Commitment Fees Clause Samples
A Commitment Fees clause defines the fee that a borrower must pay to a lender for the lender's commitment to provide a specified amount of credit, regardless of whether the borrower actually draws on the funds. Typically, this fee is calculated as a percentage of the undrawn portion of the loan and is paid periodically, such as quarterly or annually, during the commitment period. The core function of this clause is to compensate the lender for reserving funds and to incentivize the borrower to utilize the committed credit efficiently, while also ensuring the lender is not disadvantaged by holding capital in reserve.
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Commitment Fees. The Borrowers shall pay to the Administrative Agent (x) for the account of each Revolving Credit Lender in accordance with its Pro Rata Share, (i) a commitment fee equal to the Applicable Rate times the average daily unused amount of the Revolving Credit Commitments of such Revolving Credit Lender during the preceding quarter (or other period commencing with and including the Closing Date or ending with but excluding the applicable Revolving Credit Maturity Date or the date on which the Commitments of such Revolving Credit Lender shall expire or be terminated) (the “Commitment Fee”); provided, however, 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 Borrowers so long as such Lender shall be a Defaulting Lender except to the extent that the Commitment Fee shall otherwise have been due and payable by the Borrowers prior to such time; provided, further, that no Commitment Fee shall accrue on any of the 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 Initial Availability Period (and thereafter so long as any Revolving Credit Loans or L/C Obligations remain outstanding), including at any time during which one or more of the conditions in Article V 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 Closing Date, and to but excluding the last day of the Initial Availability Period (and, if applicable, thereafter on demand). The Commitment Fee shall be calculated quarterly in arrears. For the avoidance of doubt, for purposes of computing the Commitment Fee, Revolving Credit Commitments shall be deemed to be used to the extent of the Outstanding Amount of the Revolving Credit Loans and the Outstanding Amount of all L/C Obligations.
Commitment Fees. No Defaulting Lender shall be entitled to receive any Commitment Fee for any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender).
Commitment Fees. The Borrowers shall pay on a several, and not on a joint, basis to the Agent for the account of each Bank a commitment fee on the daily unused portion of such Bank's Commitment, computed on a quarterly basis in arrears on the last Business Day of each calendar quarter based upon the daily utilization for that quarter as calculated by the Agent, equal to 0.09% per annum. Van ▇▇▇▇▇▇ ▇▇▇me Rate Income Trust shall be responsible for its pro rata portion of the commitment fee and Van ▇▇▇▇▇▇ ▇▇▇ior Floating Rate Fund shall be responsible for its pro rata portion of the commitment fee based upon the relative net asset value of each Borrower on any date of determination thereof. Such commitment fee shall accrue from the date of this second amended and restated Agreement to the Commitment Termination Date and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December commencing on June 14, 1999 through the Commitment Termination Date, with the final payment to be made on the Commitment Termination Date. All accrued commitment fees to but not including the effective date of any termination of Commitments shall be paid on the effective date of such termination. All accrued commitment fees to but not including the effective date of any reduction of Commitments shall be paid on the last Business Day of the then-current calendar quarter, with such quarterly payment being calculated on the basis of the period from such reduction date to such quarterly payment date. The commitment fees provided in this subsection shall accrue at all times after the above-mentioned commencement date, including at any time during which one or more conditions in Article IV are not met.
Commitment Fees. The Company shall pay to the Administrative Agent for the account of each Revolving Lender a commitment fee calculated at a rate per annum equal to the Commitment Fee Rate on the average daily unused portion of such Revolving Lender's Revolving Commitment, computed on a quarterly basis in arrears on the last Business Day of each fiscal quarter based upon the daily utilization for that quarter as calculated by the Administrative Agent. For purposes of calculating utilization under this subsection, the Revolving Commitments shall be deemed used to the extent of the Effective Amount of all Revolving Loans then outstanding (but Swingline Loans shall not constitute usage of any Revolving Lender's Revolving Commitment) plus the Effective Amount of all L/C Obligations then outstanding. Such commitment fee shall accrue from the Restatement Date to the Revolving Termination Date and shall be due and payable quarterly in arrears on the last Business Day of each fiscal quarter, with the final payment to be made on the Revolving Termination Date. The commitment fees provided in this subsection shall accrue at all times after the Restatement Date, including at any time during which one or more conditions in Article V are not met.
Commitment Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Lender a commitment fee, which shall accrue at the applicable Commitment Fee Rate on the average daily amount of the unused amount of the Commitment of such Lender during the period from and including the date of this Agreement to but excluding the Termination Date. Accrued commitment fees shall be payable in arrears on the last day of March, June, September and December of each year and on the Termination Date, commencing on the first such date to occur after the date hereof. All commitment fees shall be computed on the basis of a year of 360 days, unless such computation would exceed the Highest Lawful Rate, in which case interest shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).
Commitment Fees. 30 2.11 Computation of Fees and Interest............................................ 30 2.12 Payments by the Company..................................................... 31 2.13 Payments by the Banks to the Administrative Agent........................... 32 2.14 Sharing of Payments, Etc.................................................... 32 2.15 Security.................................................................... 33 ARTICLE III
Commitment Fees. (i) On each Monthly Transfer Date occurring on or after the Closing Date, the applicable Borrower shall pay to the Administrative Agent (for further credit to the account of each applicable Lender) commitment fees equal to 0.35% per annum on the average daily amount of the Total Construction Loan Commitment calculated on an actual 365-day year (as it may be reduced in accordance with the terms hereof) during the period from and including the immediately preceding Monthly Transfer Date (or from and including the Closing Date in the case of the first Monthly Transfer Date) until and including the earliest of (A) the date immediately preceding such Monthly Transfer Date on which such payment is due, (B) the date on which the Total Construction Loan Commitment has been fully utilized or cancelled and (C) the last day of the Construction Loan Availability Period. Such commitment fees will be payable monthly in arrears and may be capitalized pursuant to Section 1.3.
(ii) On each Monthly Transfer Date occurring on or after the Closing Date, the Borrower shall pay to the Administrative Agent (for further credit to the account of each applicable Lender) commitment fees equal to 0.35% per annum on the average daily amount of the Total Tax Equity Bridge Loan Commitment calculated on an actual 365-day year (as it may be reduced in accordance with the terms hereof) during the period from and including the immediately preceding Monthly Transfer Date (or from and including the Closing Date in the case of the first Monthly Transfer Date) until and including the earliest of (A) the date immediately preceding such Monthly Transfer Date on which such payment is due, (B) the date on which the Total Tax Equity Bridge Loan Commitment has been fully utilized or cancelled and (C) the last day of the Tax Equity Bridge Loan Availability Period. Such commitment fees will be payable monthly in arrears and may be capitalized pursuant to Section 1.3
(iii) (A) On each Monthly Transfer Date occurring on or after the Closing Date until the Term Conversion Date, the Borrower shall pay to the Administrative Agent (for further credit to the account of each applicable Lender) commitment fees equal to the product of (a) 0.35% per annum, times (b) the average daily unutilized portion of the Maximum LC Commitment (as it may be reduced in accordance with the terms hereof, and which shall exclude, for the avoidance of doubt, the stated amount of any Letters of Credit, the amount of any LC Loans an...
Commitment Fees. Except as otherwise provided in Section 4.05(a)(iii), the Borrower agrees to pay to the Administrative Agent for the account of each Lender a commitment fee, which shall accrue at the applicable Commitment Fee Rate on the average daily amount of the unused amount of the Commitment of such Lender during the period from and including the date of this Agreement to but excluding the Termination Date. Accrued commitment fees shall be payable in arrears on the last day of March, June, September and December of each year and on the Termination Date, commencing on the first such date to occur after the date hereof. All commitment fees shall be computed on the basis of a year of 360 days, unless such computation would exceed the Highest Lawful Rate, in which case interest shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).
Commitment Fees. In consideration of each Lender’s commitment to make Loans, Borrower will pay to Administrative Agent for the account of each Lender a commitment fee determined on a daily basis by applying the Commitment Fee Rate to such Lender’s Percentage Share of the Unused Borrowing Base determined at the end of each day during the Commitment Period. This commitment fee shall be due and payable in arrears on the last day of each Fiscal Quarter and at the end of the Commitment Period.
Commitment Fees. On each Advance Date the Company shall pay to the Investor, directly from the gross proceeds held in escrow, an amount equal to five percent (5%) of the amount of each Advance. The Company hereby agrees that if such payment, as is described above, is not made by the Company on the Advance Date, such payment will be made at the direction of the Investor as outlined and mandated by Section 2.3 of this Agreement.