Common use of Drawings and Reimbursements; Funding of Participation Clause in Contracts

Drawings and Reimbursements; Funding of Participation. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the Letter of Credit Issuer shall notify the Borrower and each Co-Agent thereof. Not later than 10:00 a.m. (New York time) on the date of any payment by the Letter of Credit Issuer (an “Honor Date”), the Borrower shall reimburse the Letter of Credit Issuer in an amount equal to the amount of such drawing. If the Borrower fails to so reimburse the Letter of Credit Issuer by such time, the Letter of Credit Issuer shall promptly notify each Co-Agent of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of each Lender’s Percentage thereof. Prior to the Facility Termination Date, and so long as the conditions precedent set forth in Section 6.2 are satisfied, each such notice by the Letter of Credit Issuer shall be treated as a Borrowing Notice by the Borrower for an Advance to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount. In all other cases such notice shall be treated as a request for a L/C Participation Funding. Any notice given by the Letter of Credit Issuer pursuant to this Section 1.7(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Drawings and Reimbursements; Funding of Participation. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable Letter of Credit Issuer shall notify the Borrower SPV and each Co-the Agent thereof. Not later than 10:00 a.m. (New York time) 1:00 p.m. on the date of any payment by the a Letter of Credit Issuer under a Letter of Credit (each such date, an “Honor Date”), the Borrower SPV shall reimburse the such Letter of Credit Issuer through the Agent in an amount equal to the amount of such drawing. If the Borrower SPV fails to so reimburse the such Letter of Credit Issuer by such time, the Letter of Credit Issuer Agent shall promptly notify each Co-Managing Agent of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of each Lendersuch Managing Agent’s Investor Group’s Investor Group Percentage thereof. Prior to the Facility Termination Date, and so long as the conditions precedent set forth in Section 6.2 are satisfied, each Each such notice by the a Letter of Credit Issuer shall be treated as a Borrowing Notice an Investment Request by the Borrower for SPV. In such event, the SPV shall be deemed to have requested an Advance Investment to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount. In all , without regard to the minimum and multiples specified in Section 2.3, but subject to the amount of the unutilized portion of the Available Commitment and the conditions set forth in Section 5.2 (other cases such notice shall be treated as a request for a L/C Participation Fundingthan the delivery of an Investment Request). Any notice given by the a Letter of Credit Issuer or the Agent pursuant to this Section 1.7(c)(i2.17(c)(i) may be given by telephone if immediately promptly confirmed in writing; provided that the lack of such an immediate a prompt confirmation shall not affect the conclusiveness or binding effect of such notice.