Common use of Fees in respect of Letters of Credit Clause in Contracts

Fees in respect of Letters of Credit. (a) The Company must pay (or ensure that a Borrower pays) to the Issuing Bank fronting fees in the manner agreed in the Fee Letter between the Issuing Bank and the Company. (b) The Company must pay to the Facility Agent for each Lender a letter of credit fee computed at the rate equal to the current Margin per annum for the Revolving Credit Facility from time to time, including any adjustment fee payable under Clause 12.2(d), on the outstanding amount of each Letter of Credit minus any cash cover. (c) Accrued letter of credit fee on each Letter of Credit is payable quarterly in arrear, commencing on the date of issue of the Letter of Credit. Accrued letter of credit fee is also payable to the Facility Agent on the date that the Total Revolving Credit Commitments are cancelled and the Letters of Credit prepaid or repaid in full. (d) If any additional amount is payable on drawn and repaid loans under Clause 12.2(f) to compensate the Lenders for a shortfall, the Company must, at the same time any amount is paid under Clause 12.2(f), pay to the Facility Agent for the account of the Lenders an amount to provide equivalent compensation for a shortfall on the amount of the Letters of Credit which have already been issued and repaid prior to that date.