Common use of Delayed Draw Commitment Fee Clause in Contracts

Delayed Draw Commitment Fee. The Borrower agrees to pay to the Administrative Agent, for the ratable benefit of the DDTL Lenders, a ticking fee (the “Delayed Draw Commitment Fee”), in an amount equal to 0.20% per annum on the average daily unused amount of the Delayed Draw Term Loan Committed Amount, commencing on January 16, 2023 and ending on the earliest of (a) the Delayed Draw Funding Date, (b) the last day of the Delayed Draw Availability Period and (c) the date that the DDTL Commitments are otherwise reduced to zero in accordance with Section 3.6. The Delayed Draw Commitment Fee shall be paid quarterly in arrears on the last Business Day of each calendar quarter (commencing on the last Business Day of the first full fiscal quarter after January 16, 2023) and on the earliest of (x) the Delayed Draw Funding Date, (y) the last day of the Delayed Draw Availability Period and (z) the date that the DDTL Commitments are otherwise reduced to zero in accordance with Section 3.6. For the avoidance of doubt, once funded, the Applicable Margin will apply with respect to all drawn portions of the DDTL Facility.