Letter of Credit Fee Margin definition

Letter of Credit Fee Margin means, as of the date of determination, a percentage equal to the then-Applicable Margin for LIBOR Advances in effect on such date of determination.
Sample 1Sample 2
Letter of Credit Fee Margin means, as of the date of determination, a percentage equal to the applicable Eurodollar Rate Margin in effect on such date of determination.
Sample 1Sample 2
Letter of Credit Fee Margin has the meaning set forth in the definition of Applicable Margin. “Letter of Credit Indemnified Costs” has the meaning specified therefor in Section 2.11(f) of this Agreement. “Letter of Credit Related Person” has the meaning specified therefor in Section 2.11(f) of this Agreement. “Letter of Credit Sublimit” means $15,000,000. “Letter of Credit Usage” means, as of any date of determination, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit, plus (b) the aggregate amount of outstanding reimbursement obligations with respect to Letters of Credit which remain unreimbursed or which have not been paid through a Revolving Loan. “Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, charge, deposit arrangement, encumbrance, easement, lien (statutory or other), security interest, or other security arrangement and any other preference, priority, or preferential arrangement of any kind or nature whatsoever, including any conditional sale contract or other title retention agreement, the interest of a lessor under a Capital Lease and any synthetic or other financing lease having substantially the same economic effect as any of the foregoing. “Line Cap” means, as of any date of determination, the lesser of (a) the Maximum Revolver Amount, and (b) the Borrowing Base as of such date of determination. “Liquidity” means, as of any date of determination, an amount equal to the sum of (a) Availability plus (b) the Qualified Cash Amount. “Loan” means any Revolving Loan, Swing Loan or Extraordinary Advance made (or to be made) hereunder.
Sample 1

Examples of Letter of Credit Fee Margin in a sentence

  • Borrowers shall pay Agent (for the ratable benefit of the Revolving Lenders), a Letter of Credit fee (the “Letter of Credit Fee”) (which fee shall be in addition to the fronting fees and commissions, other fees, charges and expenses set forth in Section 2.11(k)) that shall accrue at a per annum rate equal to the Letter of Credit Fee Margin times the average amount of the Letter of Credit Usage during the immediately preceding month.

  • Tier Debt Ratings Applicable Letter of Credit Fee Margin I At least A/A2 0.90% II Less than A/A2;At least A-/A3 1.10% III Less than A-/A3; At least BBB+/Baa1 1.30% IV Less than BBB+/Baa1;At least BBB/Baa2 1.50% V Less than BBB/Baa2 1.70% “Marina” is defined in the recitals hereto.


More Definitions of Letter of Credit Fee Margin

Letter of Credit Fee Margin has the meaning set forth in the definition of Applicable Margin. “Letter of Credit Indemnified Costs” has the meaning specified therefor in Section 2.11(f) of this Agreement. “Letter of Credit Related Person” has the meaning specified therefor in Section 2.11(f) of this Agreement. “Letter of Credit Sublimit” means $15,000,000. “Letter of Credit Usage” means, as of any date of determination, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit, plus (b) the aggregate amount of outstanding reimbursement obligations with respect to Letters of Credit which remain unreimbursed or which have not been paid through a Revolving Loan. “Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, charge, deposit arrangement, encumbrance, easement, lien (statutory or other), security interest, or other security arrangement and any other preference, priority, or preferential arrangement of any kind or nature whatsoever, including any conditional sale contract or other title retention agreement, the interest of a lessor
Sample 1
Letter of Credit Fee Margin means, through and including December 1, 2013, and until the first adjustment occurs as specified below, one and one half of one percent (1.50%). After December 1, 2013, the Letter of Credit Fee Margin shall be adjusted each fiscal quarter of Borrower on the basis of the ratio of Total Liabilities to Tangible Net Worth of Borrower, in each case, measured on a consolidated basis, as of the last day of the previous fiscal quarter, as determined by Bank, in accordance with the following table: {Z0022852/25 } 3 Total Liabilities to Tangible Net Worth Letter of Credit Fee Margin < 0.25:1.00 1.30% >0.25:1.00 1.50% Any reductions or increases in the Letter of Credit Fee Margin will be made following receipt of Borrower’s financial statements, together with the related Compliance Certificate, as required under Section 4.3. Each Letter of Credit Fee Margin change shall become effective on the first day of the month following the date on which such financial statements are due under Section 4.3, as Bank in its sole discretion deems appropriate. Notwithstanding the foregoing, (A) if Borrower fails to deliver any financial statements, together with the related Compliance Certificate, in a timely manner as required under the Credit Agreement, Bank may increase any Letter of Credit Fee Margin to the highest Letter of Credit Fee Margin set forth above, in addition to imposing the default interest rate applicable under the terms of the Line of Credit Note, and (B) no reduction in any Letter of Credit Fee Margin will be made if an Event of Default has occurred and is continuing at the time that such reduction would otherwise be made. If amended or restated financial statements would change previously calculated Letter of Credit Fee Margin, or if Bank determines in its reasonable discretion that any financial statements have materially misstated Borrower’s financial condition, then Bank may, using the most accurate information available to it, recalculate the financial test or tests governing the Letter of Credit Fee Margin and retroactively reduce or increase the Letter of Credit Fee Margin from the date of receipt of such amended or restated financial statements and charge Borrower additional fees, which may be imposed from the beginning of the appropriate fiscal quarter to which the restated statements or recalculated financial tests relate or to the beginning of the fiscal quarter in which any Event of Default has occurred, as Bank in its sole discretion deems appropria...
Sample 1
Letter of Credit Fee Margin has the meaning specified therefor in Section 1.2(e).
Sample 1
Letter of Credit Fee Margin has the meaning set forth in the definition of Applicable Margin. “Letter of Credit Indemnified Costs” has the meaning specified therefor in Section 2.11(f) of this Agreement. “Letter of Credit Related Person” has the meaning specified therefor in Section 2.11(f) of this Agreement. “Letter of Credit Sublimit” means $15,000,000. “Letter of Credit Usage” means, as of any date of determination, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit, plus (b) the aggregate amount of outstanding reimbursement obligations with respect to Letters of Credit which remain unreimbursed or which have not been paid through a Revolving Loan. “LIBOR Deadline” has the meaning specified therefor in Section 2.12(b)(i) of this Agreement. “LIBOR Notice” means a written notice in the form of Exhibit L-1 to this Agreement. “LIBOR Option” has the meaning specified therefor in Section 2.12(a) of this Agreement. “LIBOR Rate” means the rate per annum as published by ICE Benchmark Administration Limited (or any successor page or other commercially available source as the Agent may designate from time to time) as of 11:00 a.m., London time, two Business Days prior to the commencement of the requested Interest Period, for a term, and in an amount, comparable to the Interest Period and the amount of the LIBOR Rate Loan requested (whether as an initial LIBOR Rate Loan or as a continuation of a LIBOR Rate Loan or as a conversion of a Base Rate Loan to a LIBOR Rate Loan) by Borrowers in accordance with this Agreement (and, if any such published rate is below zero, then the LIBOR Rate shall be deemed to be zero). Each determination of the LIBOR Rate shall be made by the Agent and shall be conclusive in the absence of manifest error. “LIBOR Rate Loan” means each portion of a Revolving Loan or the Term Loan that bears interest at a rate determined by reference to the LIBOR Rate. “LIBOR Rate Margin” means the Revolving Loan LIBOR Rate Margin or the Term Loan LIBOR Rate Margin, as applicable. “Lien” means any mortgage, deed of trust, pledge, hypothecation, assignment, charge, deposit arrangement, encumbrance, easement, lien (statutory or other), security interest, or other security arrangement and any other preference, priority, or preferential arrangement of any kind or nature whatsoever, including any conditional sale contract or other title retention agreement, the interest of a lessor under a Capital Lease and any synthetic or other financing lease having substant...
Sample 1

Related to Letter of Credit Fee Margin

  • Letter of Credit Fee Rate means, at any time, the percentage rate per annum applicable to Letter of Credit Fees at such time as set forth in the Pricing Schedule.

  • Letter of Credit Fee has the meaning specified in Section 2.03(h).

  • Letter of Credit Fees shall have the meaning set forth in Section 3.2.

  • Facility Fee Rate means a rate per annum determined in accordance with the Pricing Schedule.

  • Commitment Fee Rate has the meaning set forth in the definition of “Applicable Margin”.

  • Applicable Commitment Fee Rate means:

  • Applicable Facility Fee Rate means, at any time, the percentage rate per annum at which Facility Fees are accruing on the Aggregate Commitment (without regard to usage) at such time as set forth in the Pricing Schedule.

  • Unused Commitment Fee Rate has the meaning given to such term in the Fee Letter.

  • Applicable Margin means, with respect to Advances of any Type at any time, the percentage rate per annum which is applicable at such time with respect to Advances of such Type as set forth in the Pricing Schedule.

  • LIBOR Rate Margin has the meaning set forth in the definition of Applicable Margin.

  • Applicable Commitment Fee Percentage means, as at any date of determination, the rate per annum then applicable in the determination of the amount payable under Section 2.14(C)(i) hereof determined in accordance with the provisions of Section 2.14(D)(ii) hereof.