Line of Credit Commitment Fee Clause Samples

A Line of Credit Commitment Fee clause defines the fee that a borrower must pay to a lender for the unused portion of a committed line of credit. Typically, this fee is calculated as a percentage of the undrawn amount and is charged periodically, such as monthly or quarterly, regardless of whether the borrower actually uses the funds. The core function of this clause is to compensate the lender for reserving funds and making them available to the borrower, thereby ensuring the lender is rewarded for the opportunity cost of committing capital even if it is not utilized.
Line of Credit Commitment Fee. The Borrower shall pay to the Administrative Agent for the ratable account of the Lenders according to their Line of Credit Percentages a commitment fee at the rate per annum equal to the Applicable Margin (computed on the basis of a year of 360 days and the actual number of days elapsed) on the average daily Unused Line of Credit Commitments; provided however, that no commitment fee shall accrue to the Unused Line of Credit Commitment of a Defaulting Lender, or be payable for the benefit of such Lender, so long as such Lender shall be a Defaulting Lender. Such commitment fee shall be payable quarterly in arrears on the last day of each March, June, September and December in each year (commencing on the first such date occurring after the date hereof) and on the Line of Credit Termination Date, unless the Line of Credit Commitments are terminated in whole on an earlier date, in which event the commitment fee for the period to the date of such termination in whole shall be paid on the date of such termination.
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Line of Credit Commitment Fee. Borrower shall pay to Bank a non-refundable commitment fee for the Line of Credit equal to Two Thousand Five Hundred Dollars ($2,500.00), which fee shall be due and payable in full on the date of this Agreement.
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Line of Credit Commitment Fee. Borrower shall pay to Bank a non- refundable commitment fee for the Line of Credit equal to Five Hundred Dollars ($500.00), which commitment fee shall be due and payable in full upon execution of this amendment." 3. Except as specifically provided herein, all terms and conditions of the Credit Agreement remain in full force and effect, without waiver or modification. All terms defined in the Credit Agreement shall have the same meaning when used in this Amendment. This Amendment and the Credit Agreement shall be read together, as one document. 4. Borrower hereby remakes all representations and warranties contained in the Credit Agreement and reaffirms all covenants set forth therein. Borrower further certifies that as of the date of this Amendment there exists no Event of Default as defined in the Credit Agreement, nor any condition, act or event which with the giving of notice or the passage of time or both would constitute any such Event of Default.
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Line of Credit Commitment Fee. Borrower shall pay to Bank a non- refundable commitment fee for the Line of Credit equal to Five Thousand Dollars ($5,000.00), which commitment fee shall be due and payable in full on the date of this Agreement.
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Line of Credit Commitment Fee. Borrower agrees to pay to the Agent, for the benefit of the Banks in proportion to their respective Line of Credit Commit- ment Fee Pro Rata Shares, commitment fees ("the Line of Credit Commitment Fees") for the period from and includ- ing October 11, 1996 to and excluding the Line of Credit Termination Date, equal to the average of the daily excess of the Line of Credit Commitments (as reduced pursuant to Section 2.4C hereof) over the aggregate principal amount of Line of Credit Advances multiplied by one eighth of one percent (0.125%) per annum. The Line of Credit Commitment Fees shall be calculated on the basis of a 360-day year and the actual number of days elapsed and shall be payable quarterly in arrears on the last day of each Fiscal Quarter, commencing on the first such date to occur after October 11, 1996, and on the Line of Credit Commitment Termination Date. The Borrower shall have no liability to any Bank for any Line of Credit Commitment Fees paid to the Agent which the Agent does not properly remit to such Bank, and any such Bank's sole remedy in respect thereof shall be against the Agent.
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Line of Credit Commitment Fee. On the last Business Day of each month, commencing with June, 2001, and on the Termination Date, the Companies shall pay to the Administrative Agent the Line of Credit Commitment Fee plus the Collection Day Interest for such month pursuant to Paragraph 3.4(a)(iv).
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Line of Credit Commitment Fee. Borrower agrees to pay to the Agent, for the benefit of the Banks in proportion to their respective Line of Credit Commit- ment Fee Pro Rata Shares, commitment fees ("the Line of Credit Commitment Fees") for the period from and includ- ing October 11, 1997 to and excluding the Line of Credit Termination Date, equal to the average of the daily excess of the Line of Credit Commitments (as reduced pursuant to section 2.4C hereof) over the aggregate principal amount of Line of Credit Advances multiplied by the Applicable Line of Credit Commitment Fee per annum. The Line of Credit Commitment Fees shall be calculated on the basis of a 360-day year and the actual number of days elapsed and shall be payable quarterly in arrears on the last day of each Fiscal Quarter, commencing on the first such date to occur after October 11, 1997, and on the Line of Credit Commitment Termination Date. The Borrower shall have no liability to any Bank for any Line of Credit Commitment Fees paid to the Agent which the Agent does not properly remit to such Bank, and any such Bank's sole remedy in respect thereof shall be against the Agent. The Applicable Line of Credit Commitment Fee in effect for the Pricing Period commencing on the first day of each Fiscal Quarter and continuing for the term of the Fiscal Quarter that begins on such first day of the Fiscal Quarter shall be the Applicable Line of Credit Commitment Fee corresponding to the Pricing Level in effect for such period, as applicable: Applicable Line of Credit Pricing Level Commitment Fee Pricing Level I .100% Pricing Level II .100% Pricing Level III .100% Pricing Level IV .125% Pricing Level V .125% 1.20 The Pricing Levels and related Applicable Letter of Credit Fee percentages set forth at the end of clause (ii) of Section 2.7F, entitled "Compensation", are deleted and the following are substituted therefor: Applicable Pricing Level Letter of Credit Fee Pricing Level I .450% Pricing Level II .525% Pricing Level III .575% Pricing Level IV .625% Pricing Level V .750% 1.21 The amount "Ten Million Dollars ($10,000,000.00)" contained in Section 6.5 (iv)(A) is deleted and the amount "Twelve Million Dollars ($12,000,000.00)" is substituted therefor. 1.22 The amount "Ten Million Dollars ($10,000,000.00)" contained in Section 6.5(ix)(A) is deleted and the amount "Twelve Million Dollars ($12,000,000.00)" is substituted therefor. 1.23 Section 6.9 of the Loan Agreement is amended and restated in its entirety as follows:
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Related to Line of Credit Commitment Fee

  • Revolving Credit Commitment Fee Borrower shall pay to Administrative Agent for the ratable account of the Lenders in accordance with their Revolver Percentages a commitment fee at the rate per annum equal to the Applicable Margin (computed on the basis of a year of 360 days and the actual number of days elapsed) on the average daily Unused Revolving Credit Commitments. Such commitment fee shall be payable quarterly in arrears on the last day of each March, June, September, and December in each year (commencing on the first such date occurring after the date hereof) and on the Revolving Credit Termination Date, unless the Revolving Credit Commitments are terminated in whole on an earlier date, in which event the commitment fee for the period to the date of such termination in whole shall be paid on the date of such termination.

  • Revolving Loan Commitment Each Lender with a Revolving Loan Commitment agrees to make loans on a revolving basis (“Revolving Loans”) from time to time until the Termination Date in such Lender’s Pro Rata Share of such aggregate amounts as the Company may request from all Lenders; provided that the Revolving Outstandings will not at any time exceed Revolving Loan Availability.

  • Revolving Credit Commitment Subject to the terms and conditions hereof, the Lender agrees to extend a Revolving Credit to each Borrower which may be availed of by each Borrower from time to time during the period from and including the date hereof to but not including the Termination Date (the “Commitment Period”), at which time the commitment of the Lender to extend credit under the Revolving Credit shall expire. The maximum amount of the Revolving Credit which the Lender agrees to extend to the Borrowers shall be the Lender’s Commitment as then in effect. The Revolving Credit may be utilized by the Borrowers in the form of Loans, all as more fully hereinafter set forth, provided that, the aggregate principal amount of Loans outstanding at any one time shall not exceed the Commitment and the maximum aggregate amount of all Loans made to any Borrower at any one time outstanding shall not exceed the lesser of (a) the Commitment, and (b) such Borrower’s Borrowing Limit. During the Commitment Period, each Borrower may utilize the Revolving Credit by borrowing, repaying and reborrowing Loans in whole or in part, all in accordance with the terms and conditions of this Agreement. Loans shall be made available to the Borrowers on a first come, first served basis, provided, that, if the amount of Loans which some or all Borrowers would otherwise request on the same Business Day would exceed the Available Commitment, the Available Commitment will be apportioned among the Borrowers in accordance with resolutions adopted by the boards of directors of the Borrowers and the results of such apportionment will be reported in writing to the Lender by the Adviser.

  • Revolving Line of Credit (a) The Bank hereby establishes in favor of the Borrower a revolving line of credit (the “Line of Credit”). The Borrower shall be entitled to borrow, repay and reborrow funds under the Line of Credit in accordance with the terms hereof so long as the total principal amount owed to the Bank under the Line of Credit does not exceed $25,000,000.00 (or such lesser amount as is set forth herein) during the Revolving Period. The Bank’s obligation to make advances hereunder shall terminate at the expiration of the Revolving Period. (b) The Borrower’s indebtedness under the Line of Credit shall be evidenced by a promissory note (as amended, extended or renewed from time to time, the “Line of Credit Note”) of even date herewith executed by the Borrower in favor of the Bank in the original principal amount of $25,000,000.00. The Line of Credit Note shall bear interest at the rate set forth therein and shall be payable as set forth therein. (c) The Bank shall make each advance under the Line of Credit upon written or telephonic notice from the Borrower to the Bank requesting an advance. The notice shall specify the date for which the advance is requested (which must be a Business Day) and the amount of the advance. The Bank must receive the notice prior to 12:00 noon (Eastern time) on the Business Day of the advance. Alternatively, the Borrower may request advances by drawing checks on a deposit account that is linked to the credit facility hereunder in accordance with disbursement arrangements that are mutually satisfactory to the parties. The Bank will make each requested advance available to the Borrower not later than the close of business on the Business Day of the request by crediting the Borrower’s account maintained with the Bank in the amount of the advance if as of such time: (i) the Bank’s obligation to make advances hereunder has not terminated or expired; (ii) a Default or Event of Default has not occurred; and (iii) all conditions to the advance set forth herein or in any other Loan Documents have been satisfied. The Bank may rely upon any written or telephonic notice given by any person that the Bank in good faith believes is an authorized representative of the Borrower without the necessity of any independent investigation. If any telephonic notice conflicts with a written confirmation, the telephonic notice shall govern if the Bank has acted in reliance thereon. (d) For purposes hereof, the term “Revolving Period” shall mean a period commencing on the date hereof and terminating on March 18, 2007.

  • Revolving Credit Commitments (a) Subject to the terms and conditions hereof, each Lender severally agrees to make revolving credit loans (“Revolving Credit Loans”) in Dollars or in any Available Foreign Currency to the Borrower from time to time during the Commitment Period so long as after giving effect thereto (i) the Available Revolving Credit Commitment of each Lender is greater than or equal to zero, (ii) the Aggregate Revolving Credit Outstandings of all Lenders do not exceed the Aggregate Revolving Credit Commitments and (iii) the Aggregate Multicurrency Outstandings of all Lenders do not exceed the Aggregate Multicurrency Commitments. All Revolving Credit Loans shall be made by the Lenders on a pro-rata basis in accordance with their respective Revolving Credit Commitment Percentages. During the Commitment Period, the Borrower may use the Revolving Credit Commitments by borrowing, prepaying the Revolving Credit Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. Any Lender may cause its Multicurrency Loans to be made by any branch, affiliate or international banking facility of such Lender, provided, that such Lender shall remain responsible for all of its obligations hereunder and no additional taxes, costs or other burdens shall be imposed upon the Borrower or the Administrative Agent as a result thereof. (b) The Revolving Credit Loans may from time to time be (i) LIBOR Loans, (ii) ABR Loans or (iii) a combination thereof, as determined by the Borrower and notified to the Administrative Agent in accordance with subsections 2.2 and 3.2, provided that (x) each Multicurrency Loan shall be a LIBOR Loan and (y) no Revolving Credit Loan shall be made as a LIBOR Loan after the day that is one month prior to the Termination Date.