafter (ii) the applicable percentage per annum set forth below determined by reference to the Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(b), subject, in each case, to adjustment as provided below following the consummation of the Chevron Acquisition: Applicable Rate and Applicable Fee Rate Pricing Level Consolidated Leverage Ratio Eurodollar Rate(Letters of Credit) Base Rate Applicable Fee Rate 1 < 3.00:1 1.75% 0.75% 0.375% -2- Applicable Rate and Applicable Fee Rate Pricing Level Consolidated Leverage Ratio Eurodollar Rate(Letters of Credit) Base Rate Applicable Fee Rate 2 > 3.00:1 but < 3.50:1 2.00% 1.00% 0.375% 3 > 3.50:1 but < 4.00:1 2.25% 1.25% 0.375% 4 > 4.00:1 but < 4.50:1 2.50% 1.50% 0.50% 5 > 4.50:1 2.75% 1.75% 0.50% Any increase or decrease in the Applicable Rate or Applicable Fee Rate resulting from a change in the Consolidated Leverage Ratio shall become effective as of the third Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(b) or the Adjusted Consolidated Leverage Ratio calculation is delivered following the consummation of the Chevron Acquisition as described below; provided, however, that if a Compliance Certificate is not delivered when due in accordance with Section 6.02(b), then Pricing Level 5 shall apply 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 date on which such Compliance Certificate is delivered. In addition, within five Business Days following the consummation of the Chevron Acquisition, the Borrower shall deliver to the Administrative Agent a recalculation of the Consolidated Leverage Ratio based on the financial statements most recently delivered to the Administrative Agent pursuant to Section 6.01 and giving pro forma effect to the Chevron Acquisition and any related incurrence of indebtedness as provided for under the definition of “Consolidated EBITDA” (the “Adjusted Consolidated Leverage Ratio”), and the Applicable Rate and Applicable Fee Rate shall automatically adjust to the Pric...
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
The Unused 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 (the “Unused Fee”) equal to the Applicable Rate 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 2.17.
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, 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, for any day:
Applicable Rate means 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 Section 6.02(b): Pricing Tier Consolidated Leverage Ratio Commitment Fee Letters of Credit Eurodollar Rate Loans Base Rate Loans 1 < 1.00:1 0.30 % 1.75 % 1.75 % 0.75 % 2 < 1.50:1 but ³ 1.00:1 0.35 % 2.00 % 2.00 % 1.00 % 3 < 2.00:1 but ³ 1.50:1 0.40 % 2.25 % 2.25 % 1.25 % 4 < 2.50:1 but ³ 2.00:1 0.45 % 2.50 % 2.50 % 1.50 % 5 ³ 2.50:1 0.50 % 2.75 % 2.75 % 1.75 % 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 6.02(b); 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 Tier 5 shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall remain in effect until the first Business Day immediately following the date on which such Compliance Certificate is delivered in accordance with Section 6.02(b), whereupon the Applicable Rate shall be adjusted based upon the calculation of the Consolidated Leverage Ratio contained in such Compliance Certificate. 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 6.02(b) for the fiscal quarter ending September 30, 2015 shall be determined based upon Pricing Tier 1.
Applicable Rate means, for any day with respect to any ABR Loan or Eurodollar 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 "ABR Spread", "Eurodollar Spread" or "Commitment Fee Rate", as the case may be, based upon the Total Leverage Ratio as of the most recent determination date; but until the end of the fourth fiscal quarter of fiscal year 2007 the Eurodollar Spread shall be 0.75%, the ABR Spread shall be 0.00% and the Commitment Fee Rate shall be 0.20%: Total Leverage Ratio ABR Spread Eurodollar Spread Commitment Fee Rate Category 1: greater than 2.50 0.50 2.000 0.300 Category 2: greater than 2.00 but less than or equal to 2.50 0.25 1.625 0.300 Category 3: greater than 1.50 but less than or equal to 2.00 0.25 1.250 0.250 Category 4: greater than 0.75 but less than or equal to 1.50 0.00 1.000 0.200 Category 5: less than or equal to 0.75 0.00 0.750 0.200 For purposes of the foregoing, (i) the Total Leverage Ratio shall be determined as of the end of each fiscal quarter of the Borrower's fiscal year based upon the Borrower"s consolidated financial statements delivered pursuant to Sections 5.01(a) or (b) and (ii) 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; but the Total Leverage Ratio shall be deemed to be in Category 1 at the request of the Required Lenders if the Borrower fails to timely deliver the consolidated financial statements required to be delivered by it pursuant to Sections 5.01(a) or (b), during the period from the deadline for delivery thereof until such consolidated financial statements are received.
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.