Common use of Issue Fee Clause in Contracts

Issue Fee. The Borrower shall pay to the Agent on behalf of each Lender at the Agent's Account for Payments an issue fee in Cdn. Dollars or U.S. Dollars, as applicable, equal to the applicable Margin for each Letter of Credit issued hereunder for the period of time such Letter of Credit remains outstanding. Such issue fee shall accrue and be calculated daily based on the Margin then in effect and the Lender's Proportion of such Lender of the face amount of each such Letter of Credit and on the basis of a year of three hundred sixty-five (365) days and shall be payable by the Borrower quarterly in arrears on the first Business Day of each calendar quarter for the immediately preceding calendar quarter. A change in the Margin will simultaneously cause a corresponding change in the issue fee payable under any outstanding Letter of Credit.