Common use of Fees for Letters of Credit Clause in Contracts

Fees for Letters of Credit. The Borrower agrees to pay (i) to the Administrative Agent for the account of each Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Margin used to determine the interest rate applicable to Eurodollar Loans on the average daily amount of such Lender’s Letter of Credit Exposure (excluding any portion thereof attributable to unreimbursed Letter of Credit Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any Letter of Credit Exposure, and (ii) to the applicable Issuing Lender (A) a fronting fee to be agreed by the Borrower and the applicable Issuing Lender on the face amount of each Letter of Credit issued by such Issuing Lender, together with (B) the applicable Issuing Lender’s standard documentary, processing, administrative, issuance, amendment and negotiation fees in connection with Letters of Credit, during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any Letter of Credit Exposure, as well as such Issuing Lender’s standard fees with respect to the renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees accrued through and including the last day of each calendar month shall be payable in arrears commencing, with respect to such fees accrued through and including the last day of the first calendar month ending after the Effective Date, on the first Business Day of each calendar month; provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees payable to the any Issuing Lender pursuant to this paragraph shall be payable 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).

Fees for Letters of Credit. The Borrower agrees Borrowers agree to pay the following (subject to Section 2.17(a)(iii)): (i) to the Administrative Agent for the pro rata benefit of the Revolving Lenders a per annum letter of credit fee for each Letter of Credit issued hereunder in an amount equal to the Applicable Margin for Borrowings consisting of Eurodollar Advances on the face amount of such Letter of Credit for the period such Letter of Credit is outstanding, which fee shall be due and payable quarterly in arrears on March 31, June 30, September 30, and December 31 of each year, and on the Revolving Credit Maturity Date; provided, however, that any letter of credit fees otherwise payable for the account of each a Defaulting Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Margin used to determine the interest rate applicable to Eurodollar Loans on the average daily amount of such Lender’s Letter of Credit Exposure (excluding any portion thereof attributable to unreimbursed Letter of Credit Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any Letter of Credit shall be payable, to the maximum extent permitted by applicable law, to the other Revolving Lenders in accordance with the upward adjustments in their respective Applicable Percentage allocable to such Letter of Credit pursuant to Section 2.17(a)(iv), with the balance of such fee, if any, being retained by the applicable Borrower for its own account or, to the extent any Fronting Exposure shall then be outstanding, being payable to the applicable Issuing Lender for its own account to the extent such fee relates to the amount of such Fronting Exposure, and ; (ii) to the applicable Issuing Lender Lender, a fronting fee for each Letter of Credit equal to the greater of (A) a fronting fee to be agreed by the Borrower and the applicable Issuing Lender 0.125% per annum on the face amount of such Letter of Credit (and in the case of an increase, on the amount of such increase) and (B) $600.00, which fee shall be due and payable annually in advance on the date of the issuance or increase of each Letter of Credit issued and on the earlier of each annual anniversary thereafter or the Revolving Credit Maturity Date; and (iii) to the applicable Issuing Lender such other usual and customary fees associated with any transfers, amendments, drawings, negotiations or reissuances of any Letter of Credit, which fees shall be due and payable as requested by such Issuing Lender, together Lender in accordance with (B) the applicable such Issuing Lender’s standard documentarythen current fee policy. No Borrower shall have the right to any refund of letter of credit fees previously paid by such Borrower, processing, administrative, issuance, amendment and negotiation fees in connection with Letters of Credit, during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any refund claimed because such Borrower cancels any Letter of Credit Exposure, as well as such Issuing Lender’s standard fees with respect prior to the renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees accrued through and including the last day of each calendar month shall be payable in arrears commencing, with respect to such fees accrued through and including the last day of the first calendar month ending after the Effective Date, on the first Business Day of each calendar month; provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees payable to the any Issuing Lender pursuant to this paragraph shall be payable 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)its expiration date.

Fees for Letters of Credit. The Borrower agrees to pay pay: (i) to the Administrative Agent for the account of each Lender a participation fee with respect to its each Lender’s participations in (A) Performance Letters of Credit, which shall accrue at the same Applicable Margin used to determine the interest rate applicable to Eurodollar Loans Rate on the average daily amount of such Lender’s Letter LC Exposure attributable to Performance Letters of Credit Exposure (excluding any portion thereof attributable to unreimbursed Letter of Credit LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any Letter LC Exposure and (B) Letters of Credit other than Performance Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to Eurodollar Loans on the average daily amount of such Lender’s LC Exposure attributable to such Letters of Credit (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and ; and (ii) to the applicable each Issuing Lender (A) Bank a fronting fee to be agreed by fee, which shall accrue at the rate set forth in the Fee Letter between the Borrower and the applicable such Issuing Lender Bank on the face average daily amount of each Letter the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) associated with Letters of Credit issued by such Issuing Lender, together with (B) the applicable Issuing Lender’s standard documentary, processing, administrative, issuance, amendment and negotiation fees in connection with Letters of Credit, Bank during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any Letter of Credit LC Exposure, as well as such Issuing LenderBank’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees accrued through and including the last day of March, June, September and December of each calendar month year shall be payable in arrears commencingon the third Business Day following such last day, with respect to such fees accrued through and including the last day of commencing on the first calendar month ending such date to occur after the Effective Date, on the first Business Day of each calendar month; provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees payable to the any Issuing Lender Bank pursuant to this paragraph shall be payable 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).

Fees for Letters of Credit. The Borrower agrees to pay (i) to the Administrative Agent for the account of each Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Margin used to determine the interest rate applicable to Eurodollar Loans on the average daily amount of such Lender’s Letter of Credit Exposure (excluding any portion thereof attributable to unreimbursed Letter of Credit Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any Letter of Credit Exposure, and (ii) to the applicable Issuing Lender (A) a fronting fee to be agreed by the Borrower and the applicable Issuing Lender on the face amount of each Letter of Credit issued by such Issuing Lender, together with (B) the applicable Issuing Lender’s standard documentary, processing, administrative, issuance, amendment and negotiation fees in connection with Letters of Credit, during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any Letter of Credit Exposure, as well as such Issuing Lender’s standard fees with respect to the renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees accrued through and including the last day of each calendar month quarter shall be payable in arrears commencing, with respect to such fees accrued through and including the last day of the first calendar month ending after the Effective DateDecember 31, 2020, and continuing thereafter, on the first (1st) Business Day of each January, April, July and October of each calendar monthyear; provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees payable to the any Issuing Lender pursuant to this paragraph shall be payable 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).

Fees for Letters of Credit. The Borrower agrees to pay the following (subject to Section 2.17(a)(iii)): (i) to the Administrative Agent for the pro rata benefit of the Revolving Lenders a per annum letter of credit fee for each Letter of Credit issued hereunder in an amount equal to the Applicable Margin for Borrowings consisting of Eurodollar Advances on the Dollar Equivalent of the face amount of such Letter of Credit for the period such Letter of Credit is outstanding, which fee shall be due and payable quarterly in arrears on March 31, June 30, September 30, and December 31 of each year, and on the Maturity Date; provided, however, that any letter of credit fees otherwise payable for the account of each a Defaulting Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Margin used to determine the interest rate applicable to Eurodollar Loans on the average daily amount of such Lender’s Letter of Credit Exposure (excluding any portion thereof attributable to unreimbursed Letter of Credit Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any Letter of Credit shall be payable, to the maximum extent permitted by applicable law, to the other Revolving Lenders in accordance with the upward adjustments in their respective Applicable Percentages allocable to such Letter of Credit pursuant to Section 2.17(a)(iv), with the balance of such fee, if any, being retained by the Borrower for its own account or, to the extent any Fronting Exposure shall then be outstanding, being payable to the applicable Issuing Lender for its own account to the extent such fee relates to the amount of such Fronting Exposure, and ; (ii) to the applicable Issuing Lender (A) Lender, a fronting fee to be for each Letter of Credit as agreed by in writing between the Borrower and the applicable Issuing Lender; and (iii) to the applicable Issuing Lender on the face amount such other usual and customary fees associated with any issuances, transfers, amendments, drawings, or negotiations of each any Letter of Credit issued Credit, which fees shall be due and payable as requested by such Issuing Lender, together Lender in accordance with (B) the applicable such Issuing Lender’s standard documentarythen current fee policy. The Borrower shall have no right to any refund of letter of credit fees previously paid by the Borrower, processing, administrative, issuance, amendment and negotiation fees in connection with Letters of Credit, during including any refund claimed because the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be Borrower cancels any Letter of Credit Exposure, as well as such Issuing Lender’s standard fees with respect prior to the renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees accrued through and including the last day of each calendar month shall be payable in arrears commencing, with respect to such fees accrued through and including the last day of the first calendar month ending after the Effective Date, on the first Business Day of each calendar month; provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees payable to the any Issuing Lender pursuant to this paragraph shall be payable 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)its expiration date.

Fees for Letters of Credit. The Borrower Parent agrees to pay pay: (i) to the Administrative Agent for the account of each Lender a participation fee with respect to its each Lender’s participations in (A) Performance Letters of Credit, which shall accrue at the same Applicable Margin used to determine the interest rate applicable to Eurodollar Loans Rate on the average daily amount of such Lender’s Letter LC Exposure attributable to Performance Letters of Credit Exposure (excluding any portion thereof attributable to unreimbursed Letter of Credit LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any Letter LC Exposure and (B) Letters of Credit other than Performance Letters of Credit, which shall accrue at the same Applicable Rate used to determine the interest rate applicable to Eurodollar Loans on the average daily amount of such Lender’s LC Exposure attributable to such Letters of Credit (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any LC Exposure, and ; and (ii) to the applicable each Issuing Lender (A) Bank a fronting fee to be agreed by fee, which shall accrue at the Borrower rate set forth in the Fee Letter between the Parent and the applicable such Issuing Lender Bank on the face average daily amount of each Letter the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) associated with Letters of Credit issued by such Issuing Lender, together with (B) the applicable Issuing Lender’s standard documentary, processing, administrative, issuance, amendment and negotiation fees in connection with Letters of Credit, Bank during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any Letter of Credit LC Exposure, as well as such Issuing LenderBank’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees accrued through and including the last day of March, June, September and December of each calendar month year shall be payable in arrears commencingon the third Business Day following such last day, with respect to such fees accrued through and including the last day of commencing on the first calendar month ending such date to occur after the Effective Date, on the first Business Day of each calendar month; provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees payable to the any Issuing Lender Bank pursuant to this paragraph shall be payable 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).

Fees for Letters of Credit. The Borrower agrees to pay the following (subject to Section 2.16(a)(iii)): (i) to the Administrative Agent for the pro rata benefit of the Revolving Lenders a per annum letter of credit fee for each Letter of Credit issued hereunder in an amount equal to the Applicable Margin for Revolving Borrowings consisting of Eurodollar Advances on the face amount of such Letter of Credit for the period such Letter of Credit is outstanding, which fee shall be due and payable quarterly in arrears on March 31, June 30, September 30, and December 31 of each year, and on the Revolving Credit Maturity Date; provided, however, that any letter of credit fees otherwise payable for the account of each a Defaulting Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Margin used to determine the interest rate applicable to Eurodollar Loans on the average daily amount of such Lender’s Letter of Credit Exposure (excluding any portion thereof attributable to unreimbursed Letter of Credit Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any Letter of Credit shall be payable, to the maximum extent permitted by applicable law, to the other Revolving Lenders in accordance with the upward adjustments in their respective Applicable Percentage allocable to such Letter of Credit pursuant to Section 2.16(a)(iv), with the balance of such fee, if any, being retained by the Borrower for its own account or, to the extent any Fronting Exposure shall then be outstanding, being payable to the applicable Issuing Lender for its own account to the extent such fee relates to the amount of such Fronting Exposure, and ; (ii) to the applicable Issuing Lender Lender, a fronting fee for each Letter of Credit equal to the greater of (A) a fronting fee to be agreed by the Borrower and the applicable Issuing Lender 0.125% per annum on the face amount of such Letter of Credit (and in the case of an increase, on the amount of such increase) and (B) $600.00, which fee shall be due and payable annually in advance on the date of the issuance or increase of each Letter of Credit issued and on the earlier of each annual anniversary thereafter or the Revolving Credit Maturity Date; and (iii) to the applicable Issuing Lender such other usual and customary fees associated with any transfers, amendments, drawings, negotiations or reissuances of any Letter of Credit, which fees shall be due and payable as requested by such Issuing Lender, together Lender in accordance with (B) the applicable such Issuing Lender’s standard documentary's then current fee policy. The Borrower shall have no right to any refund of letter of credit fees previously paid by the Borrower, processing, administrative, issuance, amendment and negotiation fees in connection with Letters of Credit, during including any refund claimed because the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be Borrower cancels any Letter of Credit Exposure, as well as such Issuing Lender’s standard fees with respect prior to the renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees accrued through and including the last day of each calendar month shall be payable in arrears commencing, with respect to such fees accrued through and including the last day of the first calendar month ending after the Effective Date, on the first Business Day of each calendar month; provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees payable to the any Issuing Lender pursuant to this paragraph shall be payable 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)its expiration date.

Fees for Letters of Credit. The Each Borrower agrees to pay pay: (i) to the Administrative Agent for the account of each Lender a participation fee with respect to its each Lender’s participations in (A) Performance Letters of CreditCredit issued for the account of such Borrower, which shall accrue at the same Applicable Margin used to determine the interest rate applicable to Eurodollar Loans Rate on the average daily amount of such Lender’s Letter LC Exposure attributable to such Performance Letters of Credit Exposure (excluding any portion thereof attributable to unreimbursed Letter of Credit LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any Letter LC Exposure with respect to such Performance Letters of Credit Exposureand (B) Financial Letters of Credit issued for the account of such Borrower, which shall accrue at the Applicable Rate on the average daily amount of such Lender’s LC Exposure attributable to such Financial Letters of Credit (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any LC Exposure with respect to such Financial Letters of Credit; and (ii) to the applicable each Issuing Lender (A) Bank a fronting fee to be agreed by fee, which shall accrue at the Borrower rate set forth in the Fee Letter between the Borrowers and the applicable such Issuing Lender Bank on the face average daily amount of each Letter the LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) associated with Letters of Credit issued by such Issuing Lender, together with (B) Bank for the applicable Issuing Lender’s standard documentary, processing, administrative, issuance, amendment and negotiation fees in connection with Letters account of Credit, such Borrower during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any Letter of Credit ExposureLC Exposure with respect to such Borrower, as well as such Issuing LenderBank’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 accrued through and including the last day of March, June, September and December of each calendar month year shall be payable in arrears commencingon the third Business Day following such last day, with respect to such fees accrued through and including the last day of commencing on the first calendar month ending such date to occur after the Effective Date, on the first Business Day of each calendar month; provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees payable to the any Issuing Lender Bank pursuant to this paragraph shall be payable 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).

Fees for Letters of Credit. The Borrower agrees to pay (i) to the Administrative Agent for the account of each Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Margin used to determine the interest rate applicable to Eurodollar Loans on the average daily amount of such Lender’s Letter of Credit Exposure (excluding any portion thereof attributable to unreimbursed Letter of Credit Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any Letter of Credit Exposure, and (ii) to the applicable Issuing Lender (A) a fronting fee to be agreed by the Borrower and the applicable Issuing Lender on the face amount of each Letter of Credit issued by such Issuing Lender, together with (B) the applicable Issuing Lender’s standard documentary, processing, administrative, issuance, amendment and negotiation fees in connection with Letters of Credit, during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any Letter of Credit Exposure, as well as such Issuing Lender’s standard fees with respect to the renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees accrued through and including the last day of each calendar month quarter shall be payable in arrears commencing, with respect to such fees accrued through and including September 30, 2018, on the last fifth day of the first calendar month ending after the Effective Date, following such date and continuing thereafter on the first Business Day of each calendar monthJanuary, April, July and October of each year; provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees payable to the any Issuing Lender pursuant to this paragraph shall be payable 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).

Fees for Letters of Credit. The Borrower agrees to pay pay: (i) to the Administrative Agent for the pro rata benefit of and for the account of each Lender Revolving Lender, a participation fee with respect to its participations in Letters of Credit, which shall accrue at the same Applicable Margin used to determine the interest rate applicable to Eurodollar Term Benchmark Loans on the average daily amount of such Lender’s Letter of Credit applicable LC Exposure (excluding any portion thereof attributable to unreimbursed Letter of Credit LC Disbursements) during the period from and including the Effective Closing Date to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any Letter of Credit applicable LC Exposure, and ; and (ii) to the applicable each Issuing Lender (A) Lender, a fronting fee in an amount to be agreed by between such Issuing Lender and the Borrower and the applicable Issuing Lender on the face amount of for each Letter of Credit issued by such Issuing Lender, together with (B) which fee shall be due and payable in advance on the applicable Issuing Lender’s standard documentary, processing, administrative, issuance, amendment and negotiation fees in connection with Letters date of the issuance of the Letter of Credit, during and, in the period from and including the Effective Date to but excluding the later case of an increase or extension only, on the date of termination such increase or such extension; provided that, in no event shall such fronting fee accrue at a rate of the Commitments and the date on which there ceases to be any Letter of Credit Exposure, as well as such Issuing Lender’s standard fees with respect to the renewal or extension of any Letter of Credit or processing of drawings thereunderless than 0.25% per annum. Participation fees and fronting fees accrued through and including the last day of each calendar month quarter shall be payable in arrears commencing, with respect to such fees accrued through and including the last day of the first calendar month ending after the Effective Date, on the first Business Day day of each calendar monthquarter following such last day, commencing on the first such date to occur after the Closing Date; provided that that, all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on which the Commitments terminate shall be payable on demand. Any All other fees payable to the any Issuing Lender Lenders pursuant to this paragraph shall be payable within 10 ten (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).