Sterling Utilization Fee Sample Clauses

Sterling Utilization Fee. Subject to Section 8.8, the UK Borrower agrees to pay without duplication to each UK Bank a Sterling utilization fee equal to 10 basis points per annum on the aggregate outstanding principal amount of all Sterling Advances owed to such UK Bank, provided that such utilization fee shall accrue on such aggregate outstanding principal amount only during any Sterling Allocation Period in which the sum of (i) the Total Facility Outstandings exceeds 50% of the Total Facility Amount. The Sterling utilization fee is due on the last UK Business Day of each March, June, September and December, during any Sterling Allocation Period and on the last day of each Sterling Allocation Period. As provided in Section 2B.3(a), the Borrower may at its option pay such Sterling utilization fee together with any utilization fee or Canadian utilization fee with a single payment to the Administrative Agent for the benefit of the UK Banks; provided, the Borrower shall so specify to the Administrative Agent that such payment is with respect to the Sterling utilization fee hereunder.