Average Outstanding Loan definition
Average Outstanding Loan means, for any fiscal quarter, the aggregate principal amount of the Loan outstanding under the Credit Agreement as of the end of each day during such fiscal quarter, divided by the number of days in such fiscal quarter.
Examples of Average Outstanding Loan in a sentence
The Borrower hereby agrees to pay to the Lender a facility fee which shall accrue and be payable in arrears for each Calculation Period in an amount equal to the percentage per annum determined in accordance with the table below (the “Facility Fee”), and shall be applied to the Lender’s Average Outstanding Loan for such Calculation Period and will accrue on, and be calculated based on, the number of days elapsed in such Calculation Period.
The Average Outstanding Loan balance during a month shall be derived through a simple average of the outstanding Loan balance on the 1st day, the 15th day, and the last day of a month.