Common use of Standby Fees Clause in Contracts

Standby Fees. (1) The Borrower shall pay to the Agent for the account of the Lenders a standby fee in United States Dollars in respect of the Credit Facility calculated at a rate per annum equal to the Applicable Pricing Rate on the amount, if any, by which the amount of the Outstanding Principal under the Credit Facility for each day in the period of determination is less than the maximum principal amount of the Credit Facility on such day. Fees determined in accordance with this Section shall accrue daily from and after the date hereof and be payable by the Borrower (a) quarterly in arrears, (b) on cancellation in full of the Credit Facility, and (c) on the Maturity Date.

Standby Fees. (1) The Borrower shall pay to the Agent for the account of the Lenders a standby fee in United States Dollars in respect of the Credit Facility calculated at a rate per annum equal to the Applicable Pricing Rate on the amount, if any, by which the amount of the Outstanding Principal under the Credit Facility for each day in the period of determination is less than the maximum principal amount for each such day of the Credit Facility on such dayFacility. Fees determined in accordance with this Section shall accrue daily from and after the date hereof and be payable by the Borrower (a) quarterly in arrears, (b) arrears and on cancellation in full of the Credit Facility, Facility and (c) on the Maturity Date.