Common use of Minimum Usage Fee Clause in Contracts

Minimum Usage Fee. If , as tested on the first Business Day of any month, the average principal balance of the Loans outstanding hereunder ("Average Usage") during the immediately preceding calendar month shall be an amount less than $120,000,000, the Borrower hereby agrees to pay to the Agent, for the account of the Lenders, a minimum usage fee ("Minimum Usage Fee"), computed at the rate of 80 basis points (.80%) per annum on the amount equal to the difference between the Maximum Credit and the Average Usage, in each case payable monthly in arrears on the first Business Day of the following month and on the Termination Date, such payment to be made in dollars in immediately available funds, without deduction, set-off or counterclaim, to the Agent at the account set forth in Section 3.01(a) hereof.

Minimum Usage Fee. If , as tested on the first Business Day of any month, the average principal balance of the Loans outstanding hereunder ("Average Usage") during the immediately preceding calendar month shall be an amount less than $120,000,00037,500,000, the Borrower hereby agrees to pay to the Agent, for the account of the Lenders, Lender a minimum usage fee ("Minimum Usage Fee"), computed at the rate of 80 15 basis points (.80.15%) per annum on the amount equal to the difference between the Maximum Credit and the Average Usage, in each case payable monthly in arrears on the first Business Day of the following month and on the Termination Date, commencing on _____ ___, 2002, such payment to be made in dollars in immediately available funds, without deduction, set-off or counterclaim, to the Agent Lender at the account set forth in Section 3.01(a) hereof.