Example ContractsClausesletter of credit applicationVariants
Remove:

Letter of Credit Fee. 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 LIBOR Rate Margin times the undrawn face amount of all issued and undrawn Letters of Credit.

Letter of Credit Fee. BorrowersBorrower shall pay Agent (for the ratable benefit of the Revolving Lenders), a Letter of Credit fee (the “Letter"Letter of Credit Fee”Fee") (which fee shall be in addition to the fronting feesfees, charges, commissions, and commissions, other fees, charges and expensescosts set forth in Section[Section 2.11(k)j)]) that shall accrue at a per annum rate equal to the LIBOR Rate Margin times the undrawn face amount of all issued and undrawnoutstanding Letters of Credit.

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

Letter of Credit Fee. Borrowers shall pay Agent (for the ratable benefit of the Revolving Lenders, subject to any agreements between Agent and individual Revolving Lenders), a Letter of Credit fee (the “Letter of Credit Fee”) (which fee shall be in(in addition to the fronting feescharges, commissions, fees, and commissions, other fees, charges and expensescosts set forth in Section 2.11(k)e)) thatwhich shall accrue at a per annum rate equal to the LIBOR Rate Margin1.75% per annum times the Daily Balance of the undrawn face amount of all issued and undrawnoutstanding Letters of Credit.

Letter of Credit Fee. The Borrowers shallagree to pay Agent (forto the ratable benefitAgent, for the account of the Revolving Lenders), aLenders, in accordance with their respective Pro Rata Shares, for each Letter of CreditCredit, a fee (the “LetterLetter of Credit Fee”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 LIBOR RateApplicable Margin timesper annum of the undrawn face amount of each Letter of Credit issued for the Borrowers’ account at the Borrowers’ request, plus all out-of-pocket costs, fees and expenses incurred by the Agent in connection with the application for, processing of, issuance of, or amendment to any Letter of Credit, which costs, fees and expenses shall include a “fronting fee” payable to such issuer. The Letter of Credit Fee shall be payable monthly in arrears on the 1st day of each month following any month in which a Letter of Credit was issued and/or in which a Letter of Credit remains outstanding and undrawn Letterson the Maturity Date. The Letter of Credit.Credit Fee shall be payable when a Letter of Credit is issued, renewed, extended, or amended, as appropriate for the period of time during which the Letter of Credit will be outstanding. The Letter of Credit Fee shall be computed on the basis of a 360-day year for the actual number of days elapsed. The Letter of Credit Fee shall be increased to the Default Rate in accordance with [Section 2.5(b)].

Letter of Credit Fee. BorrowersBorrower shall pay Agent (for the ratable benefit of the Revolving Lenders), subject to any agreements between Agent and individual ), a Letter of Credit fee (the “Letter of Credit Fee”) (which fee shall be in(in addition to the fronting feescharges, commissions, fees, and commissions, other fees, charges and expensescosts set forth in Section[Section 2.11(k)10(f)]) thatwhich shall accrue at a per annum rate equal to the LIBOR Rate Margin3.003.65% per annum times the Daily Balance of the undrawn face amount of all issued and undrawnoutstanding Letters of Credit.Credit (the “Letter of Credit Fee”). The Letter of Credit Fee shall be due and payable in arrears on each Interest Payment Date.

Letter of Credit Fee. BorrowersFees. Each Borrower shall pay Agent (forto the ratable benefitAdministrative Agent, for the account of the Revolving Lenders), aLenders ratably in accordance with their respective Pro Rata Shares, with respect to each Letter of CreditCredit, 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 LIBORLetter of Credit Fee Rate Margin timesin effect from time to time on the undrawn faceoutstanding daily maximum amount available to be drawn under such Letter of all issued and undrawnCredit (except as to documentary Letters of Credit.Credit, for which Letter of Credit Fees will be paid at a rate equal to 50% of the Letter of Credit Fee Rate), such fee to be payable in arrears on each Payment Date, on the Revolving Facility Termination Date and, after the Revolving Facility Termination Date (if applicable), on demand. The Company shall also pay to each Issuer for its own account # a fronting fee in the amount agreed to by such Issuer and the Company from time to time, with such fee to be payable in arrears on each Payment Date, and # documentary and processing charges in connection with the issuance or Modification of and draws under Letters of Credit in accordance with such Issuer’s standard schedule for such charges as in effect from time to time.

Letter of Credit Fee.Fees. In consideration of the issuance of Letters of Credit hereunder, the Borrowers shallagree to pay Agent (forto the ratableAdministrative Agent, for the pro rata benefit of the applicable Revolving Lenders)Loan Lenders (based on each [[Organization A:Organization]]’s Revolving Loan Commitment), a per annum fee (the “Letter of Credit Fees”) equal to the Applicable Percentage for Eurodollar Loans on the average daily maximum amount available to be drawn under each such Letter of Credit fee (the “Letterfrom the date of issuance to the date of expiration. The Letter of Credit Fee”) (which fee shallFees will be payable quarterly in addition toarrears after 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 toissuance of such Letter of Credit (as well as on the LIBOR Rate Margin times the undrawn face amount of all issued and undrawn Letters of Credit.Revolving Loan Maturity Date).

Letter of Credit Fee. BorrowersFees. Borrower shall pay to Administrative Agent (forfor the ratable benefitaccount of theeach Revolving Lenders),Credit Lender in accordance, subject to Section 12.22, with its Applicable Percentage, a Letter of Credit fee (the “LetterLetter of Credit Fee”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 ratefor each Letter of Credit equal to the LIBOR Ratethen-applicable Applicable Margin for Term SOFR Portions times the undrawn face amount of all issued and undrawn Letters of Credit.daily

Letter(a) The Borrower will pay a commission on all undrawn and unpaid Letters of Credit Fee. 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 LIBOR RateApplicable Margin timesthen in effect with respect to LIBORTerm Benchmark Loans under the Revolving Credit Facility, shared ratably among the Revolving Credit and payable quarterly in arrears on each L/C Fee Payment Date after the issuance date. In addition, the Borrower shall pay to the Issuing Lender for its own account a fronting fee of 0.125% per annum on the undrawn faceand unexpired amount of all issuedeach Letter of Credit, payable quarterly in arrears on each L/C Fee Payment Date after the issuance date. All such accrued and undrawn Letters of Credit.unpaid fees on the date on which the Revolving Credit Commitments terminate and any such fees accruing after the date on which the Revolving Credit Commitments terminate shall be payable on demand.

Load more...
Select clause to view document information.

Draft better contracts
faster with AllDrafts

AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.

And AllDrafts generates clean Word and PDF files from any draft.