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

Payments Pursuant to Letters of Credit. The Borrower agrees -------------------------------------- to reimburse immediately the Letter of Credit Issuer for any draw under any Letter of Credit and the Agent for the account of the Lenders upon any payment pursuant to any Credit Support, and to pay the Letter of Credit Issuer the amount of all other charges and fees payable to the Letter of Credit Issuer in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense, or other right which the 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 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 shall be the date of such drawing.

Appears in 1 contract

Samples: Credit Agreement (Coorstek Inc)

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Payments Pursuant to Letters of Credit. The Borrower agrees -------------------------------------- Borrowers joint and severally agree to reimburse immediately the Letter of Credit Issuer Issuers for any draw under any Letter of Credit and the Agent for the account of the Lenders upon any payment pursuant to any Credit Support, and to pay the Letter of Credit Issuer Issuers the amount of all other charges and fees payable to the Letter of Credit Issuer Issuers in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense, defense or other right which the any Borrower may have at any time against the any Letter of Credit Issuer or any other Person. Each drawing under any Letter of Credit shall constitute a request by the Borrower Borrowers 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 shall be the date of such drawing.

Appears in 1 contract

Samples: Credit Agreement (Westlake Chemical Corp)

Payments Pursuant to Letters of Credit. The Borrower agrees -------------------------------------- Borrowers agree on a joint and several basis to reimburse immediately the Letter of Credit Issuer for any draw under any Letter of Credit and the Agent for the account of the Lenders upon any payment pursuant to any Credit Support, and to pay the Letter of Credit Issuer the amount of all other charges and fees payable to the Letter of Credit Issuer in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense, defense or other right which the Borrower 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 Funds Administrator on behalf of the applicable 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 (Enpro Industries Inc)

Payments Pursuant to Letters of Credit. The Borrower agrees -------------------------------------- Borrowers agree to reimburse immediately the Letter of Credit Issuer for any draw under any Letter of Credit and the Administrative Agent for the account of the Lenders upon any payment pursuant to any Credit Support, and to pay the Letter of Credit Issuer the amount of all other charges and fees payable to the Letter of Credit Issuer in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense, defense or other right which the Borrower Borrowers may have at any time against the Letter of Credit Issuer or any other Person. Each In furtherance of the foregoing, each drawing under any Letter of Credit shall constitute a request by the Borrower Borrowers to the Administrative Agent for a Borrowing of a Base Rate Revolving 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: Security Agreement (Cone Mills Corp)

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Payments Pursuant to Letters of Credit. The Borrower agrees -------------------------------------- Obligated Parties agree to reimburse immediately the Letter of Credit Issuer for any draw under any Letter of Credit and the Agent Agent, for the account of the Lenders Lenders, upon any payment pursuant to any Credit Support, Support and to pay the Letter of Credit Issuer the amount of all other charges and fees payable to the Letter of Credit Issuer in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense, or other right which that the Borrower Obligated Parties 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 Borrower to the 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 (Alon USA Energy, Inc.)

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