Common use of Standby Fee Clause in Contracts

Standby Fee. The Borrowers agree to pay a non-refundable standby fee (the “Standby Fee”) to the Agent for the account of the Lenders, calculated at a rate per annum on the basis of a year of 365 days, or 366 days in the case of a leap year, equal to the Standby Fee Rate on the daily unadvanced portion of the Credit Facility. The Standby Fee shall be calculated and accrue daily from the date hereof and shall be payable quarterly in arrears on the last Business Day of each calendar quarter and on the Maturity Date of the Credit Facility.