Common use of Increased Costs Due to Change in Law Clause in Contracts

Increased Costs Due to Change in Law. If any change in any law ------------------------------------ or regulation or in the interpretation thereof by any court or administrative agency shall either (i) impose, modify or deem applicable any reserve, special deposit or similar requirement against or in connection with letters of credit issued by the Bank or against commitments by any Participant in connection with participation in letters of credit similar to the commitment made by such Participant under its participation agreement with the Bank, if any, or (ii) impose on the Bank or any Participant any other condition regarding this Agreement or a Letter of Credit (other than changes in the rates of income taxation generally applicable to the Bank or any Participant), and the result of any such event shall be to increase the cost to the Bank of issuing or maintaining such Letter of Credit or to increase the costs to any Participant of maintaining its commitments under its participation agreement (which increase in cost shall be determined by the Bank's or such Participant's reasonable allocation of the aggregate of such cost increases resulting from such events), then (a) the Bank or the Participant (as the case may be) shall so notify the Borrower, and (b) upon receipt of such notice from the Bank or the Participant (as the case may be), the Borrower shall promptly pay to the Bank or to the Participant (as the case may be) from time to time as specified by the Bank or the Participant (as the case may be) additional amounts which shall be sufficient to compensate the Bank or the Participant (as the case may be) for such increased costs, together with interest on each such amount for the period from the date of such notice until payment in full thereof at the Prime Rate plus two percent (2%) (computed on the basis of a year of 360 days but calculated on the actual number of days outstanding). A certificate setting forth in reasonable detail such increased cost incurred by the Bank or the Participant as a result of any such event, submitted by the Bank or the Participant to the Borrower, shall be prima facie evidence, absent manifest ----- ----- error, as to the amount thereof.

Increased Costs Due to Change in Law. If any change in any law ------------------------------------ or regulation or in the interpretation thereof by any court or administrative agency shall either (i) impose, modify or deem applicable to the Bank any reservereserve requirement, special deposit requirement or similar requirement against or in connection with letters the Letter of credit Credit issued by the Bank or against commitments by any Participant in connection with participation in letters of credit similar to the commitment made by such Participant under its participation agreement with the Bank, if any, or (ii) impose on subject the Bank to any tax, charge, fee, deduction or withholding of any Participant any other condition regarding this Agreement or a kind in connection with the Letter of Credit (other than changes in the rates of income taxation generally applicable to the Bank); or (iii) impose any condition upon or cause in any manner the addition of any supplement to or increase of any kind to the capital or cost base of the Bank for issuing or maintaining the Letter of Credit that results in an increase in the capital requirement supporting either the Letter of Credit; or (iv) impose upon, modify, require, make or deem applicable to the Bank any Participant)capital requirement, increases capital requirement or similar requirement, such as deeming the Letter of Credit to be assets held by the Bank for capital adequacy calculation or other purposes and the result of any such event the events described in (i), (ii), (iii) or (iv) shall be to increase the cost in any way to the Bank of issuing or maintaining such the Letter of Credit or to increase reduce the costs to any Participant of maintaining its commitments under its participation agreement (which increase in cost shall be determined amount payable by the Bank's Borrower hereunder or to reduce the return on capital, as a consequence of issuing or maintaining the Letter of Credit, to a level below that which the Bank could have achieved but for such Participant's reasonable allocation of results, in any case by such amount as the aggregate of such cost increases resulting from such events)Bank in its discretion appropriate, then and in such event, (a) the Bank or the Participant (as the case may be) shall so notify the Borrower, and (b) upon receipt of such notice from the Bank or the Participant (as the case may be)Bank, the Borrower shall promptly (i) pay to the Bank or to the Participant (as the case may be) from time to time as specified by the Bank or the Participant (as the case may be) additional amounts which shall be sufficient to compensate the Bank or the Participant (as the case may be) for such increased costs, together with interest on each such amount for the period from the date of such notice until payment in full thereof at the Prime Default Interest Rate plus two percent or (2%ii) cause the original Letter of Credit to be delivered to the Bank and cause the Trustee to release Bank from any and all obligations under the Letter of Credit. The Borrower shall cause the Bank to be reimbursed for any additional costs for items described in (computed on i) through (iv) above prior to the basis time the original Letter of Credit is delivered to the Bank and a year of 360 days but calculated on release is obtained from Trustee . The Bank (as the actual number of days outstanding)case may be) shall provide the Borrower with a certificate regarding a claim for costs under this Section 6.3 and Borrower may have opportunity to review the same. A certificate setting forth in reasonable detail such a claim for increased cost under this Section 6.3 incurred by the Bank or the Participant as a result of any such event, event and submitted by the Bank or the Participant to the Borrower, shall be prima facie evidence, absent manifest ----- ----- error, as to the amount thereof.

Increased Costs Due to Change in Law. If any law or ------------------------------------ regulation, any change in any law ------------------------------------ or regulation regulation, or in the any interpretation thereof by any court or administrative agency or governmental authority charged or claiming to be charged with the administration thereof, or any change in generally accepted accounting principles applicable to the Bank, shall either (ia) impose, modify or deem make applicable any reserve, special deposit or similar requirement against or in connection with letters of credit issued by by, assets held by, or deposits with or for the account of the Bank or against commitments by with respect to this Agreement, the Letter of Credit or any Participant in connection with participation in letters of credit similar to the commitment made by such Participant under its participation agreement with the BankRelated Document or any transactions hereunder or thereunder, if any, or (iib) impose on the Bank or any Participant any other condition regarding this Agreement or a Agreement, the Letter of Credit or any Related Document, or (other than changes in the rates of income taxation generally applicable to c) subject the Bank to any tax, charge, fee, deduction or withholding of any Participant)kind whatsoever, and the result of any such event event, or any similar measure, shall be to increase the cost to the Bank of issuing or maintaining such the Letter of Credit or to increase the costs to any Participant of maintaining its commitments under its participation agreement (which increase in cost shall be determined the result of the reasonable allocation by the Bank's or such Participant's reasonable allocation Bank of the aggregate of such cost increases resulting from such events)) or reduce the amount of principal of, then (a) interest on, or any fee or compensation receivable by the Bank or the Participant (as the case may be) shall so notify the Borrower, and (b) upon receipt of such notice from the Bank or the Participant (as the case may be)in respect of, the Borrower Letter of Credit or this Agreement, upon demand by the Bank, the Corporation shall promptly pay to the Bank or to the Participant (as the case may be) Bank, from time to time as specified by the Bank or the Participant (as the case may be) Bank, such additional amounts which shall as shall, in the reasonable judgment of the Bank, be sufficient to compensate the Bank or the Participant (as the case may be) for such increased costs, costs or reductions together with interest on each such amount for the period from the date of such notice demanded until payment in full thereof at the Prime Rate plus two percent (2%) (computed on the basis of a year of 360 days but calculated on the actual number of days outstanding). A certificate setting rate set forth in reasonable detail such increased cost incurred by Section 2.4(f) hereof. The obligations of the Corporation under this Section 2.7 shall survive the cancellation or expiration of the Letter of Credit. For the purpose of this Section any reference to the Bank or the Participant as a result of shall be deemed to include any such event, submitted by Person to whom the Bank or has sold a participation in the Participant to the Borrower, shall be prima facie evidence, absent manifest ----- ----- error, as to the amount thereofLetter of Credit.

Increased Costs Due to Change in Law. If any change in any law ------------------------------------ or regulation or in the interpretation thereof by any court or administrative agency shall either (i) impose, modify or deem applicable any reserve, special deposit or similar requirement against or in connection with letters of credit issued by the Bank or against commitments by any Participant in connection with participation in letters of credit similar to the commitment made by such Participant under its participation agreement with the Bank, if any, or (ii) impose on the Bank or any Participant any other condition regarding this Agreement or a the Letter of Credit (other than changes in the rates of income taxation generally applicable to the Bank or any Participant), and the result of any such event shall be to increase the cost to the Bank of issuing or maintaining such the Letter of Credit or to increase the costs to any Participant of maintaining its commitments under its participation agreement (which increase in cost shall be determined by the Bank's or such Participant's reasonable allocation of the aggregate of such cost increases resulting from such events), then (a) the Bank or the Participant (as the case may be) shall so notify the Borrower, and (b) upon receipt of such notice from the Bank or the Participant (as the case may be), the Borrower shall promptly pay to the Bank or to the Participant (as the case may be) from time to time as specified by the Bank or the Participant (as the case may be) additional amounts which shall be sufficient to compensate the Bank or the Participant (as the case may be) for such increased costs, together with interest on each such amount for the period from the date of such notice until payment in full thereof at the Prime Rate plus two percent (2%) (computed on the basis of a year of 360 days but calculated on the actual number of days outstanding). A certificate setting forth in reasonable detail such increased cost incurred by the Bank or the Participant as a result of any such event, submitted by the Bank or the Participant to the Borrower, shall be prima facie evidence, absent manifest ----- ----- error, as to the amount thereof.