Common use of Backstop Fee Clause in Contracts

Backstop Fee. To the Administrative Agent, for the account of the Backstop Party, a backstop fee (the “Backstop Fee”), payable in cash, in an amount equal to 2.675% of the aggregate Applicable Percentage (as defined in and determined under the Prepetition First Lien Credit Agreement) of all Prepetition First Lien Lenders other than the Backstop Party as of the Closing Date (prior to giving effect to this Agreement) multiplied by the aggregate NM Commitment of the Backstop Party on the Closing Date, such fee to be earned, due and payable on the Closing Date.