Common use of Unused Line Fees Clause in Contracts

Unused Line Fees. (i) U.S. Borrowers shall pay to Agent, for the ratable account of the U.S. Revolving Lenders, an unused line fee (the “U.S. Unused Line Fee”) in an amount equal to the Applicable U.S. Unused Line Fee Percentage per annum times the result of (a) the aggregate amount of the U.S. Revolver Commitments, less (b) the average amount of the U.S. Revolver Usage during the immediately preceding quarter (or portion thereof), which U.S. Unused Line Fee shall be due and payable, in arrears, on the first day of each quarter from and after the Closing Date up to the first day of the quarter prior to the date on which the U.S. Obligations are paid in full and on the date on which the U.S. Obligations are paid in full. For purposes of calculating the U.S. Unused Line Fee, no portion of the U.S. Revolver Commitments shall be deemed used as a result of outstanding U.S. Swing Loans. (ii) Australian Borrowers shall pay to Agent, for the ratable account of the Australian Revolving Lenders, an unused line fee (the “Australian Unused Line Fee”) in an amount equal to the Applicable Australian Unused Line Fee Percentage per annum times the result of (a) the aggregate amount of the Australian Revolver Commitments, less (b) the average amount of the Australian Revolver Usage during the immediately preceding quarter (or portion thereof), which Australian Unused Line Fee shall be due and payable, in arrears, on the first day of each month from and after the Closing Date up to the first day of the month prior to the date on which the Australian Obligations are paid in full and on the date on which the Australian Obligations are paid in full. For purposes of calculating the Australian Unused Line Fee, no portion of the Australian Revolver Commitments shall be deemed used as a result of outstanding Australian Swing Loans.

Appears in 2 contracts

Sources: Syndicated Facility Agreement (Cleveland-Cliffs Inc.), Syndicated Facility Agreement (Cliffs Natural Resources Inc.)

Unused Line Fees. (i) U.S. The Domestic Borrowers shall agree to pay to Agent, the Administrative Agent for the ratable account of the U.S. Revolving Lenders, each Lender an unused line fee (the “U.S. Domestic Unused Line Fee”) on the average daily unused amount of such Lender’s Total Percentage of the Unused Domestic Commitment, from and including the Closing Date (or, in an amount the case of a Lender that becomes a Lender after the date hereof pursuant to Section 15.2, the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender) to but excluding the date on which such Lender’s Commitment terminates, at a rate per annum equal to the Applicable U.S. Margin. The Foreign Borrowers agree to pay to the Administrative Agent for account of each Lender an unused line fee (the “Foreign Unused Line Fee Percentage per annum times Fee” and, together with the result of (aDomestic Unused Line Fee, the “Unused Line Fees”) on the aggregate average daily unused amount of the U.S. Revolver Commitments, less (b) the average amount such Lender’s Total Percentage of the U.S. Revolver Usage during the immediately preceding quarter (or portion thereof)Unused Foreign Commitment, which U.S. Unused Line Fee shall be due and payable, in arrears, on the first day of each quarter from and after including the Closing Date up (or, in the case of a Lender that becomes a Lender after the date hereof pursuant to Section 15.2, the first day of effective date specified in the quarter prior Assignment and Acceptance pursuant to which it became a Lender) to but excluding the date on which such Lender’s Commitment terminates, at a rate per annum equal to the U.S. Obligations are paid Applicable Margin. Accrued Unused Line Fees shall be payable in full arrears on each Quarterly Date and on the date on which the U.S. Obligations are paid in full. For purposes Commitment of calculating the U.S. Unused Line Feeany Lender terminates, no portion of the U.S. Revolver Commitments shall be deemed used as a result of outstanding U.S. Swing Loans. (ii) Australian Borrowers shall pay to Agent, for the ratable account of the Australian Revolving Lenders, an unused line fee (the “Australian Unused Line Fee”) in an amount equal to the Applicable Australian Unused Line Fee Percentage per annum times the result of (a) the aggregate amount of the Australian Revolver Commitments, less (b) the average amount of the Australian Revolver Usage during the immediately preceding quarter (or portion thereof), which Australian Unused Line Fee shall be due and payable, in arrears, commencing on the first day of each month from and such date to occur after the Closing Date up to date hereof. All Unused Line Fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day of but excluding the month prior to the date on which the Australian Obligations are paid in full and on the date on which the Australian Obligations are paid in full. For purposes of calculating the Australian Unused Line Fee, no portion of the Australian Revolver Commitments shall be deemed used as a result of outstanding Australian Swing Loanslast day).

Appears in 2 contracts

Sources: Credit Agreement (Lionbridge Technologies Inc /De/), Credit Agreement (Lionbridge Technologies Inc /De/)

Unused Line Fees. (i) The U.S. Borrowers shall pay to Agent, for the ratable account of the U.S. Revolving Lenders, an unused line fee (the “U.S. Unused Line Fee”) in an amount equal to the Applicable U.S. Unused Line Fee Percentage per annum times the result of (ai) the aggregate amount of the U.S. Revolver Commitments, less (bii) the average amount of the U.S. Revolver Usage during the immediately preceding quarter (or portion thereof), which U.S. Unused Line Fee shall be due and payable, in arrears, on the first day of each quarter from and after the Closing Date up to the first day of the quarter prior to the date on which the U.S. Obligations are paid in full and on the date on which the U.S. Obligations are paid in full. For purposes of calculating the U.S. Unused Line Fee, no portion of the U.S. Revolver Commitments shall be deemed used as a result of outstanding U.S. Swing Loans. (ii) Australian The Canadian Borrowers shall pay to Agent, for the ratable account of the Australian Tranche A Multicurrency Revolving Lenders, an unused line fee (the “Australian Multicurrency Unused Line Fee”) in an amount equal to the Applicable Australian Unused Line Fee Percentage per annum times the result of (ai) the aggregate amount of the Australian Tranche A Multicurrency Revolver Commitments, less (bii) the average amount of the Australian Multicurrency Revolver Usage during the immediately preceding quarter (or portion thereof), which Australian Multicurrency Unused Line Fee shall be due and payable, in arrears, on the first day of each month quarter from and after the Closing Canadian Amendments Effective Date up to the first day of the month quarter prior to the date on which the Australian Multicurrency Obligations are paid in full and on the date on which the Australian Multicurrency Obligations are paid in full. For purposes of calculating the Australian Unused Line Fee, no portion of the Australian Revolver Commitments shall be deemed used as a result of outstanding Australian Swing Loans.

Appears in 1 contract

Sources: Asset Based Revolving Credit Agreement (Cleveland-Cliffs Inc.)