Common use of Drawings and Reimbursements Clause in Contracts

Drawings and Reimbursements. (a) With respect to each Letter of Credit for which the LC Administrator receives a request for a drawing which is in form and substance reasonably satisfactory to the LC Administrator (a “Drawing Request”), if such Drawing Request is received prior to 10:00 a.m (Chicago time) on any Business Day, such Business Day shall be the “Drawing Request Date” and if such Drawing Request is received after 10:00 a.m (Chicago time) on any Business Day, the following Business Day shall be the “Drawing Request Date.” Upon receiving a Drawing Request, the LC Administrator shall promptly notify the Borrower of such Drawing Request (which notice may be oral if immediately confirmed in writing (including by facsimile)) and upon receipt of such notification, the Borrower shall promptly reimburse the Administrative Agent on behalf of the Issuer for the amount of such drawing by delivering to the LC Administrator in immediately available funds the amount of the Drawing Request. Nothing herein stated shall be deemed a waiver by the Lenders of the obligation of the Borrower to make such prompt reimbursement. To the extent that funds are received by the LC Administrator prior to 3:00 p.m. (Chicago time) on the first Business Day after the Drawing Request Date, the LC Administrator shall promptly, on behalf of the Issuer, make an equivalent amount available to the Beneficiary of the related Letter of Credit on such first Business Day after the Drawing Request Date and shall reimburse itself for such amount with the funds provided by the Borrower.

Drawings and Reimbursements. (a) With respect to each Letter of Credit for which the LC Administrator Applicable Issuing Party receives a request for a drawing which is in form and substance reasonably satisfactory to the LC Administrator Applicable Issuing Party (a “Drawing Request”), if such Drawing Request is received prior to 10:00 a.m a.m. (Chicago time) on any Business Day, such Business Day shall be the “Drawing Request Date” and if such Drawing Request is received after 10:00 a.m a.m. (Chicago time) on any Business Day, the following Business Day shall be the “Drawing Request Date.” Upon receiving a Drawing Request, the LC Administrator Applicable Issuing Party shall promptly notify the Borrower Max Bermuda of such Drawing Request (which notice may be oral if immediately confirmed in writing (including by facsimile)) and upon receipt of such notification, the Borrower Max Bermuda shall promptly reimburse the Administrative Agent on behalf of the Issuer for the amount of such drawing by delivering to the LC Administrator Applicable Issuing Party in immediately available funds the amount of the Drawing Request. In the event of a Drawing Request under an Alternative Currency Letter of Credit, such reimbursement by Max Bermuda shall be in Dollars (as calculated by the Applicable Issuing Party, using the Spot Rate) or the Alternative Currency as specified by the Applicable Issuing Party. Nothing herein stated shall be deemed a waiver by the Lenders of the obligation of the Borrower Max Bermuda to make such prompt reimbursement. To the extent that funds are received by the LC Administrator prior to 3:00 p.m. (Chicago time) on the first Business Day after the Drawing Request Date, the LC Administrator shall promptly, on behalf of the Issuer, make an equivalent amount available to the Beneficiary of the related Letter of Credit on such first Business Day after the Drawing Request Date and shall reimburse itself for such amount with the funds provided by the Borrower.

Drawings and Reimbursements. (a) With respect to each Letter of Credit for which the LC Administrator receives a request for a drawing which is in form and substance reasonably satisfactory to the LC Administrator (a “Drawing Request”), if such Drawing Request is received prior to 10:00 a.m (Chicago Hartford time) on any Business Day, such Business Day shall be the “Drawing Request Date” and if such Drawing Request is received after 10:00 a.m (Chicago Hartford time) on any Business Day, the following Business Day shall be the “Drawing Request Date.” Upon receiving a Drawing Request, the LC Administrator shall promptly notify the Borrower of such Drawing Request (which notice may be oral if immediately confirmed in writing (including by facsimile)) and upon receipt of such notification, the Borrower shall promptly reimburse the Administrative Agent on behalf of the Issuer for the amount of such drawing by delivering to the LC Administrator in immediately available funds the amount of the Drawing Request. Nothing herein stated shall be deemed a waiver by the Lenders of the obligation of the Borrower to make such prompt reimbursement. To the extent that funds are received by the LC Administrator prior to 3:00 p.m. (Chicago Hartford time) on the first Business Day after the Drawing Request Date, the LC Administrator shall promptly, on behalf of the Issuer, make an equivalent amount available to the Beneficiary of the related Letter of Credit on such first Business Day after the Drawing Request Date and shall reimburse itself for such amount with the funds provided by the Borrower.

Drawings and Reimbursements. (a) With respect to each Letter of Credit for which the LC Administrator receives a request for a drawing which is in form and substance reasonably satisfactory to the LC Administrator (a “Drawing Request”), if such Drawing Request is received prior to 10:00 a.m a.m. (Chicago time) on any Business Day, such Business Day shall be the “Drawing Request Date” and if such Drawing Request is received after 10:00 a.m a.m. (Chicago time) on any Business Day, the following Business Day shall be the “Drawing Request Date.” Upon receiving a Drawing Request, the LC Administrator shall promptly notify the Borrower Max Re of such Drawing Request (which notice may be oral if immediately confirmed in writing (including by facsimile)) and upon receipt of such notification, the Borrower Max Re shall promptly reimburse the Administrative Agent on behalf of the Issuer for the amount of such drawing by delivering to the LC Administrator in immediately available funds the amount of the Drawing Request. In the event of a Drawing Request under a Canadian Letter of Credit, such reimbursement by Max Re shall be in Dollars (as calculated by the LC Administrator or the Fronting Bank, as applicable, using the Spot Rate) or Canadian Dollars as specified by the LC Administrator. Nothing herein stated shall be deemed a waiver by the Lenders of the obligation of the Borrower Max Re to make such prompt reimbursement. To the extent that funds are received by the LC Administrator prior to 3:00 p.m. (Chicago time) on the first Business Day after the Drawing Request Date, the LC Administrator shall promptly, on behalf of the Issuer, make an equivalent amount available to the Beneficiary of the related Letter of Credit on such first Business Day after the Drawing Request Date and shall reimburse itself for such amount with the funds provided by the BorrowerMax Re.

Drawings and Reimbursements. (a) With respect to each Upon receipt from the beneficiary of any Letter of Credit for which the LC Administrator receives a request for of any notice of a drawing which is in form and substance reasonably satisfactory to under such Letter of Credit, the LC Administrator L/C Issuer shall notify the Company thereof. The L/C Issuer shall notify the Company on the date of any payment by the L/C Issuer under a Letter of Credit (a each such date, an “Drawing RequestHonor Date”), if such Drawing Request is received prior to 10:00 a.m (Chicago time) on any Business Day, such Business Day and the Company shall be the “Drawing Request Date” and if such Drawing Request is received after 10:00 a.m (Chicago time) on any Business Day, the following Business Day shall be the “Drawing Request Date.” Upon receiving a Drawing Request, the LC Administrator shall promptly notify the Borrower of such Drawing Request (which notice may be oral if immediately confirmed in writing (including by facsimile)) and upon receipt of such notification, the Borrower shall promptly reimburse the Administrative Agent on behalf of the L/C Issuer for in an amount equal to the amount of such drawing by delivering to no later than on the LC Administrator in immediately available funds the amount of the Drawing Request. Nothing herein stated next succeeding Business Day (and any reimbursement made on such next Business Day shall be deemed a waiver taken into account in computing fees in respect of any such Letter of Credit). If the Company fails to so reimburse the L/C Issuer on such next Business Day, the Company’s obligation to reimburse the L/C Issuer with respect to such drawing (the “Unreimbursed Amount”) shall be satisfied by funds withdrawn by the Lenders of L/C Issuer from the obligation of Collateral Account (and the Borrower Company hereby irrevocably authorizes and instructs the L/C issuer to make such prompt reimbursementwithdrawals); provided that the Company shall pay interest on all overdue Unreimbursed Amounts hereunder, which shall include all Unreimbursed Amounts following a termination pursuant to Section 7.02 (including an automatic termination) at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. To the extent that funds are received Any notice given by the LC Administrator prior L/C Issuer pursuant to 3:00 p.m. (Chicago timethis Section 2.01(c) on may be given by telephone if promptly confirmed in writing; provided that the first Business Day after lack of such prompt confirmation shall not affect the Drawing Request Date, the LC Administrator shall promptly, on behalf conclusiveness or binding effect of the Issuer, make an equivalent amount available to the Beneficiary of the related Letter of Credit on such first Business Day after the Drawing Request Date and shall reimburse itself for such amount with the funds provided by the Borrowernotice.

Drawings and Reimbursements. (a) With respect to each If, in accordance with its standard operating procedures, the Syndicated L/C Bank or the Issuing Bank, respectively, determines that a demand for payment under a Letter of Credit for which the LC Administrator receives a request for a drawing which is in form and substance reasonably satisfactory conforms to the LC Administrator (a “Drawing Request”), if terms and conditions of such Drawing Request is received prior to 10:00 a.m (Chicago time) on any Business Day, such Business Day shall be the “Drawing Request Date” and if such Drawing Request is received after 10:00 a.m (Chicago time) on any Business DayLetter of Credit, the following Business Day shall be Syndicated L/C Bank or the “Drawing Request Date.” Upon receiving a Drawing RequestIssuing Bank, respectively, shall, as soon as reasonably practicable, give notice to the LC Administrator Borrower which requested such Letter of Credit and to the Agent of the date the Issuing Bank or the Banks, as the case may be, will make payment in connection with such Letter of Credit in accordance with the terms thereof. The Agent shall promptly notify the Borrower Banks of such Drawing Request (which notice may be oral if immediately confirmed date. Each Bank and each Borrower acknowledges that the Issuing Bank or the Syndicated L/C Bank shall have no greater responsibility in writing (including by facsimile)) the operation of the Letters of Credit than is specified in the UCP. If at any time the Issuing Bank thereof shall have made a payment to a beneficiary of a Letter of Credit in respect of a drawing or in respect of an acceptance created in connection with a drawing under such Letter of Credit, such Issuing Bank shall promptly notify the Company and upon receipt each Bank, and each Bank will pay to the Agent for the account of such notificationIssuing Bank immediately upon demand by such Issuing Bank through the Agent at any time during the period commencing after such payment until reimbursement thereof in full by the Company, the Borrower shall promptly reimburse the Administrative Agent on behalf of the Issuer for the an amount equal to such Bank's Commitment Percentage of such drawing by delivering payment, together with interest on such amount for each day from the date of demand for such payment (or, if such demand is made after 11:00 a.m. New York City time on such date, from the next succeeding Business Day) to the LC Administrator date of payment by such Bank of such amount at a rate of interest per annum equal to the Federal Funds Rate from time to time in immediately available funds the amount of the Drawing Requesteffect during such period. Nothing herein stated shall be deemed a waiver to require any Bank to pay to the Agent for the account of any Issuing Bank any amount as reimbursement for any payment made by the Lenders of the obligation of the Borrower such Issuing Bank to make such prompt reimbursement. To the extent that funds are received by the LC Administrator acquire (discount) for its own account prior to 3:00 p.m. (Chicago time) on the first Business Day after the Drawing Request Date, the LC Administrator shall promptly, on behalf of the Issuer, make an equivalent amount available to the Beneficiary of the related maturity thereof any acceptance created under a Letter of Credit on such first Business Day after the Drawing Request Date and shall reimburse itself for such amount with the funds provided by the BorrowerCredit.

Drawings and Reimbursements. (a) With respect to each Letter of Credit for which the LC Administrator receives a request for a drawing which is in form and substance reasonably satisfactory to the LC Administrator (a “Drawing Request”), if such Drawing Request is received prior to 10:00 a.m a.m. (Chicago time) on any Business Day, such Business Day shall be the “Drawing Request Date” and if such Drawing Request is received after 10:00 a.m a.m. (Chicago time) on any Business Day, the following Business Day shall be the “Drawing Request Date.” Upon receiving a Drawing Request, the LC Administrator shall promptly notify the Borrower of such Drawing Request (which notice may be oral if immediately confirmed in writing (including by facsimile)) and upon receipt of such notification, the Borrower shall promptly reimburse the Administrative Agent on behalf of the Issuer for the amount of such drawing by delivering to the LC Administrator in immediately available funds the amount of the Drawing Request. Nothing herein stated shall be deemed a waiver by the Lenders of the obligation of the Borrower to make such prompt reimbursement. To the extent that funds are received by the LC Administrator prior to 3:00 p.m. (Chicago time) on the first Business Day after the Drawing Request Date, the LC Administrator shall promptly, on behalf of the Issuer, make an equivalent amount available to the Beneficiary of the related Letter of Credit on such first Business Day after the Drawing Request Date and shall reimburse itself for such amount with the funds provided by the Borrower.

Drawings and Reimbursements. (a) With respect to each Letter of Credit for which the LC Administrator receives a request for a drawing which is in form and substance reasonably satisfactory to the LC Administrator (a “"Drawing ------- Request”"), if such Drawing Request is received prior to 10:00 a.m (Chicago ------- time) on any Business Day, such Business Day shall be the “"Drawing Request ---------------- Date” " and if such Drawing Request is received after 10:00 a.m (Chicago time) on any Business Day, the following Business Day shall be the “"Drawing ------- Request Date.” " Upon receiving a Drawing Request, the LC Administrator shall ------------ promptly notify the Borrower of such Drawing Request (which notice may be oral if immediately confirmed in writing (including by facsimile)) and upon receipt of such notification, the Borrower shall promptly reimburse the Administrative Agent on behalf of the Issuer for the amount of such drawing by delivering to the LC Administrator in immediately available funds the amount of the Drawing Request. Nothing herein stated shall be deemed a waiver by the Lenders of the obligation of the Borrower to make such prompt reimbursement. To the extent that funds are received by the LC Administrator prior to 3:00 p.m. (Chicago time) on the first Business Day after the Drawing Request Date, the LC Administrator shall promptly, on behalf of the Issuer, make an equivalent amount available to the Beneficiary of the related Letter of Credit on such first Business Day after the Drawing Request Date and shall reimburse itself for such amount with the funds provided by the Borrower.

Drawings and Reimbursements. (a) With respect to each Letter of Credit for which the LC Administrator receives a request for a drawing which is in form and substance reasonably satisfactory to the LC Administrator (a “"Drawing Request”"), if such Drawing Request is received prior to 10:00 a.m (Chicago time) on any Business Day, such Business Day shall be the “"Drawing Request Date” " and if such Drawing Request is received after 10:00 a.m (Chicago time) on any Business Day, the following Business Day shall be the “"Drawing Request Date.” " Upon receiving a Drawing Request, the LC Administrator shall promptly notify the Borrower of such Drawing Request (which notice may be oral if immediately confirmed in writing (including by facsimile)) and upon receipt of such notification, the Borrower shall promptly reimburse the Administrative Agent on behalf of the Issuer for the amount of such drawing by delivering to the LC Administrator in immediately available funds the amount of the Drawing Request. Nothing herein stated shall be deemed a waiver by the Lenders of the obligation of the Borrower to make such prompt reimbursement. To the extent that funds are received by the LC Administrator prior to 3:00 p.m. (Chicago time) on the first Business Day after the Drawing Request Date, the LC Administrator shall promptly, on behalf of the Issuer, make an equivalent amount available to the Beneficiary of the related Letter of Credit on such first Business Day after the Drawing Request Date and shall reimburse itself for such amount with the funds provided by the Borrower.