Applicable Commission Rate definition

Applicable Commission Rate means, with respect to any insurance policy as of any date of determination, the applicable commission rate (as determined on the date such insurance policy is originated or sold) payable by the applicable insurance carrier under the applicable Insurance Carrier Agreement with such insurance carrier for each Future Policy Period of such insurance policy, which applicable commission rates are set forth in a schedule attached to the applicable Insurance Carrier Agreement (as such schedule may be updated from time to time for future coverage periods).

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Applicable Commission Rate means that number of percentage points which will, during any period of time, be used in calculating the amount of Commission payable with respect to each of the Standby Letters of Credit. Such number of percentage points shall be determined by reference to the Applicable Spread.

Applicable Commission Rate means, for any period the applicable rate computed as follows as of the last day of such period: (i) a rate per annum equal to 0.14% if on such date the Borrower's outstanding Long-Term Indebtedness is rated AA or higher by Standard & Poor's and Aa2 or higher by Moody's, (ii) a rate per annum equal to 0.135% if on such date clause (i) is inapplicable and the Borrower's outstanding Long-Term Indebtedness is rated AA- or higher by Standard & Poor's and Aa3 or higher by Moody's, (iii) a rate per annum equal to 0.175% if on such date clauses (i) and (ii) are inapplicable and the Borrower's outstanding Long- Term Indebtedness is rated A+ or higher by Standard & Poor's and A1 or higher by Moody's, (iv) a rate per annum equal to 0.215% if on such date clauses (i) through (iii) are inapplicable and the Borrower's outstanding Long-Term Indebtedness is rated A by Standard & Poor's and A2 by Moody's, (v) a rate per annum equal to 0.225% if on such date clauses (i) through (iv) are inapplicable and the Borrower's outstanding Long-Term Indebtedness is rated A- by Standard & Poor's and A3 by Moody's, (vi) a rate per annum equal to 0.35% if on such date clauses (i) through (v) are inapplicable and the Borrower's outstanding Long-Term Indebtedness is rated BBB+ or higher by Standard and Poor's and Baa1 or higher by Moody's, (vii) a rate per annum equal to 0.45% if on such date clauses (i) through (vi) are inapplicable and the Borrower's outstanding Long-Term Indebtedness is rated BBB or higher by Standard & Poor's and Baa2 or higher by Moody's, (viii) a rate per annum equal to 0.525% if on such date clauses (i) through (vii) are inapplicable and the Borrower's outstanding Long-Term Indebtedness is rated BBB- or higher by Standard & Poor's and Baa3 or higher by Moody's, and (ix) a rate equal to 0.75% if on such date clauses (i) through (viii) are inapplicable and the Borrower's Long-Term Indebtedness is rated lower than BBB- by Standard & Poor's and lower than Baa3 by Moody's; provided that where there is a difference between the Standard & Poor's rating and the Moody's rating, the rating used herein will be the ▇▇▇▇▇▇ of the two ratings; provided further that all references to any rating agency shall be deemed to be deleted in the event that the Borrower's outstanding Long-Term Indebtedness is no longer rated by such agency, and clause (ix) shall be deemed to apply if such Long- Term Indebtedness is no longer rated by either agency.

Examples of Applicable Commission Rate in a sentence

• In the event that the Company fails to deliver the financial statements required under Section 5.b(ii) for any month which ends a fiscal quarter, interest shall accrue on the Loan at the Prime Rate and the Applicable Commission Rate and the Applicable Unused Fee shall be at the highest level shown in the foregoing tables from the date such financial statements were required to be delivered until the first interest payment date which follows receipt by the Banks of such financial statements.

• The issuance and each renewal of each Standby Letter of Credit shall be subject to the payment by the Account Party to the Bank of a fee (a "Commission"), which shall be equal to the Applicable Commission Rate per annum (calculated on the basis that an entire year's Commission is earned in 360 days) multiplied by the amount thereof, which Commission shall be due and payable within ten (10) days following the issuance or renewal of any Standby Letter of Credit.

• The issuance and each renewal of each Standby Letter of Credit shall be subject to the payment by the Account Party to the Bank of a fee (a"Commission"), which shall be equal to the Applicable Commission Rate per annum (calculated on the basis that an entire year's Commission is earned in 360 days) multiplied by the amount thereof, which Commission shall be due and payable within ten (10) days following the issuance or renewal of any Standby Letter of Credit.

More Definitions of Applicable Commission Rate

Applicable Commission Rate means (a) for so long as the Financial Strength Rating of the Obligor is B++ or better, 0.35% per annum, and (b) for so long as the Financial Strength Rating of the Obligor is less than B++, 0.55% per annum.

Applicable Commission Rate means for any period of determination (i) 1% per annum to the extent of the portion of the Bank Guarantee Outstandings that is Cash Collateralised and (ii) 3% per annum to the extent of the portion of the Bank Guarantee Outstandings that is not Cash Collateralised.