Common use of Duration Fee Clause in Contracts

Duration Fee. The Borrower shall pay, or cause to be paid, for the account of each Lender (other than a Defaulting Lender for such time as such Lender is a Defaulting Lender) if the Advances have not been repaid in full in cash on or prior to: (i) the 90th day after the Closing Date (or if such day is not a Business Day, the next Business Day), a fully earned and non-refundable duration fee equal to 0.50% of the aggregate principal amount of the Advances outstanding on such date to the Administrative Agent for the account of each Lender in accordance with its pro rata share of the Advances; (ii) the 180th day after the Closing Date (or if such day is not a Business Day, the next Business Day), a fully earned and non-refundable duration fee equal to 0.75% of the aggregate principal amount of the Advances outstanding on such date to the Administrative Agent for the account of each Lender in accordance with its pro rata share of the Advances; and (iii) the 270th day after the Closing Date (or if such day is not a Business Day, the next Business Day), a fully earned and non-refundable duration fee equal to 1.00% of the aggregate principal amount of the Advances outstanding on such date to the Administrative Agent for the account of each Lender in accordance with its pro rata share of Advances.