A corporation is planning to issue $1,000,000 of 270-day commercial paper for an effective yield of 5%. The corporation expects to save 30 basis points on the interest rate by using either an SLC or a loan commitment as collateral for the issue: What are the net savings to the corporation if a bank agrees to provide a 270-day SLC for an up-front fee of 20 basis points to back the commercial paper issue?