Facility Fees. The Borrower agrees to pay to the Agent for the account of each Lender a facility fee on the amount of such Lender's Commitment (or if no Commitment is in effect, Advances), whether used or unused and without giving effect to any B Reduction, from the date hereof in the case of each Bank and from the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender until the Termination Date of such Lender, payable in arrears on the last day of each March, June, September and December during the term of such Lender's Commitment, commencing September 30, 2006, and on the Termination Date of such Lender, in an amount equal to the product of (i) the average daily amount of such Lender's Commitment (whether used or unused and without giving effect to any B Reduction) in effect during the period for which such payment that is to be made times (ii) the weighted average rate per annum that is derived from the following rates: (a) a rate of 0.050% per annum with respect to each day during such period that the higher of the Ratings was Xxxxx 0, (x) a rate of 0.080% per annum with respect to each day during such period that the higher of such Ratings was Level 2, (c) a rate of 0.090% per annum with respect to each day during such period that the higher of such Ratings was Xxxxx 0, (x) a rate of 0.100% per annum with respect to each day during such period that the higher of such Ratings was Level 4, (e) a rate of 0.125% per annum with respect to each day during such period that the higher of such Ratings was Level 5, or (f) a rate of 0.150% per annum with respect to each day during such period that the higher of such Ratings was Level 6. If any change in the Rating established by S&P, Xxxxx'x or Fitch shall result in a change in the Level, the change in the facility fee shall be effective as of the date on which such rating change is publicly announced by S&P, Xxxxx'x or Fitch, as the case may be. If Ratings are available from only one of S&P, Xxxxx’x or Fitch, then the applicable Level shall be set by reference to this one Rating. If Ratings are available from only two of S&P, Xxxxx’x or Fitch and such Ratings fall within two different Levels, then the higher of such Ratings shall apply, unless there is a split in such Ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lower Rating shall apply. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within two different Levels, the applicable Level shall be set by reference to the Ratings established by two of the three rating agencies. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within three different Levels, the applicable Level shall be set by reference to the middle Rating. If Ratings are unavailable from S&P, Xxxxx’x and Fitch for any reason for any day, then the applicable Level for purposes of calculating the facility fee for such day shall be deemed to be Level 6. If any of S&P, Xxxxx’x or Fitch change the basis on which their ratings are established and/or described, each reference in this Agreement to a Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, shall be deemed to refer to the then equivalent rating established by S&P, Xxxxx’x or Fitch.
Appears in 1 contract
Facility Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Lender (other than the Designated Bidders), from the date such Lender becomes party to this Agreement, a facility fee (i) on the amount of such Lender's Commitment (or if no Commitment is in effect, Advances)’s daily average Commitment, whether used or unused and without giving effect to any B Bid Reduction, from the date hereof in the each case of each Bank and from the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender until the Termination Date of such Lender, and (ii) in the event the Borrower elects to convert outstanding Advances into the Term Loan pursuant to Section 2.18, on the amount of such Lender’s Term Loan, in each case until the date upon which the Term Loan is paid in full. The facility fees shall be calculated on the basis of a 360-day year and payable quarterly in arrears on the last day of each March, June, September and December during the term of such Lender's ’s Commitment, or after termination of the Commitments, during the term of the Term Loan, commencing September 30, 2006, on the date such Lender becomes party to this Agreement and ending on the Termination Date of such Lender, or, in the event the Borrower elects to convert outstanding Advances into the Term Loan pursuant to Section 2.18, the date upon which the Term Loan is paid in full, in each case in an amount equal to the product of (i) (a) during the average daily amount term of such Lender's Commitment (’s Commitment, such Lender’s daily average Commitment, whether used or unused and without giving effect to any B Bid Reduction) , in effect during the period for which such payment that is to be made or (b) after termination of the Commitments, the amount of such Lender’s Term Loan times (ii) the weighted average rate per annum that is derived from the following rates: (a) a rate of 0.0500.085% per annum with respect to each day during such period that the higher of the Ratings was Xxxxx 0, (x) a rate of 0.080% per annum ratings with respect to each day during such period that the higher of such Ratings was Level 2, (c) a rate of 0.090% per annum with respect to each day during such period that the higher of such Ratings was Xxxxx Long-Term Debt were at Lxxxx 0, (x) a rate of 0.100% per annum with respect to each day during such period that the higher of such Ratings was ratings were at Level 42, (ec) a rate of 0.125% per annum with respect to each day during such period that the higher of such Ratings was Level 5ratings were at Lxxxx 0, or (fx) a rate of 0.1500.175% per annum with respect to each day during such period that such ratings were at Lxxxx 0, and (e) at the higher rate of 0.2500% per annum with respect to each day during such Ratings was period that such ratings were at Level 65. If any change in the Rating rating established by S&P, Xxxxx'x Mxxxx’x or Fitch with respect to Long-Term Debt shall result in a change in the Level, the change in the facility commitment fee shall be effective as of the date on which such rating change is publicly announced by S&P, Xxxxx'x or Fitch, as the case may beannounced. If Ratings are available from only one of S&P, Xxxxx’x or Fitch, then the applicable Level shall be set ratings established by reference to this one Rating. If Ratings are available from only any two of S&P, Xxxxx’x Mxxxx’x or Fitch and such Ratings fall within two different Levels, then the higher of such Ratings shall apply, unless there is a split in such Ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lower Rating shall apply. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within two different Levels, the applicable Level shall be set by reference with respect to the Ratings established by two of the three rating agencies. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within three different Levels, the applicable Level shall be set by reference to the middle Rating. If Ratings Long-Term Debt are unavailable from S&P, Xxxxx’x and Fitch for any reason for any day, then the applicable Level level for purposes of calculating the facility commitment fee for such day shall be deemed to be Lxxxx 0 (or, if the Requisite Lenders consent in writing, such other Level 6. If any of S&P, Xxxxx’x or Fitch change as may be reasonably determined by the basis on which their ratings are Requisite Lenders from a rating with respect to Long-Term Debt for such day established and/or described, each reference in this Agreement to a Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, shall be deemed to refer another rating agency reasonably acceptable to the then equivalent rating established by S&P, Xxxxx’x or FitchRequisite Lenders).”
Appears in 1 contract
Samples: Credit Agreement (Viad Corp)
Facility Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Lender (other than the Designated Bidders) a facility fee on the amount of such Lender's Commitment (or if no Commitment is in effect, Advances)daily average Commitment, whether used or unused (and without giving effect to any B Bid Reduction), from the date hereof Closing Date in the case of each Bank Lender and from the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender until the Termination Date of such Lender, payable quarterly in arrears on the last day of each March, June, September and December during the term of such Lender's Commitment, commencing September 30, 20062000, and on the Termination Date of such Lender, in an amount equal to the product of (i) the average daily amount of such Lender's Commitment (daily average Commitment, whether used or unused and without giving effect to any B Bid Reduction) , in effect during the period for which 18 91 such payment that is to be made times (ii) the weighted average rate per annum that is derived from the following rates: (a) a rate of 0.0500.08% per annum with respect to each day during such period that the higher of the Ratings was Xxxxx ratings with respect to Long-Term Debt were at Levex 0, (x) a rate x xate of 0.0800.10% per annum with respect to each day during such period that the higher of such Ratings was ratings were at Level 2, (c) a rate of 0.090% per annum with respect to each day during such period that the higher of such Ratings was Xxxxx 0, (x) a rate of 0.100% per annum with respect to each day during such period that the higher of such Ratings was Level 4, (e) a rate of 0.125% per annum with respect to each day during such period that the higher such ratings were at Levex 0, (x) x xate of such Ratings was Level 5, or (f) a rate of 0.1500.20% per annum with respect to each day during such period that such ratings were at Level 4, (e) at the higher rate of 0.375% per annum with respect to each day during such Ratings was period that such ratings were at Level 65. If any change in the Rating rating established by S&P, Xxxxx'x or Moodx'x xx Fitch with respect to Long-Term Debt shall result in a change in the Level, the change in the facility commitment fee shall be effective as of the date on which such rating change is publicly announced by S&P, Xxxxx'x or Fitch, as the case may beannounced. If Ratings are available from only one of S&P, Xxxxx’x or Fitch, then the applicable Level shall be set ratings established by reference to this one Rating. If Ratings are available from only any two of S&P, Xxxxx’x or Moodx'x xx Fitch and such Ratings fall within two different Levels, then the higher of such Ratings shall apply, unless there is a split in such Ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lower Rating shall apply. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within two different Levels, the applicable Level shall be set by reference with respect to the Ratings established by two of the three rating agencies. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within three different Levels, the applicable Level shall be set by reference to the middle Rating. If Ratings Long-Term Debt are unavailable from S&P, Xxxxx’x and Fitch for any reason for any day, then the applicable Level level for purposes of calculating the facility commitment fee for such day shall be deemed to be Levex 0 (xx, if the Requisite Lenders consent in writing, such other Level 6. If any of S&P, Xxxxx’x or Fitch change as may be reasonably determined by the basis on which their ratings are Requisite Lenders from a rating with respect to Long-Term Debt for such day established and/or described, each reference in this Agreement to a Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, shall be deemed to refer another rating agency reasonably acceptable to the then equivalent rating established by S&P, Xxxxx’x or FitchRequisite Lenders).
Appears in 1 contract
Samples: Credit Agreement (Dial Corp /New/)
Facility Fees. The Borrower agrees Borrowers jointly and severally agree to ------------- pay to the Agent for the account of each Lender a facility fee on the amount of such Lender's Commitment (or if no Commitment is in effect, Advances), whether used or unused and without giving effect to any B Reduction, from the date hereof in the case of each Bank and from the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender until the Termination Date of such Lender, payable in arrears on the last day of each March, June, September and December during the term of such Lender's Commitment, commencing September 30, 20062000, and on the Termination Date of such Lender, in an amount equal to the product of (i) the average daily amount of such Lender's Commitment (whether used or unused and without giving effect to any B Reduction) in effect during the period for which such payment that is to be made times (ii) the weighted average rate per annum that is derived from the following rates: (a) a rate of 0.0500.05% per annum with respect to each day during such period that the higher of the Ratings was Xxxxx 0, (x) a rate of 0.0800.08% per annum with respect to each day during such period that the higher of such Ratings was Level 2, (c) a rate of 0.090% per annum with respect to each day during such period that the higher of such Ratings was Xxxxx 0, (x) a rate of 0.1000.10% per annum with respect to each day during such period that the higher of such Ratings was Level 4, 3 and (ed) a rate of 0.125% per annum with respect to each day during such period that the higher of such Ratings was Level 5, or (f) a rate of 0.150% per annum with respect to each day during such period that the higher of such Ratings was Level 64. If any change in the Rating established by S&P, Xxxxx'x or Fitch shall result in a change in the Level, the change in the facility fee shall be effective as of the date on which such rating change is publicly announced by S&P, Xxxxx'x or Fitch, as (in the case may be. If Ratings are available from only one of S&P, Xxxxx’x a public rating) or Fitch, then the applicable Level shall be set by reference to this one Rating. If Ratings are available from only two of S&P, Xxxxx’x or Fitch and such Ratings fall within two different Levels, then the higher of such Ratings shall apply, unless there is a split in such Ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lower Rating shall apply. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within two different Levels, the applicable Level shall be set by reference disclosed to the Ratings established by two Corporation (in the case of the three rating agencies. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within three different Levels, the applicable Level shall be set by reference to the middle Ratinga private rating). If Ratings are unavailable from S&P, Xxxxx’x and Fitch both S&P or Xxxxx'x for any reason for any day, then the applicable Level for purposes of calculating the facility fee for such day shall be deemed to be Xxxxx 0 (or, if the Majority Lenders consent in writing, such other Level 6as may be reasonably determined by the Majority Lenders from a rating with respect to Long-Term Debt or the Corporation for such day established by another rating agency reasonably acceptable to the Majority Lenders). If no Rating is available from S&P or Xxxxx'x (but not both) for any of S&Preason for any day, Xxxxx’x or Fitch change then the basis on which their ratings are established and/or described, each reference in this Agreement to a Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, applicable Level shall be deemed to refer set by reference to the then equivalent rating established by S&P, Xxxxx’x Rating of S&P or FitchXxxxx'x that is available for such day.
Appears in 1 contract
Facility Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Lender (other than the Designated Bidders) a facility fee on the amount of such Lender's Commitment (or if no Commitment is in effect, Advances)daily average Commitment, whether used or unused and without giving effect to any B Bid Reduction, from the date hereof Closing Date in the case of each Bank initial Lender and from the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender Lender, in each case until the Termination Date of such Lender, such facility fees to be calculated on the basis of a 360-day year and payable quarterly in arrears on the last day of each March, June, September and December during the term of such Lender's Commitment, commencing September 30, 2006, 2001 and on the 19 Credit Agreement (Short Term) Termination Date of such Lender, in an amount equal to the product of (i) the average daily amount of such Lender's Commitment (daily average Commitment, whether used or unused and without giving effect to any B Bid Reduction) , in effect during the period for which such payment that is to be made times (ii) the weighted average rate per annum that is derived from the following rates: (a) a rate of 0.0500.085% per annum with respect to each day during such period that the higher of the Ratings was Xxxxx 0, (x) a rate of 0.080% per annum ratings with respect to each day during such period that the higher of such Ratings was Level 2, (c) a rate of 0.090% per annum with respect to each day during such period that the higher of such Ratings was Long-Term Debt were at Xxxxx 0, (x) a rate of 0.100% per annum with respect to each day during such period that the higher of such Ratings was ratings were at Level 42, (ec) a rate of 0.125% per annum with respect to each day during such period that the higher of such Ratings was Level 5ratings were at Xxxxx 0, or (fx) a rate of 0.1500.175% per annum with respect to each day during such period that such ratings were at Xxxxx 0, and (e) at the higher rate of 0.2500% per annum with respect to each day during such Ratings was period that such ratings were at Level 65; provided that no facility fee will be payable after the Term Loan has been made pursuant to Section 2.18. If any change in the Rating rating established by S&P, Xxxxx'x or Fitch with respect to Long-Term Debt shall result in a change in the Level, the change in the facility commitment fee shall be effective as of the date on which such rating change is publicly announced announced. If the ratings established by any two of S&P, Xxxxx'x or Fitch, as the case may be. If Ratings are available from only one of S&P, Xxxxx’x or Fitch, then the applicable Level shall be set by reference Fitch with respect to this one Rating. If Ratings are available from only two of S&P, Xxxxx’x or Fitch and such Ratings fall within two different Levels, then the higher of such Ratings shall apply, unless there is a split in such Ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lower Rating shall apply. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within two different Levels, the applicable Level shall be set by reference to the Ratings established by two of the three rating agencies. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within three different Levels, the applicable Level shall be set by reference to the middle Rating. If Ratings Long-Term Debt are unavailable from S&P, Xxxxx’x and Fitch for any reason for any day, then the applicable Level level for purposes of calculating the facility commitment fee for such day shall be deemed to be Xxxxx 0 (or, if the Requisite Lenders consent in writing, such other Level 6. If any of S&P, Xxxxx’x or Fitch change as may be reasonably determined by the basis on which their ratings are Requisite Lenders from a rating with respect to Long-Term Debt for such day established and/or described, each reference in this Agreement to a Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, shall be deemed to refer another rating agency reasonably acceptable to the then equivalent rating established by S&P, Xxxxx’x or FitchRequisite Lenders).
Appears in 1 contract
Samples: Credit Agreement (Viad Corp)
Facility Fees. The (i) Prior to the Second Amendment Date, the Borrower agrees to pay to the Administrative Agent for the account of each Lender (other than the Designated Bidders) a facility fee on the amount of such Lender's Commitment (or if no Commitment is in effect, Advances)daily average Commitment, whether used or unused (and without giving effect to any B Bid Reduction), from the date hereof Closing Date in the case of each Bank Lender and from the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender until the Termination Date of such Lender, payable quarterly in arrears on the last day of each March, June, September and December during the term of such Lender's Commitment, commencing September 30, 20062000, and on the Termination Date of such Lender, in an amount equal to the product of (i) the average daily amount of such Lender's Commitment (daily average Commitment, whether used or unused and without giving effect to any B Bid Reduction) , in effect during the period for which such payment that is to be made times (ii) the weighted average rate per annum that is derived from the following rates: (a) a rate of 0.0500.10% per annum with respect to each day during such period that the higher of the Ratings was Xxxxx ratings with respect to Long-Term Debt were at Levex 0, (x) a rate of 0.080% per annum with respect to each day during such period that the higher of such Ratings was Level 2, (c) a rate of 0.090% per annum with respect to each day during such period that the higher of such Ratings was Xxxxx 0, (x) a rate of 0.100% per annum with respect to each day during such period that the higher of such Ratings was Level 4, (e) a rate x xate of 0.125% per annum with respect to each day during such period that the higher of such Ratings was ratings were at Level 52, or (fc) a rate of 0.1500.15% per annum with respect to each day during such period that such ratings were at Levex 0, (x) x xate of 0.25% per annum with respect to each day during such period that such ratings were at Level 4, (e) at the higher rate of 0.375% per annum with respect to each day during such Ratings was period that such ratings were at Level 65. If any change in the Rating rating established by S&P, Xxxxx'x or Moodx'x xx Fitch with respect to Long-Term Debt shall result in a change in the Level, the change in the facility commitment fee shall be effective as of the date on which such rating change is publicly announced by S&P, Xxxxx'x or Fitch, as the case may beannounced. If Ratings are available from only one of S&P, Xxxxx’x or Fitch, then the applicable Level shall be set ratings established by reference to this one Rating. If Ratings are available from only any two of S&P, Xxxxx’x or Moodx'x xx Fitch and such Ratings fall within two different Levels, then the higher of such Ratings shall apply, unless there is a split in such Ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lower Rating shall apply. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within two different Levels, the applicable Level shall be set by reference with respect to the Ratings established by two of the three rating agencies. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within three different Levels, the applicable Level shall be set by reference to the middle Rating. If Ratings Long-Term Debt are unavailable from S&P, Xxxxx’x and Fitch for any reason for any day, then the applicable Level level for purposes of calculating the facility commitment fee for such day shall be deemed to be Levex 0 (xx, if the Requisite Lenders consent in writing, such other Level 6. If any of S&P, Xxxxx’x or Fitch change as may be reasonably determined by the basis on which their ratings are Requisite Lenders from a rating with respect to Long-Term Debt for such day established and/or described, each reference in this Agreement to a Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, shall be deemed to refer another rating agency reasonably acceptable to the then equivalent rating established by S&P, Xxxxx’x or FitchRequisite Lenders).
Appears in 1 contract
Samples: Credit Agreement (Dial Corp /New/)
Facility Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Lender (other than the Designated Bidders) a facility fee on the amount of such Lender's Commitment (or if no Commitment is in effect, Advances)daily average Commitment, whether used or unused and without giving effect to any B Bid Reduction, from the date hereof Effective Date in the case of each Bank Lender, other than a New Lender, from the Second Amendment Effective Date with respect to a New Lender and from the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender Lender, in each case, until the Termination Date of such Lender, payable quarterly in arrears on the last day of each March, June, September and December during the term of such Lender's Commitment, commencing September 30, 20061996 with respect to each Lender, other than a New Lender, and from the Second Amendment Effective Date with respect to a New Lender, and, in each case, on the Termination Date of such Lender, in an amount equal to the product of (i) the average daily amount of such Lender's Commitment (daily average Commitment, whether used or unused and without giving effect to any B Bid Reduction) , in effect during the period for which such payment that is to be made times (ii) the weighted average rate per annum that is derived from the following rates: (a) a rate of 0.0500.10% per annum with respect to each day during such period that the higher of the Ratings was Xxxxx ratings with respect to Long-Term Debt were at Levex 0, (x) a rate x xate of 0.0800.110% per annum with respect to each day during such period that the higher of such Ratings was ratings were at Level 2, (c) a rate of 0.090% per annum with respect to each day during such period that the higher of such Ratings was Xxxxx 0, (x) a rate of 0.100% per annum with respect to each day during such period that the higher of such Ratings was Level 4, (e) a rate of 0.125% per annum with respect to each day during such period that the higher such ratings were at Levex 0, (x) x xate of such Ratings was Level 5, or (f) a rate of 0.1500.1875% per annum with respect to each day during such period that such ratings were at Levex 0, xxd (e) at the higher rate of 0.2500% per annum with respect to each day during such Ratings was period that such ratings were at Level 65. If any change in the Rating rating established by S&P, Xxxxx'x or Fitch Moodx'x xx Duff & Xhelxx with respect to Long-Term Debt shall result in a change in the Level, the change in the facility commitment fee shall be effective as of the date on which such rating change is publicly announced by S&P, Xxxxx'x or Fitch, as the case may beannounced. If Ratings are available from only one of S&P, Xxxxx’x or Fitch, then the applicable Level shall be set ratings established by reference to this one Rating. If Ratings are available from only any two of S&P, Xxxxx’x or Fitch and such Ratings fall within two different Levels, then the higher of such Ratings shall apply, unless there is a split in such Ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lower Rating shall apply. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within two different Levels, the applicable Level shall be set by reference Moodx'x xx Duff & Phelxx xxxh respect to the Ratings established by two of the three rating agencies. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within three different Levels, the applicable Level shall be set by reference to the middle Rating. If Ratings Long-Term Debt are unavailable from S&P, Xxxxx’x and Fitch for 4 any reason for any day, then the applicable Level level for purposes of calculating the facility commitment fee for such day shall be deemed to be Levex 0 (xx, if the Requisite Lenders consent in writing, such other Level 6. If any of S&P, Xxxxx’x or Fitch change as may be reasonably determined by the basis on which their ratings are Requisite Lenders from a rating with respect to Long-Term Debt for such day established and/or described, each reference in this Agreement to a Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, shall be deemed to refer another rating agency reasonably acceptable to the then equivalent rating established by S&P, Xxxxx’x or FitchRequisite Lenders).
Appears in 1 contract
Samples: Credit Agreement (Viad Corp)
Facility Fees. The Borrower agrees to pay to the Agent for the account of each Lender a facility fee on the amount of such Lender's ’s Commitment (or if no Commitment is in effect, Advances), whether used or unused and without giving effect to any B Reduction, from the date hereof in the case of each Bank and from the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender until the Termination Date of such Lender, payable in arrears on the last day of each March, June, September and December during the term of such Lender's ’s Commitment, commencing September 30, 20062007, and on the Termination Date of such Lender, in an amount equal to the product of (i) the average daily amount of such Lender's ’s Commitment (whether used or unused and without giving effect to any B Reduction) in effect during the period for which such payment that is to be made times (ii) the weighted average rate per annum that is derived from the following rates: (a) a rate of 0.050% per annum with respect to each day during such period that the higher of the Ratings was Xxxxx 0, (x) a rate of 0.0800.060% per annum with respect to each day during such period that the higher of such Ratings was Level 2, (c) a rate of 0.0900.070% per annum with respect to each day during such period that the higher of such Ratings was Xxxxx 0, (x) a rate of 0.1000.080% per annum with respect to each day during such period that the higher of such Ratings was Level 4, (e) a rate of 0.1250.100% per annum with respect to each day during such period that the higher of such Ratings was Level 5, or (f) a rate of 0.150% per annum with respect to each day during such period that the higher of such Ratings was Level 6. If any change in the Rating established by S&P, Xxxxx'x Xxxxx’x or Fitch shall result in a change in the Level, the change in the facility fee shall be effective as of the date on which such rating change is publicly announced by S&P, Xxxxx'x Xxxxx’x or Fitch, as the case may be. If Ratings are available from only one of S&P, Xxxxx’x or Fitch, then the applicable Level shall be set by reference to this one Rating. If Ratings are available from only two of S&P, Xxxxx’x or Fitch and such Ratings fall within two different Levels, then the higher of such Ratings shall apply, unless there is a split in such Ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lower Rating shall apply. If Ratings are available from each of S&P, Xxxxx'x Xxxxx’x and Fitch and such Ratings fall within two different Levels, the applicable Level shall be set by reference to the Ratings established by two of the three rating agencies. If Ratings are available from each of S&P, Xxxxx'x Xxxxx’x and Fitch and such Ratings fall within three different Levels, the applicable Level shall be set by reference to the middle Rating. If Ratings are unavailable from S&P, Xxxxx’x and Fitch for any reason for any day, then the applicable Level for purposes of calculating the facility fee for such day shall be deemed to be Level 6. If any of S&P, Xxxxx’x or Fitch change the basis on which their ratings are established and/or described, each reference in this Agreement to a Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, shall be deemed to refer to the then equivalent rating established by S&P, Xxxxx’x or Fitch.
Appears in 1 contract
Facility Fees. The Borrower agrees Borrowers jointly and severally agree to pay to the Agent for the account of each Lender a facility fee on the amount of such Lender's Commitment (or if no Commitment is in effect, Advances), whether used or unused and without giving effect to any B Reduction, from the date hereof in the case of each Bank and from the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender until the Termination Date of such Lender, payable in arrears on the last day of each March, June, September and December during the term of such Lender's Commitment, commencing September 30, 20061999, and on the Termination Date of such Lender, in an amount equal to the product of (i) the average daily amount of such Lender's Commitment (whether used or unused and without giving effect to any B Reduction) in effect during the period for which such payment that is to be made times (ii) the weighted average rate per annum that is derived from the following rates: (a) a rate of 0.0500.05% per annum with respect to each day during such period that the higher of the Ratings was Xxxxx 0, (x) a rate of 0.0800.08% per annum with respect to each day during such period that the higher of such Ratings was Level 2, (c) a rate of 0.090% per annum with respect to each day during such period that the higher of such Ratings was Xxxxx 0, (x) a rate of 0.1000.10% per annum with respect to each day during such period that the higher of such Ratings was Level 4, 3 and (ed) a rate of 0.125% per annum with respect to each day during such period that the higher of such Ratings was Level 5, or (f) a rate of 0.150% per annum with respect to each day during such period that the higher of such Ratings was Level 64. If any change in the Rating established by S&P, Xxxxx'x or Fitch shall result in a change in the Level, the change in the facility fee shall be effective as of the date on which such rating change is publicly announced by S&P, Xxxxx'x or Fitch, as (in the case may be. If Ratings are available from only one of S&P, Xxxxx’x a public rating) or Fitch, then the applicable Level shall be set by reference to this one Rating. If Ratings are available from only two of S&P, Xxxxx’x or Fitch and such Ratings fall within two different Levels, then the higher of such Ratings shall apply, unless there is a split in such Ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lower Rating shall apply. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within two different Levels, the applicable Level shall be set by reference disclosed to the Ratings established by two Corporation (in the case of the three rating agencies. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within three different Levels, the applicable Level shall be set by reference to the middle Ratinga private rating). If Ratings are unavailable from S&P, Xxxxx’x and Fitch both S&P or Xxxxx'x for any reason for any day, then the applicable Level for purposes of calculating the facility fee for such day shall be deemed to be Xxxxx 0 (or, if the Majority Lenders consent in writing, such other Level 6as may be reasonably determined by the Majority Lenders from a rating with respect to Long-Term Debt or the Corporation for such day established by another rating agency reasonably acceptable to the Majority Lenders). If no Rating is available from S&P or Xxxxx'x (but not both) for any of S&Preason for any day, Xxxxx’x or Fitch change then the basis on which their ratings are established and/or described, each reference in this Agreement to a Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, applicable Level shall be deemed to refer set by reference to the then equivalent rating established by S&P, Xxxxx’x Rating of S&P or FitchXxxxx'x that is available for such day.
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Facility Fees. The Domestic Borrower agrees to pay to the Administrative Agent for the account of each Lender (other than the Designated Bidders) a facility fee on the amount of such Lender's Commitment (or if no Commitment is in effect, Advances)daily average Commitment, whether used or unused and without giving effect to any B ReductionBid Reduction or Letter of Credit Usage, from the date hereof Closing Date in the case of each Bank initial Lender and from the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender Lender, in each case until the Termination Date Date, such facility fees to be calculated on the basis of such Lender, a 360-day year and payable quarterly in arrears on the last day of each March, June, September and December during the term of such Lender's Commitment, commencing September 30, 2006, 2001 and on the Termination Date of such LenderDate, in an amount equal to the product of (i) the average daily amount of such Lender's Commitment (daily average Domestic Commitment, whether used or unused and without giving effect to any B Reduction) Bid Reduction or Letter of Credit Usage, in effect during the period for which such payment that is to be made times (ii) the weighted average rate per annum that is derived from the following rates: (a) a rate of 0.050% per annum with respect to each day during such period that the higher of the Ratings was Xxxxx 0, (x) a rate of 0.080% per annum with respect to each day during such period that the higher of such Ratings was Level 2, (c) a rate of 0.090% per annum with respect to each day during such period that the higher of such Ratings was Xxxxx 0, (x) a rate of 0.100% per annum with respect to each day during such period that the higher of such Ratings was Level 4ratings with respect to Long-Term Debt were at Xxxxx 0, (ex) a rate of 0.125% per annum with respect to each day during such period that the higher of such Ratings was ratings were at Level 52, or (fc) a rate of 0.150% per annum with respect to each day during such period that such ratings were at Xxxxx 0, (x) a rate of 0.200% per annum with respect to each day during such period that such ratings were at Xxxxx 0, and (e) at the higher rate of 0.3750% per annum with respect to each day during such Ratings was period that such ratings were at Level 65. If any change in the Rating rating established by S&P, Xxxxx'x or Fitch with respect to Long-Term Debt shall result in a change in the Level, the change in the facility commitment fee shall be effective as of the date on which such rating change is publicly announced announced. If the ratings established by any two of S&P, Xxxxx'x or Fitch, as the case may be. If Ratings are available from only one of S&P, Xxxxx’x or Fitch, then the applicable Level shall be set by reference Fitch with respect to this one Rating. If Ratings are available from only two of S&P, Xxxxx’x or Fitch and such Ratings fall within two different Levels, then the higher of such Ratings shall apply, unless there is a split in such Ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lower Rating shall apply. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within two different Levels, the applicable Level shall be set by reference to the Ratings established by two of the three rating agencies. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within three different Levels, the applicable Level shall be set by reference to the middle Rating. If Ratings Long-Term Debt are unavailable from S&P, Xxxxx’x and Fitch for any reason for any day, then the applicable Level level for purposes of calculating the facility commitment fee for such day shall be deemed to be Xxxxx 0 (or, if the Requisite Lenders consent in writing, such other Level 6. If any of S&P, Xxxxx’x or Fitch change as may be reasonably determined by the basis on which their ratings are Requisite Lenders from a rating with respect to Long-Term Debt for such day established and/or described, each reference in this Agreement to a Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, shall be deemed to refer another rating agency reasonably acceptable to the then equivalent rating established by S&P, Xxxxx’x or FitchRequisite Lenders).
Appears in 1 contract
Samples: Credit Agreement (Viad Corp)
Facility Fees. The Borrower agrees to pay to the Agent for the account of each Lender a facility fee on the amount of such Lender's ’s Commitment (or if no Commitment is in effect, Advances), whether used or unused and without giving effect to any B Reductionunused, from the date hereof Effective Date, in the case of each Bank and Bank, and, to the extent not paid by the Borrower to any other Lender in respect of the same Commitment for the same period, from the effective date specified in the Assignment and Acceptance pursuant to which it became a successor to any Bank or other Lender becomes a Lender hereunder, in the each case of each other Lender until the Termination Date of such Lender, payable in arrears on the last day of each March, June, September and December during the term of such Lender's ’s Commitment, commencing September 30March 31, 20062011, and on the Termination Date of such Lender, in an amount equal to the product of (i) the average daily amount of such Lender's ’s Commitment (whether used or unused and without giving effect to any B Reductionunused) in effect during the period for which such payment that is to be made times (ii) the weighted average rate per annum that is derived from the following rates: (a) a rate of 0.0500.100% per annum with respect to each day during such period that the higher of the Ratings was Xxxxx 0, (x) a rate of 0.0800.125% per annum with respect to each day during such period that the higher of such Ratings was Level 2, (c) a rate of 0.0900.175% per annum with respect to each day during such period that the higher of such Ratings was Xxxxx 0, (x) a rate of 0.1000.200% per annum with respect to each day during such period that the higher of such Ratings was Level 4, (e) a rate of 0.1250.250% per annum with respect to each day during such period that the higher of such Ratings was Level 5, or (f) a rate of 0.1500.350% per annum with respect to each day during such period that the higher of such Ratings was Level 6. If any change in the Rating established by S&P, Xxxxx'x S&P or Fitch Xxxxx’x shall result in a change in the Level, the change in the calculation of the facility fee as set forth above shall be effective as of the date on which such rating change is publicly announced by S&P, Xxxxx'x S&P or FitchXxxxx’x, as the case may be, provided that no Defaulting Lender shall be entitled to receive any facility fee in respect of its unused Commitment for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay such fee that otherwise would have been required to have been paid to that Defaulting Lender). If Ratings are available from only one of S&P, Xxxxx’x S&P or FitchXxxxx’x, then the applicable Level shall be set by reference to this one Rating. If Ratings are available from only two each of S&P, S&P and Xxxxx’x or Fitch and such Ratings fall within two different Levels, then the higher of such Ratings shall apply, unless there is a split in such Ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lower Rating shall apply. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within two different Levels, the applicable Level shall be set by reference to the Ratings established by two of the three rating agencies. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within three different Levels, the applicable Level shall be set by reference to the middle Rating. If Ratings are unavailable from S&P, S&P and Xxxxx’x and Fitch for any reason other than such agencies cease providing public debt ratings generally for any day, then the applicable Level for purposes of calculating the facility fee for such day shall be deemed to be Level 6. If any of S&P, S&P or Xxxxx’x or Fitch change the basis on which their ratings are established and/or described, each reference in this Agreement to a Rating announced by S&P, Xxxxx’x S&P or FitchXxxxx’x, as the case may be, shall be deemed to refer to the then equivalent rating established by S&P, Xxxxx’x S&P or FitchXxxxx’x.
Appears in 1 contract
Facility Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Lender (other than the Designated Bidders) a facility fee on the amount of such Lender's Commitment (or if no Commitment is in effect, Advances)daily average Commitment, whether used or unused and without giving effect to any B Bid Reduction, from the date hereof Effective Date in the case of each Bank Lender and from the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender until the Termination Date of such Lender, payable quarterly in arrears on the last day of each March, June, September and December during the term of such Lender's Commitment, commencing September 30, 20061996, and on the Termination Date of such Lender, in an amount equal to the product of (i) the average daily amount of such Lender's Commitment (daily average Commitment, whether used or unused and without giving effect to any B Bid Reduction) , in effect during the period for which such payment that is to be made times (ii) the weighted average rate per annum that is derived from the following rates: (a) a rate of 0.0500.10% per annum with respect to each day during such period that the higher of the Ratings was Xxxxx 0ratings with respect to Long-Term Debt were at Level 1, (xb) a rate of 0.0800.110% per annum with respect to each day respexx xx xxxx xay during such period that the higher of such Ratings was ratings were at Level 2, (c) a rate of 0.090% per annum with respect to each day during such period that the higher of such Ratings was Xxxxx 0, (x) a rate of 0.100% per annum with respect to each day during such period that the higher of such Ratings was Level 4, (e) a rate of 0.125% per annum with respect to each day during such period that the higher of such Ratings was ratings were at Level 53, or (fd) a rate of 0.1500.1875% per annum with respect respxxx xx xxxx day during such period that such ratings were at Level 4, and (e) at the rate of 0.2500% per annum xxxx xxspect to each day during such period that the higher of such Ratings was ratings were at Level 65. If any change in the Rating rating established by S&P, Xxxxx'x Moody's or Fitch shall result in a Duff & Phelps with respect to Long-Term Xxxx xhall xxxult xx x change in the Level, the change in the facility commitment fee shall be effective as of the date on which such rating change is publicly announced by S&P, Xxxxx'x or Fitch, as the case may beannounced. If Ratings are available from only one of S&P, Xxxxx’x or Fitch, then the applicable Level shall be set ratings established by reference to this one Rating. If Ratings are available from only any two of S&P, Xxxxx’x Moody's or Fitch and such Ratings fall within two different Levels, then the higher of such Ratings shall apply, unless there is a split in such Ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lower Rating shall apply. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within two different Levels, the applicable Level shall be set by reference Duff & Phelps with respect to the Ratings established by two of the three rating agencies. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within three different Levels, the applicable Level shall be set by reference to the middle Rating. If Ratings are Long-Term Xxxx xre unavailable from S&P, Xxxxx’x and Fitch for fxx any reason for any day, then the applicable Level level for purposes of calculating the facility commitment fee for such day shall be deemed to be Level 6. If any of S&P5 (or, Xxxxx’x or Fitch change if the basis on which their ratings are Requisite Lenders consent in wxxxxxx, such other Level as may be reasonably determined by the Requisite Lenders from a rating with respect to Long-Term Debt for such day established and/or described, each reference in this Agreement to a Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, shall be deemed to refer another rating agency reasonably acceptable to the then equivalent rating established by S&P, Xxxxx’x or FitchRequisite Lenders).
Appears in 1 contract
Samples: Credit Agreement (Viad Corp)
Facility Fees. The Borrower Company agrees to pay to the Administrative Agent for the account of each Lender a facility fee on the amount of such Lender's Commitment (or if no Commitment is in effect, Advances)daily average Commitment, whether used or unused unused, and without giving effect to any B Reductionon the outstanding principal amount of the Term Loan, from the date hereof Effective Date in the case of each Bank and from the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender until the later of the Termination Date of such LenderLender and the Term Loan Maturity Date, payable quarterly in arrears on the last day of each March, June, September and December during the term of such Lender's CommitmentCommitment and during the Term Loan, commencing September June 30, 20062001, and on the later of the Termination Date of such LenderLender and the Term Loan Maturity Date, in an amount equal to the product of (i) the average daily amount of such Lender's daily average Commitment, whether such Commitment (whether is used or unused and without giving effect to any B Reduction) unused, or such Lender's ratable portion of the outstanding principal amount of the Term Loan, as applicable, in effect during the period for which such payment that is to be made times (ii) the weighted average rate per annum that is derived from the following rates: (a) a rate of 0.0500.07% per annum with respect to each day during such period that the higher of the Ratings was ratings with respect to Long-Term Debt were at Xxxxx 0, (x) a rate of 0.0800.08% per annum with respect to each day during such period that the higher of such Ratings was ratings were at Level 2, (c) a rate of 0.0900.10% per annum with respect to each day during such period that the higher of such Ratings was ratings were at Xxxxx 0, (x) a rate of 0.100% per annum with respect to each day during such period that the higher of such Ratings was Level 4, (e) a rate of 0.125% per annum with respect to each day during such period that such ratings were at Level 4, (e) at the higher of such Ratings was Level 5, or (f) a rate of 0.1500.20% per annum with respect to each day during such period that such ratings were at Xxxxx 0, and (f) at the higher rate of 0.50% per annum with respect to each day during such Ratings was period that such ratings were at Level 6. If any change in the Rating rating established by S&P, S&P or Xxxxx'x or Fitch with respect to Long-Term Debt shall result in a change in the Level, the change in the facility fee shall be effective as of the date on which such rating change is publicly announced by S&P, Xxxxx'x or Fitch, as the case may beannounced. If Ratings are available from only one of S&P, Xxxxx’x or Fitch, then the applicable Level shall be set by reference to this one Rating. If Ratings are available from only two of S&P, Xxxxx’x or Fitch and such Ratings fall within two different Levels, then the higher of such Ratings shall apply, unless there is a split in such Ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lower Rating shall apply. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within two different Levels, the applicable Level shall be set by reference to the Ratings ratings established by two of the three rating agencies. If Ratings are available from each of S&P, S&P or Xxxxx'x and Fitch and such Ratings fall within three different Levels, the applicable Level shall be set by reference with respect to the middle Rating. If Ratings Long-Term Debt are unavailable from S&P, Xxxxx’x and Fitch for any reason for any day, then the applicable Level for purposes of calculating the facility fee for such day shall be deemed to be Xxxxx 0 (or, if the Requisite Lenders consent in writing, such other Level 6. If any of S&P, Xxxxx’x or Fitch change as may be reasonably determined by the basis on which their ratings are Requisite Lenders from a rating with respect to Long-Term Debt for such day established and/or described, each reference in this Agreement to a Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, shall be deemed to refer another rating agency reasonably acceptable to the then equivalent rating established by S&P, Xxxxx’x or FitchRequisite Lenders).
Appears in 1 contract
Samples: Credit Agreement (Steelcase Inc)
Facility Fees. The Borrower agrees Borrowers jointly and severally agree to pay to the Agent for the account of each Lender a facility fee on the amount of such Lender's Commitment (or if no Commitment is in effect, Advances), whether used or unused and without giving effect to any B Reduction, from the date hereof in the case of each Bank and from the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender until the Termination Date of such Lender, payable in arrears on the last day of each March, June, September and December during the term of such Lender's Commitment, commencing September 30, 20061999, and on the Termination Date of such Lender, in an amount equal to the product of (i) the average daily amount of such Lender's Commitment (whether used or unused and without giving effect to any B Reduction) in effect during the period for which such payment that is to be made times (ii) the weighted average rate per annum that is derived from the following rates: (a) a rate of 0.0500.07% per annum with respect to each day during such period that the higher of the Ratings was Xxxxx 0, (x) a rate of 0.0800.10% per annum with respect to each day during such period that the higher of such Ratings was Level 2, (c) a rate of 0.0900.125% per annum with respect to each day during such period that the higher of such Ratings was Xxxxx 0, Level 3 and (xd) a rate of 0.1000.15% per annum with respect to each day during such period that the higher of such Ratings was Level 4, (e) a rate of 0.125% per annum with respect to each day during such period that the higher of such Ratings was Level 5, or (f) a rate of 0.150% per annum with respect to each day during such period that the higher of such Ratings was Level 6. If any change in the Rating established by S&P, Xxxxx'x or Fitch shall result in a change in the Level, the change in the facility fee shall be effective as of the date on which such rating change is publicly announced by S&P, Xxxxx'x or Fitch, as (in the case may be. If Ratings are available from only one of S&P, Xxxxx’x a public rating) or Fitch, then the applicable Level shall be set by reference to this one Rating. If Ratings are available from only two of S&P, Xxxxx’x or Fitch and such Ratings fall within two different Levels, then the higher of such Ratings shall apply, unless there is a split in such Ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lower Rating shall apply. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within two different Levels, the applicable Level shall be set by reference disclosed to the Ratings established by two Corporation (in the case of the three rating agencies. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within three different Levels, the applicable Level shall be set by reference to the middle Ratinga private rating). If Ratings are unavailable from S&P, Xxxxx’x and Fitch both S&P or Xxxxx'x for any reason for any day, then the applicable Level for purposes of calculating the facility fee for such day shall be deemed to be Xxxxx 0 (or, if the Majority Lenders consent in writing, such other Level 6as may be reasonably determined by the Majority Lenders from a rating with respect to Long-Term Debt or the Corporation for such day established by another rating agency reasonably acceptable to the Majority Lenders). If no Rating is available from S&P or Xxxxx'x (but not both) for any of S&Preason for any day, Xxxxx’x or Fitch change then the basis on which their ratings are established and/or described, each reference in this Agreement to a Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, applicable Level shall be deemed to refer set by reference to the then equivalent rating established by S&P, Xxxxx’x Rating of S&P or FitchXxxxx'x that is available for such day.
Appears in 1 contract
Facility Fees. The Borrower Company agrees to pay to the Administrative Agent for the account of each Lender a facility fee on the amount of such Lender's Commitment (or if no Commitment is in effect, Advances)daily average Commitment, whether used or unused and without giving effect to any B Reductionunused, from the date hereof Effective Date in the case of each Bank and from the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender until the Termination Date of such Lender, payable quarterly in arrears on the last day of each March, June, September and December during the term of such Lender's Commitment, commencing September June 30, 20062001, and on the Termination Date of such Lender, in an amount equal to the product of (i) the average daily amount of such Lender's daily average Commitment, whether such Commitment (whether is used or unused and without giving effect to any B Reduction) unused, in effect during the period for which such payment that is to be made times (ii) the weighted average rate per annum that is derived from the following rates: (a) a rate of 0.0500.08% per annum with respect to each day during such period that the higher of the Ratings was ratings with respect to Long-Term Debt were at Xxxxx 0, (x) a rate of 0.0800.10% per annum with respect to each day during such period that the higher of such Ratings was ratings were at Level 2, (c) a rate of 0.090% per annum with respect to each day during such period that the higher of such Ratings was Xxxxx 0, (x) a rate of 0.100% per annum with respect to each day during such period that the higher of such Ratings was Level 4, (e) a rate of 0.125% per annum with respect to each day during such period that the higher of such Ratings was Level 5ratings were at Xxxxx 0, or (fx) a rate of 0.1500.15% per annum with respect to each day during such period that such ratings were at Level 4, (e) at the higher rate of 0.25% per annum with respect to each day during such Ratings was period that such ratings were at Xxxxx 0, and (f) at the rate of 0.50% per annum with respect to each day during such period that such ratings were at Level 6. If any change in the Rating rating established by S&P, S&P or Xxxxx'x or Fitch with respect to Long-Term Debt shall result in a change in the Level, the change in the facility fee shall be effective as of the date on which such rating change is publicly announced by S&P, Xxxxx'x or Fitch, as the case may beannounced. If Ratings are available from only one of S&P, Xxxxx’x or Fitch, then the applicable Level shall be set by reference to this one Rating. If Ratings are available from only two of S&P, Xxxxx’x or Fitch and such Ratings fall within two different Levels, then the higher of such Ratings shall apply, unless there is a split in such Ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lower Rating shall apply. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within two different Levels, the applicable Level shall be set by reference to the Ratings ratings established by two of the three rating agencies. If Ratings are available from each of S&P, S&P or Xxxxx'x and Fitch and such Ratings fall within three different Levels, the applicable Level shall be set by reference with respect to the middle Rating. If Ratings Long-Term Debt are unavailable from S&P, Xxxxx’x and Fitch for any reason for any day, then the applicable Level for purposes of calculating the facility fee for such day shall be deemed to be Xxxxx 0 (or, if the Requisite Lenders consent in writing, such other Level 6. If any of S&P, Xxxxx’x or Fitch change as may be reasonably determined by the basis on which their ratings are Requisite Lenders from a rating with respect to Long-Term Debt for such day established and/or described, each reference in this Agreement to a Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, shall be deemed to refer another rating agency reasonably acceptable to the then equivalent rating established by S&P, Xxxxx’x or FitchRequisite Lenders).
Appears in 1 contract
Samples: Credit Agreement (Steelcase Inc)
Facility Fees. The Borrower agrees Borrowers jointly and severally agree to pay to the Agent for the account of each Lender a facility fee on the amount of such Lender's Commitment (or if no Commitment is in effect, Advances), whether used or unused and without giving effect to any CP Reduction or B Reduction, from the date hereof in the case of each Bank and from the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender until the Termination Date of such Lender, payable in arrears on the last day of each March, June, September and December during the term of such Lender's Commitment, commencing September 30, 20061995, and on the Termination Date of such Lender, in an amount equal to the product of (i) the average daily amount of such Lender's Commitment (whether used or unused and without giving effect to any B Reduction or CP Reduction) in effect during the period for which such payment that is to be made times (ii) the weighted average rate per annum that is derived from the following rates: (a) a rate of 0.0500.09% per annum with respect to each day during such period that the higher of the Ratings was Xxxxx 0, (x) a rate of 0.0800.10% per annum with respect to each day during such period that the higher of such Ratings was Level 2, (c) a rate of 0.0900.125% per annum with respect to each day during such period that the higher of such Ratings was Xxxxx 0, (x) a rate of 0.1000.15% per annum with respect to each day during such period that the higher of such Ratings was Level 4, 4 and (e) a rate of 0.1250.185% per annum with respect to each day during such period that the higher of such Ratings was to which Level 5, or (f) a rate of 0.150% per annum with respect to each day during such period that the higher of such Ratings was Level 65 applies. If any change in the Rating established by S&P, Xxxxx'x or Fitch shall result in a change in the Level, the change in the facility fee shall be effective as of the date on which such rating change is publicly announced by S&P, Xxxxx'x or Fitch, as (in the case may be. If Ratings are available from only one of S&P, Xxxxx’x a public rating) or Fitch, then the applicable Level shall be set by reference to this one Rating. If Ratings are available from only two of S&P, Xxxxx’x or Fitch and such Ratings fall within two different Levels, then the higher of such Ratings shall apply, unless there is a split in such Ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lower Rating shall apply. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within two different Levels, the applicable Level shall be set by reference disclosed to the Ratings established by two Corporation (in the case of the three rating agencies. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within three different Levels, the applicable Level shall be set by reference to the middle Ratinga private rating). If Ratings are unavailable from S&P, Xxxxx’x and Fitch both S&P or Xxxxx'x for any reason for any day, then the applicable Level for purposes of calculating the facility fee for such day shall be deemed to be Xxxxx 0 (or, if the Majority Lenders consent in writing, such other Level 6as may be reasonably determined by the Majority Lenders from a rating with respect to Long-Term Debt or the Corporation for such day established by another rating agency reasonably acceptable to the Majority Lenders). If no Rating is available from S&P or Xxxxx'x (but not both) for any of S&Preason for any day, Xxxxx’x or Fitch change then the basis on which their ratings are established and/or described, each reference in this Agreement to a Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, applicable Level shall be deemed to refer set by reference to the then equivalent rating established by S&P, Xxxxx’x Rating of S&P or FitchXxxxx'x that is available for such day.
Appears in 1 contract
Facility Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Lender a facility fee on the amount of such Lender's Commitment (or if no Commitment is in effect, Advances)daily average Commitment, whether used or unused and without giving effect to any B Reductionunused, from the date hereof Effective Date in the case of each Bank Lender and from the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender until the Commitment Termination Date of such LenderDate, payable quarterly in arrears on the last day of each March, June, September and December during the term of such Lender's Commitment, commencing September 30December 31, 20062001, and on the Commitment Termination Date of such LenderDate, in an amount equal to the product of (i) the average daily amount of such Lender's Commitment (daily average Commitment, whether used or unused and without giving effect to any B Reduction) unused, in effect during the period for which such payment that is to be made times (ii) the weighted average rate per annum that is derived from the following ratesrates determined pursuant to the table set forth below based upon ratings on the Long-Term Debt: (a) a rate of 0.050Level Facility Fee Rate 2 0.085 % per annum with respect to each day during such period that the higher of the Ratings was Xxxxx 0, (x) a rate of 0.0803 0.125 % per annum with respect to each day during such period that the higher of such Ratings was Level 2, (c) a rate of 0.0904 0.15 % per annum with respect to each day during such period that the higher of such Ratings was Xxxxx 0, (x) a rate of 0.1005 0.20 % per annum with respect to each day during such period that the higher of such Ratings was Level 4, (e) a rate of 0.125% per annum with respect to each day during such period that the higher of such Ratings was Level 5, or (f) a rate of 0.150% per annum with respect to each day during such period that the higher of such Ratings was Level 6. If any change in the Rating rating established by S&P, S&P or Xxxxx'x or Fitch with respect to Long-Term Debt shall result in a change in the Level, the change in the facility fee shall be effective as of the date on which such rating change is publicly announced by S&P, Xxxxx'x or Fitch, as the case may beannounced. If Ratings are available from only one of S&P, Xxxxx’x or Fitch, then the applicable Level shall be set by reference to this one Rating. If Ratings are available from only two of S&P, Xxxxx’x or Fitch and such Ratings fall within two different Levels, then the higher of such Ratings shall apply, unless there is a split in such Ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lower Rating shall apply. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within two different Levels, the applicable Level shall be set by reference to the Ratings ratings established by two of the three rating agencies. If Ratings are available from each of S&P, both S&P and Xxxxx'x and Fitch and such Ratings fall within three different Levels, the applicable Level shall be set by reference with respect to the middle Rating. If Ratings Long-Term Debt are unavailable from S&P, Xxxxx’x and Fitch for any reason for any day, then the applicable Level for purposes of calculating the facility fee for such day shall be deemed to be Xxxxx 0 (or, if the Requisite Lenders consent in writing, such other Level 6. If any of S&P, Xxxxx’x or Fitch change as may be reasonably determined by the basis on which their ratings are Requisite Lenders from a rating with respect to Long-Term Debt for such day established and/or described, each reference in this Agreement to a Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, shall be deemed to refer another rating agency reasonably acceptable to the then equivalent rating established by S&P, Xxxxx’x or FitchRequisite Lenders).
Appears in 1 contract
Samples: Revolving Credit Agreement (Hormel Foods Corp /De/)
Facility Fees. The Borrower agrees Borrowers jointly and severally ------------- agree to pay to the Agent for the account of each Lender a facility fee on the amount of such Lender's Commitment (or if no Commitment is in effect, Advances), whether used or unused and without giving effect to any B Reduction, from the date hereof in the case of each Bank and from the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender until the Termination Date of such Lender, payable in arrears on the last day of each March, June, September and December during the term of such Lender's Commitment, commencing September 30, 20062000, and on the Termination Date of such Lender, in an amount equal to the product of (i) the average daily amount of such Lender's Commitment (whether used or unused and without giving effect to any B Reduction) in effect during the period for which such payment that is to be made times (ii) the weighted average rate per annum that is derived from the following rates: (a) a rate of 0.0500.07% per annum with respect to each day during such period that the higher of the Ratings was Xxxxx 0, (x) a rate of 0.0800.10% per annum with respect to each day during such period that the higher of such Ratings was Level 2, (c) a rate of 0.0900.125% per annum with respect to each day during such period that the higher of such Ratings was Xxxxx 0, Level 3 and (xd) a rate of 0.1000.15% per annum with respect to each day during such period that the higher of such Ratings was Level 4, (e) a rate of 0.125% per annum with respect to each day during such period that the higher of such Ratings was Level 5, or (f) a rate of 0.150% per annum with respect to each day during such period that the higher of such Ratings was Level 6. If any change in the Rating established by S&P, Xxxxx'x or Fitch shall result in a change in the Level, the change in the facility fee shall be effective as of the date on which such rating change is publicly announced by S&P, Xxxxx'x or Fitch, as (in the case may be. If Ratings are available from only one of S&P, Xxxxx’x a public rating) or Fitch, then the applicable Level shall be set by reference to this one Rating. If Ratings are available from only two of S&P, Xxxxx’x or Fitch and such Ratings fall within two different Levels, then the higher of such Ratings shall apply, unless there is a split in such Ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lower Rating shall apply. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within two different Levels, the applicable Level shall be set by reference disclosed to the Ratings established by two Corporation (in the case of the three rating agencies. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within three different Levels, the applicable Level shall be set by reference to the middle Ratinga private rating). If Ratings are unavailable from S&P, Xxxxx’x and Fitch both S&P or Xxxxx'x for any reason for any day, then the applicable Level for purposes of calculating the facility fee for such day shall be deemed to be Xxxxx 0 (or, if the Majority Lenders consent in writing, such other Level 6as may be reasonably determined by the Majority Lenders from a rating with respect to Long-Term Debt or the Corporation for such day established by another rating agency reasonably acceptable to the Majority Lenders). If no Rating is available from S&P or Xxxxx'x (but not both) for any of S&Preason for any day, Xxxxx’x or Fitch change then the basis on which their ratings are established and/or described, each reference in this Agreement to a Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, applicable Level shall be deemed to refer set by reference to the then equivalent rating established by S&P, Xxxxx’x Rating of S&P or FitchXxxxx'x that is available for such day.
Appears in 1 contract
Facility Fees. The Borrower agrees to pay to the Agent for the account of each Lender a facility fee on the amount of such Lender's Commitment (or if no Commitment is in effect, Advances), whether used or unused and without giving effect to any B Reduction, from the date hereof in the case of each Bank and from the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender until the Termination Date of such Lender, payable in arrears on the last day of each March, June, September and December during the term of such Lender's Commitment, commencing September 30, 20062001, and on the Termination Date of such Lender, in an amount equal to the product of (i) the average daily amount of such Lender's Commitment (whether used or unused and without giving effect to any B Reduction) in effect during the period for which such payment that is to be made times (ii) the weighted average rate per annum that is derived from the following rates: (a) a rate of 0.0500.07% per annum with respect to each day during such period that the higher of the Ratings was Xxxxx 0, (x) a rate of 0.0800.10% per annum with respect to each day during such period that the higher of such Ratings was Level 2, (c) a rate of 0.0900.125% per annum with respect to each day during such period that the higher of such Ratings was Xxxxx 0, Level 3 and (xd) a rate of 0.1000.15% per annum with respect to each day during such period that the higher of such Ratings was Level 4, (e) a rate of 0.125% per annum with respect to each day during such period that the higher of such Ratings was Level 5, or (f) a rate of 0.150% per annum with respect to each day during such period that the higher of such Ratings was Level 6. If any change in the Rating established by S&P, Xxxxx'x or Fitch shall result in a change in the Level, the change in the facility fee shall be effective as of the date on which such rating change is publicly announced by S&P, Xxxxx'x or Fitch, as (in the case may be. If Ratings are available from only one of S&P, Xxxxx’x a public rating) or Fitch, then the applicable Level shall be set by reference to this one Rating. If Ratings are available from only two of S&P, Xxxxx’x or Fitch and such Ratings fall within two different Levels, then the higher of such Ratings shall apply, unless there is a split in such Ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lower Rating shall apply. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within two different Levels, the applicable Level shall be set by reference disclosed to the Ratings established by two Borrower (in the case of the three rating agencies. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within three different Levels, the applicable Level shall be set by reference to the middle Ratinga private rating). If Ratings are unavailable from S&P, Xxxxx’x and Fitch both S&P or Xxxxx'x for any reason for any day, then the applicable Level for purposes of calculating the facility fee for such day shall be deemed to be Xxxxx 0 (or, if the Majority Lenders consent in writing, such other Level 6as may be reasonably determined by the Majority Lenders from a rating with respect to Long-Term Debt or the Borrower for such day established by another rating agency reasonably acceptable to the Majority Lenders). If no Rating is available from S&P or Xxxxx'x (but not both) for any of S&Preason for any day, Xxxxx’x or Fitch change then the basis on which their ratings are established and/or described, each reference in this Agreement to a Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, applicable Level shall be deemed to refer set by reference to the then equivalent rating established by S&P, Xxxxx’x Rating of S&P or FitchXxxxx'x that is available for such day.
Appears in 1 contract
Facility Fees. The Borrower agrees to pay to the Agent for the account of each Lender a facility fee on the amount of such Lender's Commitment (or if no Commitment is in effect, Advances), whether used or unused and without giving effect to any B Reduction, from the date hereof in the case of each Bank and from the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender until the Termination Date of such Lender, payable in arrears on the last day of each March, June, September and December during the term of such Lender's Commitment, commencing September 30, 20062004, and on the Termination Date of such Lender, in an amount equal to the product of (i) the average daily amount of such Lender's Commitment (whether used or unused and without giving effect to any B Reduction) in effect during the period for which such payment that is to be made times (ii) the weighted average rate per annum that is derived from the following rates: (a) a rate of 0.0500.07% per annum with respect to each day during such period that the higher of the Ratings was Xxxxx Lxxxx 0, (x) a rate of 0.0800.10% per annum with respect to each day during such period that the higher of such Ratings was Level 2, (c) a rate of 0.0900.125% per annum with respect to each day during such period that the higher of such Ratings was Xxxxx Lxxxx 0, and (xd) a rate of 0.1000.15% per annum with respect to each day during such period that the higher of such Ratings was Level 4, (e) a rate of 0.125% per annum with respect to each day during such period that the higher of such Ratings was Level 5, or (f) a rate of 0.150% per annum with respect to each day during such period that the higher of such Ratings was Level 6. If any change in the Rating established by S&P, Xxxxx'x or Fitch shall result in a change in the Level, the change in the facility fee shall be effective as of the date on which such rating change is publicly announced by S&P, Xxxxx'x or Fitch, as (in the case may beof a public rating) or is disclosed to the Borrower (in the case of a private rating). If Ratings are available from only one of S&P, Xxxxx’x or Fitch, then the applicable Level shall be set by reference to this one Rating. If Ratings are available from only two of S&P, Xxxxx’x or Fitch both S&P and such Ratings fall within two different LevelsMxxxx'x, then the higher of such Ratings shall apply, unless there is a split in such Ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lower Rating shall apply. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within two different Levels, the applicable Level shall be set by reference to the Ratings established by two of the three rating agencies. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within three different Levels, the applicable Level shall be set by reference to the middle Rating. If Ratings are unavailable from S&P, Xxxxx’x and Fitch both S&P or Mxxxx'x for any reason for any day, then the applicable Level for purposes of calculating the facility fee for such day shall be deemed to be Lxxxx 0 (or, if the Majority Lenders consent in writing, such other Level 6as may be reasonably determined by the Majority Lenders from a rating with respect to Long-Term Debt or the Borrower for such day established by another rating agency reasonably acceptable to the Majority Lenders). If no Rating is available from S&P or Mxxxx'x (but not both) for any of S&Preason for any day, Xxxxx’x or Fitch change then the basis on which their ratings are established and/or described, each reference in this Agreement to a Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, applicable Level shall be deemed to refer set by reference to the then equivalent rating established by S&P, Xxxxx’x Rating of S&P or FitchMxxxx'x that is available for such day.
Appears in 1 contract
Facility Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Lender (other than the Designated Bidders) a facility fee on the amount of such Lender's Commitment (or if no Commitment is in effect, Advances)daily average Commitment, whether used or unused and without giving effect to any B Bid Reduction, from the date hereof Effective Date in the case of each Bank Lender and from the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender until the Termination Date of such Lender, payable quarterly in arrears on the last day of each March, June, September and December during the term of such Lender's Commitment, commencing September 30, 20061996, and on the Termination Date of such Lender, in an amount equal to the product of (i) the average daily amount of such Lender's Commitment (daily average Commitment, whether used or unused and without giving effect to any B Bid Reduction) , in effect during the period for which such payment that is to be made times (ii) the weighted average rate per annum that is derived from the following rates: (a) a rate of 0.0500.10% per annum with respect to each day during such period that the higher of the Ratings was Xxxxx ratings with respect to Long-Term Debt were at Levex 0, (x) a x rate of 0.0800.110% per annum with respect to each day during such period that the higher of such Ratings was ratings were at Level 2, (c) a rate of 0.090% per annum with respect to each day during such period that the higher of such Ratings was Xxxxx 0, (x) a rate of 0.100% per annum with respect to each day during such period that the higher of such Ratings was Level 4, (e) a rate of 0.125% per annum with respect to each day during such period that the higher such ratings were at Levex 0, (x) x xate of such Ratings was Level 5, or (f) a rate of 0.1500.1875% per annum with respect to each day during such period that such ratings were at Levex 0, xxd (e) at the higher rate of 0.2500% per annum with respect to each day during such Ratings was period that such ratings were at Level 65. If any change in the Rating rating established by S&P, Xxxxx'x or Fitch Moodx'x xx Duff & Xhelxx xxxh 31 respect to Long-Term Debt shall result in a change in the Level, the change in the facility commitment fee shall be effective as of the date on which such rating change is publicly announced by S&P, Xxxxx'x or Fitch, as the case may beannounced. If Ratings are available from only one of S&P, Xxxxx’x or Fitch, then the applicable Level shall be set ratings established by reference to this one Rating. If Ratings are available from only any two of S&P, Xxxxx’x or Fitch and such Ratings fall within two different Levels, then the higher of such Ratings shall apply, unless there is a split in such Ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lower Rating shall apply. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within two different Levels, the applicable Level shall be set by reference Moodx'x xx Duff & Phelxx xxxh respect to the Ratings established by two of the three rating agencies. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within three different Levels, the applicable Level shall be set by reference to the middle Rating. If Ratings Long-Term Debt are unavailable from S&P, Xxxxx’x and Fitch for any reason for any day, then the applicable Level level for purposes of calculating the facility commitment fee for such day shall be deemed to be Levex 0 (xx, if the Requisite Lenders consent in writing, such other Level 6. If any of S&P, Xxxxx’x or Fitch change as may be reasonably determined by the basis on which their ratings are Requisite Lenders from a rating with respect to Long-Term Debt for such day established and/or described, each reference in this Agreement to a Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, shall be deemed to refer another rating agency reasonably acceptable to the then equivalent rating established by S&P, Xxxxx’x or FitchRequisite Lenders).
Appears in 1 contract
Samples: Credit Agreement (Viad Corp)
Facility Fees. The Borrower agrees to pay to the Agent for the account of each Lender a facility fee on the amount of such Lender's Commitment (or if no Commitment is in effect, Advances), whether used or unused and without giving effect to any B Reduction, from the date hereof in the case of each Bank and from the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender until the Termination Date of such Lender, payable in arrears on the last day of each March, June, September and December during the term of such Lender's Commitment, commencing September 30, 20062001, and on the Termination Date of such Lender, in an amount equal to the product of (i) the average daily amount of such Lender's Commitment (whether used or unused and without giving effect to any B Reduction) in effect during the period for which such payment that is to be made times (ii) the weighted average rate per annum that is derived from the following rates: (a) a rate of 0.0500.07% per annum with respect to each day during such period that the higher of the Ratings was Xxxxx Lxxxx 0, (x) a rate of 0.0800.10% per annum with respect to each day during such period that the higher of such Ratings was Level 2, (c) a rate of 0.0900.125% per annum with respect to each day during such period that the higher of such Ratings was Xxxxx 0, Level 3 and (xd) a rate of 0.1000.15% per annum with respect to each day during such period that the higher of such Ratings was Level 4, (e) a rate of 0.125% per annum with respect to each day during such period that the higher of such Ratings was Level 5, or (f) a rate of 0.150% per annum with respect to each day during such period that the higher of such Ratings was Level 6. If any change in the Rating established by S&P, Xxxxx'x or Fitch shall result in a change in the Level, the change in the facility fee shall be effective as of the date on which such rating change is publicly announced by S&P, Xxxxx'x or Fitch, as (in the case may be. If Ratings are available from only one of S&P, Xxxxx’x a public rating) or Fitch, then the applicable Level shall be set by reference to this one Rating. If Ratings are available from only two of S&P, Xxxxx’x or Fitch and such Ratings fall within two different Levels, then the higher of such Ratings shall apply, unless there is a split in such Ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lower Rating shall apply. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within two different Levels, the applicable Level shall be set by reference disclosed to the Ratings established by two Borrower (in the case of the three rating agencies. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within three different Levels, the applicable Level shall be set by reference to the middle Ratinga private rating). If Ratings are unavailable from S&P, Xxxxx’x and Fitch both S&P or Mxxxx'x for any reason for any day, then the applicable Level for purposes of calculating the facility fee for such day shall be deemed to be Lxxxx 0 (or, if the Majority Lenders consent in writing, such other Level 6as may be reasonably determined by the Majority Lenders from a rating with respect to Long-Term Debt or the Borrower for such day established by another rating agency reasonably acceptable to the Majority Lenders). If no Rating is available from S&P or Mxxxx'x (but not both) for any of S&Preason for any day, Xxxxx’x or Fitch change then the basis on which their ratings are established and/or described, each reference in this Agreement to a Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, applicable Level shall be deemed to refer set by reference to the then equivalent rating established by S&P, Xxxxx’x Rating of S&P or FitchMxxxx'x that is available for such day.
Appears in 1 contract
Facility Fees. The Borrower agrees Borrowers jointly and severally agree to pay to the Agent for the account of each Lender a facility fee on the amount of such Lender's Commitment (or if no Commitment is in effect, Advances), whether used or unused and without giving effect to any CP Reduction or B Reduction, from the date hereof in the case of each Bank Lender and from the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender until the Termination Date of such Lender, payable in arrears on the last day of each March, June, September and December during the term of such Lender's Commitment, commencing September 30, 20061995, and on the Termination Date of such Lender, in an amount equal to the product of (i) the average daily amount of such Lender's Commitment (whether used or unused and without giving effect to any B Reduction or CP Reduction) in effect during the period for which such payment that is to be made times (ii) the weighted average rate per annum that is derived from the following rates: (a) a rate of 0.0500.07% per annum with respect to each day during such period that the higher of the Ratings was Xxxxx 0, (x) a rate of 0.0800.09% per annum with respect to each day during such period that the higher of such Ratings was Level 2, (c) a rate of 0.0900.10% per annum with respect to each day during such period that the higher of such Ratings was Xxxxx 0, (x) a rate of 0.100% per annum with respect to each day during such period that the higher of such Ratings was Level 4, (e) a rate of 0.125% per annum with respect to each day during such period that the higher of such Ratings was Level 5, or 4 and (fe) a rate of 0.1500.15% per annum with respect to each day during such period that the higher of such Ratings was to which Level 65 applies. If any change in the Rating established by S&P, Xxxxx'x or Fitch shall result in a change in the Level, the change in the facility fee shall be effective as of the date on which such rating change is publicly announced by S&P, Xxxxx'x or Fitch, as (in the case may be. If Ratings are available from only one of S&P, Xxxxx’x a public rating) or Fitch, then the applicable Level shall be set by reference to this one Rating. If Ratings are available from only two of S&P, Xxxxx’x or Fitch and such Ratings fall within two different Levels, then the higher of such Ratings shall apply, unless there is a split in such Ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lower Rating shall apply. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within two different Levels, the applicable Level shall be set by reference disclosed to the Ratings established by two Corporation (in the case of the three rating agencies. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within three different Levels, the applicable Level shall be set by reference to the middle Ratinga private rating). If Ratings are unavailable from S&P, Xxxxx’x and Fitch both S&P or Xxxxx'x for any reason for any day, then the applicable Level for purposes of calculating the facility fee for such day shall be deemed to be Xxxxx 0 (or, if the Majority Lenders consent in writing, such other Level 6as may be reasonably determined by the Majority Lenders from a rating with respect to Long-Term Debt or the Corporation for such day established by another rating agency reasonably acceptable to the Majority Lenders). If no Rating is available from S&P or Xxxxx'x (but not both) for any of S&Preason for any day, Xxxxx’x or Fitch change then the basis on which their ratings are established and/or described, each reference in this Agreement to a Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, applicable Level shall be deemed to refer set by reference to the then equivalent rating established by S&P, Xxxxx’x Rating of S&P or FitchXxxxx'x that is available for such day.
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Facility Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Lender (other than the Designated Bidders) a facility fee on the amount of such Lender's Commitment (or if no Commitment is in effect, Advances)daily average Commitment, whether used or unused and without giving effect to any B Bid Reduction, from the date hereof Effective Date in the case of each Bank Lender, other than a New Lender, from the Second Amendment Effective Date with respect to a New Lender and from the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender Lender, in each case, until the Termination Date of such Lender, payable quarterly in arrears on the last day of each March, June, September and December during the term of such Lender's Commitment, commencing September 30, 20061996 with respect to each Lender, other than a New Lender, and from the Second Amendment Effective Date with respect to a New Lender, and, in each case, on the Termination Date of such Lender, in an amount equal to the product of (i) the average daily amount of such Lender's Commitment (daily average Commitment, whether used or unused and without giving effect to any B Bid Reduction) , in effect during the period for which such payment that is to be made times (ii) the weighted average rate per annum that is derived from the following rates: (a) a rate of 0.0500.10% per annum with respect to each day during such period that the higher of the Ratings was Xxxxx 0ratings with respect to Long-Term Debt were at Level 1, (xb) a rate of 0.0800.110% per annum with respect to each respxxx xx xxxx day during such period that the higher of such Ratings was ratings were at Level 2, (c) a rate of 0.090% per annum with respect to each day during such period that the higher of such Ratings was Xxxxx 0, (x) a rate of 0.100% per annum with respect to each day during such period that the higher of such Ratings was Level 4, (e) a rate of 0.125% per annum with respect to each day during such period that the higher of such Ratings was ratings were at Level 53, or (fd) a rate of 0.1500.1875% per annum with respect resxxxx xx-xxxx day during such period that such ratings were at Level 4, and (e) at the rate of 0.2500% per annum xxxx xespect to each day during such period that the higher of such Ratings was ratings were at Level 65. If any change in the Rating rating established by S&P, Xxxxx'x Moody's or Fitch shall result in a Duff & Phelps with respect to Long-Terx Xxxx shalx xxsulx xx x change in the Level, the change in the facility commitment fee shall be effective as of the date on which such rating change is publicly announced by S&P, Xxxxx'x or Fitch, as the case may beannounced. If Ratings are available from only one of S&P, Xxxxx’x or Fitch, then the applicable Level shall be set ratings established by reference to this one Rating. If Ratings are available from only any two of S&P, Xxxxx’x Moody's or Fitch and such Ratings fall within two different Levels, then the higher of such Ratings shall apply, unless there is a split in such Ratings of more than one Level, in which case the Level that is one Level higher than the Level of the lower Rating shall apply. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within two different Levels, the applicable Level shall be set by reference Duff & Phelps with respect to the Ratings established by two of the three rating agencies. If Ratings are available from each of S&P, Xxxxx'x and Fitch and such Ratings fall within three different Levels, the applicable Level shall be set by reference to the middle Rating. If Ratings Long-Terx Xxxx are unavailable from S&P, Xxxxx’x and Fitch for xxx any reason for any day, then the applicable Level level for purposes of calculating the facility commitment fee for such day shall be deemed to be Level 6. If any of S&P5 (or, Xxxxx’x or Fitch change if the basis on which their ratings are Requisite Lenders consent in xxxxxxx, such other Level as may be reasonably determined by the Requisite Lenders from a rating with respect to Long-Term Debt for such day established and/or described, each reference in this Agreement to a Rating announced by S&P, Xxxxx’x or Fitch, as the case may be, shall be deemed to refer another rating agency reasonably acceptable to the then equivalent rating established by S&P, Xxxxx’x or FitchRequisite Lenders).
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Samples: Credit Agreement (Viad Corp)
