Payment of Drafts. At such time as a Letter of Credit Issuer makes any payment on a draft presented or accepted under a Letter of Credit, the Borrower will on demand pay to such Letter of Credit Issuer in immediately available funds the amount of such payment. Unless the Borrower shall otherwise pay to the Letter of Credit Issuer the amount required by the foregoing sentence, such amount shall be considered a loan under Section 2.1.1 and part of the Revolving Loan as if the Borrower had paid in full the amount required with respect to the Letter of Credit by borrowing such amount under Section 2.1.1.
Payment of Drafts. At such time as a Letter of Credit Issuer makes any payment on a draft presented or accepted under a Letter of Credit, the Borrower will on demand pay to such Letter of Credit Issuer in immediately available funds the amount of such payment. Unless the Borrower shall otherwise pay to the Letter of Credit Issuer the amount required by the foregoing sentence, such amount shall be considered a loan under Section 2.1.1 to the Borrower and part of the Revolving Loan.
Payment of Drafts. Bank shall pay drafts as set forth in the Letter of Credit Agreement.
Payment of Drafts. From time to time Bank may make Advances hereunder by direct payment to manufacturers or others, in which event, invoices submitted by Manufacturers along with drafts paid by Bank shall serve as evidence of Advances under the Line. Borrower authorizes Bank to pay all drafts or invoices upon presentation by the manufacturer or others supplying inventory to Borrower.
Payment of Drafts. Delivery to the Lender or its correspondents of any documents purporting to comply with the requirements of any Letter of Credit shall be sufficient evidence of the validity, genuineness, and sufficiency thereof and of the good faith and proper performance of the shippers, drawers and users of any Letter of Credit, their agents and assignees, and the Lender and its correspondents may rely and act thereon without liability or responsibility with respect thereto or with respect to the correctness or condition of any shipment or merchandise to which the same may relate. The Lender may (but shall not be required to) accept or pay overdraft or irregular drafts or drafts with irregular documents attached or with respect to which property has been substituted or time limits have been extended, and no such acceptance or payment shall impair any rights of the Lender under this Agreement. In case of any variation between the documents called for by any Letter of Credit and the documents accepted by the Lender or its correspondents, the Borrower and the Lender shall be conclusively deemed to have waived any right to object to such variation with respect to any action of the Lender or its correspondents relating to such documents and to have ratified and approved such action as having been taken on the direction of the Borrower. The Lender shall not be liable for any delay in giving, or failing to give, notice of the arrival of any goods or any other notice, or for any error, neglect or default of any of its correspondents or any shipper, carrier, bailee or insurer; nor shall the Lender be responsible for the non-fulfillment of any requirement of any Letter of Credit with drafts that bear appropriate reference to any Letter of Credit or that the amount of any draft be noted on the reverse of any Letter of Credit or that the Letter of Credit be surrendered or taken up or that documents be forwarded apart from any drafts, and the Lender or its correspondents may, if it sees fit, waive any such requirements, provided that the Lender may be liable for any losses for which there has been a final judicial determination that such losses resulted from the Lender's gross negligence or willful misconduct.
Payment of Drafts. At such time as a Letter of Credit Issuer makes any payment on a draft presented or accepted under a Letter of Credit, the Company will on demand pay to such Letter of Credit Issuer in immediately available funds the amount of such payment. Unless the Company shall otherwise pay to the Letter of Credit Issuer the amount required by the foregoing sentence, any such amount paid prior to the Revolving Credit Termination Date shall be considered a loan under Section 2.1.1 and part of the Revolving Loans. So long as no Default shall exist or be created thereby, the addition of such amount to the Revolving Loans pursuant to the preceding sentence shall constitute payment for the purposes of this Section 2.4.6.
Payment of Drafts. All obligations of Borrower under each Letter of Credit and all Letter of Credit Documents are payable on Bank’s demand or payable as otherwise set forth in the applicable Letter of Credit Documents. Subject to the terms of Section 13.3, Borrower hereby irrevocably instructs Bank, on the same Business Day that Bank is obligated to fund a drawing or make any expenditure or any other payment under a Letter of Credit or incurs any cost or expense under any Letter of Credit, to reimburse Bank for any drawing, expenditure or other payment made, or cost or expense incurred, by Bank debiting Borrower’s loan account with Bank as an advance of the Revolving Loans pursuant to Section 2.2 as a Prime Rate Loan. If the advance of a Revolving Loan to reimburse Bank for any drawing, expenditure or other payment made, or cost or expense incurred, by Bank in respect of any Letter of Credit results (or to the extent that it results) in any Deficiency, then Borrower will immediately eliminate any Deficiency in accordance with the terms of Section 2.5.
Payment of Drafts. The Borrower shall pay the amount of each drawing under any Letter of Credit to the Bank on demand, together with interest at the Base Rate from the date that such drawing is paid by the Bank until payment of such amount in full. The Bank may (at its option) charge any deposit account maintained by the Borrower with the Bank for the amount of any drawing under a Letter of Credit.
Payment of Drafts. The Credit Union may pay a share draft on the day it is presented for payment, regardless of the date (or any other limitation on the time of payment) appearing on the share draft unless, the Credit Union has a stop payment order concerning the share draft prior to presentment and with reasonable time for the Credit Union to act. Except for negligence, the Credit Union is not liable for any action it takes regarding the payment or non-payment of a draft. Payment Order of Items. The law permits us to pay items (such as checks or drafts) drawn on your account in any order. To assist you in handling your account with us, we are providing you with the following information regarding how we process the items you write. When processing items drawn on your account, our policy is to pay them according to the dollar amount. We pay the smallest items first, except in the case of cash items, which are always paid first regardless of the dollar amount. The order in which items are paid is important, if there is not enough money in your account to pay all of the items that are presented overdraft fees may be applied to your account in accordance to overdraft procedures. Overdrafts We may honor overdrafts from an ATM. If at any time, the available funds in your account are not sufficient to cover share drafts and any other debit items, including but not limited to ACH debit, debit card transaction or any other electronic transaction presented for payment on your account, those share drafts and items will be handled in accordance with our overdraft procedures. Your account will then be subject to a charge for the item whether paid or returned as provided in our fee schedules. This fee is imposed for any overdraft created by checks, ACH, debit cards, or by other electronic means. Additionally, more than one overdraft fee may be charged against the account per day, depending on the number of checks presented on, and other withdrawals made from the account. Except as otherwise agreed in writing, we, by covering one or any overdraft, do not agree to cover overdrafts in the future and may discontinue covering overdrafts at any time. If we pay a draft or other debit item that would otherwise overdraw your account, you agree to pay the overdraft amount immediately. We reserve the right to pursue collection of previously dishonored items at any time. If we have approved an overdraft protection plan for your account, we will honor drafts drawn on insufficient funds by transferrin...
Payment of Drafts. Delivery to the Agent, any Issuing Lender or their correspondents of any documents purporting to comply with the requirements of any Letter of Credit shall be sufficient evidence of the validity, genuineness, and sufficiency thereof and of the good faith and proper performance of the drawers and/or users of any Letter of Credit, their agents and assignees, and the Agent, such Issuing Lender and their correspondents may rely and act thereon without liability or responsibility with respect thereto or with respect to the correctness or condition of any shipment of merchandise to which the same may relate. Upon receipt by the Agent or any Issuing Lender of written approval thereof from Borrower, the Agent or any such Issuing Lender, as the case may be, may (but shall not be required to) accept or pay overdrafts or irregular drafts or drafts with irregular documents attached or with respect to which time limits have been extended, and no such acceptance or payment shall impair any rights of the Agent or any Issuing Lender under this Agreement. In case of any variation between the documents called for by any Letter of Credit and the documents accepted by the Agent, an Issuing Lender or their correspondents, Borrower shall be conclusively deemed to have waived any right to object to such variation with respect to any action of the Agent, such Issuing Lender or such correspondents relating to such documents and to have ratified and approved such action as having been taken on the direction of Borrower, unless Borrower within ten (10) Business Days of the receipt of such documents or acquisition of knowledge of such variation files an objection with the Agent or such Issuing Lender in writing. No Issuing Lender (nor the Agent) shall be liable for any delay in giving, or failing to give, notice of the arrival of any goods or any other notice, or for any error, neglect or default of any of its correspondents; nor shall any Issuing Lender (or the Agent) be responsible for the non-fulfillment of any requirement of any Letter of Credit that (a) drafts bear appropriate reference to any Letter of Credit, (b) the amount of any draft be noted on the reverse of any Letter of Credit, (c) any Letter of Credit be surrendered or taken up or (d) documents be forwarded apart from any drafts; and the Agent, each Issuing Lender and their correspondents may, if they see fit, waive any such requirements.
