Common use of Lower Saxony Guarantee fee Clause in Contracts

Lower Saxony Guarantee fee. Throughout the period of the validity of a Lower Saxony Guarantee, the Borrower shall pay to the Lower Saxony Guarantee Agent quarterly in arrears commencing on the first Advance Date in respect of the relevant Tranche for prompt on-payment to the German State of Lower Saxony a guarantee fee in euro on the relevant Lower Saxony Guaranteed Amount PROVIDED THAT: 14.3.1 the Lower Saxony Guaranteed Amount shall not be reduced pro rata with the reductions of the relevant Tranche made on the relevant Reduction Dates until the date on which the relevant Maximum Tranche Amount as at the relevant Delivery Date has been reduced by three thirtieths (3/30ths); and 14.3.2 the Lower Saxony Guaranteed Amount shall thereafter reduce by one thirtieth (1/30th) on each subsequent relevant Reduction Date that a reduction is made; and if the Borrower exercises the currency option contained in Clause 3 in respect of the relevant Tranche: 14.3.3 the guarantee fee shall be payable at the applicable rate thereafter as aforesaid; and 14.3.4 the guarantee fee shall continue to be payable in euro calculated at the relevant rate on the relevant Lower Saxony Guaranteed Amount. The Lower Saxony Guarantee fee shall be calculated at the rate of one per cent (1.00%) per annum on the daily drawn amount of the Lower Saxony Guaranteed Amount and at the rate of nought point five per cent (0.5%) per annum on the daily undrawn amount of the Lower Saxony Guaranteed Amount. For the purpose of calculating the Lower Saxony Guarantee fee as aforesaid any voluntary prepayment pursuant to Clause 4.8 shall be deemed to have been applied in prepayment pro rata of Portion A and Portion B of the relevant Tranche. A Lower Saxony Guarantee fee schedule setting out the amounts of the fee to be paid shall be agreed between the Lower Saxony Guarantee Agent and the Borrower on or before the relevant Delivery Date in respect of a Tranche and shall from such date be deemed to be a part of this Agreement. If the currency option contained in Clause 3 is exercised in respect of a Tranche to take effect after the relevant Delivery Date, a new Lower Saxony Guarantee fee schedule shall be agreed between the Lower Saxony Guarantee Agent and the Borrower on the first Currency Conversion Date in respect of that Tranche and shall from such date be deemed to be a part of this Agreement in substitution for the previously agreed Lower Saxony Guarantee fee schedule in respect of that Tranche.

Lower Saxony Guarantee fee. Throughout the period of the validity of a Lower Saxony Guarantee, the Borrower shall pay to the Lower Saxony Guarantee Agent quarterly in arrears commencing on the first Advance Date in respect of the relevant Tranche for prompt on-payment to the German State of Lower Saxony a guarantee fee in euro on the relevant Lower Saxony Guaranteed Amount PROVIDED THAT: 14.3.1 the Lower Saxony Guaranteed Amount shall not be reduced pro rata with the reductions of the relevant Tranche made on the relevant Reduction Dates until the date on which the relevant Maximum Tranche Amount as at the relevant Delivery Date has been reduced by three thirtieths (3/30ths); and 14.3.2 the Lower Saxony Guaranteed Amount shall thereafter reduce by one thirtieth (1/30th) on each subsequent relevant Reduction Date that a reduction is made; and if the Borrower exercises the currency option contained in Clause 3 in respect of the relevant Tranche: 14.3.3 the guarantee fee shall be payable at the applicable rate thereafter as aforesaid; and 14.3.4 the guarantee fee shall continue to be payable in euro calculated at the relevant rate on the relevant Lower Saxony Guaranteed Amount. The Lower Saxony Guarantee fee shall be calculated at the rate of one per cent (1.00%) [*] per annum on the daily drawn amount of the Lower Saxony Guaranteed Amount and at the rate of nought point five per cent (0.5%) [*] per annum on the daily undrawn amount of the Lower Saxony Guaranteed Amount. For the purpose of calculating the Lower Saxony Guarantee fee as aforesaid any voluntary prepayment pursuant to Clause 4.8 shall be deemed to have been applied in prepayment pro rata of Portion A and Portion B of the relevant Tranche. A Lower Saxony Guarantee fee schedule setting out the amounts of the fee to be paid shall be agreed between the Lower Saxony Guarantee Agent and the Borrower on or before the relevant Delivery Date in respect of a Tranche and shall from such date be deemed to be a part of this Agreement. If the currency option contained in Clause 3 is exercised in respect of a Tranche to take effect after the relevant Delivery Date, a new Lower Saxony Guarantee fee schedule shall be agreed between the Lower Saxony Guarantee Agent and the Borrower on the first Currency Conversion Date in respect of that Tranche and shall from such date be deemed to be a part of this Agreement in substitution for the previously agreed Lower Saxony Guarantee fee schedule in respect of that Tranche.