Common use of Origination Points Clause in Contracts

Origination Points. (a) The Company shall pay to Purchaser origination points in the amount of 2.0% of the principal amount of the Senior Subordinated Note in immediately available funds, $20,000 of which has been paid by the Company to Purchaser, and the balance of which shall be paid on or prior to the Closing Date. (b) All origination points paid under this Section 1.3 are fully earned and nonrefundable. Purchaser may, at its option, deduct the balance of the amount of the origination points to be paid on the Closing Date from the purchase price of the Senior Subordinated Note.

Origination Points. (a) The Company shall pay to Purchaser origination points in the amount of 2.0% of the principal amount of the Senior Subordinated Note in immediately available funds, $20,000 of which has been paid by the Company to Purchaser, and the balance of which shall be paid on or prior to the Closing Date. (b) . All origination points paid under this Section 1.3 are fully earned and nonrefundable. Purchaser may, at its option, deduct the balance of the amount of the origination points to be paid on the Closing Date from the purchase price of the Senior Subordinated Note.