Common use of Standby Fee Clause in Contracts

Standby Fee. The Borrower agrees to pay to the Lender a standby fee (the "Standby Fee") with respect to the undrawn portion of the Loan, calculated on a daily basis from the Effective Date, notwithstanding the non-fulfillment of any conditions precedent to any Advances under the Loan after the Effective Date, equal to the difference between (i) the Loan Limit; and (ii) the outstanding Advances under the Loan as at the date of calculation, multiplied by 2% per annum (calculated on the basis of a 365-day year for the actual days elapsed), which Standby Fee shall be compounded quarterly and payable in arrears on each Interest Payment Date following the Effective Date commencing September 30, 2022. The accrual of Standby Fee will terminate on the earlier of expiry under Section 2.2 or cancellation under Section 2.4.

Standby Fee. The Borrower agrees to pay to the Lender a standby fee (the "“Standby Fee"”) with respect to the undrawn portion of the Loan, calculated on a daily basis from the Effective Closing Date, notwithstanding the non-non fulfillment of any conditions precedent to any subsequent Advances under the Loan after the Effective Closing Date, equal to the difference between (i) the Loan Limit; and (ii) the outstanding Advances under the Loan as at the date of calculation, multiplied by 21.50% per annum (calculated on the basis of a 365-day year for the actual days elapsed), which Standby Fee shall be compounded quarterly monthly and payable in arrears on each Interest Payment Date following the Effective Closing Date commencing September 30, 2022. The accrual of Standby Fee will terminate on the earlier of expiry under Section 2.2 or cancellation under Section 2.4first Interest Payment Date.