Term Commitment Fee

Term Commitment Fee. If Borrower prepays the Initial Term Borrowing with the proceeds of an equity offering as permitted by Section 3.2(c)(iii), Borrower agrees to pay to Agent for the account of each Lender a term commitment fee, which shall accrue at .50% on the average daily amount of the unused amount of the commitment of such Lender in respect of the Initial Term Borrowing during the period from and including the date of such prepayment to but excluding the earlier of (i) the date that Borrower reborrows the... Initial Term Borrowing pursuant to Section 3.2(c)(iii) or (ii) the first anniversary of the Closing Date. Accrued term commitment fees shall be payable in arrears on the last day of March, June, September and December of each year and on the earlier of (i) the date that Borrower reborrows the Initial Term Borrowing as permitted by Section 3.2(c)(iii) or (ii) the first anniversary of the Closing Date, commencing on the first such date to occur after the date of such prepayment. All commitment fees shall be computed on the basis of a year of 360 days, unless such computation would exceed the highest lawful non-usurious rate permitted by applicable law, in which case interest shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and shall be payable for the actual number of days elapsed (including the first day but excluding the last day) View More