Applicable LOC Fee definition
Examples of Applicable LOC Fee in a sentence
The Applicable LIBOR Rate Margin and the Applicable Prime Rate Margin and the Applicable LOC Fee will be subject to adjustment in accordance with the table set forth in this Section 3.2.5 based on Borrower’s Excess Availability for the calendar quarter then ended so long as no Event of Default is existing as of the applicable Determination Date or as of the effective date of adjustment.
Borrower will pay to Bank, with respect to each Letter of Credit, a per annum fee (“LOC Fee”) equal to the then Applicable LOC Fee on the amount available to be drawn under each Letter of Credit from, and including, the issuance date of the Letter of Credit to and including the expiry date thereof (or, if earlier, the date on which the Letter of Credit is returned to Bank and is canceled).
The Company covenants and agrees to pay to the Bank, on the date each Letter of Credit is issued, and on each anniversary of the issue date for as long as the Letter of Credit is outstanding, a commission equal to the "Applicable LOC Fee Percentage" (as hereinafter defined) times the maximum amount available to be drawn under the Letter of Credit as of the date such commission is due.
Borrower will pay to Bank, with respect to each Letter of Credit, a fee (“LOC Fee”) equal to the Applicable LOC Fee on the amount available to be drawn under each Letter of Credit from, and including, the issuance date of the Letter of Credit to and including the expiry date thereof (or, if earlier, the date on which the Letter of Credit is returned to Bank and is canceled).
Borrowers will pay to Bank, with respect to each Letter of Credit, a per annum fee (“LOC Fee”) equal to the then Applicable LOC Fee on the amount available to be drawn under each Letter of Credit from, and including, the issuance date of the Letter of Credit to and including the expiry date thereof (or, if earlier, the date on which the Letter of Credit is returned to Bank and is canceled).
On Lender's receipt of the financial statements and Compliance Certificate required to be delivered to Lender pursuant to Sections 4.3(b) and 4.3(d) of this Agreement for the Fiscal Year then ended, the LOC Fee will be subject to adjustment in accordance with the table set forth in the definition of "Applicable LOC Fee Percentage" based on the Fixed Charge Coverage Ratio for such Fiscal Year then ended so long as no Event of Default is existing as of the applicable effective date of adjustment.
The Applicable LIBOR Rate Margin and the Applicable Prime Rate Margin and the Applicable LOC Fee will be subject to adjustment in accordance with the table set forth in this Section 3.2.5 based on the Borrowing Base Availability for the calendar quarter then ended so long as no Event of Default is existing as of the applicable Determination Date or as of the effective date of adjustment.
The Company covenants and agrees to pay to Bank One, on the date each Letter of Credit is issued, and on each anniversary of the issue date for as long as the Letter of Credit is outstanding, a commission (a "L/C Commission") equal to the Applicable LOC Fee Percentage then in effect (determined as of immediately after issuance of such Letter of Credit).