Letter of Credit Reserves. (a) If any Change in Law shall either (i) impose, modify, deem or make applicable any reserve, special deposit, assessment or similar requirement against letters of credit issued by the Issuing Lender or (ii) impose on the Issuing Lender any other condition regarding this Agreement (with respect to Letters of Credit) or any Letter of Credit, and the result of any event referred to in clause (i) or (ii) above shall be to increase the cost of the Issuing Lender of issuing or maintaining any Letter of Credit (which increase in cost shall be the result of the Issuing Lender’s reasonable allocation of the aggregate of such cost increases resulting from such events), then, upon demand by the Issuing Lender, Borrower shall immediately pay to the Issuing Lender, from time to time as specified by the Issuing Lender, additional amounts which shall be sufficient to compensate the Issuing Lender for such increased cost, together with interest on each such amount from the date demanded until payment in full thereof at a rate per annum equal to the rate applicable to Alternate Base Rate Loans pursuant to subsection 4.8(b). Borrower shall not be required to make any payments to the Issuing Lender for any additional amounts pursuant to this subsection 3.10
(a) unless the Issuing Lender has given written notice to Borrower of its intent to request such payments prior to or within 60 days after the date on which the Issuing Lender became entitled to claim such amounts. A certificate, setting forth in reasonable detail the calculation of the amounts involved, submitted by the Issuing Lender to Borrower concurrently with any such demand by the Issuing Lender, shall be conclusive, absent manifest error, as to the amount thereof.
(b) In the event that any Change in Law with respect to the Issuing Lender shall, in the reasonable opinion of the Issuing Lender, require that any obligation under any Letter of Credit be treated as an asset or otherwise be included for purposes of calculating the appropriate amount of capital to be maintained by the Issuing Lender or any corporation controlling the Issuing Lender, and such Change in Law shall have the effect of reducing the rate of return on the Issuing Lender’s or such corporation’s capital, as the case may be, as a consequence of the Issuing Lender’s obligations under such Letter of Credit to a level below that which the Issuing Lender or such corporation, as the case may be, could have achieved but for such Change in Law (taking i...
Letter of Credit Reserves. If any change in any law or regulation or in the interpretation or application thereof by any court or other governmental authority charged with the administration thereof shall either (a) impose, modify, deem or make applicable any reserve, special deposit, assessment or similar requirement against letters of credit issued by Agent, or (b) impose on Agent or any L/C Participant any other condition regarding this Agreement or any Standby L/C, and the result of any event referred to in clause (a) or (b) above shall be to increase the cost to Agent or any L/C Participant of issuing or maintaining any Standby L/C (which increase in cost shall be the result of Agent's or any L/C Participant's reasonable allocation of the aggregate of such cost increases resulting from such events), then, upon demand by Agent or any L/C Participant, Borrower shall immediately pay to Agent, for the pro rata benefit of such L/C Participant(s), from time to time as specified by Agent or such L/C Participant(s), additional amounts which shall be sufficient to compensate Agent or such L/C Participant(s) for such increased cost, together with interest on each such amount from the date demanded until payment in full thereof at a rate per annum equal to the then applicable interest rate on the Revolving Credit Loans made as Prime Rate Loans. A certificate as to such increased cost incurred by Agent or such L/C Participant(s), submitted by Agent or such L/C Participant(s) to Borrower, shall be conclusive, absent manifest error, as to the amount thereof. This provision shall survive the termination of this Agreement and shall remain in full force and effect until there is no existing or future obligation of Agent or any L/C Participant under any Standby L/C.
Letter of Credit Reserves. If any change in any law or regulation or in the interpretation or application thereof by any court or other governmental authority charged with the administration thereof shall either (a) impose, modify, deem or make applicable any reserve, special deposit, assessment or similar requirements against Letters of Credit issued by the Bank, or (b) impose on the Bank any other condition regarding this Agreement or the Facility, and the result of any event referred to in clause (a) or (b) above shall be to increase the cost to the Bank of issuing or maintaining any Letter of Credit or the Facility (which increase in cost shall be the result of the Bank's reasonable allocation of the aggregate of such cost increases resulting from such events), then, upon demand by the Bank, the Company shall immediately pay to the Bank additional amounts which shall be sufficient to compensate the Bank for such increased cost, together with interest on each such amount from the date demanded until payment in full thereof at a rate per annum equal to the Adjusted Daily LIBOR Rate. A certificate as to such increased cost incurred by the Bank, submitted by the Bank to the Company, shall be conclusive, absent manifest error, as to the amount thereof. This provision shall survive the termination of this Agreement and shall remain in full force and effect until there is no existing or future obligation of the Bank under any Letter of Credit.
Letter of Credit Reserves. If any change in any Law or in the interpretation thereof by any court or other governmental authority charged with administration thereof shall either (a) impose, modify or deem applicable any reserve, special deposit or similar requirement against any Letter of Credit, or (b) impose on Lender any other condition regarding this Agreement or any Letter of Credit, and the result of any event referred to in clauses (a) or (b) of this Section shall be to increase the cost to Lender of issuing any Letter of Credit, then upon demand by Lender, Borrower shall pay to Lender such additional amounts as may be necessary to compensate Lender for such increased costs. A certificate submitted by Lender to Borrower, stating such increased costs of issuing Letters of Credit, shall be conclusive, absent manifest error, as to the amount of such increased costs.
Letter of Credit Reserves. If any change in any law or regulation or in the interpretation or application thereof by any court or other governmental authority charged with the administration thereof shall either (a) impose, modify, deem or make applicable any reserve, special deposit, assessment or similar requirement against letters of credit issued by an LC Issuer, or (b) impose on an LC Issuer or any Lender any other condition regarding this Agreement or any Facility L/C, and the result of any event referred to in clause (a) or (b) above shall be to increase the cost to an LC Issuer or any Lender of issuing or maintaining any Facility L/C (which increase in cost shall be the result of an LC Issuer’s or any Lender’s reasonable allocation of the aggregate of such cost increases resulting from such events), then, upon demand by an LC Issuer or any Lender, Borrower shall immediately pay to Agent, for the pro rata benefit of such Lender(s), from time to time as specified by Agent or such Lender(s), additional amounts which shall be sufficient to compensate Agent or such Lender(s) for such increased cost, together with interest on each such amount from the date demanded until payment in full thereof at a rate per annum equal to the then applicable interest rate on ABR
Letter of Credit Reserves. As of the Closing Date, Availability Reserves shall not include reserves in respect of customer deposits.
Letter of Credit Reserves. 42 3.11. Further Assurances.......................................................................43 3.12.
Letter of Credit Reserves. (c) of the Loan agreement shall be and is hereby amended (a) to delete the words "Maximum Credit" and insert "Maximum Formula Amount" in their stead and to provide that, for purposes of Section 2.2(c) only, the availability of Revolving Loans shall be determined without regard to the limitation on cash borrowings imposed by Section 5 of this Amendment (but the availability of such Revolving Loans for purposes of such Section 2.2(c) shall be subject to the other limitations in respect thereof as provided in the Loan Agreement), and (b) to provide that Supplier Letters of Credit, which are standby and not documentary letters of credit, shall be included in the "Letter of Credit Accommodations" referenced in Section 2.2(c)(ii) of the Loan Agreement and the last sentence thereof, provided, however, if Excess Formula Availability does not exist at any time, Section 2.2(c) of the Loan Agreement shall not be applicable to such amount of the outstanding and undrawn amount of the Supplier Letters of Credit at such time (x) which is in excess of the outstanding and unpaid amount of all other Obligations of up to the Formula Availability at such time and (y) which does not exceed the Supplemental Credit Facility at such time. For example if the Formula Availability is $60 million at a particular time and the Obligations are $70 million at such time (including $20 million of Supplier Letters of Credit, $40 million of Loans and $10 million of other Letter of Credit Accommodations at such time), then $10 million of Supplier Letters of Credit will not be subject to Section 2.2(c) of the Loan Agreement. Supplier Letters of Credit which are issued or opened when Excess Formula Availability does not exist or which would result in the amount of all then outstanding and unpaid Obligations to be in excess of Formula Availability at such time shall not have expiration dates in respect thereof later than thirty (30) days prior to the earliest expiration date of a then outstanding and undrawn Xxxxxxxx Letter of Credit.
Letter of Credit Reserves. 38 2.2.7 Indemnification and Assumption of Risk....
Letter of Credit Reserves. If any change in any Law or regulation, or in the interpretation thereof by any court or other Governmental Authority charged with the administration thereof, shall either (a) impose, modify or deem applicable any reserve, special deposit or similar requirement against Letters of Credit issued by the Agent and/or the Agent's agreement to assume liability for the PEDFA Obligations, or (b) impose on the Agent any other condition regarding any Letter of Credit and/or the PEDFA Obligations, and the result of any event referred to in clauses (a) or (b) above shall be to increase the cost to the Agent of issuing, maintaining or extending the Letter of Credit or of continuing its agreement to assume liability for the PEDFA Obligations or the cost to any of the Lenders of funding any obligation under or in connection with the Letter of Credit and/or the PEDFA Obligations (which increase in cost shall be the result of the Agent's reasonable allocation of the aggregate of such cost increases resulting from such events), then, within ten (10) days of the Agent's written invoice therefor, the Borrowers shall pay to the Agent from time to time as specified by the Agent, additional amounts which shall be sufficient to compensate the Agent and the Lenders for such increased cost, together with interest on each such amount from the date demanded until payment in full thereof at a rate per annum equal to the then highest current rate of interest on the Revolving Loan. The Agent agrees to furnish to the Borrowers, upon written request, a certificate as to the Agent's calculation of any such increased cost, together with such supporting documentation for such calculation as the Borrowers may reasonably request.
