Minimum Usage Fee definition

Minimum Usage Fee shall have the meaning set forth in Section 2.5.4.

Minimum Usage Fee means, with respect to any calendar month, an annualized fee equal to the product of (x) the excess, if any, of (i) $700,000,000 over (ii) the average outstanding principal balance of all Loans during the four (4) calendar month period ending on the last day of such calendar month, and (y) the Eurodollar Rate in effect on the last day of such calendar month plus 0.70%, computed on the basis of a 360-day year for the actual number of days elapsed in such calendar month.

Minimum Usage Fee. For each Accrual Period, the sum of the following amounts determined for each day during such Accrual Period which day is on or after the three-month anniversary of the First Amendment Effective Date: the product of (a) one divided by 360, (b) the Interest Rate; provided that, for purposes of calculating the Minimum Usage Fee, the Benchmark component of the Interest Rate shall be Daily Simple SOFR, and (c) (i) the amount by which $130,000,000 exceeds the Advances Outstanding as of such day or (ii) if there is no such excess, zero.

Examples of Minimum Usage Fee in a sentence

• The Minimum Usage Fee for each calendar month shall be due and payable on the first day of the next calendar month.

• If, as of the last day of any calendar month, the average outstanding principal balance of all Loans during the four (4) calendar month period ending on such day is less than $650,000,000, the Borrowers shall remit to the Agent within one (1) Business Day after receiving notice of such deficiency, the Minimum Usage Fee for such calendar month.

• Borrower shall have the option to prepay the Revolving Line at anytime, provided Borrower (i) provides written notice to Bank of its election to prepay the Revolving Line, and (ii) pays, on the date of such prepayment (A) all outstanding principal plus accrued interest, (B) the Minimum Usage Fee which would be due, and (C) all other sums, if any, that shall have become due and payable.

• In the event that the income earned by Fidelity during any calendar month (or fraction thereof on a prorated basis) pursuant to Sections 2.5 and 5.3 is less than the Minimum Usage Fee, the Company shall pay to Fidelity the difference between the amount so earned by Fidelity and the Minimum Usage Fee, regardless of Fidelity's prior compensation.

• The Minimum Usage Fee shall be computed for each calendar year, or part thereof, during the term of this Agreement and shall be payable, if at all, in arrears on the Payment Date scheduled for January of each year of the term hereof, provided that any Minimum Usage Fee due in the year in which the Expiration Date falls shall be due and payable on the Expiration Date.

More Definitions of Minimum Usage Fee

Minimum Usage Fee means, with respect to any date of determination, an annualized fee equal to the product of (a) the difference, if any, between (i) $500,000,000 and (ii) the average Borrowing Base for the previous six (6) calendar months and (b)(i) the Eurodollar Rate plus 1.00% if the Borrower has chosen Option One pursuant to Section 2.3(a) hereof or there are no borrowings hereunder or (ii) the Eurodollar Rate plus 0.75% if the Borrower has chosen Option Two pursuant to Section 2.3(a) hereof.

Minimum Usage Fee. The meaning assigned to such term in Section 2.04 of the Sale and Servicing Agreement.

Minimum Usage Fee is defined in Section 2.4(b).

Minimum Usage Fee means, on any date of calculation, the positive amount, if any, equal to the product of (i) 175 basis points (1.75%) multiplied by either (ii) if said calculation relates to the October 1, 2003 through December 31, 2003 calendar quarter, (A) seventeen and one-half percent (17.50%) of the Maximum Credit minus (B) the daily average outstanding principal amount of Loans (including Loans made under the Original Loan Agreements), calculated over such calendar quarter, or (iii) if said calculation relates to any calendar quarter starting on or after January 1, 2004 (A) thirty-five percent (35%) of the Maximum Credit, minus (B) the daily average outstanding principal amount of Loans (including Loans made under the Original Loan Agreements), calculated over the calendar quarter immediately preceding such date of calculation, in each case computed on the basis of a year of 360 days for the actual number of days elapsed (including the first day but excluding the last day) occurring in the period for which such fee is payable.

Minimum Usage Fee. A fee, payable in arrears on the earlier of (x) the Facility Termination Date or (y) the expiration of the Purchase Period, in either case pursuant to Section 2.11 of the Sale and Servicing Agreement, in an amount equal to the product of (i) 1.50% TIMES (ii) (A) the excess, if any, of $70,000,000 over (B) the aggregate amount of all advances made by the Noteholders during the Purchase Period. Such fee shall be calculated on the basis of actual number of days elapsed over 360 from and including the Closing Date to the earlier to occur of the events set forth in clause (x) or (y) above.

Minimum Usage Fee shall have the meaning specified in the Pricing Side Letter.

Minimum Usage Fee shall have the meaning set forth in SECTION 2.4.4. ----------------- -------------