Common use of Service Charge to Be Clause in Contracts

Service Charge to Be. Paid to the Broker-Dealer. With respect to each Auction for which there were Sufficient Bids or all Auction Rate Notes were subject to Hold Orders, the Auction Agent shall pay to the Broker-Dealer from moneys received from the Indenture Trustee, not later than 12:00 noon on each Monthly Expense Payment Date, a fee (the "Broker-Dealer Fee") in cash equal to the product of (i) the Broker-Dealer Fee Rate times (ii) a fraction, the numerator of which is the number of days since the later of the Closing Date or the date the Broker-Dealer Fee was last paid and the denominator of which is 360, times (iii) the aggregate principal amount of Auction Rate Notes of such Series outstanding since the later of the Closing Date or the date the Broker-Dealer Fee was last paid.