Reimbursement by US Borrower. If the beneficiary of any Letter of Credit issued hereunder makes a draft or other demand for payment thereunder then Tranche A Loans that are US Base Rate Loans shall be made by Lenders to US Borrower in the amount of such draft or demand notwithstanding the fact that one or more conditions precedent to the making of such US Base Rate Loans may not have been satisfied. Such US Base Rate Loans shall be made concurrently with US LC Issuer's payment of such draft or demand without any request therefor by US Borrower and shall be immediately used by US LC Issuer to repay the amount of the resulting Matured US LC Obligation.
Appears in 3 contracts
Samples: Credit Agreement (Devon Energy Corp /Ok/), Credit Agreement (Devon Energy Corp), Credit Agreement (Devon Energy Corp/De)
Reimbursement by US Borrower. If the beneficiary of any Letter of Credit issued hereunder makes a draft or other demand for payment thereunder then Tranche A Loans that are US Base Rate Loans shall be made by Tranche A Lenders to US Borrower in the amount of such draft or demand notwithstanding the fact that one or more conditions precedent to the making of such US Base Rate Loans may not have been satisfied. Such US Base Rate Loans shall be made concurrently with US LC Issuer's payment of such draft or demand without any request therefor by US Borrower and shall be immediately used by US LC Issuer to repay the amount of the resulting Matured US LC Obligation.
Appears in 2 contracts
Samples: Credit Agreement (Questar Market Resources Inc), Credit Agreement (Devon Energy Corp/De)
Reimbursement by US Borrower. If the beneficiary of any TRB Letter of Credit issued hereunder makes a draft or other demand for payment thereunder thereunder, then Tranche A B Loans that are US Base Rate Loans shall be made by Tranche B Lenders to US Borrower in the amount of such draft or demand notwithstanding the fact that one or more conditions precedent to the making of such US Base Rate Loans may not have been satisfied. Such US Base Rate Loans shall be made concurrently with US LC Issuer's payment of such draft or demand without any request therefor by US Borrower and shall be immediately used by US LC Issuer to repay the amount of the resulting TRB Matured US LC Obligation.
Appears in 1 contract
