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 LIBORSOFR Applicable Margin in effect from time to time 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 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 one-eighth of one percent (0.125%) of the face amount of each Facility Letter of Credit 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 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: Credit Agreement (InvenTrust Properties Corp.)

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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 to the LIBORSOFR Applicable Margin Fee therefor, payable in effect from time to time while arrears on each Quarterly Payment Date following any calendar quarter during all or any part of which such Facility Letter of Credit is outstanding. The was outstanding (which payment shall be a pro rata portion of the annual Facility Letter of Credit Fee relating to any for such preceding calendar quarter) and on the Termination Date (which payment shall be in the amount of all accrued and unpaid Facility Letter of Credit Fees). Facility Letter of Credit Fees shall accrue be calculated, on a daily pro rata basis and shall be due and payable in arrears for the period to which such payment applies, for actual days on the first Business Day of each calendar quarter following the issuance of which such Facility Letter of Credit and, to the extent any was outstanding during such fees are then due and unpaidperiod, on the Facility Termination Date or any other earlier date that the Advances and Facility Letter basis of Credit Obligations are due and payable in fulla 360-day year. The Administrative Agent shall promptly 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 Agenteach Issuing Bank, 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 account, with respect to one-eighth of one percent (0.125%) of the face amount of each Facility Letter of Credit payable issued by such Issuing Bank, an amount per annum equal to the Borrower on product of (A) 0.125% per annum and (B) the Issuance Date for each face amount of such Facility Letter of Credit and on (ii) to all Banks, ratably, the date balance of any increase therein or extension thereofsuch Facility Letter of Credit Fees. The Issuing Bank shall also be entitled to receive its reasonable out-of-pocket costs and the Issuing Bank’s customary administrative charges of issuing, amending and servicing Facility Letters of Credit Fees shall be payable hereunder with respect to the Existing Letters of Credit from and processing draws thereunder. - 61 - US_ACTIVEActive\121281000\V-110 2A.9after the date hereof.

Appears in 1 contract

Samples: Assignment 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)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 LIBORSOFR LIBOR Applicable Margin in effect from time to time 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 Advances and Facility Letter of Credit Obligations are due and payable in fullMaturity Date. The Administrative Agent shall promptly 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. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to one-eighth of one percent (0.125%) of the face amount of each Facility Letter of Credit payable by the Borrower on the Issuance Date for each such Fee due in connection with a Facility Letter of Credit and on issued in an Alternative Currency shall be at 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 customary administrative charges of issuing, amending and servicing same per annum rate as specified above for Facility Letters of Credit and processing draws thereunder. - 61 - US_ACTIVEActive\121281000\V-110 2A.9issued 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.

Appears in 1 contract

Samples: Unsecured Revolving Credit And (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 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 LIBORSOFR 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 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 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 one-eighth of one percent (0.125%) of the face amount of each Facility Letter of Credit 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 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: Credit Agreement (Retail Properties of America, Inc.)

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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 LIBORSOFR LIBOR Applicable Margin in effect from time to time 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 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%) of 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 customary administrative 's standard 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: 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)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 LIBORSOFR LIBOR Applicable Margin in effect from time to time 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 Advances and Facility Letter of Credit Obligations are due and payable in fullMaturity Date. The Administrative Agent shall promptly 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. (b) The Issuing Bank also shall have the right to receive solely for its own account an issuance fee equal to one-eighth of one percent (0.125%) of the face amount of each Facility Letter of Credit payable by the Borrower on the Issuance Date for each such Fee due in connection with a Facility Letter of Credit and on issued in an Alternative Currency shall be at 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 customary administrative charges of issuing, amending and servicing same per annum rate as specified above for Facility Letters of Credit and processing draws thereunder. - 61 - US_ACTIVEActive\121281000\V-110 2A.9issued 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.

Appears in 1 contract

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

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