Undrawn Commitment Fee Clause Samples
The Undrawn Commitment Fee clause requires a borrower to pay a fee on the portion of a loan that has been committed by the lender but not yet drawn down by the borrower. Typically, this fee is calculated as a percentage of the undrawn amount and is charged periodically, such as quarterly or annually, until the funds are either drawn or the commitment period ends. The core function of this clause is to compensate the lender for reserving funds for the borrower, even if those funds are not immediately used, thereby ensuring the lender is remunerated for the opportunity cost and administrative burden of maintaining the undrawn credit facility.
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Undrawn Commitment Fee. The Borrower shall pay to the Administrative Agent for the account of each Revolving Credit Lender in accordance with its Applicable Revolving Credit Percentage, a commitment fee equal to the Applicable Fee Rate times the average daily amount by which the Aggregate Revolving Credit Commitments exceeds the Total Revolving Credit Outstandings; provided that any commitment fee accrued with respect to any of the Revolving Credit Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrower so long as such Lender shall be a Defaulting Lender except to the extent that such commitment fee shall otherwise have been due and payable by the Borrower prior to such time; and provided, further, that no commitment fee shall accrue on any of the Revolving Credit Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The commitment fee shall accrue at all times during the Availability Period for the Revolving Credit Facility (and thereafter so long as any Revolving Credit Loans, Swing Line Loans or L/C Obligations remain outstanding), including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Restatement Date, and on the last day of the Availability Period for the Revolving Credit Facility (and, if applicable, thereafter on demand). The commitment fee 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 during such quarter that such Applicable Fee Rate was in effect.
Undrawn Commitment Fee. Accruing from the Closing Date until the Maturity Date, Borrower shall pay Lender a monthly undrawn commitment fee (the “Undrawn Commitment Fee”) equal to 0.10% multiplied by the average daily difference between the Loan Commitment and the aggregate of outstanding Loans. The Undrawn Commitment Fee shall accrue quarterly on the last day of each applicable fiscal quarter, and shall be payable as set forth in Section 2.1. The Undrawn Commitment Fee shall be payable in cash, shares of Preferred Stock or a combination thereof, at the option of Lender. Subject to Section 2.14(d) below, the number of shares of Preferred Stock issued pursuant to this Section 2.7 shall be determined by dividing the amount of the Undrawn Commitment Fee by the Interest Conversion Price (rounded up to the next whole share).
Undrawn Commitment Fee. At the Closing, the Company shall have paid the Purchasers a fee of $1,800,000, which fee, the Purchasers hereby consent and agree, will be allocated among the Purchasers PRO RATA according to the number of shares of Preferred Stock purchased by each such Purchaser at the Closing hereunder.
Undrawn Commitment Fee. The Borrower shall pay to the Agent for the account of each Bank in accordance with its Pro Rata Share, an undrawn commitment fee which shall accrue at the rate of 0.15% per annum on the daily amount of the undrawn Commitment of such Bank during the period from and including the Effective Date to but excluding the Commitment Termination Date. Accrued fees shall be payable quarterly in arrears on the last day of each February, May, August and November prior to the Commitment Termination Date and on the Commitment Termination Date.
Undrawn Commitment Fee. The Borrower shall pay to the Administrative Agent for the ratable account of the Lenders in accordance with their Applicable Percentage, an undrawn commitment fee at the rate per annum equal to the Applicable Margin on the actual daily Commitments of such Lender then outstanding. Such fee shall accrue from and including the later of (i) the date that is 90 days following the date of the Bridge Commitment Letter and (ii) the Effective Date, to but excluding the earlier of (x) termination or expiration of the Commitments and (y) the Closing Date (such earlier date, the “Fee Payment Date”). Such fee shall be due and payable on the Fee Payment Date and shall be calculated based on the number of days (if any) elapsed in a 360-day year. RATINGS (S&P/▇▇▇▇▇’▇) APPLICABLE RATE FOR UNDRAWN COMMITMENT FEE SHALL BE: Greater than or equal to A-/A3 0.09% RATINGS (S&P/▇▇▇▇▇’▇) APPLICABLE RATE FOR UNDRAWN COMMITMENT FEE SHALL BE: BBB+/Baa1 0.11 % BBB/Baa2 0.125 % BBB-/Baa3 0.175 % Less than BBB-/Baa3 0.225 %
Undrawn Commitment Fee. The Borrower shall pay to the Administrative Agent for the account of each Lender in accordance with its Pro Rata Share, an undrawn commitment fee which shall accrue at the applicable Undrawn Commitment Fee Rate then in effect on the daily amount of the undrawn Commitment of such Lender during the period from and including the date that is 60 days after the Effective Date and shall be payable quarterly in arrears on the fifth Business Day.
Undrawn Commitment Fee. The Borrower shall pay to the Administrative Agent for the ratable account of the Lenders in accordance with their Applicable Percentage, an undrawn commitment fee at the rate per annum equal to the Applicable Margin on the actual daily Commitments of such Lender then outstanding. Such fee shall accrue from and including the Effective Date to but excluding the earlier of (i) termination or expiration of the Commitments and (ii) the Closing Date (such earlier date, the “Fee Payment Date”). Such fee shall be due and payable on the Fee Payment Date and shall be calculated based on the number of days (if any) elapsed in a 360-day year.
Undrawn Commitment Fee. The Borrowers shall pay to the Administrative Agent for the account of the Lenders an Undrawn Commitment Fee calculated as follows:
(a) The Undrawn Commitment Fee shall be payable on the amount by which the Commitment Amount shall exceed the average principal amount of Advances outstanding under the Commitment during such calendar month.
(b) For all months during which the interest on the Advances shall be calculated on the basis of Pricing Tier 1 or Pricing Tier 2, the rate at which such Undrawn Commitment Fee shall be calculated shall be an annualized amount equal to ten basis points (i.e. 0.10%). For all months during which the interest on the Advances shall be calculated on the basis of Pricing Tier 3, the rate at which such Undrawn Commitment Fee shall be calculated shall be an annualized amount equal to fifteen basis points (i.e. 0.15%). For all months during which the interest on the Advances shall be calculated on the basis of Pricing Tier 4, the rate at which such Undrawn Commitment Fee shall be calculated shall be an annualized amount equal to twenty basis points (i.e. 0.20%). For all months during which the interest on the Advances shall be calculated on the basis of Pricing Tier 5 or the Default Rate, the rate at which such Undrawn Commitment Fee shall be calculated shall be an annualized amount equal to twenty-five basis points (i.e. 0.25%). The calculation shall be performed on the basis of a three hundred sixty (360) day year for actual days elapsed.
(c) The Undrawn Commitment Fee shall be calculated on a monthly basis but shall be payable quarterly in arrears on the Interest Payment Dates in February, May, August, and November.
Undrawn Commitment Fee. The Borrower agrees to pay to the Agent for the account of each Lender an undrawn commitment fee on the average daily unused amount of such Lender’s Commitment from the Effective Date in the case of each Initial Lender, and from the later of the Effective Date and the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender, until the Commitment Termination Date, at a rate per annum equal to the Applicable Percentage in effect from time to time, payable in arrears on December 31, 2012 and on the Commitment Termination Date.
Undrawn Commitment Fee. From and after the Initial Closing Date until the earlier to occur of (a) the Outside Date and (b) the applicable Drawdown Closing Date, if any, at which the Purchaser acquires Drawdown Shares representing the full Maximum Commitment Amount, the Company agrees to pay to the Purchaser a fee on the Remaining Commitment (the “Commitment Fee”) at a rate equal to 0.25% per annum, accruing daily and payable in arrears on each Drawdown Closing Date and, if applicable, the Outside Date. The “Remaining Commitment” shall mean an amount equal to (1) $50,000,000 minus (2) the product obtained by multiplying the Purchase Price by (i) 50,000 minus (ii) the number of Drawdown Shares sold to the Purchaser pursuant to this Agreement. On the Outside Date, if applicable (or, if such day is not a business day, the next succeeding business day), the Company will deliver or cause to be delivered to a bank account designated by the Purchaser in writing at least two (2) business days prior to the Outside Date, any accrued and unpaid Commitment Fees by wire transfer of immediately available funds.