Procedure for Obtaining Letters of Credit. The amount and date of issuance, renewal, extension or reissuance of a Letter of Credit pursuant to the Commitments shall be designated by the Company's written request delivered to Agent at least three (3) Business Days prior to the date of such issuance, renewal, extension or reissuance. Concurrently with or promptly following the delivery of the request for a Letter of Credit, the Company shall execute and deliver to the Agent an application and agreement with respect to the Letters of Credit, said application and agreement to be in the form used by the Agent. The Agent shall not be obligated to issue, renew, extend or reissue such Letters of Credit if (A) the amount thereof when added to the face amount of the outstanding Letters of Credit plus any Reimbursement Obligations exceeds Twenty Million Dollars ($20,000,000.00) or (B) the amount thereof when added to the Total Outstandings would exceed the Commitment. Borrowers agree to pay the Agent for the benefit of the Lenders commissions for issuing the Letters of Credit (calculated separately for each Letter of Credit) in an amount equal to the Applicable Margin then in effect for LIBOR Loans multiplied by the maximum face amount of the Letter of Credit; provided, however, at any time while an Event of Default has occurred and is continuing, the commission on the outstanding Letters of Credit shall be two percent (2%) per annum in excess of the commission otherwise payable under this Agreement on each such Letter of Credit. Borrowers further agree to pay Agent for its own account an additional fronting fee equal to one-eighth of one percent (.125%) per annum multiplied times the maximum face amount of each Letter of Credit. Such commissions shall be payable prior to the issuance of each Letter of Credit and thereafter on each anniversary date of such issuance while such Letter of Credit is outstanding. Such commissions and fronting fee will be calculated based on the basis of a year consisting of 360 days.
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Procedure for Obtaining Letters of Credit. The amount and date of issuance, renewal, extension or reissuance re-issuance of a Letter of Credit pursuant to the Commitments Section 2.4 shall be designated by the Company's Borrower’s written request delivered to Agent Lender at least three (3) Business Days prior to the date of such issuance, renewal, extension or reissuancere-issuance. Concurrently with or promptly following the delivery of the request for a Letter of Credit, the Company Borrower shall execute and deliver to the Agent Lender an application and agreement with respect to the Letters Letter of Credit, said application and agreement to be in the form customarily used by the AgentLender. The Agent terms of this Agreement shall control in case of any conflict between the terms of this Agreement and Lender’s form of application and agreement with respect to Letters of Credit. Lender shall not be obligated to issue, renew, extend or reissue such Letters of Credit if (Ai) Lender does not approve the requested form of the Letter of Credit or any of the terms thereof, such approval not to be unreasonably withheld; (ii) the amount thereon when added to the amount of the outstanding Letters of Credit exceeds Two Million and No/100 Dollars ($2,000,000.00); or (iii) the amount thereof when added to the face amount of total outstanding Loans under the outstanding Letters of Credit plus any Reimbursement Obligations exceeds Twenty Million Dollars ($20,000,000.00) or (B) the amount thereof when added to the Total Outstandings Loan Commitment would exceed the CommitmentBorrowing Base Amount then in effect. Borrowers agree Borrower agrees to pay the Agent Lender a fee for the benefit of the Lenders commissions for issuing the Letters of Credit (calculated separately for each Letter of Credit) in an amount equal to the Applicable Margin then in effect for LIBOR Loans multiplied by the maximum face amount of the Letter of Credit; provided, however, at any time while an Event of Default has occurred and is continuing, the commission on the outstanding Letters of Credit shall be two percent (2%) per annum in excess of the commission otherwise payable under this Agreement on each such Letter of Credit. Borrowers further agree to pay Agent for its own account an additional fronting fee equal to one-eighth of one percent (.125%) per annum multiplied times the maximum face amount of each Letter of Credit. Such commissions shall be payable prior to the issuance of each Letter of Credit, which fee shall be due and payable by Borrower to Lender upon issuance of each Letter of Credit by Lender and thereafter on each anniversary date of such issuance while such Letter of Credit is outstanding. Such commissions and fronting The said fee will shall be a per annum fee in an amount equal to the applicable LIBOR Margin at the time times the face amount of the Letter of Credit for such period (calculated based on the basis separately for each Letter of a year consisting of 360 daysCredit).
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Procedure for Obtaining Letters of Credit. The amount and date of issuance, renewal, extension or reissuance of a Letter of Credit pursuant to the Commitments Section 2.3.2. shall be designated by the CompanyBorrower's written request delivered to Agent the Lender at least three (3) Business Days prior to the date of such issuance, renewal, extension or reissuance. Concurrently with or promptly following the delivery of the request for a Letter of Credit, the Company Borrower shall execute and deliver to the Agent Lender an application and agreement with respect to the Letters Letter of Credit, said application and agreement to be in the form customarily used by the AgentLender. The Agent terms of this Agreement shall control in case of any conflict between the terms of this Agreement and the Lender's form of application and agreement with respect to Letters of Credit. The Lender shall not be obligated to issue, renew, extend or reissue such Letters of Credit if (Ai) the Lender does not approve the requested form of the Letter of Credit or any of the terms thereof, such approval not to be unreasonably withheld, (ii) the amount thereon when added to the amount of the outstanding Letters of Credit exceeds $5,000,000.00, or (iii) the amount thereof when added to the face amount of the total outstanding Letters of Credit plus any Reimbursement Obligations exceeds Twenty Million Dollars ($20,000,000.00) or (B) the amount thereof when added to the Total Outstandings Advances under Facility A would exceed the CommitmentFacility A Borrowing Base Amount then in effect. Borrowers agree Borrower agrees to pay the Agent Lender a fee for the benefit of the Lenders commissions for issuing the Letters of Credit (calculated separately for each Letter of Credit) in an amount equal to the Applicable Margin then in effect for LIBOR Loans multiplied by the maximum face amount of the Letter of Credit; provided, however, at any time while an Event of Default has occurred and is continuing, the commission on the outstanding Letters of Credit shall be two percent (2%) per annum in excess of the commission otherwise payable under this Agreement on each such Letter of Credit. Borrowers further agree to pay Agent for its own account an additional fronting fee equal to one-eighth of one percent (.125%) per annum multiplied times the maximum face amount of each Letter of Credit. Such commissions shall be payable prior to the issuance of each Letter of Credit, which fee shall be due and payable by the Borrower to the Lender upon issuance of each Letter of Credit by the Lender and thereafter on each anniversary date of such issuance while such Letter of Credit is outstanding. Such commissions and fronting The said fee will shall be a per annum fee in the amount equal to the applicable Eurodollar Margin times the face amount of the Letter of Credit for such period (calculated based on the basis separately for each Letter of a year consisting of 360 daysCredit).
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Procedure for Obtaining Letters of Credit. The amount and date of issuance, renewal, extension or reissuance of a Letter of Credit pursuant to the Commitments Section 2.2.2. shall be designated by the Company's Borrower’s written request delivered to the Agent at least three (3) Business Days prior to the date of such issuance, renewal, extension or reissuance. Concurrently with or promptly following the delivery of the request for a Letter of Credit, the Company Borrower shall execute and deliver to the Agent an application and agreement with respect to the Letters Letter of Credit, said application and agreement to be in the form customarily used by the Agent. The terms of this Agreement shall control in case of any conflict between the terms of this Agreement and the Agent’s form of application and agreement with respect to Letters of Credit. The Agent shall not be obligated to issue, renew, extend or reissue such Letters of Credit if (Ai) the Agent does not approve the requested form of the Letter of Credit or any of the terms thereof, such approval not to be unreasonably withheld, (ii) the amount thereon when added to the amount of the outstanding Letters of Credit exceeds $15,000,000.00, or (iii) the amount thereof when added to the face amount of total outstanding Revolving Loans under the outstanding Letters Line of Credit plus any Reimbursement Obligations exceeds Twenty Million Dollars ($20,000,000.00) or (B) the amount thereof when added to the Total Outstandings would exceed the Line of Credit Loan Commitment. Borrowers agree Borrower agrees to pay the Agent Agent, for the benefit of Lenders, a fee for the Lenders commissions for issuing the Letters of Credit (calculated separately for each Letter of Credit) in an amount equal to the Applicable Margin then in effect for LIBOR Loans multiplied by the maximum face amount of the Letter of Credit; provided, however, at any time while an Event of Default has occurred and is continuing, the commission on the outstanding Letters of Credit shall be two percent (2%) per annum in excess of the commission otherwise payable under this Agreement on each such Letter of Credit. Borrowers further agree to pay Agent for its own account an additional fronting fee equal to one-eighth of one percent (.125%) per annum multiplied times the maximum face amount issuance of each Letter of Credit. Such commissions This fee shall be due and payable prior by the Borrower to the Agent upfront, upon the issuance of each Letter of Credit by the Agent and thereafter on each anniversary date of such issuance while such Letter of Credit is outstanding. Such commissions and fronting The said fee will shall be in the amount equal to the applicable LIBOR Margin, times the face amount of the Letter of Credit for such period (calculated based on separately for each Letter of Credit). In addition, the basis Borrower agrees to pay the Agent, for the sole benefit of Agent, its standard up-front fee for issuance of a year consisting letter of 360 days.credit and the other customary administrative charges, which fee and charges shall be due and payable upfront upon the issuance of each Letter of Credit by the Agent and a renewal fee on each anniversary date of such issuance while such Letter of Credit is outstanding
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Samples: Credit Agreement (LHC Group, Inc)
Procedure for Obtaining Letters of Credit. The amount and date of issuance, renewal, extension or reissuance of a Letter of Credit pursuant to the Commitments Lender's commitment above in Section 2.3.2. shall be designated by the Companyrequesting Borrower's written request delivered to Administrative Agent at least three (3) Business Days prior to the date of such issuance, renewal, extension or reissuance. Concurrently with or promptly following the delivery of the request for a Letter of Credit, the Company Borrower shall execute and deliver to the Administrative Agent an application and agreement with respect to the Letters Letter of Credit, said application and agreement to be in the form customarily used by the Administrative Agent. The Administrative Agent shall promptly thereafter deliver to the Lenders a copy of the Borrower's request, a copy of the Letter of Credit application, and a copy of the Letter of Credit issued in connection therewith as such are amended from time to time. The Administrative Agent shall not be obligated to issue, renew, extend or reissue such Letters of Credit if (Ai) the Administrative Agent does not approve the requested form of the Letter of Credit or any of the terms thereof in its sole discretion, (ii) the amount thereon when added to the amount of the outstanding Letters of Credit exceeds $10,000,000.00, or (iii) the amount thereof when added to the face amount total outstanding Advances under the Revolving Line of Credit would exceed the Borrowing Base Amount then in effect. As of the date hereof, there are outstanding Letters of Credit plus in the total amount of $2,600,000.00. Once issued, the Administrative Agent shall have the authority to renew and extend from time to time the expiry date of any Reimbursement Obligations exceeds Twenty Million Dollars ($20,000,000.00) Letter of Credit, in accordance with the provisions of this Agreement, without the requirement of the joinder of any of the Lenders, except that the Administrative Agent shall not renew or (B) extend the amount thereof when added to expiry date beyond the Total Outstandings would exceed the CommitmentTermination Date. Borrowers agree Borrower agrees to pay the Administrative Agent a fee for the benefit of the Lenders commissions for issuing the Letters of Credit (calculated separately for each Letter of Credit) in an amount equal to the Applicable Margin then in effect for LIBOR Loans multiplied by the maximum face amount of the Letter of Credit; provided, however, at any time while an Event of Default has occurred and is continuing, the commission on the outstanding Letters of Credit shall be two percent (2%) per annum in excess of the commission otherwise payable under this Agreement on each such Letter of Credit. Borrowers further agree to pay Agent for its own account an additional fronting fee equal to one-eighth of one percent (.125%) per annum multiplied times the maximum face amount of each Letter of Credit. Such commissions shall be payable prior to the issuance of each Letter of Credit, which fee shall be due and payable by the Borrower to the Administrative Agent upon issuance of each Letter of Credit by the Administrative Agent and thereafter on each anniversary date of such issuance while such Letter of Credit is outstanding. Such The said fee shall be a per annum fee in the amount equal to 2.00% of the face amount of the Letter of Credit (calculated separately for each Letter of Credit). One-half percent (.50%) of the said fee shall be retained by the Administrative Agent as an issuance fee. The remainder of the said fee shall be divided Pro Rata among the Lenders (including Hibernia). The Administrative Agent shall deliver to the Lenders their Pro Rata share of such fee upon receipt of the same from Borrower. Letters of Credit outstanding prior to the date of this Agreement shall continue to accrue fees and commissions at the rate or rates contracted for upon their issuance until such time as such Letters of Credit expire and fronting fee will be calculated based on are renewed or reissued pursuant to the basis provisions of a year consisting of 360 daysthis Agreement.
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Procedure for Obtaining Letters of Credit. The amount and date of issuance, renewal, extension or reissuance of a Letter of Credit pursuant to the Commitments Section 2.3.2. shall be designated by the CompanyBorrower's written request delivered to Agent the Lender at least three (3) Business Days prior to the date of such issuance, renewal, extension or reissuance. Concurrently with or promptly following the delivery of the request for a Letter of Credit, the Company Borrower shall execute and deliver to the Agent Lender an application and agreement with respect to the Letters Letter of Credit, said application and agreement to be in the form customarily used by the AgentLender. The Agent terms of this Agreement shall control in case of any conflict between the terms of this Agreement and the Lender's form of application and agreement with respect to Letters of Credit. The Lender shall not be obligated to issue, renew, extend or reissue such Letters of Credit if (Ai) the Lender does not approve the requested form of the Letter of Credit or any of the terms thereof, such approval not to be unreasonably withheld, (ii) the amount thereon when added to the amount of the outstanding Letters of Credit exceeds $5,000,000.00, or (iii) the amount thereof when added to the face amount of total outstanding Advances under the outstanding Letters Revolving Line of Credit plus any Reimbursement Obligations exceeds Twenty Million Dollars ($20,000,000.00) or (B) the amount thereof when added to the Total Outstandings would exceed the CommitmentBorrowing Base Amount then in effect. Borrowers agree Borrower agrees to pay the Agent Lender a fee for the benefit of the Lenders commissions for issuing the Letters of Credit (calculated separately for each Letter of Credit) in an amount equal to the Applicable Margin then in effect for LIBOR Loans multiplied by the maximum face amount of the Letter of Credit; provided, however, at any time while an Event of Default has occurred and is continuing, the commission on the outstanding Letters of Credit shall be two percent (2%) per annum in excess of the commission otherwise payable under this Agreement on each such Letter of Credit. Borrowers further agree to pay Agent for its own account an additional fronting fee equal to one-eighth of one percent (.125%) per annum multiplied times the maximum face amount of each Letter of Credit. Such commissions shall be payable prior to the issuance of each Letter of Credit, which fee shall be due and payable by the Borrower to the Lender upon issuance of each Letter of Credit by the Lender and thereafter on each anniversary date of such issuance while such Letter of Credit is outstanding. Such commissions and fronting The said fee will shall be a per annum fee in the amount equal to the applicable Eurodollar Margin times the face amount of the Letter of Credit for such period (calculated based on the basis separately for each Letter of a year consisting of 360 daysCredit).
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