Common use of Compensation for Facility Letters of Credit Clause in Contracts

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank), based upon the Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 5 contracts

Samples: Credit Agreement (Inland Real Estate Corp), Credit Agreement (Inland Real Estate Corp), Credit Agreement (Inland Western Retail Real Estate Trust Inc)

AutoNDA by SimpleDocs

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Revolving Lenders (including the Issuing Bank), based upon the such Lenders’ respective Revolving Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin for Revolving Advances in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Revolving Facility Termination Date or any other earlier date that the Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland Cleveland, Ohio time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Revolving Lenders in accordance with their Revolving Percentages thereof. The Borrower shall not have any liability to any Revolving Lender for the failure of the Administrative Agent to promptly deliver such funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-one eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-out of pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 4 contracts

Samples: Credit Agreement (Kite Realty Group, L.P.), Credit Agreement (Retail Properties of America, Inc.), Credit Agreement (Retail Properties of America, Inc.)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank)Lenders, based upon the Lenders' respective Percentages, a per annum fee (the "Facility Letter of Credit Fee") as a percentage of the face amount of with respect to each Facility Letter of Credit outstanding that is equal to (i) the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter in the case of Credit is outstandingFinancial Letters of Credit, and (ii) the LIBOR Applicable Margin from time to time minus 0.25% in the case of Performance Letters of Credit. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears in equal installments on the first Business Day of each calendar quarter month following the issuance of such any Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullMaturity Date. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 2.11 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth 0.15% of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereofCredit, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofCredit. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s 's standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 4 contracts

Samples: Unsecured Revolving Credit Agreement (First Industrial Realty Trust Inc), Unsecured Revolving Credit Agreement (First Industrial Realty Trust Inc), Unsecured Revolving Credit Agreement (First Industrial Realty Trust Inc)

Compensation for Facility Letters of Credit. (a) The Subject to Section 2.27, the Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank)Revolving Lenders, based upon the such Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of with respect to the face amount of each Facility Letter of Credit outstanding (taking into account any reductions from time to time) that is equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstandingMargin. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears in equal installments on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit Payment Date and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullDate. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Revolving Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank Lender also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) % per annum to be calculated on of the face amount of each Facility Letter of Credit for the stated duration thereof(taking into account any reductions from time to time) issued by such Issuing Lender, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit. The issuance fee relating to any Facility Letter of Credit shall be due and payable in arrears in equal installments on each Payment Date and, to the extent any such fees are then due and unpaid, on the date of any increase therein or extension thereofFacility Termination Date. The Issuing Bank Lender shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing BankLender’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder. The Borrower shall pay such other amounts when due to the Issuing Lender in accordance with such Issuing Lender’s standard schedule for such other amounts.

Appears in 3 contracts

Samples: Credit Agreement (SITE Centers Corp.), Credit Agreement (Retail Value Inc.), Credit Agreement (DDR Corp)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank)Lenders, based upon the Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of with respect to each Facility Letter of Credit outstanding that is equal to (i) the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter in the case of Credit is outstandingFinancial Letters of Credit, and (ii) the LIBOR Applicable Margin from time to time minus 0.25% in the case of Performance Letters of Credit. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears in equal installments on the first Business Day of each calendar quarter month following the issuance of such any Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullMaturity Date. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 2.11 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth 0.15% of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereofCredit, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofCredit. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 3 contracts

Samples: Unsecured Term Loan Agreement (First Industrial Realty Trust Inc), Unsecured Revolving Credit Agreement (First Industrial Realty Trust Inc), Unsecured Term Loan Agreement (First Industrial Realty Trust Inc)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank), based upon the Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 2.15 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-one eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-out of pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 3 contracts

Samples: Credit Agreement (Inland Real Estate Corp), Credit Agreement (Inland Real Estate Corp), Credit Agreement (Inland Diversified Real Estate Trust, Inc.)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank), based upon the Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (Aa) $1,500 or (Bb) one-eighth of one percent (0.125%) per annum to be calculated on of the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 3 contracts

Samples: Credit Agreement (Glimcher Realty Trust), Credit Agreement (Glimcher Realty Trust), Credit Agreement (Glimcher Realty Trust)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank), based upon the Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Advances and Facility Letter of Credit Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on of the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard customary administrative charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 2 contracts

Samples: Credit Agreement (InvenTrust Properties Corp.), Credit Agreement (Inland Real Estate Income Trust, Inc.)

Compensation for Facility Letters of Credit. (a) The Borrower shall agrees to pay to the Administrative Agent, for in the ratable account of the Lenders (including the Issuing Bank), based upon the Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount case of each Facility Letter of Credit, the Facility Letter of Credit outstanding equal Fee therefor, payable quarterly in arrears not later than five (5) Business Days following Agent’s delivery to Borrower of the quarterly statement specifying the amount of the Facility Letter of Credit Fees properly due and payable hereunder with respect to the LIBOR Applicable Margin preceding calendar quarter (which payment shall be a pro rata portion of the annual Facility Letter of Credit Fee for such preceding calendar quarter) and on the Termination Date (which payment shall be in effect from time the amount of all accrued and unpaid Facility Letter of Credit Fees). Facility Letter of Credit Fees shall be calculated, on a pro rata basis for the period to time hereunder while which such payment applies, for actual days on which such Facility Letter of Credit is outstandingwas outstanding during such period, on the basis of a 360-day year. The Agent shall, with reasonable promptness following receipt from all Issuers of the reports provided for in Section 2.22.8 for the months of March, June, September and December, respectively, deliver to the Borrower a quarterly statement of the Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are Fees then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullpayable. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereofAgent, ratably to all Lenders. (b) The Issuing Bank also shall have Borrower agrees to pay the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount applicable Issuer of each Facility Letter of Credit for an issuance fee of 0.125% of the stated duration thereof, based on the actual number amount of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on Credit, payable prior to the date issuance of any increase therein or extension thereof. The Issuing Bank such Letter of Credit. (c) An Issuer shall also be entitled have the right to receive receive, solely for its reasonable own account, its out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending issuing and servicing Facility Letters of Credit and processing draws thereunderCredit, as the Borrower may agree in writing.

Appears in 2 contracts

Samples: Credit Agreement (Clarksburg Skylark, LLC), Credit Agreement (Beazer Homes Usa Inc)

Compensation for Facility Letters of Credit. (a) The Borrower shall agrees to pay to the Administrative Agent, for in the ratable account of the Lenders (including the Issuing Bank), based upon the Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount case of each Facility Letter of Credit, the Facility Letter of Credit outstanding equal Fee therefor, payable quarterly in arrears not later than five (5) Business Days following Agent’s delivery to Borrower of the quarterly statement specifying the amount of the Facility Letter of Credit Fees properly due and payable hereunder with respect to the LIBOR Applicable Margin preceding calendar quarter (which payment shall be a pro rata portion of the annual Facility Letter of Credit Fee for such preceding calendar quarter) and on the Revolving Credit Termination Date (which payment shall be in effect from time the amount of all accrued and unpaid Facility Letter of Credit Fees). Facility Letter of Credit Fees shall be calculated, on a pro rata basis for the period to time hereunder while which such payment applies, for actual days on which such Facility Letter of Credit is outstandingwas outstanding during such period, on the basis of a 360-day year. The Agent shall, with reasonable promptness following receipt from all Issuers of the reports provided for in Section 2.23.8 for the months of March, June, September and December, respectively, deliver to the Borrower a quarterly statement of the Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are Fees then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullpayable. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. Agent, as follows: (bi) The Issuing Bank also shall have the right to receive each Issuer, solely for its own account an issuance fee equal account, with respect to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for issued by such Issuer, an amount per annum equal to the stated duration thereof, based on product of (A) 0.125% per annum and (B) the actual number face amount of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on (ii) to all Revolving Credit Lenders, ratably, the date balance of any increase therein or extension thereofsuch Facility Letter of Credit Fees. The Issuing Bank Facility Letters of Credit Fees shall be payable hereunder with respect to the Existing Letters of Credit from and after the Closing Date. (b) An Issuer shall also be entitled have the right to receive receive, solely for its reasonable own account, its out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending issuing and servicing Facility Letters of Credit and processing draws thereunderCredit, as the Borrower may agree in writing.

Appears in 2 contracts

Samples: Credit Agreement (Beazer Homes Usa Inc), Credit Agreement (Beazer Homes Usa Inc)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing BankLender), based upon the Lenders’ respective PercentagesRatable Shares, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages Ratable Shares thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 2.14 hereof. (ii) (b) The Issuing Bank Lender also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth one‑eighth of one percent (0.125%) per annum to be calculated on of the face amount of each Facility Letter of Credit for the stated duration thereofCredit, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank Lender shall also be entitled to receive its reasonable out-of-pocket out‑of‑pocket costs and the Issuing BankLender’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 2 contracts

Samples: Credit Agreement (Associated Estates Realty Corp), Credit Agreement (Associated Estates Realty Corp)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank)Lenders, based upon the Lenders' respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”"FACILITY LETTER OF CREDIT FEE") as a percentage of the face amount of with respect to each Facility Letter of Credit outstanding that is equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstandingtime. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears in equal installments on the first Business Day of each calendar quarter month following the issuance of such any Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullDate. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 SECTION 2.15 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth 0.15% of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereofCredit, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofCredit. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s 's standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 2 contracts

Samples: Unsecured Revolving Credit Agreement (Centerpoint Properties Trust), Unsecured Revolving Credit Agreement (Centerpoint Properties Corp)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Revolving Lenders (including the Issuing Bank), based upon the Revolving Lenders’ respective Revolving Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears advance on the Issuance Date of such Facility Letter of Credit and on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullCredit. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Revolving Lenders in accordance with their Revolving Percentages thereof. The Borrower shall not have any liability to any Revolving Lender for the failure of the Administrative Agent to promptly deliver funds to any such Revolving Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 2 contracts

Samples: Senior Credit Agreement (Terreno Realty Corp), Senior Credit Agreement (Terreno Realty Corp)

Compensation for Facility Letters of Credit. (a) The Borrower shall agrees to pay to the Administrative Agent, for in the ratable account case of the Lenders (including the Issuing Bank), based upon the Lenders’ respective Percentages, a per annum fee (the “each outstanding Facility Letter of Credit Fee”) as a percentage of Credit, the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any therefor, payable in quarterly installments in advance on the Issuance Date (which installment shall be a pro rata portion of the annual Facility Letter of Credit shall accrue Fee for the period commencing on a daily basis the Issuance Date and shall be due ending on the last day of the calendar quarter in which the Issuance Date occurs) and payable in arrears on the first Business Day day of each calendar quarter following after the issuance Issuance Date (which installment shall be a pro rata portion of the annual Facility Lease of Credit Fee for the quarter in which such payment is due). Facility Letter of Credit andFees shall be calculated, on a pro rata basis for the period to the extent any which such fees are then due and unpaidpayment applies, for actual days that will elapse during such period, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullbasis of a 360-day year. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereofratably. The Borrower shall not have any liability to any Lender for the failure Each installment of the Administrative Agent to promptly deliver funds to any such Lender and Facility Letter of Credit Fee shall be deemed to have made all such payments fully earned on the date on which such installment is payable and shall not be refundable if the respective payment Facility Letter of Credit is made by the Borrower thereafter returned to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereofIssuing Bank or otherwise canceled prior to its expiration date. (b) The An Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by such amounts as the Borrower on the Issuance Date for each may agree to pay to such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled with respect to receive its reasonable issuance fees and for such Issuing Bank's out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending issuing and servicing Facility Letters of Credit and processing draws thereunderCredit.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Sunstone Hotel Investors Inc), Revolving Credit Agreement (Sunstone Hotel Investors Inc)

Compensation for Facility Letters of Credit. (ai) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank), based upon the Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears advance on the Issuance Date of such Facility Letter of Credit and on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullCredit. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 2 contracts

Samples: Senior Revolving Credit Agreement (Terreno Realty Corp), Senior Revolving Credit Agreement (Terreno Realty Corp)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank), based upon the Lenders' respective Percentages, a per annum fee (the "Facility Letter of Credit Fee") as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstandingoutstanding minus one-eighth of one percent (0.125%). The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears in equal installments on the first Business Day of each calendar quarter month following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Maturity Date or any other earlier date that the Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 2.12 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on of the face amount of each Facility Letter of Credit for the stated duration thereofCredit, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofCredit. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s 's standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 2 contracts

Samples: Unsecured Revolving Credit Agreement (Equity Inns Inc), Unsecured Revolving Credit Agreement (Equity Inns Inc)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank), based upon the Lenders' respective Percentages, a per annum fee (the "Facility Letter of Credit Fee") as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 2.12 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (Aa) $1,500 or (Bb) one-eighth of one percent (0.125%) per annum to be calculated on of the face amount of each Facility Letter of Credit for the stated duration thereofCredit, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s 's standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 2 contracts

Samples: Credit Agreement (Glimcher Realty Trust), Credit Agreement (Glimcher Realty Trust)

Compensation for Facility Letters of Credit. (ai) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank), based upon the Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of with respect to each Facility Letter of Credit outstanding for the period from the Issuance Date thereof (or, in the case of the Existing Letters of Credit, the Closing Date) to and including the final expiration date thereof, in a per annum amount equal to the LIBOR Applicable Margin in effect from time to time hereunder while product, calculated on a daily basis for each day during such period, of (A) the undrawn amount of such Facility Letter of Credit is outstandingfor such day multiplied by (B) the Facility Letter of Credit Fee Rate for such day, less 0.125% per annum. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and Fees shall be due and payable quarterly in arrears on not later than five (5) Business Days following Administrative Agent’s delivery to Borrower of the first Business Day quarterly statement of each calendar quarter following the issuance of such Facility Letter of Credit Fees and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullDate. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paidreceived by the Administrative Agent, to the other Lenders (including the Issuer) in accordance with their Percentages Pro Rata Shares thereof. The Borrower Facility Letter of Credit Fees, once paid, shall not have be refundable for any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereofreason. (bii) The Issuing Bank Borrower shall also shall have the right pay to receive each Issuer, solely for its own account account, as an issuance fee equal issuing fee, with respect to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit issued by such Issuer for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on period from the Issuance Date thereof (or, in the case of the Existing Letters of Credit, the Closing Date) to and including the final expiration date thereof, in an amount equal to (A) the product, calculated on a daily basis for each day during such period, of (x) the undrawn amount of such Facility Letter of Credit for such day multiplied by (y) 0.125% per annum, plus (B) in the case of any Facility Letter of Credit in a stated amount of less than $10,000.00, an additional fee in an amount to be agreed upon by the Borrower and the Issuer. The foregoing fees payable to the Issuer shall also be due and payable quarterly in arrears on the date on which Facility Letter of Credit Fees are payable and, to the extent any increase therein or extension thereofsuch fees are then due and unpaid, on the Termination Date. The Issuing Bank foregoing fees, once paid, shall also not be refundable for any reason. Each Issuer shall be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending issuing and servicing Facility Letters of Credit. (iii) The Administrative Agent shall, with reasonable promptness following receipt from all Issuers of the reports provided for in Section 2.18(g) for the months of March, June, September and December, respectively, deliver to the Borrower a quarterly statement of the Letter of Credit Fees then due and processing draws thereunderpayable.

Appears in 2 contracts

Samples: Credit Agreement (Lennar Corp /New/), Credit Agreement (Lennar Corp /New/)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank), based upon the Lenders' respective Percentages, a per annum fee (the "Facility Letter of Credit Fee") as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears in equal installments on the first Business Day of each calendar quarter month following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Maturity Date or any other earlier date that the Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 2.12 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on of the face amount of each Facility Letter of Credit for the stated duration thereofCredit, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofCredit. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s 's standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 2 contracts

Samples: Secured Revolving Credit Agreement (Equity Inns Inc), Secured Revolving Credit Agreement (Equity Inns Inc)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Revolving Lenders (including the Issuing Bank), based upon the Revolving Lenders’ respective Revolving Percentages, a non-refundable per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR SOFR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears advance on the Issuance Date of such Facility Letter of Credit and on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullCredit. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Revolving Lenders in accordance with their Revolving Percentages thereof. The Borrower shall not have any liability to any Revolving Lender for the failure of the Administrative Agent to promptly deliver funds to any such Revolving Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 2 contracts

Samples: Senior Credit Agreement (Terreno Realty Corp), Senior Credit Agreement (Terreno Realty Corp)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing BankBank with respect to such Facility Letter of Credit), based upon the Lenders' respective Percentages, a per annum fee (the "Facility Letter of Credit Fee") as a percentage of the face amount of with respect to each ----------------------------- Facility Letter of Credit outstanding that is equal to the LIBOR Applicable Margin in effect from time to time hereunder while times the amount of such Facility Letter Letters of Credit is outstandingfrom time to time. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such any Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullMaturity Date. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 2.12 hereof.. ------------ (b) The Borrower shall pay to the Issuing Bank also shall have the right to receive solely for its the Issuing Bank's own account an issuance fee (the "Issuance Fee") with respect to each ------------ Facility Letter of Credit that is equal to the greater product of (Ai) $1,500 or 0.10% per annum, (Bii) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on (iii) the date number of years and/or partial years that such Facility Letter of Credit is outstanding expressed as a decimal. The Issuance Fee relating to the period from the issuance of any increase therein or Facility Letter of Credit to any stated expiration date thereof shall be due and payable upon the issuance of such Facility Letter of Credit and an additional Issuance Fee shall be due and payable upon the Effective Date of any stated extension period thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s 's standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Unsecured Revolving Credit Agreement (Rouse Company)

Compensation for Facility Letters of Credit. (a) The Borrower shall agrees to pay to the Administrative Agent, for in the ratable account of the Lenders (including the Issuing Bank), based upon the Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount case of each Facility Letter of Credit, the Facility Letter of Credit outstanding equal Fee therefor, payable quarterly in arrears not later than five (5) Business Days following Agent’s delivery to Borrower of the quarterly statement specifying the amount of the Facility Letter of Credit Fees properly due and payable hereunder with respect to the LIBOR Applicable Margin preceding calendar quarter (which payment shall be a pro rata portion of the annual Facility Letter of Credit Fee for such preceding calendar quarter) and on the Termination Date (which payment shall be in effect from time the amount of all accrued and unpaid Facility Letter of Credit Fees). Facility Letter of Credit Fees shall be calculated, on a pro rata basis for the period to time hereunder while which such payment applies, for actual days on which such Facility Letter of Credit is outstandingwas outstanding during such period, on the basis of a 360-day year. The Agent shall, with reasonable promptness following receipt from all Issuers of the reports provided for in Section 2.22.8 for the months of March, June, September and December, respectively, deliver to the Borrower a quarterly statement of the Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are Fees then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullpayable. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. Agent, as follows: (bi) The Issuing Bank also shall have the right to receive each Issuer, solely for its own account an issuance fee equal account, with respect to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for issued by such Issuer, an amount per annum equal to the stated duration thereof, based on product of (A) 0.125% per annum and (B) the actual number undrawn outstanding amount of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on (ii) to all Lenders, ratably, the date balance of any increase therein or extension thereofsuch Facility Letter of Credit Fees. The Issuing Bank Facility Letters of Credit Fees shall be payable hereunder with respect to the Existing Letters of Credit from and after the Closing Date. (b) An Issuer shall also be entitled have the right to receive receive, solely for its reasonable own account, its out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending issuing and servicing Facility Letters of Credit and processing draws thereunderCredit, as the Borrower may agree in writing.

Appears in 1 contract

Samples: Credit Agreement (Beazer Homes Usa Inc)

Compensation for Facility Letters of Credit. (a) The Borrower shall agrees to pay to the Administrative Agent, for Agent (except to the ratable account of extent that the Borrower shall be required to pay directly to the Revolving Credit Lenders (including the Issuing Bankas provided in Section 4.7(c)), based upon in the Lenders’ respective Percentagescase of each outstanding Facility Letter of Credit, a per annum fee (the Facility Letter of Credit Fee”) Fee therefor, payable quarterly in arrears as a percentage of hereinafter provided on the daily average face amount (net of permanent reductions) of each Facility Letter of Credit outstanding equal at any time during the preceding calendar quarter (but excluding any period prior to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Closing Date during which an Existing Letter of Credit is was outstanding, with respect to which period fees shall be payable as provided in the Existing Credit Agreement and pursuant to Section 5.1(xiv)). The Facility Letter of Credit Fee relating Fees shall be due and payable quarterly in arrears (A) not later than five (5) Business Days following the Administrative Agent’s delivery to Borrower of the quarterly statement of Facility Letter of Credit Fees, (B) on the Revolving Credit Facility Termination Date and (C) if any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears remains outstanding after the Revolving Credit Facility Termination Date on the first Business Day day of each calendar quarter following thereafter until the issuance first day of such the calendar quarter after the date on which the last outstanding Facility Letter of Credit andceases to be outstanding (each such date specified in clause (A), to the extent any such fees are then due and unpaid(B) or (C), on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fulla “Quarterly Payment Date”). The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paidreceived by it, to the other Revolving Credit Lenders in accordance with their Percentages Revolving Credit Ratable Shares thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Borrower agrees to pay to each Issuing Bank also shall have the right to receive solely for its own account (x) for the period from and after the Closing Date, an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) 0.10% per annum payable quarterly in arrears on each Quarterly Payment Date (including, if any Facility Letter of Credit remains outstanding after the Revolving Credit Facility Termination Date, each Quarterly Payment Date thereafter until the first Quarterly Payment Date after the date on which the last outstanding Facility Letter of Credit ceases to be calculated outstanding) on the daily average face amount (net of permanent reductions) of each Facility Letter of Credit issued by such Issuing Bank that was outstanding at any time during the preceding calendar quarter and (y) without duplication of any issuance fees payable under clause (x) immediately above, any accrued and unpaid issuance fees under Section 4.7(b) of the Existing Credit Agreement due to any Issuing Bank in respect of any Existing Letter of Credit for the stated duration thereofperiod January 1, based 2023 through the day immediately preceding the Closing Date payable on the first Quarterly Payment Date after the Closing Date. (c) After the Revolving Credit Facility Termination Date and the payment in full of all other Obligations, the Borrower shall make on each Quarterly Payment Date (i) payments of Facility Letter of Credit Fees under Section 4.7(a) directly to the Lenders in the amounts of their respective Revolving Credit Ratable Shares thereof and (ii) payments of issuance fees under Section 4.7(b) directly to each Issuing Bank that issued a Facility Letter of Credit that was outstanding at any time during the prior calendar quarter. (d) Facility Letter of Credit Fees and issuance fees payable to the Issuing Bank shall be calculated, on a pro rata basis for the period to which such payment applies, for actual number days elapsed during such period, on the basis of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunderyear.

Appears in 1 contract

Samples: Credit Agreement (Toll Brothers, Inc.)

Compensation for Facility Letters of Credit. (a) The Borrower shall agrees to pay to the Administrative Agent, for Agent (except to the ratable account of extent that the Borrower shall be required to pay directly to the Revolving Credit Lenders (including the Issuing Bankas provided in Section 4.7(c)), based upon in the Lenders’ respective Percentagescase of each outstanding Facility Letter of Credit, a per annum fee (the Facility Letter of Credit Fee”) Fee therefor, payable quarterly in arrears as a percentage of hereinafter provided on the daily average face amount (net of permanent reductions) of each Facility Letter of Credit outstanding equal at any time during the preceding calendar quarter (but excluding any period prior to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Closing Date during which an Existing Letter of Credit is was outstanding, with respect to which period fees shall be payable as provided in Section 5.1(xi)). The Facility Letter of Credit Fee relating Fees shall be due and payable quarterly in arrears (A) not later than five (5) Business Days following Administrative Agent’s delivery to Borrower of the quarterly statement of Facility Letter of Credit Fees, (B) on the Revolving Credit Facility Termination Date and (C) if any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears remains outstanding after the Revolving Credit Facility Termination Date on the first Business Day day of each calendar quarter following thereafter until the issuance first day of such the calendar quarter after the date on which the last outstanding Facility Letter of Credit andceases to be outstanding (each such date specified in clause (A), to the extent any such fees are then due and unpaid(B) or (C), on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fulla “Quarterly Payment Date”). The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paidreceived by it, to the other Revolving Credit Lenders in accordance with their Percentages Revolving Credit Ratable Shares thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Borrower agrees to pay to the Administrative Agent for the account of each Issuing Bank also (except to the extent that the Borrower shall have be required to pay directly to the right to receive solely for its own account Issuing Bank as provided in Section 4.7(c)) an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) % per annum payable quarterly in arrears on each Quarterly Payment Date (including, if any Facility Letter of Credit remains outstanding after the Revolving Credit Facility Termination Date, each Quarterly Payment Date thereafter until the first Quarterly Payment Date after the date on which the last outstanding Facility Letter of Credit ceases to be calculated outstanding) on the daily average face amount (net of permanent reductions) of each Facility Letter of Credit for issued by such Issuing Bank and that was outstanding at any time during the stated duration thereofpreceding calendar quarter (but excluding any period prior to the Closing Date during which an Existing Letter of Credit was outstanding, based on the actual number of days and using a 360-day year basis. The issuance fee with respect to which period fees shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofas provided in Section 5.1(xi)). The Issuing Bank Administrative Agent shall also be entitled promptly remit such issuance fee, when received by it, to receive its reasonable out-of-pocket costs and the such Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Credit Agreement (Toll Brothers Inc)

Compensation for Facility Letters of Credit. (a) The Subject to Section 2.27, the Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank)Domestic Revolving Lenders, based upon the such Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of with respect to the face amount of each Facility Letter of Credit outstanding (taking into account any reductions from time to time) that is equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstandingMargin. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears in equal installments on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit Payment Date and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullDate. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Domestic Revolving Lenders in accordance with their Percentages thereof. The Borrower fee due in connection with a Facility Letter of Credit issued in an Alternative Currency shall not have any liability to any Lender be calculated by multiplying (x) the average daily balance of each Alternative Currency Letter of Credit (expressed in the currency in which such Alternative Currency Letter of Credit is denominated) by (y) the Exchange Rate for each such Alternative Currency in effect on the failure last Business Day of such period or by such other reasonable method that the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereofdeems appropriate. (b) The Issuing Bank Lender also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth 0.20% of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereofCredit, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofCredit. The Issuing Bank Lender shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing BankLender’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder. The Borrower shall pay such issuance fee and other amounts when due to the Issuing Lender.

Appears in 1 contract

Samples: Credit Agreement (Developers Diversified Realty Corp)

Compensation for Facility Letters of Credit. (ai) The Borrower Borrowers shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank), based upon the Lenders' respective Percentages, a per annum fee (the "Facility Letter of Credit Fee") as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower Borrowers shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower Borrowers to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (bii) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower Borrowers on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s 's standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Credit Agreement (Inland Retail Real Estate Trust Inc)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Revolving Lenders (including the Issuing Bank), based upon the such Lenders’ respective Revolving Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin for Revolving Advances that are LIBOR Rate Advances in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Revolving Facility Termination Date or any other earlier date that the Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland Cleveland, Ohio time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Revolving Lenders in accordance with their Revolving Percentages thereof. The Borrower shall not have any liability to any Revolving Lender for the failure of the Administrative Agent to promptly deliver such funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-one eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-out of pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Credit Agreement (RPT Realty)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Revolving Lenders (including the Issuing Bank), based upon the Lenderssuch Lxxxxxx’ respective Revolving Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin for Revolving Advances that are SOFR Advances in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Revolving Facility Termination Date or any other earlier date that the Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland Cleveland, Ohio time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Revolving Lenders in accordance with their Revolving Percentages thereof. The Borrower shall not have any liability to any Revolving Lender for the failure of the Administrative Agent to promptly deliver such funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-one eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-out of pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Credit Agreement (Kite Realty Group, L.P.)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank), based upon the Lenders' respective Percentages, a per annum fee (the "Facility Letter of Credit Fee") as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears in equal installments on the first Business Day of each calendar quarter month following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Maturity Date or any other earlier date that the Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 2.12 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-one eighth of one percent (0.125%) per annum to be calculated on of the face amount of each Facility Letter of Credit for the stated duration thereofCredit, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofCredit. The Issuing Bank shall also be entitled to receive its reasonable out-of-out of pocket costs and the Issuing Bank’s 's standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Secured Revolving Credit Agreement (Equity Inns Inc)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account Payment of the Lenders (including the Issuing Bank), based upon the Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of . Borrower agrees to pay to Administrative Agent, in the face amount case of each outstanding Facility Letter of Credit outstanding equal to (including without limitation the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter Existing Letters of Credit is outstanding. The Credit), the Facility Letter of Credit Fee relating therefor, payable in quarterly installments in arrears, not later than five (5) Business Days following Administrative Agent's delivery to Borrower of each quarterly statement of Facility Letter of Credit Fees provided for in paragraph (c) below, commencing with the calendar quarter next following the Issuance Date or, in the case of the Existing Letters of Credit, next following the date hereof. The initial installment of the Facility Letter of Credit Fees for the Existing Letters of Credit shall be a pro rata portion of the annual Facility Letter of Credit Fee for the period commencing on the date hereof and ending on the day preceding such payment date. The initial installment of the Facility Letter of Credit Fee for any Facility Letter of Credit shall accrue on a daily basis and hereafter issued shall be due and payable in arrears on a pro rata portion of the first Business Day of each calendar quarter following the issuance of such annual Facility Letter of Credit andFee for the period commencing on the Issuance Date and ending on the day preceding such payment date. Facility Letter of Credit Fees shall be calculated, on a pro rata basis for the period to the extent any which such fees are then due and unpaidpayment applies, for actual days that will elapse during such period, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullbasis of a 360-day year. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, as follows: (i) to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account LC Issuer as an issuance fee in an amount equal to the greater product of (A) $1,500 or 0.125% per annum and (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each the Facility Letter Letters of Credit for with respect to which such Facility Letters of Credit Fees have been paid, and (ii) the stated duration thereof, based on the actual number balance of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on Fees to Lenders (including the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled LC Issuer) (ratably in the proportion that each Lender's Commitment bears to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunderAggregate Commitment).

Appears in 1 contract

Samples: Credit Agreement (MDC Holdings Inc)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank)Domestic Revolving Lenders, based upon the such Lenders’ respective Domestic Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of with respect to each Facility Letter of Credit outstanding that is equal to (i) the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter in the case of Credit is outstandingFinancial Letters of Credit, and (ii) the LIBOR Applicable Margin from time to time minus 0.25% in the case of Performance Letters of Credit. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears in equal installments on the first Business Day of each calendar quarter month following the issuance of such any Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullMaturity Date. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Domestic Revolving Lenders in accordance with their Domestic Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 2.12 hereof. The Facility Letter of Credit Fee due in connection with a Facility Letter of Credit issued in an Alternative Currency shall be at the same per annum rate as specified above for Facility Letters of Credit issued in Dollars but shall be based on a Facility Letter of Credit amount calculated by multiplying (x) the average daily balance of each Alternative Currency Letter of Credit (expressed in the currency in which such Alternative Currency Letter of Credit is denominated) by (y) the Exchange Rate for each such Alternative Currency in effect on the last Business Day of such period or by such other reasonable method that the Administrative Agent deems appropriate. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth 0.15% of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereofCredit, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofCredit. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Unsecured Revolving Credit Agreement (First Industrial Realty Trust Inc)

Compensation for Facility Letters of Credit. (a) The Borrower shall agrees to pay to the Administrative Agent, for in the ratable account of the Lenders (including the Issuing Bank), based upon the Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount case of each Facility Letter of Credit, the Facility Letter of Credit outstanding equal Fee therefor, payable quarterly in arrears not later than five (5) Business Days following Agent’s delivery to Borrower of the quarterly statement specifying the amount of the Facility Letter of Credit Fees properly due and payable hereunder with respect to the LIBOR Applicable Margin preceding calendar quarter (which payment shall be a pro rata portion of the annual Facility Letter of Credit Fee for such preceding calendar quarter) and on the Termination Date (which payment shall be in effect from time the amount of all accrued and unpaid Facility Letter of Credit Fees). Facility Letter of Credit Fees shall be calculated, on a pro rata basis for the period to time hereunder while which such payment applies, for actual days on which such Facility Letter of Credit is outstandingwas outstanding during such period, on the basis of a 360-day year. The Agent shall, with reasonable promptness following receipt from all Issuers of the reports provided for in Section 2.23.8 for the months of March, June, September and December, respectively, deliver to the Borrower a quarterly statement of the Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are Fees then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullpayable. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. Agent, as follows: (bi) The Issuing Bank also shall have the right to receive each Issuer, solely for its own account an issuance fee equal account, with respect to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for issued by such Issuer, an amount per annum equal to the stated duration thereof, based on product of (A) 0.125% per annum and (B) the actual number undrawn outstanding amount of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on (ii) to all Lenders, ratably, the date balance of any increase therein or extension thereofsuch Facility Letter of Credit Fees. The Issuing Bank Facility Letters of Credit Fees shall be payable hereunder with respect to the Existing Letters of Credit from and after the Closing Date. (b) An Issuer shall also be entitled have the right to receive receive, solely for its reasonable own account, its out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending issuing and servicing Facility Letters of Credit and processing draws thereunderCredit, as the Borrower may agree in writing.

Appears in 1 contract

Samples: Credit Agreement (Beazer Homes Usa Inc)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank), based upon the Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 2.15 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-one eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360365-day year basisor 366-day year, as applicable. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-out of pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Credit Agreement (Inland Diversified Real Estate Trust, Inc.)

Compensation for Facility Letters of Credit. (a) The Borrower shall agrees to pay to the Administrative Agent, for Agent (except to the ratable account of extent that the Borrower shall be required to pay directly to the Lenders (including the Issuing Bankas provided in Section 4.7(c)), based upon in the Lenders’ respective Percentagescase of each outstanding Facility Letter of Credit, a per annum fee (the Facility Letter of Credit Fee”) Fee therefor, payable quarterly in arrears as a percentage of hereinafter provided on the daily average face amount (net of permanent reductions) of each Facility Letter of Credit outstanding equal at any time during the preceding calendar quarter (but excluding any period prior to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Closing Date during which an Existing Letter of Credit is was outstanding, with respect to which period fees shall be payable as provided in Section 5.1(xi)). The Facility Letter of Credit Fee relating Fees shall be due and payable quarterly in arrears (A) not later than five (5) Business Days following Administrative Agent's delivery to Borrower of the quarterly statement of Facility Letter of Credit Fees, (B) on the Facility Termination Date and (C) if any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears remains outstanding after the Facility Termination Date on the first Business Day day of each calendar quarter following thereafter until the issuance first day of such the calendar quarter after the date on which the last outstanding Facility Letter of Credit andceases to be outstanding (each such date specified in clause (A), to the extent any such fees are then due and unpaid(B) or (C), on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fulla "Quarterly Payment Date"). The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paidreceived by it, to the other Lenders in accordance with their Percentages pro rata shares thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Borrower agrees to pay to the Administrative Agent for the account of each Issuing Bank also (except to the extent that the Borrower shall have be required to pay directly to the right to receive solely for its own account Issuing Bank as provided in Section 4.7(c)) an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) % per annum payable quarterly in arrears on each Quarterly Payment Date (including, if any Facility Letter of Credit remains outstanding after the Facility Termination Date, each Quarterly Payment Date thereafter until the first Quarterly Payment Date after the date on which the last outstanding Facility Letter of Credit ceases to be calculated outstanding) on the daily average face amount (net of permanent reductions) of each Facility Letter of Credit for issued by such Issuing Bank and that was outstanding at any time during the stated duration thereofpreceding calendar quarter (but excluding any period prior to the Closing Date during which an Existing Letter of Credit was outstanding, based on the actual number of days and using a 360-day year basis. The issuance fee with respect to which period fees shall be payable as provided in Section 5.1(xi)). The Administrative Agent shall promptly remit such issuance fee, when received by the Borrower on the Issuance Date for each Administrative Agent to such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Credit Agreement (Toll Brothers Inc)

Compensation for Facility Letters of Credit. (a) The Borrower shall agrees to pay to the Administrative Agent, for Agent (except to the ratable account of extent that the Borrower shall be required to pay directly to the Revolving Credit Lenders (including the Issuing Bankas provided in Section 4.7(c)), based upon in the Lenders’ respective Percentagescase of each outstanding Facility Letter of Credit, a per annum fee (the Facility Letter of Credit Fee”) Fee therefor, payable quarterly in arrears as a percentage of hereinafter provided on the daily average face amount (net of permanent reductions) of each Facility Letter of Credit outstanding equal at any time during the preceding calendar quarter (but excluding any period prior to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Closing Date during which an Existing Letter of Credit is was outstanding, with respect to which period fees shall be payable as provided in Section 5.1(xi)). The Facility Letter of Credit Fee relating Fees shall be due and payable quarterly in arrears (A) not later than five (5) Business Days following Administrative Agent’s delivery to Borrower of the quarterly statement of Facility Letter of Credit Fees, (B) on the Revolving Credit Facility Termination Date and (C) if any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears remains outstanding after the Revolving Credit Facility Termination Date on the first Business Day day of each calendar quarter following thereafter until the issuance first day of such the calendar quarter after the date on which the last outstanding Facility Letter of Credit andceases to be outstanding (each such date specified in clause (A), to the extent any such fees are then due and unpaid(B) or (C), on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fulla “Quarterly Payment Date”). The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paidreceived by it, to the other Revolving Credit Lenders in accordance with their Percentages Revolving Credit Ratable Shares thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Borrower agrees to pay to the Administrative Agent for the account of each Issuing Bank also (except to the extent that the Borrower shall have be required to pay directly to the right to receive solely for its own account Issuing Bank as provided in Section 4.7(c)) an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) % per annum payable quarterly in arrears on each Quarterly Payment Date (including, if any Facility Letter of Credit remains outstanding after the Revolving Credit Facility Termination Date, each Quarterly Payment Date thereafter until the first Quarterly Payment Date after the date on which the last outstanding Facility Letter of Credit ceases to be calculated outstanding) on the daily average face amount (net of permanent reductions) of each Facility Letter of Credit issued by such Issuing Bank and that was outstanding at any time during the preceding calendar quarter (but excluding any period prior to the Closing Date during which an Existing Letter of Credit was outstanding, with respect to which period fees shall be payable as provided in Section 5.1(xi)). The Administrative Agent shall promptly remit such issuance fee, when received by it, to such Issuing Bank. (c) After the Revolving Credit Facility Termination Date and the payment in full of all other Obligations, the Borrower shall make on each Quarterly Payment Date (i) payments of Facility Letter of Credit Fees under Section 4.7(a) directly to the Lenders in the amounts of their respective Revolving Credit Ratable Shares thereof and (ii) payments of issuance fees under Section 4.7(b) directly to each Issuing Bank that issued a Facility Letter of Credit that was outstanding at any time during the prior calendar quarter. (d) Facility Letter of Credit Fees and issuance fees payable to the Issuing Bank shall be calculated, on a pro rata basis for the stated duration thereofperiod to which such payment applies, based for actual days elapsed during such period, on the actual number basis of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunderyear.

Appears in 1 contract

Samples: Credit Agreement (Toll Brothers Inc)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank)Revolving Lenders, based upon the such Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of with respect to each Facility Letter of Credit outstanding that is equal to (i) the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter in the case of Credit is outstandingFinancial Letters of Credit, and (ii) the LIBOR Applicable Margin from time to time minus 0.25% in the case of Performance Letters of Credit. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears in equal installments on the first Business Day of each calendar quarter month following the issuance of such any Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullMaturity Date. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Revolving Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater a percentage of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for in an amount mutually agreed in writing between the stated duration thereofBorrower and the Issuing Bank, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofCredit. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Unsecured Revolving Credit Agreement (First Industrial Realty Trust Inc)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank)Revolving Lenders, based upon the such Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of with respect to each Facility Letter of Credit outstanding that is equal to (i) the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter in the case of Credit is outstandingFinancial Letters of Credit, and (ii) the LIBOR Applicable Margin from time to time minus 0.25% in the case of Performance Letters of Credit. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears in equal installments on the first Business Day of each calendar quarter month following the issuance of such any Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullMaturity Date. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Revolving Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater a percentage of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for in an amount mutually agreed in writing between the stated duration thereofBorrower and the Issuing Bank, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofCredit. The Issuing Bank shall also be entitled to receive its reasonable out-of-out of pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Unsecured Revolving Credit Agreement (First Industrial Realty Trust Inc)

Compensation for Facility Letters of Credit. (a) The Borrower shall agrees to pay to the Administrative Agent, for Agent (except to the ratable account of extent that the Borrower shall be required to pay directly to the Revolving Credit Lenders (including the Issuing Bankas provided in Section 4.7(c)), based upon in the Lenders’ respective Percentagescase of each outstanding Facility Letter of Credit, a per annum fee (the Facility Letter of Credit Fee”) Fee therefor, payable quarterly in arrears as a percentage of hereinafter provided on the daily average face amount (net of permanent reductions) of each Facility Letter of Credit outstanding equal at any time during the preceding calendar quarter (but excluding any period prior to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Closing Date during which an Existing Letter of Credit is was outstanding, with respect to which period fees shall be payable as provided in the Existing Credit Agreement). The Facility Letter of Credit Fee relating Fees shall be due and payable quarterly in arrears (A) not later than five (5) Business Days following Administrative Agent’s delivery to Borrower of the quarterly statement of Facility Letter of Credit Fees, (B) on the Revolving Credit Facility Termination Date and (C) if any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears remains outstanding after the Revolving Credit Facility Termination Date on the first Business Day day of each calendar quarter following thereafter until the issuance first day of such the calendar quarter after the date on which the last outstanding Facility Letter of Credit andceases to be outstanding (each such date specified in clause (A), to the extent any such fees are then due and unpaid(B) or (C), on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fulla “Quarterly Payment Date”). The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paidreceived by it, to the other Revolving Credit Lenders in accordance with their Percentages Revolving Credit Ratable Shares thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Borrower agrees to pay to the Administrative Agent for the account of the applicable Issuing Bank also (except to the extent that the Borrower shall have be required to pay directly to the right to receive solely for its own account Issuing Bank as provided in Section 4.7(c)) an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) 0.25% per annum payable quarterly in arrears on each Quarterly Payment Date (including, if any Facility Letter of Credit remains outstanding after the Revolving Credit Facility Termination Date, each Quarterly Payment Date thereafter until the first Quarterly Payment Date after the date on which the last outstanding Facility Letter of Credit ceases to be calculated outstanding) on the daily average face amount (net of permanent reductions) of each Facility Letter of Credit issued by such Issuing Bank and that was outstanding at any time during the preceding calendar quarter (but excluding any period prior to the Closing Date during which an Existing Letter of Credit was outstanding, with respect to which period fees shall be payable as provided in the Existing Credit Agreement. The Administrative Agent shall promptly remit such issuance fee, when received by it, to such Issuing Bank. (c) After the Revolving Credit Facility Termination Date and the payment in full of all other Obligations, the Borrower shall make on each Quarterly Payment Date (i) payments of Facility Letter of Credit Fees under Section 4.7(a) directly to the Lenders in the amounts of their respective Revolving Credit Ratable Shares thereof and (ii) payments of issuance fees under Section 4.7(b) directly to each Issuing Bank that issued a Facility Letter of Credit that was outstanding at any time during the prior calendar quarter. (d) Facility Letter of Credit Fees and issuance fees payable to the Issuing Bank shall be calculated, on a pro rata basis for the stated duration thereofperiod to which such payment applies, based for actual days elapsed during such period, on the actual number basis of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunderyear.

Appears in 1 contract

Samples: Credit Agreement (Toll Brothers Inc)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank), based upon the Lenders' respective Percentages, a per annum fee (the "Facility Letter of Credit Fee") as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 2.12 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on of the face amount of each Facility Letter of Credit for the stated duration thereofCredit, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s 's standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Credit Agreement (Glimcher Realty Trust)

Compensation for Facility Letters of Credit. (a) The Borrower shall agrees to pay to the Administrative Agent, Agent for the ratable account of each Bank, from the Lenders (including date hereof until the Issuing Bank), based upon the Lenders’ respective PercentagesL/C Facility Termination Date, a per annum letter of credit issuance fee (the "L/C Issuance Fee") at the respective rate per annum set forth below on such Bank's L/C Pro Rata Share of the average daily undrawn face amount of the Facility Letter Letters of Credit. The L/C Issuance Fee shall be payable in respect of each Bank on the last day of each Facility Quarter during the term of such Bank's L/C Facility Commitment, and on the L/C Facility Termination Date. The L/C Issuance Fee in respect of any period shall be determined on the basis of the Level in effect during such period, in accordance with the table set forth below. The rate per annum at which such fees are calculated shall change when and as the existing Level changes. L/C Level Issuance Fee ----- ------------ (Rate per annum) Levex 0 0.17% Levex 0 0.215% Levex 0 0.25% Levex 0 0.40% Levex 0 0.625%; provided that in the event that, in respect of any calendar month, (i) the sum of the average aggregate principal amount of Advances outstanding during such calendar month and the average aggregate face amount of Facility Letters of Credit Fee”outstanding during such calendar month shall exceed an amount equal to 50% of (ii) as a percentage the sum of the face amount average aggregate Commitments and average aggregate L/C Facility Commitments during such calendar month, then the L/C Issuance Fee in respect of each Facility Letter of Credit outstanding equal to during the LIBOR Applicable Margin month next following such calendar month shall be as set forth below: L/C Issuance Fee (Rate per annum) During the Month Following Calendar Month Level of Designated Utilization ----- ------------------------- Levex 0 0.20% Levex 0 0.245% Levex 0 0.28% Levex 0 0.475% Levex 0 0.75%; provided further that upon the occurrence and during the continuance of any Event of Default, the L/C Issuance Fee in effect from time to time hereunder while such Facility Letter respect of Credit is outstanding. The Facility Letter of Credit Fee relating to any each Facility Letter of Credit shall accrue on a daily basis and shall be due and payable increase to 2.00% per annum over the L/C Issuance Fee otherwise in arrears on the first Business Day of each calendar quarter following the issuance of effect for such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereofCredit. (b) The Borrower shall pay to each Issuing Bank also shall have (or to its related Issuing Bank Agent for the right to receive solely for its own account an issuance of such Issuing Bank) such fee equal to and charges in connection with the greater of (A) $1,500 issuance, administration, amendment and payment or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount cancellation of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee issued by such Issuing Bank as shall be payable separately agreed to by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive (or its reasonable out-of-pocket costs related Issuing Bank Agent on its behalf) and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunderBorrower.

Appears in 1 contract

Samples: Revolving Credit Agreement (Manpower Inc /Wi/)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank), based upon the Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Advances and Facility Letter of Credit Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (Aa) $1,500 or and (Bb) one-eighth of one percent (0.125%) per annum to be calculated on of the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard customary administrative charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Credit Agreement (Inland American Real Estate Trust, Inc.)

Compensation for Facility Letters of Credit. (ai) The Borrower Borrowers shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank), based upon the Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower Borrowers shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower Borrowers to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (bii) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower Borrowers on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Credit Agreement (Inland Retail Real Estate Trust Inc)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank)Lenders, based upon the Lenders' respective Percentages, a per annum fee (the "Facility Letter of Credit Fee") as a percentage of the face amount of with respect to each Facility Letter of Credit outstanding that is equal to the LIBOR Applicable Margin in effect from time to time hereunder while such for LIBOR Loans multiplied by the face amount of the Facility Letter of Credit is outstandingCredit. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears in equal installments (except for the first payment which may be a partial payment based on the first Business Day proportionate share of each calendar the quarter following the issuance of such then remaining) for any Facility Letter of Credit then outstanding, on the first day of the months of April, July, October and January, during the term of the Facility, and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are such unpaid fees shall be due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such balance of the Facility Letter of Credit Fees, when paid, to the other Lenders (including the Issuing Bank) in accordance with their respective Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 2.16 hereof. (b) The In addition to the Facility Letter of Credit Fee, the Issuing Bank also shall have the right to receive solely for its own account a "fronting fee" in an issuance fee amount equal to the greater of (Ai) $1,500 or (B) one-eighth .125% of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereofand (ii) $250.00, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofCredit. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s 's standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Revolving Credit Agreement (RFS Hotel Investors Inc)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Revolving Lenders (including the Issuing Bank), based upon the such Lenders’ respective Revolving Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin for Revolving Advances that are SOFR Advances in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Revolving Facility Termination Date or any other earlier date that the Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland Cleveland, Ohio time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Revolving Lenders in accordance with their Revolving Percentages thereof. The Borrower shall not have any liability to any Revolving Lender for the failure of the Administrative Agent to promptly deliver such funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-one eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-out of pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Credit Agreement (Kite Realty Group, L.P.)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Revolving Credit Lenders (including the Issuing Bank), based upon the such Lenders’ respective Revolving Credit Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Revolving Credit Termination Date or any other earlier date that the Advances and Facility Letter of Credit Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit US_Active\115440519\V-15 Fees, when paid, to the other Revolving Credit Lenders in accordance with their Revolving Credit Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Revolving Credit Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on of the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable and documented out-of-pocket costs and the Issuing Bank’s standard customary and documented administrative charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Credit Agreement (Inland Real Estate Income Trust, Inc.)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank)Domestic Revolving Lenders, based upon the such Lenders’ respective Domestic Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of with respect to each Facility Letter of Credit outstanding that is equal to (i) the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter in the case of Credit is outstandingFinancial Letters of Credit, and (ii) the LIBOR Applicable Margin from time to time minus 0.25% in the case of Performance Letters of Credit. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears in equal installments on the first Business Day of each calendar quarter month following the issuance of such any Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullMaturity Date. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Domestic Revolving Lenders in accordance with their Domestic Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. The Facility Letter of Credit Fee due in connection with a Facility Letter of Credit issued in an Alternative Currency shall be at the same per annum rate as specified above for Facility Letters of Credit issued in Dollars but shall be based on a Facility Letter of Credit amount calculated by multiplying (x) the average daily balance of each Alternative Currency Letter of Credit (expressed in the currency in which such Alternative Currency Letter of Credit is denominated) by (y) the Exchange Rate for each such Alternative Currency in effect on the last Business Day of such period or by such other reasonable method that the Administrative Agent deems appropriate. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth 0.15% of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereofCredit, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofCredit. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Unsecured Revolving Credit and Term Loan Agreement (First Industrial Realty Trust Inc)

Compensation for Facility Letters of Credit. (a) The Subject to Section 2.22, the Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank)Revolving Lenders, based upon the such Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of with respect to the face amount of each Facility Letter of Credit outstanding (taking into account any reductions from time to time) that is equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstandingfor Term SOFR Loans under the Revolving Facility. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable quarterly in arrears on the first Business Day last day of each calendar quarter following the issuance of such Facility Letter of Credit hereafter (commencing with December 31, 2024) and, to the extent any such fees are then due and unpaid, on the Revolving Facility Termination Date or any other earlier date that the Obligations are due and payable in fullDate. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Revolving Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank Lender also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth 0.125% of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereof(taking into account any reductions from time to time) issued by such Issuing Lender, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit. The issuance fee relating to any Facility Letter of Credit shall be due and on payable in full at the date time of any increase therein or extension issuance thereof. The Issuing Bank Lender shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing BankLender’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder. The Borrower shall pay such other amounts when due to the Issuing Lender in accordance with such Issuing Lender’s standard schedule for such other amounts.

Appears in 1 contract

Samples: Credit Agreement (Curbline Properties Corp.)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank)Lenders, based upon the Lenders' respective Percentages, a per annum fee (the "Facility Letter of Credit Fee") as a percentage of the face amount of with respect to each Facility Letter of Credit outstanding that is equal to (i) the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter in the case of Credit is outstandingFinancial Letters of Credit, and (ii) the LIBOR Applicable Margin from time to time minus 0.25% in the case of Performance Letters of Credit. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears in equal installments on the first Business Day of each calendar quarter month following the issuance of such any Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullMaturity Date. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 2.12 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth 0.15% of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereofCredit, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofCredit. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s 's standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Unsecured Revolving Credit Agreement (First Industrial Realty Trust Inc)

Compensation for Facility Letters of Credit. (a) The Borrower shall agrees to pay to the Administrative Agent, for Agent (except to the ratable account of extent that the Borrower shall be required to pay directly to the Revolving Credit Lenders (including the Issuing Bankas provided in Section 4.7(c)), based upon in the Lenders’ respective Percentagescase of each outstanding Facility Letter of Credit, a per annum fee (the Facility Letter of Credit Fee”) Fee therefor, payable quarterly in arrears as a percentage of hereinafter provided on the daily average face amount (net of permanent reductions) of each Facility Letter of Credit outstanding equal at any time during the preceding calendar quarter (but excluding any period prior to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Closing Date during which an Existing Letter of Credit is was outstanding, with respect to which period fees shall be payable as provided in the Existing Credit Agreement). The Facility Letter of Credit Fee relating Fees shall be due and payable quarterly in arrears (A) not later than five (5) Business Days following the Administrative Agent’s delivery to Borrower of the quarterly statement of Facility Letter of Credit Fees, (B) on the Revolving Credit Facility Termination Date and (C) if any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears remains outstanding after the Revolving Credit Facility Termination Date on the first Business Day day of each calendar quarter following thereafter until the issuance first day of such the calendar quarter after the date on which the last outstanding Facility Letter of Credit andceases to be outstanding (each such date specified in clause (A), to the extent any such fees are then due and unpaid(B) or (C), on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fulla “Quarterly Payment Date”). The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paidreceived by it, to the other Revolving Credit Lenders in accordance with their Percentages Revolving Credit Ratable Shares thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Borrower agrees to pay to each Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) 0.10% per annum payable quarterly in arrears on each Quarterly Payment Date (including, if any Facility Letter of Credit remains outstanding after the Revolving Credit Facility Termination Date, each Quarterly Payment Date thereafter until the first Quarterly Payment Date after the date on which the last outstanding Facility Letter of Credit ceases to be calculated outstanding) on the daily average face amount (net of permanent reductions) of each Facility Letter of Credit issued by such Issuing Bank and that was outstanding at any time during the preceding calendar quarter (but excluding any period prior to the Closing Date during which an Existing Letter of Credit was outstanding, with respect to which period fees shall be payable as provided in the Existing Credit Agreement. (c) After the Revolving Credit Facility Termination Date and the payment in full of all other Obligations, the Borrower shall make on each Quarterly Payment Date (i) payments of Facility Letter of Credit Fees under Section 4.7(a) directly to the Lenders in the amounts of their respective Revolving Credit Ratable Shares thereof and (ii) payments of issuance fees under Section 4.7(b) directly to each Issuing Bank that issued a Facility Letter of Credit that was outstanding at any time during the prior calendar quarter. (d) Facility Letter of Credit Fees and issuance fees payable to the Issuing Bank shall be calculated, on a pro rata basis for the stated duration thereofperiod to which such payment applies, based for actual days elapsed during such period, on the actual number basis of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunderyear.

Appears in 1 contract

Samples: Credit Agreement (Toll Brothers Inc)

AutoNDA by SimpleDocs

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank)Lenders, based upon the Lenders' respective Percentages, a per annum fee (the "Facility Letter of Credit Fee") as a percentage of the face amount of with respect to each Facility Letter of Credit outstanding that is equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstandingtime. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears in equal installments on the first Business Day of each calendar quarter month following the issuance of such any Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullDate. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 2.16 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth 0.15% of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereofCredit, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofCredit. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s 's standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Unsecured Revolving Credit Agreement (Centerpoint Properties Trust)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank)Revolving Lenders, based upon the such Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of with respect to each Facility Letter of Credit outstanding that is equal to (i) the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter in the case of Credit is outstandingFinancial Letters of Credit, and (ii) the LIBOR Applicable Margin from time to time minus 0.25% in the case of Performance Letters of Credit. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears in equal installments on the first Business Day of each calendar quarter month following the issuance of such any Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullMaturity Date. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Revolving Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Each Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater a percentage of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for issued by it in an amount mutually agreed in writing between the stated duration thereofBorrower and such Issuing Bank, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofCredit. The applicable Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the such Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder. (f) Any fees due under this Section 3.8 shall be computed on the basis of a year of 360 days and the actual number of days elapsed.

Appears in 1 contract

Samples: Unsecured Revolving Credit Agreement (First Industrial Lp)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank)Domestic Revolving Lenders, based upon the such Lenders' respective Percentages, a per annum fee (the "Facility Letter of Credit Fee") as a percentage of with respect to the face amount of each Facility Letter of Credit outstanding (taking into account any reductions from time to time) that is equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstandingMargin. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears in equal installments on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit Payment Date and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullDate. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Domestic Revolving Lenders in accordance with their Percentages thereof. The Borrower fee due in connection with a Facility Letter of Credit issued in an Alternative Currency shall not have any liability to any Lender be calculated by multiplying (x) the average daily balance of each Alternative Currency Letter of Credit (expressed in the currency in which such Alternative Currency Letter of Credit is denominated) by (y) the Exchange Rate for each such Alternative Currency in effect on the failure last Business Day of such period or by such other reasonable method that the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereofdeems appropriate. (b) The Issuing Bank Lender also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth 0.10% of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereofCredit, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofCredit. The Issuing Bank Lender shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s Lender's standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder. The Borrower shall pay such issuance fee and other amounts when due to the Issuing Lender.

Appears in 1 contract

Samples: Credit Agreement (Developers Diversified Realty Corp)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank)Lenders, based upon the Lenders' respective Percentages, a per annum fee (the "Facility Letter of Credit Fee") as a percentage of the face amount of with respect to each Facility Letter of Credit outstanding that is: (1) a Standby Letter of Credit, for the period from the Issuance Date thereof to but including the final expiration date thereof, in a per annum amount equal to the LIBOR Applicable Margin in effect from time to time hereunder while product of (A) the average daily undrawn amount of such Facility Standby Letter of Credit times (B) with respect to a Standby Letter of Credit that is outstanding(1) a Financial Letter of Credit, the percentage indicated as the Applicable Margin for the Standby Letter of Credit Fee (Financial) in Section 2.3.4 or (2) a Performance Letter of Credit, the percentage indicated as the Applicable Margin for the Standby Letter of Credit Fee (Performance) in Section 2.3.4, and (2) a Commercial Letter of Credit, in an amount equal to the percentage indicated as the Applicable Margin for the Commercial Letter of Credit Fee in Section 2.3.4 times the face amount of such Commercial Letter of Credit. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and Fees shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit Payment Date and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullDate. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Each Issuing Bank also shall have the right to receive issuance fees for any Facility Letter of Credit solely for its own account in an issuance amount in accordance with its standard fee equal schedule or such other amount to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days which it and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for may agree in writing. In addition, each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending issuing and servicing Facility Letters of Credit and processing draws thereunderCredit.

Appears in 1 contract

Samples: Revolving Credit Agreement (BDM International Inc /De)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank)Lenders, based upon the Lenders' respective Percentages, a per annum fee (the "Facility Letter of Credit Fee") as a percentage of the face amount of with respect to each Facility Letter of Credit outstanding that is equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstandingtime. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears in equal installments on the first Business Day of each calendar quarter month following the issuance of such any Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullMaturity Date. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 2.12 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth 0.125% of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereofCredit, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofCredit. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s 's standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Unsecured Revolving Credit Agreement (Bradley Real Estate Inc)

Compensation for Facility Letters of Credit. (ai) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank), based upon the Facility A Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of with respect to each Facility Letter of Credit outstanding for the period from the Issuance Date thereof (or, in the case of the Existing Letters of Credit, the Closing Date) to and including the final expiration date thereof, in a per annum amount equal to the LIBOR Applicable Margin in effect from time to time hereunder while product, calculated on a daily basis for each day during such period, of (A) the undrawn amount of such Facility Letter of Credit is outstandingfor such day multiplied by (B) the Facility Letter of Credit Fee Rate for such day, less 0.125% per annum. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and Fees shall be due and payable quarterly in arrears on not later than five (5) Business Days following Administrative Agent’s delivery to Borrower of the first Business Day quarterly statement of each calendar quarter following the issuance of such Facility Letter of Credit Fees and, to the extent any such fees are then due and unpaid, on the Facility A Termination Date or any other earlier date that the Obligations are due and payable in fullDate. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paidreceived by the Administrative Agent, to the other Facility A Lenders (including the Issuer) in accordance with their Percentages Facility A Pro Rata Shares thereof. The Borrower Facility Letter of Credit Fees, once paid, shall not have be refundable for any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereofreason. (bii) The Issuing Bank Borrower shall also shall have the right pay to receive each Issuer, solely for its own account account, as an issuance fee equal issuing fee, with respect to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit issued by such Issuer for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on period from the Issuance Date thereof (or, in the case of the Existing Letters of Credit, the Closing Date) to and including the final expiration date thereof, in an amount equal to (A) Table of Contents the product, calculated on a daily basis for each day during such period, of (x) the undrawn amount of such Facility Letter of Credit for such day multiplied by (y) 0.125% per annum, plus (B) in the case of any Facility Letter of Credit in a stated amount of less than $10,000.00, an additional fee in an amount to be agreed upon by the Borrower and the Issuer. The foregoing fees payable to the Issuer shall also be due and payable quarterly in arrears on the date on which Facility Letter of Credit Fees are payable and, to the extent any increase therein or extension thereofsuch fees are then due and unpaid, on the Facility A Termination Date. The Issuing Bank foregoing fees, once paid, shall also not be refundable for any reason. Each Issuer shall be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending issuing and servicing Facility Letters of Credit. (iii) The Administrative Agent shall, with reasonable promptness following receipt from all Issuers of the reports provided for in Section 2.21 (g) for the months of March, June, September and December, respectively, deliver to the Borrower a quarterly statement of the Letter of Credit Fees then due and processing draws thereunderpayable.

Appears in 1 contract

Samples: Credit Agreement (Lennar Corp /New/)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank)Revolving Lenders, based upon the such Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of with respect to each Facility Letter of Credit outstanding that is equal to (i) the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter in the case of Credit is outstandingFinancial Letters of Credit, and (ii) the LIBOR Applicable Margin from time to time minus 0.25% in the case of Performance Letters of Credit. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears in equal installments on the first Business Day of each calendar quarter month following the issuance of such any Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullMaturity Date. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Revolving Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Each Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater a percentage of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for issued by it in an amount mutually agreed in writing between the stated duration thereofBorrower and such Issuing Bank, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofCredit. The applicable Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the such Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder. (c) Any fees due under this Section 3.8 shall be computed on the basis of a year of 360 days and the actual number of days elapsed.

Appears in 1 contract

Samples: Unsecured Revolving Credit Agreement (First Industrial Lp)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank)Revolving Lenders, based upon the such Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of with respect to each Facility Letter of Credit outstanding that is equal to (i) the LIBOR LIBORTerm SOFR Applicable Margin in effect from time to time hereunder while such Facility Letter in the case of Credit is outstandingFinancial Letters of Credit, and (ii) the LIBORTerm SOFR Applicable Margin from time to time minus 0.25% in the case of Performance Letters of Credit. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears in equal installments on the first Business Day of each calendar quarter month following the issuance of such any Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullMaturity Date. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Revolving Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Each Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater a percentage of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for issued by it in an amount mutually agreed in writing between the stated duration thereofBorrower and such Issuing Bank, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofCredit. The applicable Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the such Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Unsecured Revolving Credit Agreement (First Industrial Lp)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Revolving Lenders (including the Issuing Bank), based upon the Revolving Lenders’ respective Revolving Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Revolving Termination Date or any other earlier date that the Revolving Advances and Facility Letter of Credit Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Revolving Lenders in accordance with their Revolving Percentages thereof. The Borrower shall not have any liability to any Revolving Lender for the failure of the Administrative Agent to promptly deliver funds to any such Revolving Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (Aa) $1,500 or (Bb) one-eighth of one percent (0.125%) per annum to be calculated on of the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard customary administrative charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Credit Agreement (Inland American Real Estate Trust, Inc.)

Compensation for Facility Letters of Credit. ncbcrex.htm 14534489\V-10 (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank), based upon the Lenders' respective Percentages, a per annum fee (the "Facility Letter of Credit Fee") as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 2.14 hereof. (ii) (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth one‑eighth of one percent (0.125%) per annum to be calculated on of the face amount of each Facility Letter of Credit for the stated duration thereofCredit, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket out‑of‑pocket costs and the Issuing Bank’s 's standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Credit Agreement (Associated Estates Realty Corp)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank), based upon the Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears in equal installments on the first Business Day of each calendar quarter month following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Maturity Date or any other earlier date that the Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 2.12 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-one eighth of one percent (0.125%) per annum to be calculated on of the face amount of each Facility Letter of Credit for the stated duration thereofCredit, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofCredit. The Issuing Bank shall also be entitled to receive its reasonable out-of-out of pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Unsecured Revolving Credit Agreement (Equity Inns Inc)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank)Lenders, based upon the Lenders' respective Percentages, a per annum fee (the "Facility Letter of Credit Fee") as a percentage with respect to each Facility Letter of Credit that is equal to 1.50% of the face amount of each the Facility Letter of Credit outstanding equal of which .25% of the face amount shall be paid to the LIBOR Applicable Margin Issuing Bank on the Issuance Date as set forth in effect from time to time hereunder while such Facility Letter of Credit is outstandingSection 3.8 (b) hereof. The balance of the Facility Letter of Credit Fee (1.25%) relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears advance in equal installments (except for the first payment which may be a partial payment based on the proportionate share of the quarter then remaining) commencing on the first Business Day day of each calendar quarter following the issuance of such January, 1999, for any Facility Letter of Credit then outstanding, and continuing on the first day of the months of April, July, October and January, each year thereafter, and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are such unpaid fees shall be due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such balance of the Facility Letter of Credit Fees, when paid, to the other Lenders (including the Issuing Bank) in accordance with their respective Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 2.15 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an the aforesaid issuance fee equal to the greater of (A) $1,500 or (B) one-eighth .25 % of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereofCredit, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofCredit. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s 's standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Revolving Credit Agreement (RFS Hotel Investors Inc)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank)Lenders, based upon the Lenders' respective Percentages, a per annum fee (the "Facility Letter of Credit Fee") as a percentage with respect to each Facility Letter of Credit that is equal to 1.50% of the face amount of each the Facility Letter of Credit outstanding equal of which .25% of the face amount shall be paid to the LIBOR Applicable Margin Issuing Bank on the Issuance Date as set forth in effect from time to time hereunder while such Facility Letter of Credit is outstandingSection 3.8 (b) hereof. The balance of the Facility Letter of Credit Fee (1.25%) relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears advance in equal installments (except for the first payment which may be a partial payment based on the proportionate share of the quarter then remaining) commencing on the first Business Day day of each calendar quarter following the issuance of such January, 1999, for any Facility Letter of Credit then outstanding, and continuing on the first day of the months of April, July, October and January, each year thereafter, and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are such unpaid fees shall be due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such balance of the Facility Letter of Credit Fees, when paid, to the other Lenders (including the Issuing Bank) in accordance with their respective Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 2.16 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an the aforesaid issuance fee equal to the greater of (A) $1,500 or (B) one-eighth .25% of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereofCredit, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofCredit. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s 's standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Revolving Credit Agreement (RFS Hotel Investors Inc)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank), based upon the Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR LIBORSOFR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Advances and Facility Letter of Credit Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on of the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard customary administrative charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.. - 61 - US_ACTIVEActive\121281000\V-110 2A.9

Appears in 1 contract

Samples: Second Amendment to Second Amended and Restated Credit Agreement (InvenTrust Properties Corp.)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Revolving Lenders (including the Issuing Bank), based upon the Revolving Lenders’ respective Revolving Percentages, a non-refundable per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears advance on the Issuance Date of such Facility Letter of Credit and on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullCredit. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Revolving Lenders in accordance with their Revolving Percentages thereof. The Borrower shall not have any liability to any Revolving Lender for the failure of the Administrative Agent to promptly deliver funds to any such Revolving Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Senior Credit Agreement (Terreno Realty Corp)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank)Lenders, based upon the Lenders' respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”"FACILITY LETTER OF CREDIT FEE") as a percentage of the face amount of with respect to each Facility Letter of Credit outstanding in an amount equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstandingfor LIBOR Advances. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable with respect to the period during which the Facility Letter of Credit is outstanding in arrears in equal quarterly installments on the first Business Day of each calendar quarter following the issuance of such any Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullMaturity Date. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit any such Facility Letter of Credit FeesFees received by it, when paidreceived, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to in the amount of the greater of (A) $1,500 or (B) one-eighth 500 and 0.125 percent of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereofCredit, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofCredit. The Issuing Bank shall also be entitled to receive upon demand its reasonable out-of-pocket costs and the Issuing Bank’s 's standard charges of issuingfor amending, amending modifying and servicing Facility Letters of Credit and processing draws thereunder. The Borrower shall pay such issuance fee and other amounts when due to the Agent for the account of the Issuing Bank.

Appears in 1 contract

Samples: Revolving Credit Agreement (LNR Property Corp)

Compensation for Facility Letters of Credit. (a) The Borrower shall agrees to pay to the Administrative Agent, for Agent (except to the ratable account of extent that the Borrower shall be required to pay directly to the Revolving Credit Lenders (including the Issuing Bankas provided in Section 4.7(c)), based upon in the Lenders’ respective Percentagescase of each outstanding Facility Letter of Credit, a per annum fee (the Facility Letter of Credit Fee”) Fee therefor, payable quarterly in arrears as a percentage of hereinafter provided on the daily average face amount (net of permanent reductions) of each Facility Letter of Credit outstanding equal at any time during the preceding calendar quarter (but excluding any period prior to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Closing Date during which an Existing Letter of Credit is was outstanding, with respect to which period fees shall be payable as provided in the Existing Credit Agreement). The Facility Letter of Credit Fee relating Fees shall be due and payable quarterly in arrears (A) not later than five (5) Business Days following the Administrative Agent’s delivery to Borrower of the quarterly statement of Facility Letter of Credit Fees, (B) on the Revolving Credit Facility Termination Date and (C) if any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears remains outstanding after the Revolving Credit Facility Termination Date on the first Business Day day of each calendar quarter following thereafter until the issuance first day of such the calendar quarter after the date on which the last outstanding Facility Letter of Credit andceases to be outstanding (each such date specified in clause (A), to the extent any such fees are then due and unpaid(B) or (C), on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fulla “Quarterly Payment Date”). The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paidreceived by it, to the other Revolving Credit Lenders in accordance with their Percentages Revolving Credit Ratable Shares thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Borrower agrees to pay to each Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) 0.10% per annum payable quarterly in arrears on each Quarterly Payment Date (including, if any Facility Letter of Credit remains outstanding after the Revolving Credit Facility Termination Date, each Quarterly Payment Date thereafter until the first Quarterly Payment Date after the date on which the last outstanding Facility Letter of Credit ceases to be calculated outstanding) on the daily average face amount (net of permanent reductions) of each Facility Letter of Credit issued by such Issuing Bank and that was outstanding at any time during the preceding calendar quarter (but excluding any period prior to the Closing Date during which an Existing Letter of Credit was outstanding, with respect to which period fees shall be payable as provided in the Existing Credit Agreement). (c) After the Revolving Credit Facility Termination Date and the payment in full of all other Obligations, the Borrower shall make on each Quarterly Payment Date (i) payments of Facility Letter of Credit Fees under Section 4.7(a) directly to the Lenders in the amounts of their respective Revolving Credit Ratable Shares thereof and (ii) payments of issuance fees under Section 4.7(b) directly to each Issuing Bank that issued a Facility Letter of Credit that was outstanding at any time during the prior calendar quarter. (d) Facility Letter of Credit Fees and issuance fees payable to the Issuing Bank shall be calculated, on a pro rata basis for the stated duration thereofperiod to which such payment applies, based for actual days elapsed during such period, on the actual number basis of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunderyear.

Appears in 1 contract

Samples: Credit Agreement (Toll Brothers Inc)

Compensation for Facility Letters of Credit. (ai) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank), based upon the Facility A Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of with respect to each Facility Letter of Credit outstanding for the period from the Issuance Date thereof (or, in the case of the Existing Letters of Credit, the Closing Date) to and including the final expiration date thereof, in a per annum amount equal to the LIBOR Applicable Margin in effect from time to time hereunder while product, calculated on a daily basis for each day during such period, of (A) the undrawn amount of such Facility Letter of Credit is outstandingfor such day multiplied by (B) the Facility Letter of Credit Fee Rate for such day, less 0.125% per annum. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and Fees shall be due and payable quarterly in arrears on not later than five (5) Business Days following Administrative Agent’s delivery to Borrower of the first Business Day quarterly statement of each calendar quarter following the issuance of such Facility Letter of Credit Fees and, to the extent any such fees are then due and unpaid, on the Facility A Termination Date or any other earlier date that the Obligations are due and payable in fullDate. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paidreceived by the Administrative Agent, to the other Facility A Lenders (including the Issuer) in accordance with their Percentages Facility A Pro Rata Shares thereof. The Borrower Facility Letter of Credit Fees, once paid, shall not have be refundable for any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereofreason. (bii) The Issuing Bank Borrower shall also shall have the right pay to receive each Issuer, solely for its own account account, as an issuance fee equal issuing fee, with respect to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit issued by such Issuer for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on period from the Issuance Date thereof (or, in the case of the Existing Letters of Credit, the Closing Date) to and including the final expiration date thereof, in an amount equal to (A) the product, calculated on a daily basis for each day during such period, of (x) the undrawn amount of such Facility Letter of Credit for such day multiplied by (y) 0.125% per annum, plus (B) in the case of any Facility Letter of Credit in a stated amount of less than $10,000.00, an additional fee in an amount to be agreed upon by the Borrower and the Issuer. The foregoing fees payable to the Issuer shall also be due and payable quarterly in arrears on the date on which Facility Letter of Credit Fees are payable and, to the extent any increase therein or extension thereofsuch fees are then due and unpaid, on the Facility A Termination Date. The Issuing Bank foregoing fees, once paid, shall also not be refundable for any reason. Each Issuer shall be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending issuing and servicing Facility Letters of Credit. (iii) The Administrative Agent shall, with reasonable promptness following receipt from all Issuers of the reports provided for in Section 2.21(g) for the months of March, June, September and December, respectively, deliver to the Borrower a quarterly statement of the Letter of Credit Fees then due and processing draws thereunderpayable.

Appears in 1 contract

Samples: Credit Agreement (Lennar Corp /New/)

Compensation for Facility Letters of Credit. (ai) The Borrower shall pay to the Administrative Agent, for the ratable account of the Revolving Lenders (including the Issuing Bank), based upon the Revolving Lenders’ respective Revolving Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears advance on the Issuance Date of such Facility Letter of Credit and on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullCredit. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Revolving Lenders in accordance with their Revolving Percentages thereof. The Borrower shall not have any liability to any Revolving Lender for the failure of the Administrative Agent to promptly deliver funds to any such Revolving Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Senior Credit Agreement (Terreno Realty Corp)

Compensation for Facility Letters of Credit. (a) The Borrower shall agrees to pay to the Administrative Agent, for Agent (except to the ratable account of extent that the Borrower shall be required to pay directly to the Lenders (including the Issuing Bankas provided in Section 4.7(c)), based upon in the Lenders’ respective Percentagescase of each outstanding Facility Letter of Credit, a per annum fee (the Facility Letter of Credit Fee”Fee therefor, payable quarterly in arrears on each Quarterly Payment Date (including, if any Facility Letter of Credit remains outstanding after the Facility Termination Date, each Quarterly Payment Date thereafter until the first Quarterly Payment Date after the date on which the last outstanding Facility Letter of Credit ceases to be outstanding) as a percentage of on the face amount reductions) of each Facility Letter of Credit outstanding equal at any time during the preceding calendar quarter (but excluding any period prior to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Closing Date during which an Existing Letter of Credit is was outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in full). The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages pro rata shares thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Borrower agrees to pay to the Administrative Agent for the account of each Issuing Bank also (except to the extent that the Borrower shall have be required to pay directly to the right to receive solely for its own account Issuing Bank as provided in Section 4.7(c)) an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) % per annum payable quarterly in arrears on each Quarterly Payment Date (including, if any Facility Letter of Credit remains outstanding after the Facility Termination Date, each Quarterly Payment Date thereafter until the first Quarterly Payment Date after the date on which the last outstanding Facility Letter of Credit ceases to be calculated outstanding) on the daily average face amount (net of permanent reductions) of each Facility Letter of Credit for issued by such Issuing Bank and that was outstanding at any time during the stated duration thereof, based on preceding calendar quarter (but excluding any period prior to the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Closing Date for each such Facility during which an Existing Letter of Credit and on the date of any increase therein or extension thereofwas outstanding). The Administrative Agent shall promptly remit to such Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuingsuch issuance fee, amending and servicing Facility Letters of Credit and processing draws thereunderwhen paid.

Appears in 1 contract

Samples: Credit Agreement (Toll Brothers Inc)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank)Revolving Lenders, based upon the such Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of with respect to each Facility Letter of Credit outstanding that is equal to (i) the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter in the case of Credit is outstandingFinancial Letters of Credit, and (ii) the LIBOR Applicable Margin from time to time minus 0.25% in the case of Performance Letters of Credit. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears in equal installments on the first Business Day of each calendar quarter month following the issuance of such any Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullMaturity Date. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Revolving Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Each Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater a percentage of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for issued by it in an amount mutually agreed in writing between the stated duration thereofBorrower and such Issuing Bank, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofCredit. The applicable Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the such Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Unsecured Revolving Credit Agreement (First Industrial Realty Trust Inc)

Compensation for Facility Letters of Credit. (a) The Subject to Section 2.27, the Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank)Domestic Revolving Lenders, based upon the such Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of with respect to the face amount of each Facility Letter of Credit outstanding (taking into account any reductions from time to time) that is equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstandingMargin. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears in equal installments on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit Payment Date and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullDate. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Domestic Revolving Lenders in accordance with their Percentages thereof. The Borrower fee due in connection with a Facility Letter of Credit issued in an Alternative Currency shall not have any liability to any Lender be calculated by multiplying (x) the average daily balance of each Alternative Currency Letter of Credit (expressed in the currency in which such Alternative Currency Letter of Credit is denominated) by (y) the Exchange Rate for each such Alternative Currency in effect on the failure last Business Day of such period or by such other reasonable method that the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereofdeems appropriate. (b) The Issuing Bank Lender also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth 0.125% of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereofissued by such Issuing Lender, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereofCredit. The Issuing Bank Lender shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing BankLender’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder. The Borrower shall pay such issuance fee and other amounts when due to the Issuing Lender.

Appears in 1 contract

Samples: Credit Agreement (DDR Corp)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the any Issuing BankBank with respect to such Facility Letter of Credit), based upon the Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of with respect to each Facility Letter of Credit outstanding that is equal to the LIBOR Applicable Margin in effect from time to time hereunder while times the amount of such Facility Letter Letters of Credit is outstandingfrom time to time. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such any Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullMaturity Date. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 2.12 hereof. (b) The Borrower shall pay to an Issuing Bank also shall have the right to receive solely for its such Issuing Bank’s own account an issuance fee equal (the “Issuance Fee”) with respect to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for issued by such Issuing Bank that is equal to the stated duration thereofproduct of (i) 0.10% per annum, based on (ii) the actual number face amount of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on (iii) the date number of years and/or partial years that such Facility Letter of Credit is outstanding expressed as a decimal. The Issuance Fee relating to the period from the issuance of any increase therein or Facility Letter of Credit to any stated expiration date thereof shall be due and payable upon the issuance of such Facility Letter of Credit and an additional Issuance Fee shall be due and payable upon the Effective Date of any stated extension period thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing its Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Unsecured Revolving Credit Agreement (Rouse Company)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Revolving Credit Lenders (including the Issuing Bank), based upon the such Lenders’ respective Revolving Credit Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR SOFR Applicable Margin for Revolving Loans in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Revolving Credit Termination Date or any other earlier date that the Advances and Facility Letter of Credit Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Revolving Credit Lenders in accordance with their Revolving Credit Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Revolving Credit Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth one‑eighth of one percent (0.125%) per annum to be calculated on of the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket and documented out‑of‑pocket costs and the Issuing Bank’s standard customary and documented administrative charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Credit Agreement (Inland Real Estate Income Trust, Inc.)

Compensation for Facility Letters of Credit. (a) The Borrower shall agrees to pay to the Administrative Agent, for Agent (except to the ratable account of extent that the Borrower shall be required to pay directly to the Revolving Credit Lenders (including the Issuing Bankas provided in Section 4.7(c)), based upon in the Lenders’ respective Percentagescase of each outstanding Facility Letter of Credit, a per annum fee (the Facility Letter of Credit Fee”) Fee therefor, payable quarterly in arrears as a percentage of hereinafter provided on the daily average face amount (net of permanent reductions) of each Facility Letter of Credit outstanding equal at any time during the preceding calendar quarter (but excluding any period prior to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Amendment and Restatement Effective Date during which an Existing Letter of Credit is was outstanding, with respect to which period fees shall be payable as provided in the Existing Credit Agreement). The Facility Letter of Credit Fee relating Fees shall be due and payable quarterly in arrears (A) not later than five (5) Business Days following the Administrative Agent’s delivery to Borrower of the quarterly statement of Facility Letter of Credit Fees, (B) on the Revolving Credit Facility Termination Date and (C) if any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears remains outstanding after the Revolving Credit Facility Termination Date on the first Business Day day of each calendar quarter following thereafter until the issuance first day of such the calendar quarter after the date on which the last outstanding Facility Letter of Credit andceases to be outstanding (each such date specified in clause (A), to the extent any such fees are then due and unpaid(B) or (C), on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fulla “Quarterly Payment Date”). The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paidreceived by it, to the other Revolving Credit Lenders in accordance with their Percentages Revolving Credit Ratable Shares thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Borrower agrees to pay to each Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) 0.10% per annum payable quarterly in arrears on each Quarterly Payment Date (including, if any Facility Letter of Credit remains outstanding after the Revolving Credit Facility Termination Date, each Quarterly Payment Date thereafter until the first Quarterly Payment Date after the date on which the last outstanding Facility Letter of Credit ceases to be calculated outstanding) on the daily average face amount (net of permanent reductions) of each Facility Letter of Credit issued by such Issuing Bank and that was outstanding at any time during the preceding calendar quarter (but excluding any period prior to the Amendment and Restatement Effective Date during which an Existing Letter of Credit was outstanding, with respect to which period fees shall be payable as provided in the Existing Credit Agreement). (c) After the Revolving Credit Facility Termination Date and the payment in full of all other Obligations, the Borrower shall make on each Quarterly Payment Date (i) payments of Facility Letter of Credit Fees under Section 4.7(a) directly to the Lenders in the amounts of their respective Revolving Credit Ratable Shares thereof and (ii) payments of issuance fees under Section 4.7(b) directly to each Issuing Bank that issued a Facility Letter of Credit that was outstanding at any time during the prior calendar quarter. (d) Facility Letter of Credit Fees and issuance fees payable to the Issuing Bank shall be calculated, on a pro rata basis for the stated duration thereofperiod to which such payment applies, based for actual days elapsed during such period, on the actual number basis of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunderyear.

Appears in 1 contract

Samples: Credit Agreement (Toll Brothers, Inc.)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Revolving Lenders (including the Issuing Bank), based upon the Revolving Lenders’ respective Revolving Percentages, a non-refundable per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR LIBORSOFR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears advance on the Issuance Date of such Facility Letter of Credit and on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullCredit. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Revolving Lenders in accordance with their Revolving Percentages thereof. The Borrower shall not have any liability to any Revolving Lender for the failure of the Administrative Agent to promptly deliver funds to any such Revolving Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Senior Credit Agreement (Terreno Realty Corp)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank), based upon the Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof.. 13171960\V-5 (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (Aa) $1,500 or (Bb) one-eighth one‑eighth of one percent (0.125%) per annum to be calculated on of the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket out‑of‑pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Credit Agreement (Glimcher Realty Trust)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders with a Revolving Commitment (including the Issuing Bank), based upon the such Lenders’ respective Revolving Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin for Revolving Advances in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Revolving Facility Termination Date or any other earlier date that the Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Lenders with a Revolving Commitment in accordance with their Revolving Percentages thereof. The Borrower shall not have any liability to any Revolving Lender for the failure of the Administrative Agent to promptly deliver such funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-one eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable out-of-out of pocket costs and the Issuing Bank’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Credit Agreement (Retail Properties of America, Inc.)

Compensation for Facility Letters of Credit. (a) The Borrower shall pay to the Administrative Agent, for the ratable account of the Revolving Credit Lenders (including the Issuing Bank), based upon the such Lenders’ respective Revolving Credit Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of each Facility Letter of Credit outstanding equal to the LIBOR Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstanding. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit and, to the extent any such fees are then due and unpaid, on the Facility Revolving Credit Termination Date or any other earlier date that the Advances and Facility Letter of Credit Obligations are due and payable in full. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Revolving Credit Lenders in accordance with their Revolving Credit Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Revolving Credit Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on of the face amount of each Facility Letter of Credit for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit and on the date of any increase therein or extension thereof. The Issuing Bank shall also be entitled to receive its reasonable and documented out-of-pocket costs and the Issuing Bank’s standard customary and documented administrative charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder.

Appears in 1 contract

Samples: Credit Agreement (Inland Real Estate Income Trust, Inc.)

Compensation for Facility Letters of Credit. (ai) The Borrower Company shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank), based upon the Facility A Lenders’ respective Percentages, a per annum fee (the "Facility Letter of Credit Fee") as a percentage of the face amount of with respect to each Facility Letter of Credit outstanding for the period from the Issuance Date thereof (or, in the case of the Existing Letters of Credit, the Closing Date) to and including the final expiration date thereof, in a per annum amount equal to the LIBOR Applicable Margin in effect from time to time hereunder while product, calculated on a daily basis for each day during such period, of (A) the undrawn amount of such Facility Letter of Credit is outstandingfor such day multiplied by (B) the Facility Letter of Credit Fee Rate for such day, less 0.125% per annum. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and Fees shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit Quarterly Payment Date and, to the extent any such fees are then due and unpaid, on the Facility A Termination Date or any other earlier date that the Obligations are due and payable in fullDate. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, paid to the other Facility A Lenders (including the Issuer) in accordance with their Percentages Facility A Pro Rata Shares thereof. The Borrower Facility Letter of Credit Fees, once paid, shall not have be refundable for any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereofreason. (bii) The Issuing Bank Company shall also shall have the right pay to receive each Issuer, solely for its own account account, as an issuance fee equal issuing fee, with respect to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit issued by such Issuer for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on period from the Issuance Date thereof (or, in the case of the Existing Letters of Credit, the Closing Date) to and including the final expiration date thereof, in an amount equal to (A) the product, calculated on a daily basis for each day during such period, of (x) the undrawn amount of such Facility Letter of Credit for such day multiplied by (y) 0.125% per annum, plus (B) in the case of any Facility Letter of Credit in a stated amount of less than $10,000.00, an additional fee in an amount to be agreed upon by the Company and the Issuer. The foregoing fees payable to the Issuer shall also be due and payable in arrears on each Quarterly Payment Date and, to the extent any such fees are then due and unpaid, on the date of any increase therein or extension thereofFacility A Termination Date. The Issuing Bank Each Issuer shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending issuing and servicing Facility Letters of Credit and processing draws thereunderCredit.

Appears in 1 contract

Samples: Credit Agreement (Lennar Corp /New/)

Compensation for Facility Letters of Credit. (a) The Subject to Section 2.22, the Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank)Revolving Lenders, based upon the such Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of with respect to the face amount of each Facility Letter of Credit outstanding (taking into account any reductions from time to time) that is equal to the LIBOR Term Benchmark Applicable Margin in effect from time to time hereunder while such Facility Letter of Credit is outstandingMargin. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and shall be due and payable in arrears in equal installments on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit Interest Payment Date for ABR Loans and, to the extent any such fees are then due and unpaid, on the Facility Termination Date or any other earlier date that the Obligations are due and payable in fullDate. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, to the other Revolving Lenders in accordance with their Percentages thereof. The Borrower shall not have any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereof. (b) The Issuing Bank Lender also shall have the right to receive solely for its own account an issuance fee equal to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) % per annum to be calculated on of the face amount of each Facility Letter of Credit for the stated duration thereof(taking into account any reductions from time to time) issued by such Issuing Lender, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on the Issuance Date for each such Facility Letter of Credit. The issuance fee relating to any Facility Letter of Credit shall be due and payable in arrears in equal installments on each Interest Payment Date for ABR Loans and, to the extent any such fees are then due and unpaid, on the date of any increase therein or extension thereofFacility Termination Date. The Issuing Bank Lender shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing BankLender’s standard charges of issuing, amending and servicing Facility Letters of Credit and processing draws thereunder. The Borrower shall pay such other amounts when due to the Issuing Lender in accordance with such Issuing Lender’s standard schedule for such other amounts.

Appears in 1 contract

Samples: Credit Agreement (SITE Centers Corp.)

Compensation for Facility Letters of Credit. (ai) The Borrower shall pay to the Administrative Agent, for the ratable account of the Lenders (including the Issuing Bank), based upon the Facility A Lenders’ respective Percentages, a per annum fee (the “Facility Letter of Credit Fee”) as a percentage of the face amount of with respect to each Facility Letter of Credit outstanding for the period from the Issuance Date thereof (or, in the case of the Existing Letters of Credit, the Closing Date) to and including the final expiration date thereof, in a per annum amount equal to the LIBOR Applicable Margin in effect from time to time hereunder while product, calculated on a daily basis for each day during such period, of (A) the undrawn amount of such Facility Letter of Credit is outstandingfor such day multiplied by (B) the Facility Letter of Credit Fee Rate for such day, less 0.125% per annum. The Facility Letter of Credit Fee relating to any Facility Letter of Credit shall accrue on a daily basis and Fees shall be due and payable in arrears on the first Business Day of each calendar quarter following the issuance of such Facility Letter of Credit Quarterly Payment Date and, to the extent any such fees are then due and unpaid, on the Facility A Termination Date or any other earlier date that the Obligations are due and payable in fullDate. The Administrative Agent shall promptly (on the same day as received by the Administrative Agent if received prior to noon (Cleveland time) on such day and otherwise on the next Business Day) remit such Facility Letter of Credit Fees, when paid, paid to the other Facility A Lenders (including the Issuer) in accordance with their Percentages Facility A Pro Rata Shares thereof. The Borrower Facility Letter of Credit Fees, once paid, shall not have be refundable for any liability to any Lender for the failure of the Administrative Agent to promptly deliver funds to any such Lender and shall be deemed to have made all such payments on the date the respective payment is made by the Borrower to the Administrative Agent, provided such payment is received by the time specified in Section 2.13 hereofreason. (bii) The Issuing Bank Borrower shall also shall have the right pay to receive each Issuer, solely for its own account account, as an issuance fee equal issuing fee, with respect to the greater of (A) $1,500 or (B) one-eighth of one percent (0.125%) per annum to be calculated on the face amount of each Facility Letter of Credit issued by such Issuer for the stated duration thereof, based on the actual number of days and using a 360-day year basis. The issuance fee shall be payable by the Borrower on period from the Issuance Date thereof (or, in the case of the Existing Letters of Credit, the Closing Date) to and including the final expiration date thereof, in an amount equal to (A) the product, calculated on a daily basis for each day during such period, of (x) the undrawn amount of such Facility Letter of Credit for such day multiplied by (y) 0.125% per annum, plus (B) in the case of any Facility Letter of Credit in a stated amount of less than $10,000.00, an additional fee in an amount to be agreed upon by the Borrower and the Issuer. The foregoing fees payable to the Issuer shall also be due and payable in arrears on each Quarterly Payment Date and, to the extent any such fees are then due and unpaid, on the date of any increase therein or extension thereofFacility A Termination Date. The Issuing Bank foregoing fees, once paid, shall also not be refundable for any reason. Each Issuer shall be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s standard charges of issuing, amending issuing and servicing Facility Letters of Credit and processing draws thereunderCredit.

Appears in 1 contract

Samples: Credit Agreement (Lennar Corp /New/)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!