Common use of Canadian Letter of Credit Fees Clause in Contracts

Canadian Letter of Credit Fees. The applicable Canadian Borrower shall pay to the Canadian Lender a Canadian Letter of Credit fee (the “Canadian L/C Fee”) (i) for each commercial Canadian Letter of Credit equal to 1% per annum times the daily amount available to be drawn under such Canadian Letter of Credit, and (ii) for each standby Canadian Letter of Credit equal to the Applicable Rate times the daily amount available to be drawn under such Canadian Letter of Credit. Canadian L/C Fees shall be (x) computed on a quarterly basis in arrears and (y) 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 Canadian Letter of Credit, on the day that is seven days prior to the Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business Day) and thereafter on demand. If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each standby Canadian 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. Notwithstanding anything to the contrary contained herein, upon the request of the Canadian Lender, while any Event of Default exists, all Canadian L/C Fees shall accrue at the Default Rate.

Canadian Letter of Credit Fees. The applicable Canadian Borrower shall pay to the Administrative Agent for the account of each Canadian Lender in accordance with its Pro Rata Share a Canadian Letter of Credit fee (the “"Canadian L/C Letter of Credit Fee”) (i) for each commercial Canadian Letter of Credit equal to 1(i) in the case of Canadian Letters of Credit that are Direct Credit Substitutes, 100% per annum of the Applicable Margin times the daily maximum amount available to be drawn under such Canadian Letter of Credit, and (ii) for each standby in the case of Canadian Letter Letters of Credit equal to that are not Direct Credit Substitutes, 50% of the Applicable Rate Margin times the daily maximum amount available to be drawn under such Canadian Letter of Credit. Canadian L/C Letter of Credit Fees shall be (xi) computed on a quarterly basis in arrears and (yii) 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 Canadian Letter of Credit, on the day that is seven days prior to the Maturity Letter of Credit Expiration Date then in effect (or, if such day is not a Business Day, the next preceding Business Day) and thereafter on demand. If there is any change in the Applicable Rate Margin during any quarter, the daily maximum amount available to be drawn under of each standby Canadian Letter of Credit shall be computed and multiplied by the applicable percentage specified above of the Applicable Rate Margin separately for each period during such quarter that such Applicable Rate Margin was in effect. Notwithstanding anything to the contrary contained herein, upon the request of the Canadian Lender, while any Event of Default exists, all Canadian L/C Fees shall accrue at the Default Rate.