Common use of Unutilized Commitment Fee Clause in Contracts

Unutilized Commitment Fee. From and after the Closing Date and until the Maturity Date, Borrower shall pay to the Administrative Agent for the account of the Revolving Lenders, in accordance with their Pro Rata Shares, an unutilized commitment fee (the “Unutilized Commitment Fee”), which shall accrue, at the Applicable Unutilized Commitment Fee Margin, on the daily average excess, if any, of the Total Revolving Commitment over the sum of the principal amount of all Revolving Loans and LC Exposure, which excess shall be calculated quarterly, and shall be payable in arrears on the first (1st) day of each quarter commencing October 1, 2010.

Appears in 2 contracts

Sources: Credit Agreement (Edgen Group Inc.), Credit Agreement (Edgen Group Inc.)

Unutilized Commitment Fee. From and after the Closing Date and until the Maturity Date, Borrower shall pay to the Administrative Agent for the account of the Revolving Lenders, in accordance with their Pro Rata Shares, an unutilized commitment fee (the “Unutilized Commitment Fee”), which shall accrue, at the Applicable Unutilized Commitment Fee Margin, on the daily average excess, if any, of the Total Revolving Commitment Commitments over the sum of the principal amount of all Revolving Loans and LC Exposure, which excess shall be calculated quarterly, and shall be payable in arrears on the first (1st) day of each quarter commencing October July 1, 20102012.

Appears in 1 contract

Sources: Credit Agreement (Edgen Group Inc.)