Common use of Facility Fees Clause in Contracts

Facility Fees. (i) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Date, the Company agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Dollar Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount of the Dollar Tranche Revolving Credit Loans set forth in the table below multiplied by the corresponding per annum rate: $0 to and including an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.20 % Greater than an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.30 % Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. For the avoidance of doubt, for purposes of calculating an unused facility fee, the Outstanding Amount of the Swingline Loans shall not be factored into the computation. (ii) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Multicurrency Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount of the Multicurrency Tranche Revolving Credit Loans and Letter of Credit Liabilities set forth in the table below multiplied by the corresponding per annum rate: $0 to and including an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.20 % Greater than an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.30 % Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. (iii) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Dollar Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. The Company acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes. (iv) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Multicurrency Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. The Company acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes.

Appears in 2 contracts

Samples: Credit Agreement (Park Hotels & Resorts Inc.), Credit Agreement (Park Hotels & Resorts Inc.)

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Facility Fees. The Borrower shall pay to the Administrative Agent a fee (ithe “Facility Fee”) During for each day at a rate per annum equal to the period Applicable Percentage for the Facility Fee for such day. The Facility Fee shall accrue from and including the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Date, the Company agrees to pay to the Administrative Agent for the account last day of the Dollar Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which Availability Period on the aggregate amount of each Lender’s Commitment (whether used or unused) on such day. In addition, the Dollar Tranche Revolving Borrower shall pay to each Issuing Lender a fee (the “Fronting Fee”) in respect of all Letters of Credit Commitments exceeds issued by such Issuing Lender computed at the aggregate Outstanding Amount of the Dollar Tranche Revolving Credit Loans set forth in the table below multiplied by the corresponding per annum rate: $0 to and including an amount rate equal to 50the product of (i) the difference between (a) the total average amount available for all of such Issuing Lender’s Letters of Credit outstanding hereunder and (b) the product of such Issuing Lender’s Commitment Ratio and the total average amount available for drawing under all Letters of Credit issued by all Issuing Lenders and outstanding hereunder and (ii) 0.15% per annum, on the average amount available for drawing under such Letter(s) of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.20 % Greater than an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.30 % Such fee Credit. Fronting Fees shall be computed on a daily basis due and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement Quarterly Date and on the Investment Grade Pricing Effective Termination Date (or any such earlier date as all Letters of termination of the Dollar Tranche Revolving Credit Commitments shall be canceled or reduction of the Dollar Tranche Revolving Credit Commitments to zeroexpire). For the avoidance of doubt, for purposes of calculating an unused facility feeIn addition, the Outstanding Amount of the Swingline Loans shall not be factored into the computation. (ii) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Date, the Company Borrower agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Multicurrency Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount of the Multicurrency Tranche Revolving Credit Loans and each Issuing Lender, upon each issuance of, payment under, and/or amendment of, a Letter of Credit Liabilities set forth in Credit, such amount as shall at the table below multiplied time of such issuance, payment or amendment be the administrative charges and expenses which such Issuing Lender is customarily charging for issuances of, payments under, or amendments to letters of credit issued by the corresponding per annum rate: $0 to and including an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.20 % Greater than an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.30 % Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zeroit. (iii) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Dollar Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. The Company acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes. (iv) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Multicurrency Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. The Company acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes.

Appears in 2 contracts

Samples: Letter of Credit Agreement (LG&E & KU Energy LLC), Letter of Credit Agreement (PPL Corp)

Facility Fees. (i) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Date, the Company Borrower agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Dollar Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount of the Dollar Tranche Revolving Credit Loans and Letter of Credit Liabilities set forth in the table below multiplied by the corresponding per annum rate: $0 to and including an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.20 0.20% Greater than an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.30 0.25% Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. For the avoidance of doubt, for purposes of calculating an unused facility fee, the Outstanding Amount of the Swingline Loans shall not be factored into the computation. (ii) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Multicurrency Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount of the Multicurrency Tranche Revolving Credit Loans and Letter of Credit Liabilities set forth in the table below multiplied by the corresponding per annum rate: $0 to and including an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.20 % Greater than an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.30 % Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero[Intentionally Omitted]. (iii) From and after the Investment Grade Pricing Effective Date, the Company Borrower agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Dollar Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable MarginFacility Fee. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. The Company Borrower acknowledges that the fee fees payable hereunder is a are bona fide commitment fee fees and is are intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers Borrower as described herein and for no other purposes. (iv) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Multicurrency Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. The Company acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes.

Appears in 2 contracts

Samples: Credit Agreement (RLJ Lodging Trust), Credit Agreement (RLJ Lodging Trust)

Facility Fees. (i) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Date, the Company Borrower agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Dollar Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount of the Dollar Tranche Revolving Credit Loans and Letter of Credit Liabilities set forth in the table below multiplied by the corresponding per annum rate: $0 to and including an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.20 % Greater than an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.30 % Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. For the avoidance of doubt, for purposes of calculating an unused facility fee, the Outstanding Amount of the Swingline Loans shall not be factored into the computation. (ii) During the period from the Term Loan Effective Date to but excluding the earlier of (x) From and after the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Date, the Company Borrower agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Multicurrency Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount of the Multicurrency Tranche Revolving Credit Loans and Letter of Credit Liabilities set forth in the table below multiplied by the corresponding per annum rate: $0 to and including an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.20 % Greater than an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.30 % Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. (iii) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Dollar Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable MarginFacility Fee. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. The Company Borrower acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers Borrower as described herein and for no other purposes. (iv) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Multicurrency Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. The Company acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes.

Appears in 2 contracts

Samples: Credit Agreement (RLJ Lodging Trust), Credit Agreement (RLJ Lodging Trust)

Facility Fees. (i) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Date, the Company Borrower agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Dollar Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount of the Dollar Tranche Revolving Credit Loans and Letter of Credit Liabilities set forth in the table below multiplied by the corresponding per annum rate: $0 to and including an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.20 0.20% Greater than an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.30 0.25% Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. For the avoidance of doubt, for purposes of calculating an unused facility fee, the Outstanding Amount of the Swingline Loans shall not be factored into the computation. (ii) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Multicurrency Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount of the Multicurrency Tranche Revolving Credit Loans and Letter of Credit Liabilities set forth in the table below multiplied by the corresponding per annum rate: $0 to and including an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.20 % Greater than an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.30 % Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero[Intentionally Omitted]. (iii) From and after the Investment Grade Pricing Effective Date, the Company Borrower agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Dollar Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable MarginFacility Fee. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. The Company Borrower acknowledges that the fee fees payable hereunder is a are bona fide commitment fee fees and is are intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers Borrower as described herein and for no other purposes. (iv) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Multicurrency Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. The Company acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes.

Appears in 1 contract

Samples: Credit Agreement (RLJ Lodging Trust)

Facility Fees. Domestic Borrowers shall pay or cause to be paid, to Administrative Agent (for distribution to each Revolving Lender in accordance with such Lender's Pro Rata Share) facility fees with respect to the Revolving Loan Commitments, for the period from and including the Restatement Date to and excluding the Revolving Loan Commitment Termination Date, equal to (i) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Date, the Company agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate average amount of the Dollar Tranche Revolving Credit Loan Commitments exceeds (without regard to the aggregate Outstanding Amount Total Utilization of Revolving Loan Commitments at any time or from time to time), as the case may be, multiplied by 0.50% per annum, plus (ii) the daily average amount of Revolving Loan Commitments reserved to the Acquisition Sublimit multiplied by a percentage equal to one-half of the Dollar Tranche Applicable Eurodollar Margin for Revolving Credit Loans set forth in plus (iii) at any time when the table below amount of Revolving Loan Commitments reserved to the Existing Holdings Senior Notes Redemption Sublimit exceeds $75,000,000, the daily average amount of Revolving Loan Commitments reserved to the Existing Holdings Senior Notes Redemption Sublimit multiplied by the corresponding per annum rate: $0 to and including an amount a percentage equal to 50% one-half of the aggregate amount of Dollar Tranche Applicable Eurodollar Margin for Revolving Credit Commitments 0.20 % Greater than an amount equal Loans, such facility fees to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.30 % Such fee shall be computed on the basis of a daily basis 360-day year and to be payable quarterly in arrears on each Fee Payment Date for the first day of each January, April, July and October during the term of this Agreement and three-month period ending on the Investment Grade Pricing Effective Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments day prior to zero. For the avoidance of doubt, for purposes of calculating an unused facility fee, the Outstanding Amount of the Swingline Loans shall not be factored into the computation. (ii) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity such Fee Payment Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Multicurrency Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount of the Multicurrency Tranche Revolving Credit Loans and Letter of Credit Liabilities set forth in the table below multiplied by the corresponding per annum rate: $0 to and including an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.20 % Greater than an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.30 % Such fee shall be computed on a daily basis and payable quarterly in arrears commencing on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Date or any earlier such date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. (iii) From and occur after the Investment Grade Pricing Effective Restatement Date, the Company agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Dollar Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. The Company acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposesLoan Commitment Termination Date. (iv) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Multicurrency Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. The Company acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes.

Appears in 1 contract

Samples: Secured Credit Agreement (Oi Levis Park STS Inc)

Facility Fees. (i) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the latest Revolving Credit Maturity DateDate applicable to a Revolving Credit Lender hereunder, the Company agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Dollar Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount of the Dollar Tranche Revolving Credit Loans set forth in the table below multiplied by the corresponding per annum rate: $0 to and including an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.20 0.20% Greater than an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.30 0.30% Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments (with respect to any Revolving Credit Lender) or reduction of the Dollar Tranche Revolving Credit Commitments to zero. For the avoidance of doubt, for purposes of calculating an unused facility fee, the Outstanding Amount of the Swingline Loans shall not be factored into the computation. (ii) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the latest Revolving Credit Maturity DateDate applicable to a Revolving Credit Lender hereunder, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Multicurrency Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount of the Multicurrency Tranche Revolving Credit Loans and Letter of Credit Liabilities set forth in the table below multiplied by the corresponding per annum rate: $0 to and including an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.20 0.20% Greater than an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.30 0.30% Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments (with respect to any Revolving Credit Lender) or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. (iii) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Dollar Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date (with respect to any Revolving Credit Lender) or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. The Company acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes. (iv) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Multicurrency Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date (with respect to any Revolving Credit Lender) or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. The Company acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes.

Appears in 1 contract

Samples: Credit Agreement (Park Hotels & Resorts Inc.)

Facility Fees. (i) During With respect to the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the within arrangements for Revolving Credit Maturity DateLoans, the Company agrees to Borrower will pay to the Administrative Agent for Bank, at the account time of the Dollar Tranche Revolving Credit Lenders an unused facility execution and delivery of this letter agreement, a non-refundable fee equal of $10,000. The Borrower will also pay to the sum Bank with respect to the within arrangements for Revolving Loans, on the last day of each calendar quarter (commencing on December 31, 1998) as long as the daily amount by which within-described Revolving Loan arrangements are in effect and on the aggregate amount Expiration Date or earlier date of the Dollar Tranche termination of such Revolving Credit Commitments exceeds the aggregate Outstanding Amount of the Dollar Tranche Revolving Credit Loans set forth in the table below multiplied by the corresponding per annum rate: $0 to and including an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.20 % Greater than an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.30 % Such Loan arrangements, a non-refundable commitment fee shall be computed on a daily basis and payable quarterly in arrears on the first day daily average unused portion of each January, April, July and October the Bank's total revolving commitment during the term calendar quarter (or partial calendar quarter) then ended. Such commitment fee will be payable at a rate of this Agreement and 0.5% per annum based on the Investment Grade Pricing Effective Date or any earlier date of termination such unused portion of the Dollar Tranche Bank's total revolving commitment and will be appropriately prorated for any partial calendar quarter. As used herein, the Bank's "total revolving commitment" will be deemed to be equal to the Maximum Revolving Credit Commitments or reduction of as in effect from time to time and the Dollar Tranche Revolving Credit Commitments to zero. For the avoidance of doubt, for purposes of calculating an "unused facility fee, the Outstanding Amount of the Swingline Loans shall not be factored into the computation. (ii) During the period from the Term Loan Effective Date to but excluding the earlier of portion" on any day means that amount by which (x) the Investment Grade Pricing Effective Date and then effective Maximum Revolving Credit exceeds (y) the total of (1) the aggregate principal amounts of the Revolving Credit Maturity DateLoans outstanding at that day and (2) the then total undrawn amounts of all letters of credit issued hereunder and then outstanding, whether such excess results from the Bank not making Revolving Loans or issuing letters of credit up to the Maximum Revolving Credit, from the repayment of Revolving Loans or the termination of letters of credit or from any other circumstance. In addition, if the within-described revolving financing arrangements are cancelled or terminated prior to November 16, 1999 by the Borrower for any reason (not including termination by the Bank due to the Borrower's default), the Company agrees to Borrower shall forthwith upon such cancellation or termination pay to the Administrative Agent Bank a sum equal to all of the commitment fees which would have become due, absent such cancellation or termination, pursuant to the immediately preceding three sentences with respect to the period beginning on the date of such cancellation or termination and continuing through November 16, 1999, assuming, for the account purposes of the Multicurrency Tranche this calculation, that no Revolving Credit Lenders an unused facility fee equal Loans or letters of credit would be outstanding during such period. The fees described in this Section are in addition to the sum of the daily amount by which the aggregate amount of the Multicurrency Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount of the Multicurrency Tranche Revolving Credit Loans any balances and Letter of Credit Liabilities set forth in the table below multiplied fees required by the corresponding per annum rate: $0 to and including an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.20 % Greater than an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.30 % Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Date Bank or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments its affiliates in connection with any other services now or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. (iii) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Dollar Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. The Company acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds hereafter made available to the Borrowers as described herein and for no other purposesBorrower. (iv) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Multicurrency Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. The Company acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes.

Appears in 1 contract

Samples: Revolving Loan Agreement (Palomar Medical Technologies Inc)

Facility Fees. (i) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Termination Date, the Company Borrower agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders an unused facility fee (the “Revolving Unused Fee”) equal to the sum of the daily amount (the “Unused Revolving Commitment Amount”) by which the aggregate amount of the Dollar Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount outstanding principal balance of the Dollar Tranche Revolving Credit Loans set forth in the table below multiplied by the corresponding per annum rate: $0 to and including an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.20 % Greater than an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.30 % Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. For the avoidance of doubt, for purposes of calculating an unused facility fee, the Outstanding Amount of the Swingline Loans shall not be factored into the computation. (ii) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Multicurrency Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount of the Multicurrency Tranche Revolving Credit Loans and Letter of Credit Liabilities set forth in the table below multiplied by the corresponding per annum rate: $0 to and including an amount equal to 50Greater than 50.0% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.20 0.35% Greater Less than an amount or equal to 5050.0% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.30 0.20% Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. (iii) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Dollar Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee Unused Fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Termination Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. The Company acknowledges that For the fee payable hereunder is avoidance of doubt, for purposes of calculating a bona fide commitment fee and is intended as reasonable compensation to Revolving Unused Fee, the Lenders for committing to make funds available to outstanding principal balance of Swingline Loans shall not be factored into the Borrowers as described herein and for no other purposescomputation. (ivii) From and after During the Investment Grade Pricing Effective period commencing on November 16, 2016 to but excluding the Term Loan Availability Termination Date, the Company Borrower agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Term Loan Lenders a an unused facility fee (the “Term Unused Fee”) equal to (i) the average sum of the daily aggregate amount of the Multicurrency Tranche Revolving Credit Term Loan Commitments (whether or not utilized) multiplied by the corresponding (ii) 0.35% per annum rate equal to the Ratings-Based Applicable Marginannum. Such fee Term Unused Fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement January 2017 and on the Revolving Credit Maturity Term Loan Availability Termination Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Term Loan Commitments or reduction of the Multicurrency Tranche Revolving Credit Term Loan Commitments to zero. The Company acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes.

Appears in 1 contract

Samples: Credit Agreement (American Homes 4 Rent)

Facility Fees. (i) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Termination Date, the Company agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Dollar Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount outstanding principal amount of the Dollar Tranche Revolving Credit Loans set forth in the table below multiplied by the corresponding per annum rate: $0 to and including an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.20 0.20% Greater than an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.30 0.30% Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. For the avoidance of doubt, for purposes of calculating an unused facility fee, the Outstanding Amount of the Swingline Loans shall not be factored into the computation. (ii) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Multicurrency Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount of the Multicurrency Tranche Revolving Credit Loans and Letter of Credit Liabilities set forth in the table below multiplied by the corresponding per annum rate: $0 to and including an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.20 % Greater than an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.30 % Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. (iiiii) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Dollar Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Termination Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. The Company acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes. (iv) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Multicurrency Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. The Company acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes.

Appears in 1 contract

Samples: Credit Agreement (Park Hotels & Resorts Inc.)

Facility Fees. (i) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Termination Date, the Company Borrower agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders an unused a facility fee equal to the sum of the daily amount by which the aggregate amount of the Dollar Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount of the Dollar Tranche Revolving Credit Loans set forth in the table below multiplied by the corresponding (whether or not utilized) times a rate per annum rate: $0 to and including an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.20 % Greater than an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.30 % Applicable Facility Fee. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement until the earlier of the Revolving Termination Date and on the Investment Grade Pricing Effective Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero, and on such earlier date. For The Borrower acknowledges that the avoidance of doubt, fee payable under this clause (i) is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for purposes of calculating an unused facility fee, committing to make funds available to the Outstanding Amount of the Swingline Loans shall not be factored into the computationBorrower as described herein and for no other purposes. (ii) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Termination Date, the Company Borrower agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders an unused the Revolving Lenders a facility fee equal to the sum of the daily amount by which the aggregate amount of the Multicurrency Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount of the Multicurrency Tranche Revolving Credit Loans and Letter of Credit Liabilities set forth in the table below multiplied by the corresponding (whether or not utilized) times a rate per annum rate: $0 to and including an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.20 % Greater than an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.30 % Applicable Facility Fee. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement until the earlier of the Revolving Termination Date and on the Investment Grade Pricing Effective Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. (iii) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Dollar Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any such earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zerodate. The Company Borrower acknowledges that the fee payable hereunder under this clause (ii) is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers Borrower as described herein and for no other purposes. (iv) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Multicurrency Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. The Company acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes.

Appears in 1 contract

Samples: Credit Agreement (American Realty Capital Properties, Inc.)

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Facility Fees. (i) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Date, the Company Borrower agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Dollar Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount of the Dollar Tranche Revolving Credit Loans and Letter of Credit Liabilities set forth in the table below multiplied by the corresponding per annum rate: $0 to and including an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.20 % Greater than an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.30 0.25 % Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. For the avoidance of doubt, for purposes of calculating an unused facility fee, the Outstanding Amount of the Swingline Loans shall not be factored into the computation. (ii) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity DateCommitment Period, the Company Borrower agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit A-2 Term Loan Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Multicurrency Tranche Revolving Credit A-2 Term Loan Commitments exceeds the aggregate Outstanding Amount of the Multicurrency Tranche Revolving Credit A-2 Term Loans and Letter of Credit Liabilities set forth in the table below multiplied by the corresponding per annum rate: $0 to and including an amount equal to 50rate of 0.25% (the “Tranche A-2 Term Loan Unused Fee”). For clarity, in no event shall the Tranche A-2 Term Loan Unused Fee accrue after the expiration of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.20 % Greater than an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.30 % Term Loan Commitment Period. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on upon the Investment Grade Pricing Effective Date expiration of the Term Loan Commitment Period or any earlier date of termination of the Multicurrency Tranche Revolving Credit A-2 Term Loan Commitments or reduction of the Multicurrency Tranche Revolving Credit A-2 Term Loan Commitments to zero. (iii) From and after the Investment Grade Pricing Effective Date, the Company Borrower agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Dollar Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable MarginFacility Fee. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. The Company Borrower acknowledges that the fee fees payable hereunder is a are bona fide commitment fee fees and is are intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers Borrower as described herein and for no other purposes. (iv) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Multicurrency Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. The Company acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes.

Appears in 1 contract

Samples: Credit Agreement (RLJ Lodging Trust)

Facility Fees. (i) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Termination Date, the Company agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Dollar Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount outstanding principal amount of the Dollar Tranche Revolving Credit Loans set forth in the table below multiplied by the corresponding per annum rate: Amount by Which Revolving Commitments Exceed Revolving Loans Unused Fee $0 to and including an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.20 0.20% Greater than an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.30 % Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. For the avoidance of doubt, for purposes of calculating an unused facility fee, the Outstanding Amount of the Swingline Loans shall not be factored into the computation.0.30% (ii) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Multicurrency Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount of the Multicurrency Tranche Revolving Credit Loans and Letter of Credit Liabilities set forth in the table below multiplied by the corresponding per annum rate: $0 to and including an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.20 % Greater than an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.30 % Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. (iii) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Dollar Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Termination Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. The Company acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Revolving Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes. (iv) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Multicurrency Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. The Company acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes.

Appears in 1 contract

Samples: Credit Agreement (Park Hotels & Resorts Inc.)

Facility Fees. (i) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Termination Date, the Company Borrower agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Lenders: (i) at all times prior to the Credit Lenders Rating Date, an unused facility fee equal to the sum of the daily amount (the “Unused Amount”) by which the aggregate amount of the Dollar Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount outstanding principal balance of the Dollar Tranche Revolving Loans and Letter of Credit Loans Liabilities set forth in the table below multiplied by the corresponding per annum rate: $0 to and including an amount Greater than or equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.20 0.3% Greater Less than an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.30 0.25% Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Revolving Termination Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. For the avoidance of doubt, for purposes of calculating an unused facility fee, the Outstanding Amount outstanding principal balance of the Swingline Loans shall not be factored into the computation. (ii) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Multicurrency Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount of the Multicurrency Tranche Revolving Credit Loans and Letter of Credit Liabilities set forth in the table below multiplied by the corresponding per annum rate: $0 to and including an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.20 % Greater than an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.30 % Such fee shall be computed at all times on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. (iii) From and after the Investment Grade Pricing Effective Credit Rating Date, the Company agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Dollar Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding times a rate per annum rate equal to the Ratings-Based Applicable MarginFacility Fee. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Termination Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. The Company Borrower acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Revolving Lenders for committing to make funds available to the Borrowers Borrower as described herein and for no other purposes. (iv) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Multicurrency Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. The Company acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes.

Appears in 1 contract

Samples: Credit Agreement (Chambers Street Properties)

Facility Fees. (i) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Termination Date, the Company Borrower agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Lenders: (i) at all times prior to the Credit Lenders Rating Date, an unused facility fee equal to the sum of the daily amount (the “Unused Amount”) by which the aggregate amount of the Dollar Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount outstanding principal balance of the Dollar Tranche Revolving Loans and Letter of Credit Loans Liabilities set forth in the table below multiplied by the corresponding per annum rate: $0 to and including an amount Greater than or equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.20 0.30 % Greater Less than an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.30 0.25 % Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Termination Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. For the avoidance of doubt, for purposes of calculating an unused facility fee, the Outstanding Amount outstanding principal balance of the Swingline Loans shall not be factored into the computation. (ii) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Multicurrency Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount of the Multicurrency Tranche Revolving Credit Loans and Letter of Credit Liabilities set forth in the table below multiplied by the corresponding per annum rate: $0 to and including an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.20 % Greater than an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.30 % Such fee shall be computed at all times on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. (iii) From and after the Investment Grade Pricing Effective Credit Rating Date, the Company agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Dollar Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding times a rate per annum rate equal to the Ratings-Based Applicable MarginFacility Fee. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Termination Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. The Company Borrower acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers Borrower as described herein and for no other purposes. (iv) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Multicurrency Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. The Company acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes.

Appears in 1 contract

Samples: Credit Agreement (Chambers Street Properties)

Facility Fees. (i) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Date, the Company Borrower agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Dollar Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount of the Dollar Tranche Revolving Credit Loans and Letter of Credit Liabilities set forth in the table below multiplied by the corresponding per annum rate: Amount by Which Revolving Credit Commitments Exceed Revolving Credit Loans and Letter of Credit Liabilities Unused Fee $0 to and including an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.20 % Greater than an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.30 0.25 % Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. For the avoidance of doubt, for purposes of calculating an unused facility fee, the Outstanding Amount of the Swingline Loans shall not be factored into the computation. (ii) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Multicurrency Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount of the Multicurrency Tranche Revolving Credit Loans and Letter of Credit Liabilities set forth in the table below multiplied by the corresponding per annum rate: $0 to and including an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.20 % Greater than an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.30 % Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero[Intentionally Omitted]. (iii) From and after the Investment Grade Pricing Effective Date, the Company Borrower agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Dollar Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable MarginFacility Fee. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. The Company Borrower acknowledges that the fee fees payable hereunder is a are bona fide commitment fee fees and is are intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers Borrower as described herein and for no other purposes. (iv) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Multicurrency Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. The Company acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes.

Appears in 1 contract

Samples: Credit Agreement (RLJ Lodging Trust)

Facility Fees. The Borrower shall pay to the Administrative Agent a fee (ithe “Facility Fee”) During for each day at a rate per annum equal to the period Applicable Percentage for the Facility Fee for such day. The Facility Fee shall accrue from and including the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Date, the Company agrees to pay to the Administrative Agent for the account last day of the Dollar Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which Availability Period on the aggregate amount of each Lender’s Commitment (whether used or unused) on such day. In addition, effective from and after the Dollar Tranche Revolving first date on which there is at least one Lender party to this Agreement in addition to BTMU that is not an affiliate of BTMU, the Borrower shall pay to each Issuing Lender a fee (the “Fronting Fee”) in respect of all Letters of Credit Commitments exceeds issued by such Issuing Lender computed at the aggregate Outstanding Amount rate equal to the product of (i) the Dollar Tranche Revolving difference between (a) the total average amount available for all of such Issuing Lender’s Letters of Credit Loans set forth in outstanding hereunder and (b) the table below multiplied product of such Issuing Lender’s Commitment Ratio and the total average amount available for drawing under all Letters of Credit issued by the corresponding all Issuing Lenders and outstanding hereunder and (ii) 0.15% per annum rate: $0 to and including an on the average amount equal to 50% available for drawing under such Letter(s) of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.20 % Greater than an amount equal to 50% of the aggregate amount of Dollar Tranche Revolving Credit Commitments 0.30 % Such fee Credit. Fronting Fees shall be computed on a daily basis due and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement Quarterly Date and on the Investment Grade Pricing Effective Termination Date (or any such earlier date as all Letters of termination of the Dollar Tranche Revolving Credit Commitments shall be canceled or reduction of the Dollar Tranche Revolving Credit Commitments to zeroexpire). For the avoidance of doubt, for purposes of calculating an unused facility feeIn addition, the Outstanding Amount of the Swingline Loans shall not be factored into the computation. (ii) During the period from the Term Loan Effective Date to but excluding the earlier of (x) the Investment Grade Pricing Effective Date and (y) the Revolving Credit Maturity Date, the Company Borrower agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Multicurrency Tranche Revolving Credit Commitments exceeds the aggregate Outstanding Amount of the Multicurrency Tranche Revolving Credit Loans and each Issuing Lender, upon each issuance of, payment under, and/or amendment of, a Letter of Credit Liabilities set forth in Credit, such amount as shall at the table below multiplied time of such issuance, payment or amendment be the administrative charges and expenses which such Issuing Lender is customarily charging for issuances of, payments under, or amendments to letters of credit issued by the corresponding per annum rate: $0 to and including an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.20 % Greater than an amount equal to 50% of the aggregate amount of Multicurrency Tranche Revolving Credit Commitments 0.30 % Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Investment Grade Pricing Effective Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zeroit. (iii) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Dollar Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Dollar Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any earlier date of termination of the Dollar Tranche Revolving Credit Commitments or reduction of the Dollar Tranche Revolving Credit Commitments to zero. The Company acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes. (iv) From and after the Investment Grade Pricing Effective Date, the Company agrees to pay to the Administrative Agent for the account of the Multicurrency Tranche Revolving Credit Lenders a facility fee equal to the average daily aggregate amount of the Multicurrency Tranche Revolving Credit Commitments (whether or not utilized) multiplied by the corresponding per annum rate equal to the Ratings-Based Applicable Margin. Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Revolving Credit Maturity Date or any earlier date of termination of the Multicurrency Tranche Revolving Credit Commitments or reduction of the Multicurrency Tranche Revolving Credit Commitments to zero. The Company acknowledges that the fee payable hereunder is a bona fide commitment fee and is intended as reasonable compensation to the Lenders for committing to make funds available to the Borrowers as described herein and for no other purposes.

Appears in 1 contract

Samples: Letter of Credit Agreement (LG&E & KU Energy LLC)

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