Common use of Ticking Fees Clause in Contracts

Ticking Fees. The Borrower agrees to pay to each Lender a ticking fee equal to the ticking fee rate (the “Ticking Fee Rate”) equal to the rate applicable to the commitment fee, mutatis mutandis, as set forth in Section 2.4(a) (computed on the basis of the actual number of days elapsed in a year of 365 or 366 days, as the case may be) on the undrawn amount of each Lender’s Incremental Available Amount, during the period from the later of (x) the execution and delivery of this Agreement and (y) January 13, 2022, to and including the last day of the earlier of the Closing Date and the Full Availability Expiration, which ticking fees shall be payable quarterly in arrears (i) on the last Business Day of each March, June, September and December and (ii) on the earlier of (x) the Closing Date and (y) the Full Availability Expiration.