Reduction Fee. Borrower shall pay to the Administrative Agent (on ------------- behalf of the Lenders) a fee (the "Reduction Fee") in an amount equal to the ------------- applicable Reduction Fee Percentage of:
(a) the principal amount of any reduction in the Commitments, simultaneously with any termination or reduction of the Commitments under Section 2.5 or otherwise which occurs after the expiration of the Net ----------- Proceeds Remittance Period (including, without limitation, a termination of the Commitments as a result of the occurrence of the Maturity Date);
(b) if any termination or reduction of the Commitments occurs during the Net Proceeds Remittance Period, but occurs in connection with a repayment that results in the expiration of the Net Proceeds Remittance Period, to the extent of and simultaneously with any such termination or reduction of the Commitments which occurs while the Loan-to-Value Ratio is less than 70% assuming that such termination or reduction (and repayment) is made in a series of one dollar ($1.00) terminations or reductions (and repayments) (as applicable); and
(c) the difference, on the Maturity Date, between (x) the highest amount of the Commitments from time to time minus (y) the amount of the Commitments as of the date of the expiration of the Net Proceeds Remittance Period (after giving effect to clause (b) above), on the Maturity Date. It is the intention of the parties that a Reduction Fee shall ultimately be paid on 100% of the highest amount of the Commitments from time to time. If all of the Commitments are terminated during the Net Proceeds Remittance Period (including, without limitation, a termination of the Commitments as a result of the occurrence of the Maturity Date), then, without duplicating any of the foregoing payments, a Reduction Fee shall be paid on the date of such termination on 100% of the highest amount of the Commitments from time to time. To the extent any Reduction Fee is not paid when due, the same shall be accompanied by interest thereon at the Default Rate from the date when due to the date when paid.
Reduction Fee. As additional consideration for Landlord's agreement to reduce Tenant's obligations by entering into this Amendment, and to reimburse Landlord for any initial unamortized expenses incurred by Landlord in entering into the Lease with respect to the Reduction Space portion of the Premises, Tenant agrees to pay Landlord upon Tenant's execution hereof the amount of $16,000.00 as additional rent.
Reduction Fee. Within thirty (30) days after the contingency set forth in Section 1.3 below is satisfied or waived, Tenant shall pay to Landlord, by cashier’s or certified check or by wire transfer of immediately available funds to an account designated by Landlord, as consideration for the acceleration of the expiration date of the Lease with respect to the Reduction Space and not as a penalty, the amount of $600,000.00 (the “Reduction Fee”).
Reduction Fee. As additional consideration for Landlord’s agreement to enter into this Amendment, on or before two (2) business days after the Reduction Commencement Date, Tenant shall pay, in certified funds or by wire transfer directly to Landlord, a premises ”Reduction Fee” equal to One Million Five Hundred Thousand and No/100s Dollars ($1,500,000.00). Tenant’s failure to timely make this payment shall render this Amendment null and void and of no force or effect. Landlord agrees that Tenant shall not be responsible for the payment of the amounts due and owing (and set forth in detail on the invoice attached hereto as Exhibit “E”) for the 2009 Operating Expense reconciliation and that the payment of the Reduction Fee is the full and final payment owed to Landlord for all rent, costs and expenses accruing prior to the Reduction Commencement Date.
Reduction Fee. On or before December 31, 2002, Subtenant shall pay Sublandlord a fee in the amount of $45,000 (the "Reduction Fee"), in consideration for Sublandlord agreeing to allow Subtenant to reduce the size of its Premises and corresponding obligations under the Sublease. Subtenant acknowledges that Sublandlord would not have agreed to allow Subtenant to reduce the size of its Premises in the absence of Subtenant's agreement to pay the Reduction Fee and the Draw Down Payment in accordance with the terms hereof. Accordingly, the parties expressly acknowledge and agree that the payment of such amount is not intended as a forfeiture or penalty under applicable law, but is intended to be consideration for this Agreement.
Reduction Fee. The Borrowers jointly and severally agree to pay to the LC Agent a reduction fee in the amount of $2,500,000 (the "REDUCTION FEE") for its own account on the date that is the earlier of (1) twelve (12) months from the Closing Date and (2) March 29, 2004, in the event that the sum of (A) the Maximum Commitment, (B) the "Maximum Commitment" (as defined in the Crude Oil Purchase Agreement) and (C) the "Maximum Commitment" (as defined in the Receivables Purchase Agreement) shall not have been permanently reduced to an amount equal to or less than $200,000,000 on or prior to such date.
Reduction Fee. Tenant shall pay to Landlord the amounts set forth in sections (a) and (b) below (collectively, the "Reduction Fee") pursuant to this Section 2 in consideration for Landlord's agreement to eliminate the Reduction Space from the Premises: Concurrently with Tenant's execution and delivery of this Second Amendment, Tenant shall pay to Landlord the sum of $58,750.00; An amount equal to $3,431.00 per month commencing on the Reduction Effective Date and continuing on the first (1st) day of each succeeding calendar month up to and including January 1, 2012 (each a "Reduction Fee Monthly Payment"), and the Lease is hereby amended as follows: References to "Monthly Base Rent" and "Rent" in the Original Lease shall be amended pursuant to Section 2(b) to include the Reduction Fee Monthly Payments. In the "Excess Rent" provision contained in Section 10.3 of the Original Lease, the following parenthetical shall be inserted in clause (i) after the words "Monthly Base Rent": "(excluding, however, any Reduction Fee Monthly Payments)". Sections 6.5, 10.2, 14.3, 15.2 and 16.5 of the Original Lease with respect to the abatement and/or reduction of Rent shall not apply to any Reduction Fee Monthly Payment. If (x) for any reason, the Termination Date occurs earlier than January 1, 2012, and (y) Tenant has not yet paid in full all of the Reduction Fee Monthly Payments required hereunder, then any and all Reduction Fee Monthly Payments not yet paid by Tenant shall immediately become due and payable as of the Termination Date.
Reduction Fee. In consideration for the modification to the Term Expiration Date with respect to the Fourteenth Amendment Reduction Premises (in accordance with Article 2 above), Tenant shall pay to Landlord, on or before the Reduction Date, an amount equal to One Hundred Fifty Thousand Dollars ($150,000) (the “Reduction Fee”). If Tenant fails to pay, or is late in paying, the Reduction Fee, then Landlord shall have all of the rights and remedies set forth in the Lease for nonpayment of Rent (including the right to interest and the right to assess a late charge), and for purposes of any litigation instituted with regard to such amount, the Reduction Fee shall be considered Rent.
Reduction Fee. Concurrently with the execution and delivery of this Fifth Amendment to Lease, Tenant shall pay Landlord a reduction fee for the reduction of the Premises as described herein in the amount of seventy eight thousand one hundred seventy-two and 00/100 dollars ($78,172) (“Reduction Fee”)
Reduction Fee. Upon the occurrence of a Default or an Event of Default as a result of the failure by the Borrower to reduce the Aggregate 2 Revolving Credit Exposure (as required by the terms of Section 2.12(c) hereof) upon the reduction of the Revolving Credit Commitments set forth in Section 2.10(f) hereof, the Borrower shall pay to the Agent for the ratable benefit of the Lenders a fee (the "Reduction Fee") equal to 1.00% of the total Commitments existing as of April 30, 1999 (prior to the reduction of the Revolving Credit Commitments as set forth in Section 2.10(f) hereof). Acceptance of the Reduction Fee by the Agent or the Lenders shall not constitute a waiver of such Event of Default, and nothing in this Section 5.15 shall imply that such Event of Default is or will be waived."
SECTION 1.03. Amendment to Article VII(c). Article VII(c) of the Credit Agreement is hereby amended by deleting the word "or" after "5.09" and inserting in lieu thereof a comma and by inserting a comma after "5.11" and inserting after such comma "5.14 or 5.15".
