Common use of L/C Fees Clause in Contracts

L/C Fees. For each Letter of Credit, the Borrower will pay to the Administrative Agent for the Lenders (except as provided in Section 13.14) a letter of credit fee (“L/C Fee”) equal to three percent (3.00%) per annum of the undrawn face amount of each Letter of Credit (subject to increase by the Default Rate if and as applicable), provided, that the L/C Fee will not be less than the Administrative Agent’s standard minimum amount for such fees in effect at such time. The L/C Fee is and shall be payable quarterly in arrears, on the first day of each Fiscal Quarter during which each such Letter of Credit remains outstanding, and such fee shall be nonrefundable and deemed fully earned as of such payment date. The L/C Fee will be computed on the basis of a 360 day year for the actual number of days elapsed (which results in a larger fee being paid than if computed on the basis of a 365-day year). In addition, the Borrower will pay to the Issuing Lender all customary charges and out-of-pocket and additional expenses in connection with the issuance and administration (and, if applicable, amendment) of any Letters of Credit issued under this Agreement.