Common use of Facility Charge Clause in Contracts

Facility Charge. The Facility Charge shall be fully earned and due on the Closing Date. Commencing on April 1, 2010 and on the first Business Day of each calendar month thereafter, Borrowers shall pay in cash to Lender a portion of the Facility Charge equal to $37,500 until such Facility Charge is paid in full in cash, provided, that (i) in the event the Loans are accelerated pursuant to the terms hereof, the Facility Charge shall become payable on the date such Loans are accelerated and (ii) so long as no Event of Default then exists or is continuing, interest shall not accrue against the amount of the Facility Charge due but not yet paid in accordance with the terms hereof.