Applicable Utilization Fee means, as of any date that the aggregate Advances exceed 33% of the aggregate Commitments, a percentage per annum determined by reference to the Public Debt Rating in effect on such date as set forth below: -------------------------------- ----------------------------- Public Debt Rating Applicable S&P/Moody's Utilization Fee -------------------------------- ----------------------------- Level 1 BBB+ or Baa1 or above 0.125% -------------------------------- ----------------------------- Level 2 BBB or Baa2 0.250% -------------------------------- ----------------------------- Level 3 BBB- and Baa3 0.000% -------------------------------- ----------------------------- Level 4 BBB- or Baa3 0.000% -------------------------------- ----------------------------- Level 5 BB+ and Ba1 0.000% -------------------------------- ----------------------------- Level 6 Lower than Level 5 0.000% -------------------------------- -----------------------------
Applicable Utilization Fee means, for any date that the aggregate principal amount of outstanding Advances exceed 50% of the aggregate Commitments, a fluctuating per annum rate equal to the then-applicable rate set forth in the pricing grid below, depending upon the rating of the long-term senior unsecured debt of TBC then in effect: Level Public Debt Rating: S&P, Xxxxx’x and Fitch Applicable Utilization Fee Level I AA- by S&P, Aa3 by Moody’s or AA- by Fitch or above 0.050 % Level II less than Level I but at least A+ by S&P, A1 by Moody’s or A+ by Fitch or above 0.050 % Level III less than Level II but at least A by S&P, A2 by Moody’s or A by Fitch 0.050 % Level IV less than Level III but at least A- by S&P, A3 by Moody’s or A- by Fitch 0.050 % Level V less than Level IV but at least BBB+ by S&P, Baa1 by Moody’s or BBB+ by Fitch 0.050 % Level VI less than Level V 0.100 % provided, however, that if the ratings from S&P, Xxxxx’x and Fitch fall within different levels, (i) two of the ratings are at the same level and the other rating is one level higher or one level lower than the two same ratings, the Applicable Utilization Fee will be based on the two ratings at the same level, (ii) two of the ratings are at the same level and the other rating is two or more levels above the two same ratings, the Applicable Utilization Fee will be based on the rating that is one level above the two same ratings, (iii) two of the ratings are at the same level and the other rating is two or more levels below the two same ratings, the Applicable Utilization Fee will be based on the rating that is one level below the two same ratings and (iv) each of the three ratings fall within different levels, then the Applicable Utilization Fee will be determined based on the rating level that is in between the highest and the lowest ratings, and provided further that if, at any time, no rating is available from S&P, Xxxxx’x and Fitch or any other nationally recognized statistical rating organization designated by TBC and approved in writing by the Majority Lenders, the Applicable Utilization Fee for each Interest Period or each other period commencing during the thirty days following such ratings becoming unavailable shall be the Applicable Utilization Fee in effect immediately prior to such ratings becoming unavailable. Thereafter, the rating to be used until ratings from S&P, Xxxxx’x and Fitch become available shall be as agreed between TBC and the Majority Lenders, and TBC and the Majority Lenders shall use good...
Applicable Utilization Fee means, for any date that the aggregate principal amount of outstanding Advances exceed 25% of the aggregate Commitments, a fluctuating per annum rate equal to the then-applicable rate set forth in the pricing grid below, depending upon the rating of the long-term senior unsecured debt of TBC then in effect: Level Public Debt Rating: S&P and Xxxxx’x Applicable Utilization Fee Level I A+ by S&P or A1 by Xxxxx’x or above 0.100 % Level II less than Level I but at least A by S&P or A2 by Xxxxx’x 0.100 % Level III less than Level II but at least A- by S&P or A3 by Xxxxx’x 0.150 % Level IV less than Level III but at least BBB+ by S&P or Baa1 by Xxxxx’x 0.225 % Level V less than Level IV 0.275 % provided, however, that if the ratings from S&P and Xxxxx’x fall within different levels, then the Applicable Utilization Fee shall be based on the higher of the two ratings except that, if the lower of such ratings is more than one level below the higher of such ratings, the Applicable Utilization Fee shall be determined based on the level above the lower of such ratings, and provided further that if, at any time, no rating is available from S&P and Xxxxx’x or any other nationally recognized statistical rating organization designated by TBC and approved in writing by the Majority Lenders, the Applicable Utilization Fee for each period commencing during the thirty days following such ratings becoming unavailable shall be the Applicable Utilization Fee in effect immediately prior to such ratings becoming unavailable. Thereafter, the rating to be used until ratings from S&P and Xxxxx’x become available shall be as agreed between TBC and the Majority Lenders, and TBC and the Majority Lenders shall use good faith efforts to reach such agreement within such thirty-day period, provided, however, that if no such agreement is reached within such thirty-day period the Applicable Utilization Fee thereafter, until such agreement is reached, shall be (a) if any such rating has become unavailable as a result of S&P or Xxxxx’x ceasing its business as a rating agency, the Applicable Utilization Fee in effect immediately prior to such cessation or (b) otherwise, the Applicable Utilization Fee as set forth under Level V above.
Examples of Applicable Utilization Fee in a sentence
During such periods as such Revolving Credit Advance is a Base Rate Advance, a rate per annum equal at all times to the sum of (x) the Base Rate in effect from time to time plus (y) the Applicable Margin in effect from time to time plus (z) the Applicable Utilization Fee, if any, in effect from time to time, payable in arrears quarterly on the last day of each March, June, September and December during such periods and on the date such Base Rate Advance shall be Converted or paid in full.
Any change in the Applicable Margin, Applicable Non-Use Fee Rate, Applicable LC Fee Rate or Applicable Utilization Fee Rate resulting from a change in the S&P/Moody’s Rating shall be effective as of the effective date of the change in the S&P/Moody’s Rating.
During such periods as such Revolving Credit Advance is a Base Rate Advance a rate per annum equal at all times to the sum of (x) the Base Rate in effect from time to time plus (y) the Applicable Margin in effect from time to time plus (z) the Applicable Utilization Fee, if any, in effect from time to time, payable in arrears quarterly on the last day of each March, June, September and December during such periods and on the date such Base Rate Advance shall be Converted or paid in full.
During such periods as such Revolving Credit Advance is a Base Rate Advance, a rate per annum equal at all times to the sum of (x) the Base Rate in effect from time to time plus (y) the Applicable Utilization Fee in effect from time to time, payable in arrears quarterly on the last day of each March, June, September and December during such periods and on the date such Base Rate Advance shall be paid in full.
For purposes of this Section 2(f), the terms "Applicable Utilization Fee", "Applicable Margin", and "Applicable Percentage" are each defined as a percentage per annum determined by reference to the Borrower's long term senior unsecured debt rating, as set forth on Schedule I to this Agreement.
More Definitions of Applicable Utilization Fee
Applicable Utilization Fee means, as of any date prior to the Term Loan Conversion Date that the aggregate Advances exceed 50% of the aggregate Commitments, a percentage per annum determined by reference to the Public Debt Rating in effect on such date as set forth below: ------------------------------------------------------- Public Debt Rating Applicable S&P/Xxxxx'x Utilization Fee ------------------------------------------------------- Xxxxx 0 A+ or A1 or above 0.050% ------------------------------------------------------- Xxxxx 0 Xxxxx xxxx Xxxxx 0 but at 0.050% least A or A2 ------------------------------------------------------- Xxxxx 0 Xxxxx xxxx Xxxxx 0 but at 0.100% least A- or A3 ------------------------------------------------------- Xxxxx 0 Xxxxx xxxx Xxxxx 0 but at 0.125% least BBB+ or Baa1 ------------------------------------------------------- Xxxxx 0 Xxxxx xxxx Xxxxx 0 0.125% -------------------------------------------------------
Applicable Utilization Fee means, as of any date that the aggregate Advances exceed 50% of the aggregate Commitments, a percentage per annum determined by reference to the Public Debt Rating in effect on such date as set forth below: Public Debt Rating S&P/Xxxxx’x Applicable Utilization Fee Xxxxx 0 XX- xxx Xx0 or above 0.050 % Xxxxx 0 A+ and A1 0.050 % Level 3 A and A2 0.050 % Level 4 A- and A3 0.050 % Xxxxx 0 BBB+ and Baa1 0.050 % Xxxxx 0 Xxxxx xxxx Xxxxx 0 0.050 %
Applicable Utilization Fee means, as of any date that the aggregate Revolving Credit Advances outstanding plus the aggregate Available Amount of the Letters of Credit outstanding exceed 33% of the aggregate Revolving Credit Commitments, a percentage per annum determined by reference to the Public Debt Rating in effect on such date as set forth below: Public Debt Rating S&P/Xxxxx’x Applicable Utilization Fee Level 1 BBB or Baa2 or above 0.125 % Xxxxx 0 XXX- xxx Xxx0 0.125 % Xxxxx 0 XXX- xx Xxx0 0.125 % Xxxxx 0 BB+ or Ba1 0.250 % Xxxxx 0 XX or Ba2 0.250 % Xxxxx 0 Xxxxx xxxx Xxxxx 0 0.250 %
Applicable Utilization Fee means, as of any date that the aggregate principal amount of the Advances plus the aggregate Available Amount of the Letters of Credit outstanding exceed 50% of the aggregate Revolving Credit Commitments, a percentage per annum determined by reference to the Public Debt Rating in effect on such date as set forth below: Public Debt Rating Applicable S&P/Mxxxx’x Utilization Fee Level 1 A- or A3 or above 0.050 % Lxxxx 0 BBB+ or Baa1 0.050 % Level 3 BBB or Baa2 0.050 % Lxxxx 0 XXX- xx Xxx0 0.050 % Lxxxx 0 BB+ or Ba1 0.050 % 2 Public Debt Rating Applicable S&P/Mxxxx’x Utilization Fee Lxxxx 0 Xxxxx xxxx Xxxxx 0 0.075 %
Applicable Utilization Fee means, as of any date prior to the Term Loan Conversion Date on which the aggregate Advances exceed 50% of the Commitments, a percentage per annum determined by reference to the Performance Level in effect on such date as set forth below: Performance Level Applicable Utilization Fee I 0.050% II 0.050% III 0.050% IV 0.050% V 0.125%
Applicable Utilization Fee means, as of any date that the aggregate Advances exceed 50% of the aggregate Commitments, a percentage per annum determined by reference to the Public Debt Rating in effect on such date as set forth below: Public Debt Rating S&P/Xxxxx'x Applicable Utilization Fee Level 1 A or A2 0.050% Xxxxx 0 Xxxxx xxxx Xxxxx 0 0.050%
Applicable Utilization Fee means on any day the appropriate applicable percentage set forth below corresponding to (a) the percentage of the Revolving Commitment outstanding represented by the aggregate Loans outstanding on such day and (b) the then current highest Borrower's Ratings; provided, that, in the event a rating differential of more than one level exists, the Borrower's Ratings shall be deemed to be one level above the lower of the two ratings: Ratings (S&P/Xxxxx'x) Usage > 33% of Revolving Commitment Category A A-/A3 or higher .0875% Category B BBB+/Baa1 .100% Category C BBB/Baa2 .1125% Category D BBB-/Baa3 .1375% Category E BB+/Ba1 or lower or unrated .1875% ; provided, further, that if the Borrower elects to convert the outstanding Revolving Loans to a Term Loan pursuant to Section 2.07(b), the Applicable Utilization Fee in effect from time to time will be due and payable by the Borrower from and after the Conversion Date without regard to the percentage of the Revolving Commitment represented by the aggregate Loans outstanding from time to time.