Common use of Undrawn Commitment Fee Clause in Contracts

Undrawn Commitment Fee. The Borrower shall pay to the Administrative Agent for the account of each Revolving Credit Lender in accordance with its Applicable Revolving Credit Percentage, a commitment fee equal to the Applicable Fee Rate times the average daily amount by which the Aggregate Revolving Credit Commitments exceeds the Total Revolving Credit Outstandings; provided that any commitment fee accrued with respect to any of the Revolving Credit Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrower so long as such Lender shall be a Defaulting Lender except to the extent that such commitment fee shall otherwise have been due and payable by the Borrower prior to such time; and provided, further, that no commitment fee shall accrue on any of the Revolving Credit Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The commitment fee shall accrue at all times during the Availability Period for the Revolving Credit Facility (and thereafter so long as any Revolving Credit Loans, Swing Line Loans or L/C Obligations remain outstanding), including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Restatement Date, and on the last day of the Availability Period for the Revolving Credit Facility (and, if applicable, thereafter on demand). The commitment fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Fee Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Fee Rate separately for each period during such quarter that such Applicable Fee Rate was in effect.

Undrawn Commitment Fee. The Borrower shall Company agrees to pay to the Administrative Agent for the account of each Revolving Credit Lender in accordance with its Applicable Revolving Credit Percentage, a based on such Xxxxxx’s Pro Rata Share an undrawn commitment fee equal in U.S. Dollars, which shall accrue at the Undrawn Commitment Fee Rate on the daily unused amount of the Commitment of such Lender during the period from the Effective Date to the Applicable Fee Rate times the average daily amount by which the Aggregate Revolving Credit Commitments exceeds the Total Revolving Credit OutstandingsDDTL Commitment Expiration Date; provided provided, that any undrawn commitment fee accrued with respect to any of the Revolving Credit unused Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrower Company so long as such Lender shall be a Defaulting Lender except to the extent that such undrawn commitment fee shall otherwise have been due and payable by the Borrower Company prior to such time; and provided, further, that no commitment fee shall accrue on any time of the Revolving Credit Commitments of a Defaulting Lender so long as such Lender shall be becoming a Defaulting Lender. The Undrawn commitment fee shall accrue at all times during the Availability Period for the Revolving Credit Facility (and thereafter so long as any Revolving Credit Loans, Swing Line Loans or L/C Obligations remain outstanding), including at any time during which one or more of the conditions in Article IV is not met, and fees shall be due and payable quarterly in arrears on the last Business Day day of each March, June, September and December, commencing with the first such date to occur after the Restatement Date, Fiscal Quarter and on the last day DDTL Commitment Expiration Date for any period then ending for which such undrawn commitment fees shall not have previously been paid, at election of the Availability Period for Company in its sole discretion either (x) in cash or (y) in kind by capitalizing such fees and increasing the Revolving Credit Facility outstanding principal amount of Loans by the amount of fees accrued in respect of such Loans during the applicable period (and, if applicable, thereafter on demand“PIK Fees”). The unused commitment fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Fee Rate during any quarter, computed for the actual daily amount number of days elapsed on the basis of a year of 365/366 days. For purposes of computing commitment fees, a Commitment of a Lender shall be computed deemed to be used to the extent of the outstanding Loans funded by such Lender other than any Loans attributable to PIK Interest and multiplied by the Applicable Fee Rate separately for each period during such quarter that such Applicable Fee Rate was in effectPIK Fees.

Undrawn Commitment Fee. The Borrower shall Borrowers agree to pay to the Administrative DIP Agent for the account of each Revolving Credit DIP Lender in accordance with its Applicable Revolving Credit Percentage, a an undrawn commitment fee (“Undrawn Commitment Fee”) equal to the Applicable Fee Rate times 1.00% per annum on the average daily unused amount by which the Aggregate Revolving Credit Commitments exceeds the Total Revolving Credit Outstandings; provided that any commitment fee accrued with respect to any of the Revolving Credit Commitments of a Defaulting Lender such DIP Lender’s Commitment during the period prior from the Effective Date in the case of each DIP Lender listed on the signature pages hereof and from the effective date specified in the Assignment and Acceptance pursuant to which it became a DIP Lender in the case of each other DIP Lender until the date on which such DIP Lender’s Commitment terminates. Accrued Undrawn Commitment Fees shall be payable in kind by adding the amount thereof to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrower so long as such Lender shall be a Defaulting Lender except to the extent that such commitment fee shall otherwise have been due and payable by the Borrower prior to such time; and provided, further, that no commitment fee shall accrue on any outstanding principal amount of the Revolving Credit Commitments DIP Loans (which shall then accrue interest) of a Defaulting each DIP Lender so long as such Lender shall be a Defaulting Lender. The commitment fee shall accrue at all times during the Availability Period for the Revolving Credit Facility (and thereafter so long as any Revolving Credit Loans, Swing Line Loans or L/C Obligations remain outstanding), including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly monthly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date to occur after the Restatement Date, and on or before the last day of each calendar month after the Availability Period for Effective Date (commencing month ending September 30, 2020) and on the Revolving Credit Facility (and, if applicable, thereafter on demand)Maturity Date. The commitment fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Fee Rate during any quarter, the actual daily amount Undrawn Commitment Fees shall be computed on the basis of a year of 360 days and multiplied by shall be payable for the Applicable Fee Rate separately for each period actual number of days elapsed (including the first day but excluding the last day). Anything herein to the contrary notwithstanding, during such quarter that period as a DIP Lender is a Defaulting Lender, such Applicable Defaulting Lender will not be entitled to any amount of the Undrawn Commitment Fee Rate was accruing during such period pursuant to this Section 2.03(a) (without prejudice to the rights of the Non-Defaulting Lenders in effectrespect of such fees).