APPLICATIONS AND AGREEMENTS. At the time the Company requests a Letter of Credit to be issued (or prior to the first issuance of a Letter of Credit, in the case of a continuing application), it shall execute and deliver to the Issuing Bank an application for such Letter of Credit in the form then prescribed by the Issuing Bank (the "Applications"). Anything contained in the Applications to the contrary notwithstanding (aa) the Company shall pay fees in connection with Letters of Credit only as set forth in Section 4 hereof, (ab) in the event that the Issuing Bank is not promptly reimbursed for the amount of any draft drawn under a Letter of Credit issued hereunder after notice to the Company that such draft has been received, the obligation of the Company to reimburse the Issuing Bank for the amount of such draft shall bear interest (which the Company hereby promises to pay) from and after the date the draft is paid at a fluctuating rate per annum equal to the sum of the Base Rate from time to time in effect plus the Applicable Margin for the Revolving Credit Base Rate Portion as from time to time in effect, (ac) so long as no Event of Default has occurred and is continuing, the Issuing Bank will not call for additional collateral security for the obligations of the Company under the Applications other than the collateral security contemplated by this Agreement, and (ad) so long as no Event of Default has occurred and is continuing, the Issuing Bank will not call for the funding of a Letter of Credit prior to being presented with a draft or demand for payment thereunder (or, in the event the draft is a time draft, prior to its due date). Reimbursement of a drawing paid under a Letter of Credit shall be made to the Issuing Bank (with notice to the Administrative Agent) by no later than 1:00 p.m. (Chicago time) on the date when such drawing is paid and any payment of a reimbursement obligation relating to a Letter of Credit received after such time shall be deemed to have been received by the Issuing Bank on the next Business Day.
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APPLICATIONS AND AGREEMENTS. At the time the Company requests a Letter of Credit to be issued (or prior to the first issuance of a Letter of Credit, in the case of a continuing application), it shall execute and deliver to the Issuing Bank an application for such Letter of Credit in the form then prescribed by the Issuing Bank (the "ApplicationsAPPLICATIONS"). Anything contained in the Applications to the contrary notwithstanding (aa) the Company shall pay fees in connection with Letters of Credit only as set forth in Section 4 hereof, (ab) in the event that the Issuing Bank is not promptly reimbursed for the amount of any draft drawn under a Letter of Credit issued hereunder after notice to the Company that such draft has been received, the obligation of the Company to reimburse the Issuing Bank for the amount of such draft shall bear interest (which the Company hereby promises to pay) from and after the date the draft is paid at a fluctuating rate per annum equal to (x) in the case of a drawing under a Letter of Credit denominated in U.S. Dollars or a Letter of Credit denominated in an Available Foreign Currency as to which the Issuing Bank has requested that the Company reimburse such drawing in U.S. Dollars, the sum of 2 1/4% plus the Base Rate from time to time in effect effect, and (y) in the case of a drawing under a Letter of Credit denominated in an Available Foreign Currency as to which the Issuing Bank has requested that the Company reimburse such drawing in the Available Foreign Currency in which such Letter of Credit is denominated, the sum of 2 1/4% plus the Applicable Margin for the Revolving Credit Base Rate Portion as from time to time in effectOvernight Foreign Currency Rate, (ac) so long as no Event of Default has occurred and is continuing, the Issuing Bank will not call for additional collateral security for the obligations of the Company under the Applications other than the collateral security contemplated by this Agreement, and (ad) so long as no Event of Default has occurred and is continuing, the Issuing Bank will not call for the funding of a Letter of Credit prior to being presented with a draft or demand for payment thereunder (or, in the event the draft is a time draft, prior to its due date). Reimbursement The obligation of a drawing paid the Company to reimburse the Issuing Bank for all drawings under a Letter of Credit issued hereunder shall be governed by the Application related to such Letter of Credit, except that (i) the reimbursement by the Company of draws made under a Letter of Credit denominated in U.S. Dollars shall be made in U.S. Dollars, (ii) the reimbursement by the Company of draws made under a Letter of Credit denominated in an Available Foreign Currency shall be made by payment in U.S. Dollars of the U.S. Dollar Equivalent, calculated on the date the Issuing Bank paid such draw, of the amount paid by the Issuing Bank pursuant to such draw, or, if the Issuing Bank shall elect by notice to the Company and the Agent by payment in the Available Foreign Currency which was paid by the Issuing Bank pursuant to such drawing in an amount equal to such drawing, and (iii) reimbursement in U.S. Dollars of a drawing paid shall be made to the Issuing Bank (with notice to the Administrative Agent) by no later than 1:00 p.m. (Chicago time) on the date when such drawing is paid and reimbursement in an Available Foreign Currency of a drawing paid shall be made to the Issuing Bank (with notice to the Agent) by no later than 1:00 p.m. local time at the place of payment or, if earlier, such local time as is necessary for such funds to be received and transferred to the Issuing Bank for same day value on the day such obligation is due; and any payment of a reimbursement obligation relating to a Letter of Credit received after such time shall be deemed to have been received by the Issuing Bank on the next Business Day.
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APPLICATIONS AND AGREEMENTS. At the time the Company requests a Letter of Credit to be issued (or prior to the first issuance of a Letter of Credit, in the case of a continuing application), it shall execute and deliver to the Issuing Bank an application for such Letter of Credit in the form then prescribed by the Issuing Bank (the "Applications"). Anything contained in the Applications to the contrary notwithstanding (aa) the Company shall pay fees in connection with Letters of Credit only as set forth in Section 4 hereof, (ab) in the event that the Issuing Bank is not promptly reimbursed for the amount of any draft drawn under a Letter of Credit issued hereunder after notice to the Company that such draft has been received, the obligation of the Company to reimburse the Issuing Bank for the amount of such draft shall bear interest (which the Company hereby promises to pay) from and after the date the draft is paid at a fluctuating rate per annum equal to (x) in the case of a drawing under a Letter of Credit denominated in U.S. Dollars or a Letter of Credit denominated in an Available Foreign Currency as to which the Issuing Bank has requested that the Company reimburse such drawing in U.S. Dollars, the sum of 2% plus the Base Rate from time to time in effect plus the Applicable Margin for the Revolving Credit Base Rate Portion as from time to time in effect, and (acy) so long in the case of a drawing under a Letter of Credit denominated in an Available Foreign Currency as no Event of Default has occurred and is continuing, to which the Issuing Bank will not call for additional collateral security for the obligations of has requested that the Company under reimburse such drawing in the Applications other than Available Foreign Currency in which such Letter of Credit is denominated, the collateral security contemplated by this Agreementsum of 2% plus the Overnight Foreign Currency Rate, and (adac) so long as no Event of Default has occurred and is continuing, the Issuing Bank will not call for the funding of a Letter of Credit prior to being presented with a draft or demand for payment thereunder (or, in the event the draft is a time draft, prior to its due date). Reimbursement The obligation of a drawing paid the Company to reimburse the Issuing Bank for all drawings under a Letter of Credit issued hereunder shall be governed by the Application related to such Letter of Credit, except that (i) the reimbursement by the Company of draws made under a Letter of Credit denominated in U.S. Dollars shall be made in U.S. Dollars, (ii) the reimbursement by the Company of draws made under a Letter of Credit denominated in an Available Foreign Currency shall be made by payment in U.S. Dollars of the U.S. Dollar Equivalent thereof, calculated on the date the Issuing Bank paid such draw, of the amount paid by the Issuing Bank pursuant to such draw, or, if the Issuing Bank shall elect by notice to the Company and the Administrative Agent by payment in the Available Foreign Currency which was paid by the Issuing Bank pursuant to such drawing in an amount equal to such drawing, and (iii) reimbursement in U.S. Dollars of a drawing paid shall be made to the Issuing Bank (with notice to the Administrative Agent) by no later than 1:00 p.m. (Chicago time) on the date when such drawing is paid and reimbursement in an Available Foreign Currency of a drawing paid shall be made to the Issuing Bank (with notice to the Administrative Agent) by no later than 1:00 p.m. local time at the place of payment or, if earlier, such local time as is necessary for such funds to be received and transferred to the Issuing Bank for same day value on the day such obligation is due; and any payment of a reimbursement obligation relating to a Letter of Credit received after such time shall be deemed to have been received by the Issuing Bank on the next Business Day. Notwithstanding any provision of this Agreement or any Application, in the event of any conflict or inconsistency between the terms of this Agreement and any Application, the terms of this Agreement shall control (without limiting the foregoing, the determination of the existence or non-existence of any Event of Default shall be determined by reference to this Agreement without regard to other events or circumstances which may be defined as events of default under any such Application).
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