Common use of Unused Portion Fee Clause in Contracts

Unused Portion Fee. In consideration of the Revolving Commitment, Borrower shall pay to Agent, for the ratable benefit of Banks, an Unused Portion Fee (hereinafter referred to as the "Unused Portion Fee") equivalent to one-quarter of one percent (1/4%) per annum of the differential between the average Elected Borrowing Limit and the Total Outstandings for the preceding three months. The Unused Portion Fee shall be payable in arrears on the last Business Day of each January, April, July and October, commencing on July 31, 1998. All amounts due under Section 8(a) of the Fifth Restated Loan Agreement as of the Effective Date as Unused Portion Fees shall be paid to Agent on the Effective Date. The final fee payment shall be due on the Maturity Date for any period then ending for which the Unused Portion Fee shall not have been theretofore paid. In the event the Revolving Commitment terminates on any date prior to the end of any such quarterly period, Borrower shall pay to Banks, on the date of such termination, the prorated portion of the total Unused Portion Fee due for such of the period in which such termination occurs.

Appears in 1 contract

Samples: Loan Agreement (Clayton Williams Energy Inc /De)

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Unused Portion Fee. In consideration of the Revolving Commitment, Borrower shall pay to Agent, for the ratable benefit of Banks, an Unused Portion Fee (hereinafter referred to as the "Unused Portion Fee") equivalent to one-quarter of one percent (1/4%) per annum of the differential between the average Elected Borrowing Limit and the Total Outstandings for the preceding three months. The Unused Portion Fee shall be payable in arrears on the last Business Day of each January, April, July and October, commencing on July 31, 19982001. All amounts due under Section 8(a) of the Fifth Seventh Restated Loan Agreement as of the Effective Date as Unused Portion Fees shall be paid to Agent on the Effective Date. The final fee payment shall be due on the Maturity Date for any period then ending for which the Unused Portion Fee shall not have been theretofore paid. In the event the Revolving Commitment terminates on any date prior to the end of any such quarterly period, Borrower shall pay to Banks, on the date of such termination, the prorated portion of the total Unused Portion Fee due for such of the period in which such termination occurs.

Appears in 1 contract

Samples: Loan Agreement (Clayton Williams Energy Inc /De)

Unused Portion Fee. In consideration of the Revolving Commitment, Borrower shall pay to Agent, for the ratable benefit of Banks, an Unused Portion Fee (hereinafter referred to as the "β€œUnused Portion Fee"”) equivalent to one-quarter of one percent (1/4%) per annum of the Unused Portion Fee Rate times the differential between the average Elected Borrowing Limit and the Total Outstandings for the preceding three months. The Unused Portion Fee shall be payable in arrears on the last Business Day of each January, April, July and October, commencing on July 31, 19982002. All amounts due under Section 8(a) of the Fifth Eighth Restated Loan Agreement as of the Effective Date as Unused Portion Fees shall be paid to Agent on the Effective Date. The final fee payment shall be due on the Maturity Date for any period then ending for which the Unused Portion Fee shall not have been theretofore paid. In the event the Revolving Commitment terminates on any date prior to the end of any such quarterly period, Borrower shall pay to Banks, on the date of such termination, the prorated portion of the total Unused Portion Fee due for such of the period in which such termination occurs.

Appears in 1 contract

Samples: Loan Agreement (Clayton Williams Energy Inc /De)

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Unused Portion Fee. In consideration of the Revolving Commitment, Borrower shall pay to Agent, for the ratable benefit of Banks, an Unused Portion Fee (hereinafter referred to as the "Unused Portion Fee") equivalent to one-quarter of one percent (1/4%) per annum of the differential between the average Elected Borrowing Limit and the Total Outstandings for the preceding three months. The Unused Portion Fee shall be payable in arrears on the last Business Day of each January, April, July and October, commencing on July January 31, 19982000. All amounts due under Section 8(a) of the Fifth Sixth Restated Loan Agreement as of the Effective Date as Unused Portion Fees shall be paid to Agent on the Effective Date. The final fee payment shall be due on the Maturity Date for any period then ending for which the Unused Portion Fee shall not have been theretofore paid. In the event the Revolving Commitment terminates on any date prior to the end of any such quarterly period, Borrower shall pay to Banks, on the date of such termination, the prorated portion of the total Unused Portion Fee due for such of the period in which such termination occurs.

Appears in 1 contract

Samples: Loan Agreement (Clayton Williams Energy Inc /De)

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