Applicable Letter of Credit Fee definition

Applicable Letter of Credit Fee. Rate shall mean the percentage rate per annum based on the Leverage Ratio then in effect according to the pricing grid on Schedule 1.1(A) below the heading “Letter of Credit Fee.” Applicable Margin shall mean, as applicable:

Applicable Letter of Credit Fee means the percentage rate per annum at the indicated level of Leverage Ratio then in effect as set forth in the pricing grid on Schedule 1.1(A) below the heading “Letter of Credit Fee”. The Applicable Letter of Credit Fee shall be computed in accordance with the parameters set forth on Schedule 1.1(A).

Applicable Letter of Credit Fee means the applicable per annum percentage set forth in the definition of “Applicable Rates”.

Examples of Applicable Letter of Credit Fee in a sentence

• Any increase or decrease in the Applicable Margin, the Applicable Revolving Unused Commitment Fee Rate or the Applicable Letter of Credit Fee Rate computed as of a quarter end shall be effective no later than five Business Days following the date on which the Compliance Certificate evidencing such computation is delivered under Section 6.1(c).

• The Borrower shall pay to the Administrative Agent for the ratable account of the Revolving Lenders a fee (the “Letter of Credit Fee”) equal to the Applicable Letter of Credit Fee Rate, which fee shall be computed on the daily average undrawn portion of the Letter of Credit Obligations and shall be payable quarterly in arrears on each Interest Payment Date and on the Maturity Date.

• Borrower shall pay to the Administrative Agent for the account of the Banks a letter of credit fee payable to the Banks in accordance with their Pro Rata Shares with respect to each Letter of Credit issued or renewed equal to the sum of (A) the Applicable Letter of Credit Fee times the daily maximum amount available to be drawn under such Letter of Credit (whether or not such maximum amount is then in effect under such Letter of Credit) minus (B) any amounts due and payable under clause (ii) below.

• The Borrowers shall pay in Dollars (i) to the Administrative Agent for the ratable account of the Lenders a fee (the “ Letter of Credit Fee ”) equal to the Applicable Letter of Credit Fee Rate on the daily amount available to be drawn under each Letter of Credit, and (ii) to the Issuing Lender for its own account a fronting fee equal to 0.125% per annum on the daily amount available to be drawn under each Letter of Credit.

• The Borrower shall pay in Dollars (i) to the Administrative Agent for the ratable account of the Lenders a fee (the "Letter of Credit Fee") equal to the Applicable Letter of Credit Fee Rate on the daily Dollar Equivalent amount available to be drawn under each Letter of Credit, and (ii) to each Issuing Lender for its own account a fronting fee which shall accrue at the rate or rates per annum separately agreed upon by the Borrower and such Issuing Lender.

More Definitions of Applicable Letter of Credit Fee

Applicable Letter of Credit Fee. Rate shall mean the Applicable Margin under the LIBO-Rate Option less 12.5 basis points. Applicable Margin shall mean, as applicable:

Applicable Letter of Credit Fee means as of any date, a percentage per annum determined by reference to the applicable Performance Level in effect on such date as set forth below: PERFORMANCE LEVEL XXXXX 0 XXXXX 0 XXXXX 0 XXXXX 0 XXXXX 5 LEVEL 6 Applicable Letter of Credit Fee .22500 % .28125 % .33750 % .45000 % .56250 % .67500 %

Applicable Letter of Credit Fee. Rate shall mean the following percentage rate per annum based upon Average Daily Revolving Credit Availability then in effect according to the pricing grid on Schedule 1.1(A): (a) with respect to Standby Letters of Credit, the percentage rate per annum applicable to Revolving Credit Loans to which the LIBOR Rate Option or the BA Rate Option, as applicable, applies, and (b) with respect to Commercial Letters of Credit, the percentage rate per annum equal to fifty percent (50%) of the percentage rate per annum applicable to Revolving Credit Loans to which the LIBOR Rate Option or the BA Rate Option, as applicable, applies. Applicable Margin shall mean, as applicable:

Applicable Letter of Credit Fee means, with respect to each Letter of Credit, a fee equal to the Applicable Margin for LIBOR Loans times the face amount of the Letter of Credit.

Applicable Letter of Credit Fee means the Initial Letter of Credit Fee or, as the case may be, the Adjusted Letter of Credit Fee.

Applicable Letter of Credit Fee. Rate shall mean the percentage rate per annum at the indicated level of Debt Rating in the pricing grid on Schedule 1.1(A) below the heading "LOC Fee." The Applicable Letter of Credit Fee Rate shall be computed in accordance with the parameters set forth on Schedule 1.1(A). Applicable Margin shall mean, as applicable: (A) the percentage spread to be added to Base Rate under the Revolving Credit Base Rate Option at the indicated level of Debt Rating in the pricing grid on Schedule 1.1(A) below the heading "Base Rate Margin," (B) the percentage spread to be added to LIBO-Rate under the Revolving Credit LIBO-Rate Option at the indicated level of Debt Rating in the pricing grid on Schedule 1.1(A) below the heading "Libor Margin". The Applicable Margin shall be computed in accordance with the parameters set forth on Schedule 1.1(A). Assignee Bank shall have the meaning assigned to such term in Section 2.10.2 (Approval by 80% Banks). Assignment and Assumption Agreement shall mean an Assignment and Assumption Agreement by and among a Purchasing Bank, a Transferor Bank and the Agent, as Agent and on behalf of the remaining Banks, substantially in the form of Exhibit 1.1(A). Authorized Officer shall mean those individuals, designated by written notice to the Agent from the Borrower, authorized to execute notices, reports and other documents on behalf of the Loan Parties required hereunder. The Borrower may amend such list of individuals from time to time by giving written notice of such amendment to the Agent. Banks shall mean the financial institutions named on Schedule 1.1(B) and their respective successors and assigns as permitted hereunder, each of which is referred to herein as a Bank. Base Rate shall mean the greater of (i)the interest rate per annum announced from time to time by the Agent at its Principal Office as its then prime rate, which rate may not be the lowest rate then being charged commercial borrowers by the Agent, or (ii)the Federal Funds Open Rate plus 1/2% per annum. Base Rate Option shall mean the Revolving Credit Base Rate Option. Benefit Arrangement shall mean at any time an "employee benefit plan," within the meaning of Section3(3) of ERISA, which is neither a Plan nor a Multiemployer Plan and which is maintained, sponsored or otherwise contributed to by the Borrower. Borrower shall mean X. Xxxxxxxxx Enterprises, Inc., a corporation organized and existing under the laws of the State of New Jersey and wholly-owned by Hovnanian. Borrowing Ba...

Applicable Letter of Credit Fee means the Applicable Floating Rate Margin and/or Applicable Fixed Rate Margin, with respect to Loans and the Applicable Facility Fee and/or Applicable Letter of Credit Fee, with respect to fees payable as the case may be. The Applicable Margins shall be determined, in accordance with the provisions of this Section 2.8(b), by reference to the following: ---------------------------------------------------------------------------------- Level I Level II Level III Level IV Level V ----------------------------------------------------------------------------------- ----------------------------------------------------------------------------------- Leverage Ratio >4.00 to <= 4.00 to <= 3.00 to <= 2.00 to < 1.00 to 1.00 1.00 and 1.00 and 1.00 and 1.00 > 3.00 to > 2.00 to > 1.00 to 1.00 1.00 1.00 --------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- Applicable Facility Fee 0.25% 0.20% 0.15% 0.125% 0.10% -------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------- Applicable Fixed Rate Margin 1.125% 0.925% 0.725% 0.50% 0.40% ------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------- Applicable Floating Rate Margin 0% 0% 0% 0% 0% ------------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------- Applicable Letter of Credit Fee 1.125% .925% .725% .50% .40% ------------------------------------------------------------------------------------------------------------------