Common use of Participation and Fronting Fees Clause in Contracts

Participation and Fronting Fees. The applicable Borrower agrees, subject to Section 2.22(a)(iii) of this Agreement, to pay (i) to the Administrative Agent for the ratable account of each Lender, a participation fee with respect to its participations in Letters of Credit issued for the account of such Borrower, which shall accrue at a rate per annum equal to the Applicable Margin applicable to interest on Eurodollar Rate Advances on such Lender's Applicable Percentage of the average daily aggregate face amount of Letters of Credit outstanding hereunder for the account of such Borrower during the period from and including the Closing Date to but excluding the date on which such Lender ceases to have any LC Exposure, and (ii) to the Administrative Agent for the ratable account of each Issuing Bank, a fronting fee, which shall accrue at the rate of 0.125% per annum on the average daily aggregate face amount of the outstanding Letters of Credit of such Issuing Bank issued for the account of such Borrower, as well as such Issuing Bank's standard fees with respect to the issuance, amendment, renewal or extension of any such Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees shall be payable in arrears quarterly on the last Business Day of March, June, September and December of each year, commencing on the first such date to occur after the Closing Date; provided that all such fees shall be payable on the Termination Date and any such fees accruing after the Termination Date shall be payable on demand. Any other fees payable to any Issuing Bank pursuant to this subsection shall be payable promptly after demand. All participation fees and 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).

Participation and Fronting Fees. The applicable Borrower agrees, subject to Section 2.22(a)(iii) of this Agreement, agrees to pay (i) to the Administrative Agent for the ratable account of each Lender, Lender a participation fee with respect to its participations in Letters of Credit issued for the account of such Borrower, which shall accrue at a rate per annum equal to the Applicable Margin applicable to interest on Eurodollar Rate Advances on such Lender's Applicable ’s Commitment Percentage of the average daily aggregate face amount of Letters of Credit outstanding hereunder for the account of such Borrower during the period from and including the Closing Date to but excluding the date on which such Lender ceases to have any LC Exposure, Exposure and (ii) to the Administrative Agent for the ratable account of each Issuing Bank, Bank a fronting fee, which shall accrue at the rate of 0.1250.10% per annum on the average daily aggregate face amount of the outstanding Letters of Credit of such Issuing Bank issued for the account of such Borrower, as well as such Issuing Bank's ’s standard fees with respect to the issuance, amendment, renewal or extension of any such Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees shall be payable in arrears quarterly on the last Business Day of March, June, September and December of each year, commencing on the first such date to occur after the Closing Date; provided that all such fees shall be payable on the Termination Date and any such fees accruing after the Termination Date shall be payable on demand. Any other fees payable to any Issuing Bank pursuant to this subsection shall be payable promptly after demand. All participation fees and 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).

Participation and Fronting Fees. The applicable Borrower agrees, subject to Section 2.22(a)(iii) of this Agreement, agrees to pay (i) to the Administrative Agent for the ratable account of each Lender, Lender a participation fee with respect to its participations in Letters of Credit issued for the account of such Borrower, which shall accrue at a rate per annum equal to the Applicable Margin applicable to interest on Eurodollar Rate Advances on such Lender's Applicable ’s Commitment Percentage of the average daily aggregate face amount of Letters of Credit outstanding hereunder for the account of such Borrower during the period from and including the Closing Date to but excluding the date on which such Lender ceases to have any LC Exposure, Exposure and (ii) to the Administrative Agent for the ratable account of each Issuing Bank, Bank a fronting fee, which shall accrue at the rate of 0.125% per annum on the average daily aggregate face amount of the outstanding Letters of Credit of such Issuing Bank issued for the account of such Borrower, as well as such Issuing Bank's ’s standard fees with respect to the issuance, amendment, renewal or extension of any such Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees shall be payable in arrears quarterly on the last Business Day of March, June, September and December of each year, commencing on the first such date to occur after the Closing Date; provided that all such fees shall be payable on the Termination Date and any such fees accruing after the Termination Date shall be payable on demand. Any other fees payable to any Issuing Bank pursuant to this subsection shall be payable promptly after demand. All participation fees and 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).

Participation and Fronting Fees. The applicable Borrower agrees, subject to Section 2.22(a)(iii) of this Agreement, to pay (i) to the Administrative Agent for the ratable account of each Lender, a participation fee with respect to its participations in Letters of Credit issued for the account of such Borrower, which shall accrue at a rate per annum equal to the Applicable Margin applicable to interest on Eurodollar Rate Advances on such Lender's Applicable Percentage of the average daily aggregate face amount of Letters of Credit outstanding hereunder for the account of such Borrower during the period from and including the Closing Date to but excluding the date on which such Lender ceases to have any LC Exposure, and (ii) to the Administrative Agent for the ratable account of each Issuing Bank, a fronting fee, which shall accrue at the rate of 0.125% per annum on the average daily aggregate face amount of the outstanding Letters of Credit of such Issuing Bank issued for the account of such Borrower, as well as such Issuing Bank's standard fees with respect to the issuance, amendment, renewal or extension of any such Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees shall be payable in arrears quarterly on the last Business Day of March, June, September and December of each year, commencing on the first such date to occur after the Closing Date; provided that all such fees shall be payable on the Termination Date and any such fees accruing after the Termination Date shall be payable on demand. Any other fees payable to any Issuing Bank pursuant to this subsection shall be payable promptly after demand. All participation fees and 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).. Rayonier - 2011 Credit Agreement

Participation and Fronting Fees. The applicable Borrower agrees, subject to Section 2.22(a)(iii) of this Agreement, to pay (i) to the Administrative Agent for the ratable account of each Revolving Lender, a participation fee with respect to its participations in Letters of Credit issued for the account of such Borrower, which shall accrue at a rate per annum equal to the Applicable Margin applicable to interest on Eurodollar Rate Advances for Letter of Credit Fees on such Lender's Applicable ’s Revolving Commitment Percentage of the average daily aggregate face amount Stated Amount of Letters of Credit outstanding hereunder for the account of such Borrower during the period from and including the Closing Date to but excluding the date on which such Revolving Lender ceases to have any LC Exposure, and (ii) to the Administrative Agent for the ratable account of each Issuing BankBank for its own account, a fronting fee, which shall accrue at the rate of fee equal to 0.125% per annum on the average daily aggregate face amount of the outstanding Letters Stated Amount of each Letter of Credit of issued (or if previously issued, extended or renewed) by such Issuing Bank issued for the account of such Borrower, as well as such Issuing Bank's ’s standard fees with respect to the issuance, amendment, renewal or extension of any such Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees shall be payable in arrears quarterly on the last first Business Day of MarchApril, JuneJuly, September October 37 and December January of each year, commencing on the first such date to occur after the Closing Date, and fronting fees shall be payable at the time of issuance, amendment, renewal or extension of any Letter of Credit; provided that all such fees shall be payable on the Termination Maturity Date for the Revolving Credit Facility and any such fees accruing after the Termination Maturity Date for the Revolving Credit Facility shall be payable on demand. Any other fees payable to any an Issuing Bank pursuant to this subsection shall be payable promptly after demand. All participation fees and 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).

Participation and Fronting Fees. The applicable Borrower agrees, subject to Section 2.22(a)(iii) of this Agreement, to pay (i) to the Administrative Agent for the ratable account of each Revolving Lender, a participation fee with respect to its participations in Letters of Credit issued for the account of such Borrower, which shall accrue at a rate per annum equal to the Applicable Margin applicable to interest on Eurodollar Rate Advances for Letter of Credit Fees on such Lender's Applicable ’s Revolving Commitment Percentage of the average daily aggregate face amount Stated Amount of Letters of Credit outstanding hereunder for the account of such Borrower during the period from and including the Closing Date to but excluding the date on which such Revolving Lender ceases to have any LC Exposure, and (ii) to the Administrative Agent for the ratable account of each Issuing BankBank for its own account, a fronting fee, which shall accrue at the rate of fee equal to 0.125% per annum on the average daily aggregate face amount of the outstanding Letters Stated Amount of each Letter of Credit of issued (or if previously issued, extended or renewed) by such Issuing Bank issued for the account of such Borrower, as well as such Issuing Bank's ’s standard fees with respect to the issuance, amendment, renewal or extension of any such Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees shall be payable in arrears quarterly on the last first Business Day of MarchApril, JuneJuly, September October CHAR2\1701593v10 and December January of each year, commencing on the first such date to occur after the Closing Date, and fronting fees shall be payable at the time of issuance, amendment, renewal or extension of any Letter of Credit; provided that all such fees shall be payable on the Termination Maturity Date for the Revolving Credit Facility and any such fees accruing after the Termination Maturity Date for the Revolving Credit Facility shall be payable on demand. Any other fees payable to any an Issuing Bank pursuant to this subsection shall be payable promptly after demand. All participation fees and 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).

Participation and Fronting Fees. The applicable Borrower agrees, subject to Section 2.22(a)(iii) of this Agreement, to pay (i) to the Administrative Agent for the ratable account of each Revolving Lender, a participation fee with respect to its participations in Letters of Credit issued for the account of such Borrower, which shall accrue at a rate per annum equal to the Applicable Margin applicable to interest on Eurodollar Rate Advances for Letter of Credit Fees on such Lender's Applicable ’s Revolving Commitment Percentage of the average daily aggregate face amount Stated Amount of Letters of Credit outstanding hereunder for the account of such Borrower during the period from and including the Closing Date to but excluding the date on which such Revolving Lender ceases to have any LC Exposure, and (ii) to the Administrative Agent for the ratable account of each Issuing BankBank for CHAR1\1713543v7 its own account, a fronting fee, which shall accrue at the rate of fee equal to 0.125% per annum on the average daily aggregate face amount of the outstanding Letters Stated Amount of each Letter of Credit of issued (or if previously issued, extended or renewed) by such Issuing Bank issued for the account of such Borrower, as well as such Issuing Bank's ’s standard fees with respect to the issuance, amendment, renewal or extension of any such Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees shall be payable in arrears quarterly on the last first Business Day of MarchApril, JuneJuly, September October and December January of each year, commencing on the first such date to occur after the Closing Date, and fronting fees shall be payable at the time of issuance, amendment, renewal or extension of any Letter of Credit; provided that all such fees shall be payable on the Termination Maturity Date for the Revolving Credit Facility and any such fees accruing after the Termination Maturity Date for the Revolving Credit Facility shall be payable on demand. Any other fees payable to any an Issuing Bank pursuant to this subsection shall be payable promptly after demand. All participation fees and 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).

Participation and Fronting Fees. The applicable Borrower agrees, subject to Section 2.22(a)(iii) of this Agreement, to pay (i) to the Administrative Agent for the ratable account of each Revolving Lender, a participation fee with respect to its participations in Letters of Credit issued for the account of such Borrower, which shall accrue at a rate per annum equal to the Applicable Margin applicable to interest on Eurodollar Rate Advances for Letter of Credit Fees on such Lender's Applicable Xxxxxx’s Revolving Commitment Percentage of the average daily aggregate face amount Stated Amount of Letters of Credit outstanding hereunder for the account of such Borrower during the period from and including the Closing Date to but excluding the date on which such Revolving Lender ceases to have any LC Exposure, and (ii) to the Administrative Agent for the ratable account of each Issuing BankBank for its own account, a fronting fee, which shall accrue at the rate of fee equal to 0.125% per annum on the average daily aggregate face amount of the outstanding Letters Stated Amount of each Letter of Credit of issued (or if previously issued, extended or renewed) by such Issuing Bank issued for the account of such Borrower, as well as such Issuing Bank's ’s standard fees with respect to the issuance, amendment, renewal or extension of any such Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees shall be payable in arrears quarterly on the last first Business Day of MarchApril, JuneJuly, September October and December January of each year, commencing on the first such date to occur after the Closing Date, and fronting fees shall be payable at the time of issuance, amendment, renewal or extension of any Letter of Credit; provided that all such fees shall be payable on the Termination Maturity Date for the Revolving Credit Facility and any such fees accruing after the Termination Maturity Date for the Revolving Credit Facility shall be payable on demand. Any other fees payable to any an Issuing Bank pursuant to this subsection shall be payable promptly after demand. All participation fees and 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).

Participation and Fronting Fees. The applicable Borrower agrees, subject to Section 2.22(a)(iii) of this Agreement, agrees to pay (i) to the Administrative Agent for the ratable account of each Lender, Lender a participation fee with respect to its participations in Letters of Credit issued for the account of such BorrowerCredit, which shall accrue at a rate per annum equal to the Applicable Margin Rate used to determine the interest rate applicable to interest Eurocurrency Rate Loans less 0.20% on Eurodollar Rate Advances on such Lender's Applicable Percentage the Dollar Equivalent of the average daily aggregate face outstanding amount of Letters each such Letter of Credit outstanding hereunder for the account of such Borrower during the period from and including the Closing RestatementOriginal Effective Date to but excluding the later of the date on which such Lender’s Revolving Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) to the Administrative Agent for the ratable account of each Issuing Bank, a fronting fee, fee which shall accrue at the rate of 0.1250.20% per annum on the average daily aggregate face amount of the outstanding LC Exposure attributable to Letters of Credit of issued by such Issuing Bank issued for (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the account period from and including the RestatementOriginal Effective 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 such BorrowerLC Exposure, as well as such Issuing Bank's ’s standard fees with respect to the issuance, amendment, renewal or extension of any such Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees shall be payable in arrears quarterly on accrued through and including the last Business Day day of March, June, September and December of each yearyear shall be payable in arrears on such last day, commencing on the first such date to occur after the Closing RestatementOriginal Effective Date; provided that all such fees shall be payable on the Termination Date date on which the Revolving Commitments terminate, and any such fees accruing after the Termination Date date on which the Revolving Commitments terminate shall be payable on demand. Any other fees payable to any an Issuing Bank pursuant to this subsection paragraph shall be payable promptly within 10 days after demand. All participation fees and 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).

Participation and Fronting Fees. The applicable Borrower agrees, subject to Section 2.22(a)(iii) of this Agreement, agrees to pay (i) to the the(c) Administrative Agent for the ratable account of each Lender, Revolving Lender a participation fee (“LC Participation Fee”) in Dollars with respect to its participations in Letters of Credit issued for the account of such BorrowerCredit, which shall accrue at a rate per annum equal to the Applicable Margin applicable to interest for the LC Participation Fee on Eurodollar Rate Advances on the actual daily amount of such Lender's Applicable Percentage of the average daily aggregate face amount of Letters of Credit outstanding hereunder for the account of such Borrower ’s LC Exposure (excluding any portion thereof attributable to Reimbursement Obligations) during the period from and including the Closing Date to but excluding the later of the date on which such Lender’s Revolving Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and (ii) to the Administrative Agent for the ratable account of each Issuing Bank, Bank a fronting fee, fee (“Fronting Fee”) in Dollars which shall accrue at the a rate of 0.1250.25% per annum on the average actual daily aggregate face amount of the outstanding Letters LC Exposure (excluding any portion thereof attributable to Reimbursement Obligations) during the period from and including the Closing Date to but excluding the later of Credit the date of such Issuing Bank issued for termination of the account of such BorrowerRevolving Commitments and the date on which there ceases to be any LC Exposure, as well as such Issuing Bank's standard ’s reasonable customary fees with respect to the issuance, amendment, renewal or extension of any such Letter of Credit or processing of drawings thereunder. Accrued LC Participation fees Fees and fronting fees Fronting Fees shall be payable in arrears quarterly (i) on the last Business Day of each March, June, September and December of each year, commencing on the first such date to occur after the Closing Date; provided that all such fees shall be payable , and (ii) on the Termination Date and any date on which the Revolving Commitments terminate. Any such fees accruing after the Termination Date date on which the Revolving Commitments terminate shall be payable promptly on written demand. Any other fees payable to any the applicable Issuing Bank pursuant to this subsection paragraph shall be payable promptly within ten (10) Business Days after demandwritten demand therefor. All participation fees LC Participation Fees and fronting fees Fronting Fees shall be computed on the basis of a year of 360 days 365 or 366 days, as applicable, and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). Fee Letter. Without duplication of any other fees set forth in this Section(d) 2.05, the Borrower agrees to pay the fees set forth in the Fee Letters at the times and in the manner set forth therein. All Fees shall be paid on the dates due, in immediately available funds, to(e) the Administrative Agent for distribution, if and as appropriate, among the applicable Lenders, except that the Borrower shall pay the Fronting Fees directly to the Issuing Bank. Once paid when due and payable, none of the Fees shall be refundable under any circumstances. Interest on Loans.Section 2.06