Applicable Rate means, for any day, with respect to any LIBOR Revolving Loan, EURIBOR Revolving Loan, ABR Revolving Loan, LIBOR Term Loan or ABR Term Loan or with respect to the commitment fees or ticking fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Commitment Fee Rate/Ticking Fee Rate”, “LIBO/EURIBO Rate Spread” or ABR Spread, as applicable, based upon the Ratings of Xxxxx’x, S&P and Fitch in effect on such day: Commitment Fee Rate/ Ticking Fee Rate LIBO/EURIBO Rate Spread ABR Spread Category 1 ³ Baa1/BBB+/BBB+ 0.125% 1.125% 0.125% Category 2 Baa2/BBB/BBB 0.150% 1.250% 0.250% Category 3 Baa3/BBB-/BBB- 0.200% 1.500% 0.500% Category 4 Ba1/BB+/BB+ 0.250% 1.750% 0.750% Category 5 £ Ba2/BB/BB or unrated 0.350% 2.000% 1.000% For purposes of the foregoing, (a) if the Ratings assigned by Xxxxx’x, S&P and Fitch shall fall within different categories, then the applicable category shall be (i) the category in which two of the Ratings shall fall or (ii) if there is no such category, the category in which the intermediate Rating shall fall, (b) (i) if Xxxxx’x or S&P shall not have a Rating in effect (other than by reason of the circumstances referred to in the last sentence of this definition), such Rating Agency shall be deemed to have a Rating in Category 5 and (ii) if Fitch shall not have a Rating in effect (other than by reason of the circumstances referred to in the last sentence of this definition), the applicable category shall be the category in which the higher of the Ratings of Xxxxx’x and S&P shall fall unless such Ratings differ by more than one category, in which case the applicable category shall be that immediately below the category in which the higher of such Ratings falls, and (c) if any Rating shall be changed (other than as a result of a change in the rating system of the applicable Rating Agency), such change shall be effective as of the date on which it is first publicly announced by the Rating Agency making such change. 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, S&P or Fitch shall change, or if any 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 amend this definition to reflect such changed rating s...
Applicable Rate means, for any day:
Examples of Applicable Rate in a sentence
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.
Subject to the provisions of Section 2.06(b), (i) each Term SOFR Loan shall bear interest on the outstanding principal amount thereof for each Interest Period from the applicable Borrowing date at a rate per annum equal to Term SOFR for such Interest Period plus the Applicable Rate, and (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable Borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate.
Each RFR Loan shall bear interest at a rate per annum equal to the Adjusted Daily Simple SOFR plus the Applicable Rate.
More Definitions of Applicable Rate
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 “Revolver CBFR Spread”, “Revolver Eurodollar Spread”, “Ex-Im CBFR Spread”, Ex-Im Eurodollar Spread” or “Commitment Fee Rate”, as the case may be, based upon the Borrower’s average Aggregate Availability during the most recent calendar quarter, provided that until the delivery to the Administrative Agent, pursuant to Section 5.1(f) of the Borrowing Base Certificate for June 30, 2015, the “Applicable Rate” shall be determined based on Category 2 below: Xxxxxxxxx Availability Revolver CBFR Spread Revolver Eurodollar Spread Ex-Im CBFR Spread Ex-Im Eurodollar Spread Commitment Fee Rate Category 1 > $23,300,000 0.50 % 1.50 % 0.50 % 1.50 % 0.25 % Category 2 ³ $11,700,000 but £ $23,300,000 0.75 % 1.75 % 0.75 % 1.75 % 0.25 % Category 3 < $11,700,000 1.00 % 2.00 % 1.00 % 2.00 % 0.25 % For purposes of the foregoing, the Applicable Rate shall be determined as of the end of each fiscal quarter based upon the Borrower’s average Aggregate Availability during such fiscal quarter, provided that Aggregate Availability shall be deemed to be in Category 3 at the option of the Administrative Agent or at the request of the Required Lenders if the Borrower fails to deliver any applicable Borrowing Base Certificate required to be delivered by it pursuant to Section 5.1(g), during the period from the expiration of the time for delivery thereof until such Borrowing Base Certificate is delivered. In the event Borrower or Administrative Agent determines in good faith that the calculation of Aggregate Availability on which the applicable interest rate or fee for any particular period was determined is inaccurate, and as a consequence thereof, the applicable rate or fee was lower or higher than it would have been, (i) Borrower shall immediately deliver to Administrative Agent a correct Borrowing Base Certificate for such period (and if such Borrowing Base Certificate is not accurately restated and delivered within ten (10) Business Days after the first discovery of such inaccuracy or upon notice by Administrative Agent of such determination, then the highest pricing level set forth above shall apply retroactively for such period notwithstanding any subsequent restatement thereof after such ten (10) Business Day period), (ii) Administrative Agent shall notify Borrower of the amount of interest or fees ...
Applicable Rate means, for any day, with respect to any ABR Loan, Canadian Prime Loan, Eurodollar Loan, CDOR Loan, or Overnight LIBO Loan, as the case may be, the applicable rate per annum set forth below under the caption “ABR Spread”, “Canadian Prime Spread”, “Eurodollar Spread”, “CDOR Spread” or “Overnight LIBO Spread”, as the case may be, based upon the Borrowers’ Average Aggregate Availability during the most recent fiscal quarter of the Borrowers. Average Aggregate Availability ABR Spread Canadian Prime Spread Eurodollar Spread CDOR Spread Overnight LIBO Spread Category 1 > $150,000,000 1.50 % 1.50 % 2.50 % 2.50 % 2.50 % Category 2 £ $150,000,000 but > $75,000,000 1.75 % 1.75 % 2.75 % 2.75 % 2.75 % Category 3 £ $75,000,000 2.00 % 2.00 % 3.00 % 3.00 % 3.00 % For purposes of the foregoing, (a) the Applicable Rate shall be determined as of the end of each fiscal quarter of the Borrowers based upon the Borrowers’ Aggregate Borrowing Base Certificates delivered from time to time pursuant to Section 5.01 and outstanding during such fiscal quarter, (b) each change in the Applicable Rate resulting from a change in the Borrowers’ Average Aggregate Availability shall be effective on the first day of the next fiscal quarter, provided that the Average Aggregate Availability for purposes of determining the Applicable Rate shall be deemed to be in Category 3 (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 Borrowers fail to deliver the Borrowing Base Certificates required to be delivered by them pursuant to Section 5.01, during the period from the expiration of the time for delivery thereof until such Borrowing Base Certificates are delivered and (c) prior to February 17, 2011, the interest rate spreads set forth in Category 1 above shall not be available to the Borrowers and, accordingly, until such date, Category 2 interest rate spreads shall apply in the event that the Average Aggregate Availability is greater than $75,000,000 during such period.
Applicable Rate means, except as otherwise provided in any Incremental Amendment with respect to the applicable Loans and Commitments thereunder, the following percentages per annum, based upon the Consolidated Net Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 7.02(b): Pricing Tier Consolidated Net Leverage Ratio Eurodollar Rate Loans Base Rate Loans 1 > 3.25:1.00 1.75 % 0.75 % 2 £ 3.25:1.0 but > 1.25:1.00 1.50 % 0.50 % 3 £ 1.25:1.00 1.25 % 0.25 % Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated Net Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 7.02(b); provided, 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 1 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 7.02(b), whereupon the Applicable Rate shall be adjusted based upon the calculation of the Consolidated Net Leverage Ratio contained in such Compliance Certificate. The Applicable Rate in effect from the Effective Date until the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 7.02(b) for the first full fiscal quarter of the Borrower ending after the Effective Date shall be determined based upon Pricing Tier 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, with respect to Revolving Loans, the Term Loan, Swing Line Loans, Letters of Credit and the Commitment Fee, the following percentages per annum, based upon the Consolidated Total Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 7.02(b): Pricing Tier Consolidated Total Leverage Ratio Commitment Fee Letter of Credit Fee Eurodollar Rate Loans Base Rate Loans 1 > 3.50 to 1.0 0.500 % 2.75 % 2.75 % 1.75 % Pricing Tier Consolidated Total Leverage Ratio Commitment Fee Letter of Credit Fee Eurodollar Rate Loans Base Rate Loans 2 < 3.50 to 1.0 but > 2.75 to 1.0 0.375 % 2.25 % 2.25 % 1.25 % 3 < 2.75 to 1.0 0.250 % 1.75 % 1.75 % 0.75 % 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 7.02(b); provided, 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 1 shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and shall continue to apply until the first Business Day immediately following the date a Compliance Certificate is delivered in accordance with Section 7.02(b), whereupon the Applicable Rate shall be adjusted based upon the calculation of the Consolidated Total Leverage Ratio contained in such Compliance Certificate. Subject to the proviso in the immediately preceding sentence, the Applicable Rate in effect from the Closing Date to the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 7.02(b) for the fiscal year ending December 31, 2018 shall be determined based upon Pricing Tier 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 (a) from the Closing Date to the date on which the Administrative Agent receives a Compliance Certificate pursuant to Section 6.2(a)(i) for the fiscal quarter ending September 30, 2014, 0.75% per annum for Base Rate Loans, 1.75% per annum for Eurodollar Rate Loans and Letter of Credit Fees and 0.300% per annum for Commitment Fees and (b) after the date set forth in clause (a) above, the applicable percentage per annum set forth below determined by reference to the Consolidated Total Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.2(a)(i): Applicable Rate Pricing Level Consolidated Total Leverage Ratio Eurodollar Rate (Letters of Credit) Base Rate (Swingline Loans) Commitment Fee 1 < 2.00 to 1.0 1.75 % 0.75 % 0.300 % 2 ³ 2.00 to 1.0 and < 2.75 to 1.0 2.00 % 1.00 % 0.300 % 3 ³ 2.75 to 1.0 and < 3.50 to 1.0 2.25 % 1.25 % 0.375 % 4 ³ 3.50 to 1.0 and < 4.00 to 1.0 2.50 % 1.50 % 0.375 % 5 ³ 4.00 to 1.0 2.75 % 1.75 % 0.500 % 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 6.2(a)(i); 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 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. 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 2.9(b).
Applicable Rate means, for any day, with respect to any ABR Loan or Eurodollar Revolving Loan, or with respect to the participation fees in respect of Stand-by Letters of Credit or 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”, “Stand-by Letter of Credit Fee Rate” or “Commitment Fee Rate”, as the case may be, based upon the Credit Rating of Holdings assigned by Xxxxx’x and S&P, respectively, applicable on such date: Credit Ratings Xxxxx’x/S&P: ABR Spread Eurodollar Spread Stand-by Letter of Credit Fee Rate Commitment Fee Rate Category 1 ≥Baa2/BBB 2.00% 3.00% 3.00% 0.50% Category 2 Baa3/BBB- 2.50% 3.50% 3.50% 0.50% Category 3 Ba1/BB+ 3.00% 4.00% 4.00% 0.50% Category 4 ≤Ba2/BB 3.50% 4.50% 4.50% 0.75% For purposes of the foregoing, (a) if either Xxxxx’x or S&P shall not have in effect a Credit Rating (other than by reason of the circumstances referred to in the last sentence of this definition) the Applicable Rate shall be determined on the basis of the rating agency that does then have a Credit Rating in effect; (b) if the Credit Ratings established or deemed to be established by Xxxxx’x and S&P shall fall within different Categories, the Applicable Rate shall be based on the lower of the two Credit Ratings; (c) if neither Xxxxx’x nor S&P has in effect a Credit Rating (other than by reason of the circumstances referred to in the last sentence of this definition) the Credit Ratings shall be deemed to be those set forth in Category 4; (d) the Applicable Rate shall be deemed to be the Applicable Rate set forth in Category 4 at any time that an Event of Default has occurred and is continuing and (e) if the Credit Ratings established or deemed to have been established by Xxxxx’x and S&P 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, irrespective of when notice of such change shall have been furnished by Holdings or the Parent Borrower to the Administrative Agent and the Lenders pursuant to Section 5.01 or otherwise. 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 either such rating agency shall cease to be ...
Applicable Rate set forth in Section 1.01 of the Credit Agreement is hereby amended to read as follows: