Examples of Sustainability Commitment Fee Adjustment in a sentence
For the avoidance of doubt, any adjustment to the Applicable Margin due to a Sustainability Margin Adjustment or any adjustment to the Commitment Fee Percentage due to a Sustainability Commitment Fee Adjustment in any calendar year shall not be cumulative year-over-year.
It is further understood and agreed that the Applicable Margin will never be reduced or increased by more than 5.00 basis points and the Commitment Fee Percentage will never be reduced or increased by more than 1.00 basis points, in each case pursuant to the Sustainability Margin Adjustment or the Sustainability Commitment Fee Adjustment, as applicable, during any calendar year (the “Maximum Adjustment”).
Each Sustainability Rate Adjustment and Sustainability Commitment Fee Adjustment for any Reference Year shall only apply until the earlier of (i) the immediately succeeding Sustainability Pricing Adjustment Date and (ii) the fifth Business Day following the last day a Sustainability Certificate was required to be delivered pursuant to Section 1.10(e) for the immediately succeeding Reference Year.
Notwithstanding anything to the contrary herein, until the delivery of (or failure to deliver) the Sustainability Certificate delivered in respect of Reference Year ending December 31, 2024, pursuant to Section2.18, the Sustainability Commitment Fee Adjustment shall be 0.00% per annum and there shall be no Sustainability Commitment Fee Adjustment to the unused commitment fees described in this Section 2.09(a).
It is further understood and agreed that the Applicable Rate will never be reduced or increased by more than 0.05% and that the Commitment Fee will never be reduced or increased by more than 0.01%, pursuant to the Sustainability Rate Adjustment and the Sustainability Commitment Fee Adjustment, respectively, during any calendar year.
It is further understood and agreed that the Applicable Rate will never be reduced or increased by more than 5.00 basis points relative to the unadjusted Applicable Rate and that the Commitment Fee rate will never be reduced or increased by more than 1.50 basis points relative to the unadjusted Commitment Fee rate, pursuant to the Sustainability Rate Adjustment and the Sustainability Commitment Fee Adjustment, respectively, during any calendar year.
It is further understood and agreed that the Applicable Margin will never be reduced or increased by more than 0.05% or 0.05%, respectively, and that the Commitment Fee Rate will never be reduced or increased by more than 0.01% or 0.01%, respectively, pursuant to the Sustainability Margin Adjustment and the Sustainability Commitment Fee Adjustment, respectively, during any calendar year.
It is further understood and agreed that the Applicable Rate (as described in clause (i) of Section 2.23(a)) will never be reduced or increased by more than 0.05%, and the Applicable Rate (as described in clause (ii) of Section 2.23(a)) will never be reduced or increased by more than 0.01%, in each case pursuant to the Sustainability Rate Adjustment or the Sustainability Commitment Fee Adjustment, as applicable, during any calendar year.
It is further understood and agreed that the Applicable Rate will never be reduced or increased by more than (i) in the case of the interest rate spreads, 0.050% and (ii) in the case of the commitment fees, 0.010% pursuant to the Sustainability Rate Adjustment and the Sustainability Commitment Fee Adjustment, respectively, during any calendar year and that at no time shall the Applicable Rate, whether with respect to the interest rate spreads or the commitments fees, be reduced below zero.
It is further understood and agreed that the Base Rate Margin and the SOFR Margin will never be reduced or increased by more than 0.05% relative to the unadjusted SOFR Margin and that the Commitment Fee Rate will never be reduced or increased by more than 0.02% relative to the unadjusted Commitment Fee Rate, pursuant to the Sustainability Rate Adjustment and the Sustainability Commitment Fee Adjustment, respectively, during any calendar year.