Common use of Solely for purposes of determining Clause in Contracts

Solely for purposes of determining. fees payable in connection with the outstanding Letters of Credit issued under the Existing Credit Agreement, such Letters of Credit shall be considered as if they were issued on the Effective Date; it being understood that the fronting fees with respect to such Letters of Credit have been paid. (b) The Company shall pay to each Issuing Bank a Letter of Credit fronting fee for all Letters of Credit Issued by such Issuing Bank equal to 0.15% per annum of the average daily maximum amount available to be drawn under all such Letters of Credit while outstanding Issued by such Issuing Bank, computed on the first Business Day of each month for the preceding month based upon Letters of Credit outstanding for that month as calculated by the applicable Issuing Bank. Such fronting fees shall be due and payable monthly in arrears, and such amounts shall be charged to the Loan Account by the Administrative Agent upon the written instructions of the Company. (c) The Company shall pay to each Issuing Bank from time to time on demand, upon the furnishing of an invoice therefor, the normal issuance, payment, amendment and other processing fees and commissions, and other standard costs and charges, of such Issuing Bank relating to Letters of Credit Issued by such Issuing Bank as from time to time in effect (the "Issuing Bank Fees"). (d) Upon the occurrence and during the continuation of an Event of Default resulting from the failure of Company to make any payment of principal or interest as provided in Section 9.01(a), or after notice is delivered to Company of the occurrence of any other Event of Default, and at all times thereafter until the earlier of the date upon which (i) all Obligations have been paid and satisfied in full in cash (including any required Cash Collateralization) or (ii) such Event of Default shall no longer be continuing, as the case may be, the applicable Letter of Credit Fees payable on overdue amounts on demand pursuant to Section 4.06(a) shall be increased by two percent (2.00%).

Appears in 1 contract

Sources: Credit Agreement (Premcor Inc)

Solely for purposes of determining. fees payable in connection with the outstanding Letters of Credit issued under the Existing Credit Agreement, such Letters of Credit shall be considered as if they were issued on the Effective Date; it being understood that the fronting fees with respect to such Letters of Credit have been paid. (b) The Company shall pay to each Issuing Bank a Letter of Credit fronting fee for all Letters of Credit Issued by such Issuing Bank equal to 0.15% per annum of the average daily maximum amount available to be drawn under all such Letters of Credit while outstanding Issued by such Issuing Bank, computed on the first Business Day of each month for the preceding month based upon Letters of Credit outstanding for that month as calculated by the applicable Issuing Bank. Such fronting fees shall be due and payable monthly in arrears, and such amounts shall be charged to the Loan Account by the Administrative Agent upon the written instructions of the Company. (c) The Company shall pay to each Issuing Bank from time to time on demand, upon the furnishing of an invoice therefor, the normal issuance, payment, amendment and other processing fees and commissions, and other standard costs and charges, of such Issuing Bank relating to Letters of Credit Issued by such Issuing Bank as from time to time in effect (the "Issuing Bank Fees"). (d) Subject to clause (e) below, the Company shall pay to the Administrative Agent for the account of each Tranche 1 Bank, a fee with respect to any Letter of Credit which is reimbursed from funds in the Tranche 1 Credit-Linked Deposit Account which have not been reimbursed by the Company, equal to the amount such Tranche 1 Bank would have received under Section 3.10(b) plus the Applicable Margin calculated for the relevant period for which payment is required to be made less amounts already received pursuant to Sections 3.05 and 3.10(b) by such Tranche 1 Bank for such relevant period. (e) Upon the occurrence and during the continuation of an Event of Default resulting from the failure of Company to make any payment of principal or interest as provided in Section 9.01(a), or after notice is delivered to Company of the occurrence of any other Event of Default, and at all times thereafter until the earlier of the date upon which (i) all Obligations have been paid and satisfied in full in cash (including any required Cash Collateralization) or (ii) such Event of Default shall no longer be continuing, as the case may be, the applicable Letter of Credit Fees payable on overdue amounts on demand pursuant to Section 4.06(a) shall be increased by two percent (2.00%).

Appears in 1 contract

Sources: Credit Agreement (Premcor Refining Group Inc)