Commitment; Commitment Fee. Borrower acknowledges that, as a condition to the execution of this Agreement and the funding of the Loan, it has paid or shall pay to Lender, a commitment fee in the amount of () (the “Commitment Fee”). Borrower expressly acknowledges and agrees that Borrower’s payment of the Commitment Fee at or prior to closing is a material term hereof and that Lender would not otherwise agree to the terms of this Agreement if such Commitment Fee was not paid.
As a condition to our commitment to provide the Facility, promptly upon the execution and delivery of this Commitment Letter by the Borrower, as consideration for the commitments and agreements of the Lender hereunder, you agree to pay a nonrefundable commitment fee to the Lender in the amount equal to $262,500 (the “Commitment Fee”). The Commitment Fee shall be fully earned upon becoming due and payable in accordance with the terms hereof, and shall be in addition to any other fees, costs and expenses payable pursuant to the Loan Documentation.
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