Common use of Sterling Letter of Credit Fees Clause in Contracts

Sterling Letter of Credit Fees. The UK Borrower shall pay to the Administrative Agent for the account of each UK Bank in accordance with its Sterling Pro Rata Share, a Sterling Letter of Credit fee in Sterling for each Sterling Letter of Credit equal to the L/C Fee Rate times the daily maximum amount available to be drawn under such Sterling Letter of Credit, it being agreed that with respect to any Sterling Letter of Credit that, by its terms or the terms of the related Sterling Letter of Credit Application or any other document, agreement or instrument related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Sterling Letter of Credit shall be deemed to be the maximum stated amount of such Sterling Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time. Such letter of credit fees shall be computed on a quarterly basis in arrears. Such letter of credit fees shall be due and payable on the first UK Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Sterling Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. The L/C Fee Rate for each calendar quarter shall be determined as provided in Schedule I based on the Rating Level in effect on each applicable day of such quarter.