Commissions and Other Charges. (a) The Borrower shall pay to the Administrative Agent, for the account of the Issuing Lender and the L/C Participants, a letter of credit commission with respect to each Letter of Credit in an amount equal to the product of (i) the average daily maximum amount available to be drawn during the relevant quarter under such Letter of Credit and (ii) the Applicable LIBOR Margin (determined on a per annum basis). Such commission shall be payable quarterly in arrears on the last Business Day of each calendar quarter and on the Termination Date commencing on the last Business Day of the calendar quarter in which such Letter of Credit is issued. The Administrative Agent shall, promptly following its receipt thereof, distribute to the Issuing Lender and the L/C Participants all commissions received pursuant to this Section 3.03(a) in accordance with their respective Commitment Percentages. (b) In addition to the foregoing commission, the Borrower shall pay to the Administrative Agent, for the account of the Issuing Lender, a fronting fee with respect to each Letter of Credit issued on or after the Closing Date in an amount equal to the product of (i) the face amount of such Letter of Credit and (ii) 12.5 basis points (0.125%) (the "Fronting Fee"). Such Fronting Fee shall be payable in arrears on the last Business Day of each calendar quarter and on the Termination Date for each day such Letter of Credit is issued and outstanding. (c) In addition to the foregoing fees and commissions, the Borrower shall pay or reimburse the Issuing Lender for such normal and customary costs and expenses as are incurred or charged by the Issuing Lender in issuing, effecting payment under, amending or otherwise administering any Letter of Credit.
Appears in 1 contract
Sources: Revolving Credit Agreement (South Jersey Industries Inc)
Commissions and Other Charges. (a) The Borrower Borrowers shall pay to the Administrative Agent, for the account of the Issuing Lender and the L/C Participants, a letter of credit commission with respect to each Letter of Credit in an amount equal to the product of (i) the average daily maximum face amount available to be drawn during the relevant quarter under of such Letter of Credit and times (ii) an annual percentage equal to ----- the Applicable Margin with respect to LIBOR Margin (determined Rate Loans in effect on a per annum basis)the date of issuance of such Letter of Credit. Such commission shall be payable quarterly in arrears on the last Business Day of each calendar quarter and on the Termination Date commencing Revolving Credit Maturity Date.
(b) In addition to the foregoing commission, the Borrowers shall pay the Issuing Lender an issuance fee of 0.125% per annum on the face amount of each Letter of Credit, payable quarterly in arrears on the last Business Day of the each calendar quarter and on the Revolving Credit Maturity Date; provided, that such -------- issuance fee shall not be payable with respect to the Existing Letters of Credit.
(c) The Borrowers shall also pay all normal costs and expenses of the Issuing Lender in which such Letter connection with the issuance, transfer or other administration of Credit is issued. the Letters of Credit.
(d) The Administrative Agent shall, promptly following its receipt thereof, distribute to the Issuing Lender and the L/C Participants all commissions received pursuant to this Section 3.03(a) by the Administrative Agent in accordance with their respective Revolving Credit Commitment Percentages.
(b) In addition to the foregoing commission, the Borrower shall pay to the Administrative Agent, for the account of the Issuing Lender, a fronting fee with respect to each Letter of Credit issued on or after the Closing Date in an amount equal to the product of (i) the face amount of such Letter of Credit and (ii) 12.5 basis points (0.125%) (the "Fronting Fee"). Such Fronting Fee shall be payable in arrears on the last Business Day of each calendar quarter and on the Termination Date for each day such Letter of Credit is issued and outstanding.
(c) In addition to the foregoing fees and commissions, the Borrower shall pay or reimburse the Issuing Lender for such normal and customary costs and expenses as are incurred or charged by the Issuing Lender in issuing, effecting payment under, amending or otherwise administering any Letter of Credit.
Appears in 1 contract
Sources: Credit Agreement (GTS Duratek Inc)
Commissions and Other Charges. (a) The Borrower shall pay to the Administrative Agent, for the account of the Issuing Lender and the L/C Participants, a letter of credit commission with respect to each the Letter of Credit in an amount equal to the product of (i) the average daily maximum amount available to be drawn during the relevant quarter under such the Letter of Credit and (ii) the Applicable LIBOR Margin (determined on a per annum basis). Such commission shall be payable quarterly in arrears on the last Business Day of each calendar quarter and on the Termination Date commencing on the last Business Day of the calendar quarter in which such the Letter of Credit is issued. The Administrative Agent shall, promptly following its receipt thereof, distribute to the Issuing Lender and the L/C Participants all commissions received pursuant to this Section 3.03(a) in accordance with their respective Commitment Percentages. All commissions and fees provided hereunder shall be computed on the basis of a 360-day year and assessed for the actual number of days elapsed.
(b) In addition to the foregoing commission, the Borrower shall pay to the Administrative Agent, for the account of the Issuing Lender, a fronting fee with respect to each Letter of Credit issued on or after the Closing Date in an amount equal to the product of (i) the face amount of such Letter of Credit and (ii) 12.5 basis points (0.125%) (the "Fronting Fee"). Such Fronting Fee shall be payable in arrears on the last Business Day of each calendar quarter and on the Termination Date for each day such Letter of Credit is issued and outstanding[Intentionally Omitted].
(c) In addition to the foregoing fees and commissions, the Borrower shall pay or reimburse the Issuing Lender for such normal and customary costs and expenses as are incurred or charged by the Issuing Lender in issuing, effecting payment under, transferring, amending or otherwise administering any the Letter of Credit.
Appears in 1 contract
Sources: Letter of Credit Reimbursement Agreement (South Jersey Industries Inc)
Commissions and Other Charges. (a) The Borrower shall pay to the Administrative Agent, for the account of the Issuing Lender and the L/C Participants, a letter of credit commission fee with respect to each Letter of Credit in an amount equal to the product of (i) a per annum fee equal to the average daily maximum amount available Applicable Margin in effect with respect to be drawn during the relevant quarter under such Letter of Credit LIBOR Rate Loans as set forth in Section 4.1(c) and (ii) the Applicable LIBOR Margin (determined on a per annum basis)face amount of such Letter of Credit. Such commission fee shall be payable quarterly in arrears on the last Business Day of each calendar fiscal quarter of the Borrower and on the Revolving Termination Date commencing on the last Business Day of the calendar quarter in which such Letter of Credit is issued. The Administrative Agent shall, promptly following its receipt thereof, distribute to the Issuing Lender and the L/C Participants all commissions received pursuant to this Section 3.03(a) in accordance with their respective Commitment PercentagesDate.
(b) In addition to the foregoing commission, the The Borrower shall pay to the Administrative Agent, for the account of the Issuing Lender, Lender a fronting fee with respect to each Letter of Credit issued on or after the Closing Date in an amount equal to the product of (i) 0.125% (on a per annum basis) and (ii) the face amount of such Letter of Credit and (ii) 12.5 basis points (0.125%) (the "Fronting Fee")Credit. Such Fronting Fee fee shall be payable quarterly in arrears on the last Business Day of each calendar fiscal quarter and on of the Termination Date for each day Borrower as long as such Letter of Credit is issued and outstanding.
(c) In addition to the foregoing fees and commissionsfees, the Borrower shall pay or reimburse the Issuing Lender for such normal and customary costs and expenses as are incurred or charged by the Issuing Lender in issuing, effecting payment under, amending or otherwise administering any Letter of Credit.
Appears in 1 contract
Sources: Credit Agreement (Corrections Corporation of America)
Commissions and Other Charges. (a) The Borrower shall pay to the Administrative Agent, for the account of the Issuing Lender and the L/C Participants, a letter of credit commission with respect to each Letter of Credit in an amount equal to the product of (i) the average daily maximum amount available to be drawn during the relevant quarter under such Letter of Credit Credit, and (ii) the Applicable LIBOR Margin 1.50% (determined on a per annum basis). Such commission shall be payable quarterly in arrears on the last Business Day of each calendar quarter and on the Termination Date commencing on the last Business Day of the calendar quarter in which such Letter of Credit is issuedDate. The Administrative Agent shall, promptly following its receipt thereof, distribute to the Issuing Lender and the L/C Participants all commissions received pursuant to this Section 3.03(a) in accordance with their respective Commitment Percentages.
(b) In addition to the foregoing commission, the Borrower shall pay to the Administrative Agent, for the account of the Issuing Lender, a fronting fee with respect to each Letter of Credit issued on or after the Closing Date in an amount equal to the product of (i) the face amount of such Letter of Credit and (ii) 12.5 basis points one quarter of one percent (0.1250.25%) (the "Fronting Fee"). Such Fronting Fee fronting fee shall be payable in arrears on the last Business Day of each calendar quarter and on the Termination Date for each day such Letter of Credit is issued and outstanding.
(c) In addition to the foregoing fees and commissions, the Borrower shall pay or reimburse the Issuing Lender for such normal and customary costs and expenses as are incurred or charged by the Issuing Lender in issuing, effecting payment under, amending or otherwise administering any Letter of Credit.
Appears in 1 contract
Sources: Credit Agreement (Inergy L P)
Commissions and Other Charges. (a) The Borrower shall pay to the Administrative Agent, for the account of the Issuing Lender and the L/C Participants, a letter of credit commission with respect to each Letter of Credit in an amount equal to the product of (i) the average daily maximum amount available to be drawn during the relevant quarter under such Letter of Credit and (ii) the Applicable LIBOR Margin 1.50% (determined on a per annum basis). Such commission shall be payable quarterly in arrears on the last Business Day of each calendar quarter and on the Termination Date commencing on the last Business Day of the calendar quarter in which such Letter of Credit is issuedDate. The Administrative Agent shall, promptly following its receipt thereof, distribute to the Issuing Lender and the L/C Participants all commissions received pursuant to this Section 3.03(a) in accordance with their respective Commitment --------------- Percentages.
(b) In addition to the foregoing commission, the Borrower shall pay to the Administrative Agent, for the account of the Issuing Lender, a fronting fee with respect to each Letter of Credit issued on or after the Closing Date in an amount equal to the product of (i) the face amount of such Letter of Credit and (ii) 12.5 basis points one quarter of one percent (0.1250.25%) (the "Fronting Fee"). Such Fronting Fee fronting fee shall be payable in arrears on the last Business Day day of each calendar fiscal quarter and on the Termination Date for each day such Letter of Credit is issued and outstanding.
(c) In addition to the foregoing fees and commissions, the Borrower shall pay or reimburse the Issuing Lender for such normal and customary costs and expenses as are incurred or charged by the Issuing Lender in issuing, effecting payment under, amending or otherwise administering any Letter of Credit.
Appears in 1 contract
Sources: Credit Agreement (Inergy L P)
Commissions and Other Charges. (a) The Borrower shall pay to the Administrative Agent, for the account of the Issuing Lender and the L/C Participants, a letter of credit commission with respect to each Letter of Credit in an amount equal to the product of (i) the average daily maximum amount available to be drawn during the relevant quarter under such Letter of Credit and (ii) the Applicable LIBOR Margin 1.50% (determined on a per annum basis). Such commission shall be payable quarterly in arrears on the last Business Day of each calendar quarter and on the Termination Date commencing on the last Business Day of the calendar quarter in which such Letter of Credit is issuedDate. The Administrative Agent shall, promptly following its receipt thereof, distribute to the Issuing Lender and the L/C Participants all commissions received pursuant to this Section 3.03(a) in accordance with their respective Commitment Percentages.
(b) In addition to the foregoing commission, the Borrower shall pay to the Administrative Agent, for the account of the Issuing Lender, a fronting fee with respect to each Letter of Credit issued on or after the Closing Date in an amount equal to the product of (i) the face amount of such Letter of Credit and (ii) 12.5 basis points one quarter of one percent (0.1250.25%) (the "Fronting Fee"). Such Fronting Fee fronting fee shall be payable in arrears on the last Business Day of each calendar quarter and on the Termination Date for each day such Letter of Credit is issued and outstanding.
(c) In addition to the foregoing fees and commissions, the Borrower shall pay or reimburse the Issuing Lender for such normal and customary costs and expenses as are incurred or charged by the Issuing Lender in issuing, effecting payment under, amending or otherwise administering any Letter of Credit.
Appears in 1 contract
Sources: Credit Agreement (Inergy L P)
Commissions and Other Charges. (a) The Borrower shall pay to the Administrative Agent, for the account of the Issuing Lender and the L/C Participants, a letter of credit commission with respect to each Letter of Credit in an amount equal to the product of (i) the average daily maximum amount available to be drawn during the relevant quarter under such Letter of Credit and (ii) the Applicable LIBOR Margin (determined on a per annum basis). Such commission shall be payable quarterly in arrears on the last Business Day of each calendar quarter and on the Termination Date commencing on the last Business Day of the calendar quarter in which such Letter of Credit is issuedDate. The Administrative Agent shall, promptly following its receipt thereof, distribute to the Issuing Lender and the L/C Participants all commissions received pursuant to this Section 3.03(aSECTION 3.3(A) in accordance with their respective Revolving Credit Commitment Percentages.
(b) In addition to the foregoing commission, the Borrower shall pay to the Administrative Agent, for the account of the Issuing Lender, a fronting an issuance fee with respect to each Letter of Credit issued on or after the Closing Date in an amount equal to the product of (i) the face amount of such Letter of Credit and (ii) 12.5 basis points one eighth of one percent (0.125%) (the "Fronting Fee"). Such Fronting Fee issuance fee shall be payable in arrears on the last Business Day date of issuance of each calendar quarter and on the Termination Date for each day such Letter of Credit is issued and outstandingshall be non-refundable.
(c) In addition to the foregoing fees and commissions, the Borrower shall pay or reimburse the Issuing Lender for such normal and customary costs and expenses as are incurred or charged by the Issuing Lender in issuing, effecting payment under, amending or otherwise administering any Letter of Credit.
Appears in 1 contract
Commissions and Other Charges. (a) The Borrower Borrowers shall pay to the Administrative Agent, for the account of the Issuing Lender and the L/C Participants, a letter of credit commission with respect to each Letter of Credit in an amount equal to the product of (i) a per annum fee equal to the average daily maximum amount available Applicable Margin in effect with respect to be drawn during the relevant quarter under such Letter of Credit LIBOR Rate Loans as set forth in Section 4.1(c) and (ii) the Applicable LIBOR Margin (determined on a per annum basis)face amount of such Letter of Credit. Such commission shall be payable quarterly in arrears on the last Business Day of each calendar quarter and on the Revolving Termination Date commencing on during the last Business Day of the calendar quarter in which such period that any Letter of Credit is issuedoutstanding hereunder. The Administrative Agent shall, promptly following its receipt thereof, distribute to the Issuing Lender and the L/C Participants all commissions received pursuant to this Section 3.03(a) by the Administrative Agent in accordance with their respective Commitment Percentages.
(b) In addition to the foregoing commission, the Borrower The Borrowers shall pay to the Administrative Agent, for the account of the Issuing Lender, Lender a non-refundable fronting fee with respect to each Letter of Credit issued on or after the Closing Date in an amount equal to the product of (i) 0.125% (on a per annum basis) and (ii) the face amount of such Letter of Credit and (ii) 12.5 basis points (0.125%) (the "Fronting Fee")Credit. Such Fronting Fee fee shall be payable quarterly in arrears on the last Business Day of each calendar quarter and on the Revolving Termination Date for each day such during the period that any Letter of Credit is issued and outstandingoutstanding hereunder.
(c) In addition to the foregoing fees commissions and commissionsfees, the Borrower Borrowers shall pay or reimburse the Issuing Lender for such normal and customary costs and expenses as are incurred or charged by the Issuing Lender in issuing, effecting payment under, transferring, amending or otherwise administering any Letter of Credit.
Appears in 1 contract
Sources: Credit Agreement (Sholodge Inc)