Common use of Utilization Fees Clause in Contracts

Utilization Fees. (i) During any period when the aggregate outstanding principal amount of the Loans exceeds 50% of the aggregate amount of the Commitments or the Commitments have been terminated but Loans are outstanding, the Borrower shall, unless Minimum Rating Status (as defined below) exists, pay to the Agent for the account of each Bank utilization fees at a rate of 0.125% per annum. Such utilization fee shall accrue on the average daily aggregate outstanding principal amount of such Bank's Loans during such period and shall be payable on each January 1, April 1, July 1, and October 1 and on the date the Commitments are terminated (and, if later, on the date the Loans shall be repaid in their entirety); provided that any utilization fees accruing after the first anniversary of the Commitment Termination Date shall be payable on demand. (ii) For purposes of this Section, "Minimum Rating Status" exists at any date if at such date the Borrower has outstanding senior unsecured long-term debt and such debt, without third party enhancement, is rated (or, if on such date the Borrower has no outstanding senior unsecured long-term debt, evidence satisfactory to the Agent is provided to the effect that the rating of senior unsecured long-term debt of the Borrower, assuming that it had outstanding senior unsecured long-term debt, would be rated) at least AA- (or any equivalent rating which is used in lieu thereof) or higher by S&P or Aa3 (or any equivalent rating which is used in lieu thereof) or higher by Xxxxx'x.

Utilization Fees. (i) During any period when the aggregate outstanding principal amount of the Loans exceeds 50% of the aggregate amount of the Commitments or the Commitments have been terminated but Loans are outstanding, the Borrower shall, unless Minimum Rating Status (as defined below) exists, pay to the Agent for the account of each Bank utilization fees at a rate of 0.125% per annum. Such utilization fee shall accrue on the average daily aggregate outstanding principal amount of such Bank's Loans during such period and shall be payable on each January 1, April 1, July 1, and October 1 and on the date the Commitments are terminated (and, if later, on the date the Loans shall be repaid in their entirety); provided that any utilization fees accruing after the first anniversary of the Commitment Termination Date shall be payable on demand. (ii) For purposes of this Section, "Minimum Rating Status" exists at any date if at such date the Borrower has outstanding senior unsecured long-term debt and such debt, without third party enhancement, is rated (or, if on such date the Borrower has no outstanding senior unsecured long-term debt, evidence satisfactory to the Agent is provided to the effect that the rating of senior unsecured long-term debt of the Borrower, assuming that it had outstanding senior unsecured long-term debt, would be rated) at least AA- (or any equivalent rating which is used in lieu thereof) or higher by S&P or Aa3 (or any equivalent rating which is used in lieu thereof) or higher by Xxxxx'x.

Utilization Fees. (i) During any period when the aggregate outstanding principal amount of the Loans exceeds 50% of the aggregate amount of the Commitments or the Commitments have been terminated but Loans are outstanding, the Borrower shall, unless Minimum Rating Status (as defined below) exists, pay to the Agent for the account of each Bank utilization fees at a rate of 0.125% per annum. Such utilization fee shall accrue on the average daily aggregate outstanding principal amount of such Bank's Loans during such period and shall be payable on each January 1, April 1, July 1, and October 1 and on the date the Commitments are terminated (and, if later, on the date the Loans shall be repaid in their entirety); provided that any utilization fees accruing after the first anniversary of the Commitment Termination Date shall be payable on demand. (ii) For purposes of this Section, "Minimum Rating Status" exists at any date if at such date the Borrower has outstanding senior unsecured long-term debt and such debt, without third party enhancement, is rated (or, if on such date the Borrower has no outstanding senior unsecured long-term debt, evidence satisfactory to the Agent is provided to the effect that the rating of senior unsecured long-term debt of the Borrower, assuming that it had outstanding senior unsecured long-term debt, would be rated) at least AA- (or any equivalent rating which is used in lieu thereof) or higher by S&P or Aa3 (or any equivalent rating which is used in lieu thereof) or higher by Xxxxx'xMoody's.

Utilization Fees. (i) During any period when the aggregate outstanding principal amount of the Loans exceeds 50% of the aggregate amount of the Commitments or the Commitments have been terminated but Loans are outstanding, the Borrower shall, unless Minimum Rating Status (as defined below) exists, pay to the Agent for the account of each Bank utilization fees at a rate of 0.125% per annum. Such utilization fee shall accrue on the average daily aggregate outstanding principal amount of such Bank's Loans during such period and shall be payable on each January 1, April 1, July 1, and October 1 and on the date the Commitments are terminated (and, if later, on the date the Loans shall be repaid in their entirety); provided that any utilization fees accruing after the first anniversary of the Commitment Termination Date shall be payable on demand. (ii) For purposes of this Section, "Minimum Rating Status" exists at any date if at such date the Borrower has outstanding senior unsecured long-long- term debt and such debt, without third party enhancement, is rated (or, if on such date the Borrower has no outstanding senior unsecured long-term debt, evidence satisfactory to the Agent is provided to the effect that the rating of senior unsecured long-term debt of the Borrower, assuming that it had outstanding senior unsecured long-term debt, would be rated) at least AA- (or any equivalent rating which is used in lieu thereof) or higher by S&P or Aa3 (or any equivalent rating which is used in lieu thereof) or higher by Xxxxx'xMoody's.