Common use of Reimbursement Obligation of the Lenders Clause in Contracts

Reimbursement Obligation of the Lenders. Unless the Borrower shall immediately notify the applicable Issuing Lender that the Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, the Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Lenders make Revolving Credit Loans bearing interest at the Base Rate on such date in the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Lenders shall make such requested Revolving Credit Loans, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and costs and expenses. Each Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse each Issuing Lender for any draft paid under a Letter of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction of the conditions set forth in Section 2.3(a) or Article V. If the Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse any Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in full.

Appears in 2 contracts

Samples: Credit Agreement (Apogee Enterprises, Inc.), Credit Agreement (Apogee Enterprises Inc)

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Reimbursement Obligation of the Lenders. Unless the Borrower shall immediately notify the applicable Issuing Lender that the Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, the Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Lenders make a Revolving Credit Loans Loan denominated in Dollars bearing interest at the Base Rate on such date in the amount Dollar Amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such paymentpayment (including, without limitation, any and all costs, fees and other expenses incurred by such Issuing Lender in effecting the payment of any Letter of Credit denominated in an Alternative Currency), and the Lenders shall make such requested Revolving Credit LoansLoan, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and costs and expenses. Each Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse each Issuing Lender for any draft paid under a Letter of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction of the conditions set forth in Section 2.3(a) or Article V. If the Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse any Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in full.

Appears in 2 contracts

Samples: Credit Agreement (Owens Corning), Credit Agreement (Owens Corning)

Reimbursement Obligation of the Lenders. Unless the U.S. Borrower shall immediately notify the applicable Issuing Lender that the U.S. Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, the U.S. Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Lenders make a Revolving Credit Loans Loan denominated in Dollars bearing interest at the Base Rate on such date in the amount Dollar Amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such paymentpayment (including, without limitation, any and all costs, fees and other expenses incurred by such Issuing Lender in effecting the payment of any Letter of Credit denominated in an Alternative Currency), and the Lenders shall make such requested Revolving Credit LoansLoan, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and costs and expenses. Each Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse each Issuing Lender for any draft paid under a Letter of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction of the conditions set forth in Section 2.3(a) or Article V. If the U.S. Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse any Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in full.

Appears in 2 contracts

Samples: Credit Agreement (Owens Corning), Credit Agreement (Owens Corning)

Reimbursement Obligation of the Lenders. Unless the Borrower Borrowers shall immediately notify the applicable such Issuing Lender that the Borrower intends Borrowers intend to reimburse such Issuing Lender for such drawing from other sources or funds, the Borrower Borrowers shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loans Loan denominated in Dollars bearing interest at the Base Rate on such the applicable repayment date in the amount Dollar Amount of (ai) such draft so paid and (bii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and upon notice from the Agent, the Revolving Credit Lenders shall make such requested a Revolving Credit LoansLoan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and costs such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse each such Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction of the conditions set forth in Section 2.3(a) or Article V. VI. If the Borrower has Borrowers have elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse any such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in full.

Appears in 1 contract

Samples: Credit Agreement (KMG Chemicals Inc)

Reimbursement Obligation of the Lenders. Unless the Borrower shall immediately notify the applicable Issuing Lender that the Borrower intends to reimburse such the Issuing Lender for such drawing from other sources or funds, the Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Lenders make a Revolving Credit Loans Loan or, if less than the minimum amount for such Loan, a Swingline Loan, in either case funded in Dollars on such date and bearing interest at the Base Rate on such date plus the Applicable Margin, in the amount Dollar Amount of (ai) such draft so paid and (bii) any amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such paymentpayment (including, without limitation, any and all costs, fees and other expenses incurred by the Issuing Lender in effecting the payment of any Alternative Currency Letter of Credit), and not later than one (1) Business Day after being given notice thereof by the Administrative Agent by telecopier (or by telephone promptly confirmed by telecopier), the Lenders shall make such requested a Revolving Credit LoansLoan or, if less than the minimum amount for such Loan, the Swingline Lender shall make a Swingline Loan, in either case, funded in Dollars and bearing interest at the Base Rate plus the Applicable Margin, in such amount, the proceeds of which shall be applied to reimburse such the Issuing Lender for the amount of the related drawing and costs and expenses. Each Lender (or as the case may be, the Swingline Lender) acknowledges and agrees that its obligation to fund a Revolving Credit Loan or, if less than the minimum amount for such Loan, a Swingline Loan, in accordance with this Section 3.5 to reimburse each the Issuing Lender for any draft paid under a Letter of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction of the conditions set forth in Section 2.3(a) or Article V. VI at the time of funding. If the Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse any the Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in full.

Appears in 1 contract

Samples: Credit Agreement (DRS Technologies Inc)

Reimbursement Obligation of the Lenders. Unless the Borrower shall immediately notify the applicable Issuing Lender that the Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, the Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Lenders make a Revolving Credit Loans Loan denominated in Dollars bearing interest at the Base Rate on such date in the amount Dollar Amount of (ai) such draft so paid and (bii) any amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such paymentpayment (including, without limitation, any and all costs, fees and other expenses incurred by such Issuing Lender in effecting the payment of any Letter of Credit denominated in an Alternative Currency), and the Revolving Lenders shall make such requested Revolving Credit LoansLoan, the proceeds of which shall be applied to reimburse such the Issuing Lender for the amount of the related drawing and costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse each the Issuing Lender for any draft paid under a Letter of Credit issued by such Issuing Lender is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction of the conditions set forth in Section 2.3(a) or Article V. If the Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse any the Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in full.

Appears in 1 contract

Samples: Credit Agreement (Global Power Equipment Group Inc.)

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Reimbursement Obligation of the Lenders. Unless the U.S. Borrower shall immediately notify the applicable Issuing Lender that the U.S. Borrower intends to reimburse such the Issuing Lender for such drawing from other sources or funds, the U.S. Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Lenders make a Revolving Credit Loans Loan denominated in Dollars bearing interest at the Base Rate on such date in the amount Dollar Amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such paymentpayment (including, without limitation, any and all costs, fees and other expenses incurred by the Issuing Lender in effecting the payment of any Letter of Credit denominated in an Alternative Currency), and the Lenders shall make such requested Revolving Credit LoansLoan, the proceeds of which shall be applied to reimburse such the Issuing Lender for the amount of the related drawing and costs and expenses. Each Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse each the Issuing Lender for any draft paid under a Letter of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction of the conditions set forth in Section 2.3(a) or Article V. If the U.S. Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse any the Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in full.

Appears in 1 contract

Samples: Credit Agreement (Owens Corning)

Reimbursement Obligation of the Lenders. Unless the Borrower shall immediately notify the applicable such Issuing Lender that the Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, the Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loans Loan denominated in Dollars bearing interest at the Base Rate on such the applicable repayment date in the amount Dollar Amount of (ai) such draft so paid and (bii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and upon notice from the Agent, the Revolving Credit Lenders shall make such requested a Revolving Credit LoansLoan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and costs such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse each such Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction of the conditions set forth in Section 2.3(a) or Article V. VI. If the Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse any such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in full.

Appears in 1 contract

Samples: Credit Agreement (KMG Chemicals Inc)

Reimbursement Obligation of the Lenders. Unless the Borrower shall immediately notify the applicable Issuing Lender that the Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, the Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Lenders make a Revolving Credit Loans Loan or, if less than the minimum amount for such Loan, a Swingline Loan, in either case funded in Dollars on such date and bearing interest at the Base Rate on such date plus the Applicable Margin, in the amount Dollar Amount of (ai) such draft so paid and (bii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such paymentpayment (including, without limitation, any and all costs, fees and other expenses incurred by such Issuing Lender in effecting the payment of any Alternative Currency Letter of Credit), and not later than one (1) Business Day after being given notice thereof by the Administrative Agent by telecopier (or by telephone promptly confirmed by telecopier), the Lenders under the Revolving Credit Facility shall make such requested a Revolving Credit LoansLoan or, if less than the minimum amount for such Loan, the Swingline Lender shall make a Swingline Loan, in either case, funded in Dollars and bearing interest at the Base Rate plus the Applicable Margin, in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and costs and expenses. Each Lender under the Revolving Credit Facility (or as the case may be, the Swingline Lender) acknowledges and agrees that its obligation to fund a Revolving Credit Loan or, if less than the minimum amount for such Loan, a Swingline Loan, in accordance with this Section 3.5 to reimburse each such Issuing Lender for any draft paid under a Letter of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction of the conditions set forth in Section 2.3(a) or Article V. VI at the time of funding. If the Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse any such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in full.

Appears in 1 contract

Samples: Credit Agreement (DRS Technologies Inc)

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