Common use of REFERENCE RATE REVOLVING LOANS TO SATISFY REIMBURSEMENT OBLIGATIONS Clause in Contracts

REFERENCE RATE REVOLVING LOANS TO SATISFY REIMBURSEMENT OBLIGATIONS. If the Issuer honours a draw under any Letter of Credit or makes a payment under a Guarantee and the relevant Borrower shall not have repaid such amount to the Agent pursuant to clause 6.12.3, the honouring of such draw or the making of such payment by the Issuer shall of itself cause there to arise a Reference Rate Revolving Loan by the Lenders of the amount of such draw or payment which Reference Rate Revolving Loan that Borrower shall be obliged to repay immediately. In the event of non-payment of such Reference Rate Revolving Loan, interest thereon shall be calculated by reference to successive periods of such duration as the Agent may select at a rate per annum which is the sum of (i) two per cent (2%) (ii) the Applicable Margin and (iii) the Reference Rate and shall be paid by the relevant Borrower at the end of the period by reference to which it is calculated or on such other date as the Agent may specify by written notice to that Borrower. If not paid on the due date, the interest shall be added to and form part of the Reference Rate Revolving Loan on which interest shall accrue and be payable in accordance with the provisions of this clause 6.12.4.

REFERENCE RATE REVOLVING LOANS TO SATISFY REIMBURSEMENT OBLIGATIONS. 6.12.4 If the Issuer honours a draw under any Letter of Credit or makes a payment under a Guarantee and the relevant Borrower shall not have repaid such amount to the Agent pursuant to clause 6.12.3Clause 6.12.3 (Payment of Letter of Credit or Guarantee obligations), the honouring of such draw or the making of such payment by the Issuer shall of itself cause there to arise a Reference Rate Revolving Loan by the Lenders of the amount of such draw or payment which Reference Rate Revolving Loan that Borrower shall be obliged to repay immediately. In the event of non-payment of such Reference Rate Revolving Loan, interest thereon shall be calculated by reference to successive periods of such duration as the Agent may select at a rate per annum which is the sum of (i) two per cent (2%) (ii) the Applicable Margin and (iii) the Reference Rate and shall be paid by the relevant Borrower at the end of the period by reference to which it is calculated or on such other date as the Agent may specify by written notice to that Borrower. If not paid on the due date, the interest shall be added to and form part of the Reference Rate Revolving Loan on which interest shall accrue and be payable in accordance with the provisions of this clause 6.12.4.Clause 6.12.4 (Reference Rate Revolving Loans to satisfy reimbursement obligations). Letters of Credit and Guarantees — Assumption of Risk