Common use of Agent Fee Clause in Contracts

Agent Fee. An annual agent fee (“Agent Fee”) shall be payable to Agent as follows: (i) on the Effective Date, an agent fee in an amount equal to $325,552.50 (the “Initial Agent Fee”) shall be fully earned, and shall be due and payable on January 15, 2025 unless the First Out Payout Date has occurred on or before January 15, 2025 in which case the payment of the Initial Agent Fee shall be waived; and (ii) on each yearly anniversary of the Effective Date, an agent fee in an amount equal to 0.75% of the First Out Priority Obligations as of the applicable date shall be due and payable and shall be fully earned as of such date. Notwithstanding the foregoing, if the First Out Payout Date occurs after January 15, 2025 but before the first anniversary of the Effective Date, Agent shall pay to 1106, or as 1106 may otherwise direct, a portion of the Initial Agent Fee in an amount equal to the product of (x) the amount of the Initial Agent Fee times (y) the quotient of (A) the number of days between the First Out Payout Date and the first anniversary of the Effective Date (inclusive) divided by 365.