Common use of Commissions and Other Charges Clause in Contracts

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 (other than Bond L/Cs) 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) 10 basis points (0.100%) (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, transferring, amending or otherwise administering any Letter of Credit, including, without limitation, an amount equal to $100 per draw with respect to any Bond L/C.

Appears in 2 contracts

Sources: Credit Agreement (South Jersey Industries Inc), Credit 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 with respect to each Letter of Credit (other than Bond L/Cs) 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 Letter of Credit Fee 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 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 the amount equal to and calculated in the product of (i) manner set forth in the face amount of such Fee Letter of Credit and (ii) 10 basis points (0.100%) (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 outstandingDate. (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 Letter of Credit, including, without limitation, an amount equal to $100 per draw with respect to any Bond L/C.

Appears in 2 contracts

Sources: Credit Agreement (South Jersey Gas Co/New), Revolving Credit 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 with respect to each Letter of Credit (other than Bond L/Cs) 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------- 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) 10 basis points one quarter of one percent (0.1000.25%) (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, transferring, amending or otherwise administering any Letter of Credit, including, without limitation, an amount equal to $100 per draw with respect to any Bond L/C..

Appears in 1 contract

Sources: Credit Agreement (Inergy L P)

Commissions and Other Charges. (ai) The Borrower shall pay to the Administrative Agent, for the account of the Revolver Issuing Lender and the Revolver L/C Participants, a letter of credit commission with respect to each Revolver Letter of Credit (other than Bond L/Cs) in an amount equal to the product of (i) the average daily maximum amount available to be drawn during the relevant quarter under such Revolver Letter of Credit and (ii) the Applicable Margin for LIBOR Margin Loans (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 Revolving Credit 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 Revolver Issuing Lender and the Revolver L/C Participants all commissions received pursuant to this Section 3.03(a2.3(c)(i) in accordance with their respective Revolving Credit Commitment Percentages. (bii) In addition to the foregoing commission, the Borrower shall pay to the Administrative Agent, for the account of the Revolver Issuing Lender, a fronting an issuance fee with respect to each Revolver Letter of Credit issued on or after the Closing Date in an amount equal to the product of (i) the face amount of such Revolver Letter of Credit and (ii) 10 basis points one eighth of one percent (0.1000.125%) (the “Fronting Fee”)per annum. Such Fronting Fee issuance fee shall be payable quarterly in arrears on the last Business Day of each calendar quarter and on the Revolving Credit Termination Date for each day such Letter of Credit is issued and outstandingshall be non-refundable. (ciii) In addition to the foregoing fees and commissions, the Borrower shall pay or reimburse the Revolver Issuing Lender for such normal and customary costs and expenses as are incurred or charged by the Revolver Issuing Lender in issuing, effecting payment under, transferring, amending or otherwise administering any Revolver Letter of Credit, including, without limitation, an amount equal to $100 per draw with respect to any Bond L/C..

Appears in 1 contract

Sources: Credit Agreement (Suburban Propane Partners Lp)

Commissions and Other Charges. (a) The Borrower shall pay to the Administrative Agent, for the account of the applicable Stand-Alone Issuing Lender and the Stand-Alone L/C Participants, a letter of credit commission with respect to each Stand-Alone Letter of Credit (other than Bond L/Cs) in an amount equal to the product of (i) the average daily maximum amount available to be drawn during the relevant quarter under such Stand-Alone Letter of Credit and (ii) the Applicable Margin for LIBOR Margin Loans (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 applicable Stand-Alone Issuing Lender and the Stand-Alone L/C Participants all commissions received pursuant to this Section 3.03(a3.3(a) in accordance with their respective Stand-Alone L/C Commitment Percentages. (b) In addition to the foregoing commission, the Borrower shall pay to the Administrative Agent, for the account of the applicable Stand-Alone Issuing Lender, a fronting an issuance fee with respect to each Stand-Alone Letter of Credit issued on or after the Closing Date by it in an amount equal to the product of (i) the face amount of such Stand-Alone Letter of Credit and (ii) 10 basis points one eighth of one percent (0.1000.125%) (the “Fronting Fee”)per annum. Such Fronting Fee issuance fee shall be payable quarterly 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 outstandingshall be non-refundable. (c) In addition to the foregoing fees and commissions, the Borrower shall pay or reimburse the applicable Stand-Alone Issuing Lender for such normal and customary costs and expenses as are incurred or charged by the such Stand-Alone Issuing Lender in issuing, effecting payment under, transferring, amending or otherwise administering any Stand-Alone Letter of Credit, including, without limitation, an amount equal to $100 per draw with respect to any Bond L/C..

Appears in 1 contract

Sources: Credit Agreement (Suburban Propane Partners Lp)

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 (other than Bond L/Cs) in an amount equal to the product face amount of (i) the average daily maximum amount available to be drawn during the relevant quarter under such Letter of Credit and (iireflected as the Dollar Amount thereof, as determined by the Administrative Agent) multiplied by the Applicable Margin with respect to Revolving Credit Loans that are LIBOR Margin Rate Loans (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 Revolving Credit Maturity Date commencing on and shall be payable in Dollars based upon the last Business Day Dollar Amount of the calendar quarter in which such Letter Letters of Credit is issuedfor such quarter, as determined by the Administrative Agent. 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(a3.3(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 for its own account, 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 multiplied by one quarter of one percent (ii) 10 basis points (0.1000.25%) (the “Fronting Fee”). Such Fronting Fee issuance fee shall be payable upon issuance of each Letter of Credit and shall be payable in arrears on the last Business Day of each calendar quarter and on Permitted Currency in which the Termination Date for each day such applicable Letter of Credit is issued and outstandingdenominated. (c) In addition to the foregoing fees and commissions, the Borrower shall pay or reimburse the Issuing Lender Lender, for its own account, 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, including, without limitation, an amount equal to $100 per draw with respect to any Bond L/C.. Such costs and expenses shall be payable in the Permitted Currency in which the Letter of Credit is denominated.

Appears in 1 contract

Sources: Credit Agreement (Wackenhut Corrections Corp)