Payment of Amounts Drawn Under Letters of Credit. In the event of any request for drawing under any Letter of Credit by the beneficiary thereof, the Issuing Bank shall notify the Applicable Borrower and the Administrative Agent on or before the date on which such Issuing Bank intends to honor such drawing, and the Applicable Borrower shall reimburse such Issuing Bank on the day on which such drawing is honored in an amount in same day funds equal to the amount of and in the same currency as such drawing; provided that, anything contained in this Agreement to the contrary notwithstanding, (i) unless the Applicable Borrower shall have notified the Administrative Agent and such Issuing Bank prior to Noon (New York time) on the Business Day of the date of such drawing that the Applicable Borrower intends to reimburse such Issuing Bank for the amount of such drawing with funds other than the proceeds of Revolving Loans, the Applicable Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting the Banks having Revolving Loan Commitments to make Revolving Loans that are Base Rate Loans on the Business Day following the date on which such drawing is honored in an amount equal to the Dollar Equivalent amount of such drawing, and (ii) the Banks shall, on the date of such drawing, make Revolving Loans that are Base Rate Loans in the amount of such drawing, the proceeds of which shall be applied directly by the Administrative Agent to reimburse such Issuing Bank for the Dollar Equivalent amount of such drawing; and further provided that if, for any reason, proceeds of Revolving Loans are not received by such Issuing Bank on such date in an amount equal to the amount of such drawing, such Issuing Bank shall be entitled to reimbursement in accordance with Section 1.04, on the Business Day (which shall be a business day under the laws of the jurisdiction of such Issuing Bank) immediately following the date of such drawing, in an amount in same day funds equal to the excess of the amount of such drawing over the amount of such Revolving Loans, if any, that are so received, plus accrued interest on such amount at the rate set forth in Section 1.13(f)(1)(i).
Payment of Amounts Drawn Under Letters of Credit. The Borrower acknowledges that the Lender, as co-applicant, will be liable to the Issuer of any Letter of Credit for reimbursement of any and all draws thereunder and all other amounts required to be paid under the applicable L/C Application. Accordingly, the Borrower agrees to pay to the Lender any and all amounts required to be paid under the applicable L/C Application, when and as required to be paid thereby, and the amounts designated below, when and as designated:
Payment of Amounts Drawn Under Letters of Credit. (1) The Fronting Letter of Credit Lender shall notify the applicable Borrower with notice to the Agent on or before the date on which the Fronting Letter of Credit Lender intends to honour any drawing under a Letter of Credit.
Payment of Amounts Drawn Under Letters of Credit. (a) In the event of any request for a drawing under any Letter of Credit by the beneficiary thereof, the Issuer shall notify the Borrower, the Administrative Agent and the Lenders on or before the date on which the Issuer intends to honor such drawing, and the Borrower shall reimburse the Issuer on the day on which such drawing is honored in an amount, in same day funds, equal to the amount of such drawing.
Payment of Amounts Drawn Under Letters of Credit. (a) In the event of any request or demand for payment under any Domestic Letter of Credit by the beneficiary thereof, the Domestic L/C Issuer shall promptly notify Interface (which notice shall be deemed to be notice to the applicable L/C Account Party as well), the Domestic Agent and the Participating Lenders and, in any event, unless otherwise expressly provided in the Domestic Letter of Credit or the terms of such Domestic Letter of Credit require the honoring of a drawing thereunder on the date of, or the Business Day after, such drawing, no later than 10:00 a.m. (Eastern time) on the Business Day immediately preceding the date on which the Domestic L/C Issuer intends to honor such drawing; and the L/C Account Party, or Interface on behalf of such L/C Account Party, shall reimburse the Domestic L/C Issuer on the day on which such drawing is honored in same day funds in an amount equal to the amount of such drawing; provided that, unless the applicable L/C Account Party or Interface, on behalf of such L/C Account Party, shall have paid to the Domestic L/C Issuer prior to 11:00 a.m. (Eastern time) on the Business Day immediately prior to the date on which such drawing is to be honored an amount in immediately available funds sufficient to reimburse the Domestic L/C Issuer for the amount of such drawing, a Domestic Syndicated Borrowing Notice shall be deemed to have been made in accordance with Section 2.02(c)(ii); provided that, solely for purposes of such Domestic Syndicated Borrowing, the conditions precedent set forth in Section 5.03 of this Agreement shall not be applicable; provided further that, if for any reason, the proceeds of one or more Domestic Syndicated Loans made pursuant to Section 2.02(c)(ii) are not received by the Domestic L/C Issuer on the date of the drawing against such Domestic Letter of Credit was honored in an amount equal to the amount of such drawing, the L/C Account Party or Interface, on behalf of such L/C Account Party, hereby agrees to reimburse the Domestic L/C Issuer, on the Business Day immediately following the date of such drawing, in an amount in immediately available funds equal to the excess of the amount of such drawing over the amount of such Domestic Syndicated Loans, if any, which are so received by the Domestic Agent from the Lenders, plus accrued interest on such amount at the Base Rate (plus the Applicable Margin).
Payment of Amounts Drawn Under Letters of Credit. (a) In the event of any request for a drawing under any Letter of Credit by the beneficiary thereof, the Agent shall notify Intermet and the Lenders on or before the date on which the Agent intends to honor such drawing, and Intermet shall reimburse the Agent on the day on which such drawing is honored in an amount, in same day funds, equal to the amount of such drawing.
Payment of Amounts Drawn Under Letters of Credit. In the event of any drawing under any Letter of Credit by the beneficiary thereof, the Agent Bank shall promptly notify the Borrowers and the Banks of such drawing, and the Borrowers shall reimburse the Agent Bank on the date on which such drawing is honored in an amount in same day funds equal to the amount of such drawing. The Borrowers shall have the right to obtain a Revolving Credit Loan (subject to the limitations set forth in Section 0.xX hereof and in the absence of any Event of Default hereunder) in an amount sufficient to repay in full any such drawing honored by the Agent Bank under a Letter of Credit.
Payment of Amounts Drawn Under Letters of Credit. Upon receipt by the Bank of any request for drawing under its Letter of Credit by the beneficiary thereof, the Bank shall promptly notify Borrower of any such request. Borrower shall, and hereby convenants and agrees to, reimburse the Bank on the day on which such drawing is honored in an amount, in immediately available funds, equal to the amount of such drawing; provided that (i) unless Borrower shall have notified the Bank prior to 11:00 a.m. (Cleveland time) on the Business Day immediately prior to the date of such drawing that Borrower intends to reimburse the Bank for the amount of such drawing with funds other than the proceeds of Advances made or to be made under this Agreement, Borrower shall be deemed to have given a Request for Advance to the Bank requesting a Prime Rate Loan on the date on which such drawing is honored, in the amount of such drawing; and (ii) the Bank shall, on the date of such drawing, make an Advance in the amount of such drawing, the proceeds of which shall be applied to reimburse the Bank for the amount of such drawing.
Payment of Amounts Drawn Under Letters of Credit. In the event of any drawing under any Letter of Credit by the beneficiary thereof, the applicable Issuing Bank shall notify the Administrative Agent, which shall notify the Company of such draw, not later than 11:00 a.m. (New York City time), on the day on which the Issuing Bank intends to honor such drawing. Unless the Company shall, at the time of such drawing, have posted funds with such Issuing Bank sufficient to reimburse such drawing in full in Cash, the Company will be deemed to have concurrently given a Notice of Borrowing to the Administrative Agent for Prime Rate Loans in the amount of and at the time of such drawing. Subject to satisfaction or waiver of the conditions specified in Article 5 and the other terms of and conditions to Borrowing contained herein, the Tranche 2 Banks shall be obligated, on the date such drawing is honored, to make Loans in the amount of such drawing, the proceeds of which shall be applied directly by the Administrative Agent to reimburse the applicable Issuing Bank for the amount of such drawing or payment. If for any reason, proceeds of such Loans are not received by such Issuing Bank on such date in an amount equal to the amount of such drawing, the Company shall be obligated to and shall reimburse such Issuing Bank, on the Business Day (under the laws of the jurisdiction of the Issuing Bank) immediately following the date of such drawing, in an amount in immediately available funds equal to the excess of the amount of such drawing over the amount of such Loans, if any, which are so received, plus accrued interest on such amount at the rate set forth in Section 4.01 of this Agreement.
Payment of Amounts Drawn Under Letters of Credit. In the event of any drawing under any Letter of Credit by the beneficiary thereof, the Issuing Bank shall notify the Agent, which shall notify the Borrower of such draw, not later than 11:00 A.M. New York City time on the Business Day immediately prior to the date on which the Issuing Bank intends to honor such drawing. The Borrower will be deemed to have concurrently given a Notice of Borrowing to the Agent for Revolving Loans in the amount of and at the time of such drawing. Subject to satisfaction or waiver of the conditions specified in Article 5 hereof and the other terms and conditions of Borrowings contained herein, the Lenders shall be obligated to, on the date of such drawing, make Revolving Loans in the amount of such drawing, the proceeds of which shall be applied directly by the Agent to reimburse the Issuing Bank for the amount of such drawing or payment. If for any reason, proceeds of such Revolving Loans are not received by the Issuing Bank on such date in an amount equal to the amount of such drawing, the Borrower shall be obligated to and shall reimburse the Issuing Bank, on the Business Day (under the laws of the jurisdiction of the Issuing Bank) immediately following the date of such drawing, in an amount in immediately available funds equal to the excess of the amount of such drawing over the amount of such Revolving Loans, if any, which are so received, plus accrued interest on such amount at the rate set forth in Section 4.1 hereof.
