Reduction Fees Sample Clauses

Reduction Fees. Pursuant to Section 2.6 of the Agreement, if the Stated Amount of the Letter of Credit shall be permanently reduced (but not terminated in its entirety) for any reason prior to the Stated Expiration Date, a reduction fee equal to the Facility Fees that would have been payable to the Bank on the amount by which the Stated Amount is reduced for the period beginning on the date of reduction and ending on the first anniversary of the Closing Date (i.e. February , 2015) (or the first anniversary of the date of any extension of the Stated Expiration Date) based upon the Facility Fee Rate in effect as of the date of such permanent reduction (a “Reduction Fee”) shall be due and payable to the Bank on the date of such permanent reduction; provided, however, that no such Reduction Fee shall be payable if (i) the short-term rating assigned to the Bank is withdrawn or suspended for credit related reasons or reduced below “P-1” (or its equivalent) by Xxxxx’x, “A-1” (or its equivalent) by S&P, or “F1” (or its equivalent) by Fitch, or (ii) if the City shall permanently reduce the commercial paper program authorized by the Master Bond Resolution, as evidenced by a duly authorized resolution or ordinance of the City. The City may not permanently reduce the applicable Stated Amount of the Letter of Credit unless any Reduction Fee due hereunder has been paid.

Reduction Fees. Notwithstanding the foregoing and anything set forth herein or in the Agreement to the contrary, the City, for and on behalf of its Department of Aviation, agrees not to permanently reduce the Commitment prior to May 7, 2018, without the payment by the City to the Lender of a reduction fee (the “Reduction Fee”) in connection with each and every permanent reduction of the Commitment during such period in an amount equal to the product of