Common use of Utilization Margin Clause in Contracts

Utilization Margin. If on any day the sum of the aggregate outstanding principal amount of all Loans plus the L/C Obligations then outstanding exceeds the product of (A) one-half (1/2) times (B) the Loan Commitment (or if all of the Commitments shall have been terminated, the Loan Commitment in effect immediately prior to such termination), the Applicable Percentage otherwise applicable to the Loans shall be increased by a per annum percentage set forth under the heading "Applicable Percentage for Utilization Margin" in the table included in the definition of "Applicable Percentage" (the "Utilization Margin"). The accrued Utilization Margin shall be due and payable quarterly in arrears on each Interest Payment Date (as well as on any date that the Loan Commitment is reduced), beginning with the first of such dates to occur after the Closing Date.