Annual Recurring Fees. Following the Initial Term, for each twelve (12) month period thereafter (each a “Subsequent Term”), Licensee must pay annual fees according to the then-current license fees for the licensed Infinite Campus Products listed with an annual recurring price on the Applicable Order and Pricing Schedules (the “Annual Recurring Fees”). Infinite Campus will review the number of students enrolled, as certified by the state in which the Licensee resides, and if the total number of enrolled students has increased or decreased, Infinite Campus may increase or decrease the Annual Recurring Fees according to the then-current license fees for the applicable Infinite Campus Products and Services.
Annual Recurring Fees. Borrower agrees to pay in arrears to the Bank, a recurring annual fee equal to one half (.5%) percent of the average unused portion of the loan facility calculated and charged on a quarterly basis. (As an example, if the average outstanding principal balance on the loan facility during a quarter is $10,000,000.00, then the average unused portion of the loan facility would be $5,000,000.00, and the recurring fee would be calculated as .125% (.00125) x $5,000,000.00 equaling a quarterly charge of $6,250.00). In addition, Borrower shall pay to Bank an annual recurring commitment fee equal to .25% (.0025) of the Revolving Loan Amount. The annual commitment fee for the first one year term of this loan facility in the amount of $37,500.00 is reflected on the Closing Statement executed contemporaneously herewith.
