Applicable Rate means, (i) for any day on or prior to the date on which the Compliance Certificate for the Fiscal Quarter ending on January 31, 2021 has been delivered to the Lender, the rate per annum set forth below for Xxxxx 0, and (ii) for any date thereafter, the rate per annum set forth below opposite the applicable Level then in effect (based on the Consolidated Leverage Ratio): Applicable Rate Level Consolidated Leverage Ratio Eurocurrency Rate Letter of Credit Fees Base Rate Commitment Fee 1 < 1.00:1 215 bps 215 bps 115 bps 25 bps 2 > 1.00:1 but < 2.00:1 265 bps 265 bps 165 bps 37.5 bps 3 > 2.00:1 315 bps 315 bps 215 bps 50 bps 4 N/A 365 bps 365 bps 265 bps 67.5 bps 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(a); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then, Pricing Level 4 shall apply unless otherwise agreed to by the Lender, 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. 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). Any adjustment in the Applicable Rate shall be applicable to all Credit Extensions then existing or subsequently made or issued.
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 “ABR and REVLIBOR30 Spread”, “Eurodollar Spread” or “Commitment Fee Rate”, as the case may be, based upon Parent’s Total Leverage Ratio as of the most recent determination date; provided that, on and after the Amendment No. 2 Effective Date, the Applicable Rate shall be Category 2 until the delivery to the Administrative Agent, pursuant to Section 5.01(b), of Parent’s consolidated financial information for the fiscal quarter ending September 30, 2019: Total Leverage Ratio ABR and REVLIBOR30 Spread Eurodollar Spread Commitment Fee Rate Category 1 > 5.00 to 1.0 1.75 % 2.75 % 0.375 % Category 2 < 5.00 to 1.0 but > 4.00 to 1.0 1.50 % 2.50 % 0.375 % Category 3 < 4.00 to 1.0 but > 3.00 to 1.0 1.25 % 2.25 % 0.375 % Category 4 < 3.00 to 1.0 1.00 % 2.00 % 0.375 % For purposes of the foregoing, (a) the Applicable Rate shall be determined as of the end of each fiscal quarter of Parent based upon Parent’s annual or quarterly consolidated financial statements delivered pursuant to Section 5.01(a) and (b) and the related compliance certificate delivered pursuant to Section 5.01(c) and (b) 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 first (1st) calendar day of the month following 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 the Total Leverage Ratio shall be deemed to be in Category 1 (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 Administrative Borrower fails to deliver the annual or quarterly consolidated financial statements required to be delivered by it pursuant to Section 5.01, during the period from the expiration of the time for delivery thereof until such consolidated financial statements are delivered. In the event that, at any date prior to the Termination Date, any financial statement or compliance certificate delivered pursuant to Section 5.01(a), (b) or (c) is shown to be inaccurate, and such inaccuracy, if corrected, would have led to the application of a higher Applicable ...
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 LIBOR 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”, “LIBOR Spread” or “Commitment Fee Rate”, as the case may be, based upon the Borrower’s Total Net Leverage Ratio as of the most recent determination date: Total Net Leverage Ratio LIBOR Spread ABR Spread Commitment Fee Rate Category 1 < 3.00 to 1.00 2.25 % 1.25 % 0.40 % Category 2 > 3.00 to 1.00 but < 4.50 to 1.00 2.50 % 1.50 % 0.45 % Category 3 > 4.50 to 1.00 2.75 % 1.75 % 0.50 % For purposes of the foregoing, (i) 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 (and the related Compliance Certificate) delivered pursuant to Section 5.01 and (ii) each change in the Applicable Rate resulting from a change in the Total Net Leverage Ratio shall be effective during the period commencing on and including the date of delivery 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 the Total Net Leverage Ratio shall automatically be deemed to be in Category 3 if the Borrower fails to deliver the annual or quarterly consolidated financial statements or the related Compliance Certificate required to be delivered by it pursuant to Section 5.01, during the period from the expiration of the time for delivery thereof until such consolidated financial statements are delivered. The Applicable Rate in effect from the Effective Date through the first date on which consolidated financial statements (and the related Compliance Certificate) are required to be delivered pursuant to Section 5.01 shall be based upon the pricing level set forth as Category 3 on the above pricing grid and, thereafter based upon the Total Net Leverage Ratio set forth in the most recently delivered Compliance Certificate.
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.