Unused Fee; Facility Fee. The Borrower shall pay to the Administrative Agent for the account of the Banks an unused commitment fee (the “Unused Fee”), from the date hereof or upon the effectiveness of any Assignment and Acceptance pursuant to which it became a Bank until the Maturity Date, payable in arrears quarterly on the last day of each March, June, September and December, commencing March 31, 2014, and on the Maturity Date. The Unused Fee payable in Dollars for the account of each Bank shall be calculated for each period for which the Unused Fee is payable on the average daily Unused Commitment of such Bank during such period at the rate per annum equal to, (a) for any period in which the average daily Unused Commitment of such Bank for such period is less than 50% of such Bank’s aggregate Commitments, 0.25% per annum, and (b) for any period in which the average daily Unused Commitment of such Bank for such period is greater than or equal to 50% of such Bank’s aggregate Commitments, 0.30% per annum; provided, however, that in the event that the Parent achieves an Investment Grade Rating and the Parent provides written notice to the Administrative Agent electing to convert to the ratings-based pricing grid set forth in the definition of “Applicable Margin”, the Borrower shall no longer pay Unused Fees immediately following the effectiveness of such notice. For each succeeding quarter, the Borrower shall pay a Facility Fee at the applicable rate set forth in such pricing grid times the actual daily amount of each Bank’s Commitment, regardless of usage. Each Facility Fee will be payable quarterly in arrears on the last day of each March, June, September and December, and on the Maturity Date. The Unused Fees and Facility Fees will be calculated on a 360-day basis. If the Parent has made the Ratings Grid Election as described above but thereafter fails to maintain an Investment Grade Rating by at least one of S&P or Xxxxx’x, then (x) Unused Fees shall be payable during the period commencing on the date the Parent no longer has an Investment Grade Rating by at least one of S&P or Xxxxx’x and ending on the date the Parent makes another Ratings Grid Election, and (y) no Facility Fees shall be payable during the period that Unused Fees are payable.
Unused Fee; Facility Fee. (a) Subject to §2.3(b) below, Borrower agrees to pay to Agent for the account of the Revolving Credit Lenders (other than any Defaulting Revolving Credit Lender) in accordance with their respective Commitment Percentages a facility unused fee (the “Unused Fee”) calculated at the rate per annum as set forth below on the actual daily amount by which the Revolving Credit Commitment exceeds the outstanding principal amount of Revolving Credit Loans, Swing Loans and the face amount of Letters of Credit Outstanding during each calendar quarter or portion thereof commencing on the date hereof and ending on the Revolving Credit Maturity Date. The Unused Fee shall be calculated for each quarter based on the ratio (expressed as a percentage) of (i) the actual daily amount of the outstanding principal amount of the Revolving Credit Loans and (without duplication) Swing Loans and the face amount of Letters of Credit Outstanding during such quarter to (ii) the Revolving Credit Commitment, and if such ratio is less than fifty percent (50%), the Unused Fee shall be payable at the rate of one quarter of one percent (0.25%) per annum, and if such ratio is equal to or greater than fifty percent (50%), the Unused Fee shall be payable at the rate of fifteen hundredths of one percent (0.15%) per annum. The Unused Fee shall be payable quarterly in arrears on the first (1st) Business Day of each calendar quarter for the immediately preceding calendar quarter or portion thereof, and on any earlier date on which the Revolving Credit Commitments shall be reduced or shall terminate as provided in §2.4, with a final payment on the Revolving Credit Maturity Date.
Unused Fee; Facility Fee. (a) Subject to §2.3(b), the Borrower agrees to pay to the Agent for the account of the Revolving Credit Lenders (other than a Defaulting Lender for such period of time as such Revolving Credit Lender is a Defaulting Lender) in accordance with their respective Revolving Credit Commitment Percentages a facility unused fee (the “Unused Fee”) calculated by multiplying the Unused Fee Percentage applicable to such day, calculated as a per diem rate, times the excess of the Total Revolving Credit Commitment over the Dollar Equivalent of outstanding principal amount of the Revolving Credit Loans and Letter of Credit Liabilities (but not the Swing Loans). The Unused Fee shall be payable quarterly in arrears on the first (1st) day of each fiscal quarter for the immediately preceding fiscal quarter or portion thereof, and on any earlier date on which the Revolving Credit Commitments shall be reduced or shall terminate as provided in §2.4, with a final payment on the Revolving Credit Maturity Date. The Unused Fee shall be paid in Dollars.
Unused Fee; Facility Fee. (i) The Borrower shall pay to the Administrative Agent for the account of each Lender in accordance with its Applicable Percentage, an unused fee (the “Unused Fee”) equal to the Unused Fee Rate multiplied by the actual daily amount by which the Aggregate Commitments exceed the sum of (x) the Outstanding Amount of Loans and (y) the Outstanding Amount of L/C Obligations, subject to adjustment as provided in Section 2.16. The Unused Fee shall accrue at all times during the Availability Period, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the tenth Business Day of each April, July, October and January, commencing with the first such date to occur after the Closing Date, and on the last day of the Availability Period. The Unused Fee shall be calculated quarterly in arrears, and if there is any change in the Unused Fee Rate during any quarter, the actual daily amount shall be computed and multiplied by the applicable Unused Fee Rate separately for each period during such quarter that such Unused Fee Rate was in effect.
Unused Fee; Facility Fee. (a) The Borrower agrees to pay to the Agent for the account of the Lenders in accordance with their respective Commitment Percentages a facility unused fee (the “Unused Fee”) calculated at the rate per annum as set forth below on the daily amount (as of the end of each day) by which the Total Commitment exceeds the outstanding principal amount of Revolving Credit Loans, Swing Loans and Letter of Credit Liabilities, during each calendar quarter or portion thereof commencing on the date hereof and ending on the Maturity Date, subject to §2.3(b). The Unused Fee shall be calculated for each day based on the ratio (expressed as a percentage) of (a) the daily amount (as of the end of each day) of the outstanding principal amount of the Revolving Credit Loans, Swing Loans and Letter of Credit Liabilities during such quarter to (b) the Total Commitment and if such ratio is less than fifty percent (50%), the Unused Fee shall be payable at the rate of 0.30%, and if such ratio is equal to or greater than fifty percent (50%), the Unused Fee shall be payable at the rate of 0.25%. The Unused Fee shall be payable quarterly in arrears on the first (1st) day of each calendar quarter for the immediately preceding calendar quarter or portion thereof, and on any earlier date on which the Commitments shall terminate as provided in §2.4, with a final payment on the Maturity Date.
Unused Fee; Facility Fee. (a) Subject to §2.3(b), the Borrower agrees to pay to the Agent for the account of the Revolving Credit Lenders (other than a Defaulting Lender for such period of time as such Revolving Credit Lender is a Defaulting Lender) in accordance with their respective Revolving Credit Commitment Percentages a facility unused fee (the “Unused Fee”) calculated by multiplying the Unused Fee Percentage applicable to such day, calculated as a per diem rate, by the excess of the Total Revolving Credit Commitment over the outstanding principal amount of the Revolving Credit Loans and Letter of Credit Liabilities. The Unused Fee shall be payable quarterly in arrears on the first (1st) day of each calendar quarter for the immediately preceding calendar quarter or portion thereof, and on any earlier date on which the Revolving Credit Commitments shall be reduced or shall terminate as provided in §2.4, with a final payment on the Revolving Credit Maturity Date.
Unused Fee; Facility Fee. (i) During the period from the Effective Date to but excluding the Revolving Loan Termination Date, the Borrower agrees to pay to the Agent for the account of the Revolving Loan Lenders that are Non-Defaulting Lenders an unused facility fee (the “Unused Fee”) with respect to the average daily difference between (i) the aggregate principal amount of all outstanding Revolving Loans plus the aggregate amount of all Letter of Credit Liabilities and (ii) the aggregate amount of the Revolving Loan Commitments (the “Unused Amount”). Such fee shall be computed by multiplying the Unused Amount with respect to such quarter by the corresponding per annum rate set forth below: Unused Amount Unused Fee Greater than 50% of the aggregate amount of Revolving Loan Commitments 0.25 % Less than or equal to 50% of the aggregate amount of Revolving Loan Commitments 0.15 % Such fee shall be payable in arrears on the last day of each March, June, September or December of each calendar year. Any such accrued and unpaid fee shall also be payable on the Revolving Loan Termination Date or any earlier date of termination of the Revolving Loan Commitments or reduction of the Revolving Loan Commitments to zero.
Unused Fee; Facility Fee. At all times during the Availability Period (including at any time during which one or more of the conditions in Article V is not met), the Borrower shall pay to the Administrative Agent for the account of each Revolving Lender in accordance with its Applicable Revolving Percentage,
Unused Fee; Facility Fee. (a) Revolving Credit Loan Unused and Facility Fee.
Unused Fee; Facility Fee. (i) During the period from the Effective Date to but excluding the earlier to occur of (A) the Investment Grade Rating Date or (B) the Termination Date, the Borrower agrees to pay to the Administrative Agent for the account of the Lenders an unused facility fee equal to the sum of the daily amount by which the aggregate amount of the Revolving Commitments exceeds the aggregate outstanding principal balance of Revolving Loans and Letter of Credit Liabilities set forth in the table below multiplied by the corresponding percentage per annum. Unused Amount Unused Fee (percent per annum) Greater than or equal to 50% of the aggregate amount of Revolving Commitments 0.35 % Less than 50% of the aggregate amount of Revolving Commitments 0.25 % Such fee shall be computed on a daily basis and payable quarterly in arrears on the first day of each January, April, July and October during the term of this Agreement and on the Termination Date or any earlier date of termination of the Revolving Commitments or reduction of the Revolving Commitments to zero. For the avoidance of doubt, for purposes of calculating the unused facility fee, the outstanding principal balance of Swingline Loans shall not be factored into the computation.
