Common use of L/C Fees Clause in Contracts

L/C Fees. Borrower shall pay to Agent for the account of the Lenders (to be paid by Agent to each Lender (other than any Defaulting Lender) in accordance with its Applicable Percentage) an aggregate fee (the “L/C Fee”) for the issuance of each Letter of Credit in an amount per annum equal to the greater of the Applicable Rate applicable to Eurodollar Rate Loans times the maximum face amount of the Letter of Credit determined in accordance with Section 1.06 or $1,000. Such L/C Fee shall be payable prior to the issuance of each Letter of Credit and thereafter in monthly installments in arrears on the last Business Day of each month, commencing on the first such date to occur after the issuance of such Letter of Credit, on the L/C Expiration Date and thereafter on demand. If there is any change in the Applicable Rate during any quarter, the L/C Fee shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein, upon request of the Majority Lenders, while any Event of Default exists, all accrued and unpaid L/C Fees shall bear interest at the Default Rate. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over the L/C Collection Account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in the L/C Collection Account.

L/C Fees. Borrower shall pay to Agent for the account of the Lenders (to be paid by Agent to each Lender (other than any Defaulting Lender) in accordance with its Applicable Percentage) an aggregate Percentage a L/C fee (the “L/C Fee”‘) for the issuance of each Letter of Credit in an amount per annum equal to the greater of the Applicable Rate applicable to Eurodollar Rate Loans Margin times the maximum face daily amount available to be drawn under such Letter of Credit. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of the such Letter of Credit shall be determined in accordance with Section 1.06 or $1,0001.06. Such L/C Fee Fees shall be (i) due and payable prior to the issuance of each Letter of Credit and thereafter in monthly installments quarterly in arrears on the last first Business Day after the end of each monthMarch, June, September and December, commencing on with the first such date to occur after the issuance of such Letter of Credit, on the L/C Expiration Date and thereafter on demanddemand and (ii) computed on a quarterly basis in arrears. If there is any change in the Applicable Rate Margin during any quarter, the L/C Fee daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate Margin separately for each period during such quarter that such Applicable Rate Margin was in effect. Notwithstanding anything to the contrary contained herein, upon the request of the Majority Required Lenders, while any Event of Default exists, all accrued and unpaid L/C Fees shall bear interest accrue at the Default Rate. The Administrative Agent ; provided that (1) no Letter of Credit fees shall have exclusive dominion and control, including the exclusive right accrue in favor of withdrawal, over the L/C Collection Account. Other than any interest earned on the investment of a Defaulting Lender so long as such deposits, which investments Lender shall be made a Defaulting Lender and (2) any Letter of Credit fee accrued in favor of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at the option and sole discretion of the Administrative Agent and at the Borrower’s risk and expense, such deposits time shall not bear interest. Interest or profits, if any, on be payable by the Borrower so long as such investments Lender shall accumulate in the L/C Collection Accountbe a Defaulting Lender.

L/C Fees. The Borrower shall agrees to pay (i) to the Administrative Agent for the account of the Revolving Lenders (to be paid by Agent to each Lender (other than any Defaulting Lender) in accordance with its Applicable Percentage) an aggregate a fee (the “L/C Participation Fee”) in Dollars for the issuance of each Letter of Credit in an amount Credit, at a rate per annum equal to the greater of Applicable Margin multiplied by the Applicable Rate applicable average daily amount available to Eurodollar Rate Loans times the maximum face amount of the Letter of Credit determined in accordance with Section 1.06 or $1,000. Such L/C Fee shall be payable prior to the issuance of each drawn under such Letter of Credit and thereafter in monthly installments (ii) to the L/C Issuer for its own account a fee (the “L/C Fronting Fee”), which shall accrue at the rate or rates per annum separately agreed upon between the Borrower and the L/C Issuer on the average daily amount of the L/C Obligations (excluding any portion thereof attributable to unreimbursed L/C Disbursements) during the period from and including the Closing Date to but excluding the later of the date of termination of the Revolving Commitments and the date on which there ceases to be any L/C Obligations, as well as the L/C Issuer’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Accrued L/C Participation Fees and L/C Fronting Fees shall be payable in arrears on the last Business Day day of March, June, September and December of each monthyear, commencing on the first such date to occur after the issuance of Agreement Date; provided that all such Letter of Credit, fees shall be payable on the date on which the Revolving Commitments terminate and any such fees accruing after the date on which the Revolving Commitments terminate shall be payable on demand. Any other fees payable to the L/C Expiration Date and thereafter on Issuer pursuant to this paragraph shall be payable within 10 days after demand. If there All L/C Participation Fees and L/C Fronting Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). Notwithstanding the foregoing, if an Event of Default has occurred and is any change continuing and the Administrative Agent, at the request of the Required Lenders (in the Applicable Rate during any quarter, case of L/C Participation Fees) or the L/C Fee Issuer (in the case of L/C Fronting Fees), so notifies the Borrower (provided that no such notification shall be computed required, and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was following interest shall automatically be payable, in effect. Notwithstanding anything to the contrary contained herein, upon request case of the Majority Lenders, while any an Event of Default existsunder Sections 8.1(a), all accrued and unpaid (b), (h) or (i)), then, so long as such Event of Default is continuing, L/C Participation Fees and L/C Fronting Fees, as applicable, shall bear interest be calculated at a rate per annum equal to the Default Rate. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over the L/C Collection Account. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in the L/C Collection Account.