Common use of Work Fee Clause in Contracts

Work Fee. The Borrower will pay to Lender a work fee equal to $100,000 (the “Work Fee”), being 1% of the Third Tranche amount, which will be fully earned and payable at the earlier of August 1, 2017 and the Closing Date. For greater certainty, the said fee is payable whether or not the Third Tranche is advanced.