Commitment Reduction Fee. With respect to any reduction of the Facility Amount pursuant to Section 2.3(a), an amount equal to the product of (a) the amount of such reduction multiplied by (b) the applicable Commitment Reduction Percentage.
Commitment Reduction Fee has the meaning assigned to such term in the Lender Fee Letter.
Commitment Reduction Fee shall have the meaning given such term set forth in Subsection 2.7(C).
Examples of Commitment Reduction Fee in a sentence
If applicable, the Borrower shall pay to the Lenders, for their own use and benefit, the Commitment Reduction Fee in connection with any optional reduction of the Facility Amount, subject to and in accordance with the Lender Fee Letter.
Such Commitment Reduction Fee shall equal the Undrawn Commitment Fee calculated in accordance with Section 2.08 for the time period from the effective date of the reduction or termination to the first anniversary of the date of this Agreement, using the reduced Commitment Amount after giving effect to the reduction or termination as the outstanding principal amount of Advances under the Commitment for such period.
If the Borrowers shall terminate or reduce the Commitment in whole or in part at any time or times prior to the first anniversary of the date of this Agreement, at the effective date of each such termination or reduction they shall pay to the Lenders a Commitment Reduction Fee; provided, however, that the Borrowers shall not be required to pay a Commitment Reduction Fee more than once on the same reduced portion of the Commitment.
SECTION 3.1. Pursuant to Section 2.3(a)(ii) of the Loan and Security Agreement, the Borrower and each Class B Lender hereby agrees to permanently and irrevocably reduce the Class B Commitments to $0 and agrees that the related Commitment Reduction Fee is $0.
SVB and Borrower acknowledge and agree that payment of the Revolving Commitment Reduction Fee described in Section 2.10(c) of the Existing Credit Facility is waived in its entirety.
More Definitions of Commitment Reduction Fee
Commitment Reduction Fee means the fee payable to the Lenders upon any reduction or termination of the Commitment that becomes effective prior to the first anniversary of the date of this Agreement, as determined in Section 2.09 hereof.
Commitment Reduction Fee. With respect to any termination in whole or reduction in part of the Facility Amount during the Revolving Period, the sum of:
Commitment Reduction Fee means a fee equal to two and one-half percent (2.5%) of the Commitment as of the Amendment Date, payable to the Agent for the ratable benefit of the Lenders, subject to a single reduction in accordance with the following table: Reduction in Commitment Reduction Fee ----------------------------------------------------------- Commitment Amount By 6/30/00 By 7/31/00 By 8/31/00 By 9/30/00 ----------------- ------------------ ----------- ----------- ---------- Less than $100,000,000 20% 15% 10% 5% ------------------------------------------------------------------------------------------------------------------------ Less than $75,000,000 30% 25% 20% 15% ------------------------------------------------------------------------------------------------------------------------ Less than $50,000,000 40% 35% 30% 25% ------------------------------------------------------------------------------------------------------------------------ $0 50% 45% 40% 35% ------------------------------------------------------------------------------------------------------------------------ The Commitment Reduction Fee shall be reduced in accordance with the highest percentage corresponding to the level of the reduction of the Commitment attained by the Borrower. As an example, if the Borrower reduces the Commitment by June 30, 2000 to an amount less than $100,000,000 but greater than $75,000,000, the Commitment Reduction Fee shall be reduced by 20%. If the Borrower then reduces the Commitment to less than $75,000,000 but greater than $50,000,000 by July 31, 2000, the total aggregate reduction in the Commitment Reduction Fee shall be 25%."
Commitment Reduction Fee means, with respect to any permanent reduction of the Maximum Commitment Amount as of any date of determination, an amount calculated by the HVIF Administrator equal to the discounted present value determined monthly (determined as of a date not earlier than the fifth (5th) Business Day prior to the date of such permanent reduction of the Maximum Principal Amount) of the product of (i) the then-current Undrawn Fee Rate (before taking into account such reduction), (ii) the amount of such permanent reduction of the Maximum Commitment Amount, (iii) 1/12 and (iv) the number of Monthly Payment Dates that will occur between such date of determination and the Expected Final Payment Date; provided that, solely for the purposes of clause (i) of this definition, the Undrawn Fee Rate associated with a Class A Drawn Percentage or Class B Drawn Percentage, in each case, of greater than 75% shall be deemed to be 0.30%. The discounted present value shall be determined using a monthly period and a discount rate equal to the yield to maturity (adjusted to a quarterly bond-equivalent basis) of the 91-day U.S. Treasury Bxxx.
Commitment Reduction Fee has the meaning assigned to such term in the Lender Fee Letter. “Commitment Termination Date” means the last day of the Reinvestment Period. “Concentration Limitations” means, as of any date of determination, the following limitations applied to the Aggregate Collateral Balance (calculated pursuant to clause (a) and (b) under such definition) of the Eligible Loans owned (or, in relation to a proposed purchase of a Loan, proposed to be owned) by the Borrower, and calculated as a percentage of the Aggregate Collateral Balance in accordance with the procedures set forth in Section 1.04: (a) not more than 5.0% consists of DIP Collateral Obligations; (b) not more than 5.0% consists of Eligible Second Lien Obligations; (c) not more than 30.0% consists of Eligible Loans with Obligors in any Moody’s Industry Classification; (d) not more than (i) 15.0% consists of Eligible Loans the Obligor of which, together with any Affiliates thereof, is the Obligor of the largest percentage of the Aggregate Collateral Balance, (ii) 12.0% consists of Eligible Loans the Obligor of which, together with any Affiliates thereof, is the Obligor of the 2nd largest percentage of the Aggregate Collateral Balance, and (iii) so long as there are at least ten (10) individual Obligors with respect to the Eligible Loans, 40.0% consists collectively of Eligible Loans the Obligors of which, together with any Affiliates thereof, are the Obligors of the 1st, 2nd, 3rd and 4th largest percentage of the Aggregate Collateral Balance; (e) not more than 40.0% consists of Eligible Loans (excluding Real Estate Loans and Specialty Finance Loans, which shall not be required to have a Risk Factor Rating) that have a Risk Factor Rating of greater than 3490; (f) not more than 5.0% consists of Eligible Loans (excluding Real Estate Loans and Specialty Finance Loans, which shall not be required to have a Risk Factor Rating) that have a Risk Factor Rating of greater than 4770; (g) not more than 15.0% consists of Eligible Loans (excluding Recurring Revenue Loans) that have an Obligor with a TTM EBITDA of less than $7,500,000; (h) not more than 40.0% consists of Recurring Revenue Loans; (i) not less than 70.0% consists of Eligible First Lien Obligations, including Covenant Lite Loans and Recurring Revenue Loans, but excluding ABL Loans;
Commitment Reduction Fee means a fee equal to two and one-half percent (2.5%) of the Commitment as of the Amendment Date, payable to the Agent for the ratable benefit of the Lenders, subject to a single reduction in accordance with the following table: Commitment Amount By 7/31/00 By 8/31/00 Less than $100,000,000 10% 5% Less than $75,000,000 20% 15% Less than $50,000,000 30% 25% $0 40% 35% The Commitment Reduction Fee shall be reduced in accordance with the highest percentage corresponding to the level of the reduction of the Commitment attained by the Borrower. As an example, if the Borrower reduces the Commitment by July 31, 2000 to an amount less than $100,000,000 but greater than $75,000,000, the Commitment Reduction Fee shall be reduced by 10%. If the Borrower then reduces the Commitment to less than $75,000,000 but greater than $50,000,000 by August 31, 2000, the total aggregate reduction in the Commitment Reduction Fee shall be 15%."
Commitment Reduction Fee in Section 1.1 is hereby amended by deleting it in its entirety and replacing it with the following: