On January 3, 2017, Sears Holdings Corporation (NasdaqGS:SHLD) closed the transaction. The company received $500 million from JPP II, LLC, Jpp, Llc, firms controlled by ESL Investments, Inc. The company received $321 million was funded under the secured loan facility on January 3, 2017, and, subject to the satisfaction of certain conditions, including pledging additional properties as collateral, up to an additional $179 million may be drawn by the company prior to July 3, 2017. The secured loan facility will have an annual base interest rate of 8%, with accrued interest payable monthly during the term of the secured loan facility. The company paid an upfront commitment fee equal to 1% of the full principal amount of the loan facility and also is required to pay a funding fee equal to 1% of the amounts drawn under the loan facility at the time such amounts are drawn. The loan facility is guaranteed by the company, is currently secured by a first priority lien on 46 real properties owned by the company, and is required to be secured by additional real properties if the remaining $179 million loan commitment is drawn.