Common use of Letter of Credit Participation Fee Clause in Contracts

Letter of Credit Participation Fee. The Company agrees to pay to the Agent for the pro rata account of each Lender a fee (the "Letter of Credit Participation Fee") with respect to each Standby Letter of Credit and Commercial Letter of Credit, payable quarterly in arrears during the period commencing on the Effective Date and ending on the Commitment Termination Date on the last day of each March, June, September and December of each year, commencing on the last day of the calendar quarter in which the Effective Date shall have occurred, and ending on the expiration date or the date of termination of such Letter of Credit, at a rate per annum equal to the Applicable Margin of the average daily amount which may be drawn under such Letter of Credit during such period (whether or not the conditions for drawing thereunder have or may be satisfied) multiplied by such Lender's Commitment Percentage. The Letter of Credit Participation Fee shall be computed on the basis of a 360-day year for the actual number of days elapsed.

Letter of Credit Participation Fee. The Company agrees to pay to the Agent for the pro rata account of each 40 DRAFT 11/15/96 Lender a fee (the "Letter of Credit Participation Fee") with respect to each Standby Letter of Credit and Commercial Letter of Credit, payable quarterly in arrears during the period commencing on the Effective Date and ending on the Commitment Termination Date on the last day of each March, June, September and December of each year, commencing on the last day of the calendar quarter in which the Effective Date shall have occurred, and ending on the expiration date or the date of termination of such Letter of Credit, at a rate per annum equal to the Applicable Margin of the average daily amount which may be drawn under such Letter of Credit during such period (whether or not the conditions for drawing thereunder have or may be satisfied) multiplied by such Lender's Commitment Percentage. The Letter of Credit Participation Fee shall be computed on the basis of a 360-day year for the actual number of days elapsed.