AIRCRAFT COMMITMENT FEE Sample Clauses

AIRCRAFT COMMITMENT FEE. Lessor acknowledges that Lessee, pursuant to the November 1994 Lease, has paid to Lessor an Aircraft Commitment Fee in an amount equal to (x) $225,000 plus (y) Relevant Interest (as hereinafter defined) calculated from the date the Aircraft Commitment Fee or any part thereof was actually paid. For purposes of this Letter Agreement, Relevant Interest shall mean interest on the sum of $225,000 accrued over a period commencing from the date following the Previous Delivery Date on which the Aircraft Commitment Fee or any part thereof was actually paid to the Expiry Date, at the average rate over such period of General Electric Capital Corporation Commercial Paper (for 240 to 270 days) as reported from time to time in The Wall Street Journal less 25 basis points (i.e. 0.25% per annum).

AIRCRAFT COMMITMENT FEE. Lessee shall pay to the Lessor a Commitment Fee in the amount and in accordance with the schedule set forth in Letter Agreement No. 1: The Commitment Fee shall be returned to the Lessee five Business Days following the Expiry Date, but not before the Lessee shall have completely performed all of its obligations then due under this Agreement. If the Commitment Fee is in the form of cash, interest shall accrue on the Commitment Fee at six months (6 months) LIBOR minus 1.00 % and shall be payable to the Lessee together with the Commitment Fee unless any Event of Default occurs and is continuing at such time, in which case, such interest shall be paid to the Lessee at such time as all amounts then due from the Lessee to the Lessor hereunder shall have been paid in full. At the Lessor's option, payment of the Commitment Fee may take the form of the provision by the Lessee to the Lessor of a Letter of Credit, and in such case, the Lessor agrees to exchange such Letter of Credit for a new Letter of Credit in an appropriately reduced amount if and when the Commitment Fee is reduced as provided in this Clause 5.1; provided that the Lessee shall have the right to maintain the Commitment Fee in the form of cash, subject to the conditions set forth in Clause 5.15(a).