Common use of Non-Utilization Fees Clause in Contracts

Non-Utilization Fees. The Co-Borrowers shall pay to the Agent for the account of each Revolving Bank in accordance with its Revolving Percentage, a non-utilization fee equal to 0.50% per annum times the actual daily amount by which (a) the aggregate Revolving Commitments exceed (b) the sum of (i) the aggregate outstanding principal amount of Revolving Loans at such date after giving effect to any Borrowings and prepayments or repayments thereof occurring on such date, and (ii) the aggregate amount of all outstanding L/C Obligations on such date (whether or not the Revolving Banks are participating therein) after giving effect to any Letter of Credit Issuance occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements of outstanding unpaid drawings under any Letters of Credit or any reductions in the maximum amount available for drawing under Letters of Credit taking effect on such date; provided that for any day that a Bank is a Defaulting Bank hereunder, its Revolving Commitments shall be deemed to be, solely for purposes of this Section 2.11, zero. The non-utilization fees shall accrue at all times during the Revolving Availability Period, including at any time during which one or more of the conditions in Article V are not met, and shall be due and payable quarterly in arrears within fifteen (15) days of the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Closing Date, and on the Revolving Maturity Date. The non-utilization fees shall be calculated quarterly in arrears.