Common use of Activity Fee Clause in Contracts

Activity Fee. In addition to the Facility Fee, Owner shall, in consideration of Fann▇▇ ▇▇▇ providing the Related Fann▇▇ ▇▇▇ ▇▇▇lateral Agreements, pay to Servicer, for the account of and remittance to Fann▇▇ ▇▇▇, an activity fee (the "ACTIVITY FEE") with respect to each Advance and each Withdrawal. The Activity Fee shall, with respect to each Advance and each Withdrawal, be an amount equal to the amount of such Advance or Withdrawal, as the case may be, multiplied by the Activity Rate, and further multiplied by a fraction, the numerator of which is the number of days that such Advance or Withdrawal is outstanding (i.e., until Fann▇▇ ▇▇▇ ▇▇ reimbursed) and the denominator of which is 365 days or 366 days, as applicable. The Activity Fee shall be payable so long as the Advance or Withdrawal remains unreimbursed, in whole or in part, to Fann▇▇ ▇▇▇. The Activity Fee shall not be due to Fann▇▇ ▇▇▇ ▇▇ Fann▇▇ ▇▇▇ ▇▇ reimbursed for all funds provided under the Related Fann▇▇ ▇▇▇ Collateral Agreement by 2:00 p.m., Washington, D.C. time, on the date on which Fann▇▇ ▇▇▇ shall have provided such funds. Any reimbursement payment received after 2:00 p.m., Washington, D.C. time, shall be treated as if it were paid at 9:00 a.m., Washington, D.C. time, on the next Business Day. The Activity Fee shall be payable initially on the first (1st) day of each month following any Advance or Withdrawal and shall be payable on the first (1st) day of each successive month for so long as such Advance or Withdrawal shall remain outstanding. Notwithstanding anything herein to the contrary, so long as no Event of Default has occurred and is continuing, Owner shall not be 82 required to pay the Activity Fee on Withdrawals with respect to Related Purchased Bonds. The Activity Fee shall be otherwise due and payable as provided in this Agreement. Upon receipt by Servicer, the Activity Fee shall be remitted immediately to Fannie Mae.

Activity Fee. In addition to the Facility Fee, Owner shall, in consideration of Fann▇▇▇▇▇▇ ▇▇▇ providing the Related Fann▇▇ ▇▇▇▇▇ ▇▇▇lateral Mae Collateral Agreements, pay to Servicer, for the account of and remittance to Fann▇▇▇▇▇▇ ▇▇▇, an activity fee (the "ACTIVITY FEE") with respect to each Advance and each WithdrawalWithdrawal (other than Withdrawals with respect to Related Purchased Bonds). The Activity Fee shall, with respect to each Advance and each WithdrawalWithdrawal (other than Withdrawals with respect to Related Purchased Bonds), be an amount equal to the amount of such Advance or Withdrawal, as the case may be, outstanding from time to time multiplied by the Activity Rate, Rate and further multiplied by a fraction, the numerator of which is the number of days that such Advance or Withdrawal is outstanding (i.e., until Fann▇▇ ▇▇▇▇▇ ▇▇ reimbursedMae is reimbursed for such Advance or until the Principal Reserve Fund is replenished for such Withdrawal, in either case in accordance with section 4.1) and the denominator of which is 365 days or 366 days, as applicable. The Activity Fee shall be payable so long as the Advance or Withdrawal (other than Withdrawals with respect to Related Purchased Bonds) remains unreimbursed, in whole or in part, to Fann▇▇▇▇▇▇ ▇▇▇. ▇▇▇▇▇▇ ▇▇▇ shall be deemed to have been reimbursed if and when a payment is made to Servicer, or the Principal Reserve Fund is replenished, as the case may be, in accordance with the terms of this Agreement. The Activity Fee shall not be due to Fann▇▇▇▇▇▇ Mae if ▇▇▇▇▇▇ ▇▇▇ ▇▇ Fann▇▇ ▇▇▇ ▇▇ is reimbursed for all funds provided under the Related Fann▇▇ ▇▇▇▇▇ Mae Collateral Agreement by 2:00 p.m., Washington, D.C. time, on the date on which Fann▇▇▇▇▇▇ ▇▇▇ shall have provided such funds. Any reimbursement payment received after 2:00 p.m., Washington, D.C. time, shall be treated as if it were paid at 9:00 a.m., Washington, D.C. time, on the next Business Day. The Activity Fee shall be payable initially on the first (1st) day of each month following any Advance or Withdrawal and shall be payable on the first (1st) day of each successive month for so long as such Advance or Withdrawal shall remain outstanding. Notwithstanding anything herein to the contrary, so long as no Event of Default has occurred and is continuing, Owner shall not be 82 required to pay the Activity Fee on Withdrawals with respect to Related Purchased Bonds. The Activity Fee shall be otherwise due and payable as provided in this Agreement. Upon receipt by Servicer, the Activity Fee shall be remitted immediately to Fannie Mae.: