Common use of Canadian Commitment Fee Clause in Contracts

Canadian Commitment Fee. The Canadian Borrower shall pay to the Canadian Bank, for the account of the Canadian Bank, from the Closing Date through the Maturity Date, a Canadian Commitment Fee computed at the rate of [0.375]% per annum on the average daily amount of the unborrowed portion of the Canadian Credit Commitment, during each quarter or portion thereof. Outstanding Letters of Credit shall be counted as part of the "borrowed" portion of the Canadian Loans, for the purpose of calculating the Canadian Commitment Fee. The Canadian Commitment Fee shall be payable (i) quarterly in arrears, on the last day of March, June, September and December of each year beginning December 31, 1996, and (ii) on the Maturity Date.