Common use of RECOVERY OF ADDITIONAL COSTS Clause in Contracts

RECOVERY OF ADDITIONAL COSTS. If the imposition of or any change in any law, rules, regulation or guideline or the interpretation or application thereof by any court or administrative or governmental authority (including any request or policy not having the force of law) shall impose, modify or make applicable any taxes (except U.S. Federal, State of local income or franchise taxes imposed on Lender), reserve requirements, capital adequacy requirements or other obligations which would (a) increase the cost to Lender for extending or maintaining the Loan, (b) reduce the amounts payable to Lender under this Agreement, the Note, or the Related Documents, or (c) reduce the rate of return on Lender's capital as a consequence of Lender's obligations with respect to the Loan, then Borrower agrees to pay Lender such additional amounts as will compensate Lender therefor, within five (5) days after Lender's written demand for such payment, which demand shall be accompanied by an explanation of such imposition or charge and a calculation in reasonable detail of the additional amounts payable by Borrower, which explanation and calculations shall be conclusive in the absence of manifest error. NEGATIVE COVENANTS. Borrower and all Guarantors covenant and agree with Lender that while this Agreement is in effect, Borrower and all Guarantors shall not, without the prior written consent of Lender, which consent shall not be unreasonably withheld, delayed or conditioned:

RECOVERY OF ADDITIONAL COSTS. If the imposition of or any change in any law, rulesrule, regulation or guideline guideline, or the interpretation or application of any thereof by any court or administrative or governmental authority (including any request or policy not having the force of law) shall impose, modify or make applicable any taxes (except U.S. Federalfederal, State of state or local income or franchise taxes imposed on Lender), reserve requirements, capital adequacy requirements or other obligations which would (a) increase the cost to Lender for extending or maintaining the Loancredit facilities to which this Agreement relates, (b) reduce the amounts payable to Lender under this Agreement, the Note, Agreement or the Related Documents, or (c) reduce the rate of return on Lender's capital as a consequence of Lender's obligations with respect to the Loancredit facilities to which this Agreement relates, then Borrower agrees to pay Lender such additional amounts as will compensate Lender therefor, within five (5) days after Lender's written demand for such payment, which demand shall be accompanied by an explanation of such imposition or charge and a calculation in reasonable detail of the additional amounts payable by Borrower, which explanation and calculations shall be conclusive in the absence of manifest error. NEGATIVE COVENANTS. The reference to "Borrower" in this "NEGATIVE COVENANTS" section of this Agreement means INDUSTRIAL DATA SYSTEMS CORPORATION only and does not apply to any other co-borrower. Borrower covenants and all Guarantors covenant and agree agrees with Lender that while this Agreement is in effect, Borrower and all Guarantors shall not, without the prior written consent of Lender, which consent shall not be unreasonably withheld, delayed or conditioned:

RECOVERY OF ADDITIONAL COSTS. If the imposition of or any change in any law, rulesrule, regulation or guideline guideline, or the interpretation or application of any thereof by any court or administrative or governmental authority (including any request or policy not having the force of law) shall impose, modify or make applicable any taxes (except U.S. Federalfederal, State of state or local income or franchise taxes imposed on Lender), reserve requirements, capital adequacy requirements or other obligations which would (a) increase the cost to Lender for extending or maintaining the Loancredit facilities to which this Agreement relates, (b) reduce the amounts payable to Lender under this Agreement, the Note, Agreement or the Related Documents, or (c) reduce the rate of return on Lender's capital as a consequence of Lender's obligations with respect to the Loancredit facilities to which this Agreement relates, then Lender shall promptly notify Borrower agrees in writing of said fact. Upon receipt of said notice from Lender, Borrower shall have the option either (i) to terminate this Agreement and repay all amounts due to Lender hereunder in accordance with the terms of the Loan Documents, or (ii) to agree to pay to Lender such additional amounts as will compensate Lender therefor, within five (5) days after Lender's written demand for such payment, which demand shall be accompanied by an explanation of such imposition or charge and a calculation in reasonable detail of the additional amounts payable by Borrower, which explanation and calculations shall be conclusive in the absence of manifest error. NEGATIVE COVENANTS. Borrower and all Guarantors covenant and agree with Lender that while this Agreement is in effect, Borrower and all Guarantors shall not, without the prior written consent of Lender, which consent shall not be unreasonably withheld, delayed or conditioned:.

RECOVERY OF ADDITIONAL COSTS. If the imposition of or any change in any law, rulesrule, regulation or guideline guideline, or the interpretation or application of any thereof by any court or administrative or governmental authority (including any request or policy not having the force of law) shall impose, modify or make applicable any taxes (except U.S. Federalfederal, State of state or local income or franchise taxes imposed on Lender), reserve requirements, capital adequacy requirements or other obligations which would (a) increase the cost to Lender for extending or maintaining the Loancredit facilities to which this Agreement relates, (b) reduce the amounts payable to Lender under this Agreement, the Note, Agreement or the Related Documents, or (c) reduce the rate of return on Lender's capital as a consequence of Lender's obligations with respect to the Loancredit facilities to which this Agreement relates, then Borrower agrees to pay Lender such additional amounts as will compensate Lender therefor, within five (5) days after xXxx Lender's written wntten demand for such payment, which demand shall be accompanied by an explanation of such imposition or charge and a calculation in reasonable detail of the additional amounts payable by BorrowerBonrower, which explanation and calculations shall be conclusive in the absence of manifest error. NEGATIVE COVENANTS. Borrower covenants and all Guarantors covenant and agree agrees with Lender that while this Agreement is in effect, Borrower and all Guarantors Bonrower shall not, without the prior written pnor wntten consent of Lender, which consent shall not be unreasonably withheld, delayed or conditioned:

RECOVERY OF ADDITIONAL COSTS. If the imposition of or any change in any law, rulesrule, regulation or guideline guideline, or the interpretation or application of any thereof by any court or administrative or governmental authority (including any request or policy not having the force of law) shall impose, modify or make applicable any taxes (except U.S. Federalfederal, State of state or local income or franchise taxes imposed on Lender), reserve requirements, capital adequacy requirements or other obligations which would (a) increase the cost to Lender for extending or of maintaining the Loancredit facilities to which this Agreement relates, (b) reduce the amounts payable to Lender under this Agreement, the Note, Agreement or the Related Documents, or (c) reduce the rate of return on Lender's capital as a consequence of Lender's obligations with respect to the Loancredit facilities to which this Agreement relates, then Borrower agrees to pay Lender such additional amounts as will compensate Lender therefor, within five (5) days after Lender's written demand for such payment, which demand shall be accompanied by an explanation of such imposition or charge and a calculation in reasonable detail of the additional amounts payable by Borrower, which explanation and calculations shall be conclusive in the absence of manifest error. NEGATIVE COVENANTS. Borrower covenants and all Guarantors covenant and agree agrees with Lender that while this the Agreement is in effect, Borrower and all Guarantors shall not, without the prior written consent of Lender, which consent shall not be unreasonably withheld, delayed or conditioned: