Minimum Usage Amount definition

Minimum Usage Amount means (i) prior to January 1, 2010, zero and (ii) at all times on and after January 1, 2010, greater than or equal to the lesser of (A) $30,000,000 or (B) an amount which causes the Purchased Interest to equal 100%.

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Minimum Usage Amount means, as of any date of determination, an amount greater than or equal to the lesser of (a) 50% of the Purchase Limit or (b) an amount which causes the Purchased Interest to equal 100%.

Minimum Usage Amount means, an amount equal to (A) (x) for the period from the Closing Date until the date that is twelve (12) months after the Closing Date, 0% of the Maximum Facility Amount as of such date, and (y) thereafter, 70% of the Maximum Facility Amount as of such date, in each case disregarding any increases of the Maximum Facility Amount in accordance with Section 2.15, plus (B) if the Borrower increases the Maximum Facility Amount in accordance with Section 2.15, (x) for the period from the applicable Incremental Commitment Effective Date until the date that is twelve (12) months after such Incremental Commitment Effective Date, 40% of the Maximum Facility Amount attributable to such increase, and (y) thereafter, 70% of the Maximum Facility Amount attributable to such increase.

Examples of Minimum Usage Amount in a sentence

For purposes of computing unused commitment fees, commencing on the Closing Date, or if the Borrower increases the Maximum Facility Amount in accordance with Section 2.15, commencing on the date of such increase solely as it relates to the Incremental Commitments, if the average daily Advances Outstanding for the relevant period of determination is less than the Minimum Usage Amount, then the average daily Advances Outstanding for such period shall be deemed to be the Minimum Usage Amount.
The Minimum Usage Amount shall be initially computed on August 5, 2010.
Thereafter, until the Facility Termination Date, such Minimum Usage Amount shall be automatically recomputed (or deemed to be recomputed) on each Business Day.
If at any time after sixty (60) days after the Seller shall commenced selling Loans to Buyer, pursuant to this Agreement, but the average daily balance (in principal amount) of all Loans held by Buyer is less than the Minimum Usage Amount, Seller shall pay Buyer a fee to be determined by Buyer in its sole discretion, provided, however such fee shall not exceed $1,000 during any thirty (30) day period.
For purposes of computing Unused Commitment Fees, commencing on the Closing Date, if the average daily Advances Outstanding for the relevant period of determination is less than the Minimum Usage Amount for such period, then the average daily Advances Outstanding for such period shall be deemed to be the Minimum Usage Amount.

More Definitions of Minimum Usage Amount

Minimum Usage Amount means, at any time, an amount greater than or equal to the lesser of (A) $30,000,000 and (B) an amount determined as the sum of the Aggregate Capital plus the LC Participation Amount necessary to cause the Purchased Interest to equal 100%.

Minimum Usage Amount means, as of any date of determination, 50% of the Maximum Commitment.

Minimum Usage Amount means, an amount equal to (A) 60% of the Maximum Facility Amount as of the Third Amendment Effective Date plus, (B) if the Borrower increases the Maximum Facility Amount in accordance with Section 2.15, upon such increase, (x) for the period from the applicable Incremental Commitment Effective Date until the date that is 12 months after such Incremental Commitment Effective Date, 40% of the Maximum Facility Amount attributable to such increase, and (y) thereafter, 60% of the Maximum Facility Amount attributable to such increase.

Minimum Usage Amount means, as of any date of determination, an amount equal to 85% of the Maximum Facility Amount in effect on the Closing Date.

Minimum Usage Amount means, an amount equal to (A) for the period from (i) the Sixth Amendment Effective Date up to but excluding the date that is 3 months after the Sixth Amendment Effective Date, 10% of the Maximum Facility Amount, (ii) the date that is 3 months after the Sixth Amendment Effective Date up to but excluding the date that is 6 months after the Sixth Amendment Effective Date, 25% of the Maximum Facility Amount, (iii) the date that is 6 months after the Sixth Amendment Effective Date up to but excluding the date that is 9 months after the Sixth Amendment Effective Date, 30% of the Maximum Facility Amount, (iv) the date that is 9 months after the Sixth Amendment Effective Date up to but excluding the date is 12 months after the Sixth Amendment Effective Date, 40% of the Maximum Facility Amount and (v) the date that is 12 months after the Sixth Amendment Effective Date up to and including the date that is the last day of the Revolving Period, 60% of the Maximum Facility Amount; plus, (B) if the Borrower increases the Maximum Facility Amount in accordance with Section 2.15, upon such increase, (i) for the period from the applicable Incremental Commitment Effective Date until the date that is 12 months after such Incremental Commitment Effective Date, 40% of the Maximum Facility Amount attributable to such increase, and (ii) thereafter, 60% of the Maximum Facility Amount attributable to such increase.

Minimum Usage Amount means, an amount equal to (A) (x) for the period from the Closing Date until the date that is twelve (12) months after the Closing Date, forty percent (40%) of the Maximum Facility Amount as of such date, and (y) thereafter, seventy percent (70%) of the Maximum Facility Amount as of such date, in each case disregarding any increases of the Maximum Facility Amount in accordance with Section 2.15, plus, (B) upon the increase in the Maximum Facility Amount pursuant to the First Amendment, and, if the Borrower increases the Maximum Facility Amount in accordance with Section 2.15, upon such increase, (x) for the period from the First Amendment Effective Date or the applicable Incremental Commitment Effective Date until the date that is twelve (12) months after the First Amendment Effective Date or such Incremental Commitment Effective Date, as the case may be, forty percent (40%) of the Maximum Facility Amount attributable to such increase, and (y) thereafter, seventy percent (70%) of the Maximum Facility Amount attributable to such increase.

Minimum Usage Amount set forth in Exhibit I by replacing the dollar amount “$30,000,000” where it appears therein with the dollar amount “$0” therefor.