Common use of Reimbursement of Hedge LC Clause in Contracts

Reimbursement of Hedge LC. Borrower hereby agrees to repay any Drawing Payment and to pay all fees and interest thereon at the rates provided herein, which obligation shall be irrevocable, absolute and unconditional; provided, that as long as an Event of Default (other than an Event of Default that will be cured with the proceeds of the proposed draw on the applicable Hedge LC) has not occurred and is continuing and unless Borrower has repaid the full amount of such Drawing Payment on the next Business Day, the amount of the applicable Drawing Payment in respect of any Hedge LC shall be converted to a loan made pursuant to this Section 2.2(d)(v) (a “Hedge LC Loan”). Each Hedge LC Loan, if any, shall be due and payable in full on the LC Loan Maturity Date. Borrower shall pay interest on the unpaid amount of each Hedge LC Loan calculated from the date of such Hedge LC Loan until such Hedge LC Loan is repaid in full at a rate per annum equal to the Base Rate plus the Applicable Base Rate Margin.