US Letter of Credit Fees. On the date of issuance or extension, or increase in the amount, of any U.S. Letter of Credit pursuant to Section 2.3 hereof, U.S. Borrower shall pay to the L/C Issuer for its own account a fronting fee equal to 0.125%% of the face amount of (or of the increase in the face amount of) such U.S. Letter of Credit. Quarterly in arrears, on the last day of each March, June, September, and December, commencing on the first such date occurring after the date hereof, U.S. Borrower shall pay to Administrative Agent, for the ratable benefit of the Lenders in accordance with their U.S. Revolver Percentages, a letter of credit fee at a rate per annum equal to the Applicable Margin (computed on the basis of a year of 360 days and the actual number of days elapsed) in effect during each day of such quarter applied to the daily average face amount of U.S. Letters of Credit outstanding during such quarter. In addition, U.S. Borrower shall pay to the L/C Issuer for its own account the L/C Issuer’s standard issuance, drawing, negotiation, amendment, assignment, and other fees and charges for each U.S. Letter of Credit as established by the L/C Issuer from time to time.
US Letter of Credit Fees. The U.S. Borrower shall pay to the Administrative Agent for the account of each Lender in accordance, subject to Section 4.10, with its Pro Rata Share a U.S. Letter of Credit fee (the “U.S. Letter of Credit Fee”) for each U.S. Letter of Credit equal to the Applicable Rate times the daily maximum amount available to be drawn under such U.S. Letter of Credit. U.S. Letter of Credit Fees shall be (i) computed on a quarterly basis in arrears (and, for the avoidance of doubt, calculated for the calendar-day period for which such U.S. Letter of Credit was outstanding during such quarterly period, with each quarter starting with and including the first calendar date of the quarter and ending on and including the last calendar date of such quarter) and (ii) due and payable within three Business Days of receipt of an invoice from the Administrative Agent properly setting forth the amounts due and payable, with such invoice being provided on or after the first 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 U.S. Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. If there is any change in the Applicable Rate during any quarter, the daily maximum amount of each U.S. Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.
US Letter of Credit Fees. (i) Issuance Fee for Standby U.S.
US Letter of Credit Fees. The US Borrower shall pay to the Administrative Agent for the account of each Lender in accordance with its Pro Rata Share a US Letter of Credit fee (the "US Letter of Credit Fee") for each US Letter of Credit equal to the Applicable Rate times the daily maximum amount available to be drawn under such US Letter of Credit. US Letter of Credit Fees shall be (i) computed on a quarterly basis in arrears and (ii) due and payable on the first 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 US Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. If there is any change in the Applicable Rate during any quarter, the daily maximum amount of each standby US Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.
US Letter of Credit Fees. In consideration of US LC Issuer's issuance of any US Letter of Credit, US Borrower agrees to pay (i) to Administrative Agent for the account of each US Lender in proportion to its Percentage Share, a US Letter of Credit fee equal to the US Letter of Credit Fee Rate applicable each day times the face amount of such US Letter of Credit and (ii) to such US LC Issuer for its own account, a letter of credit fronting fee at a rate equal to one-eighth percent (.125%) per annum times the face amount of such US Letter of Credit. Each such fee will be calculated on the face amount of each US Letter of Credit outstanding on each day at the above applicable rates and will be payable quarterly in arrears on the last day of each March, June, September and December. In addition, US Borrower will pay to US LC Issuer a minimum administrative issuance fee and such other fees and charges customarily charged by the US LC Issuer in respect of any issuance, amendment or negotiation of any US Letter of Credit in accordance with the US LC Issuer's published schedule of such charges effective as of the date of such amendment or negotiation.
US Letter of Credit Fees. US Borrowers agree to pay to Administrative Agent for the benefit of US Revolving Lenders, as compensation to such US Revolving Lenders for US Letter of Credit Obligations incurred hereunder, (i) all costs and expenses incurred by Administrative Agent or any Lender on account of such US Letter of Credit Obligations, and (ii) for each day during which any US Letter of Credit Obligation shall remain outstanding, a fee (the "US Letter of Credit Fee") in respect of each US Letter of Credit in an amount equal to the Applicable Revolver IBOR Margin from time to time in effect, multiplied by the maximum amount available from time to time to be drawn under such US Letter of Credit. Such fee shall be paid to Administrative Agent for the benefit of the US Revolving Lenders in arrears, on the first Business Day of each January, April, July and October and on the Commitment Termination Date. In addition, US Borrowers shall pay to any US L/C Issuer, on demand, such fees (including all per annum fees), charges and expenses of such US L/C Issuer in respect of the issuance, negotiation, acceptance, amendment, transfer and payment of all US Letters of Credit issued by it or otherwise payable pursuant to the applications and related documentation under which such US Letters of Credit are issued.
US Letter of Credit Fees. In consideration of US LC Issuer’s issuance of any US Letter of Credit, US Borrower or Canadian Borrower requesting such Letter of Credit agrees to pay (i) to Administrative Agent for the account of each US Lender in proportion to its Percentage Share, a US Letter of Credit fee equal to the US Letter of Credit Fee Rate applicable each day times the undrawn face amount of such US Letter of Credit and (ii) to such US LC Issuer for its own account, a letter of credit fronting fee at a rate equal to one-eighth percent (.125%) per annum times the undrawn face amount of such US Letter of Credit.
US Letter of Credit Fees. The US Borrowers shall pay in Dollars (i) to the Administrative Agent for the ratable account of the US Banks a fee with respect to US Commercial Letters of Credit (the "US Commercial Letter of Credit Fee") equal to the Applicable Commercial Letter of Credit Fee Percentage (computed on the basis of a year of three hundred sixty (360) days and actual days elapsed), and (ii) to the Administrative Agent for the ratable account of the US Banks a fee with respect to US Standby Letters of Credit (the "US Standby Letter of Credit Fee") equal to the Applicable Standby Letter of Credit Fee Percentage (computed on the basis of a year of three hundred sixty (360) days and actual days elapsed), which fees shall be computed on the daily average Dollar Equivalent Amount of the respective US Letters of Credit Outstanding and shall be payable quarterly in arrears (each such quarterly payment shall be equal to the product of (i) a fraction, the numerator of which is the number of days elapsed since the date the immediately preceding payment of the applicable US Letter of Credit Fee was due, and the denominator of which is three hundred sixty (360) days and (ii) the Applicable Commercial Letter of Credit Fee Percentage or the Applicable Standby Letter of Credit Fee Percentage, as the case may be, for the daily average Dollar Equivalent Amount of the US Commercial Letters of Credit Outstanding or the US Standby Letters of Credit Outstanding, as the case may be) commencing with the first day of each September, December, March and June following the issuance of each US Letter of Credit and on the Expiration Date. For purposes of calculating the applicable US Letter of Credit Fee payments due on September 1, 2011, clause (i) of the foregoing formula shall be a fraction, the numerator of which is the number of days elapsed from the Closing Date to September 1, 2011, and the denominator of which is three hundred sixty (360) days. The US Borrowers shall also pay to the US Issuing Bank in Dollars for its sole account (i) a fronting fee as determined by the US Issuing Bank and the US Borrowers, and (ii) the US Issuing Bank's then in effect customary fees and administrative expenses payable with respect to the US Letters of Credit as the US Issuing Bank may generally charge or incur from time to time in connection with the issuance, maintenance, modification (if any), assignment or transfer (if any), handling, and administration of US Letters of Credit.
US Letter of Credit Fees. (i) Issuance Fee for Standby U.S. Letters of Credit. In consideration of the issuance of standby U.S. Letters of Credit hereunder, Airgas promises to pay to the Agent for the account of each U.S. Revolving Lender in accordance with its Applicable Percentage a fee for each standby U.S. Letter of Credit equal to the Applicable Rate times the daily amount available to be drawn under such U.S. Letter of Credit; provided, however, any such fees otherwise payable for the account of a Defaulting Lender with respect to any U.S. Letter of Credit as to which such Defaulting Lender has not provided Cash Collateral satisfactory to the U.S. Issuing Lenders pursuant to this Section 4.5(b)(i) shall be payable, to the maximum extent permitted by applicable Requirements of Law, to the other U.S. Revolving Lenders in accordance with the upward adjustments in their respective Applicable Percentages allocable to such U.S. Letter of Credit pursuant to Section 4.16(a)(iv), with the balance of such fee, if any, payable to the applicable U.S. Issuing Lender for its own account. For purposes of computing the daily amount available to be drawn under any U.S. Letter of Credit, the amount of such U.S. Letter of Credit shall be determined in accordance with Section 1.4. Such fee will be payable quarterly in arrears on the last Business Day of each March, June, September and December for the immediately preceding quarter (or a portion thereof).
US Letter of Credit Fees. The US Facility Borrower shall pay to the Administrative Agent for the account of each US Lender in accordance with its Pro Rata Share a US Letter of Credit fee (the “US Letter of Credit Fee”) for each US Letter of Credit equal to (i) in the case of US Letters of Credit that are Direct Credit Substitutes, 100% of the Applicable Margin times the daily maximum amount available to be drawn under such US Letter of Credit, and (ii) in the case of US Letters of Credit that are not Direct Credit Substitutes, 50% of the Applicable Margin times the daily maximum amount available to be drawn under such US Letter of Credit. US Letter of Credit Fees shall be (i) computed on a quarterly basis in arrears and (ii) due and payable on the first 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 US Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. If there is any change in the Applicable Margin during any quarter, the daily maximum amount of each standby US Letter of Credit shall be computed and multiplied by the applicable percentage specified above of the Applicable Margin separately for each period during such quarter that such Applicable Margin was in effect.
