Common use of Letter of Credit Fee Charges Clause in Contracts

Letter of Credit Fee Charges. In connection with each Letter of Credit, the Borrower hereby covenants to pay to the Lender the following Letter of Credit Fee payable quarterly in arrears (on the first Banking Day of each calendar quarter following the issuance of each Letter of Credit): a fee, for the Lender's own account, computed daily on the amount of the Letter of Credit issued and outstanding at a rate per annum equal to the Lender's cost in obtaining the Letter of Credit plus a spread equal to the difference between the interest rate payable on Loans hereunder and the Lender's cost of borrowing under its credit facility (or, in the absence of a credit facility, the Prime Rate as announced by Citibank NA). Notwithstanding the foregoing, if amounts payable pursuant to this Section 10.1(f), together with any interest payable pursuant to Section 3.1, exceed the amount of EBITDA of the Borrower for the immediately preceding calendar quarter (ending the last day of September, December, March or June), the Borrower shall not be obligated to repay the amounts payable under this Section 10.1(f) which, when added to the interest payable pursuant to Section 3.1 exceeds EBITDA of the Borrower for such period. Any such amount in excess of EBITDA shall be added to principal hereunder and shall accrue interest thereon in accordance with Section 3.1.

Letter of Credit Fee Charges. In connection with each Letter of Credit, the Borrower hereby covenants to pay to the Lender the following Letter of Credit Fee payable quarterly in arrears (on the first Banking Day of each calendar quarter following the issuance of each Letter of Credit): a fee, for the Lender's own account, computed daily on the amount of the Letter of Credit issued and outstanding at a rate per annum equal to the Lender's cost in obtaining the Letter of Credit plus a spread equal to the difference between the interest rate payable on Loans hereunder and less the Lender's cost of borrowing under its the Lender's credit facility (or, in the absence of a credit facility, the Prime Rate as announced by Citibank NAN.A.). Notwithstanding the foregoing, if amounts payable pursuant to this Section 10.1(f), ) together with any interest payable pursuant to Section 3.1, exceed the amount of EBITDA of the Borrower for the immediately preceding calendar quarter (ending the last day of September, December, March or June), the Borrower shall not be obligated to repay the amounts payable under this Section 10.1(f) which, which when added to the interest payable pursuant to Section 3.1 exceeds EBITDA of the Borrower for such period. Any such amount in excess of EBITDA shall be added to principal hereunder and shall accrue interest thereon in accordance with Section 3.1.