L/C Fee definition
Examples of L/C Fee in a sentence
The L/C Fee for Letters of Credit shall be computed on the basis of a 360-day year the actual number of days elapsed.
The L/C Fee shall be payable in advance (i) upon the issuance of each Letter of Credit for the number of days remaining in the month during which such Letter of Credit was issued, (ii) thereafter, monthly, on the first Business Day of each month during which each such Letter of Credit remains outstanding, and (iii) during the continuation of an Event of Default upon demand and upon the automatic acceleration of the Obligations.
In addition to the L/C Fee, Borrowers agree, jointly and severally, to pay to Administrative Agent all of Administrative Agent’s out-of-pocket and customary administrative expenses charged in connection with the issuance of any Letter of Credit, the honoring of drafts under any Letter of Credit, any amendments to or transfers of any Letter of Credit, and any other activity with respect to the Letters of Credit.