The effectiveness of this Business Financing Modification Agreement is conditioned upon payment of the Default Fee, Revolving Line Facility Fee, Term Loan Facility Fee, and Due Diligence Fee.
Borrower shall pay the Term Loan Facility Fee to Lender promptly upon the execution of this Agreement and annually thereafter.
Borrower shall pay Lender a fee in the amount of $10,000 (Default Fee), the Revolving Line Facility Fee of $35,000, the Term Loan Facility Fee of $14,000, and the Due Diligence Fee of $600, plus all out-of-pocket expenses.
Subject to the terms and conditions hereof, and relying upon representations and warranties herein set forth, Bank agrees to make a term loan (the "term Loan") to the Borrower upon satisfaction or waiver of the conditions set forth in the Second Amendment ("Term Closing Date") in the amount of One Million Five Hundred Thousand Dollars (500,000.00) 2A.2 Term Loan Facility Fee.
The Term Loan Facility Fee shall be computed on the basis of a year of three hundred sixty (360) days and assessed for the actual number of days elapsed.