Common use of Commitment Commission; Fees Clause in Contracts

Commitment Commission; Fees. (a) The Borrower agrees to pay the Administrative Agent for distribution to each Non-Defaulting Lender a commitment commission (the “Commitment Commission”) for the period from the Closing Date to and including the Maturity Date computed at a per annum rate equal to 40% of the Applicable Margin of the daily Unutilized Commitment, in each case, of such Non-Defaulting Lender. Accrued Commitment Commission shall be due and payable in arrears on each Payment Date and on the Maturity Date (or, if earlier, the date upon which the Total Commitments are terminated). (b) The Borrower shall pay to the Administrative Agent, for the Administrative Agent’s own account, such other fees as have been agreed to in writing by the Borrower and the Administrative Agent.

Appears in 1 contract

Sources: Senior Secured Credit Agreement (Baltic Trading LTD)

Commitment Commission; Fees. (a) The Borrower agrees to pay the Administrative Agent for distribution to each Non-Defaulting Lender a commitment commission (the “Commitment Commission”) for the period from the Closing Date to earlier of (x) March 18, 2010 and including (y) the Maturity Date Effective Date, until the Availability Termination Date, computed at a rate for each day equal to 1.25% per annum rate equal to 40% of the Applicable Margin of on the daily average Unutilized Commitment, in each case, Commitment of such Non-Defaulting Lender. Accrued Commitment Commission shall be due and payable quarterly in arrears on each Commitment Commission Payment Date and on the Maturity Availability Termination Date (or, if earlier, the or such earlier date upon which the unutilized Total Commitments are Commitment is terminated). (b) The Borrower shall pay to the Administrative Agent, for the Administrative Agent’s own account, such other fees as have been agreed to in writing from time to time by the Borrower or any of the Subsidiary Guarantors and the Administrative Agent.

Appears in 1 contract

Sources: Credit Agreement (Baltic Trading LTD)