Common use of Undrawn Commitment Fee Clause in Contracts

Undrawn Commitment Fee. The Borrower agrees to pay to the Administrative Agent for the account of each Lender, a commitment fee (the “Commitment Fee”), equal to [***] per annum of the average daily unused amount of the Commitment of such Lender during the period from and including the Closing Date to but excluding the earlier of (i) the date that all Commitments have terminated and (ii) the Maturity Date. All such Commitment Fees shall be computed on the basis of a year of three hundred and sixty (360) days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The Commitment Fee shall be due and payable in arrears on each Interest Payment Date, commencing on the first such date to occur after the Closing Date; provided that if all or any portion of the Commitment is terminated or reduced, the Borrower shall pay the Commitment Fee on that portion of the Commitment that was so terminated or reduced on the date that such reduction or termination becomes effective (and, except in the case of a termination in full on such date, thereafter the Commitment Fee will accrue on the Commitment as so reduced).