Revolving Loan Fees. Borrowers jointly and severally promise to pay Lender the following fees in consideration of entering into this Agreement. These fees are in addition to interest payable under the Revolving Note:
a. During the period from the date hereof until the earlier of the Revolving Loan Ending Date or the date on which the Revolving Loan is terminated pursuant to the provisions hereof, the Borrowers shall pay to the Lender an availability fee in a per annum amount equal to the Unused Commitment Fee Percentage times the average daily unused portion of the Maximum Revolving Credit Commitment. Such availability fee shall commence to accrue on the date hereof and shall be due and payable by the Borrowers quarterly, in arrears, commencing on September 30, 2005, and, on the last Business Day of each third month thereafter, and on the earlier of the Revolving Loan Ending Date or on the date on which the Revolving Loan is terminated pursuant to the terms hereof.
b. Lender shall have the right to perform field examinations at any time, in its sole discretion. Borrowers shall pay to Lender, on demand, the fees and costs associated with a field examination performed prior to the closing of the Credit Facilities and for one field examination to be performed each calendar year provided, however, that the Lender does not intend to perform a field examination in the first year following closing unless the Borrowers close an acquisition exceeding $5,000,000 during such time, and with respect to which the Original Borrowers shall be excluded. Any additional field examinations will be at Lender’s own expense if no Event of Default has occurred and remains uncured at the time of the additional field examination, but shall be at the Borrowers’ expense if an Event of Default has occurred and remains uncured at the time of the additional field examination. ESSEX – Amended and Restated Credit Agreement 21
Revolving Loan Fees. Borrower promises -------------------- to pay Lender the following fees in consideration of entering into this Agreement. These fees are in addition to interest payable under the Revolving Note:
(1) an annual commitment fee of 15 basis points (.15%), payable in equal quarterly installments over the term of the Revolving Loan based on the Maximum Revolving Commitment Amount, with the first payment payable on the Closing Date.
(2) a unused fee per annum of 20 basis points (.20%)based on the unused portion of the Maximum Revolving Commitment Amount and payable quarterly, in arrears, commencing on the first day following the end of the first fiscal quarter of Borrower after the date of this Agreement. The unused fee shall be determined by applying a per-diem rate of interest based on the interest rate set forth herein, calculated on the basis of a 360 day year, to the actual number of days that the portion of the Maximum Revolving Commitment Amount is unused.
(3) a fee for any draw on a letter of credit honored by Lender in an amount of 1.5% of the draw amount.
(4) The Lender reserves the right to perform field examinations at any time, in its sole discretion. Each field examination will be at the Borrower's expense.
Revolving Loan Fees. Borrower promises to pay Lender the following fees in consideration of entering into this Agreement. These fees are in addition to interest payable under the Revolving Note or Term Note:
(i) an unused fee of one-half of one percent (0.5%) on the unused portion of the Maximum Revolving Commitment Amount, calculated and payable quarterly, in arrears, commencing on the first day following the end of the first quarter of Borrower after the date of this Agreement. The unused fee shall be determined by applying a per-diem rate of interest, calculated on the basis of a 360 day year, to the actual number of days that the portion of the Maximum Revolving Commitment Amount is unused.
(ii) a letter of credit fee, calculated and payable quarterly, in arrears, equal to the face amount of the letter of credit multiplied by a per-diem interest factor for each day the letter of credit is outstanding. The per-diem interest factor shall be calculated on a 360-day year basis from an annual percentage rate determined as follows:
o 1. 50% if the ratio of Borrower's Senior Debt to EBITDA is less than 0.75 to 1.00 as of the most recent Determination Date;
Revolving Loan Fees. Borrower will pay Lender the Revolving Loan Fee outlined in the Revolving Loan Schedule.
Revolving Loan Fees. Borrower promises to pay Lender the following fees in consideration of entering into this Agreement. These fees are in addition to interest payable under the Revolving Note:
a. an up front fee of Seventy Five Thousand and 00/100 Dollars ($75,000.00), one half of which was paid prior to the Closing Date and the other half of which is payable on the Closing Date.
b. an unused fee on any difference between the Maximum Revolving Commitment Amount and the amount of credit Borrower actually uses, determined by the average of the daily amount of credit outstanding during each month. The fee will be calculated at one quarter of one percent (.25%) per year. The fee is calculated and payable monthly, in arrears, commencing on the first day of the first month after the date of this Agreement until the expiration of the availability of Advances under this Agreement.
c. the reasonable and documented fees and costs for each field examination performed by the Lender or its agents at Lender's standard per diem rate plus expenses, the Lender having the right to perform field examinations at any time during Borrower's normal business hours upon reasonable prior notice, as determined in Lender's sole discretion; provided that if no Event of Default has occurred and is continuing under this Agreement, Lender shall conduct no more than two (2) field examinations in any calendar year.
Revolving Loan Fees. Borrower promises to pay Lender the following ------------------- fees in consideration of entering into this Agreement. These fees are in addition to interest payable under the Revolving Note:
(1) an unused fee of three eights of one percent (.375%) per annum on the unused portion of the Maximum Revolving Commitment Amount, calculated and payable monthly, in arrears, commencing on the fifth day following the end of the first calendar month after the date of this Agreement. The unused fee shall be determined by applying a per-diem rate of interest based on the interest rate set forth herein, calculated on the basis of a 360-day year, to the actual number of days that the portion of the Maximum Revolving Commitment Amount is unused.
(2) an administration fee of $500 per month to cover administrative costs associated with the Revolving Loan, payable on the first day of the first calendar month following the Closing Date and on the first day of each month thereafter.
(3) Lender's standard fees and charges in connection with the Special Loan Account and any other deposit accounts established and maintained with the Lender by the Borrower, as such fees and charges may be established and changed from time to time.
(4) Lender shall have the right to perform field examinations at any time, in its sole discretion. Each field examination will be at Lender's own expense if no Event of Default has occurred and remains uncured at the time of the field examination, but shall be at the Borrower's expense if an Event of Default has occurred and remains uncured at the time of the field examination.
Revolving Loan Fees. Upon each Revolving Loan made by the Bank hereunder, the Agency agrees to pay to the Bank an advance fee of $250, payable without any requirement of notice or demand by the Bank on the day on which such Revolving Loan is made by the Bank; provided, however, that the Agency shall not be required to pay more than $2,500 in advance fees during any calendar year.
Revolving Loan Fees. 4b. of the Loan Agreement providing for payment by Borrower of an unused fee is hereby deleted in its entirety.
Revolving Loan Fees. The following new Sub-subsection 4. is added to Subsection g. entitled “Revolving Loan Fees” of Section 2.1 of the Loan Agreement:
Revolving Loan Fees. In addition to interest payable under the Revolving Note, Borrower promises to pay to Lender the following fees in the amounts and on the dates set forth below:
(1) Borrower shall pay to the Lender on the Closing Date, a commitment fee in the amount of Thirty Seven Thousand Five Hundred and No/100 Dollars ($37,500.00).
(2) Borrower shall pay to the Lender an unused commitment fee (the “Unused Commitment Fee”) accruing at the applicable per annum rate set forth below calculated on the basis of a 360 day year (the “Unused Commitment Fee Interest Rate”) on the average daily unused portion of the Maximum Revolving Commitment Amount:
