Common use of Draws on Letters of Credit Clause in Contracts

Draws on Letters of Credit. In the event that a draw is made on a Letter of Credit and Borrower does not reimburse the amount of such draw in full to Letter of Credit Issuer immediately on demand, Letter of Credit Issuer shall promptly notify Administrative Agent of such failure. Upon Administrative Agent’s receipt of such notice from Letter of Credit Issuer, Administrative Agent may notify each Lender thereof and shall have the right to cause a Revolving Loan Advance to be made, regardless whether such Revolving Loan Advance would result in the Aggregate Revolving Loan exceeding the Maximum Available Amount, by notifying each Lender of the draw, the amount of the Revolving Loan Advance required to fund reimbursement of such draw, and the amount of such Lender’s ratable share of such Revolving Loan Advance (expressed in Dollars in the amount of the Dollar Equivalent thereof in the case of a Letter of Credit denominated in an Alternative Currency). Unless otherwise agreed by Lenders, the Advance Date and time for such Revolving Loan Advance shall not be later than 1:00 p.m. (Local Time) on the first Business Day following Administrative Agent’s delivery of such notice to Lenders. By no later than such Advance Date and time, each Lender shall pay to Administrative Agent Same Day Funds consisting solely of Dollars in the amount of its Pro Rata Share of such Revolving Loan Advance, rounded to the nearest xxxxx, in accordance with such remittance instructions as may be given by Administrative Agent to each Lender from time to time. Each Revolving Loan Advance made by Administrative Agent pursuant to this Section 7.7.2 shall initially be a Base Rate Advance. Administrative Agent will give notice to Borrower after any such Revolving Loan Advance is made. Notwithstanding the foregoing, if any unreimbursed draw on a Letter of Credit is repaid by Lenders upon the demand or request of the Letter of Credit Issuer, and the Borrower is thereby deemed to have received the proceeds of a Revolving Loan Advance, for the date such Revolving Loan Advance is deemed to have been made, Borrower shall only pay interest on the amount of the Revolving Loan Advance (and not on the amount of the unreimbursed Letter of Credit draw so repaid, irrespective of the time of day the Letter of Credit Issuer makes demand for such payment).

Draws on Letters of Credit. In the event that a draw is made on a Letter of Credit and Borrower does not reimburse the amount of such draw in full to Letter of Credit Issuer immediately on demand, Letter of Credit Issuer shall promptly notify Administrative Agent of such failure. Upon Administrative Agent’s 's receipt of such notice from Letter of Credit Issuer, Administrative Agent may notify each Lender thereof and shall have the right to cause a Revolving Loan Advance to be made, regardless whether such Revolving Loan Advance would result in the Aggregate Revolving Loan exceeding the Maximum Available Amount, by notifying each Lender of the draw, the amount of the Revolving Loan Advance required to fund reimbursement of such draw, and the amount of such Lender’s 's ratable share of such Revolving Loan Advance (expressed in Dollars in the amount of the Dollar Equivalent thereof in the case of a Letter of Credit denominated in an Alternative Currency)Advance. Unless otherwise agreed by Lenders, the Advance Date and time for such Revolving Loan Advance shall not be later than 1:00 p.m. (Local Time) on the first Business Day following Administrative Agent’s 's delivery of such notice to Lenders. By no later than such Advance Date and time, each Lender shall pay make immediately available to Administrative Agent Same Day Funds funds consisting solely of Dollars in the amount of its Pro Rata Share pro-rata share of such Revolving Loan Advance, rounded to the nearest xxxxxpenxx, in xn accordance with such remittance instructions as may be given by Administrative Agent to each Lender from time to time. Each Revolving Loan Advance made by Administrative Agent pursuant to this Section 7.7.2 shall initially be a Base Rate Advance. Administrative Agent will give notice to Borrower after any such Revolving Loan Advance is made. Notwithstanding the foregoing, if any unreimbursed draw on a Letter of Credit is repaid by Lenders upon the demand or request of the Letter Bank of Credit IssuerAmerica, and the Borrower is thereby deemed to have received the proceeds of a Revolving Loan Advance, for the date such Revolving Loan Advance is deemed to have been made, Borrower shall only pay interest on the amount of the Revolving Loan Advance (and not on the amount of the unreimbursed Letter of Credit draw so repaid, irrespective of the time of day the Letter Bank of Credit Issuer America makes demand for such payment).

Draws on Letters of Credit. In the event that a draw is made on a Use of Moneys in Series Letter of Credit Accounts. On or before 12:00 noon, New York Time, on the Business Day immediately preceding each Interest Payment Date with respect to an Enhanced Series or date upon which Bonds of such Enhanced Series mature, are to be accelerated or are to be redeemed, the Trustee shall draw on the related Series Letter of Credit an amount which shall be sufficient for the purpose of paying the principal, premium and Borrower does interest coming due and payable on such Enhanced Series (whether at maturity, upon prior redemption, or upon acceleration in accordance herewith) on such Interest Payment Date or such date upon which the Bonds of such Enhanced Series mature, are to be accelerated or are to be redeemed; provided, however, that the Trustee shall not reimburse draw on a Series Letter of Credit with respect to the payment of any Pledged Bond. The Series Credit Bank shall cause funds so drawn to be wired to the Trustee not later than 12:00 noon, New York Time, on the Interest Payment Date, maturity date, acceleration date or redemption date, as appropriate. All amounts derived by the Trustee with respect to a Series Letter of Credit shall be deposited in the related Series Letter of Credit Account of the Bond Fund upon receipt thereof by the Trustee. On or before 12:00 noon, New York Time, on the date upon which the Bonds of an Enhanced Series are to be purchased, the Trustee shall draw on the related Series Letter of Credit an amount which, when added to the remarketing proceeds, if any, shall be sufficient for the purpose of paying the purchase price coming due and payable on the Bonds of such Enhanced Series (or beneficial interests therein) on such purchase date; provided, however, that the Trustee shall not draw on the related Series Letter of Credit with respect to the payment of any Pledged Bond. The Series Credit Bank shall cause funds so drawn to be wired to the Tender Agent (if the Bonds of such Enhanced Series are not held in a book-entry-only system) or the Remarketing Agent (if the Bonds of such Enhanced Series are held in a book-entry-only system) not later than 3:00 p.m., New York Time, on the purchase date. All amounts paid to the Tender Agent or the Remarketing Agent with respect to a Series Letter of Credit shall be deposited in the related Series Purchase Account. Moneys derived from a Series Letter of Credit shall be used solely for the payment of the principal or purchase price of, premium, if any, and interest on Bonds of the related Enhanced Series (other than Pledged Bonds). The Corporation hereby authorizes and directs the Trustee, the Tender Agent and the Remarketing Agent to withdraw sufficient funds from each Series Letter of Credit Account of the Bond Fund or each Series Purchase Account of the Purchase Fund to pay the principal or purchase price of, premium, if any, and interest on Bonds of the related Enhanced Series as the same become due and payable; and, in the event of a default under a Series Letter of Credit, to use all moneys then on deposit in the related Series Revenue Account of the Bond Fund to pay principal of, and premium, if any, and interest on the Bonds of such Enhanced Series; which authorization and direction the Trustee, the Tender Agent and the Remarketing Agent hereby accept. Immediately following the honoring of any draw under a Series Letter of Credit, an amount equal to the amount of such draw in full to Letter of Credit Issuer immediately on demand, Letter of Credit Issuer shall promptly notify Administrative Agent of such failure. Upon Administrative Agent’s receipt of such notice be transferred from Letter of Credit Issuer, Administrative Agent may notify each Lender thereof and shall have the right to cause a Revolving Loan Advance to be made, regardless whether such Revolving Loan Advance would result in the Aggregate Revolving Loan exceeding the Maximum Available Amount, by notifying each Lender related Series Revenue Account of the draw, Bond Fund or the amount related Series Purchase Account of the Revolving Loan Advance required Purchase Fund to fund the related Series Credit Bank as reimbursement of for such draw, and the amount of such Lender’s ratable share of such Revolving Loan Advance (expressed in Dollars in the amount of the Dollar Equivalent thereof in the case of a Letter of Credit denominated in an Alternative Currency). Unless otherwise agreed by Lenders, the Advance Date and time for such Revolving Loan Advance shall not be later than 1:00 p.m. (Local Time) on the first Business Day following Administrative Agent’s delivery of such notice to Lenders. By no later than such Advance Date and time, each Lender shall pay to Administrative Agent Same Day Funds consisting solely of Dollars in the amount of its Pro Rata Share of such Revolving Loan Advance, rounded to the nearest xxxxx, in accordance with such remittance instructions as may be given by Administrative Agent to each Lender from time to time. Each Revolving Loan Advance made by Administrative Agent pursuant to this Section 7.7.2 shall initially be a Base Rate Advance. Administrative Agent will give notice to Borrower after any such Revolving Loan Advance is made. Notwithstanding the foregoing, if any unreimbursed draw on a Letter of Credit is repaid by Lenders upon the demand or request of the Letter of Credit Issuer, and the Borrower is thereby deemed to have received the proceeds of a Revolving Loan Advance, for the date such Revolving Loan Advance is deemed to have been made, Borrower shall only pay interest on the amount of the Revolving Loan Advance (and not on the amount of the unreimbursed Letter of Credit draw so repaid, irrespective of the time of day the Letter of Credit Issuer makes demand for such payment).

Draws on Letters of Credit. In the event that a draw is made on a Letter of Credit and Borrower does not reimburse the amount of such draw in full to Letter of Credit Issuer immediately on demand, Letter of Credit Issuer shall promptly notify Administrative Agent of such failure. Upon Administrative Agent’s 's receipt of such notice from Letter of Credit Issuer, Administrative Agent may notify each Lender thereof and shall have the right to cause a Revolving Loan Advance to be made, regardless whether such Revolving Loan Advance would result in the Aggregate Revolving Loan exceeding the Maximum Available Amount, by notifying each Lender of the draw, the amount of the Revolving Loan Advance required to fund reimbursement of such draw, and the amount of such Lender’s 's ratable share of such Revolving Loan Advance (expressed in Dollars in the amount of the Dollar Equivalent thereof in the case of a Letter of Credit denominated in an Alternative Currency)Advance. Unless otherwise agreed by Lenders, the The Advance Date and time for such Revolving Loan Advance shall not be later than 1:00 3:00 p.m. (Local Time) on the first Business Day following Administrative Agent’s 's delivery of such notice to Lenders. By no later than such Advance Date and time, each Lender shall pay make immediately available to Administrative Agent Same Day Funds funds consisting solely of Dollars in the amount of its Pro Rata Share pro-rata share of such Revolving Loan Advance, rounded to the nearest xxxxxpenny, in accordance with such remittance instructions instructxxxx as may be given by Administrative Agent to each Lender from time to time. Each Revolving Loan Advance made by Administrative Agent pursuant to this Section 7.7.2 7.4.2 shall initially be deemed to be a Base Rate Advance. In the event that a draw is made on a UMB LC and Borrower does not reimburse the amount of such draw in full to UMB immediately on demand, UMB shall promptly notify each other Lender and Administrative Agent will give of such failure. Upon each other Lender's and Administrative Agent's receipt of such notice from UMB, Administrative Agent shall have the right to Borrower after any cause a Revolving Loan Advance to be made, regardless whether such Revolving Loan Advance is made. Notwithstanding would result in the foregoing, if any unreimbursed draw on a Letter of Credit is repaid by Lenders upon the demand or request of the Letter of Credit Issuer, and the Borrower is thereby deemed to have received the proceeds of a Aggregate Revolving Loan Advanceexceeding the Maximum Available Amount, for the date such Revolving Loan Advance is deemed to have been made, Borrower shall only pay interest on by notifying each Lender of the amount of the Revolving Loan Advance (required to fund reimbursement of such draw, and not on the amount of the unreimbursed Letter such Lender's ratable share of Credit draw so repaid, irrespective of the such Revolving Loan Advance. The Advance Date and time of day the Letter of Credit Issuer makes demand for such payment)Revolving Loan Advance shall not be later than 3:00 p.m. (Local Time) on the first Business Day following Administrative Agent's delivery of such notice to Lenders. By no later than such Advance Date and time, each Lender (including UMB) shall make immediately available to Administrative Agent funds consisting solely of Dollars in the amount of its pro-rata share of such Revolving Loan Advance, rounded to the nearest penny, in accordance with such remittance instructxxxx as may be given by Administrative Agent to each Lender from time to time. Each Revolving Loan Advance made by Administrative Agent pursuant to this Section 7.4.2 shall be deemed to be a Base Rate Advance.

Draws on Letters of Credit. In the event that a draw is made on a Letter of Credit and Borrower does not reimburse the amount of such draw in full to Letter of Credit Issuer immediately on demand, Letter of Credit Issuer shall promptly notify Administrative Agent of such failure. Upon Administrative Agent’s 's receipt of such notice from Letter of Credit Issuer, Administrative Agent may notify each Lender thereof and shall have the right to cause a Revolving Loan Advance to be made, regardless whether such Revolving Loan Advance would result in the Aggregate Revolving Loan exceeding the Maximum Available Amount, by notifying each Lender of the draw, the amount of the Revolving Loan Advance required to fund reimbursement of such draw, and the amount of such Lender’s 's ratable share of such Revolving Loan Advance (expressed in Dollars in the amount of the Dollar Equivalent thereof in the case of a Letter of Credit denominated in an Alternative Currency)Advance. Unless otherwise agreed by Lenders, the The Advance Date and time for such Revolving Loan Advance shall not be later than 1:00 3:00 p.m. (Local Time) on the first Business Day following Administrative Agent’s 's delivery of such notice to Lenders. By no later than such Advance Date and time, each Lender shall pay make immediately available to Administrative Agent Same Day Funds funds consisting solely of Dollars in the amount of its Pro Rata Share pro-rata share of such Revolving Loan Advance, rounded to the nearest xxxxx, in accordance with such remittance instructions as may be given by Administrative Agent to each Lender from time to time. Each Revolving Loan Advance made by Administrative Agent pursuant to this Section 7.7.2 7.4.2 shall initially be deemed to be a Base Rate Advance. In the event that a draw is made on an Existing LC and Borrower does not reimburse the amount of such draw in full to LaSalle immediately on demand, LaSalle shall promptly notify each other Lender and Administrative Agent will give of such failure. Upon each other Lender's and Administrative Agent's receipt of such notice from LaSalle, Administrative Agent shall have the right to Borrower after any cause a Revolving Loan Advance to be made, regardless whether such Revolving Loan Advance is made. Notwithstanding would result in the foregoing, if any unreimbursed draw on a Letter of Credit is repaid by Lenders upon the demand or request of the Letter of Credit Issuer, and the Borrower is thereby deemed to have received the proceeds of a Aggregate Revolving Loan Advanceexceeding the Maximum Available Amount, for the date such Revolving Loan Advance is deemed to have been made, Borrower shall only pay interest on by notifying each Lender of the amount of the Revolving Loan Advance (required to fund reimbursement of such draw, and not on the amount of the unreimbursed Letter such Lender's ratable share of Credit draw so repaid, irrespective of the such Revolving Loan Advance. The Advance Date and time of day the Letter of Credit Issuer makes demand for such payment)Revolving Loan Advance shall not be later than 3:00 p.m. (Local Time) on the first Business Day following Administrative Agent's delivery of such notice to Lenders. By no later than such Advance Date and time, each Lender (including LaSalle) shall make immediately available to Administrative Agent funds consisting solely of Dollars in the amount of its pro-rata share of such Revolving Loan Advance, rounded to the nearest xxxxx, in accordance with such remittance instructions as may be given by Administrative Agent to each Lender from time to time. Each Revolving Loan Advance made by Administrative Agent pursuant to this Section 7.4.2 shall be deemed to be a Base Rate Advance.

Draws on Letters of Credit. In the event that a draw is made on a Letter of Credit and Borrower does not reimburse the amount of such draw in full to Letter of Credit Issuer immediately on demand, Letter of Credit Issuer shall promptly notify Administrative Agent of such failure. Upon Administrative Agent’s receipt of such notice from Letter of Credit Issuer, Administrative Agent may notify each Lender thereof and shall have the right to cause a Revolving Loan Advance to be made, regardless whether such Revolving Loan Advance would result in the Aggregate Revolving Loan exceeding the Maximum Available Amount, by notifying each Lender of the draw, the amount of the Revolving Loan Advance required to fund reimbursement of such draw, and the amount of such Lender’s ratable share of such Revolving Loan Advance (expressed in Dollars in the amount of the Dollar Equivalent thereof in the case of a Letter of Credit denominated in an Alternative Currency)Advance. Unless otherwise agreed by Lenders, the Advance Date and time for such Revolving Loan Advance shall not be later than 1:00 p.m. (Local Time) on the first Business Day following Administrative Agent’s delivery of such notice to Lenders. By no later than such Advance Date and time, each Lender shall pay make immediately available to Administrative Agent Same Day Funds funds consisting solely of Dollars in the amount of its Pro Rata Share pro rata share of such Revolving Loan Advance, rounded to the nearest xxxxx, in accordance with such remittance instructions as may be given by Administrative Agent to each Lender from time to time. Each Revolving Loan Advance made by Administrative Agent pursuant to this Section 7.7.2 shall initially be a Base Rate Advance. Administrative Agent will give notice to Borrower after any such Revolving Loan Advance is made. Notwithstanding the foregoing, if any unreimbursed draw on a Letter of Credit is repaid by Lenders upon the demand or request of the Letter of Credit Issuer, and the Borrower is thereby deemed to have received the proceeds of a Revolving Loan Advance, for the date such Revolving Loan Advance is deemed to have been made, Borrower shall only pay interest on the amount of the Revolving Loan Advance (and not on the amount of the unreimbursed Letter of Credit draw so repaid, irrespective of the time of day the Letter of Credit Issuer makes demand for such payment).

Draws on Letters of Credit. In the event that a draw is made on a Letter of Credit and Borrower does not reimburse the amount of such draw in full to Letter of Credit Issuer immediately on demand, Letter of Credit Issuer shall promptly notify Administrative Agent of such failure. Upon Administrative Agent’s receipt of such notice from Letter of Credit Issuer, Administrative Agent may notify each Lender thereof and shall have the right to cause a Revolving Loan Advance to be made, regardless whether such Revolving Loan Advance would result in the Aggregate Revolving Loan exceeding the Maximum Available Amount, by notifying each Lender of the draw, the amount of the Revolving Loan Advance required to fund reimbursement of such draw, and the 1336346.6 amount of such Lender’s ratable share of such Revolving Loan Advance (expressed in Dollars in the amount of the Dollar Equivalent thereof in the case of a Letter of Credit denominated in an Alternative Currency)Advance. Unless otherwise agreed by Lenders, the Advance Date and time for such Revolving Loan Advance shall not be later than 1:00 p.m. (Local Time) on the first Business Day following Administrative Agent’s delivery of such notice to Lenders. By no later than such Advance Date and time, each Lender shall pay make immediately available to Administrative Agent Same Day Funds funds consisting solely of Dollars in the amount of its Pro Rata Share pro rata share of such Revolving Loan Advance, rounded to the nearest xxxxxpxxxx, in accordance with such remittance instructions as may be given by Administrative Agent to each Lender from time to time. Each Revolving Loan Advance made by Administrative Agent pursuant to this Section 7.7.2 shall initially be a Base Rate Advance. Administrative Agent will give notice to Borrower after any such Revolving Loan Advance is made. Notwithstanding the foregoing, if any unreimbursed draw on a Letter of Credit is repaid by Lenders upon the demand or request of the Letter Bank of Credit IssuerAmerica, and the Borrower is thereby deemed to have received the proceeds of a Revolving Loan Advance, for the date such Revolving Loan Advance is deemed to have been made, Borrower shall only pay interest on the amount of the Revolving Loan Advance (and not on the amount of the unreimbursed Letter of Credit draw so repaid, irrespective of the time of day the Letter Bank of Credit Issuer America makes demand for such payment).