Drawings under Letters of Credit. Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable Issuing Lender shall determine in accordance with the terms of such Letter of Credit whether such drawing should be honored. If such Issuing Lender determines that any such drawing shall be honored, such Issuing Lender shall make available to such beneficiary in accordance with the terms of such Letter of Credit the amount of the drawing and shall notify the Borrower as to the amount to be paid as a result of such drawing and the payment date.
Drawings under Letters of Credit. The Borrowers hereby absolutely and unconditionally, jointly and severally, promise to pay the Lender not later than 4:00 p.m. (New York, New York time) the amount of each drawing under a Letter of Credit issued hereunder if the Company receives notice of such drawing (with respect to its account or with respect to the accounts of any or all of the Borrowers) prior to 10:00 a.m., New York, New York time, on the date of such drawing, or if such notice has not been received by the Company (with respect to its account or with respect to the accounts of any or all of the Borrowers) prior to such time on such date, then not later than 4:00 p.m. (New York, New York time) on the Business Day immediately following the day that the Company receives such notice; provided, however, if any drawing is in an amount equal to or greater than $100,000, the Company (on its own behalf or on behalf of any or all of the Borrowers) may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.01 hereof that such payment be financed with a Revolving Credit Loan in an equivalent amount, and, to the extent so financed, the Borrowers' obligation to make such payment shall be discharged and replaced by such a Revolving Credit Loan. Such request shall be made by the Company (on its own behalf or on behalf of any or all of the Borrowers) on the date of receipt of notice from the Lender of a drawing under a Letter of Credit as applicable. Each drawing under a Letter of Credit which is not paid on the date such drawing is made shall accrue interest, for each day from and including the date of such drawing to but excluding the date that the Borrowers reimburse the Lender in full for such drawing at the rate per annum then applicable to Loans which are Revolving Credit Loans; provided, however, that if the Borrowers fail to reimburse such drawing when due pursuant to this paragraph (b), then the Borrowers shall pay to the Lender interest on the amount of such drawing at the rate per annum set forth in Section 3.01(c) hereof.
Drawings under Letters of Credit. (i) Upon receipt from the beneficiary of any Letter of Credit of demand for payment under such Letter of Credit, the Issuing Bank shall determine in accordance with the terms of such Letter of Credit whether such demand for payment should be honored.
Drawings under Letters of Credit. (a) Upon receipt by the Administrative Agent of any draft upon, or other notice of drawing under, a Letter of Credit, the Administrative Agent shall promptly give the Borrower written or telephone notice of the amount of such draft, of the Letter of Credit against which it is drawn and of the date upon which the Administrative Agent proposes to honor such draft.
Drawings under Letters of Credit. In the event that there occurs one or more drawings under any Letter of Credit, and such drawing(s) are made in accordance with the terms and conditions thereof, the Issuing Lender shall, on the Business Day on which such drawing is required to be honored pursuant to such Letter of Credit (the "Disbursement Date"), make available to the beneficiary under such Letter of Credit, in same day funds, the amount of such drawing.
Drawings under Letters of Credit. (i) Upon receipt from the beneficiary of any Letter of Credit of demand for payment under such Letter of Credit, the Fronting Bank shall determine in accordance with the terms of such Letter of Credit whether such request for payment should be honored.
Drawings under Letters of Credit. No Lender issuing a Letter of Credit shall concern itself with the regularity or propriety of any demand made under any Letter of Credit, provided that such demand is made in the manner called for in such Letter of Credit and (subject to such proviso) it shall not be a defense to a claim of such Lender under this Section 2.5 that such Lender could have resisted the payment in respect of which such claim is made.
Drawings under Letters of Credit. Upon receipt from the beneficiary of any Letter of Credit of any notice of a Drawing under any Letter of Credit, CIBC shall determine in accordance with the terms of such Letter of Credit whether such Drawing should be honored. If CIBC determines that any such Drawing shall be honored, CIBC shall make available to such beneficiary in accordance with the terms of such Letter of Credit the amount of the Drawing and shall notify the Company of the amount to be paid as a result of such Drawing and the payment date.
Drawings under Letters of Credit. The Companies hereby absolutely and unconditionally promise to pay to the Lender on the date of each drawing under a Letter of Credit, in immediately available funds from its accounts, the amount of such drawing under such Letter of Credit.
Drawings under Letters of Credit. Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable L/C Issuer shall determine in accordance with the terms of such Letter of Credit whether such drawing should be honored. If the L/C Issuer determines that any such drawing shall be honored, such L/C Issuer shall make available to such beneficiary in accordance with the terms of such Letter of Credit the amount of the drawing and shall notify the Borrower and the Administrative Agent as to the amount to be paid as a result of such drawing and the payment date.
