12Fees. (a) If the Maturity Date is extended to a date after the first anniversary of the Closing Date (as any such extension may be requested by Borrower and approved by the Lender in its sole discretion) at the sole discretion of the Lender, the Borrowers agree to pay to the Lender an annual servicing fee in the amount of $15,000, due annually on each anniversary of the Closing Date. (b) The Borrowers agree to pay to the Lender an unused line fee of a quarter percent (0.25%) per annum of the difference between (i) the Revolving Commitment and (ii) the average daily balance of the Revolving Advances outstanding for each quarter, which fee shall be fully earned by the Lender and payable quarterly in arrears on the fifth (5th day) of each calendar quarter. Said fee shall be calculated on the basis of a 360 day year. (c) The Borrowers agree to pay to the Lender, on the Closing Date an origination fee in the amount of $75,000. (d) All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Lender. Fees paid shall not be refundable under any circumstances.
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12Fees. (a) If the Maturity Date is extended to a date after the first anniversary of the Closing Date (as any such extension may be requested by Borrower and approved by the Lender in its sole discretion) at the sole discretion of the Lender, the Borrowers agree to pay to the Lender an annual servicing fee in the amount of $15,000, due annually on each anniversary of the Closing Date.
(b) The Borrowers agree to pay to the Lender an unused line fee of a quarter percent (0.25%) per annum of the difference between (i) the Revolving Commitment and (ii) the average daily balance of the Revolving Advances outstanding for each quarter, which fee shall be fully β earned by the Lender and payable quarterly in arrears on the fifth (5th day) of each calendar quarter. Said fee shall be calculated on the basis of a 360 day year.
(c) The Borrowers agree to pay to the Lender, on the Closing Date an origination fee in the amount of $75,000.
(d) All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Lender. Fees paid shall not be refundable under any circumstances.
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