Draw down Fees definition
Draw down Fees. A separate (pound)50,000 draw down fee is payable to the Lender upon the drawdown of each Tranche (the "Draw down Fees"). The Borrower shall pay the Lender (pound)15,000 as a contribution to the Lender's reasonable legal fees and expenses and other out of pocket expenses (including any applicable VAT) incurred by the Lender in connection with the negotiation and granting of the Facility and any security relating to amounts drawn down under the Loan (and including the preparation of any documentation relating thereto) (the "Transaction Expenses"). Except where deducted by the Lender from amounts drawn down by the Borrower as provided for in this Clause 6, all monies to be repaid or paid, as the case may be, by the Borrower to the Lender shall be transferred to the Lender on demand by means of electronic wire transfer into a bank account to be designated by the Lender. Upon the Borrower's draw down of the first Tranche, the Lender shall deduct the Commitment Fee, together with the initial Draw down Fee and the Transaction Expenses in full from the amount to be transferred to the Borrower under the first Tranche. In the event that no Tranche is drawn down under the Facility, the Commitment Fee and the Transaction Expenses shall be paid on written demand by the Lender. The Draw down Fees relating to the second and the third Tranches shall be deducted from the amount to be transferred to the Borrower under each such Tranche. The Commitment Fee, the Draw down Fees and the Transaction Expenses constitute the "Fees and Expenses". Where Fees and Expenses are not paid when they become payable or are demanded, as the case may be, they will accrue interest at the Default Rate from the date they become payable or are demanded to and including the date of their payment.