Exit Fee Amount definition

Exit Fee Amount means, the amount, if any, when paid to the Lenders on the Exit Date, that will result in the internal annual rate of return to the Lenders with respect to the Loans (the “IRR”) on the Exit Date, as determined by the Administrative Agent pursuant to the IRR Calculation (as hereinafter defined), being equal to, but no greater than, 20.0% (the “Target IRR”); provided, that in no event shall the Exit Fee Amount be less than zero or greater than $11,790,000, and (ii) “IRR Calculation” means that the IRR is to be calculated as the rate of return earned by the Lenders on their initial investment in the Loans (to be calculated as the Obsidian Agency Services, Inc. as of October 18, 2012 principal amount of the Loans less the Closing Fee) through the Exit Date taking into account the payment by the Borrower to the Lenders of all principal, interest and other payments to the Lenders pursuant to the Credit Agreement. Attached hereto as Annex A are illustrative examples of the IRR Calculation. The Borrower shall pay all amounts due and payable hereunder to the Administrative Agent not later than 12:00 noon (New York City time) on the day when due, in lawful money of the United States of America and in immediately available funds. All payments shall be made by the Borrower without set-off, counterclaim, deduction or other defense to the Administrative Agent and the Lenders. The Borrower hereby acknowledges and agrees that (i) the fees payable hereunder are fully earned on the specific dates set forth herein for such fees and non-refundable on the date such fees are due and payable as provided above, (ii) such fees constitute Obligations and are in addition to any other fees payable by the Borrower under the Credit Agreement or any other Loan Document, and (iii) this letter agreement shall constitute a “Loan Document”. This letter agreement is the Fee Letter referred to in the Credit Agreement, shall be construed under and governed by the laws of the State of New York, and may be executed in any number of counterparts and by different parties on separate counterparts. Each of such counterparts shall be deemed to be an original, and all of such counterparts, taken together, shall constitute but one and the same agreement. Delivery of an executed counterpart of this letter by telefacsimile or electronic mail shall be equally effective as delivery of a manually executed counterpart. This letter agreement may not be amended or otherwise modified unless the same shall be in...

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Exit Fee Amount means an amount equal to (10%) of the principal amount of any prepayment or repayment of the Loan, other than a repayment of all or any portion of the Loan on the Maturity Date.

Examples of Exit Fee Amount in a sentence

• In the, event 60% of the Exit Fee (the "Collateral Exit Fee Amount") is paid to Lender in accordance with this paragraph the amount of the Exit Fee due at the time all amounts outstanding respecting the Note are paid in full shall be reduced by the Collateral Exit Fee Amount.

• In the event 40% of the Exit Fee (the "Real Estate Exit Fee Amount') is paid to Lender in accordance with this paragraph the amount of the Exit Fee due at the time all amounts outstanding respecting the Note are paid in full shall be reduced by the Real Estate Exit Fee Amount.

• A non-refundable exit fee (the “Exit Fee”) in an amount equal to the Exit Fee Amount (as hereinafter defined), which fee shall be earned in full on the Closing Date and due and payable on the date the Loans are paid in full (the “Exit Date”).

• Any repayment or prepayment of the Loan, in whole or in part, after the thirty-six (36) month anniversary of the Closing Date and (i) prior to the Maturity Date or (ii) as a result of any acceleration thereof pursuant to Article IX, shall in each case be accompanied by the payment of the Exit Fee Amount.