Common use of Facility Fee; Reductions in Aggregate Commitment Clause in Contracts

Facility Fee; Reductions in Aggregate Commitment. (a) The ------------------------------------------------ Borrower agrees to pay to the Agent for the account of each Lender a facility fee ("Facility Fee") in an amount equal to the Applicable Facility Fee Margin per annum times the daily average Commitment of such Lender from the date hereof to and including the Facility Termination Date, payable on each Payment Date hereafter and on the Facility Termination Date. All accrued Facility Fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Loans hereunder. (b) The Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in a minimum aggregate amount of $2,000,000 upon at least three (3) Business Days' written notice to the Agent, which notice shall specify the amount of any such reduction; provided, however, -------- ------- that the amount of the Aggregate Commitment may not be reduced below the aggregate principal amount of the outstanding Advances. Such reductions shall be in addition to reductions occurring pursuant to Section 2.7(b). Voluntary -------------- commitment reductions pursuant to this Section 2.4(b) shall be applied to the -------------- mandatory commitment reductions required to be made pursuant to Section 2.7(a) -------------- in direct order of maturity.

Appears in 2 contracts

Samples: Credit Agreement (Fund American Enterprises Holdings Inc), Credit Agreement (Fund American Enterprises Holdings Inc)

AutoNDA by SimpleDocs

Facility Fee; Reductions in Aggregate Commitment. (a) The Borrower ------------------------------------------------ Borrower agrees to pay to the Agent for the account of each Lender a facility fee ("Facility Fee") in an amount equal to the Applicable Facility Fee Margin per annum times the daily average Commitment of such Lender from the date hereof to and including the Facility Termination Date, payable on each Payment Date hereafter and on the Facility Termination Date. All accrued Facility Fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Loans hereunder. (b) The Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in a minimum aggregate amount of $2,000,000 1,000,000 upon at least three (3) Business Days' written notice to the Agent, which notice shall specify the amount of any such reduction; provided, however, -------- ------- that the amount of the Aggregate Commitment may not be -------- ------- reduced below the aggregate principal amount of the outstanding Advances. Such reductions shall be in addition to reductions occurring pursuant to Section ------- 2.7(b). Voluntary -------------- commitment reductions pursuant to this Section 2.4(b) shall be ------ -------------- applied to the -------------- mandatory commitment reductions required to be made pursuant to Section 2.7(a) -------------- in direct order of maturity.. --------------

Appears in 2 contracts

Samples: Credit Agreement (Fund American Enterprises Holdings Inc), Credit Agreement (Fund American Enterprises Holdings Inc)

Facility Fee; Reductions in Aggregate Commitment. (a) The ------------------------------------------------ Borrower agrees to pay to the Agent for the account of each Lender a facility fee ("Facility Fee") in an amount equal to the Applicable Facility Fee Margin per annum times the daily average Commitment (or, on and after the Revolver Termination Date, times the aggregate outstanding principal amount of the Loans) of such Lender from the date hereof to and including the Facility Termination Maturity Date, payable on each Payment Date hereafter and on the Facility Termination Maturity Date. All accrued Facility Fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Loans hereunder. (b) The Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in a minimum aggregate amount of $2,000,000 2,000,000, upon at least three (3) Business Days' written notice to the Agent, which notice shall specify the amount of any such reduction; provided, however, -------- ------- that the amount of the Aggregate Commitment may not be -------- ------- reduced below the aggregate principal amount of the outstanding Advances. Such reductions shall be in addition to reductions occurring pursuant to Section 2.7(b). Voluntary -------------- commitment reductions pursuant to this Section 2.4(b) shall be applied to the -------------- mandatory commitment reductions required to be made pursuant to Section 2.7(a) -------------- in direct order of maturity.

Appears in 2 contracts

Samples: Credit Agreement (Fund American Enterprises Holdings Inc), Credit Agreement (Fund American Enterprises Holdings Inc)

Facility Fee; Reductions in Aggregate Commitment. (a) The ------------------------------------------------ Borrower agrees to pay to the Agent for the account of each Lender directly a facility fee ("the “Facility Fee") in an amount at a per annum rate equal to the Applicable Facility Fee Margin per annum times the daily average Rate on such Lender’s Commitment of such Lender (whether used or unused) from the date hereof Effective Date to and including the Facility Termination Date, payable on each Payment Date hereafter and on the Facility Termination Date. All accrued Facility Fees shall be payable Date and, if the proviso at the end of this sentence applies, on the effective date of on which the Aggregate Outstanding Credit Exposure is reduced to zero; provided, that if any Lender continues to have Outstanding Credit Exposure hereunder after the termination of its Commitment, then such Facility Fee shall continue to accrue on the obligations of Aggregate Outstanding Credit Exposure until the Lenders Aggregate Outstanding Credit Exposure is reduced to make Loans hereunder. (b) zero. The Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders Lenders, in a minimum aggregate the amount of $2,000,000 25,000,000 or a multiple of $5,000,000 in excess thereof, upon at least three (3) Business Days' written notice to the Agent, which notice shall specify the amount of any such reduction; provided, however, -------- ------- that the amount of the Aggregate Commitment may not be reduced below the aggregate principal amount Dollar Amount of the outstanding Advances. Such reductions shall be in addition to reductions occurring pursuant to Section 2.7(b). Voluntary -------------- commitment reductions pursuant to this Section 2.4(b) shall be applied to the -------------- mandatory commitment reductions required to be made pursuant to Section 2.7(a) -------------- in direct order of maturityAggregate Outstanding Credit Exposure.

Appears in 2 contracts

Samples: Long Term Credit Agreement (Emerson Electric Co), Long Term Credit Agreement (Emerson Electric Co)

Facility Fee; Reductions in Aggregate Commitment. Syndication Fee. ----------------------------------------------------------------- (a) The ------------------------------------------------ Borrower agrees to pay to the Agent for the account of each Lender a facility fee ("Facility Fee") in an amount equal to the Applicable Facility Fee Margin per annum times the daily average Commitment Percentage of such Lender Lender's Commitment, whether used or unused, from the date hereof to and including the Facility Termination Date, payable in arrears on each Quarterly Payment Date hereafter and on the Facility Termination Date. All accrued Facility Fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Loans hereunder. (b) The Borrower may permanently reduce the Aggregate Commitment (but not the Aggregate Facility B Commitment) in whole, or in part ratably among the Lenders in a minimum aggregate amount integral multiples of $2,000,000 25,000,000, upon at least three (3) five Business Days' written notice to the Agent, which notice shall specify the amount of any such reduction; provided, however, -------- ------- that the amount of the -------- ------- Aggregate Commitment may not be reduced below the aggregate principal amount of the outstanding Advances; and provided, further, that if, as a -------- ------- result of a reduction in the Aggregate Commitment, the Aggregate Facility B Commitment would exceed the Aggregate Commitment, then the Aggregate Facility B Commitment shall, without further action, be reduced by the amount of such excess. Such reductions All accrued facility fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Loans hereunder. The Aggregate Facility B Commitment shall not be reduced except as set forth in addition to reductions occurring pursuant to this Section 2.7(b2.5(b). Voluntary -------------- commitment reductions pursuant to this Section 2.4(b-------------- (c) On or before the date hereof, the Borrower shall be applied pay to the -------------- mandatory commitment reductions required Agent for the account of each Lender a syndication fee in an amount equal to be made pursuant to Section 2.7(a) -------------- in direct order the amount set forth opposite the name of maturitysuch Lender on Schedule 3 ---------- hereto.

Appears in 1 contract

Samples: Credit Agreement (Money Store Inc /Nj)

Facility Fee; Reductions in Aggregate Commitment. (a) The ------------------------------------------------ Borrower agrees to pay to the Agent for the ratable account of each Lender a facility fee ("Facility Fee") in an amount at a rate per annum equal to the Applicable Facility Fee Margin per annum Percentage times the daily average such Lender's Commitment of such Lender (whether used or unused) from the date hereof to and including the Facility Termination Date, payable in arrears on each Payment Date hereafter and on the Facility Termination Date. All accrued Facility Fees ; provided, that such facility fee shall be payable on not accrue with -------- respect to the effective date Commitment of any termination of the obligations of the Lenders Lender during any period in which such Lender has failed to make Loans any Advance required hereunder. (b) The Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders Lenders, in a minimum aggregate amount of $2,000,000 (and in multiples of $250,000 if in excess thereof), upon at least three (3) Business Days' written notice to the Agent, which notice shall specify the amount of any such reduction; provided, however, -------- ------- that the amount of the Aggregate -------- ------- Commitment may not be reduced below the aggregate principal amount of the outstanding Advances. Such reductions All accrued facility fees shall be in addition payable on the effective date of any termination of the obligations of the Lenders to reductions occurring pursuant to Section 2.7(b). Voluntary -------------- commitment reductions pursuant to this Section 2.4(b) make Loans hereunder and no facility fees shall be applied to the -------------- mandatory commitment reductions required to be made pursuant to Section 2.7(a) -------------- in direct order of maturityaccrue thereafter.

Appears in 1 contract

Samples: Credit Agreement (Alleghany Corp /De)

Facility Fee; Reductions in Aggregate Commitment. (a) The ------------------------------------------------ Borrower agrees to pay to the Agent for the account of each Lender a facility fee ("Facility Fee") in an amount equal to the Applicable Facility Fee Margin per annum times the daily average Commitment of such Lender from the date hereof to and including the Facility Termination Date, payable on each Payment Date hereafter and on the Facility Termination Date. All accrued Facility Fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Loans hereunder. (b) The Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in a minimum aggregate amount of $2,000,000 upon at least three (3) Business Days' written notice to the Agent, which notice shall specify the amount of any such reduction; providedPROVIDED, howeverHOWEVER, -------- ------- that the amount of the Aggregate Commitment may not be reduced below the aggregate principal amount of the outstanding Advances. Such reductions shall be in addition to reductions occurring pursuant to Section SECTION 2.7(b). Voluntary -------------- commitment reductions pursuant to this Section SECTION 2.4(b) shall be applied to the -------------- mandatory commitment reductions required to be made pursuant to Section SECTION 2.7(a) -------------- in direct order of maturity.

Appears in 1 contract

Samples: Credit Agreement (Fund American Enterprises Holdings Inc)

AutoNDA by SimpleDocs

Facility Fee; Reductions in Aggregate Commitment. (a) The Borrower ------------------------------------------------ Borrower agrees to pay to the Agent for the pro rata account of each Lender the Lenders according to their Percentages (except as set forth in Section 8.2), a facility fee ("Facility Fee") in an amount equal to ----------- accruing at the rate of the Applicable Facility Fee Margin per annum times based on the daily average Aggregate Commitment of such Lender (without regards to usage thereof), from the date hereof to and including the Facility Termination Date, payable on each Payment Date hereafter and on the Facility Termination Date. All accrued Facility Fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Loans hereunder. (b) The Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in a minimum aggregate amount integral multiples of $2,000,000 1,000,000, upon at least three (3) Business Days' written notice to the Agent, which notice shall specify the amount of any such reductionreduction (the "Aggregate Commitment Reduction Notice"); provided, however, -------- ------- that the amount of the Aggregate Commitment may not be reduced below the aggregate principal amount Dollar Amount of the outstanding AdvancesAggregate Outstanding Credit Exposure. Such reductions All accrued facility fees shall be in addition to reductions occurring pursuant to Section 2.7(b). Voluntary -------------- commitment reductions pursuant to this Section 2.4(b) shall be applied to payable on the -------------- mandatory commitment reductions required to be made pursuant to Section 2.7(a) -------------- in direct order of maturity.effective date of

Appears in 1 contract

Samples: Credit Agreement (Gardner Denver Inc)

Facility Fee; Reductions in Aggregate Commitment. (a) The ------------------------------------------------ Borrower agrees to pay to the Agent for the account of each Lender a facility fee ("Facility Fee") in an amount equal to the Applicable Facility Fee Margin per annum times the daily average Commitment of such Lender from the date hereof to and including the Facility Termination Date, payable on each Payment Date hereafter and on the Facility Termination Date. All accrued Facility Fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Loans hereunder. (b) The Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders in a minimum aggregate amount of $2,000,000 1,000,000 upon at least three (3) Business Days' written notice to the Agent, which notice shall specify the amount of any such reduction; providedPROVIDED, howeverHOWEVER, -------- ------- that the amount of the Aggregate Commitment may not be reduced below the aggregate principal amount of the outstanding Advances. Such reductions shall be in addition to reductions occurring pursuant to Section SECTION 2.7(b). Voluntary -------------- commitment reductions pursuant to this Section SECTION 2.4(b) shall be applied to the -------------- mandatory commitment reductions required to be made pursuant to Section SECTION 2.7(a) -------------- in direct order of maturity.

Appears in 1 contract

Samples: Credit Agreement (Fund American Enterprises Holdings Inc)

Facility Fee; Reductions in Aggregate Commitment. (a) The ------------------------------------------------ Borrower agrees to pay to the Agent for the account of each Lender directly a facility fee ("the “Facility Fee") in an amount at a per annum rate equal to the Applicable Facility Fee Margin per annum times the daily average Rate on such Lender’s Commitment of such Lender (whether used or unused) from the date hereof Effective Date to and including the Facility Termination Date, payable on each Payment Date hereafter and on the Facility Termination Date. All accrued Facility Fees shall be payable Date and, if the proviso at the end of this sentence applies, on the effective date of on which the Aggregate Outstanding Credit Exposure is reduced to zero; provided, that if any Lender continues to have Outstanding Credit Exposure hereunder after the termination of its Commitment, then such Facility Fee shall continue to accrue on the obligations of the Lenders Aggregate Outstanding Credit Exposure until such Outstanding Credit Exposure is reduced to make Loans hereunder. (b) zero. The Borrower may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders Lenders, in a minimum aggregate the amount of $2,000,000 25,000,000 or a multiple of $5,000,000 in excess thereof, upon at least three (3) Business Days' written notice to the Agent, which notice shall specify the amount of any such reduction; provided, however, -------- ------- that the amount of the Aggregate Commitment may not be reduced below the aggregate principal amount Dollar Amount of the outstanding Advances. Such reductions shall be in addition to reductions occurring pursuant to Section 2.7(b). Voluntary -------------- commitment reductions pursuant to this Section 2.4(b) shall be applied to the -------------- mandatory commitment reductions required to be made pursuant to Section 2.7(a) -------------- in direct order of maturityAggregate Outstanding Credit Exposure.

Appears in 1 contract

Samples: Long Term Credit Agreement (Emerson Electric Co)

Facility Fee; Reductions in Aggregate Commitment. (a) The ------------------------------------------------ Borrower Company agrees to pay to the Agent for the account of each Lender a facility fee ("the “Facility Fee") in an amount equal ”), which shall accrue at the Applicable Margin with respect to the Applicable Facility Fee Margin per annum times on the daily average amount of the Commitment of such Lender (whether used or unused) during the period from the date hereof to and including the Effective Date to but excluding the date on which such Commitment terminates; provided that, if such Lender continues to have any Outstanding Credit Exposure after its Commitment terminates, then such Facility Termination Date, payable on each Payment Date hereafter and Fee shall continue to accrue on the Facility Termination Datedaily amount of such Lender’s Outstanding Credit Exposure to but excluding the date on which such Lender ceases to have any Outstanding Credit Exposure. All accrued Accrued Facility Fees shall be payable in arrears on the effective third Business Day following the last day of March, June, September and December of each year and on the date of on which the Aggregate Commitments terminate, commencing on the first such date to occur after the Effective Date; provided that any termination of Facility Fees accruing after the obligations of date on which the Lenders to make Loans hereunder. (b) Aggregate Commitments terminate shall be payable on demand. The Borrower Company may permanently reduce the Aggregate Commitment in whole, or in part ratably among the Lenders Lenders, in a minimum aggregate the amount of $2,000,000 25,000,000 or a multiple of $5,000,000 in excess thereof, upon at least three (3) Business Days' written notice to the Agent, which notice shall specify the amount of any such reduction; provided, however, -------- ------- that the amount of the Aggregate Commitment may not be reduced below the aggregate principal amount Dollar Amount of the outstanding AdvancesAggregate Outstanding Credit Exposure. Such reductions Unless previously terminated, the Commitments shall be in addition to reductions occurring pursuant terminate on the Facility Termination Date (subject to Section 2.7(b2.25). Voluntary -------------- commitment reductions pursuant to this Section 2.4(b) shall be applied to the -------------- mandatory commitment reductions required to be made pursuant to Section 2.7(a) -------------- in direct order of maturity.

Appears in 1 contract

Samples: Credit Agreement (Emerson Electric Co)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!