Common use of Payment of the Deferred Fee Clause in Contracts

Payment of the Deferred Fee. Upon the consummation of the initial Business Combination, the Company will pay to the Representatives, on behalf of the Underwriters, the Deferred Fee, including the Option Unit Deferred Fee, if applicable. Payment of the Deferred Fee will be made out of the proceeds of the Offering held in the Trust Account. The Underwriters shall have no claim to payment of any interest earned on the portion of the proceeds held in the Trust Account representing the Deferred Fee. If the Company fails to consummate its initial Business Combination within the time period provided in the Trust Agreement, the Deferred Fee, including the Option Unit Deferred Fee, if applicable, will not be paid to the Representatives and such amount will, instead, be included in the liquidation or distribution of the proceeds held in the Trust Account made to the Public Stockholders. In connection with any such liquidation, the Underwriters will forfeit any rights or claims to the Deferred Fee, including the Option Unit Deferred Fee.