Facility Fee; Reductions in Aggregate Commitment. The Borrower agrees to pay to each Lender directly a facility fee (the “Facility Fee”) at a per annum rate equal to the Applicable Facility Fee Rate on such Lender’s Commitment (whether used or unused) from the Effective Date to and including the Facility Termination Date, payable on each Payment Date hereafter and on the Facility Termination Date and, if the proviso at the end of this sentence applies, on the date on which the Aggregate Outstanding Credit Exposure is reduced to zero; provided, that if any Lender continues to have Outstanding Credit Exposure hereunder after the termination of its Commitment, then such Facility Fee shall continue to accrue on the Aggregate Outstanding Credit Exposure until the Aggregate Outstanding Credit Exposure is reduced to zero. The Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders, in the amount of $25,000,000 or a multiple of $5,000,000 in excess thereof, upon at least three Business Days’ written notice to the Agent, which notice shall specify the amount of any such reduction; provided, however, that the amount of the Aggregate Commitment may not be reduced below the Dollar Amount of the Aggregate Outstanding Credit Exposure.
Appears in 2 contracts
Sources: Long Term Credit Agreement (Emerson Electric Co), Long Term Credit Agreement (Emerson Electric Co)
Facility Fee; Reductions in Aggregate Commitment. (a) The ------------------------------------------------ Borrower agrees to pay to the Agent for the account of each Lender directly a facility fee (the “"Facility Fee”") at a per annum rate in an amount equal to the Applicable Facility Fee Rate on such Lender’s Margin per annum times the daily average Commitment (whether used or unusedor, on and after the Revolver Termination Date, times the aggregate outstanding principal amount of the Loans) of such Lender from the Effective Date date hereof to and including the Facility Termination Maturity Date, payable on each Payment Date hereafter and on the Maturity Date. All accrued Facility Termination Date and, if the proviso at the end of this sentence applies, Fees shall be payable on the effective date on which the Aggregate Outstanding Credit Exposure is reduced to zero; provided, that if of any Lender continues to have Outstanding Credit Exposure hereunder after the termination of its Commitment, then such Facility Fee shall continue the obligations of the Lenders to accrue on the Aggregate Outstanding Credit Exposure until the Aggregate Outstanding Credit Exposure is reduced to zero. make Loans hereunder.
(b) The Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders, Lenders in the a minimum aggregate amount of $25,000,000 or a multiple of $5,000,000 in excess thereof2,000,000, upon at least three (3) Business Days’ ' written notice to the Agent, which notice shall specify the amount of any such reduction; provided, however, that the amount of the Aggregate Commitment may not be -------- ------- reduced below the Dollar Amount aggregate principal amount of the Aggregate Outstanding Credit Exposureoutstanding Advances.
Appears in 2 contracts
Sources: Credit Agreement (Fund American Enterprises Holdings Inc), Credit Agreement (Fund American Enterprises Holdings Inc)
Facility Fee; Reductions in Aggregate Commitment. (a) The Borrower ------------------------------------------------ agrees to pay to the Agent for the account of each Lender directly a facility fee (the “"Facility Fee”") at a per annum rate in an amount equal to the Applicable Facility Fee Rate on Margin per annum times the daily average Commitment of such Lender’s Commitment (whether used or unused) Lender from the Effective Date date hereof to and including the Facility Termination Date, payable on each Payment Date hereafter and on the Facility Termination Date and, if the proviso at the end of this sentence applies, Date. All accrued Facility Fees shall be payable on the effective date on which the Aggregate Outstanding Credit Exposure is reduced to zero; provided, that if of any Lender continues to have Outstanding Credit Exposure hereunder after the termination of its Commitment, then such Facility Fee shall continue the obligations of the Lenders to accrue on the Aggregate Outstanding Credit Exposure until the Aggregate Outstanding Credit Exposure is reduced to zero. make Loans hereunder.
(b) The Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders, Lenders in the a minimum aggregate amount of $25,000,000 or a multiple of $5,000,000 in excess thereof, 1,000,000 upon at least three (3) Business Days’ ' written notice to the Agent, which notice shall specify the amount of any such reduction; provided, however, that the amount of the Aggregate Commitment may not be -------- ------- reduced below the Dollar Amount aggregate principal amount of the Aggregate Outstanding Credit Exposure.outstanding Advances. Such reductions shall be in addition to reductions occurring pursuant to Section ------- 2.7(b). Voluntary commitment reductions pursuant to this Section 2.4(b) shall be ------ -------------- applied to the mandatory commitment reductions required to be made pursuant to Section 2.7(a) in direct order of maturity. --------------
Appears in 2 contracts
Sources: Credit Agreement (Fund American Enterprises Holdings Inc), Credit Agreement (Fund American Enterprises Holdings Inc)
Facility Fee; Reductions in Aggregate Commitment. (a) The ------------------------------------------------ Borrower agrees to pay to the Agent for the account of each Lender directly a facility fee (the “"Facility Fee”") at a per annum rate in an amount equal to the Applicable Facility Fee Rate on Margin per annum times the daily average Commitment of such Lender’s Commitment (whether used or unused) Lender from the Effective Date date hereof to and including the Facility Termination Date, payable on each Payment Date hereafter and on the Facility Termination Date and, if the proviso at the end of this sentence applies, Date. All accrued Facility Fees shall be payable on the effective date on which the Aggregate Outstanding Credit Exposure is reduced to zero; provided, that if of any Lender continues to have Outstanding Credit Exposure hereunder after the termination of its Commitment, then such Facility Fee shall continue the obligations of the Lenders to accrue on the Aggregate Outstanding Credit Exposure until the Aggregate Outstanding Credit Exposure is reduced to zero. make Loans hereunder.
(b) The Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders, Lenders in the a minimum aggregate amount of $25,000,000 or a multiple of $5,000,000 in excess thereof, 2,000,000 upon at least three (3) Business Days’ ' written notice to the Agent, which notice shall specify the amount of any such reduction; provided, however, -------- ------- that the amount of the Aggregate Commitment may not be reduced below the Dollar Amount aggregate principal amount of the Aggregate Outstanding Credit Exposureoutstanding Advances. Such reductions shall be in addition to reductions occurring pursuant to Section 2.7(b). Voluntary -------------- commitment reductions pursuant to this Section 2.4(b) shall be applied to the -------------- mandatory commitment reductions required to be made pursuant to Section 2.7(a) -------------- in direct order of maturity.
Appears in 2 contracts
Sources: Credit Agreement (Fund American Enterprises Holdings Inc), Credit Agreement (Fund American Enterprises Holdings Inc)
Facility Fee; Reductions in Aggregate Commitment. (a) The Borrower agrees to pay to the Agent for the account of each Lender directly a facility fee (the “"Facility Fee”") at a per annum rate in an amount equal to the Applicable Facility Fee Rate on Margin per annum times the daily average Commitment of such Lender’s Commitment (whether used or unused) Lender from the Effective Date date hereof to and including the Facility Termination Date, payable on each Payment Date hereafter and on the Facility Termination Date and, if the proviso at the end of this sentence applies, Date. All accrued Facility Fees shall be payable on the effective date on which the Aggregate Outstanding Credit Exposure is reduced to zero; provided, that if of any Lender continues to have Outstanding Credit Exposure hereunder after the termination of its Commitment, then such Facility Fee shall continue the obligations of the Lenders to accrue on the Aggregate Outstanding Credit Exposure until the Aggregate Outstanding Credit Exposure is reduced to zero. make Loans hereunder.
(b) The Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders, Lenders in the a minimum aggregate amount of $25,000,000 or a multiple of $5,000,000 in excess thereof, 1,000,000 upon at least three (3) Business Days’ ' written notice to the Agent, which notice shall specify the amount of any such reduction; provided, however, that the amount of the Aggregate Commitment may not be reduced below the Dollar Amount aggregate principal amount of the Aggregate Outstanding Credit Exposureoutstanding Advances. Such reductions shall be in addition to reductions occurring pursuant to Section 2.7(b). Voluntary commitment reductions pursuant to this Section 2.4(b) shall be applied to the mandatory commitment reductions required to be made pursuant to Section 2.7(a) in direct order of maturity.
Appears in 1 contract
Sources: Credit Agreement (Fund American Enterprises Holdings Inc)
Facility Fee; Reductions in Aggregate Commitment. The Borrower ------------------------------------------------ agrees to pay to each Lender directly the Agent for the pro rata account of the Lenders according to their Percentages (except as set forth in Section 8.2), a facility fee (----------- accruing at the “Facility Fee”) at a per annum rate equal to of the Applicable Facility Fee Rate per annum based on such Lender’s the Aggregate Commitment (whether used or unused) without regards to usage thereof), from the Effective Date date hereof to and including the Facility Termination Date, payable on each Payment Date hereafter and on the Facility Termination Date and, if the proviso at the end of this sentence applies, on the date on which the Aggregate Outstanding Credit Exposure is reduced to zero; provided, that if any Lender continues to have Outstanding Credit Exposure hereunder after the termination of its Commitment, then such Facility Fee shall continue to accrue on the Aggregate Outstanding Credit Exposure until the Aggregate Outstanding Credit Exposure is reduced to zeroDate. The Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders, Lenders in the amount integral multiples of $25,000,000 or a multiple of $5,000,000 in excess thereof1,000,000, upon at least three Business Days’ ' written notice to the Agent, which notice shall specify the amount of any such reductionreduction (the "Aggregate Commitment Reduction Notice"); provided, however, -------- that the amount of the Aggregate Commitment may not be reduced below the Dollar Amount of the Aggregate Outstanding Credit Exposure.. All accrued facility fees shall be payable on the effective date of
Appears in 1 contract
Facility Fee; Reductions in Aggregate Commitment. (a) The Borrower agrees to pay to the Agent for the ratable account of each Lender directly a facility fee (the “Facility Fee”) at a rate per annum rate equal to the Applicable Facility Fee Rate on Percentage times such Lender’s 's Commitment (whether used or unused) from the Effective Date date hereof to and including the Facility Termination Date, payable in arrears on each Payment Date hereafter and on the Facility Termination Date and, if the proviso at the end of this sentence applies, on the date on which the Aggregate Outstanding Credit Exposure is reduced to zeroDate; provided, that if such facility fee shall not accrue with -------- respect to the Commitment of any Lender continues during any period in which such Lender has failed to have Outstanding Credit Exposure hereunder after the termination of its Commitment, then such Facility Fee shall continue to accrue on the Aggregate Outstanding Credit Exposure until the Aggregate Outstanding Credit Exposure is reduced to zero. make any Advance required hereunder.
(b) The Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders, in the a minimum amount of $25,000,000 or a multiple 2,000,000 (and in multiples of $5,000,000 250,000 if in excess thereof), upon at least three Business Days’ ' written notice to the Agent, which notice shall specify the amount of any such reduction; provided, however, that the amount of the Aggregate -------- ------- Commitment may not be reduced below the Dollar Amount aggregate principal amount of the Aggregate Outstanding Credit Exposureoutstanding Advances. All accrued facility fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Loans hereunder and no facility fees shall accrue thereafter.
Appears in 1 contract
Facility Fee; Reductions in Aggregate Commitment. (a) The Borrower agrees to pay to the Agent for the account of each Lender directly a facility fee (the “"Facility Fee”") at a per annum rate in an amount equal to the Applicable Facility Fee Rate on Margin per annum times the daily average Commitment of such Lender’s Commitment (whether used or unused) Lender from the Effective Date date hereof to and including the Facility Termination Date, payable on each Payment Date hereafter and on the Facility Termination Date and, if the proviso at the end of this sentence applies, Date. All accrued Facility Fees shall be payable on the effective date on which the Aggregate Outstanding Credit Exposure is reduced to zero; provided, that if of any Lender continues to have Outstanding Credit Exposure hereunder after the termination of its Commitment, then such Facility Fee shall continue the obligations of the Lenders to accrue on the Aggregate Outstanding Credit Exposure until the Aggregate Outstanding Credit Exposure is reduced to zero. make Loans hereunder.
(b) The Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders, Lenders in the a minimum aggregate amount of $25,000,000 or a multiple of $5,000,000 in excess thereof, 1,000,000 upon at least three (3) Business Days’ ' written notice to the Agent, which notice shall specify the amount of any such reduction; providedPROVIDED, howeverHOWEVER, that the amount of the Aggregate Commitment may not be reduced below the Dollar Amount aggregate principal amount of the Aggregate Outstanding Credit Exposureoutstanding Advances. Such reductions shall be in addition to reductions occurring pursuant to SECTION 2.7(b). Voluntary commitment reductions pursuant to this SECTION 2.4(b) shall be applied to the mandatory commitment reductions required to be made pursuant to SECTION 2.7(a) in direct order of maturity.
Appears in 1 contract
Sources: Credit Agreement (Fund American Enterprises Holdings Inc)
Facility Fee; Reductions in Aggregate Commitment. (a) The Borrower agrees to pay to the Agent for the ratable account of each Lender directly a facility fee (the “Facility Fee”) at a rate per annum rate equal to the Applicable Facility Fee Rate on Percentage times such Lender’s 's Commitment (whether used or unused) from the Effective Date date hereof to and including the Facility Termination Date, payable in arrears on each Payment Date hereafter and on the Facility Termination Date and, if the proviso at the end of this sentence applies, on the date on which the Aggregate Outstanding Credit Exposure is reduced to zeroDate; provided, that if such facility fee shall not accrue with respect to the Commitment of any Lender continues during any period in which such Lender has failed to have Outstanding Credit Exposure hereunder after the termination of its Commitment, then such Facility Fee shall continue to accrue on the Aggregate Outstanding Credit Exposure until the Aggregate Outstanding Credit Exposure is reduced to zero. make any Advance required hereunder.
(b) The Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders, in the a minimum amount of $25,000,000 or a multiple 2,000,000 (and in multiples of $5,000,000 250,000 if in excess thereof), upon at least three Business Days’ ' written notice to the Agent, which notice shall specify the amount of any such reduction; provided, however, that the amount of the Aggregate Commitment may not be reduced below the Dollar Amount aggregate principal amount of the Aggregate Outstanding Credit Exposureoutstanding Advances. All accrued facility fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Loans hereunder and no facility fees shall accrue thereafter.
Appears in 1 contract
Facility Fee; Reductions in Aggregate Commitment. The Borrower agrees to pay to each Lender directly a facility fee (the “Facility Fee”) at a per annum rate equal to the Applicable Facility Fee Rate on such Lender’s Commitment (whether used or unused) from the Effective Date to and including the Facility Termination Date, payable on each Payment Date hereafter and on the Facility Termination Date and, if the proviso at the end of this sentence applies, on the date on which the Aggregate Outstanding Credit Exposure is reduced to zero; provided, that if any Lender continues to have Outstanding Credit Exposure hereunder after the termination of its Commitment, then such Facility Fee shall continue to accrue on the Aggregate Outstanding Credit Exposure until the Aggregate such Outstanding Credit Exposure is reduced to zero. The Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders, in the amount of $25,000,000 or a multiple of $5,000,000 in excess thereof, upon at least three Business Days’ written notice to the Agent, which notice shall specify the amount of any such reduction; provided, however, that the amount of the Aggregate Commitment may not be reduced below the aggregate principal Dollar Amount of the Aggregate Outstanding Credit Exposure.
Appears in 1 contract
Facility Fee; Reductions in Aggregate Commitment. The Borrower Company agrees to pay to the Agent for the account of each Lender directly a facility fee (the “Facility Fee”) ), which shall accrue at a per annum rate equal the Applicable Margin with respect to the Applicable Facility Fee Rate on the daily amount of the Commitment of such Lender’s Commitment Lender (whether used or unused) during the period from and including the Effective Date to and including the Facility Termination Date, payable on each Payment Date hereafter and on the Facility Termination Date and, if the proviso at the end of this sentence applies, on but excluding the date on which the Aggregate Outstanding Credit Exposure is reduced to zerosuch Commitment terminates; providedprovided that, that if any such Lender continues to have any Outstanding Credit Exposure hereunder after the termination of its CommitmentCommitment terminates, then such Facility Fee shall continue to accrue on the Aggregate daily amount of such Lender’s Outstanding Credit Exposure until to but excluding the date on which such Lender ceases to have any Outstanding Credit Exposure. Accrued Facility Fees shall be payable in arrears on the third Business Day following the last day of March, June, September and December of each year and on the date on which the Aggregate Outstanding Credit Exposure is reduced Commitments terminate, commencing on the first such date to zerooccur after the Effective Date; provided that any Facility Fees accruing after the date on which the Aggregate Commitments terminate shall be payable on demand. The Borrower Company may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders, in the amount of $25,000,000 or a multiple of $5,000,000 in excess thereof, upon at least three Business Days’ written notice to the Agent, which notice shall specify the amount of any such reduction; provided, however, that the amount of the Aggregate Commitment may not be reduced below the Dollar Amount of the Aggregate Outstanding Credit Exposure. Unless previously terminated, the Commitments shall terminate on the Facility Termination Date (subject to Section 2.25).
Appears in 1 contract
Facility Fee; Reductions in Aggregate Commitment. (a) The Borrower agrees to pay to the Agent for the account of each Lender directly a facility fee (the “"Facility Fee”") at a per annum rate in an amount equal to the Applicable Facility Fee Rate on Margin per annum times the daily average Commitment of such Lender’s Commitment (whether used or unused) Lender from the Effective Date date hereof to and including the Facility Termination Date, payable on each Payment Date hereafter and on the Facility Termination Date and, if the proviso at the end of this sentence applies, Date. All accrued Facility Fees shall be payable on the effective date on which the Aggregate Outstanding Credit Exposure is reduced to zero; provided, that if of any Lender continues to have Outstanding Credit Exposure hereunder after the termination of its Commitment, then such Facility Fee shall continue the obligations of the Lenders to accrue on the Aggregate Outstanding Credit Exposure until the Aggregate Outstanding Credit Exposure is reduced to zero. make Loans hereunder.
(b) The Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders, Lenders in the a minimum aggregate amount of $25,000,000 or a multiple of $5,000,000 in excess thereof, 2,000,000 upon at least three (3) Business Days’ ' written notice to the Agent, which notice shall specify the amount of any such reduction; providedPROVIDED, howeverHOWEVER, that the amount of the Aggregate Commitment may not be reduced below the Dollar Amount aggregate principal amount of the Aggregate Outstanding Credit Exposureoutstanding Advances. Such reductions shall be in addition to reductions occurring pursuant to SECTION 2.7(b). Voluntary commitment reductions pursuant to this SECTION 2.4(b) shall be applied to the mandatory commitment reductions required to be made pursuant to SECTION 2.7(a) in direct order of maturity.
Appears in 1 contract
Sources: Credit Agreement (Fund American Enterprises Holdings Inc)
Facility Fee; Reductions in Aggregate Commitment. Syndication Fee. -----------------------------------------------------------------
(a) The Borrower agrees to pay to the Agent for the account of each Lender directly a facility fee (the “Facility Fee”) at a per annum rate in an amount equal to the Applicable Facility Fee Rate on Percentage of such Lender’s Commitment ('s Commitment, whether used or unused) , from the Effective Date date hereof to and including the Facility Termination Date, payable in arrears on each Quarterly Payment Date hereafter and on the Facility Termination Date and, if the proviso at the end of this sentence applies, on the date on which the Aggregate Outstanding Credit Exposure is reduced to zero; provided, that if any Lender continues to have Outstanding Credit Exposure hereunder after the termination of its Commitment, then such Facility Fee shall continue to accrue on the Aggregate Outstanding Credit Exposure until the Aggregate Outstanding Credit Exposure is reduced to zero. Date.
(b) The Borrower may permanently reduce the Aggregate Commitment (but not the Aggregate Facility B Commitment) in whole, or in part ratably among the Lenders, Lenders in the amount integral multiples of $25,000,000 or a multiple of $5,000,000 in excess thereof25,000,000, upon at least three five Business Days’ ' written notice to the Agent, which notice shall specify the amount of any such reduction; provided, however, that the amount of the -------- ------- Aggregate Commitment may not be reduced below the Dollar Amount aggregate principal amount of the outstanding Advances; and provided, further, that if, as a -------- ------- result of a reduction in the Aggregate Outstanding Credit ExposureCommitment, the Aggregate Facility B Commitment would exceed the Aggregate Commitment, then the Aggregate Facility B Commitment shall, without further action, be reduced by the amount of such excess. All accrued facility fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Loans hereunder. The Aggregate Facility B Commitment shall not be reduced except as set forth in this Section 2.5(b). --------------
(c) On or before the date hereof, the Borrower shall pay to the Agent for the account of each Lender a syndication fee in an amount equal to the amount set forth opposite the name of such Lender on Schedule 3 ---------- hereto.
Appears in 1 contract