Common use of Payments Under Letter of Credit Clause in Contracts

Payments Under Letter of Credit. The Company shall reimburse the Bank, after each drawing under a Letter of Credit but before the close of business on the date of such drawing, for the amount paid by the Bank under such Letter of Credit, plus interest (computed on the basis of the actual number of days elapsed in a year of 365 or, as the case may be, 366 days) on any such amount, from the date of such drawing until full reimbursement is made, at a rate per annum equal to 2% plus the Base Rate as in effect from time to time. If any drawing under a Letter of Credit shall not have been reimbursed by the close of business on the date of such drawing, the Company shall be deemed to have requested from the Lenders a Base Rate Loan in an amount equal to the amount of such drawing for the purpose of reimbursing the Bank as aforesaid. The Company's obligation to reimburse the Bank for payments made by the Bank under a Letter of Credit shall be absolute and unconditional under any circumstances and irrespective of any set-off, counterclaim or defense to payment which the Company may have or have had against the Bank or any Lender, including, without limitation, any defense based on the failure of the Company to receive all or any part of the proceeds from the sale of Commercial Paper Notes with respect to which such drawing was made or any non-application or misapplication by the Depositary of the proceeds of such drawing. No payment made as contemplated by this paragraph shall be deemed to be a waiver of any claim the Company may have against any party.

Payments Under Letter of Credit. The Company Trust shall reimburse the Bank, after each drawing under a Letter of Credit but before the close of business on the date of such drawing, for the amount paid by the Bank under such Letter of Credit, plus interest (computed on the basis of the actual number of days elapsed in a year of 365 or, as the case may be, 366 days) on any such amount, from the date of such drawing until full reimbursement is made, at a rate per annum equal to 2% plus the Base Rate as in effect from time to time. If any drawing under a Letter of Credit shall not have been reimbursed by the close of business on the date of such drawing, the Company Trust shall be deemed to have requested from the Lenders a Base Rate Loan in an amount equal to the amount of such drawing for the purpose of reimbursing the Bank as aforesaid. The CompanyTrust's obligation to reimburse the Bank for payments made by the Bank under a Letter of Credit shall be absolute and unconditional under any circumstances and irrespective of any set-off, counterclaim or defense to payment which the Company Trust may have or have had against the Bank or any Lender, including, without limitation, any defense based on the failure of the Company Trust to receive all or any part of the proceeds from the sale of Commercial Paper Notes with respect to which such drawing was made or any non-application or misapplication by the Depositary of the proceeds of such drawing. No payment made as contemplated by this paragraph shall be deemed to be a waiver of any claim the Company Trust may have against any party.

Payments Under Letter of Credit. The Company shall reimburse the Bank, after each drawing under a Letter of Credit but Bank before the close of business on the date of such drawing, each drawing under a Letter of Credit for the amount paid by the Bank under such Letter of Credit, plus interest (computed on the basis of the actual number of days elapsed in a year of 365 or, as the case may be, 366 days) on any such amount, from the date of such drawing until full reimbursement is made, at a rate per annum equal to 2% plus the Base Rate as in effect from time to time. If any drawing under a Letter of Credit shall not have been reimbursed by the close of business on the date of such drawing, the Company shall be deemed to have requested from the Lenders a Base Prime Rate Loan in an amount equal to the amount of such drawing for the purpose of reimbursing the Bank as aforesaid. The Company's obligation to reimburse the Bank for payments made by the Bank under a Letter of Credit shall be absolute and unconditional under any circumstances and irrespective of any set-off, counterclaim or defense to payment which the Company may have or have had against the Bank or any Lender, including, without limitation, any defense based on the failure of the Company to receive all or any part of the proceeds from the sale of Commercial Paper Notes with respect to which such drawing was made or any non-application or misapplication by the Depositary of the proceeds of such drawing. No payment made as contemplated by this paragraph shall be deemed to be a waiver of any claim the Company may have against any party.

Payments Under Letter of Credit. The Company Trust shall reimburse the Bank, after each drawing under a Letter of Credit but Bank before the close of business on the date of such drawing, each drawing under a Letter of Credit for the amount paid by the Bank under such Letter of Credit, plus interest (computed on the basis of the actual number of days elapsed in a year of 365 or, as the case may be, 366 days) on any such amount, from the date of such drawing until full reimbursement is made, at a rate per annum equal to 2% plus the Base Rate as in effect from time to time. If any drawing under a Letter of Credit shall not have been reimbursed by the close of business on the date of such drawing, the Company Trust shall be deemed to have requested from the Lenders a Base Prime Rate Loan in an amount equal to the amount of such drawing for the purpose of reimbursing the Bank as aforesaid. The CompanyTrust's obligation to reimburse the Bank for payments made by the Bank under a Letter of Credit shall be absolute and unconditional under any circumstances and irrespective of any set-off, counterclaim or defense to payment which the Company Trust may have or have had against the Bank or any Lender, including, without limitation, any defense based on the failure of the Company Trust to receive all or any part of the proceeds from the sale of Commercial Paper Notes with respect to which such drawing was made or any non-non- application or misapplication by the Depositary of the proceeds of such drawing. No payment made as contemplated by this paragraph shall be deemed to be a waiver of any claim the Company Trust may have against any party.

Payments Under Letter of Credit. The Company shall reimburse the Bank, after each drawing under a Letter of Credit but Bank before the close of business on the date of such drawing, each drawing under the Letter of Credit for the amount paid by the Bank under such the Letter of Credit, plus interest (computed on the basis of the actual number of days elapsed in a year of 365 or, as the case may be, 366 days) on any such amount, from the date of such drawing until full reimbursement is made, at a rate per annum equal to 2% plus the Base Rate as in effect from time to time. If any drawing under a the Letter of Credit shall not have been reimbursed by the close of business on the date of such drawing, the Company shall be deemed to have requested from the Lenders a Base Prime Rate Loan in an amount equal to the amount of such drawing for the purpose of reimbursing the Bank as aforesaid. The Company's obligation to reimburse the Bank for payments made by the Bank under a the Letter of Credit shall be absolute and unconditional under any circumstances and irrespective of any set-off, counterclaim or defense to payment which the Company may have or have had against the Bank or any Lender, including, without limitation, any defense based on the failure of the Company to receive all or any part of the proceeds from the sale of Commercial Paper Notes with respect to which such drawing was made or any non-application or misapplication by the Depositary of the proceeds of such drawing. No payment made as contemplated by this paragraph shall be deemed to be a waiver of any claim the Company may have against any party.