12Unused Commitment Fee Clause Samples

12Unused Commitment Fee. The Borrowers agree to pay to the Agent for account of each Lender a commitment fee (the “Commitment Fee”), which shall accrue at the Commitment Fee Rate on the daily unused amount of the Commitment of such Lender during the period from and including the Effective Date to but excluding the date such Commitment terminates; provided that Swingline Loans shall be excluded for the purposes of this calculation. Accrued commitment fees shall be payable in arrears on each Quarterly Date and on the date the Commitments terminate, commencing on the first such date to occur after the Effective Date; provided that any commitment fees accruing after the date on which the Commitments terminate shall be payable on demand. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The Agent shall pay the Commitment Fee to the Lenders based upon their pro rata share of the aggregate Commitment Fee due to all Lenders on the date payment is due.