Common use of 12Non-Use Fee Clause in Contracts

12Non-Use Fee. If during any calendar month between the period beginning one year after the Effective Date (as defined in the Receivables Loan Agreement) and ending on the last day of the calendar month in which the Borrowing Term (as defined in the Receivables Loan Agreement) expires, the highest combined unpaid principal balance of the Loan and the Receivables Loan during such calendar month is at any time less than $28,000,000, then within five Business Days following the end of any such calendar month, Borrower shall pay to Lender a non-use fee (the "Non-Use Fee") of one-half percent (.5%) per annum on the difference between $28,000,000 and the largest combined unpaid principal balance during such calendar month then ended under the Loan and the Receivables Loan. However, in the event the combined unpaid principal balance of this Loan and the Receivables Loan is equal to or greater than $28,000,000 during such calendar month, then no Non‑Use Fee shall be due and payable. The Non-Use Fee under this Agreement is the same Non-Use Fee payable under the Receivables Loan and only one Non-Use Fee is payable.

Appears in 2 contracts

Sources: Loan Agreement (BBX Capital Corp), Loan Agreement (BFC Financial Corp)

12Non-Use Fee. If during any calendar month between the period beginning one year after the Effective Date (as defined in the Receivables Loan Agreement) and ending on the last day of the calendar month in which the Borrowing Term (as defined in the Receivables Loan Agreement) expires, the highest combined unpaid principal balance of the Loan and the Receivables Inventory Loan during such calendar month is at any time less than $28,000,000, then within five Business Days following the end of any such calendar month, Borrower shall pay to Lender a non-use fee (the "Non-Use Fee") of one-half percent (.5%) per annum on the difference between $28,000,000 and the largest combined unpaid principal balance during such calendar month then ended under the Loan and the Receivables Inventory Loan. However, in the event the combined unpaid principal balance of this Loan and the Receivables Inventory Loan is equal to or greater than $28,000,000 during such calendar month, then no Non‑Use Fee shall be due and payable. The Non-Use Fee under this Agreement is the same Non-Use Fee payable under the Receivables Inventory Loan Agreement and only one Non-Use Fee is payable.

Appears in 2 contracts

Sources: Loan and Security Agreement (BBX Capital Corp), Loan and Security Agreement (BFC Financial Corp)