Common use of Fronting Fee Clause in Contracts

Fronting Fee. In addition to the other fees set forth in this Section, the Borrowers shall pay to the Issuer, for its own account, a fronting fee, which shall accrue at the rate of 0.15% per annum on the average daily face amount of each outstanding Letter of Credit during the period from and including the issuance of each such Letter of Credit to but excluding the day on which each such Letter of Credit expires or is terminated, such fees to be payable monthly in arrears on the first day of each calendar month and on the Facility Termination Date.

Fronting Fee. In addition The Borrowers agree to the other fees set forth in this Section, the Borrowers shall pay to the Issuer, for its own account, a fronting fee, which shall accrue at fee (the rate of 0.15% per annum “Fronting Fee”) on the daily average daily face undrawn amount of each outstanding issued Letter of Credit during the period from and including at a rate equal to three percent (3.00%) per annum. The Fronting Fee shall be payable upon the issuance of each such Letter of Credit to but excluding together with the day on which each such Letter of Credit expires or is terminated, such other fees to be payable monthly set forth in arrears on the first day of each calendar month and on the Facility Termination DateIssuer’s Fee Letter.