Common use of Ticking Fees Clause in Contracts

Ticking Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Lender a ticking fee (the “Ticking Fee”), which shall accrue at a rate of 30.0 basis points (0.30%) on the daily amount of the Commitment of such Lender during the period from and including September 23, 2015 to but excluding the earlier of (i) the Initial Availability Date and (ii) the date on which such Commitment terminates. Accrued Ticking 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 Initial Availability Date and (ii) the date on which any Commitment terminates, commencing on the first such date to occur after September 23, 2015. All Ticking Fees shall be computed on the basis of a year of 360 days, unless such computation would exceed the Highest Lawful Rate, 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). For the avoidance of doubt, if the Initial Availability Date occurs prior to September 23, 2015, no Ticking Fees shall be payable by the Borrower.

Ticking Fees. The Borrower agrees to pay to the Administrative Agent for the account of each Lender a ticking fee (the “Ticking Fee”), which shall accrue at a rate of 30.0 basis points (0.30%) on the daily amount of the Revolving Commitment and Term Loan Commitment of such Lender during the period from and including September 23December 1, 2015 to but excluding the earlier of (i) the Initial Availability Date and (ii) the date on which such Commitment terminatesthe Commitments terminate. Accrued Ticking 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 Initial Availability Date and (ii) the date on which any Commitment terminatesthe Commitments terminate, commencing on the first such date to occur after September 23December 1, 2015. All Ticking Fees shall be computed on the basis of a year of 360 days, unless such computation would exceed the Highest Lawful Rate, 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). For the avoidance of doubt, if the Initial Availability Date occurs prior to September 23December 1, 2015, no Ticking Fees shall be payable by the Borrower.