Applicable Utilization Fee Rate means, as of any date, the percentage rate per annum at which Utilization Fees accrue on all Revolving Credit Advances at such time as set forth in the Pricing Schedule.
Applicable Utilization Fee Rate means, at any date (and subject to adjustment from time to time in accordance with the provisions of Section 2.5(c)), the rate per annum determined in accordance with the Pricing Schedule attached hereto as Schedule II.
Applicable Utilization Fee Rate means the "Applicable Utilization Fee Rate" determined in accordance with the Pricing Grid set forth in Annex I hereto.
Examples of Applicable Utilization Fee Rate in a sentence
The Borrower agrees to pay to the Administrative Agent utilization fees (the “ Utilization Fees ”) for the account of each Non-Defaulting Lender that has a Commitment for each day on which the Aggregate Revolving Facility Exposure exceeds 50% of the Total Commitment, computed for each such day at a rate per annum equal to the Applicable Utilization Fee Rate times the Revolving Facility Exposure of such Non-Defaulting Lender on such day.
More Definitions of Applicable Utilization Fee Rate
Applicable Utilization Fee Rate means, for any Rating Level Period, the rate per annum set forth below opposite the reference to such Rating Level Period: Applicable Rating Level Utilization Period Fee Rate Rating Level 1 Period 0.0500 % Rating Level 2 Period 0.0500 % Rating Level 3 Period 0.0500 % Rating Level 4 Period 0.0750 % Rating Level 5 Period 0.125 % Each change in the Applicable Utilization Fee Rate resulting from a Rating Level Change shall be effective on the date of such Rating Level Change.
Applicable Utilization Fee Rate means for any day, at such times as a debt rating (either express or implied) by S&P or Moody's (or in the event that both cease the issuance of debt ratings generally, such other ratings agency agreed to by the Borrower and the Administrative Agent) is in effect on the Borrower's non-credit enhanced senior unsecured long-term debt, the percentage per annum set forth opposite such debt rating: Debt Rating Percentage ----------- ---------- A+/A1 or above 0.075% A/A2 0.100% A-/A3 0.100% BBB+/Baa1 0.125% BBB/Baa2 0.125% BBB-/Baa3 or below 0.150% If the ratings issued by S&P and Moody's differ (i) by one rating, the higher rating shall apply to determine the Applicable Utilization Fee Rate, (ii) by two ratings, the rating which falls between them shall apply to determine the Applicable Utilization Fee Rate, or (iii) by more than two ratings, the rating immediately above the lower of the two ratings shall apply to determine the Applicable Utilization Fee Rate. The Borrower shall give written notice to the Administrative Agent of any changes to such ratings, within three (3) Business Days thereof, and any change to the Applicable Utilization Fee Rate shall be effective on the date of the relevant change. Notwithstanding the foregoing, (i) the Applicable Utilization Fee Rate in effect at all times during the first six months after the Initial Availability Date shall in no event be less than a percentage per annum equal to 0.125%, and (ii) if the Borrower shall at any time fail to have in effect such a debt rating on the Borrower's non-credit enhanced senior unsecured long-term debt, the Borrower shall seek and obtain (if not already in effect), within thirty (30) days after such debt rating first ceases to be in effect, a corporate credit rating or a bank loan rating from Moody's or S&P, or both, and the Applicable Utilization Fee Rate shall thereafter be based on such ratings in the same manner as provided herein with respect to the Borrower's senior unsecured long-term debt rating (with the Applicable Utilization Fee Rate in effect prior to the issuance of such corporate credit rating or bank loan rating being the same as the Applicable Utilization Fee Rate in effect at the time the senior unsecured long-term debt rating ceases to be in effect).
Applicable Utilization Fee Rate the "Applicable Utilization Fee Rate" determined in accordance with the Pricing Grid.
Applicable Utilization Fee Rate means the “Applicable Utilization Fee Rate” determined in accordance with the Pricing Grid set forth in Annex I hereto.
Applicable Utilization Fee Rate means, for any Rating Level Period, the rate per annum set forth in Schedule 2 opposite the reference to such Rating Level Period under the heading "Applicable Utilization Fee Rate". Each change in the Applicable Utilization Fee Rate resulting from a Rating Level Change shall be effective on the date of such Rating Level Change.
Applicable Utilization Fee Rate as defined in subsection 2.11.
Applicable Utilization Fee Rate means, on any date of determination, a rate that is determined based upon the S&P Rating, the Xxxxx’x Rating or the Fitch Rating, as follows: S&P Rating Xxxxx’x Rating Fitch Rating Applicable Facility Fee Rate A or higher A2 or higher A or higher 5.00 basis points A– A3 A– 5.00 basis points BBB+ Baa1 BBB+ 5.00 basis points BBB Baa2 BBB 5.00 basis points BBB– Baa3 BBB– 5.00 basis points Lower than BBB– Lower than Baa3 Lower than BBB– 10.00 basis points If at any time each Rating Agency issues a different rating, then the Applicable Utilization Fee Rate shall be determined based on the intermediate rating at such time. If at any time two Rating Agencies issue the same rating, which is different than the other Rating Agency, the rating issued by such other Rating Agency shall be disregarded, and the Applicable Utilization Fee Rate shall be determined based on the two identical ratings at such time. If there is no S&P Rating and Fitch Rating, then the Applicable Utilization Fee Rate shall be determined based on the Xxxxx’x Rating. If there is no Xxxxx’x Rating and Fitch Rating, then the Applicable Utilization Fee Rate shall be determined based on the S&P Rating. If there is no Xxxxx’x Rating and S&P Rating, then the Applicable Utilization Fee Rate shall be determined based on the Fitch Rating. If at any time only two Rating Agencies issue a rating and there is a difference of two or more rating levels between such Rating Agencies, then the Applicable Utilization Fee Rate shall be determined based on the intermediate rating levels at the midpoint between the ratings issued by such Rating Agencies at such time or, if there is no midpoint, based on the higher intermediate level. If (i) there is no S&P Rating, Xxxxx’x Rating and Fitch Rating or (ii) an Event of Default has occurred and is continuing, the Applicable Utilization Fee Rate shall be the highest rate per annum indicated therefor in the above table. The S&P Rating, Xxxxx’x Rating and Fitch Rating in effect on any date for purposes of determining the Applicable Utilization Fee Rate shall be that S&P Rating, Xxxxx’x Rating and Fitch Rating in effect at the close of business on such date. Each change in the Applicable Utilization Fee Rate resulting from a publicly announced change in the S&P Rating, the Fitch Rating and/or the Xxxxx’x Rating shall be effective during the period commencing on the date of the public announcement thereof and ending on the date immediately preceding the effective date of the ne...