Common use of Non-Usage Fees Clause in Contracts

Non-Usage Fees. At the end of each calendar quarter during the term hereof, the Lender shall determine the average usage of the Commitment by calculating the arithmetic daily average of the Advances outstanding during such calendar quarter. The Lender shall then subtract such quarterly average usage (the "Used Portion") from the Commitment Amount (and the result thereof shall be known as the "Unused Portion"). If the Unused Portion is more than forty percent (40%) of the Commitment Amount, the Company shall pay in arrears, within thirty (30) days after the end of each calendar quarter, a Non-Usage Fee (the "Non-Usage Feel,) equal to one-quarter percent (.25%) per annum on the total amount of the Unused Portion of the Commitment during such calendar quarter. If the Maturity Date of the Commitment is other than the last day of a quarter, the Company shall pay the prorated portion of the quarterly Non-Usage Fee due from the beginning of the then current quarter to and including the Maturity Date. For the purposes hereof, quarters shall be defined as beginning April 1, July 1, October 1 and January 1. In the absence of manifest error, the calculation by the Lender of the amount of any Non-Usage Fee shall be conclusive. If the Commitment terminates at the request of the Company or as a result of an Event of Default, the Non-Usage Fee shall be due and owing through the last day of the current quarter.

Non-Usage Fees. At the end of each calendar quarter quarter, during the term hereofhereof commencing with the calendar quarter beginning on April 1, 1999, the Lender shall determine the average usage outstanding amount of the Commitment Ordinary Warehousing Advances by calculating the arithmetic daily average of the such Advances outstanding during such calendar quarter. The Lender shall then subtract such quarterly average usage (the "Used Portion") from an amount equal to 50% of the Commitment Amount arithmetic daily average of the Ordinary Warehousing Sublimit (and the result thereof shall be known as the "Unused Portion"). If the Unused Portion is more than forty percent (40%) of the Commitment Amount, and the Company shall pay in arrears, within thirty (30) days after the end of each calendar quarter, a Non-Usage Fee (the "Non-Usage Feel,Fee") equal to one-quarter percent (.25%) 0.125% per annum on the total amount of the Unused Portion of the Commitment during such calendar quarter. Within thirty (30) days of the end of the current quarter, the Company shall pay the prorated portion of the quarterly Non-Usage Fee due from the date of the first Advance hereunder to March 31, 1999. If the Warehousing Maturity Date of the Commitment is other than the last day of a quarter, the Company shall pay the prorated portion of the quarterly Non-Usage Fee due from the beginning of the then current quarter to and including the Warehousing Maturity Date. For the purposes hereof, quarters shall be defined as beginning April 1, July 1, October 1 and January 1. In the absence of manifest error, the calculation by the Lender of the amount of any Non-Usage Fee shall be conclusive. If the Warehousing Commitment terminates at the request of the Company or as a result of an Event of Default, the Non-Usage Fee shall be due and owing through the last day of the current quarter.