Common use of Approval Fee Clause in Contracts

Approval Fee. On the Effective Date, Group shall pay to the Administrative Agent for deposit in the Administrative Agent's Account, for the pro rata benefit of the Lender Parties party to the Existing Facilities that are not Extending Facilities and who execute and deliver this Agreement, an amendment fee of 0.25% of the outstanding principal balance of the term loans and revolving credit commitments of such Lender Parties outstanding under such Existing Facilities, and the Administrative Agent will distribute such funds to the Lender Parties not later than the next succeeding Business Day thereafter.