Common use of Synthetic Letter of Credit Fees Clause in Contracts

Synthetic Letter of Credit Fees. From the Closing Date, a fee (the "Synthetic Participation Fee") will accrue in respect of the Synthetic Deposits of the Synthetic Lenders, which fee shall be calculated as follows: (i) for each relevant Investment Period for such Synthetic Deposits, the product of (x) the Benchmark Return for such Investment Period multiplied by (y) the average daily amount of the Synthetic Letter of Credit Commitment Amount for such Investment Period (whether or not such Commitment is used or otherwise available), less (ii) the amount of Synthetic Deposit Earnings for such Investment Period. The Borrowers, jointly and severally, agree to pay the Synthetic Participation Fee to the Administrative Agent, for the pro rata account of the Synthetic Lenders (determined on the basis of their respective Synthetic Deposit Amounts), without duplication, on (a) the Stated Maturity Date for such Synthetic Deposit, (b) the date of any return of a Synthetic Deposit pursuant to clause (a)(iii) of Section 3.1.1 on the amount of such deemed Synthetic Deposits so returned, and (c) the last day of each Investment Period. In addition, within two Business Days of any date set forth in the preceding sentence, the Administrative Agent shall pay (or cause to be paid) to each Synthetic Lender, on the same pro rata basis for any applicable Investment Period as set forth above in this Section, the Synthetic Deposit Earnings as of the date set forth in the preceding sentence for such Investment Period.

Synthetic Letter of Credit Fees. From the Closing Date, a fee (the "“Synthetic Participation Fee"”) will accrue in respect of the Synthetic Deposits of the Synthetic Lenders, which fee shall be calculated as follows: (i) for each relevant Investment Period for such Synthetic Deposits, the product of (x) the Benchmark Return for such Investment Period multiplied by (y) the average daily amount of the Synthetic Letter of Credit Commitment Amount for such Investment Period (whether or not such Commitment is used or otherwise available), less (ii) the amount of Synthetic Deposit Earnings for such Investment Period. The Borrowers, jointly and severally, agree to pay the Synthetic Participation Fee to the Administrative Agent, for the pro rata account of the Synthetic Lenders (determined on the basis of their respective Synthetic Deposit Amounts), without duplication, on (a) the Stated Maturity Date for such Synthetic Deposit, (b) the date of any return of a Synthetic Deposit pursuant to clause (a)(iii) of Section 3.1.1 on the amount of such deemed Synthetic Deposits so returned, and (c) the last day of each Investment Period. In addition, within two Business Days of any date set forth in the preceding sentence, the Administrative Agent shall pay (or cause to be paid) to each Synthetic Lender, on the same pro rata basis for any applicable Investment Period as set forth above in this Section, the Synthetic Deposit Earnings as of the date set forth in the preceding sentence for such Investment Period.