Common use of Unused Fee Clause in Contracts

Unused Fee. The Borrower shall pay to the Administrative Agent for the account of the Revolving Lenders an unused commitment fee (the “Unused Fee”), from the date hereof in the case of each Initial Lender that is a Revolving Lender and from the effective date specified in the Assignment and Acceptance or the Accession Agreement, as the case may be, pursuant to which it became a Revolving Lender in the case of each other Revolving Lender until the Termination Date in respect of the Revolving Credit Facility, payable in arrears quarterly on the last day of each March, June, September and December, commencing on the date hereof, and on the Termination Date in respect of the Revolving Credit Facility. The Unused Fee payable for the account of each Revolving Lender shall be calculated for each period for which the Unused Fee is payable on the average daily Unused Revolving Credit Commitment of such Revolving Lender during such period at the per annum equal to: (i) 0.25% if the amount of the average daily aggregate Unused Revolving Credit Commitments is greater than 50% of the aggregate Revolving Credit Commitments; or (ii) 0.20% if the amount of the average daily aggregate Unused Revolving Credit Commitments is equal to or less than 50% of the aggregate Revolving Credit Commitments. The aggregate principal amount of Swing Line Advances then owing to any Swing Line Bank shall be considered excluded from the definition of aggregate Unused Revolving Credit Commitments for purposes of the calculation of the Unused Fee.

Appears in 4 contracts

Samples: Credit Agreement, Credit Agreement (Summit Hotel Properties, Inc.), Credit Agreement (Summit Hotel Properties, Inc.)

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Unused Fee. The Borrower shall pay to the Administrative Agent for the account of the Revolving Credit Lenders an unused commitment fee (the “Unused Fee”), from the date hereof in the case of each Initial Lender that is a Revolving Credit Lender and from the effective date specified in the Assignment and Acceptance or the Accession Agreement, as the case may be, pursuant to which it became a Revolving Credit Lender in the case of each other Revolving Credit Lender until the Termination Maturity Date in respect of the Revolving Credit Facility, payable in arrears quarterly on the last day of each March, June, September and December, commencing on the date hereofMarch 31, 2014, and on the Termination Maturity Date in respect of the Revolving Credit Facility. The Unused Fee payable for the account of each Revolving Credit Lender shall be calculated for each period for which the Unused Fee is payable on the average daily Unused Revolving Credit Commitment of such Revolving Credit Lender during such period at the per annum equal to: (i) 0.25% if the amount of for any period in which the average daily aggregate Unused Facility Exposure (exclusive of Obligations in respect of Guaranteed Hedge Agreements) in respect of the Revolving Credit Commitments is greater than Facility for such period exceeds 50% of the aggregate Revolving Credit Commitments; or , at the rate of 0.25% per annum, and (ii) 0.20in all other cases, at the rate of 0.35% if the amount of the average daily aggregate Unused Revolving Credit Commitments is equal to or less than 50% of the aggregate Revolving Credit Commitments. The aggregate principal amount of Swing Line Advances then owing to any Swing Line Bank shall be considered excluded from the definition of aggregate Unused Revolving Credit Commitments for purposes of the calculation of the Unused Feeper annum.

Appears in 2 contracts

Samples: Credit Agreement (Hersha Hospitality Trust), Credit Agreement (Hersha Hospitality Trust)

Unused Fee. The Borrower shall pay to the Administrative Agent for the account of the Revolving Lenders an unused commitment fee (the “Unused Fee”), from the date hereof in the case of each Initial Lender that is a Revolving Lender and from the effective date specified in the Assignment and Acceptance or the Accession Agreement, as the case may be, pursuant to which it became a Revolving Lender in the case of each other Revolving Lender until the Termination Date in respect of the Revolving Credit FacilityDate, payable in arrears quarterly on the last day of each March, June, September and December, commencing on the date hereof, and on the Termination Date in respect of the Revolving Credit FacilityDate. The Unused Fee payable for the account of each Revolving Lender shall be calculated for each period for which the Unused Fee is payable on the average daily Unused Revolving Credit Commitment of such Revolving Lender during such period at the per annum equal to: (i) 0.250.50% if the amount of the average daily aggregate Unused Revolving Credit Commitments is greater than 50% of the aggregate Revolving Credit Commitments; or (ii) 0.200.375% if the amount of the average daily aggregate Unused Revolving Credit Commitments is less than or equal to or less than 50% of the aggregate Revolving Credit Commitments. The aggregate principal amount of Swing Line Advances then owing to any the Swing Line Bank shall be considered excluded from the definition of aggregate Unused Revolving Credit Commitments for purposes of the calculation of the Unused Fee.

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

Unused Fee. The Borrower shall pay to the Administrative Agent for the account of the Revolving Lenders an unused commitment fee (the “Unused Fee”), from the date hereof in the case of each Initial Lender that is a Revolving Lender and from the effective date specified in the Assignment and Acceptance or the Accession Agreement, as the case may be, pursuant to which it became a Revolving Lender in the case of each other Revolving Lender until the Termination Date in respect of the Revolving Credit Facility, payable in arrears quarterly on the last day of each March, June, September and December, commencing on the date hereof, and on the Termination Date in respect of the Revolving Credit Facility. The Unused Fee payable for the account of each Revolving Lender shall be calculated for each period for which the Unused Fee is payable on the average daily Unused Revolving Credit Commitment of such Revolving Lender during such period at the per annum equal to: (i) 0.25% if the amount of the average daily aggregate Unused Revolving Credit Commitments is greater than 50% of the aggregate Revolving Credit Commitments; or (ii) 0.20% if the amount of the average daily aggregate Unused Revolving Credit Commitments is equal to or less than 50% of the aggregate Revolving Credit Commitments. The aggregate principal amount of Swing Line Advances then owing to any the Swing Line Bank shall be considered excluded from the definition of aggregate Unused Revolving Credit Commitments for purposes of the calculation of the Unused Fee.

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

Unused Fee. The Borrower shall pay to the Administrative Agent for the account of the Revolving Lenders an unused commitment fee (the “Unused Fee”), from the date hereof in the case of each Initial Lender that is a Revolving Lender and from the effective date specified in the Assignment and Acceptance or the Accession Agreement, as the case may be, pursuant to which it became a Revolving Lender in the case of each other Revolving Lender until the Termination Date in respect of the Revolving Credit Facility, payable in arrears quarterly on the last day of each March, June, September and December, commencing on the date hereof, and on the Termination Date in respect of the Revolving Credit Facility. The Unused Fee payable for the account of each Revolving Lender shall be calculated for each period for which the Unused Fee is payable on the average daily Unused Revolving Credit Commitment of such Revolving Lender during such period at the per annum equal to: (i) 0.25300% if the amount of the average daily aggregate Unused Revolving Credit Commitments is greater than 50% of the aggregate Revolving Credit Commitments; or (ii) 0.20200% if the amount of the average daily aggregate Unused Revolving Credit Commitments is less than or equal to or less than 50% of the aggregate Revolving Credit Commitments. The aggregate principal amount of Swing Line Advances then owing to any the Swing Line Bank shall be considered excluded from the definition of aggregate Unused Revolving Credit Commitments for purposes of the calculation of the Unused Fee.

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel OP, LP)

Unused Fee. The Borrower shall pay to the Administrative Agent for the account of the Revolving Credit Lenders an unused commitment fee (the “Unused Fee”), from the date hereof in the case of each Initial Lender that is a Revolving Credit Lender and from the effective date specified in the Assignment and Acceptance or the Accession Agreement, as the case may be, pursuant to which it became a Revolving Credit Lender in the case of each other Revolving Credit Lender until the Termination Maturity Date in respect of the Revolving Credit Facility, payable in arrears quarterly on the last day of each March, June, September and December, commencing on the date hereofDecember 31, 2012, and on the Termination Maturity Date in respect of the Revolving Credit Facility. The Unused Fee payable for the account of each Revolving Credit Lender shall be calculated for each period for which the Unused Fee is payable on the average daily Unused Revolving Credit Commitment of such Revolving Credit Lender during such period at the per annum equal to: (i) 0.25% if the amount of for any period in which the average daily aggregate Unused Facility Exposure (exclusive of Obligations in respect of Guaranteed Hedge Agreements) in respect of the Revolving Credit Commitments is greater than Facility for such period exceeds 50% of the aggregate Revolving Credit Commitments; or , at the rate of 0.25% per annum, and (ii) 0.20in all other cases, at the rate of 0.35% if the amount of the average daily aggregate Unused Revolving Credit Commitments is equal to or less than 50% of the aggregate Revolving Credit Commitments. The aggregate principal amount of Swing Line Advances then owing to any Swing Line Bank shall be considered excluded from the definition of aggregate Unused Revolving Credit Commitments for purposes of the calculation of the Unused Feeper annum.

Appears in 1 contract

Samples: Credit Agreement (Hersha Hospitality Trust)

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Unused Fee. The Borrower shall pay to the Administrative Agent for the account of the Revolving Credit Lenders an unused commitment fee (the “Unused Fee”), from the date hereof in the case of each Initial Lender that is a Revolving Credit Lender and from the effective date specified in the Assignment and Acceptance or the Accession Agreement, as the case may be, pursuant to which it became a Revolving Credit Lender in the case of each other Revolving Credit Lender until the Termination Maturity Date in respect of the Revolving Credit Facility, payable in arrears quarterly on the last day of each March, June, September and December, commencing on the date hereofMarch 31, 55 2014, and on the Termination Maturity Date in respect of the Revolving Credit Facility. The Unused Fee payable for the account of each Revolving Credit Lender shall be calculated for each period for which the Unused Fee is payable on the average daily Unused Revolving Credit Commitment of such Revolving Credit Lender during such period at the per annum equal to: (i) 0.25% if the amount of for any period in which the average daily aggregate Unused Facility Exposure (exclusive of Obligations in respect of Guaranteed Hedge Agreements) in respect of the Revolving Credit Commitments is greater than Facility for such period exceeds 50% of the aggregate Revolving Credit Commitments; or , at the rate of 0.25% per annum, and (ii) 0.20in all other cases, at the rate of 0.35% if the amount of the average daily aggregate Unused Revolving Credit Commitments is equal to or less than 50% of the aggregate Revolving Credit Commitments. The aggregate principal amount of Swing Line Advances then owing to any Swing Line Bank shall be considered excluded from the definition of aggregate Unused Revolving Credit Commitments for purposes of the calculation of the Unused Feeper annum.

Appears in 1 contract

Samples: Credit Agreement (Hersha Hospitality Trust)

Unused Fee. The At all times during the Availability Period, including at any time during which one or more of the conditions in Article IV is not met, the Borrower shall pay to the Administrative Agent Agent, for the account of the each Revolving Lenders Credit Lender in accordance with its Applicable Revolving Credit Percentage, an unused commitment line fee (the “Unused Fee”)) equal to the Applicable Fee Rate times the actual daily amount by which the Revolving Credit Facility exceeds the sum of (i) the Outstanding Amount of Revolving Credit Loans and (ii) the Outstanding Amount of L/C Obligations, from subject to adjustment as provided in Section 2.17. For the date hereof in avoidance of doubt, the case Outstanding Amount of each Initial Lender that is a Revolving Lender and from the effective date specified in the Assignment and Acceptance Swing Line Loans shall not be counted towards or the Accession Agreement, as the case may be, pursuant to which it became a Revolving Lender in the case of each other Revolving Lender until the Termination Date in respect considered usage of the Revolving Credit Facility, Facility for purposes of determining the Unused Fee. Accrued Unused Fees shall be due and payable quarterly in arrears quarterly on the last day Business Day of each March, June, September and December, commencing on with the first such date hereofto occur after the Closing Date, and on the Termination Date in respect last day of the Revolving Credit FacilityAvailability Period. The Unused Fee payable for the account of each Revolving Lender shall be calculated quarterly in arrears, and if there is any change in the Applicable Fee Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Fee Rate separately for each period for which the Unused Fee is payable on the average daily Unused Revolving Credit Commitment of such Revolving Lender during such period at the per annum equal to: (i) 0.25% if the amount of the average daily aggregate Unused Revolving Credit Commitments is greater than 50% of the aggregate Revolving Credit Commitments; or (ii) 0.20% if the amount of the average daily aggregate Unused Revolving Credit Commitments is equal to or less than 50% of the aggregate Revolving Credit Commitments. The aggregate principal amount of Swing Line Advances then owing to any Swing Line Bank shall be considered excluded from the definition of aggregate Unused Revolving Credit Commitments for purposes of the calculation of the Unused Feequarter that such Applicable Fee Rate was in effect.

Appears in 1 contract

Samples: Credit Agreement (Getty Realty Corp /Md/)

Unused Fee. The Borrower shall pay to the Administrative Agent for the account of the Revolving Credit Lenders an unused commitment fee (the “Unused Fee”), from the date hereof in the case of each Initial Lender that is a Revolving Credit Lender and from the effective date specified in the Assignment and Acceptance or the Accession Agreement, as the case may be, pursuant to which it became a Revolving Credit Lender in the case of each other Revolving Credit Lender until the Termination Maturity Date in respect of the Revolving Credit Facility, payable in arrears quarterly on the last day of each March, June, September and December, commencing on the date hereofSeptember 30, 2017, and on the Termination Maturity Date in respect of the Revolving Credit Facility. The Unused Fee payable for the account of each Revolving Credit Lender shall be calculated for each period for which the Unused Fee is payable on the average daily Unused Revolving Credit Commitment of such Revolving Credit Lender during such period at the per annum equal to: (i) 0.25% if the amount of for any period in which the average daily aggregate Unused Facility Exposure (exclusive of Obligations in respect of Guaranteed Hedge Agreements) in respect of the Revolving Credit Commitments is greater than Facility for such period exceeds 50% of the aggregate Revolving Credit Commitments; or , at the rate of 0.20% per annum, and (ii) 0.20in all other cases, at the rate of 0.30% if the amount of the average daily aggregate Unused Revolving Credit Commitments is equal to or less than 50% of the aggregate Revolving Credit Commitments. The aggregate principal amount of Swing Line Advances then owing to any Swing Line Bank shall be considered excluded from the definition of aggregate Unused Revolving Credit Commitments for purposes of the calculation of the Unused Feeper annum.

Appears in 1 contract

Samples: Credit Agreement (Hersha Hospitality Trust)

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