Common use of Provider Fee Clause in Contracts

Provider Fee. LLS shall receive a fee (the “Provider Fee”) for each ROFR Policy purchased by a Merlion Purchaser pursuant to this Section 1 equal to: (i) three percent (3.0%) of the face amount of each ROFR Policy with a face amount of not more than one million dollars ($1 million); (ii) two and one-half percent (2.5%) of the face amount of each ROFR Policy with a face amount greater than one million dollars ($1 million) and less than or equal to five million dollars ($5 million); and (iii) two percent (2.0%) of the face amount of each ROFR Policy with a face amount greater than five million dollars ($5 million). The Provider Fee shall be subject to adjustment as provided in Section 1(e) below. The Provider Fee will be paid by the Merlion Purchaser that purchased the applicable ROFR Policy and will be paid at the Closing. If LLS receives a notice of rescission from a Policy Seller (including a notice that the Policy Seller has died within the rescission period), LLS shall immediately notify the Merlion Purchaser that the ROFR Policy sale has been rescinded, provide the Merlion Purchaser with all necessary assistance in obtaining the return of the Policy Purchase Price as promptly as practicable, and return the Provider Fee in respect of such transaction to the Merlion Purchaser within two (2) Business Days of LLS’s receipt of notification of the rescission.