Common use of Fees Payable by Borrower Clause in Contracts

Fees Payable by Borrower. (a) The Borrower hereby agrees to pay to each Lender, other than a Defaulting Lender, a commitment fee (a “Commitment Fee”) on the daily average unused amount of the Commitment of such Lender, for each day during the period from the Closing Date until the Revolving Commitment Termination Date, at a rate equal to (x) 0.60% per annum if and for so long as the outstanding principal amount of the Advances is less than 50% of the Commitment and (y) otherwise, 0.35% per annum. Commitment Fees accrued during each Collection Period shall be payable on the related Payment Date. All payments by or on behalf of the Borrower under this Section 2.13(a) shall be made in accordance with the Priority of Payments. The Facility Agent shall determine the amount of each Commitment Fee with respect to each Payment Date and notify the Collateral Agent of such amount at least three Business Days prior to the related Payment Date. (b) The Borrower agrees to pay to the Structuring Agent, for its own account, the fees in the amounts and on the dates set forth in the Engagement Letter.