Common use of Deferred Financing Fees Clause in Contracts

Deferred Financing Fees. In consideration of the purchase of the Equity Securities by Caravelle, the Company agrees to pay to Caravelle a deferred financing fee in the amount of $50,000 per annum accruing from the date hereof, payable in advance on January 1 of each year; provided that for calendar year 1999 the deferred financing fee shall be payable on the date of this Agreement and shall be in the amount of $29,160. Once any amount of the deferred financing fee has been paid it shall not be returnable under any circumstances, including upon any termination of this Agreement by any party hereto.