Common use of Documentary Credit Fee Clause in Contracts

Documentary Credit Fee. Each Borrower shall, in respect of each Documentary Credit issued on its behalf pay to the Facility Agent for the account of each Indemnifying Lender (for distribution in proportion to each Indemnifying Lender’s L/C Proportion of such Documentary Credit) a documentary credit fee in the currency in which the relevant Documentary Credit is denominated at a rate equal to the applicable Revolving Facility Margin or Secondary Revolving Facility Margin applied on the Outstanding L/C Amount in relation to such Documentary Credit. Such documentary credit fee shall be paid in arrears on each Quarter Date during the Term of the relevant Documentary Credit and on the relevant Expiry Date. Accrued Documentary Credit fees shall also be payable on the cancelled amount of any Revolving Facility Commitment or Secondary Revolving Facility Commitment attributable to a Documentary Credit which is repaid in full at the time such cancellation is effective, if the Revolving Facility Commitment or Secondary Revolving Facility Commitment is cancelled in full and a Documentary Credit is repaid in full.

Documentary Credit Fee. Each Borrower shall, in respect of each Documentary Credit issued on its behalf pay to the Facility Agent for the account of each Indemnifying Lender (for distribution in proportion to each Indemnifying Lender’s Lenders L/C Proportion of such Documentary Credit) a documentary credit fee in the currency in which the relevant Documentary Credit is denominated at a rate equal to the applicable Revolving Facility Margin or Secondary Revolving Facility Margin applied on the Outstanding L/C Amount in relation to such Documentary Credit. Such documentary credit fee shall be paid in arrears on each Quarter Date during the Term of the relevant Documentary Credit and on the relevant Expiry Date. Accrued Documentary Credit fees shall also be payable on the cancelled amount of any Revolving Facility Commitment or Secondary Revolving Facility Commitment attributable to a Documentary Credit which is repaid in full at the time such cancellation is effective, if the Revolving Facility Commitment or Secondary Revolving Facility Commitment is cancelled in full and a Documentary Credit is repaid in full.