Minimum Usage Fee. The fee payable under this SECTION 2.4.4 shall only apply in ------------- the event that the Loan amount outstanding shall, at any time, be less than the Deemed Minimum Loan Amount. Accruing from the Closing Date until the Revolving Credit Note Expiration Date, Borrower agrees to pay to Lender, as further consideration for Lender's commitment hereunder, a nonrefundable minimum usage fee (the "Minimum Usage Fee") equal to the product obtained by (i) an assumed ----------------- Base Rate Borrowing Tranche in an amount equal to the Deemed Minimum Loan Amount times (ii) the lowest G-Fee shown on SCHEDULE 3.2 or SCHEDULE 3.2(A), whichever ------------ -------------- is currently applicable, provided that the Minimum Usage Fee shall be due and payable only if, and to the extent that, the foregoing calculation results in an amount which is greater than the sum of the G-Fee Amounts actually paid by Borrower on all Borrowing Tranches outstanding during the same computation period. The Minimum Usage Fee, if applicable, shall be computed for each calendar year, or part thereof, during the term of the Revolving Credit Note and shall be payable, if at all, annually in arrears on the Payment Date scheduled for January of each year of the term of the Revolving Credit Note, provided that any Minimum Usage Fee due in the year in which the Revolving Credit Note Expiration Date falls shall be due and payable on the Revolving Credit Note Expiration Date. Minimum Usage Fee payments which cover a period of less than one (1) calendar year shall be prorated based on the actual number of days elapsed. Any accrued but unpaid Minimum Usage Fees shall also be payable on the Revolving Credit Note Expiration Date.
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Sources: Credit Agreement (United Dominion Realty Trust Inc)
Minimum Usage Fee. The fee payable under this SECTION 2.4.4 shall only apply in ------------- the event that the Loan amount outstanding shall, at any time, be less than the Deemed Minimum Loan Amount. Accruing from the Closing Date until At all times when the Revolving Credit Note Expiration DateOutstanding are less than or equal to 4025% of the Revolving Committed Amount (the amount of such deficiency, Borrower agrees the “Minimum Usage”), the Borrowers agree to pay to Lenderthe Administrative Agent, as further consideration for Lender's commitment hereunderthe ratable benefit of the Revolving Lenders, a nonrefundable minimum usage fee (the "“Minimum Usage Fee"”) equal to the product obtained by (i) an assumed ----------------- Base Rate Borrowing Tranche in an amount equal to the Deemed Minimum Loan Amount times (iiy) the lowest G-Minimum Usage Percentage multiplied by (z) an amount equal to the average daily Minimum Usage. The Minimum Usage Fee shown shall be calculated on SCHEDULE 3.2 or SCHEDULE 3.2(A)each anniversary of the Fifth Amendment Effective Date, whichever ------------ -------------- is currently applicableannually in arrears, provided that and shall accrue from the Fifth Amendment Effective Date and each priorsubsequent anniversary thereof (provided, that, to the extent the Obligations are paid in full prior to the end of any such anniversary, the Minimum Usage Fee shall be due and payable pro rata only if, and to for the extent number of days that elapse from the first day following the last anniversary date through the date the Obligations are paid in full); provided that, the foregoing calculation results it is hereby acknowledged and agreed that no Minimum Usage Fee has accrued, nor is due or payable, in an amount which is greater than the sum respect of the G-Fee Amounts actually paid by Borrower period ending on all Borrowing Tranches outstanding during the same Fifth Amendment Effective Date. For purposes of computation period. The of the Minimum Usage Fee, if applicableRevolving Loans, Swingline Loans and LC Exposure shall be computed for each calendar year, or part thereof, during the term considered usage of the Revolving Credit Note Committed Amount. Notwithstanding anything in this clause (d) to the contrary, solely for purposes of calculating the Minimum Usage and shall be payable, if at all, annually in arrears on the Payment Date scheduled for January of each year of the term of the Revolving Credit Note, provided that any Minimum Usage Fee due in (x) for the year in period beginning on the Effective Date and ending on the First Amendment Effective Date, the, which Revolving Committed Amount shall be deemed to be $40,000,000 (without giving effect to the First Amendment), (y) for the period beginning on the First Amendment Effective Date and ending on the Second Amendment Effective Date, the Revolving Credit Note Expiration Date falls Committed Amount shall be due deemed to be $75,000,000 (without giving effect to the Second Amendment) and payable (z) for all periods beginning on the first day following the Second Amendment Effective Date and thereafter (after giving effect to the Second Amendment), the Revolving Credit Note Expiration Date. Minimum Usage Fee payments which cover a period of less than one (1) calendar year Committed Amount shall be prorated based on the actual number of days elapsed. Any accrued but unpaid Minimum Usage Fees shall also deemed to be payable on the Revolving Credit Note Expiration Date$125,000,000310,000,000.
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