Termination and Reduction Fee. (a) The County agrees not to terminate or replace the Agreement or the Letter of Credit prior to December 1, 2025, except upon the payment by the County to the Bank of a termination fee in an amount equal to the product of (i) the Facility Fee Rate in effect pursuant to Section 1.1 hereof on the date of termination, (ii) the Gross Available Amount, and (iii) a fraction, the numerator of which is equal to the number of days from and including the date of such termination to and including December 1, 2025, and the denominator of which is 360 (the “Termination Fee”), payable on the date the Agreement or the Letter of Credit is terminated or replaced. Notwithstanding the foregoing, no such Termination Fee shall be payable (x) if the County requests in writing to the Bank that the Agreement or the Letter of Credit be terminated as the result of the reduction of any two of the Bank’s short-term ratings below “P-1” by Moody’s, “A-1” by S&P or “F1” by Fitch or (y) upon a refunding of the Bonds with proceeds received from a fixed rate term debt issuance purchased by a public investor or upon a conversion of the interest rate on the Bonds to another mode, in each case, that does not require liquidity or credit support or direct purchase or funding from a bank, financial institution or other third party.
Termination and Reduction Fee. (a) The County agrees not to terminate or replace the Agreement or the Letter of Credit prior to the second anniversary of the Closing Date December 1, 2018, except upon the payment by the County to the Bank of a termination fee in an amount equal to the product of (i) the Facility Fee Rate in effect pursuant to Section 1.1 hereof on the date of termination, (ii) the Gross Available Amount, and (iii) a fraction, the numerator of which is equal to the number of days from and including the date of such termination to and including the second anniversary of the Closing Date December 1, 2018, and the denominator of which is 360 (the “Termination Fee”), payable on the date the Agreement or the Letter of Credit is terminated or replaced. Notwithstanding the foregoing, no such Termination Fee shall be payable (x) if the County requests in writing to the Bank that the Agreement or the Letter of Credit be terminated as the result of the reduction of any of the Bank’s short-term ratings below “P-1” by Moody’s, “A-1 2” by S&P or “F1” by Fitch or (y) upon a refunding of the Bonds with proceeds received from a fixed rate term debt issuance purchased by a public investor or upon a conversion of the interest rate on the Bonds to another mode, in each case, that does not require liquidity or credit support or direct purchase or funding from a bank, financial institution or other third party.
Termination and Reduction Fee. (i) In the event a Letter of Credit is terminated prior to the Stated Expiration Date, the City hereby agrees to pay to the Bank a termination fee in connection with such termination of such Letter of Credit in an amount equal to the product of (x) the Letter of Credit Fee Rate in effect pursuant to Section 1.1 hereof on the date of termination, (y) the Available Amount of such Letter of Credit (without regard to any temporary reductions thereof) and (z) a fraction, the numerator of which is equal to the number of days from and including the date of termination to and including the Stated Expiration Date and the denominator of which is 360 (the “Termination Fee”), payable on the date the Agreement is terminated.
Termination and Reduction Fee. (a) The District agrees not to terminate or permit the termination of the Agreement or the Letter of Credit prior to the first anniversary of the Effective Date, except upon the payment by the District to the Bank of a termination fee in an amount equal to the product of (i) the Facility Fee Rate in effect pursuant to Section 1.1 hereof on the date of termination, (ii) the Gross Available Amount as of 12:00 noon on the date of termination, and (iii) a fraction, the numerator of which is equal to the number of days from and including the date of such termination to and including the first anniversary of the Effective Date, and the denominator of which is 360 (the “Termination Fee”), payable on the date the Agreement or the Letter of Credit is terminated. Notwithstanding the foregoing, no such Termination Fee shall be payable if the District requests in writing to the Bank that the Agreement and the Letter of Credit be terminated as the result of the reduction of the Bank’s short-term debt ratings below P-1 by Xxxxx’x.
