Common use of Undrawn Commitment Fee Clause in Contracts

Undrawn Commitment Fee. The Borrower shall pay to the Administrative Agent for the ratable account of the Lenders in accordance with their Applicable Percentage, an undrawn commitment fee at the rate per annum equal to the Applicable Margin on the actual daily Commitments of such Lender then outstanding. Such fee shall accrue from and including the Effective Date to but excluding the earlier of (i) termination or expiration of the Commitments and (ii) the Closing Date (such earlier date, the “Fee Payment Date”). Such fee shall be due and payable on the Fee Payment Date and shall be calculated based on the number of days (if any) elapsed in a 360-day year.