Common use of Tender Advances Clause in Contracts

Tender Advances. (a) If the Bank shall make any payment of that --------------- portion of the purchase price corresponding to principal and interest of the Bonds drawn under the Letter of Credit pursuant to a Tender Draft and the conditions set forth in Section 8.2 all have been fulfilled, such payment shall constitute a tender advance made by the Bank to the Borrower on the date and in the amount of such (a "Tender Advance"); provided that if the conditions of said Section 8.2 have not been fulfilled, the amount so drawn pursuant to the Tender Draft shall be payable in accordance with the terms of Section 4.2(a) above. Notwithstanding any other provision hereof, the Borrower shall repay the unpaid amount of each Tender Advance, together with all unpaid interest thereon on the earlier to occur of (i) such date as Bonds purchased pursuant to a Tender Draft are resold as provided in paragraph 4.3(d) hereof, (ii) on the date 366 days following the date of such Tender Advance, or (iii) the Termination Date. The Borrower may prepay the outstanding amount of any Tender Advance in whole or in part, together with accrued interest to the date of such prepayment on the date such amount is prepaid. The Borrower shall notify the Bank prior to 11:00 A.M., EST on the date of such prepayment of the amount to be prepaid. (b) The Borrower shall pay interest on the unpaid amount of each Tender Advance from the date of such Tender Advance until such amount is paid in full, payable monthly, in arrears, on the first day of each month during the term of each Tender Advance and on the date such amount is paid in full, at a fluctuating interest rate per annum in effect from time to time equal to the Prime Rate, provided that the unpaid amount of any Tender Advance which is not paid when due shall bear interest at the lesser of the Prime Rate plus two percent (2%) or the highest rate permitted by applicable law, payable on demand and on the date such amount is paid in full.

Tender Advances. (a) If the Bank shall make any payment of that --------------- portion of the purchase price corresponding to principal and interest of the Bonds drawn under the Letter of Credit pursuant to a Tender Draft and the conditions set forth in Section 8.2 all 7.3 shall have been fulfilled, such payment shall constitute a tender advance made by the Bank to the Borrower on the date and in the amount of such payment (a "Tender Advance"); provided that if the conditions of said Section 8.2 7.3 have not been fulfilled, the amount so drawn pursuant to the Tender Draft shall be payable in accordance with the terms of Section 4.2(a3.2(a) above. Notwithstanding any other provision hereof, the Borrower shall repay the unpaid amount of each Tender Advance, together with all unpaid interest thereon thereon, on the earlier to occur of of: (i) such date as any Bonds purchased pursuant to a Tender Draft are resold as provided in paragraph 4.3(dSection 3.3(d) hereof, ; (ii) on the date 366 days one year following the date of such Tender Advance, ; or (iii) the Termination Expiration Date. The Borrower may prepay the outstanding amount of any Tender Advance in whole or in part, together with accrued interest to the date of such prepayment on the date such amount is prepaid. The Borrower shall notify the Bank prior to 11:00 A.M.A.M. Charlotte, EST North Carolina time on the date of such prepayment of the amount to be prepaid, except to the extent the prepayment is being made from the proceeds of remarketed bonds. (b) The Borrower shall pay interest on the unpaid amount of each Tender Advance from the date of such Tender Advance until such amount is paid in full, payable monthly, in arrears, on the first day of each month during the term of each Tender Advance and on the date such amount is paid in full, at a fluctuating interest rate per annum in effect from time to time equal to the Prime RateLIBOR Market Index Rate plus 0.60%, provided provided, that the unpaid amount of any Tender Advance which is not paid when due shall bear interest at the lesser of the Prime Rate plus two percent (2%) or the highest rate permitted by applicable law, payable on demand and on the date such amount is paid in full.a

Tender Advances. (a) If the Bank shall make any payment of that --------------- portion of the purchase price corresponding to principal and interest of the Bonds drawn under the Letter of Credit pursuant to a Tender Draft and the conditions set forth in Section 8.2 8.3 all have been fulfilled, such payment shall constitute a tender advance made by the Bank to the Borrower on the date and in the amount of such payment (a "“Tender Advance"”); provided that if the conditions of said Section 8.2 8.3 have not been fulfilled, the amount so drawn pursuant to the Tender Draft shall be payable in accordance with the terms of Section 4.2(a) above. Notwithstanding any other provision hereof, the Borrower shall repay the unpaid amount of each Tender Advance, together with all unpaid interest thereon on the earlier to occur of (i) such date as Bonds purchased pursuant to a Tender Draft are resold as provided in paragraph 4.3(d) hereof, (ii) on the date 366 days following the date of such Tender Advance, or (iii) the Termination Date. The Borrower may prepay the outstanding amount of any Tender Advance in whole or in part, together with accrued interest to the date of such prepayment on the date such amount is prepaid. The Borrower shall notify the Bank Bank, prior to 11:00 A.M.A.M. (Eastern time), EST on the date of such prepayment of the amount to be prepaid. (b) The Borrower shall pay interest on the unpaid amount of each Tender Advance from the date of such Tender Advance until such amount is paid in full, payable monthly, in arrears, on the first day of each month during the term of each Tender Advance and on the date such amount is paid in full, at a fluctuating interest rate per annum in effect from time to time equal to the Prime Rate, provided that the unpaid amount of any Tender Advance Advance,which is not paid when due shall bear interest at the lesser of the Prime Rate plus two percent (2%) or the highest rate permitted by applicable law, payable on demand and on the date such amount is paid in full.

Tender Advances. (a) If the Bank shall make any payment of that --------------- portion of the purchase price corresponding to principal and interest of the Bonds drawn under the Letter of Credit pursuant to a Tender Draft and the conditions set forth in Section 8.2 all 7.3 shall have been fulfilled, such payment shall constitute a tender advance made by the Bank to the Borrower on the date and in the amount of such payment (a "Tender Advance"); provided that if the conditions of said Section 8.2 7.3 have not been fulfilled, the amount so drawn pursuant to the Tender Draft shall be payable in accordance with the terms of Section 4.2(a3.2(a) above. Notwithstanding any other provision hereof, the Borrower shall repay the unpaid amount of each Tender Advance, together with all unpaid interest thereon thereon, on the earlier to occur of of: (i) such date as any Bonds purchased pursuant to a Tender Draft are resold as provided in paragraph 4.3(dSection 3.3(d) hereof, ; (ii) on the date 366 days one year following the date of such Tender Advance, ; or (iii) the Termination Date. The Borrower may prepay the outstanding amount of any Tender Advance in whole or in part, together with accrued interest to the date of such prepayment on the date such amount is prepaid. The Borrower shall notify the Bank prior to 11:00 A.M.A.M. Charlotte, EST North Carolina time on the date of such prepayment of the amount to be prepaid. (b) The Borrower shall pay interest on the unpaid amount of each Tender Advance from the date of such Tender Advance until such amount is paid in full, payable monthly, in arrears, on the first day of each month during the term of each Tender Advance and on the date such amount is paid in full, at a fluctuating interest rate per annum in effect from time to time equal to the Prime Rate, provided that the unpaid amount of any Tender Advance which is not paid when due shall bear interest at the lesser lower of the Prime Rate plus two percent (2%) or the highest rate permitted by applicable law, payable on demand and on the date such amount is paid in full.

Tender Advances. (a) If the Bank Issuing Lender shall make any payment of that --------------- portion of the purchase price corresponding to principal and interest of the Bonds drawn under the Existing Letter of Credit pursuant to a Tender Draft and the conditions set forth in Section 8.2 all 7.1 shall have been fulfilled, such payment shall constitute a tender advance made by the Bank Issuing Lender to the Borrower Borrowers on the date and in the amount of such payment (a "Tender Advance"); provided that if the conditions of said Section 8.2 7.1 have not been fulfilled, the amount so drawn pursuant to the Tender Draft shall be payable in accordance with the terms of Section 4.2(a) above3.5 of the Credit Agreement. Notwithstanding any other provision hereof, the Borrower Borrowers shall repay the unpaid amount of each Tender Advance, together with all unpaid interest thereon thereon, on the earlier to occur of of: (i) such date as any Bonds purchased pursuant to a Tender Draft are resold as provided in paragraph 4.3(dSection 3.3(d) hereof, ; (ii) on the date 366 days one year following the date of such Tender Advance, ; or (iii) the Termination Expiration Date. The Borrower Borrowers may prepay the outstanding amount of any Tender Advance in whole or in part, together with accrued interest to the date of such prepayment on the date such amount is prepaid. The Borrower Borrowers shall notify the Bank Issuing Lender prior to 11:00 A.M.A.M. Charlotte, EST North Carolina time on the date of such prepayment of the amount to be prepaid, except to the extent the prepayment is being made from the proceeds of remarketed bonds. (b) The Borrower Borrowers shall pay interest on the unpaid amount of each Tender Advance from the date of such Tender Advance until such amount is paid in full, payable monthlyquarterly, in arrears, on the first last day of each month calendar quarter during the term of each Tender Advance and on the date such amount is paid in fullfull at the LIBOR Rate plus .60% from the date of this Agreement through July 1, 2003; and thereafter, if the Expiration Date of the Existing Letter of Credit is renewed and extended in accordance with Section 3.1(b) of the Credit Agreement, at the LIBOR Rate plus the Applicable Margin (as defined in the Credit Agreement) and, subject to Section 11.3 of the Credit Agreement, at the discretion of the Administrative Agent or as directed by the Required Lenders, upon the occurrence and during the continuance of an Event of Default, at a fluctuating interest rate per annum in effect from time to time equal to the Prime Rate, provided that the unpaid amount of any Tender Advance which is not paid when due shall bear interest at the lesser of the Prime LIBOR Rate plus 2.60% during the period from the date of this Agreement through July 31, 2003 and thereafter at a rate equal to two percent (2%) in excess of the rate then applicable to Base Rate Loans (as defined in the Credit Agreement). (c) Pursuant to Article IX, the Borrowers have agreed that, in accordance with the terms of the Indenture, Bonds purchased with proceeds of any Tender Draft shall be delivered by the Tender Agent to the Issuing Lender or its designee to be held by the highest rate permitted Issuing Lender or its designee in pledge as collateral securing the Borrowers' payment obligations to the Lenders hereunder and under the Credit Agreement. Bonds so delivered to the Issuing Lender or its designee shall be registered in the name of the Company, as provided in Section 9.1. (d) Prior to or simultaneously with the resale of Pledged Bonds, the Borrowers shall prepay the then outstanding Tender Advances (in the order in which they were made) by applicable lawpaying to the Issuing Lender an amount equal to the sum of (A) the amounts advanced by the Issuing Lender pursuant to the corresponding Tender Drafts relating to such Bonds, payable plus (B) the aggregate amount of accrued and unpaid interest on demand such Tender Advances. Such payment shall be applied by the Issuing Lender in reimbursement of such drawings (and as prepayment of Tender Advances resulting from such drawings in the manner described above), and, upon receipt by the Issuing Lender of a certificate completed and signed by the Trustee in substantially the form of Annex F to the Existing Letter of Credit, the Borrowers irrevocably authorize the Issuing Lender to rely on such certificate and to reinstate the Existing Letter of Credit in accordance therewith. Funds held by the Tender Agent as a result of sales of the Pledged Bonds by the Remarketing Agent shall be paid to the Issuing lender by the Tender Agent to be applied to the amounts owing by Borrowers to the Issuing Lender pursuant to this paragraph (d). Upon payment to the Issuing lender of the amount of such Tender Advance to be prepaid, together with accrued interest on such Tender Advance to the date of such prepayment on the date amount to be prepaid, the principal amount outstanding of Tender Advances shall be reduced by the amount of such prepayment and interest shall cease to accrue on the amount is paid in fullprepaid.

Tender Advances. (a) If the Bank shall make any payment of that --------------- portion of the purchase price corresponding to principal and interest of the Bonds drawn under the any Letter of Credit pursuant to a Tender Draft and the conditions set forth in Section 8.2 all 3.3 shall have been fulfilled, such payment shall constitute a tender advance made by the Bank to the Borrower on the date and in the amount of such payment (a "“Tender Advance"”); provided that if the conditions of said Section 8.2 3.3 have not been fulfilled, the amount so drawn pursuant to the Tender Draft shall be payable in accordance with the terms of Section 4.2(a2.2(a) above. Notwithstanding any other provision hereof, the Borrower shall repay the unpaid amount of each Tender Advance, together with all unpaid interest thereon thereon, on the earlier to occur of of: (i) such date as any Bonds purchased pursuant to a Tender Draft are resold as provided in paragraph 4.3(d2.3(d) hereof, ; (ii) on the date 366 days one year following the date of such Tender Advance, ; or (iii) the Termination Date. The Borrower may prepay the outstanding amount of any Tender Advance in whole or in part, together with accrued interest to the date of such prepayment on the date such amount is prepaid. The Borrower shall notify the Bank prior to 11:00 A.M., EST on the date of such prepayment of the amount to be prepaid. (b) The Borrower shall pay interest on the unpaid amount of each Tender Advance from the date of such Tender Advance until such amount is paid in full, payable monthly, in arrears, on the first day of each month during the term of each Tender Advance and on the date such amount is paid in full, at a fluctuating interest rate per annum in effect from time to time equal to the Prime Rate, provided that the unpaid amount of any Tender Advance which is not paid when due shall bear interest at the lesser of the Prime Rate plus two percent (2%) or the highest rate permitted by applicable lawDefault Rate, payable on demand and on the date such amount is paid in full.

Tender Advances. (a) If the Bank shall make any payment of that --------------- portion of the purchase price corresponding to principal and interest of the Bonds from amounts drawn under the Letter of Credit pursuant to a Tender Draft C Drawing and the conditions set forth in Section 8.2 all 3.03 shall have been fulfilled, such payment corresponding to the principal portion of the purchase price shall constitute a tender advance made by the Bank to the Borrower Company on the date and in the amount of such (payment, each such tender advance being a "“Tender Advance"); provided that if the conditions of said Section 8.2 have not been fulfilled, the amount so drawn pursuant to the ”. Interest on such Tender Draft shall be Advance is payable in accordance with the terms of manner and at the rate set forth in Section 4.2(a) above2.06 hereof. Notwithstanding any other provision hereof, the Borrower Company shall repay the unpaid amount of each Tender Advance, together with all unpaid interest thereon thereon, on the earlier to occur of of: (i) such date as Bonds purchased pursuant to a Tender Draft are resold as provided in paragraph 4.3(dSection 2.07(b) hereof, hereof or (ii) on the date 366 60 days following the date of initial Tender Advance hereunder (the “Initial Purchase Date”); provided that if any Tender Advances are outstanding 60 days following such Tender AdvanceAdvance and the conditions of Section 3.03 shall have been fulfilled and no Event of Default shall exist, or (iii) then the Termination Date. The Borrower may prepay the outstanding amount of any Tender Advance in whole or in part, together with accrued interest to the date of such prepayment on the date such amount is prepaid. The Borrower shall notify the Bank prior to 11:00 A.M., EST on the date of such prepayment of the amount to be prepaid. (b) The Borrower shall pay interest on the unpaid amount of each Tender Advance from which is outstanding at such date shall be repaid by the date of such Tender Advance until such amount is paid Company on the following terms: (i) interest shall be payable (y) monthly in fullarrears as set forth in Section 2.06 hereof, payable monthly, in arrears, commencing on the first day Business Day of each the next calendar month during the term of each Tender Advance to occur and (z) on the date such amount is paid in full; and (ii) principal shall be payable in equal monthly payments on the first Business Day of each month commencing on the first Business Day of the next calendar month to occur in an amount sufficient to fully amortize on a level debt service basis the principal balance of the Tender Advances on the earliest to occur of (x) 364 days following the Initial Purchase Date, at a fluctuating interest rate per annum in effect from time to time equal (y) the date an Alternate Credit Facility is delivered pursuant to the Prime RateIndenture, provided that and (z) the unpaid amount date the Letter of Credit is otherwise terminated prior to the Stated Expiration Date. The Company may prepay any Tender Advance which is not paid when due shall bear interest at the lesser of the Prime Rate plus two percent (2%on an earlier date as provided in Section 2.07(a) or the highest rate permitted by applicable law, payable on demand and on the date such amount is paid in full2.07(b) hereof.

Tender Advances. (a) If the Bank shall make any payment of that --------------- portion of the purchase price corresponding to principal and interest of the Bonds drawn under the Letter of Credit pursuant to a Tender Draft and the conditions set forth in Section 8.2 8.3 all have been fulfilled, such payment shall constitute a tender advance made by the Bank to the Borrower on the date and in the amount of such payment (a "“Tender Advance"”); provided that if the conditions of said Section 8.2 8.3 have not been fulfilled, the amount so drawn pursuant to the Tender Draft shall be payable in accordance with the terms of Section 4.2(a) above. Notwithstanding any other provision hereof, the Borrower shall repay the unpaid amount of each Tender Advance, together with all unpaid interest thereon on the earlier to occur of (i) such date as Bonds purchased pursuant to a Tender Draft are resold as provided in paragraph 4.3(d) hereof, (ii) on the date 366 days following the date of such Tender Advance, or (iii) the Termination Date. The Borrower may prepay the outstanding amount of any Tender Advance in whole or in part, together with accrued interest to the date of such prepayment on the date such amount is prepaid. The Borrower shall notify the Bank Bank, prior to 11:00 A.M.A.M. (Eastern time), EST on the date of such prepayment of the amount to be prepaid. (b) The Borrower shall pay interest on the unpaid amount of each Tender Advance from the date of such Tender Advance until such amount is paid in full, payable monthly, in arrears, on the first day of each month during the term of each Tender Advance and on the date such amount is paid in full, at a fluctuating interest rate per annum in effect from time to time equal to the Prime Rate, provided that the unpaid amount of any Tender Advance ,which is not paid when due shall bear interest at the lesser of the Prime Rate plus two percent (2%) or the highest rate permitted by applicable law, payable on demand and on the date such amount is paid in full.

Tender Advances. (a) If the Bank shall make any payment of that --------------- portion of the purchase price corresponding to principal and interest of the Bonds drawn under the Letter of Credit pursuant to a Tender Draft and the conditions set forth in Section 8.2 all 7.3 shall have been fulfilled, such payment shall constitute a tender advance made by the Bank to the Borrower Borrowers on the date and in the amount of such payment (a "Tender Advance"); provided that if the conditions of said Section 8.2 7.3 have not been fulfilled, the amount so drawn pursuant to the Tender Draft shall be payable in accordance with the terms of Section 4.2(a3.2(a) above. Notwithstanding any other provision hereof, the Borrower Borrowers shall repay the unpaid amount of each Tender Advance, together with all unpaid interest thereon thereon, on the earlier to occur of (i) such date as any Bonds purchased pursuant to a Tender Draft are resold as provided in paragraph 4.3(d3.3(d) hereof, (ii) on the date 366 days one year and one day following the date of such Tender Advance, or (iii) the Termination Date. The Borrower Borrowers may prepay the outstanding amount of any Tender Advance in whole or in part, together with accrued interest to the date of such prepayment on the date such amount is prepaid. The Borrower Borrowers shall notify the Bank prior to 11:00 A.M., EST A.M. (prevailing Eastern time) on the date of such prepayment of the amount to be prepaid. (b) The Borrower Borrowers shall pay interest on the unpaid amount of each Tender Advance from the date of such Tender Advance until such amount is paid in full, payable monthly, in arrears, on the first day of each month during the term of each Tender Advance and on the date such amount is paid in full, at a fluctuating interest rate per annum in effect from time to time equal to the Prime Raterate applicable to the Bonds, provided that the unpaid amount of any Tender Advance which is not paid when due shall bear interest at the lesser of rate applicable to the Prime Rate Bonds plus two percent (2%) or the highest rate permitted by applicable law), payable on demand and on the date such amount is paid in full.

Tender Advances. (a) If the Bank shall make any payment of that --------------- portion of the purchase price corresponding to principal and interest of the Bonds drawn under the Letter of Credit pursuant to a Tender Draft and the conditions set forth in Section 8.2 all 7.3 shall have been fulfilled, such payment shall constitute a tender advance made by the Bank to the Borrower on the date and in the amount of such payment (a "Tender Advance"); provided that if the conditions of said Section 8.2 7.3 have not been fulfilled, the amount so drawn pursuant to the Tender Draft shall be payable in accordance with the terms of Section 4.2(a3.2(a) above. Notwithstanding any other provision hereof, the Borrower shall repay the unpaid amount of each Tender Advance, together with all unpaid interest thereon thereon, on the earlier to occur of (i) such date as any Bonds purchased pursuant to a Tender Draft are resold as provided in paragraph 4.3(d3.3(d) hereof, (ii) on the date 366 days one year and one day following the date of such Tender Advance, or (iii) the Termination Date. The Borrower may prepay the outstanding amount of any Tender Advance in whole or in part, together with accrued interest to the date of such prepayment on the date such amount is prepaid. The Borrower shall notify the Bank prior to 11:00 A.M., EST A.M. (prevailing Eastern time) on the date of such prepayment of the amount to be prepaid. (b) The Borrower shall pay interest on the unpaid amount of each Tender Advance from the date of such Tender Advance until such amount is paid in full, payable monthly, in arrears, on the first day of each month during the term of each Tender Advance and on the date such amount is paid in full, at a fluctuating interest rate per annum in effect from time to time equal to the Prime Raterate applicable to the Bonds, provided that the unpaid amount of any Tender Advance which is not paid when due shall bear interest at the lesser of rate applicable to the Prime Rate Bonds plus two percent (2%) or the highest rate permitted by applicable law), payable on demand and on the date such amount is paid in full.

Tender Advances. (a) If the Bank shall make any payment of that --------------- portion of the purchase price corresponding to principal and interest of the Bonds drawn under the Letter of Credit pursuant to a Tender Draft and the conditions set forth in Section 8.2 all 3.3 shall have been fulfilled, such payment shall constitute a tender advance made by the Bank to the Borrower Company on the date and in the amount of such payment (a "Tender Advance"); provided that if the conditions of said Section 8.2 3.3 have not been fulfilled, the amount so drawn pursuant to the Tender Draft shall be payable in accordance with the terms of Section 4.2(a2.2(a) above. Notwithstanding any other provision hereof, the Borrower Company shall repay the unpaid amount of each Tender Advance, together with all unpaid interest thereon thereon, on the earlier to occur of of: (i) such date as any Bonds purchased pursuant to a Tender Draft are resold as provided in paragraph 4.3(d2.3(d) hereof, ; (ii) on the date 366 days one year and one day following the date of such Tender Advance, ; or (iii) the Termination Date. The Borrower Company may prepay the outstanding amount of any Tender Advance in whole or in part, together with accrued interest to the date of such prepayment on the date such amount is prepaid. The Borrower shall notify the Bank prior to 11:00 A.M., EST on the date of such prepayment of the amount to be prepaid. (b) The Borrower Company shall pay interest on the unpaid amount of each Tender Advance from the date of such Tender Advance until such amount is paid in full, payable monthly, in arrears, on the first day of each month during the term of each Tender Advance and on the date such amount is paid in full, at a fluctuating interest rate per annum in effect from time to time equal to the Prime Rate, provided that the unpaid amount of any Tender Advance which is not paid when due shall bear interest at the lesser of the Prime Rate plus two percent (2%) or the highest rate permitted by applicable lawDefault Rate, payable on demand and on the date such amount is paid in full. (c) Pursuant to the Pledge Agreement the Company has agreed that, in accordance with the terms of the Indenture, Bonds purchased with proceeds of any Tender Draft or a Conversion Draft shall be delivered by the Tender Agent to the Bank or its designee to be held by the Bank or its designee in pledge as collateral securing the Company's payment obligations to the Bank hereunder. Bonds so delivered to the Bank or its designee shall be registered in the name of the Company, as provided for in Section 3 of the Pledge Agreement. (d) Prior to or simultaneously with the resale of Pledged Bonds, the Company shall prepay the then outstanding Tender Advances (in the order in which they were made) by paying to the Bank an amount equal to the sum of (A) the amounts advanced by the Bank pursuant to the corresponding Tender Drafts or a Conversion Drafts relating to such Bonds, plus (B) the aggregate amount of accrued and unpaid interest on such Tender Advances. Such