Best Buy 2003 Annual Report Download - page 73
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3.8. Each payment to be made in favour of the Bank in respect of any of the Loans
shall be made free and clear and without deduction for or on account of Tax. If any
payment made in respect of any of the Loans is required to be made subject to the
deduction or withholding of Tax, the sum payable to the Bank with respect to which
such deduction or withholding is required to be made shall be increased to the extent
necessary to ensure that, after the making of such deduction or withholding, the Bank
receives and retains (free from any liability in respect of any such deduction or
withholding) a net sum equal to the sum which it would have received and so retained
had such deduction or withholding not have been made or required to have been made.
If the Bank is required by law to make any payment on account of Tax (not being a Tax
on net income) on or in relation to any amount received or receivable hereunder or
otherwise in connection with the Loans, the Borrower shall promptly indemnify the
Bank against such payment, together with any interest, penalties and expenses payable
or incurred in connection therewith.
4. Bankers’ Acceptances:
4.1. Upon satisfaction of the Conditions Precedent set out in this Offer Letter and the
additional conditions contemplated in this Schedule “A”, the Borrower may, by
delivering to the Bank notice in form and substance satisfactory to the Bank (the
“Required Notice”), make availments of the Operating Loan by way of or convert
existing advances remaining outstanding under the Operating Loan into Bankers’
Acceptances, subject to the following terms and conditions.
4.2. The Bank will not be obligated to make funds available by way of Banker’s
Acceptances:
4.2.1 unless the Borrower has provided the Bank with the Required Notice;
5
4.2.2 unless such Banker’s Acceptance is in a minimum face amount of $500,000 or any greater
amount and in integral multiples of $100,000;
4.2.3 which are for a term of other than 30, 60, 90, or 180 days or which mature on a day: