Common use of Fees and Changes in Commitments Clause in Contracts

Fees and Changes in Commitments. (a) The Company agrees to pay to the Agent for the account of each Bank according to its Pro Rata Share a commitment fee (the “Commitment Fee”) at the Commitment Fee Rate on the daily Unused Commitment from the Closing Date to but not including the date on which this Agreement is terminated in full and all of the Obligations hereunder have been paid in full. The Commitment Fee shall be payable quarterly in arrears on each Payment Date (for the quarter then most recently ended), on the date of any reduction of the Aggregate Commitment pursuant to clause (b) below and on the Termination Date (for the period then ended for which such fee has not previously been paid) and shall be calculated for actual days elapsed on the basis of a 360 day year. (b) The Company may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Banks in the minimum amount of $10,000,000 (and in multiples of $1,000,000 if in excess thereof), upon at least five (5) Business Days’ prior written notice to the Agent, which notice shall specify the amount of any such reduction; provided that the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit Exposure. All accrued Commitment Fees shall be payable on the effective date of any termination of the obligation of the Banks to make Credit Extensions hereunder.

Appears in 9 contracts

Sources: Revolving Credit Agreement (Consumers Energy Co), Revolving Credit Agreement (Consumers Energy Co), Revolving Credit Agreement (CMS Energy Corp)

Fees and Changes in Commitments. (a) The Company agrees to pay to the Agent for the account of each Bank according to its Pro Rata Share a commitment fee (the “Commitment Fee”) at the Commitment Fee Rate on the daily Unused Commitment from the Closing Amendment Effective Date to but not including the date on which this Agreement is terminated in full and all of the Obligations hereunder have been paid in full. The Commitment Fee shall be payable quarterly in arrears on each Payment Date (for the quarter then most recently ended), on the date of any reduction of the Aggregate Commitment pursuant to clause (b) below and on the Termination Date (for the period then ended for which such fee has not previously been paid) and shall be calculated for actual days elapsed on the basis of a 360 day year. (b) The Company may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Banks in the minimum amount of $10,000,000 (and in multiples of $1,000,000 if in excess thereof), upon at least five (5) Business Days’ prior written notice to the Agent, which notice shall specify the amount of any such reduction; provided that the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit Exposure. All accrued Commitment Fees shall be payable on the effective date of any termination of the obligation of the Banks to make Credit Extensions hereunder.

Appears in 3 contracts

Sources: Revolving Credit Agreement (CMS Energy Corp), Revolving Credit Agreement (CMS Energy Corp), Revolving Credit Agreement (CMS Energy Corp)

Fees and Changes in Commitments. (a) The Company agrees to pay to the Agent for the account of each Bank according to its Pro Rata Share a commitment fee (the “Commitment Fee”) at the Commitment Fee Rate on the daily Unused Commitment from the Closing Date to but not including the date on which this Agreement is terminated in full and all of the Obligations hereunder have been paid in full. The Commitment Fee shall be payable quarterly in arrears on each Payment Date (for the quarter then most recently ended), on the date of any reduction of the Aggregate Commitment pursuant to clause (b) below and on the Termination Date (for the period then ended for which such fee has not previously been paid) and shall be calculated for actual days elapsed on the basis of a 360 day year. Further, the Company shall pay to the Agent for the account of Agent solely such fees as are set forth in the Fee Letter on the terms set forth therein. (b) The Company may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Banks in the minimum amount of $10,000,000 (and in multiples of $1,000,000 if in excess thereof), upon at least five (5) Business Days’ prior written notice to the Agent, which notice shall specify the amount of any such reduction; provided that the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit Exposure. All accrued Commitment Fees shall be payable on the effective date of any termination of the obligation of the Banks to make Credit Extensions hereunder.

Appears in 3 contracts

Sources: Revolving Credit Agreement (Consumers Energy Co), Revolving Credit Agreement (Consumers Energy Co), Revolving Credit Agreement (Consumers Energy Co)

Fees and Changes in Commitments. (a) The Company agrees to pay to the Agent for the account of each Bank according to its Pro Rata Share (i) a commitment fee (the “Commitment Fee”) at the Commitment Fee Rate on the daily Unused Commitment from the Closing Initial Borrowing Date to but not including the date on which this Agreement is terminated in full and all of the Obligations hereunder have been paid in fullfull and (ii) a utilization fee at the Utilization Fee Rate on such Bank’s Outstanding Credit Exposure for any date on which the Aggregate Outstanding Credit Exposure exceeds 50% of the Aggregate Commitment. The Commitment Fee fees payable pursuant to this clause (a) shall be payable quarterly in arrears on each Payment Date (for the quarter then most recently ended), on the date of any reduction of the Aggregate Commitment pursuant to clause (b) below and on the Termination Date (for the period then ended for which such fee has not previously been paid) and shall be calculated for actual days elapsed on the basis of a 360 day year. (b) The Company may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Banks in the minimum amount of $10,000,000 (and in multiples of $1,000,000 if in excess thereof), upon at least five (5) Business Days’ prior written notice to the Agent, which notice shall specify the amount of any such reduction; provided that the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit Exposure. All accrued Commitment Fees shall be payable on the effective date of any termination of the obligation of the Banks to make Credit Extensions hereunder. Upon any permanent reduction in the Aggregate Commitment pursuant to the terms of this Section 2.5(b), the Agent shall, upon request of the Company, promptly surrender to or upon the order of the Company one or more Bonds specified by the Company; provided that the Company remains in compliance with Section 6.10. (c) The Company may, from time to time, by means of a letter delivered to the Agent substantially in the form of Exhibit H, request that the Aggregate Commitment be increased by up to $250,000,000 (in the aggregate during the term of this Agreement) by (i) increasing the Commitment of one or more Banks which have agreed to such increase in writing pursuant to the procedures described below (it being understood that no Bank has any obligation to agree to such increase) and/or (ii) adding one or more commercial banks or other Persons as a party hereto (each an “Additional Bank”) with a Commitment in an amount agreed to by any such Additional Bank; provided that no Additional Bank shall be added as a party hereto without the written consent of the Agent and each LC Issuer (which consents shall not be unreasonably withheld) or if a Default or an Event of Default exists. Any increase in the Aggregate Commitment pursuant to this clause (c) shall be effective three Business Days (or such other reasonable period of time as may be specified by the Agent) after the date on which the Agent has received (A) the applicable increase letter in the form of Annex 1 to Exhibit H (in the case of an increase in the Commitment of an existing Bank) or assumption letter in the form of Annex 2 to Exhibit H (in the case of the addition of a commercial bank or other Person as a new Bank), in each case signed by all applicable parties; and (b) if the requested increase is to occur before the FMB Release Date and, after giving effect to such increase, the Aggregate Commitment would exceed the face amount of all Bonds, additional Bonds in an amount not less than such excess together with such certificates, opinions of counsel and other documents as the Agent may reasonably request in connection with the issuance and delivery of such Bonds.. The Agent shall promptly notify the Company and the Banks of any increase in the amount of the Aggregate Commitment pursuant to this clause (c) and of the Pro Rata Share of each Bank after giving effect thereto. The parties hereto agree that, notwithstanding any other provision of this Agreement, the Agent, the Company, each Additional Bank and each increasing Bank, as applicable, may make arrangements satisfactory to such parties to cause an Additional Bank or an increasing Bank to temporarily hold risk participations in the outstanding Loans of the other Banks (rather than fund its Percentage of all outstanding Loans concurrently with the applicable increase) with a view toward minimizing breakage costs and transfers of funds in connection with any increase in the Aggregate Commitment. The Company acknowledges that if, as a result of an increase in the Aggregate Commitment that is not pro rata among the existing Banks, any Eurodollar Rate Loan is prepaid or converted (in whole or in part) on a day other than the last day of an Interest Period therefor, then such prepayment or conversion shall be subject to the provisions of Section 4.4.

Appears in 2 contracts

Sources: Credit Agreement (CMS Energy Corp), Credit Agreement (Consumers Energy Co)

Fees and Changes in Commitments. (a) The Company agrees to pay to the Agent for the account of each Bank according to its Pro Rata Share a commitment fee (the “Commitment Fee”) at the Commitment Fee Rate on the daily Unused Commitment from the Closing Date to but not including the date on which this Agreement is terminated in full and all of the Obligations hereunder have been paid in full. The Commitment Fee shall be payable quarterly in arrears on the fifteenth day following the last day of each Payment Date calendar quarter (for the quarter then most recently ended), on the date of any reduction of the Aggregate Commitment pursuant to clause (b) below and on the Termination Date (for the period then ended for which such fee has not previously been paid) and shall be calculated for actual days elapsed on the basis of a 360 360-day year. (b) The Company may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Banks in the minimum amount of $10,000,000 (and in multiples of $1,000,000 if in excess thereof), upon at least five (5) Business Days’ prior written notice to the Agent, which notice shall specify the amount of any such reduction; provided that the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit Exposure. All accrued Commitment Fees shall be payable on the effective date of any termination of the obligation of the Banks to make Credit Extensions hereunder.

Appears in 2 contracts

Sources: Revolving Credit Agreement (Consumers Energy Co), Revolving Credit Agreement (Consumers Energy Co)

Fees and Changes in Commitments. (a) The Company agrees to pay to the Agent for the account of each Bank according to its Pro Rata Share a commitment fee (the "Commitment Fee") at the Commitment Fee Rate on the daily Unused Commitment from the Closing Effective Date to but not including the date on which this Agreement is terminated in full and all of the Obligations hereunder have been paid in full. The Commitment Fee fees payable pursuant to this clause (a) shall be payable quarterly in arrears on each Payment Date (for the quarter then most recently ended), on the date of any reduction of the Aggregate Commitment pursuant to clause (b) below and on the Revolving Termination Date or, if the Company exercises the Term Out Option, the Final Maturity Date (for the period then ended for which such fee has not previously been paid) and shall be calculated for actual days elapsed on the basis of a 360 day year. (b) The Company may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Banks in the minimum amount of $10,000,000 (and in multiples of $1,000,000 if in excess thereof), upon at least five (5) Business Days’ prior ' written notice to the Agent, which notice shall specify the amount of any such reduction; provided that the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit ExposureOutstandings. All accrued Commitment Fees shall be payable on the effective date of any termination of the obligation of the Banks to make Credit Extensions Advances hereunder. Upon any permanent reduction in the Aggregate Commitment pursuant to the terms of this Section 2.5(b) after the FMB Issue Date, the Agent shall, upon request of the Company, promptly surrender to or upon the order of the Company one or more Bonds specified by the Company; provided that the Company remains in compliance with Section 6.10. (c) The Company may, from time to time, by means of a letter delivered to the Agent substantially in the form of Exhibit H, request that the Aggregate Commitment be increased by up to $200,000,000 (in the aggregate during the term of this Agreement) by (i) increasing the Commitment of one or more Banks which have agreed to such increase in writing pursuant to the procedures described below (it being understood that no Bank has any obligation to agree to such increase) and/or (ii) adding one or more commercial banks or other Persons as a party hereto (each an "Additional Bank") with a Commitment in an amount agreed to by any such Additional Bank; provided that no Additional Bank shall be added as a party hereto without the written consent of the Agent (which consent shall not be unreasonably withheld) or if a Default or an Event of Default exists. Any increase in the Aggregate Commitment pursuant to this clause (c) shall be effective three Business Days (or such other reasonable period of time as may be specified by the Agent) after the date on which the Agent has received (A) the applicable increase letter in the form of Annex 1 to Exhibit H (in the case of an increase in the Commitment of an existing Bank) or assumption letter in the form of Annex 2 to Exhibit H (in the case of the addition of a commercial bank or other Person as a new Bank), in each case signed by all applicable parties; and (b) if the requested increase is to occur after the FMB Issue Date and before the FMB Release Date and, after giving effect to such increase, the Aggregate Commitment would exceed the face amount of all Bonds, additional Bonds in an amount not less than such excess together with such certificates, opinions of counsel and other documents as the Agent may reasonably request in connection with the issuance and delivery of such Bonds. The Agent shall promptly notify the Company and the Banks of any increase in the amount of the Aggregate Commitment pursuant to this clause (c) and of the Pro Rata Share of each Bank after giving effect thereto. The parties hereto agree that, notwithstanding any other provision of this Agreement, the Agent, the Company, each Additional Bank and each increasing Bank, as applicable, may make arrangements satisfactory to such parties to cause an Additional Bank or an increasing Bank to temporarily hold risk participations in the outstanding Loans of the other Banks (rather than fund its Percentage of all outstanding Loans concurrently with the applicable increase) with a view toward minimizing breakage costs and transfers of funds in connection with any increase in the Aggregate Commitment. The Company acknowledges that if, as a result of an increase in the Aggregate Commitment that is not pro rata among the existing Banks, any Eurodollar Rate Loan is prepaid or converted (in whole or in part) on a day other than the last day of an Interest Period therefor, then such prepayment or conversion shall be subject to the provisions of Section 4.4.

Appears in 1 contract

Sources: Credit Agreement (Consumers Energy Co)

Fees and Changes in Commitments. (a) The Company agrees to pay to the Agent for the account of each Bank according to its Pro Rata Share (i) a commitment fee (the "Commitment Fee") at the Commitment Fee Rate on the daily Unused Commitment from the Closing Initial Borrowing Date to but not including the date on which this Agreement is terminated in full and all of the Obligations hereunder have been paid in fullfull and (ii) a utilization fee at the Utilization Fee Rate on such Bank's Outstanding Credit Exposure for any date on which the Aggregate Outstanding Credit Exposure exceeds 50% of the Aggregate Commitment. The Commitment Fee fees payable pursuant to this clause (a) shall be payable quarterly in arrears on each Payment Date (for the quarter then most recently ended), on the date of any reduction of the Aggregate Commitment pursuant to clause (b) below and on the Termination Date (for the period then ended for which such fee has not previously been paid) and shall be calculated for actual days elapsed on the basis of a 360 day year. (b) The Company may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Banks in the minimum amount of $10,000,000 (and in multiples of $1,000,000 if in excess thereof), upon at least five (5) Business Days’ prior ' written notice to the Agent, which notice shall specify the amount of any such reduction; provided that the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit Exposure. All accrued Commitment Fees shall be payable on the effective date of any termination of the obligation of the Banks to make Credit Extensions hereunder. Upon any permanent reduction in the Aggregate Commitment pursuant to the terms of this Section 2.5(b), the Agent shall, upon request of the Company, promptly surrender to or upon the order of the Company one or more Bonds specified by the Company; provided that the Company remains in compliance with Section 6.10. (c) The Company may, from time to time, by means of a letter delivered to the Agent substantially in the form of Exhibit H, request that the Aggregate Commitment be increased by up to $250,000,000 (in the aggregate during the term of this Agreement) by (i) increasing the Commitment of one or more Banks which have agreed to such increase in writing pursuant to the procedures described below (it being understood that no Bank has any obligation to agree to such increase) and/or (ii) adding one or more commercial banks or other Persons as a party hereto (each an "Additional Bank") with a Commitment in an amount agreed to by any such Additional Bank; provided that no Additional Bank shall be added as a party hereto without the written consent of the Agent and the LC Issuer (which consents shall not be unreasonably withheld) or if a Default or an Event of Default exists. Any increase in the Aggregate Commitment pursuant to this clause (c) shall be effective three Business Days (or such other reasonable period of time as may be specified by the Agent) after the date on which the Agent has received (A) the applicable increase letter in the form of Annex 1 to Exhibit H (in the case of an increase in the Commitment of an existing Bank) or assumption letter in the form of Annex 2 to Exhibit H (in the case of the addition of a commercial bank or other Person as a new Bank), in each case signed by all applicable parties; and (b) if the requested increase is to occur before the FMB Release Date and, after giving effect to such increase, the Aggregate Commitment would exceed the face amount of all Bonds, additional Bonds in an amount not less than such excess together with such certificates, opinions of counsel and other documents as the Agent may reasonably request in connection with the issuance and delivery of such Bonds.. The Agent shall promptly notify the Company and the Banks of any increase in the amount of the Aggregate Commitment pursuant to this clause (c) and of the Pro Rata Share of each Bank after giving effect thereto. The parties hereto agree that, notwithstanding any other provision of this Agreement, the Agent, the Company, each Additional Bank and each increasing Bank, as applicable, may make arrangements satisfactory to such parties to cause an Additional Bank or an increasing Bank to temporarily hold risk participations in the outstanding Loans of the other Banks (rather than fund its Percentage of all outstanding Loans concurrently with the applicable increase) with a view toward minimizing breakage costs and transfers of funds in connection with any increase in the Aggregate Commitment. The Company acknowledges that if, as a result of an increase in the Aggregate Commitment that is not pro rata among the existing Banks, any Eurodollar Rate Loan is prepaid or converted (in whole or in part) on a day other than the last day of an Interest Period therefor, then such prepayment or conversion shall be subject to the provisions of Section 4.4.

Appears in 1 contract

Sources: Credit Agreement (Consumers Energy Co)

Fees and Changes in Commitments. (a) The Company agrees to pay to the Agent for the account of each Bank according to its Pro Rata Share a commitment fee (the “Commitment Fee”) at the Commitment Fee Rate on the daily Unused Commitment from the Closing Initial Borrowing Date to but not including the date on which this Agreement is terminated in full and all of the Obligations hereunder have been paid in full. The Commitment Fee shall be payable quarterly in arrears on each Payment Date (for the quarter then most recently ended), on the date of any reduction of the Aggregate Commitment pursuant to clause (b) below and on the Termination Date (for the period then ended for which such fee has not previously been paid) and shall be calculated for actual days elapsed on the basis of a 360 day year. (b) The Company may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Banks in the minimum amount of $10,000,000 (and in multiples of $1,000,000 if in excess thereof), upon at least five (5) Business Days’ prior written notice to the Agent, which notice shall specify the amount of any such reduction; provided that the Aggregate Commitment may not be reduced below the Aggregate Outstanding Credit Exposure. All accrued Commitment Fees shall be payable on the effective date of any termination of the obligation of the Banks to make Credit Extensions hereunder.

Appears in 1 contract

Sources: Revolving Credit Agreement (Consumers Energy Co)