Applicable Rate means, for any day:
Applicable Rate means, for any day, with respect to (a) any Loan that is a Tranche A Term Loan, a Revolving Loan or a Swingline Loan and (b) the commitment fees payable hereunder in respect of Revolving Loans after the Funding Date, the applicable rate per annum set forth below under the applicable caption, based upon the Total Leverage Ratio as of the end of the fiscal quarter of Holdings for which consolidated financial statements have most recently been delivered to the Administrative Agent pursuant to Section 5.01(a) or 5.01(b); provided that until the delivery of such consolidated financial statements as of and for the fiscal year of Holdings ending December 31, 2014 (together with the certificate of a Financial Officer required to be delivered by the Borrower pursuant to Section 5.01(c) together therewith), the Applicable Rate shall be that set forth below in Level II: Level Total Leverage Ratio Eurocurrency Loans and EURIBOR Loans ABR Loans Commitment Fee I ³ 2.50 to 1.00 3.00% 2.00% 0.500% II ³ 1.50 to 1.00 but < 2.50 to 1.00 2.75% 1.75% 0.450% III < 1.50 to 1.00 2.50% 1.50% 0.400% For purposes of this clause (a), each change in the Applicable Rate resulting from a change in the Total Leverage Ratio shall be effective during the period commencing on and including the date of delivery to the Administrative Agent pursuant to Section 5.01(a) or 5.01(b) of the consolidated financial statements indicating such change and ending on the date immediately preceding the effective date of the next such change; provided that the Total Leverage Ratio shall be deemed to be in Level I at the option of the Administrative Agent or at the request of the Required Lenders if the Borrower fails to deliver the consolidated financial statements required to be delivered by it pursuant to Section 5.01(a) or 5.01(b) or the certificate of a Financial Officer required to be delivered by it pursuant to Section 5.01(c) during the period from the expiration of the time for delivery thereof until such consolidated financial statements and such certificate are delivered.
Examples of Applicable Rate in a sentence
The commitment fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.
The Borrower shall pay to the Administrative Agent, for the account of each Lender in accordance with its Applicable Percentage with respect to its Revolving Commitment, a commitment fee equal to the product of (i) the Applicable Rate times (ii) the actual daily amount by which the Aggregate Revolving Commitments exceed the sum of (y) the Outstanding Amount of Revolving Loans and (z) the Outstanding Amount of L/C Obligations, subject to adjustment as provided in Section 2.15.
The Borrower shall pay to the Administrative Agent for the account of each Lender in accordance, subject to Section 2.15, with its Applicable Percentage with respect to its Revolving Commitment a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate times the daily amount available to be drawn under such Letter of Credit.
If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.
More Definitions of Applicable Rate
Applicable Rate means from time to time, for the purposes of calculating (a) the commitment fee for the purposes of Section 2.09(a), (b) the Standby Letter of Credit Fee for purposes of Section 2.03(i), (c) the interest rate applicable to Loans that are Eurodollar Rate Loans for the purposes of Section 2.08 and (d) the interest rate applicable to Loans that are Base Rate Loans for the purposes of Section 2.08, the following percentages per annum, based upon the Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Sections 6.04(a)(v) and 6.04(b)(iv): Pricing Level Consolidated Leverage Ratio Commitment Fee Eurodollar Rate Loans and Standby Letter of Credit Fee Base Rate Loans 1 < 3.50:1 0.25% 1.25% 0.25% 2 ≥3.50:1 but < 4.00:1 0.30% 1.50% 0.50% 3 ≥4.00:1 but < 4.50:1 0.35% 1.75% 0.75% 4 ≥ 4.50:1 0.40% 2.00% 1.00% Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is required to be delivered pursuant to Section 6.04 (i.e., 45 days after the end of each of the first three fiscal quarters of the Company’s fiscal year and 95 days after the end of the Company’s fiscal year); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then Pricing Level 4 shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered until the first Business Day after actual delivery thereof. The Applicable Rate in effect from the Closing Date through the first Business Day immediately following the date a Compliance Certificate is required to be delivered pursuant to Section 6.04(b)(iv) for the fiscal quarter ending September 30, 2007 shall be determined based upon Pricing Level 3. Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable Rate for any period shall be subject to the provisions of Section 2.10(b).
Applicable Rate means, for any day, the rate per annum set forth below opposite the applicable Level then in effect (based on the Consolidated Leverage Ratio), it being understood that the Applicable Rate for (a) Base Rate Loans shall be the percentage set forth under the column “Base Rate,” (b) Term Rate Loans shall be the percentage set forth under the column “Term Rate, Daily Rate & Letter of Credit Fee,” (c) Daily SOFR Loans and Alternative Currency Daily Rate Loans shall be the percentage set forth under the column “Term Rate, Daily Rate & Letter of Credit Fee,” (d) the Letter of Credit Fee shall be the percentage set forth under the column “Term Rate, Daily Rate & Letter of Credit Fee”, (e) the commitment fee for the Revolving Facility shall be the percentage set forth under the column “Revolving Commitment Fee” and (f) the commitment fee for the Term Facility shall be the percentage set forth under the column “Term Commitment Fee”: Applicable Rate Level Consolidated Leverage Ratio Term Rate, Daily Rate & Letter of Credit Fee Base Rate Revolving Commitment Fee Term Commitment Fee Term Loans, Revolving Loans & Letter of Credit Fee Term Loans & Revolving Loans I < 1.50:1.00 1.00% 0.00% 0.10% 0.15% II > 1.50:1.00 but < 2.50:1.00 1.125% 0.125% 0.125% 0.15% III > 2.50:1.00 but < 3.50:1.00 1.25% 0.25% 0.15% 0.15% IV > 3.50:1.00 1.375% 0.375% 0.175% 0.15% Any increase or decrease in the Applicable Rate resulting from a change in the Consolidated Leverage Ratio shall become effective as of the first Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(c); provided, however, that if a Compliance Certificate is not delivered when due in accordance with such Section, then, upon the request of the Required Lenders, Pricing Level IV shall apply, in each case as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and in each case shall remain in effect until the first Business Day following the date on which such Compliance Certificate is delivered. In addition, at all times while the Default Rate is in effect, the highest rate set forth in each column of the Applicable Rate shall apply. Notwithstanding anything to the contrary contained in this definition, (a) the determination of the Applicable Rate for any period shall be subject to the provisions of Section 2.10(b) and (b) the initial Applicable Rate shall be set forth in Level II until the first Business Day im...
Applicable Rate and “Applicable Fee Rate” means (i) from the Closing Date to the date on which the Administrative Agent first receives a Compliance Certificate pursuant to Section 6.02(b), the applicable percentage per annum set forth below corresponding to Pricing Xxxxx 0 and thereafter (ii) the applicable percentage per annum set forth below determined by reference to the Consolidated Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.02(b) or as otherwise provided below: Applicable Rate and Applicable Fee Rate Pricing Level Consolidated Leverage Ratio Eurodollar Rate (Letters of Credit) Base Rate Applicable Fee Rate 1 < 3.00:1 1.75 % 0.75 % 0.375 % 2 ³ 3.00:1 but < 3.50:1 2.00 % 1.00 % 0.375 % 3 ³ 3.50:1 but < 4.00:1 2.25 % 1.25 % 0.375 % -2- Applicable Rate and Applicable Fee Rate Pricing Level Consolidated Leverage Ratio Eurodollar Rate (Letters of Credit) Base Rate Applicable Fee Rate 4 ³ 4.00:1 but < 4.50:1 2.50 % 1.50 % 0.50 % 5 ³ 4.50:1 2.75 % 1.75 % 0.50 % Any increase or decrease in the Applicable Rate or Applicable Fee Rate resulting from a change in the Consolidated Leverage Ratio shall become effective as of the third Business Day immediately following the date a Compliance Certificate is delivered pursuant to Section 6.02(b); provided, however, that if a Compliance Certificate is not delivered when due in accordance with Section 6.02(b), then Pricing Level 5 shall apply as of the first Business Day after the date on which such Compliance Certificate was required to have been delivered and in each case shall remain in effect until the date on which such Compliance Certificate is delivered. Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable Rate for any period shall be subject to the provisions of Section 2.10(b).
Applicable Rate means, for any day, with respect to any Eurodollar Revolving Loan or CDOR Revolving Loan, or with respect to the unused commitment fees payable under Section 2.12(a) hereof or the participation fees payable under Section 2.12(b) hereof, as the case may be, the applicable rate per annum set forth below under the caption “Eurodollar Spread”, “CDOR Spread” or “Unused Commitment Fee Rate”, as the case may be, based upon Holdings’ consolidated EBITDA for the trailing 12 month period as of the most recent determination date: Eurodollar Spread Unused Commitment Fee EBITDA and CDOR Spread Rate Category 1 >$60,000,000 1.00 % 0.25 % Category 2 £$60,000,000 >$53,000,000 1.25 % 0.25 % Category 3 £$53,000,000 >$48,000,000 1.50 % 0.25 % Category 4 £$48,000,000 1.75 % 0.30 % For purposes of the foregoing, (a) the initial Applicable Rate shall be the applicable rate per annum set forth above in Category 3, (b) thereafter, the Applicable Rate shall be determined as of the end of each fiscal quarter of Holdings based upon Holdings’ annual or quarterly consolidated financial statements delivered pursuant to Section 5.01, commencing with the later of (i) delivery of the quarterly consolidated financial statements for the fiscal quarter ending September 30, 2005, or (ii) 90 days after the Effective Date, and (c) each change in the Applicable Rate resulting from a change in EBITDA shall be effective during the period commencing on and including the date of delivery to the Administrative Agent of such consolidated financial statements indicating such change and ending on the date immediately preceding the effective date of the next such change, provided that if the Borrowers fail to deliver the annual or quarterly consolidated financial statements required to be delivered by them pursuant to Section 5.01 (and if no waiver or consent with respect thereto has been delivered) EBITDA shall be deemed to be in the Category that is one Category higher than the Category corresponding to EBITDA reported by Holdings in its most recently delivered required financial statements at the option of the Administrative Agent or at the request of the Required Lenders, during the period from the expiration of the time for delivery thereof until such consolidated financial statements are delivered.
Applicable Rate means the rate per annum at which cash dividends are payable on the AMPS or Other AMPS, as the case may be, for any Dividend Period.
Applicable Rate set forth in Section 1.01 of the Credit Agreement is hereby amended to read as follows:
Applicable Rate means, for any day, with respect to any Eurodollar Rate Advance or Base Rate Advance or with respect to the facility fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “Eurodollar Rate Spread”, “Base Rate Spread” or “Facility Fee Rate”, as the case may be, based upon the Xxxxx’x Rating and the S&P Rating: Rating Level Ratings (Xxxxx’x/S&P) Facility Fee Rate (bps per annum) Eurodollar Rate Spread (bps per annum) Base Rate Spread (bps per annum) Rating Level 1 > Baa1 or BBB+ 25.0 175.0 75.0 Rating Xxxxx 0 Xxx0 or BBB 30.0 195.0 95.0 Rating Xxxxx 0 Xxx0 xxx XXX- 40.0 235.0 135.0 Rating Level 4 Baa3/BB+ or Ba1/BBB- 50.0 275.0 175.0 Rating Xxxxx 0 < Ba1 and BB+ 50.0 325.0 225.0 For purposes of the foregoing, (a) if a Xxxxx’x Rating or an S&P Rating shall not be in effect (other than by reason of the circumstances referred to in the last sentence of this definition), then the applicable rating agency shall be deemed to have established a rating in Rating Level 5 (as set forth in the table above); (b) if the Xxxxx’x Rating and the S&P Rating shall fall within different Rating Levels, the Applicable Rate shall be based on the higher of the two ratings unless the ratings differ by more than one Rating Level, in which case the Applicable Rate shall be based on the Rating Level one level above that corresponding to the lower rating; and (c) if the Xxxxx’x Rating or the S&P Rating shall be changed (other than as a result of a change in the rating system of Xxxxx’x or S&P), such change shall be effective as of the date on which it is first publicly announced by Xxxxx’x or S&P. Each change in the Applicable Rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Xxxxx’x or S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the Banks shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Rate shall be determined by reference to the rating most recently in effect prior to such change or cessation.