Common use of Payments Pursuant to Letters of Credit Clause in Contracts

Payments Pursuant to Letters of Credit. The Borrowers agree to reimburse the Letter of Credit Issuer immediately for any draw under any Letter of Credit and to pay the Letter of Credit Issuer the amount of all other charges and fees payable to the Letter of Credit Issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense, or other right that the Borrowers may have at any time against the Letter of Credit Issuer or any other Person. Each drawing under any Letter of Credit shall constitute a request by the Borrowers for a Borrowing of a Base Rate Loan in the amount of such drawing. The Funding Date with respect to such Borrowing shall be the date of such drawing.

Appears in 2 contracts

Samples: Security Agreement (Jeffboat LLC), Loan Agreement (American Barge Line Co)

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Payments Pursuant to Letters of Credit. The Borrowers agree Each Borrower agrees to reimburse immediately the Letter of Credit Issuer immediately for any draw under any Letter of Credit and to pay the Letter of Credit Issuer the amount of all other charges and fees payable to the Letter of Credit Issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense, defense or other right that the Borrowers which any Borrower may have at any time against the Letter of Credit Issuer or any other Person. Each drawing under any Letter of Credit shall constitute a request by a Borrower to the Borrowers Agent for a Borrowing of a Base Rate Loan in the amount of such drawing. The Funding Date funding date with respect to such Borrowing shall be the date of such drawing.

Appears in 2 contracts

Samples: Loan and Security Agreement (Standard Register Co), Loan and Security Agreement (Standard Register Co)

Payments Pursuant to Letters of Credit. The Borrowers agree Each Borrower agrees to reimburse immediately the Letter of Credit Issuer immediately Lender for any draw under any Letter of Credit Credit, and to pay the Letter of Credit Issuer Lender the amount of all other charges and fees payable to the Letter of Credit Issuer under or Lender in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense, defense or other right that the Borrowers which any Borrower may have at any time against the Letter of Credit Issuer Lender or any other Person. Each drawing under any Letter of Credit shall constitute a request by the Borrowers to the Lender for a Borrowing of a Base Rate Loan in the amount of such drawing. The Funding Date with respect to such Borrowing borrowing shall be the date of such drawing.

Appears in 1 contract

Samples: Credit Agreement (Reeds Jewelers Inc)

Payments Pursuant to Letters of Credit. The Borrowers agree to reimburse immediately the Letter of Credit Issuer immediately for any draw under any Letter of Credit Credit, and to pay the Letter of Credit Issuer the amount of all other charges and fees payable to the Letter of Credit Issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense, defense or other right that which the Borrowers may have at any time against the Letter of Credit Issuer or any other Person. Each drawing under any Letter of Credit shall constitute a request by the Borrowers to the Collateral Agent for a Borrowing of a Base Rate Revolving Loan in the amount of such drawing. The Funding Date with respect to such Borrowing shall be the date of such drawing.

Appears in 1 contract

Samples: Credit Agreement (Miller Industries Inc /Tn/)

Payments Pursuant to Letters of Credit. The Borrowers agree Each Borrower agrees to reimburse immediately the Letter of Credit Issuer immediately for any draw under any Letter of Credit and to pay the Letter of Credit Issuer the amount of all other charges and fees payable to the Letter of Credit Issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense, defense or other right that the Borrowers which any Borrower may have at any time against the Letter of Credit Issuer or any other Person. Each drawing under any Letter of Credit shall constitute a request by the Borrowers a Borrower to Agent for a Borrowing of a Base Rate Loan in the amount of such drawing. The Funding Date funding date with respect to such Borrowing shall be the date of such drawing.

Appears in 1 contract

Samples: Loan and Security Agreement (Standard Register Co)

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Payments Pursuant to Letters of Credit. The Borrowers agree Borrower agrees to reimburse immediately the Letter of Credit Issuer immediately for any draw under any Letter of Credit and to pay the Letter of Credit Issuer the amount of all other charges and fees payable to the Letter of Credit Issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense, defense or other right that which the Borrowers Borrower may have at any time against the Letter of Credit Issuer or any other Person. Each drawing under any Letter of Credit shall constitute a request by the Borrowers Borrower to the Agent for a Borrowing of a Base Rate Loan in the amount of such drawing. The Funding Date with respect to such Borrowing borrowing shall be the date of such drawing.

Appears in 1 contract

Samples: Credit Agreement (Spherion Corp)

Payments Pursuant to Letters of Credit. The Borrowers agree Each Borrower agrees jointly and severally to reimburse the Letter of Credit Issuer immediately for any draw under any Letter of Credit and to pay the Letter of Credit Issuer the amount of all other charges and fees payable to the such Letter of Credit Issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense, defense or other right that the Borrowers which any Borrower may have at any time against the such Letter of Credit Issuer or any other Person. Each drawing under any Letter of Credit shall constitute a request by the Borrowers to DIP Agent for a Borrowing of a Base Rate Revolver Loan in the amount of such drawing. The Funding Date funding date with respect to such Borrowing shall be the date of such drawing.

Appears in 1 contract

Samples: Loan and Security Agreement (Standard Register Co)

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