LOC Commission definition

LOC Commission means an amount equal to the product of (x) the aggregate of the undrawn face amounts of all Letters of Credit issued hereunder and (y) two hundred twenty-five (225) basis points per annum.
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LOC Commission. Period shall mean, in respect of a Letter of Commitment: (i) at the time of issue of the Letter of Commitment, the period commencing from the date of issue of that Letter of Commitment and ending on (and excluding) the next following LOC Commission Payment Date; and (ii) subsequently, the period commencing on one LOC Commission Payment Date and ending on (and excluding) the following LOC Commission Payment Date or the date when the Letter of Commitment is drawn down completely or the date of the expiry of such Letter of Commitment, whichever is earlier. LOC Facility shall have the meaning given to it in Section 3.1.1.
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LOC Commission. Rate shall mean the rate to be mutually agreed between the Borrower and each Lender issuing or participating in a Letter of Commitment.
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Examples of LOC Commission in a sentence

  • The LOC Commission Rate in respect of the Uncollateralized Portion of the LOCs shall be determined in accordance with the pricing grid above.

  • The rates with respect to the LOC Commission Rate and the Commitment Fee Rate will be determined according to the following grid based upon ACE’s Public Debt Rating; provided that if ACE does not have a Public Debt Rating, the rates listed in Level V will apply.

  • If ACE has provided Collateral, then the LOC Commission Rate in respect of the Collateralized Portion of the LOCs will be reduced to (a) 0.40% of the Cash Collateralized Portion of the LOCs; and (b) 0.50% of the Non-Cash Collateralized Portion of the LOCs; provided that such rates will increase to 0.60% and 0.70%,respectively, during the existence of an Event of Default.

  • If ACE has provided Collateral, then the LOC Commission Rate in respect of the Collateralized Portion of the LOCs will be reduced to (a) 0.40% of the Cash Collateralized Portion of the LOCs; and (b) 0.50% of the Non-Cash Collateralized Portion of the LOCs; provided that such rates will increase to 0.60% and 0.70%, respectively, during the existence of an Event of Default.

  • The Borrowers shall pay a penalty on (i) any interest payment due under the Note, (ii) any LOC Commission and (iii) any LOC Fee which is not received by the Bank within five (5) days after the date when the same is due, in an amount equal to five percent (5%) of the amount of such overdue payment.

  • The rates with respect to the LOC Commission Rate and the Commitment Fee Rate will be determined according to the following grid based upon ACE’s Public Debt Rating; provided that if ACE does not have a Public Debt Rating, the rates listed in Level II will apply.

  • Level S&P/▇▇▇▇▇’▇ Rating Commitment Fee Rate* LOC Commission Rate* * Percentage per annum.

  • The Borrower shall pay to each Rupee Lender, who has issued any Letter of Commitment, commission at the LOC Commission Rate on the proportionate value of the undrawn face value of the Letter(s) of Commitment (the “LOC Commission”) calculated as per its respective Participating Interest, for each LOC Commission Period, on the LOC Commission Payment Dates.

  • For the avoidance of doubt, if any Issuing Lender has issued individual Letters of Commitment under Section 12.1A, the Borrower shall pay to such Issuing Lender, LOC Commission for each LOC Commission Period at the LOC Commission Rate on the undrawn face value of all such individual Letter(s) of Commitment issued.