Arrangement Fee — Commitment Fee. (a) The Borrower shall pay an arrangement fee to the Bank in the amount of $25,000 upon execution of this Agreement. (b) The Borrower shall pay to the Bank a commitment fee computed at the rate of 3/8 of 1% per annum on the daily average amount by which the Commitment exceeds the aggregate outstanding principal amount of the Loans. For purposes of this Section 2.6(b), the "Commitment" shall be deemed to be $50,000,000. Such commitment fee shall accrue from and including March 14, 1991 to but excluding the Termination Date and shall be payable quarterly on the last day of each March, June, September and December and upon the date of termination of the Commitment in its entirety.
Appears in 2 contracts
Sources: Credit Agreement (Van Kampen Merritt Prime Rate Income Trust), Credit Agreement (Van Kampen American Capital Prime Rate Income Trust)