Backstop Ticking Premium Sample Clauses

Backstop Ticking Premium. Subject to Section 3.2, in consideration for the Backstop Commitment and the other agreements of the Commitment Parties in this Agreement, the Company shall pay or cause to be paid a monthly fee equal to $18,750,000, which represents 2.5% of the Rights Offering Amount, payable beginning on April 3, 2017 and ending on the Closing Date (with proration for partial months) (the “Backstop Ticking Premium,” and together with the Backstop Commitment Premium, the “Backstop Premiums”). The Backstop Ticking Premium shall be payable to the Commitment Parties (including any Replacing Commitment Party, but excluding any Defaulting Commitment Party) or their designees based upon their respective Backstop Commitment Percentages as of the Effective Date.