Non-Usage Fee. At the end of each month during the term of this Agreement (i.e., from its effective date through the Termination Date), the Lender shall determine average usage of the Commitment by calculating the arithmetic daily average of the outstanding balance of Advances in the preceding month. The Lender shall then subtract the average usage (the "Used Portion") from the Commitment (the result being called the "Unused Portion") and the Company shall pay in arrears the Commitment (the result being called the "Unused Portion") and the Company shall pay in arrears (without duplication of payment), on or before five (5) days after the later of (a) the end of each month or (b) the Company's receipt of the Lender's bxxx for such monthly period, a Non-Usage Fee equal to 0.125% per annum of the total amount of the unused Portion of the Commitment, as compensation to the Lender for its agreement to make the Commitment available to the Company during that month and not as compensation for the use, forbearance or detention of money (i.e., as a "true commitment fee" under Texas law); provided that such fee shall be waived for any month thereafter if the Unused Portion for such month is equal to or less than fifty percent (50%) of the Commitment. Each calculation by the Lender of the amount of any Non-Usage Fee shall be conclusive and binding on the Company, absent manifest error.
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Samples: Warehousing Credit and Security Agreement (Mortgage Com Inc), Warehousing Credit and Security Agreement (Mortgage Com Inc)
Non-Usage Fee. At the end of each month during the term of this ------------- Agreement (i.e., from its effective date through the Termination Date), the ----- Lender shall determine average usage of the Commitment by calculating the arithmetic daily average of the outstanding balance of Advances in the preceding that month. The Lender shall then subtract the average usage (the "Used Unused Portion") from the -------------- Commitment (the result being called the "Unused Portion") and the Company shall pay in arrears the Commitment (the result being called the "Unused Portion") and the Company shall -------------- pay in arrears (without duplication of payment), on or before five (5) days after the later of (a) the end of each month or (b) the Company's receipt of the Lender's bxxx xxxx for such monthly period, a Non-Usage Fee equal to 0.125% per annum of [*] on the total amount of the unused Unused Portion of the CommitmentCommitment for that month, as compensation to the Lender for its agreement to make the Commitment available to the Company during that month and not as compensation for the use, forbearance or detention of money (i.e., as a "true commitment fee" under Texas law); provided that such ------ -------- fee shall be waived for any month thereafter if the Unused Portion for such month is equal to or less than fifty percent (50%) [*] of the Commitment. Each calculation by the Lender of the amount of any Non-Usage Fee shall be conclusive and binding on the Company, absent manifest error.
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Non-Usage Fee. At the end of each month during the term of this ------------- Agreement (i.e., from its effective date through the Termination Date), the ---- Lender shall determine average usage of the Commitment by calculating the arithmetic daily average of the outstanding balance of Advances in the preceding month. The Lender shall then subtract the average usage (the "Used Portion") from the Commitment (the result being called the "Unused Portion") and the Company shall pay in arrears the Commitment (the result being called the "Unused Portion") and the Company shall pay in arrears (without duplication of payment), on or before five (5) days after the later of (a) the end of each month or (b) the Company's receipt of the Lender's bxxx xxxx for such monthly period, a Non-Usage Fee equal to 0.125% per annum of on the total amount of the unused Unused Portion of the Commitment, as compensation to the Lender for its agreement to make the Commitment available to the Company during that month and not as compensation for the use, forbearance or detention of money (i.e., as a "true commitment fee" under Texas law); ---- provided that such fee shall be waived for the first two (2) calendar months -------- following execution of this Agreement and for any month thereafter if the Unused Used Portion for such month is equal to or less more than fifty sixty percent (5060%) of the Commitment. Each calculation by the Lender of the amount of any Non-Usage Fee shall be conclusive and binding on the Company, absent manifest error.
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Non-Usage Fee. At the end of each month during the term of this Agreement (i.e., from its effective date through the Termination Date), the Lender shall determine average usage of the Commitment by calculating the arithmetic daily average of the outstanding balance of Advances in the preceding that month. The Lender shall then subtract the average usage (the "Used Portion") from the Commitment (the result being called the "Unused Portion") and the Company shall pay in arrears the Commitment (the result being called the "Unused Portion") and the Company shall pay in arrears (without duplication of payment), on or before five (5) days after the later of (a) the end of each month or (b) the Company's receipt of the Lender's bxxx for bill xxx such monthly period, a Non-Usage Fee equal to 0.125% per annum of on the total amount of the unused Unused Portion of the Commitment, as compensation to the Lender for its agreement to make the Commitment available to the Company during that month and not as compensation for the use, forbearance or detention of money (i.e., as a "true commitment fee" under Texas law); provided that such fee shall be waived for any month thereafter if the Unused Portion for such month is equal to or less than fifty percent (50%) of the Commitment$2,000,000.00. Each calculation by the Lender of the amount of any Non-Usage Fee shall be conclusive and binding on the Company, absent manifest error.
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Samples: Loan Agreement (Allquest Com Corp)
Non-Usage Fee. At the end of each month during the term of this Agreement (i.e., from its effective date through the Termination Date), the Lender shall determine average usage of the Commitment by calculating the arithmetic daily average of the outstanding balance of Advances in the preceding that month. The Lender shall then subtract the average usage (the "Used Portion") from the Commitment Limit (the result being called the "Unused Portion") and the Company shall pay in arrears the Commitment (the result being called the "Unused Portion") and the Company Borrowers shall pay in arrears (without duplication of payment), on or before five (5) days after the later of (a) the end of each month or (b) the Company's Borrowers' receipt of the Lender's bxxx for bill xxx such monthly period, a Non-Usage Fee equal to 0.125% per annum of on the total amount of the unused Unused Portion of the Commitment, as compensation to the Lender for its agreement to make the Commitment available to the Company Borrowers during that month and not as compensation for the use, forbearance or detention of money (i.e., i.e. as a "true commitment fee" under Texas law); provided that such fee shall be waived for any month thereafter if the Unused Used Portion for such month is equal to or less more than fifty percent (50%) of the Commitment$5,000,000.00. Each calculation by the Lender of the amount of any Non-Usage Fee shall be conclusive and binding on the CompanyBorrowers, absent manifest error."
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Non-Usage Fee. At the end of each month during the term of this Agreement (i.e., from its effective date through the Termination Date), the Lender shall determine average usage of the Commitment by calculating the arithmetic daily average of the outstanding balance of Advances in the preceding month. The Lender shall then subtract the average usage (the "Used Portion") from the Commitment (the result being called the "Unused Portion") and the Company shall pay in arrears the Commitment (the result being called the "Unused Portion") and the Company shall pay in arrears (without duplication of payment), on or before five (5) days after the later of (a) the end of each month or (b) the Company's receipt of the Lender's bxxx for bill xxx such monthly period, a Non-Usage Fee equal to 0.1250.250% per annum of on the total amount of the unused Unused Portion of the Commitment, as compensation to the Lender for its agreement to make the Commitment available to the Company during that month and not as compensation for the use, forbearance or detention of money (i.e., as a "true commitment fee" under Texas law); provided that such fee shall be waived for the first two (2) calendar months following the execution of this Agreement and for any month thereafter if the Unused Portion for such month is equal to or less than fifty percent (50%) of the Commitment. Each calculation by the Lender of the amount of any Non-Usage Fee shall be conclusive and binding on the Company, absent manifest error.
Appears in 1 contract
Samples: Warehousing Credit and Security Agreement (E Loan Inc)
Non-Usage Fee. At the end of each month during the term of this Agreement (i.e., from its effective date through the Termination Date), the Lender shall determine average usage of the Commitment by calculating the arithmetic daily average of the outstanding balance of Advances in the preceding month. The Lender shall then subtract the average usage (the "Used Portion") from the Commitment (the result being called the "Unused Portion") and to the Company shall pay in arrears extent that the Commitment Unused Portion exceeds fifty percent (50%) of the result being called the "Unused Portion") and Commitment, the Company shall pay in arrears (without duplication of payment), on or before five (5) days after the later of (a) the end of each month or (b) the Company's receipt of the Lender's bxxx for such monthly period, a Non-Usage Fee equal to 0.125% one quarter of one percent (0.25%) per annum of the total amount such portion of the unused Unused Portion of the Commitment exceeds fifty (50%) of the Commitment, as compensation to the Lender for its agreement to make the Commitment available to the Company during that month and not as compensation for the use, forbearance or detention of money (i.e., as a "true commitment fee" under Texas law); provided that such fee shall be waived for any month thereafter if the Unused Portion for such month is equal to or less than fifty percent (50%) of the Commitment. Each calculation by the Lender of the amount of any Non-Usage Fee shall be presumed conclusive and binding on the Company, absent manifest error.
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Samples: Credit and Security Agreement (First NLC Financial Services Inc)
Non-Usage Fee. At the end of each month during the term of this Agreement (i.e., from its effective date through the Termination Date), the Lender shall determine average usage of the Commitment by calculating the arithmetic daily average of the outstanding balance of Advances in the preceding that month. The Lender shall then subtract the average usage (the "Used Portion") from the Commitment (the result being called the "Unused Portion") and the Company shall pay in arrears the Commitment (the result being called the "Unused Portion") and the Company shall pay in arrears (without duplication of payment), on or before five (5) days after the later of (a) the end of each month or (b) the Company's receipt of the Lender's bxxx for bill xxx such monthly period, a Non-Usage Fee equal to 0.125% per annum of on the total amount of the unused Unused Portion of the Commitment, as compensation to the Lender for its agreement to make the Commitment available to the Company during that month and not as compensation for the use, forbearance or detention of money (i.e., as a "true commitment fee" under Texas law); provided that such fee shall be waived for any month thereafter if the Unused Used Portion for such month is equal to or less more than fifty percent (50%) of the Commitment$2,000,000.00. Each calculation by the Lender of the amount of any Non-Usage Fee shall be conclusive and binding on the Company, absent manifest error."
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