Annual Commissions Sample Clauses

Annual Commissions. While the Letters of Credit are outstanding and until the Termination Date, the Borrower shall pay to the Bank a non-refundable commission fee (the “Commission”) equal to 1.25% per annum (the “Commission Rate”) of the maximum amount available to be drawn from time to time under the Letters of Credit in accordance with the terms hereof. Such Commission shall be payable quarterly in arrears on the last calendar day of March, June, September and December (commencing on December 31, 2008), and on the Termination Date. Such maximum amount of the Letters of Credit for purposes of calculating the applicable Commission shall include any amount subject to reinstatement under the terms of the Letters of Credit. Such fees shall be calculated on the basis of the actual number of days elapsed based on a three hundred sixty (360) day year.