Utilization Ratio definition
Utilization Ratio means, as of any date of determination, the percentage calculated as (a) the total outstanding principal balance of the Loans as of such date, divided by (b) the then applicable Maximum Revolving Loan Amount.
Utilization Ratio means, at any time, the ratio of (i) the aggregate outstanding principal amount of the Advances at such time to (ii) the aggregate amount of the Commitments at such time.
Utilization Ratio means, as ----------------- of any date of determination, the ratio of (1) the aggregate outstanding principal amount of all Advances as of such date to (2) the aggregate amount of all Commitments in effect as of such date (whether used or unused and without giving effect to any B Reduction), (b) if any change in the Rating established by S&P or ▇▇▇▇▇'▇ shall result in a change in the Level, the change in the Daily Margin shall be effective as of the date on which such rating change is publicly announced (in the case of a public rating) or is disclosed to the Corporation (in the case of a private rating), (c) if Ratings are unavailable from both S&P and ▇▇▇▇▇'▇ for any reason for any day, then the applicable Level for such day shall be deemed to be ▇▇▇▇▇ ▇ (or, if the Majority Lenders consent in writing, such other Level as may be reasonably determined by the Majority Lenders from a rating with respect to Long-Term Debt of the Corporation for such day established by another rating agency reasonably acceptable to the Majority Lenders) and (d) if a Rating is not available from S&P or ▇▇▇▇▇'▇ (but not both) for any reason for any day, then the applicable Level shall be set by reference to the Rating of S&P or ▇▇▇▇▇'▇ that is available for such day.
Examples of Utilization Ratio in a sentence
For the avoidance of doubt, if the Minimum Utilization Additional Interest is paid on any Payment Date, the Borrower shall not be required to pay any Unused Additional Interest solely with respect to the total amount of additional principal balance of the Loan that would have needed to be outstanding in order to cause the Utilization Ratio to be equal to Minimum Utilization Ratio for the correlative time period.
The Borrowers will maintain a Rig Utilization Ratio, measured for the six-month period ending as of the last day of each calendar month, of no less than 75%.
The Company shall pay, on the last day of each Fiscal Quarter, a LC Reimbursement Fee to the Administrative Agent, for the pro rata benefit of the Banks in accordance with their respective Pro Rata Shares of the Commitment, in an amount equal to the average daily face amount of Letters of Credit outstanding during such Fiscal Quarter times the weighted average of the Daily Margin for EURO Rate Advances (as if the Utilization Ratio were greater than 0.50:1.00) for each day during such period.
If at any time the Utilization Ratio is less than 80% (a “Utilization Failure”), and the Borrower has not, within a period ending on or before the second Settlement Date from the date on which such Utilization Failure occurred, cured such Utilization Failure in accordance with Section 6.13 or otherwise, a “Utilization Trigger Event” shall have occurred.
The reports shall be accompanied by a Compliance Certificate (which shall include a report of the Rig Utilization Ratio).
More Definitions of Utilization Ratio
Utilization Ratio means, at any time, the ratio, expressed as a percentage, of (i) the aggregate Outstanding Amount of all Loans (other than Swing Line Loans and Protective Advances) and all L/C Obligations to (ii) Aggregate Commitments.
Utilization Ratio means, as of any date of determination, the ratio of (1) the Total Utilization of Commitments to (2) the aggregate outstanding amount of all Commitments (whether used or unused) in effect as of such date, (b) if any change in the rating established by S&P or Moody’s with respect to Long-Term Debt shall result in a change in the Level, the change in the Daily Margin shall be effective as of the date on which such rating change is publicly announced, and (c) if the ratings established by both of S&P and Moody’s with respect to Long-Term Debt are unavailable for any reason for any day, then the applicable level for such day shall be deemed to be ▇▇▇▇▇ ▇ (or, if the Requisite Lenders consent in writing, 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 by another rating agency reasonably acceptable to the Requisite Lenders).
Utilization Ratio means, as of any time, the ratio of (i) the number of Portfolio Railcars subject to or contractually committed to an Eligible Lease (including pursuant to a month-to-month lease or a letter of intent to lease) to (ii) the total number of Portfolio Railcars; provided that any Portfolio Railcar that is contractually committed to, but not yet delivered under, an Eligible Lease shall cease to be included in clause (i) if no Monthly Rent has been paid with respect to such Railcar within 60 days of being so contractually committed (other than as a result of customary rental abatement under the applicable Eligible Lease).
Utilization Ratio means, as of any date of determination, the ratio of (1) the aggregate outstanding principal amount of all Advances as of such date to (2) the aggregate amount of all Commitments in effect as of such date (whether used or unused and without giving effect to any B Reduction), (b) if any change in the Rating established by S&P, Moody's or Fitch shall result in a change in the Level, the change in the Daily Margin shall be effective as of the date on which such rating change is publicly announced by S&P, Moody's or Fitch, as the case may be, (c) if Ratings are available from only one of S&P, Moody’s or Fitch, then the applicable Level shall be set by reference to this one Rating, (d) if Ratings are available from only two of S&P, ▇▇▇▇▇’▇ and 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, (e) if Ratings are available from each of S&P, ▇▇▇▇▇'▇ 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, (f) if Ratings are available from each of S&P, ▇▇▇▇▇'▇ and Fitch and such Ratings fall within three different Levels, the applicable Level shall be set by reference to the middle Rating, (g) if Ratings are unavailable from S&P, ▇▇▇▇▇’▇ and Fitch for any reason for any day, then the applicable Level for such day shall be deemed to be ▇▇▇▇▇ ▇, and (h) if any of S&P, Moody’s 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, Moody’s or Fitch, as the case may be, shall be deemed to refer to the then equivalent rating established by S&P, Moody’s or Fitch.
Utilization Ratio means, as of any date of determination, the ratio of (1) the aggregate outstanding principal amount of all Advances as of such date to (2) the aggregate amount of all Commitments in effect as of such date (whether used or unused), (b) if any change in the rating established by S&P, Mood▇'▇ ▇▇ Fitch with respect to Long-Term Debt shall result in a change in the Level, the change in the Daily Margin shall be effective as of the date on which such rating change is publicly announced, and (c) if the ratings established by any two of S&P, Mood▇'▇ ▇▇ Fitch with respect to Long-Term Debt are unavailable for any reason for any day, then the applicable level for such day shall be deemed to be Leve▇ ▇ (▇▇, if the Requisite Lenders consent in writing, 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 by another rating agency reasonably acceptable to the Requisite Lenders).
Utilization Ratio means an amount (expressed as a percentage) equal to (x) the aggregate principal amount of the Loans outstanding at such time, divided by (y) the aggregate Total Commitment of all Lenders.
Utilization Ratio means, for any period, the average daily aggregate principal amount of Loans outstanding during such period divided by the average daily total Commitments in effect during such period.