Common use of LC Fee Clause in Contracts

LC Fee. The Borrower agrees to pay to the Administrative Agent for the account of the Participating Lenders for each calendar quarter (or shorter period commencing with the date hereof or ending with the first date on which the LC Commitment shall have expired or been terminated and there shall be no Outstanding Letters of Credit) a fee (the "LC Fee") on the average daily amount of the aggregate Outstanding Letters of Credit issued for the account of the Borrower during such quarter or shorter period at a rate per annum equal to the higher of (i) the weighted average LIBOR Spread applicable to Eurodollar Revolving Loans during such period minus 1/2 of 1% and (ii) 1%. The LC Fee shall be computed on the basis of the actual number of days elapsed over a year of 360 days. The Administrative Agent agrees to disburse to each Participating Lender its pro rata portion of such LC Fee promptly upon receipt. The LC Fee shall be paid in arrears on each March 31, June 30, September 30 and December 31 and on the LC Maturity Date (or the first date on which the LC Commitment shall have expired or been terminated and there shall be no Outstanding Letters of Credit, if earlier). Once paid, the LC Fee shall not be refundable in any circumstances (other than corrections of error in payment).

LC Fee. The Borrower agrees to pay to the -------- Administrative Agent for the account of the Participating Lenders for each calendar quarter (or shorter period commencing with the date hereof or ending with the first date on which the LC Commitment shall have expired or been terminated and there shall be no Outstanding Letters of Credit) a fee (the "LC Fee") on the average daily amount ------ of the aggregate Outstanding Letters of Credit issued for the account of the Borrower during such quarter or shorter period at a rate per annum equal to the higher of (i) the weighted average LIBOR Spread applicable to Eurodollar Revolving Loans during such period minus 1/2 of 1% and (ii) 1%. The LC Fee shall be computed on the basis of the actual number of days elapsed over a year of 360 days. The Administrative Agent agrees to disburse to each Participating Lender its pro rata portion of such LC Fee promptly upon receipt. The LC Fee shall be paid in arrears on each March 31, June 30, September 30 and December 31 and on the LC Maturity Date (or the first date on which the LC Commitment shall have expired or been terminated and there shall be no Outstanding Letters of Credit, if earlier). Once paid, the LC Fee shall not be refundable in any circumstances (other than corrections of error in payment).