LOC Fee definition

LOC Fee has the meaning given in Section 3.7.

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LOC Fee means, as to the Bank, a participation fee with respect to its participations in LOCs which shall accrue at the rate of twenty (20) basis points (0.20%) per annum on the Dollar Equivalent of the actual amount of the Bank’s Credit Exposure for each day during the period from and including the Closing Date through and including the later of the date on which the Bank’s Commitment terminates and the date on which the Bank ceases to have any Credit Exposure.

LOC Fee means, as to the Bank, a participation fee with respect to its participations in LOCs which shall accrue at the rate of twenty (20) basis points (0.20%) per annum for LOCs with a tenor of less than two years and (ii) twenty-five (25) basis points (0.25%) per annum for LOCs with a tenor of greater than or equal to two years, in each case on the Dollar Equivalent of the actual amount of the Bank’s Credit Exposure for each day during the period from and including the Closing Date through and including the later of the date on which the Bank’s Commitment terminates and the date on which the Bank ceases to have any Credit Exposure.

Examples of LOC Fee in a sentence

• The LOC Fee will be calculated on the basis of the actual number of days elapsed in a 360-day year.

• The LOC Fee is fully earned by Lender when paid and will be due and payable on the issuance of each Letter of Credit.

• If any Letter of Credit is cancelled for any reason before the stated expiry date thereof, any LOC Fee paid in advance will not be refunded and will be retained by Lender solely for its account.

• Such LOC Fee shall be paid by Borrower in advance of the effective date of the Letter of Credit and shall not be prorated if the Letter of Credit is returned prior to time period set forth in Section 13.04(d)(2) hereof.

• Notwithstanding anything to the contrary in this Section 3.5 or any Letter of Credit Document, if any Letter of Credit is cancelled for any reason before the stated expiry date thereof, any LOC Fee paid in advance will not be refunded and will be retained by Bank solely for its account.

More Definitions of LOC Fee

LOC Fee shall have the meaning set forth in Section 13.04(b).

LOC Fee means, with respect to the LOC, the fee payable pursuant to the LOC Reimbursement Agreement for each LOC Issuer in respect of its LOC.

LOC Fee shall have the meaning assigned to such term in Section 2.03(b) hereof;

LOC Fee means the Interest Margin. LOC Fronting Fee.

LOC Fee shall have the meaning ascribed in section 2.02 of this Agreement.

LOC Fee means, with respect to each Letter of Credit issued, five hundred dollars ($500).

LOC Fee means the letter of credit fee in the annual amount of up to $100,000, to be earned by and payable to ESI BH at the time and in the manner set forth in Section 10.3 hereof.