Fronting Lender Fee. Each Borrower shall pay each Fronting Lender, for its own account, a fee (a “Fronting Lender Fee”) for each Letter of Credit issued by such Fronting Lender for the account of such Borrower equal to the greater of (A) 0.125% per annum of the undrawn amount of such Letter of Credit and (B) the product of (i) a fraction, the numerator of which is the number of days such Letter of Credit was issued and outstanding during the most recently ended calendar quarter (or such other period for which the Fronting Lender Fee is being calculated) and the denominator of which is 365 (or, if applicable, 366) and (ii) JPY 25,000, which Fronting Lender Fee shall be in addition to, and not in lieu of, the Letter of Credit Fee. The Fronting Lender Fee shall be payable in arrears on each January 1, April 1, July 1 and October 1 during the Term in Yen.
Appears in 4 contracts
Samples: Revolving Credit Agreement (Prologis, L.P.), Revolving Credit Agreement (Prologis, L.P.), Revolving Credit Agreement (Prologis, L.P.)
