Common use of Standby Fees Clause in Contracts

Standby Fees. (1) The Borrower shall pay to the Lender a standby fee in Canadian Dollars in respect of the Credit Facility calculated at a rate per annum equal to 7.5 basis points on the amount, if any, by which the amount of the Outstanding Principal under the Credit Facility for each day in the period of determination is less than the maximum amount for each such day of the Credit Facility. Fees determined in accordance with this Section shall accrue daily from and after the date hereof and be payable by the Borrower quarterly in arrears and on cancellation in full of the Credit Facility and on the Termination Date. (2) As of (a) the last day of March in each year, (b) the date of any cancellation in full of the Credit Facility, and (c) the Term Out Date, the Lender shall determine the standby fees under this Section in respect of the Credit Facility for the period from and including the date hereof or the date of the immediately preceding determination, as the case may be, to but excluding that date of determination and shall deliver to the Borrower a written request for payment of the standby fees so determined, as detailed therein. The Borrower shall pay to the Lender per Section 5.1 the standby fees referred to above within 10 Banking Days after receipt of each such written request. (3) For certainty, no standby fees shall be payable by the Borrower in respect of the Credit Facility for any period of time after the Termination Date.

Standby Fees. (1) The Borrower shall pay to the Lender a standby fee in Canadian Dollars in respect of the Credit Facility calculated at a rate per annum equal to 7.5 15 basis points on the amount, if any, by which the amount of the Outstanding Principal under the Credit Facility for each day in the period of determination is less than the maximum amount for each such day of the Credit Facility. Fees determined in accordance with this Section shall accrue daily from and after the date hereof and be payable by the Borrower quarterly in arrears and on cancellation in full of the Credit Facility and on the Termination Date Date. (2) As of (a) the last day of March in each year, (b) the date of any cancellation in full of the Credit Facility, and (c) the Term Out Date, the Lender shall determine the standby fees under this Section in respect of the Credit Facility for the period from and including the date hereof or the date of the immediately preceding determination, as the case may be, to but excluding that date of determination and shall deliver to the Borrower a written request for payment of the standby fees so determined, as detailed therein. The Borrower shall pay to the Lender per Section 5.1 the standby fees referred to above within 10 Banking Days after receipt of each such written request. (3) For certainty, no standby fees shall be payable by the Borrower in respect of the Credit Facility for any period of time after the Termination Date.