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).
Appears in 2 contracts
Sources: Loan and Security Agreement (Rocky Mountain Chocolate Factory Inc), Loan and Security Agreement (U-Swirl, Inc.)