Common use of Undrawn Facility Fees Clause in Contracts

Undrawn Facility Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Lender an undrawn facility fee, which shall accrue at the applicable Undrawn Facility Fee Rate on the average daily amount of the unused amount of the Commitment of such Lender during the period from the date of this Agreement and to but excluding the Termination Date. Accrued undrawn facility fees shall be payable in arrears on the last day of March, June, September and December of each year and on the Termination Date, commencing on the first such date to occur after the date hereof. All undrawn facility fees shall be computed on the basis of a year of 360 days, unless (and if applicable) such computation would exceed the Highest Lawful Rate, in which case interest shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).