Common use of Acceptance Commission Clause in Contracts

Acceptance Commission. Each Borrower for whose account an Acceptance has been created agrees to pay to each Issuing Bank an acceptance commission, with respect to each Acceptance created by such Issuing Bank on the face amount of such Acceptance, for the period from the date of such Acceptance to the date of its maturity, at the Acceptance Rate in effect on the date of the creation of such Acceptance. Payment of such acceptance commission with respect to each Acceptance created by such Issuing Bank shall be made for the account of such Borrower by such Issuing Bank's deducting the amount of such acceptance commission from the proceeds of such Issuing Bank's discount of such Acceptance pursuant to Section 2.04(h).