Commitment Fee; Reductions in Borrowing Base Clause Samples

Commitment Fee; Reductions in Borrowing Base. The Borrower agrees to pay to the Agent for the account of each Lender, according to its Pro Rata Share, a commitment fee at a per annum rate equal to the Applicable Fee Rate on the average daily Available Borrowing Base from the date hereof to and including the Facility Termination Date, payable in arrears for the immediately preceding three (3) calendar month period on each Payment Date hereafter and on the Facility Termination Date. The Borrower may permanently reduce the Borrowing Base in whole, or in part ratably among the Lenders in integral multiples of $1,000,000, upon at least five Business Days’ written notice to the Agent, which notice shall specify the amount of any such reduction, provided, however, that the amount of the Borrowing Base may not be reduced below the Aggregate Outstanding Credit Exposure. All accrued commitment fees shall be payable on the effective date of any termination of the obligations of the Lenders to make Credit Extensions hereunder.