Common use of Letters of Credit Fee Clause in Contracts

Letters of Credit Fee. In consideration for the issuance of each Letter of Credit, the Borrower shall pay to (a) the Administrative Agent for its own account, an application and processing fee in the amount of $350.00 on each Letter of Credit, due and payable on the date of issuance of each Letter of Credit, and (b) the Administrative Agent for the account of the Administrative Agent and the Lenders in accordance with their Revolver B Specified Percentages, a per annum fee for each Letter of Credit equal to (i) the product of 1/8 of 1 percent multiplied by the face amount of each such Letter of Credit, plus (ii) the product of the Applicable Margin for LIBOR Advances on the date of issuance multiplied by the face amount of each such Letter of Credit. Each fee for each Letter of Credit under subsection (b) above shall be due and payable to the Administrative Agent quarterly as it accrues on each Quarterly Date during the term of the Letter of Credit and on the expiration or renewal and/or extension of each such Letter of Credit, beginning with the first such Quarterly Date after the issuance of each Letter of Credit and ending on the expiration date of each such Letter of Credit or the renewal and/or extension of each such Letter of Credit.

Letters of Credit Fee. In consideration for the issuance of each Letter of Credit, the Borrower shall pay to (a) the Administrative Agent Lender for its own account, an application and processing fee in the amount of $350.00 on each Letter of Credit, due and payable on the date of issuance of each Letter of Credit, and (b) the Administrative Agent Lender for the account of the Administrative Agent Lender and the Lenders in accordance with their Revolver B Specified Percentages, a per annum fee for each Letter of Credit equal to (i) the product of 1/8 of 1 percent multiplied by the face amount of each such Letter of Credit, plus (ii) the product of the Applicable Margin for LIBOR Advances on the date of issuance multiplied by the face amount of each such Letter of Credit. Each fee for each Letter of Credit under subsection (b) above shall be due and payable to the Administrative Agent Lender quarterly as it accrues on each Quarterly Date during the term of the Letter of Credit and on the expiration or renewal and/or extension of each such Letter of Credit, beginning with the first such Quarterly Date after the issuance of each Letter of Credit and ending on the expiration date of each such Letter of Credit or the renewal and/or extension of each such Letter of Credit.