Common use of Fronting Fee and Documentary and Processing Charges Clause in Contracts

Fronting Fee and Documentary and Processing Charges. The Borrower shall pay directly to each applicable Fronting L/C Issuer for its own account a fronting fee with respect to each Fronted Letter of Credit issued by such Fronting L/C Issuer, at the rate per annum separately agreed between the Borrower and each such Fronting L/C Issuer, computed on the daily amount available to be drawn under such Letter of Credit. Such fronting fee shall be computed on a quarterly basis in arrears. Such fronting fee shall be due and payable on the tenth Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Commitment Termination Date, on the date that is twelve months after the Commitment Termination Date and thereafter on demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. In addition, the Borrower shall pay directly to the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable, for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable, relating to each Letter of Credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable. In the event that, pursuant to Section 2.01(a)(vi) or Section 2.17, any other Lender agrees to act as a Limited Fronting Lender or Confirming Bank for any Lender that becomes an Affected Lender or a Non-NAIC Approved Bank, as applicable, the Letter of Credit Fee payable to such Lender that becomes an Affected Lender or a Non-NAIC Approved Bank shall be reduced by 0.25% per annum (or such lesser percentage as the Lender acting as a Limited Fronting Lender or as a Confirming Bank may agree) and the Lender acting as a Limited Fronting Lender or as a Confirming Bank shall receive the amount of such reduction from the Borrower for its own account as a fronting fee or confirmation fee, as applicable, and such other compensation therefor as such Affected Lender or Non-NAIC Approved Bank or the Borrower and such other Lender may agree.

Appears in 3 contracts

Samples: Revolving Credit Agreement (Voya Financial, Inc.), Revolving Credit Agreement (Voya Financial, Inc.), Revolving Credit Agreement (Voya Financial, Inc.)

AutoNDA by SimpleDocs

Fronting Fee and Documentary and Processing Charges. The Each Borrower shall pay directly to each applicable the Fronting L/C Issuer for its own account a fronting fee (converted to a daily rate) with respect to each Fronted Letter of Credit issued by such Fronting L/C Issuerwith respect to which it is the Applicant or the Co-Applicant in the amount specified in the Bank of America Fee Letter, at the rate per annum separately agreed between the Borrower and each such Fronting L/C Issuer, computed payable on the Dollar Equivalent of the actual daily maximum amount available to be drawn under such Letter of Credit. Such fronting fee shall be computed on a quarterly basis in arrears. Such fronting fee shall be due and payable on the tenth 20th day (or, if such day is not a Business Day after Day, the end next Business Day) of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Commitment Termination Maturity Date, on the date that is twelve months after the Commitment Termination Maturity Date and thereafter on demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. In addition, the each Borrower shall pay directly to the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable, for its own account the customary issuance, presentation, amendment and other processing fees, and other standard and reasonable costs and charges, of the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable, relating to each Letter of Credit as from time to time in effect. Such customary fees In respect of any period that, pursuant to Section 2.03(a)(vi) or Section 2.14, Bank of America acts as a Limited Fronting Lender or as a Confirming Bank for any Lender that becomes an Affected Lender or a Non-NAIC Approved Bank, as applicable, the Letter of Credit Fee payable to such Lender shall be reduced by 0.25% per annum (or such lesser percentage as Bank of America may agree) and standard costs and charges are due and payable on demand and are nonrefundableBank of America shall receive the amount of such reduction from each Borrower for its own account as a fronting fee or confirmation fee, as applicable. In the event that, pursuant to Section 2.01(a)(vi2.03(a)(vi) or Section 2.172.14, any other Lender agrees to act as a Limited Fronting Lender or Confirming Bank for any Lender that becomes an Affected Lender or a Non-NAIC Approved Bank, as applicable, the Letter of Credit Fee payable to such other Lender that becomes an Affected Lender or a Non-NAIC Approved Bank shall be reduced by 0.25% per annum (or such lesser percentage as the Lender acting as a Limited Fronting Lender or as a Confirming Bank may agree) and the Lender acting as a Limited Fronting Lender or as a Confirming Bank shall receive the amount of such reduction from the Borrower for its own account as a fronting fee or confirmation fee, as applicable, and such other compensation therefor as such Affected Lender or Non-NAIC Approved Bank or the Borrower and such other Lender may agree.

Appears in 2 contracts

Samples: Five Year Credit Agreement (Metlife Inc), Five Year Credit Agreement (Metlife Inc)

Fronting Fee and Documentary and Processing Charges. The Each Borrower shall pay directly to each applicable the Fronting L/C Issuer for its own account a fronting fee (converted to a daily rate) with respect to each Fronted Letter of Credit issued by such Fronting L/C Issuerwith respect to which it is the Applicant or the Co-Applicant in the amount specified in the Bank of America Fee Letter, at the rate per annum separately agreed between the Borrower and each such Fronting L/C Issuer, computed payable on the actual daily maximum amount available to be drawn under such Letter of Credit. Such fronting fee shall be computed on a quarterly basis in arrears. Such fronting fee shall be due and payable on the tenth 20th day (or, if such day is not a Business Day after Day, the end next Business Day) of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Commitment Termination Maturity Date, on the date that is twelve months after the Commitment Termination Maturity Date and thereafter on demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. In addition, the each Borrower shall pay directly to the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable, for its own account the customary issuance, presentation, amendment and other processing fees, and other standard and reasonable costs and charges, of the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable, relating to each Letter of Credit as from time to time in effect. Such customary fees In respect of any period that, pursuant to Section 2.03(a)(vi) or Section 2.14, Bank of America acts as a Limited Fronting Lender or as a Confirming Bank for any Lender that becomes an Affected Lender or a Non-NAIC Approved Bank, as applicable, the Letter of Credit Fee payable to such Lender shall be reduced by 0.25% per annum (or such lesser percentage as Bank of America may agree) and standard costs and charges are due and payable on demand and are nonrefundableBank of America shall receive the amount of such reduction from each Borrower for its own account as a fronting fee or confirmation fee, as applicable. In the event that, pursuant to Section 2.01(a)(vi2.03(a)(vi) or Section 2.172.14, any other Lender agrees to act as a Limited Fronting Lender or Confirming Bank for any Lender that becomes an Affected Lender or a Non-NAIC Approved Bank, as applicable, the Letter of Credit Fee payable to such other Lender that becomes an Affected Lender or a Non-NAIC Approved Bank shall be reduced by 0.25% per annum (or such lesser percentage as the Lender acting as a Limited Fronting Lender or as a Confirming Bank may agree) and the Lender acting as a Limited Fronting Lender or as a Confirming Bank shall receive the amount of such reduction from the Borrower for its own account as a fronting fee or confirmation fee, as applicable, and such other compensation therefor as such Affected Lender or Non-NAIC Approved Bank or the Borrower and such other Lender may agree.

Appears in 2 contracts

Samples: Credit Agreement (Metlife Inc), 364 Day Credit Agreement (Metlife Inc)

Fronting Fee and Documentary and Processing Charges. The Each Borrower shall pay directly to each the applicable Fronting L/C Issuer Issuer, through the Administrative Agent, for its own account a fronting fee (converted to a daily rate) with respect to each Fronted Letter of Credit issued by such Fronting L/C Issuerwith respect to which it is the Applicant or the Co-Applicant in the amount specified in the applicable Fee Letter, at the rate per annum separately agreed between the Borrower and each such Fronting L/C Issuer, computed payable on the Dollar Equivalent of the actual daily maximum amount available to be drawn under such Letter of Credit. Such fronting fee shall be computed on a quarterly basis in arrears. Such fronting fee shall be due and payable on the tenth 20th day (or, if such day is not a Business Day after Day, the end next Business Day) of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Commitment Termination Maturity Date, on the date that is twelve months after the Commitment Termination Maturity Date and thereafter on demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. In addition, the each Borrower shall pay directly to the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable, for its own account the customary issuance, presentation, amendment and other processing fees, and other standard and reasonable costs and charges, of the applicable such Fronting L/C Issuer or the Several L/C Agent, as applicable, relating to each Letter of Credit as from time to time in effect. Such customary fees During any period in which a Lead Lender acts as a Limited Fronting Lender or as a Confirming Bank for any Lender that becomes an Affected Lender or a Non-NAIC Approved Bank, as applicable, the Letter of Credit Fee payable to such Affected Lender or such Non-NAIC Approved Bank shall be reduced by 0.25% per annum (or such other percentage as such Lead Lender and standard costs such Affected Bank or Non-NAIC Approved Bank may agree) and charges are due and payable on demand and are nonrefundablesuch Lead Lender shall receive the amount of such reduction from each Borrower, through the Administrative Agent, for its own account as a fronting fee or confirmation fee, as applicable. In the event that, pursuant to Section 2.01(a)(vi) or Section 2.17, that any other Lender agrees to act as a Limited Fronting Lender or Confirming Bank for any Lender that becomes an Affected Lender or a Non-NAIC Approved Bank, as applicable, the Letter of Credit Fee payable to such other Lender that becomes an Affected Lender or a Non-NAIC Approved Bank shall be reduced by 0.25% per annum (or such lesser percentage as the Lender acting as a Limited Fronting Lender or as a Confirming Bank may agree) and the Lender acting as a Limited Fronting Lender or as a Confirming Bank shall receive the amount of such reduction from the Borrower for its own account as a fronting fee or confirmation fee, as applicable, and such other compensation therefor as such Affected Lender or Non-NAIC Approved Bank or the Borrower and such other Lender may agree.

Appears in 1 contract

Samples: Five Year Credit Agreement (Metlife Inc)

Fronting Fee and Documentary and Processing Charges. The Borrower shall pay directly to each applicable the Fronting L/C Issuer for its own account a fronting fee with respect to each Fronted Letter of Credit issued by such Fronting L/C IssuerCredit, at the rate per annum separately agreed between specified in the Borrower and each such Fronting L/C IssuerFee Letter entered into with Bank of America, computed on the daily amount available to be drawn under such Letter of Credit. Such fronting fee shall be computed on a quarterly basis in arrears. Such fronting fee shall be due and payable on the tenth Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Commitment Termination Date, on the date that is twelve months after the Commitment Termination Date and thereafter on demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. In addition, the Borrower shall pay directly to the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable, for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable, relating to each Letter of Credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable. In respect of any period that, pursuant to Section 2.01(a)(vi) or Section 2.17, Bank of America acts as a Limited Fronting Lender or as a Confirming Bank for any Lender that becomes an Affected Lender or a Non-NAIC Approved Bank, as applicable, the Letter of Credit Fee payable to such Lender shall be reduced by 0.25% per annum (or such lesser percentage as Bank of America may agree) and Bank of America shall receive the amount of such reduction from each Borrower for its own account as a fronting fee or confirmation fee, as applicable. In the event that, pursuant to Section 2.01(a)(vi) or Section 2.17, any other Lender agrees to act as a Limited Fronting Lender or Confirming Bank for any Lender that becomes an Affected Lender or a Non-NAIC Approved Bank, as applicable, the Letter of Credit Fee payable to such other Lender that becomes an Affected Lender or a Non-NAIC Approved Bank shall be reduced by 0.25% per annum (or such lesser percentage as the Lender acting as a Limited Fronting Lender or as a Confirming Bank may agree) and the Lender acting as a Limited Fronting Lender or as a Confirming Bank shall receive the amount of such reduction from the Borrower for its own account as a fronting fee or confirmation fee, as applicable, and such other compensation therefor as such Affected Lender or Non-NAIC Approved Bank or the Borrower and such other Lender may agree.

Appears in 1 contract

Samples: Revolving Credit Agreement (ING U.S., Inc.)

AutoNDA by SimpleDocs

Fronting Fee and Documentary and Processing Charges. The Each Borrower shall pay directly to each applicable the Fronting L/C Issuer for its own account a fronting fee (converted to a daily rate) with respect to each Fronted Letter of Credit issued by such Fronting L/C Issuerwith respect to which it is the Applicant or the Co-Applicant in the amount specified in the Bank of America Fee Letter, at the rate per annum separately agreed between the Borrower and each such Fronting L/C Issuer, computed payable on the Dollar Equivalent of the actual daily maximum amount available to be drawn under such Letter of Credit. Such fronting fee shall be computed on a quarterly basis in arrears. Such fronting fee shall be due and payable on the tenth 20th day (or, if such day is not a Business Day after Day, the end next Business Day) of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Commitment Termination Maturity Date, on the date that is twelve months after the Commitment Termination Maturity Date and thereafter on demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. In addition, the each Borrower shall pay directly to the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable, for its own account the customary issuance, presentation, amendment and other processing fees, and other standard and reasonable costs and charges, of the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable, relating to each Letter of Credit as from time to time in effect. Such customary fees In respect of any period that, pursuant to Section 2.03(a)(vi) or Section 2.14, Bank of America acts as a Limited Fronting Lender or as a Confirming Bank for any Lender that becomes an Affected Lender or a Non-NAIC Approved Bank, as applicable, the Letter of Credit Fee payable to such Lender shall be reduced by 0.375% per annum (or such lesser percentage as Bank of America may agree) and standard costs and charges are due and payable on demand and are nonrefundableBank of America shall receive the amount of such reduction from each Borrower for its own account as a fronting fee or confirmation fee, as applicable. In the event that, pursuant to Section 2.01(a)(vi2.03(a)(vi) or Section 2.172.14, any other Lender agrees to act as a Limited Fronting Lender or Confirming Bank for any Lender that becomes an Affected Lender or a Non-NAIC Approved Bank, as applicable, the Letter of Credit Fee payable to such other Lender that becomes an Affected Lender or a Non-NAIC Approved Bank shall be reduced by 0.25% per annum (or such lesser percentage as the Lender acting as a Limited Fronting Lender or as a Confirming Bank may agree) and the Lender acting as a Limited Fronting Lender or as a Confirming Bank shall receive the amount of such reduction from the Borrower for its own account as a fronting fee or confirmation fee, as applicable, and such other compensation therefor as such Affected Lender or Non-NAIC Approved Bank or the Borrower and such other Lender may agree.

Appears in 1 contract

Samples: Credit Agreement (Metlife Inc)

Fronting Fee and Documentary and Processing Charges. The Borrower Company shall pay directly to each applicable Fronting L/C Issuer Issuing Lender for its own account a fronting fee with respect to each Fronted Letter of Credit issued by such Fronting L/C IssuerCredit, at the rate per annum as shall be separately agreed between by the Borrower Company and each such Fronting L/C IssuerIssuing Lender), computed on the average daily amount available to be drawn under such Fronted Letter of Credit. Such fronting fee shall be computed Credit on a quarterly basis in arrears. Such fronting fee shall be due and payable on the tenth fifth Business Day after the end of each March, June, September and DecemberDecember in respect of the most recently-ended quarterly period (or portion thereof, in the case of the first payment), commencing with the first such date to occur after the issuance of such Fronted Letter of Credit, on the Commitment Termination Applicable Maturity Date, on the date that is twelve months of expiry of any Extended Letter of Credit occurring after the Commitment Termination Applicable Maturity Date and thereafter on demand. For the avoidance of doubt, the fronting fee shall accrue, and be due and payable, on any Extended Letter of Credit notwithstanding its expiry being after the Applicable Maturity Date. For purposes of computing the daily amount available to be drawn under any Fronted Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.061.09. In addition, the Borrower Borrowers shall pay directly to the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable, Applicable Issuing Party for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable, such Applicable Issuing Party relating to each Letter letters of Credit credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable. In the event that, pursuant to Section 2.01(a)(vi) or Section 2.17, any other Lender agrees to act as a Limited Fronting Lender or Confirming Bank for any Lender that becomes an Affected Lender or a Non-NAIC Approved Bank, as applicable, the Letter of Credit Fee payable to such Lender that becomes an Affected Lender or a Non-NAIC Approved Bank shall be reduced by 0.25% per annum (or such lesser percentage as the Lender acting as a Limited Fronting Lender or as a Confirming Bank may agree) and the Lender acting as a Limited Fronting Lender or as a Confirming Bank shall receive the amount of such reduction from the Borrower for its own account as a fronting fee or confirmation fee, as applicable, and such other compensation therefor as such Affected Lender or Non-NAIC Approved Bank or the Borrower and such other Lender may agree.

Appears in 1 contract

Samples: Credit Agreement (Willis Towers Watson PLC)

Fronting Fee and Documentary and Processing Charges. The Borrower shall pay directly to each applicable the Fronting L/C Issuer for its own account a fronting fee with respect to each Fronted Letter of Credit issued by such Fronting L/C IssuerCredit, at the rate per annum separately agreed between specified in the Borrower and each such Fronting L/C IssuerBank of America Agency Fee Letter, computed on the daily amount available to be drawn under such Letter of Credit. Such fronting fee shall be computed on a quarterly basis in arrears. Such fronting fee shall be due and payable on the tenth Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Commitment Termination Date, on the date that is twelve months after the Commitment Termination Date and thereafter on demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. In addition, the Borrower shall pay directly to the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable, for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable, relating to each Letter of Credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable. In respect of any period that, pursuant to Section 2.01(a)(vi) or Section 2.17, Bank of America acts as a Limited Fronting Lender or as a Confirming Bank for any Lender that becomes an Affected Lender or a Non-NAIC Approved Bank, as applicable, the Letter of Credit Fee payable to such Lender shall be reduced by 0.25% per annum (or such lesser percentage as Bank of America may agree) and Bank of America shall receive the amount of such reduction from each Borrower for its own account as a fronting fee or confirmation fee, as applicable. In the event that, pursuant to Section 2.01(a)(vi) or Section 2.17, any other Lender agrees to act as a Limited Fronting Lender or Confirming Bank for any Lender that becomes an Affected Lender or a Non-NAIC Approved Bank, as applicable, the Letter of Credit Fee payable to such other Lender that becomes an Affected Lender or a Non-NAIC Approved Bank shall be reduced by 0.25% per annum (or such lesser percentage as the Lender acting as a Limited Fronting Lender or as a Confirming Bank may agree) and the Lender acting as a Limited Fronting Lender or as a Confirming Bank shall receive the amount of such reduction from the Borrower for its own account as a fronting fee or confirmation fee, as applicable, and such other compensation therefor as such Affected Lender or Non-NAIC Approved Bank or the Borrower and such other Lender may agree.

Appears in 1 contract

Samples: Revolving Credit Agreement (ING U.S., Inc.)

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