Common use of Total Facility Fee Clause in Contracts

Total Facility Fee. On the Closing Date, a fee equal to $37,500 (i.e., 0.50% of the sum of the Revolving Line), which shall be non-refundable; Borrower has paid to Bank a deposit of Ten Thousand Dollars ($10,000) (the “Good Faith Deposit”) to initiate Bank’s due diligence review process. Any portion of the Good Faith Deposit not utilized to pay Bank Expenses will be applied to the Facility Fee. Additional facility fees will be due and payable on the Increase Effective Date each time the amount of the Revolving Line is increased pursuant to Section 2.1(c) hereof, with each such additional fee to be in an amount equal to the product of (x) 0.50% of the increase in the Revolving Line times (y) the quotient of (A) the number of days remaining between such Increase Effective Date and the Revolving Maturity Date, divided by (B) 1,095.