Common use of Operating Expense Fee Clause in Contracts

Operating Expense Fee. In respect of the Ownership Interest of the Conduit Purchaser, an Operating Expense Fee to cover routine operating expenses of the Conduit Purchaser incurred during the immediately preceding Settlement Period, including fees payable to commercial paper dealers, issuing and paying agents, rating agencies, printers and auditors; provided that (i) the Operating Expense Fee in respect of commercial paper dealer commissions shall not exceed a rate per annum equal to 0.05% and (ii) the Operating Expense Fee in respect of issuing and paying agent fees, rating agency fees, printing and all other routine operating expenses shall not exceed a rate per annum equal to 0.01%. If the amount of any Operating Expense Fee paid for any Settlement Period exceeds the actual amount of the operating costs and expenses of the Conduit Purchaser incurred during such period, then the Conduit Purchaser will remit on an annual basis the excess to the Seller in the form of a patronage distribution.