Common use of Activity Fee Clause in Contracts

Activity Fee. Borrower shall pay an activity fee (“Activity Fee”) to ▇▇▇▇▇▇ ▇▇▇ at the rates per annum on the unreimbursed amount of each Bond Advance and the unreplenished amount of each Withdrawal as set out in this Section 10.07(b). The Activity Fee shall accrue on the basis of, during any Auction Rate Period or Weekly Rate Period, a 365- or 366-day year, as applicable, for the actual number of days elapsed and during any Reset Rate Period and the Fixed Rate Period, a year of 360 days of twelve 30-day months. The Activity Fee shall accrue daily for the period from (and including) the day ▇▇▇▇▇▇ Mae makes a Bond Advance or the Trustee makes the Withdrawal, as the case may be, to (but excluding) the day the reimbursement or replenishment is, or is deemed to be, fully paid. The Activity Fee shall be calculated and paid as follows: (i) Activity Fee for Principal Advance, Interest Advance, Mandatory Purchased Bonds Advance and Issuer’s Fee Advances and Withdrawals. The Activity Fee for any unreimbursed Principal Advance, Interest Advance or Issuer’s Fee Advance and any unreplenished Withdrawal (other than a Withdrawal made to reimburse ▇▇▇▇▇▇ ▇▇▇ for a Pledged Bonds Advance) will be the lesser of (a)(i) the Prime Rate or, if higher, the rate payable on the related Bond Note plus (ii) two percentage points per annum and (b) the maximum interest rate which may be collected from Borrower under applicable law. Accrued Activity Fee shall be due and payable from time to time on demand by ▇▇▇▇▇▇ Mae or the Loan Servicer, and without demand, shall be paid upon the reimbursement of any Bond Advance or the replenishment of any Withdrawal, as applicable.

Activity Fee. The Borrower shall pay an activity fee (“Activity Fee”) to ▇▇▇▇▇▇ ▇▇▇ at the rates per annum on the unreimbursed amount of each Bond Advance and the unreplenished amount of each Withdrawal as set out in this Section 10.07(b3.3(2). The Activity Fee shall accrue on the basis of, during any Auction Rate Period or the Weekly Variable Rate Period, a 365- or 366-day year, as applicable, for the actual number of days elapsed and during any Reset Rate Period and the Fixed Rate Period, a year of 360 days of twelve 30-day months. The Activity Fee shall accrue daily for the period from (and including) the day ▇▇▇▇▇▇ Mae makes a Bond an Advance or the Trustee makes the Withdrawal, as the case may be, to (but excluding) the day the reimbursement or replenishment is, or is deemed to be, fully paid. The Activity Fee shall be calculated and paid as follows: (ia) Activity Fee for Principal Advance, Interest Advance, Mandatory Purchased Bonds Advance and Issuer’s Fee Advances and Withdrawals. The Activity Fee for any unreimbursed Principal Advance, Interest Advance or Issuer’s Fee Advance and any unreplenished Withdrawal (other than a Withdrawal made to reimburse ▇▇▇▇▇▇ ▇▇▇ for a Pledged Bonds Advance) will be the lesser of (a)(i) the Prime Rate or, if higher, the rate payable on the related Bond Note plus (ii) two percentage points per annum and (b) the maximum interest rate which may be collected from Borrower under applicable lawannum. Accrued Activity Fee shall be due and payable from time to time on demand by ▇▇▇▇▇▇ Mae or the Loan Servicer, and without demand, shall be paid upon the reimbursement of any Bond Advance or the replenishment of any Withdrawal, as applicable.