Applicable Letter of Credit Fee Rate definition

Applicable Letter of Credit Fee Rate means the percentage rate per annum based on the Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the headingLetter of Credit Fee.”
Applicable Letter of Credit Fee Rate means, as of any date of determination, the then effective Applicable Eurodollar Rate Margin.
Applicable Letter of Credit Fee Rate means, at any time, with respect to Letters of Credit, the percentage rate per annum which is applicable at such time as set forth in the Pricing Schedule.

Examples of Applicable Letter of Credit Fee Rate in a sentence

  • Borrower shall pay to Bank quarterly in advance a per annum fee equal to the Applicable Letter of Credit Fee Rate on the undrawn face amount of each Letter of Credit, determined on the basis of the actual number of days elapsed using a year of 360 days.


More Definitions of Applicable Letter of Credit Fee Rate

Applicable Letter of Credit Fee Rate means, for any day, the Applicable Margin for Revolving Eurodollar Loans of Revolving Lenders.
Applicable Letter of Credit Fee Rate means, at any time, a rate per annum equal to the Applicable Margin for Eurodollar Rate Advances in effect at such time.
Applicable Letter of Credit Fee Rate means the percentage rate per annum based on the Total Leverage Ratio according to the pricing grid on Schedule 1.1(A) below the headingLIBOR Loans.”
Applicable Letter of Credit Fee Rate means the percentage rate per annum based on the Total Net Leverage Ratio then in effect according to the Pricing Grid below the headingApplicable Margin for LIBOR Rate Loans and Letter of Credit Fee.”
Applicable Letter of Credit Fee Rate means, at any time, the per annum rate at which letter of credit fees are accruing on the Letters of Credit at such time as set forth below: A- or below Financial Strength A+ A Rating of Financial Financial Navigators or Strength Strength no Financial Applicable Letter Rating of Rating of Strength of Credit Fee Rate Navigators Navigators Rating Primary FAL ≥ 25% 1.15 % 1.35 % 1.60 % but less than 50% Primary FAL ≥ 50% 0.95 % 1.15 % 1.40 % The Primary FAL level on any date shall be based on the most recently delivered Compliance Certificate delivered pursuant to Section 6.1(g). The Financial Strength Rating on any day shall be based on Navigator’s then-current A.M. Best Rating and S&P Rating; provided that if the A.M. Best Rating and the S&P Rating are not the same, the better Rating shall apply except that if the Ratings differ by more than one level than the level above the lower Rating shall apply. The Rating in effect on any date for the purposes of this Schedule is that in effect at the close of business on such date. If at any time Navigators has only an A.M. Best Rating or a S&P Rating, the Letter of Credit Fee Rate shall be determined based on the current A.M. Best Rating or S&P Rating, as the case may be. The Applicable Letter of Credit Fee Rate as of the date of Closing is 1.35%. Notwithstanding the foregoing, (i) in the event the Borrower has posted Collateral (other than Collateral which has been posted pursuant to Section 2.9, the Applicable Letter of Credit Fee Rate shall be (x) with respect to an amount of the outstanding Letters of Credit supported by Cash Collateral Investments, 0.50%, and (y) with respect to the remaining amount of outstanding Letters of Credit, the rate then in effect pursuant to the table above, (ii) in the event the Borrower has posted Collateral pursuant to Sections 2.9(c), (d), (e) or (f), the Applicable Letter of Credit Fee Rate shall be (x) with respect to an amount of the outstanding Letters of Credit supported by Cash Collateral Investments, 0.70%, and (y) with respect to the remaining amount of outstanding Letters of Credit, the rate then in effect pursuant to the table above, and (iii) in the event that an Event of Default has occurred and is continuing, the Applicable Letter of Credit Fee shall be the Default Rate.
Applicable Letter of Credit Fee Rate means, at any time, the percentage rate per annum at which Letter of Credit Fees are accruing on the outstanding Letters of Credit at such time as set forth in the Pricing Schedule.
Applicable Letter of Credit Fee Rate means, as of any date of determination, the then effective Applicable Eurodollar Rate Margin. “Applicable Pricing Level” means, for each Pricing Period the pricing level set forth below opposite the Debt Rating achieved by Borrower