Common use of Additional Amounts Payable Clause in Contracts

Additional Amounts Payable. If any change in or the enactment, adoption or judicial or administrative interpretation of any law, regulation, treaty, guideline or directive (including, without limitation, Regulation D of the Board of Governors of the Federal Reserve System) either (A) subjects the Bank to any additional tax, duty, charge, deduction or withholding with respect to any of the Credit Enhancement Letters of Credit or any amount paid by the Bank thereunder or received by the Bank under this Agreement (other than a tax measured by the net or gross income of the Bank), or (B) imposes or increases any reserve, special deposit, or similar requirement on account of any of the Credit Enhancement Letters of Credit, or (C) imposes increased minimum capital requirements on the Bank on account of its issuing any of the Credit Enhancement Letters of Credit, and if any of the foregoing (i) results in an increase to the Bank in the cost of maintaining any of the Credit Enhancement Letters of Credit or making any payment on account of any of the Credit Enhancement Letters of Credit, (ii) reduces the amount of any payment receivable by the Bank under this Agreement, (iii) requires the Bank to make any payment calculated by reference to the gross amount of any sum received or paid by the Bank pursuant to any of the Credit Enhancement Letters of Credit or this Agreement (other than a tax measured by the Bank's gross or net income) or (iv) reduces the rate of return on the Bank's capital, the Company shall pay to the Bank, as additional commission for the Credit Enhancement Letters of Credit, such amount as will compensate the Bank for such increased cost, payment or reduction. Any such payment shall be made to the Bank within ten (10) days of demand and presentation of a certificate to the Company containing a statement of the cause of such increased cost, payment or reduction and a calculation of the amount thereof, which statement and calculation shall be deemed facie to be correct.

Additional Amounts Payable. If any change in or the enactment, adoption or judicial or administrative interpretation of any law, regulation, treaty, guideline or directive (including, without limitation, Regulation D of the Board of Governors of the Federal Reserve System) either (Ai) subjects Bank One or the Bank Banks to any additional tax, duty, charge, deduction or withholding with respect to any of the Credit Enhancement Letters Letter of Credit or any amount paid by Bank One or the Bank Banks thereunder or received by Bank One or the Bank Banks under this Agreement (other than a tax measured by the net or gross income or revenues of Bank One or the BankBanks), or (Bii) imposes or increases any reserve, special deposit, or similar requirement on account of any of the Credit Enhancement Letters Letter of Credit, or (Ciii) imposes increased minimum capital requirements on Bank One or the Bank Banks on account of its their issuing any or sharing in the risk of the Credit Enhancement Letters Letter of Credit, and if any of the foregoing (iw) results in an increase to Bank One or the Bank Banks in the cost of maintaining any of the Credit Enhancement Letters Letter of Credit or making any payment on account of any of the Credit Enhancement Letters Letter of Credit, (iix) reduces the amount of any payment receivable by Bank One or the Bank Banks under this Agreement, (iiiy) requires Bank One or the Bank Banks to make any payment calculated by reference to the gross amount of any sum received or paid by Bank One or the Bank Banks pursuant to any of the Credit Enhancement Letters Letter of Credit or this Agreement (other than a tax measured by Bank One's or the Bank's Banks' gross or net incomeincome or revenues) or (ivz) reduces the rate of return on Bank One or the Bank's Banks' capital, the Company ADESA shall pay to Bank One and the BankBanks, as additional commission for the Credit Enhancement Letters Letter of Credit, such amount as will compensate Bank One and the Bank Banks for such increased cost, payment or reduction. Any such payment shall be made to Bank One and the Bank Banks within ten (10) 15 days of demand and presentation of a certificate to the Company ADESA containing a statement of the cause of such increased cost, payment or reduction and a calculation of the amount thereof, which statement and calculation shall be deemed prima facie to be correct. For the avoidance of doubt, it is noted that any additional commission payable under the terms of this subsection shall be computed on the basis of the quarterly commission payable on account of the Letter of Credit, notwithstanding the sale of participations in the risk and funding requirements of the Letter of Credit permissible under the terms of this Agreement.

Additional Amounts Payable. If any change in or the enactment, adoption or judicial or administrative interpretation of any law, regulation, treaty, guideline or directive (including, without limitation, Regulation D O of the Board of Governors of the Federal Reserve System) either (Ai) subjects the any Bank to any additional tax, duty, charge, deduction or withholding with respect to any of the Credit Enhancement Letters Letter of Credit or any participation therein or any amount paid by the Bank Banks thereunder or received by the Bank Banks under this Agreement because of the Letter of Credit (other than a tax measured by the net or gross income of the BankBanks), or (Bii) imposes or increases any reserve, special deposit, or similar requirement on account of the Letter of Credit or any of the Credit Enhancement Letters of Creditparticipation therein, or (Ciii) imposes increased minimum capital requirements on the any Bank on account of its issuing any of or participating in the Credit Enhancement Letters Letter of Credit, and if any of the foregoing (iA) results in an increase to the any Bank in the cost of maintaining any of the Credit Enhancement Letters Letter of Credit or any participation therein, or making any payment on account of the Letter of Credit or any of the Credit Enhancement Letters of Creditparticipation therein, (iiB) reduces the amount of any payment receivable by the Bank Banks under this AgreementAgreement with respect to the Letter of Credit, (iiiC) requires the Bank Banks to make any payment calculated by reference to the gross amount of any sum received or paid by the Bank Banks pursuant to any of the Credit Enhancement Letters Letter of Credit or this Agreement any participation therein (other than a tax measured by the Bank's Banks' gross or net income) or (ivD) reduces the rate of return on the Bank's Banks' capital, the Company Borrowers shall pay to NBD for the Bankaccount of the Banks, as additional commission compensation for the Credit Enhancement Letters Letter of Credit, such amount as will compensate the Bank Banks for such increased cost, payment or reduction. Any such payment shall be made to Within 30 days after (i) the Bank within ten initial demand therefor and (10ii) days of demand and presentation by NBD of a certificate to the Company Borrowers containing a statement of the cause of such increased cost, payment or reduction and a calculation of the amount thereof, thereof (which statement and calculation shall be deemed facie rebuttably presumed to be correct), the Borrowers shall pay the additional amount payable measured from the date such change, enactment, adoption or interpretation first affects the relevant Bank to the date of the next Quarterly Commission Due Date with respect to the Letter of Credit. Thereafter, the additional amount payable shall be reflected by an increase in the quarterly commissions payable with respect to the Letter of Credit pursuant to Section 3.3 and shall be payable, in arrears, on the dates such quarterly commissions are due pursuant to Section 3.3.