What is the meaning of 折角 in this sentence?

Hello, I was going through my lessons and I stumbled upon 折角 (sekkaku).

I was confused about what that vocab word meant in this example sentence that WaniKani provides. Could someone please explain it to me?

Original: 折角ですが、これ以上妥協することは出来かねます。
Translation: I appreciate your offer, but we’re not making any more compromises on this matter.

Thank you.

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I would say it’s this definition

相手の努力・尽力・期待にこたえられなくて、申し訳ない気持ちを表す。
Expresses a feeling of regret or guilt that one cannot adequately respond to another’s best efforts or expectations.

https://www.weblio.jp/content/折角

But the core of せっかく is basically always that someone tried hard/went to some effort.

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Oh man, I could not figure out this word until I’d read it in books/manga about 1000 times.

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Thank you so much!

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