Common use of Facility Fee; Reductions in Aggregate Commitment Clause in Contracts

Facility Fee; Reductions in Aggregate Commitment. The Borrowers agree to pay to the Administrative Agent for the account of each Lender a facility fee at a per annum rate equal to the Applicable Facility Fee Rate on such Lender’s Commitment from the date hereof to the Facility Termination Date applicable to such Lender, payable on each Payment Date hereafter and on the Facility Termination Date applicable to such Lender, provided that the Borrowers shall not pay any facility fee nor shall any facility fee accrue in respect of a Defaulting ▇▇▇▇▇▇’s unused Commitment so long as such Defaulting Lender is a Defaulting Lender. The Borrowers may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in a minimum aggregate amount of $5,000,000 or any integral multiple of $1,000,000 in excess thereof, upon at least three (3) Business Days’ written notice to the Administrative Agent, which notice shall specify the amount of any such reduction, provided, however, that the amount of the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit Exposure. All accrued facility fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Credit Extensions hereunder.

Appears in 4 contracts

Sources: Credit Agreement (Aon PLC), Credit Agreement (Aon PLC), Credit Agreement (Aon PLC)

Facility Fee; Reductions in Aggregate Commitment. The Borrowers agree to pay to the Administrative Agent for the account of each Lender a facility fee at a per annum rate equal to the Applicable Facility Fee Rate on such Lender’s Commitment from the date hereof to the Facility Termination Date applicable to such Lender, payable on each Payment Date hereafter and on the Facility Termination Date applicable to such Lender, provided that the Borrowers shall not pay any facility fee nor shall any facility fee accrue in respect of a Defaulting ▇▇▇▇▇▇Lender’s unused Commitment so long as such Defaulting Lender is a Defaulting Lender. The Borrowers may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in a minimum aggregate amount of $5,000,000 or any integral multiple of $1,000,000 in excess thereof, upon at least three (3) Business Days’ written notice to the Administrative Agent, which notice shall specify the amount of any such reduction, provided, however, that the amount of the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit Exposure. All accrued facility fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Credit Extensions hereunder.

Appears in 3 contracts

Sources: Credit Agreement (Aon PLC), Credit Agreement (Aon PLC), Five Year Credit Agreement (Aon PLC)

Facility Fee; Reductions in Aggregate Commitment. The Borrowers agree ParentBorrowers agrees to pay to the Administrative Agent for the account of each Lender a facility fee at a per annum rate equal to the Applicable Facility Fee Rate on such Lender’s Commitment from the date hereof to the Facility Termination Date applicable to such Lender, payable on each Payment Date hereafter and on the Facility Termination Date applicable to such Lender, provided that the Borrowers ParentBorrowers shall not pay any facility fee nor shall any facility fee accrue in respect of a Defaulting ▇▇▇▇▇▇Lender’s unused Commitment so long as such Defaulting Lender is a Defaulting Lender. The Borrowers ParentBorrowers may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in a minimum aggregate amount of $5,000,000 or any integral multiple of $1,000,000 in excess thereof, upon at least three (3) Business Days’ written notice to the Administrative Agent, which notice shall specify the amount of any such reduction, provided, however, that the amount of the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit Exposure. All accrued facility fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Credit Extensions hereunder.

Appears in 3 contracts

Sources: Five Year Credit Agreement (Aon PLC), Five Year Credit Agreement (Aon PLC), Five Year Credit Agreement

Facility Fee; Reductions in Aggregate Commitment. (a) The Borrowers agree Borrower agrees to pay to the Administrative Agent for the account of each Lender a facility fee at a per annum rate ("Facility Fee") in an amount equal to the Applicable Facility Fee Rate Margin per annum times the daily average Commitment (or, on and after the Revolver Termination Date, times the aggregate outstanding principal amount of the Loans) of such Lender’s Commitment Lender from the date hereof to and including the Facility Termination Date applicable to such LenderMaturity Date, payable on each Payment Date hereafter and on the Maturity Date. All accrued Facility Termination Date applicable Fees shall be payable on the effective date of any termination of the obligations of the Lenders to such Lender, provided that the Borrowers shall not pay any facility fee nor shall any facility fee accrue in respect of a Defaulting ▇▇▇▇▇▇’s unused Commitment so long as such Defaulting Lender is a Defaulting Lender. make Loans hereunder. (b) The Borrowers Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in a minimum aggregate amount of $5,000,000 or any integral multiple of $1,000,000 in excess thereof2,000,000, upon at least three (3) Business Days' written notice to the Administrative Agent, which notice shall specify the amount of any such reduction; PROVIDED, provided, howeverHOWEVER, that the amount of the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit Exposure. All accrued facility fees shall be payable on the effective date of any termination aggregate principal amount of the obligations of the Lenders to make Credit Extensions hereunderoutstanding Advances.

Appears in 2 contracts

Sources: Credit Agreement (Fund American Enterprises Holdings Inc), Credit Agreement (White Mountains Insurance Group LTD)

Facility Fee; Reductions in Aggregate Commitment. The Borrowers agree Borrower agrees to pay to the Administrative Agent for the account of each Lender a facility fee at a per annum rate equal to the Applicable Facility Fee Rate on such Lender’s Commitment from the date hereof to the Facility Termination Date applicable to such LenderDate, payable on each Payment Date hereafter and on the Facility Termination Date applicable to such LenderDate, provided that the Borrowers Borrower shall not pay any facility fee nor shall any facility fee accrue in respect of a Defaulting ▇▇▇▇▇▇Lender’s unused Commitment so long as such Defaulting Lender is a Defaulting Lender. The Borrowers Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in a minimum aggregate amount of $5,000,000 10,000,000 or any integral multiple of $1,000,000 in excess thereof, upon at least three (3) Business Days’ written notice to the Administrative Agent, which notice shall specify the amount of any such reduction, provided, however, that the amount of the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit Exposure. All accrued facility fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Credit Extensions hereunder.

Appears in 2 contracts

Sources: Credit Agreement (Aon Corp), Credit Agreement (Aon Corp)

Facility Fee; Reductions in Aggregate Commitment. The Borrowers agree Parent agrees to pay to the Administrative Agent for the account of each Lender a facility fee at a per annum rate equal to the Applicable Facility Fee Rate on such Lender’s Commitment from the date hereof to the Facility Termination Date applicable to such Lender, payable on each Payment Date hereafter and on the Facility Termination Date applicable to such Lender, provided that the Borrowers Parent shall not pay any facility fee nor shall any facility fee accrue in respect of a Defaulting ▇▇▇▇▇▇Lender’s unused Commitment so long as such Defaulting Lender is a Defaulting Lender. The Borrowers Parent may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in a minimum aggregate amount of $5,000,000 or any integral multiple of $1,000,000 in excess thereof, upon at least three (3) Business Days’ written notice to the Administrative Agent, which notice shall specify the amount of any such reduction, provided, however, that the amount of the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit Exposure. All accrued facility fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Credit Extensions hereunder.

Appears in 2 contracts

Sources: Credit Agreement (Aon PLC), Credit Agreement (Aon PLC)

Facility Fee; Reductions in Aggregate Commitment. The Borrowers agree to pay to the Administrative Agent for the account of each Lender a facility fee at a per annum rate equal to the Applicable Facility Fee Rate on such Lender’s Commitment from the date hereof Effective Date to the Facility Termination Date applicable to such Lender, payable on each Payment Date hereafter and on the Facility Termination Date applicable to such Lender, provided that the Borrowers shall not pay any facility fee nor shall any facility fee accrue in respect of a Defaulting ▇▇▇▇▇▇’s unused Commitment so long as such Defaulting Lender is a Defaulting Lender. The Borrowers may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in a minimum aggregate amount of $5,000,000 or any integral multiple of $1,000,000 in excess thereof, upon at least three (3) Business Days’ written notice to the Administrative Agent, which notice shall specify the amount of any such reduction, provided, however, that the amount of the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit Exposure. All accrued facility fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Credit Extensions hereunder.,

Appears in 1 contract

Sources: Credit Agreement (Aon PLC)

Facility Fee; Reductions in Aggregate Commitment. The Borrowers agree to pay to the Administrative Agent for the account of each Lender a facility fee at a per annum rate equal to the Applicable Facility Fee Rate on such Lender▇▇▇▇▇▇’s Commitment from the date hereof Effective Date to the Facility Termination Date applicable to such Lender, payable on each Payment Date hereafter and on the Facility Termination Date applicable to such Lender, provided that the Borrowers shall not pay any facility fee nor shall any facility fee accrue in respect of a Defaulting ▇▇▇▇▇▇Lender’s unused Commitment so long as such Defaulting Lender is a Defaulting Lender. The Borrowers may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in a minimum aggregate amount of $5,000,000 or any integral multiple of $1,000,000 in excess thereof, upon at least three (3) Business Days’ written notice to the Administrative Agent, which notice shall specify the amount of any such reduction, provided, however, that the amount of the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit Exposure. All accrued facility fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Credit Extensions hereunder.

Appears in 1 contract

Sources: Credit Agreement (Aon PLC)

Facility Fee; Reductions in Aggregate Commitment. The Borrowers agree Borrower agrees to pay to the Administrative Agent for the ratable account of each Lender a facility fee at a per annum rate equal to the Applicable Facility Fee Rate on Percentage times such Lender’s 's Commitment from the date hereof to and including the Facility Termination Date applicable to such Lender, payable in arrears on each Payment Date hereafter and on the Facility Termination Date applicable to such Lender, provided that the Borrowers shall not pay any facility fee nor shall any facility fee accrue in respect of a Defaulting ▇▇▇▇▇▇’s unused Commitment so long as such Defaulting Lender is a Defaulting LenderDate. The Borrowers Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders Lenders, in a minimum aggregate amount integral multiples of $5,000,000 or any integral multiple of $1,000,000 in excess thereof10,000,000, upon at least three (3) Business Days' written notice to the Administrative Agent, which notice shall specify the amount of any such reduction, ; provided, however, that the amount of the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit Exposureaggregate principal amount of the outstanding Advances. All accrued facility fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Credit Extensions Loans hereunder.

Appears in 1 contract

Sources: Credit Agreement (Cna Surety Corp)

Facility Fee; Reductions in Aggregate Commitment. (i) The Borrowers agree Borrower agrees to pay to the Administrative Agent for the account of each Lender according to its Pro Rata Share a facility fee at a per annum rate equal to the Applicable Facility Fee Rate on the daily amount of such Lender’s Commitment from the date hereof to the Facility Termination Date applicable to such Lender, payable on each Payment Date hereafter and on the Facility Termination Date applicable to such Lender, provided that the Borrowers shall not pay any facility fee nor shall any facility fee accrue in respect of a Defaulting ▇▇▇▇▇▇’s unused Commitment so long as Commitment, whether used or unused, from the date hereof to and including the Facility Termination Date, payable on or before the fifteenth day following the last day (unless the fifteenth day is not a Business Day, then the next Business Day) of each March, June, September and December of each year (payable in arrears based on such Defaulting Lender is a Defaulting Lender. fees accrued through and including such last day) and on the Facility Termination Date. (ii) The Borrowers Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in a minimum aggregate amount integral multiples of $5,000,000 or any integral multiple of $1,000,000 in excess thereof5,000,000, upon at least three (3) Business Days’ written notice to the Administrative Agent, which notice shall specify the amount of any such reduction, provided, however, that the amount of the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit Exposure. All accrued facility fees on the amount of the Aggregate Commitment so reduced or terminated shall be payable on the effective date of any termination of the obligations of the Lenders to make Credit Extensions hereunder.

Appears in 1 contract

Sources: Credit Agreement (Lancaster Colony Corp)

Facility Fee; Reductions in Aggregate Commitment. The Borrowers agree Borrower agrees to pay to the Administrative Agent for the account of each Lender a facility fee at a per annum rate equal to the Applicable Facility Fee Rate 0.15% on such Lender’s 's Commitment (whether used or unused) from the date hereof to and including the Facility Termination Date applicable to such LenderDate, payable on each Payment Date hereafter and on the Facility Termination Date applicable Date, provided that, if any Lender continues to have Loans outstanding hereunder after the termination of its Commitment (including, without limitation, during any period when Loans may be outstanding but new Loans may not be borrowed hereunder), then such facility fee shall continue to accrue on the aggregate principal amount of the Loans owed to such Lender, provided that the Borrowers shall not pay any facility fee nor shall any facility fee accrue Lender until such Loans are repaid in respect of a Defaulting ▇▇▇▇▇▇’s unused Commitment so long as such Defaulting Lender is a Defaulting Lenderfull. The Borrowers Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in a minimum aggregate amount integral multiples of $5,000,000 or any integral multiple of $1,000,000 in excess thereof10,000,000, upon at least three (3) five Business Days' written notice to the Administrative Agent, which notice shall specify the amount of any such reduction, provided, however, that the amount of the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit Exposureaggregate principal amount of the outstanding Advances. All accrued facility fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Credit Extensions Loans hereunder and on the final date upon which all Loans are repaid hereunder.

Appears in 1 contract

Sources: Bridge Credit Agreement (Tecumseh Products Co)

Facility Fee; Reductions in Aggregate Commitment. The Borrowers agree ------------------------------------------------ Borrower agrees to pay to the Administrative Agent for the ratable account of each Lender a facility fee at a per annum rate equal to the Applicable Facility Fee Rate on Percentage times such Lender’s 's Commitment from the date hereof to and including the Facility Termination Date applicable to such Lender, payable in arrears on each Payment Date hereafter and on the Facility Termination Date applicable to such Lender, provided that the Borrowers shall not pay any facility fee nor shall any facility fee accrue in respect of a Defaulting ▇▇▇▇▇▇’s unused Commitment so long as such Defaulting Lender is a Defaulting LenderDate. The Borrowers Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in a minimum aggregate amount integral multiples of $5,000,000 or any integral multiple of $1,000,000 in excess thereof25,000,000, upon at least three (3) Business Days' written notice to the Administrative Agent, which notice shall specify the amount of any such reduction, ; provided, however, that the amount of the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit Exposureaggregate principal amount of the outstanding Advances. All accrued facility fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Credit Extensions Loans hereunder.

Appears in 1 contract

Sources: Credit Agreement (Torchmark Corp)

Facility Fee; Reductions in Aggregate Commitment. The Borrowers agree (a Each Borrower agrees, on a joint and several basis, to pay to the Administrative Agent for the ratable account of each Lender a facility fee at a per annum rate (the "Facility Fee") in an amount equal to the Applicable Facility Fee Rate on Percentage times the daily average Commitment of such Lender’s Commitment Lender (regardless of usage) during the relevant period from the date hereof Closing Date to but excluding the Facility Termination Date applicable to such LenderDate, payable in arrears on each Payment Date hereafter and on the Facility Termination Date applicable to such Lender, provided that the Borrowers shall not pay any facility fee nor shall any facility fee accrue in respect of a Defaulting ▇▇▇▇▇▇’s unused Commitment so long as such Defaulting Lender is a Defaulting Lender. The Borrowers may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in a minimum aggregate amount of $5,000,000 or any integral multiple of $1,000,000 in excess thereof, upon at least three (3) Business Days’ written notice to the Administrative Agent, which notice shall specify the amount of any such reduction, provided, however, that the amount of the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit ExposureDate. All accrued facility fees Facility Fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Credit Extensions Loans hereunder. (b The Borrowers may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders, in the minimum amount of $5,000,000 (and in multiples of $1,000,000 if in excess thereof), upon at least two Business Days' written notice to the Administrative Agent, which notice shall specify the amount of any such reduction; provided, however, that the amount of the Aggregate Commitment may not be reduced below the sum of (i) the aggregate principal amount of the outstanding Advances, plus (ii) the aggregate amount of the outstanding Facility Letter of Credit Obligations. Any such reduction shall ratably reduce the Commitment of each Lender.

Appears in 1 contract

Sources: Credit Agreement (Midas Inc)

Facility Fee; Reductions in Aggregate Commitment. The Borrowers agree to pay to the Administrative Agent for the account of each Lender a facility fee at a per annum rate equal to the Applicable Facility Fee Rate on such Lender’s Commitment from the date hereof Effective Date to the Facility Termination Date applicable to such Lender, payable on each Payment Date hereafter and on the Facility Termination Date applicable to such Lender, provided that the Borrowers shall not pay any facility fee nor shall any facility fee accrue in respect of a Defaulting ▇▇▇▇▇▇’s unused Commitment so long as such Defaulting Lender is a Defaulting Lender. The Borrowers may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in a minimum aggregate amount of $5,000,000 or any integral multiple of $1,000,000 in excess thereof, upon at least three (3) Business Days’ written notice to the Administrative Agent, which notice shall specify the amount of any such reduction, provided, however, that the amount of the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit Exposure. All accrued facility fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Credit Extensions hereunder.

Appears in 1 contract

Sources: Credit Agreement (Aon PLC)