Common use of Letter of Credit Disbursements Clause in Contracts

Letter of Credit Disbursements. The Letter of Credit Issuer will notify the Borrower and the Administrative Agent promptly of the presentment for payment of any Letter of Credit, together with notice of the date (the “Disbursement Date”) such payment shall be made (each such payment, a “Disbursement”). Subject to the terms and provisions of such Letter of Credit and this Agreement, the Letter of Credit Issuer shall make such payment to the beneficiary (or its designee) of such Letter of Credit. Prior to 5:00 p.m. on the Disbursement Date, the Borrower will reimburse the Administrative Agent, for the account of the Letter of Credit Issuer, for all amounts which the Letter of Credit Issuer has disbursed under such Letter of Credit, together with interest thereon at a rate per annum equal to the rate per annum then in effect for Base Rate Loans (with the then Applicable Margin accruing on such amount) pursuant to Section 3.2 for the period from the Disbursement Date through the date of such reimbursement. Subject to the availability of Revolving Loans, and so long as no Default under Section 8.1.1 or any other Event of Default shall have occurred and be continuing on the date of reimbursement, the Borrower may make such reimbursement from the proceeds of Revolving Loans. Without limiting in any way the foregoing and notwithstanding anything to the contrary contained herein or in any separate application for any Letter of Credit, the Borrower hereby acknowledges and agrees that it shall be obligated to reimburse the Letter of Credit Issuer upon each Disbursement of a Letter of Credit, and it shall be deemed to be the obligor for purposes of each such Letter of Credit issued hereunder (whether or not the account party on such Letter of Credit is the Borrower).

Letter of Credit Disbursements. The Letter of Credit Issuer will notify the Borrower and the Administrative Agent promptly of the presentment for payment of any Letter of Credit, together with notice of the date (the “Letter of Credit Disbursement Date”) such payment shall be made (each such payment, a “Letter of Credit Disbursement”). Immediately thereafter, the Administrative Agent shall give telephonic and facsimile notice to the Revolving Lenders of the presentation of such sight draft, the amount of such sight draft, the date on which payment thereon has been or will be made, and the Percentage of each Revolving Lender in the amount of such sight draft together with a copy of the sight draft and accompanying documents. A copy of such sight draft, together with such accompanying documents, shall, for purposes of this Agreement, be deemed to be an Borrowing Request for a Revolving Loan to each of the Revolving Lenders. Subject to the terms and provisions of such Letter of Credit and this AgreementCredit, the Letter of Credit Issuer shall make such payment Letter of Credit Disbursement to the beneficiary (or its designee) of such Letter of Credit. Prior to 5:00 p.m. 11:00 a.m. Pacific time on the Disbursement Datefirst Business Day following the date on which notice was given by the Administrative Agent to the Revolving Lenders, the Borrower will reimburse Revolving Lenders shall advance as an obligatory advance hereunder a Revolving Loan to the Administrative AgentAgent (whether or not the Borrower has satisfied the conditions set forth in Article V of this Agreement), for the account of the Letter of Credit Issuer, for all amounts in an amount equal to such Revolving Lender’s Percentage of the amount which the Letter of Credit Issuer has disbursed under such Letter of Credit, together with interest thereon at a rate per annum equal to the rate per annum then in effect for Base Rate Loans (with the then Applicable Margin accruing on such amount) pursuant to Section 3.2 for the period from the Letter of Credit Disbursement Date through the date of such reimbursement. Subject The Revolving Loans made pursuant to this Section 2.4.2 shall be applied to the availability payment of Revolving Loans, such sight draft (and so long as no Default under Section 8.1.1 or at the election of the Issuer be advanced directly to the beneficiary) and shall not be used for any other Event of Default shall have occurred and be continuing on the date of reimbursement, the Borrower may make such reimbursement from the proceeds of Revolving Loanspurpose. Without limiting in any way the foregoing and notwithstanding anything to the contrary contained herein or in any separate application for any Letter of Credit, the Borrower hereby acknowledges and agrees that it shall be obligated to reimburse the Issuer upon each Letter of Credit Issuer upon each Disbursement by means of a Letter Borrowing of CreditRevolving Loans made pursuant to this Section 2.4.2. Upon the occurrence and during the continuance of any Default of the type described in Section 8.1.9, and it all Revolving Loans made by any Revolving Lender pursuant to this Section 2.4.2 shall be deemed to be the obligor for purposes of each such Revolving Lender’s Letter of Credit issued hereunder (whether or not the account party on such Letter of Credit is the Borrower)Reimbursement Obligations in accordance with Section 2.4.3.

Letter of Credit Disbursements. The Letter of Credit Issuer will notify the Borrower Greektown Holdings and the Administrative Agent promptly of the presentment for payment of any Letter of Credit, together with notice of the date (the “Letter of Credit Disbursement Date”) such payment shall be made (each such payment, a “Letter of Credit Disbursement”). Immediately thereafter, the Administrative Agent shall give telephonic and facsimile notice to the Revolving Lenders of the presentation of such sight draft, the amount of such sight draft, the date on which payment thereon has been or will be made, and the Percentage of each such Revolving Lender in the amount of such sight draft together with a copy of the sight draft and accompanying documents. A copy of such sight draft, together with such accompanying documents, shall, for purposes of this Agreement, be deemed to be a Borrowing Request for a Revolving Loan to each of the Revolving Lenders which, on the date of such Borrowing, shall bear interest at the Base Rate. Subject to the terms and provisions of such Letter of Credit and this AgreementCredit, the Letter of Credit Issuer shall make such payment Letter of Credit Disbursement to the beneficiary (or its designee) of such Letter of Credit. Prior to 5:00 p.m. 2:00 p.m., New York City time, on the Disbursement Datefirst Business Day following the date on which notice was given by the Administrative Agent to the Revolving Lenders, the Borrower will reimburse Revolving Lenders shall advance as an obligatory advance hereunder a Revolving Loan to the Administrative AgentAgent (whether or not the Borrowers have satisfied the conditions set forth in Article VI of this Agreement), for the account of the Letter of Credit Issuer, for all amounts in an amount equal to such Revolving Lender’s Percentage of the amount which the Letter of Credit Issuer has disbursed under such Letter of Credit, together with interest thereon at a rate per annum equal to the rate per annum then in effect for Base Rate Loans (with the then Applicable Base Rate Margin accruing on such amount) pursuant to Section 3.2 for the period from the Letter of Credit Disbursement Date through the date of such reimbursement. Subject The Revolving Loans made pursuant to this Section 2.6.2 shall be applied to the availability payment of Revolving Loans, such sight draft (and so long as no Default under Section 8.1.1 or at the election of the Issuer be advanced directly to the beneficiary) and shall not be used for any other Event of Default shall have occurred and be continuing on the date of reimbursement, the Borrower may make such reimbursement from the proceeds of Revolving Loanspurpose. Without limiting in any way the foregoing and notwithstanding anything to the contrary contained herein or in any separate application for any Letter of Credit, the each Borrower hereby acknowledges and agrees that it shall be obligated to reimburse the Issuer upon each Letter of Credit Issuer upon each Disbursement by means of a Letter Borrowing of CreditRevolving Loans made pursuant to this Section 2.6.2. Upon the occurrence and during the continuance of an Event of Default under Section 9.1.9, and it all amounts payable by the Revolving Lenders pursuant to this Section 2.6.2 shall be deemed to be the obligor for purposes funding to the Issuer of each such Revolving Lender’s Percentage of such Letter of Credit issued hereunder (whether or not the account party on such Letter of Credit is the Borrower)Reimbursement Obligation in accordance with Section 2.6.1.

Letter of Credit Disbursements. The Letter of Credit Issuer will notify the Borrower and the Administrative Agent promptly of the presentment for payment of any Letter of Credit, together with notice of the date (the “Letter of Credit Disbursement Date”) such payment shall be made (each such payment, a “Letter of Credit Disbursement”). Immediately thereafter, the Administrative Agent shall give telephonic and facsimile notice to the Revolving A Lenders of the presentation of such sight draft, the amount of such sight draft, the date on which payment thereon has been or will be made, and the Percentage of each Revolving A Lender in the amount of such sight draft together with a copy of the sight draft and accompanying documents. A copy of such sight draft, together with such accompanying documents, shall, for purposes of this Agreement, be deemed to be a Borrowing Request for a Revolving A Loan to each of the Revolving A Lenders. Subject to the terms and provisions of such Letter of Credit and this AgreementCredit, the Letter of Credit Issuer shall make such payment Letter of Credit Disbursement to the beneficiary (or its designee) of such Letter of Credit. Prior to 5:00 p.m. 11:00 a.m. Pacific time on the Disbursement Datefirst Business Day following the date on which notice was given by the Administrative Agent to the Revolving A Lenders, the Borrower will reimburse Revolving A Lenders shall advance as an obligatory advance hereunder a Revolving A Loan to the Administrative AgentAgent (whether or not the Borrower has satisfied the conditions set forth in Article V of this Agreement), for the account of the Letter of Credit Issuer, for all amounts in an amount equal to such Revolving A Lender's Percentage of the amount which the Letter of Credit Issuer has disbursed under such Letter of Credit, together with interest thereon at a rate per annum equal to the rate per annum then in effect for Base Rate Loans (with the then Applicable Margin accruing on such amount) pursuant to Section 3.2 for the period from the Letter of Credit Disbursement Date through the date of such reimbursement. Subject The Revolving A Loans made pursuant to this Section 2.4.2 shall be applied to the availability payment of Revolving Loans, such sight draft (and so long as no Default under Section 8.1.1 or at the election of the Issuer be advanced directly to the beneficiary) and shall not be used for any other Event of Default shall have occurred and be continuing on the date of reimbursement, the Borrower may make such reimbursement from the proceeds of Revolving Loanspurpose. Without limiting in any way the foregoing and notwithstanding anything to the contrary contained herein or in any separate application for any Letter of Credit, the Borrower hereby acknowledges and agrees that it shall be obligated to reimburse the Issuer upon each Letter of Credit Issuer upon each Disbursement by means of a Letter Borrowing of CreditRevolving A Loans made pursuant to this Section 2.4.2. Upon the occurrence and during the continuance of any Default of the type described in Section 8.1.9, and it all Revolving A Loans made by any Lender pursuant to this Section 2.4.2 shall be deemed to be the obligor for purposes of each such Revolving A Lender's Letter of Credit issued hereunder (whether or not the account party on such Letter of Credit is the Borrower)Reimbursement Obligations in accordance with Section 2.4.3.

Letter of Credit Disbursements. The Letter of Credit Issuer will notify the Borrower and the Administrative Agent promptly of the presentment for payment of any Letter of Credit, together with notice of the date (the “"Letter of Credit Disbursement Date”") such payment shall be made (each such payment, a “"Letter of Credit Disbursement”"). Immediately thereafter, the Administrative Agent shall give telephonic and facsimile notice to the Term A Lenders of the presentation of such sight draft, the amount of such sight draft, the date on which payment thereon has been or will be made, and the Percentage of each Term A Lender in the amount of such sight draft together with a copy of the sight draft and accompanying documents. A copy of such sight draft, together with such accompanying documents, shall, for purposes of this Agreement, be deemed to be a Borrowing Request for a Term A Loan to each of the Term A Lenders (which, on the date of such Borrowing, shall bear interest at the Base Rate). Subject to the terms and provisions of such Letter of Credit and this AgreementCredit, the Letter of Credit Issuer shall make such payment Letter of Credit Disbursement to the beneficiary (or its designee) of such Letter of Credit. Prior to 5:00 p.m. 11:00 a.m., New York City time, on the Disbursement Datefirst Business Day following the date on which notice was given by the Administrative Agent to the Term A Lenders, the Borrower will reimburse Term A Lenders shall advance as an obligatory advance hereunder a Term A Loan to the Administrative AgentAgent (whether or not the Borrower has satisfied the conditions set forth in Section 3.2 of the Disbursement Agreement or Article V of this Agreement), for the account of the Letter of Credit Issuer, for all amounts in an amount equal to such Term A Lender's Percentage of the amount which the Letter of Credit Issuer has disbursed under such Letter of Credit, together with interest thereon at a rate per annum equal to the rate per annum then in effect for Base Rate Loans (with the then Applicable Base Rate Margin accruing on such amount) pursuant to Section 3.2 for the period from the Letter of Credit Disbursement Date through the date of such reimbursement. Subject The Term A Loans made pursuant to this Section 2.6.2 shall be applied to the availability payment of Revolving Loans, such sight draft (and so long as no Default under Section 8.1.1 or at the election of the Issuer be advanced directly to the beneficiary) and shall not be used for any other Event of Default shall have occurred and be continuing on the date of reimbursement, the Borrower may make such reimbursement from the proceeds of Revolving Loanspurpose. Without limiting in any way the foregoing and notwithstanding anything to the contrary contained herein or in any separate application for any Letter of Credit, the Borrower hereby acknowledges and agrees that it shall be obligated to reimburse the Issuer upon each Letter of Credit Issuer upon each Disbursement by means of a Letter Borrowing of Credit, and it shall be deemed Term A Loans made pursuant to be the obligor for purposes of each such Letter of Credit issued hereunder (whether or not the account party on such Letter of Credit is the Borrower)this Section 2.6.2.