Reimbursement of Letters of Credit Disbursements Sample Clauses

Reimbursement of Letters of Credit Disbursements. Simulation agrees to reimburse Bank for the amount of each payment by Bank under any Letter of Credit (a "Letter of Credit Disbursement") made by Bank on the date (the "Letter of Credit Disbursement Date") on which the Letter of Credit Disbursement was made. Such obligation of Simulation to reimburse Bank for any such Letter of Credit Disbursement is herein referred to as a "Reimbursement Obligation." If any Reimbursement Obligation is not paid in full by Simulation to Bank on the corresponding Letter of Credit Disbursement Date (for this purpose payments received by Bank after 1:30 p.m., Philadelphia, Pennsylvania time on any Business Day shall be deemed to have been made on the next succeeding Business Day), the unpaid amount of such Reimbursement Obligation shall bear interest for each day from the corresponding Letter of Credit Disbursement Date until payment in full thereof (after, as well as before, judgment), payable on demand, at the Default Rate (as defined in the Revolving Credit Note to be executed pursuant to Section 6.b. hereof).
Sample 1
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Reimbursement of Letters of Credit Disbursements. Each Borrower, jointly and severally, agrees to reimburse Bank for the amount of each Letter of Credit Disbursement made by Bank on the corresponding Letter of Credit Disbursement Date. Such obligation of each Borrower to reimburse Bank for any such Letter of Credit Disbursement is herein referred to as a "Reimbursement Obligation." Upon the presentation of any draft or demand for payment under any Letter of Credit by the beneficiary thereof, Borrowers shall reimburse Bank on the day on which such draft or demand is honored in an amount in same day funds equal to the amount of such draft or demand. Unless Borrower shall have notified the Bank prior to 11:00 A.M. on the date such draft or demand is honored that Borrower intends to reimburse the Bank for the amount of such draft or demand with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given notice to the Bank requesting the Bank to make Revolving Loans in accordance with Section 2.01 herein on the day on which such draft or demand is honored in an aggregate amount equal to the amount of such draft or demand. Subject to satisfaction or waiver of the conditions specified in Section 3.02 herein, the Bank shall, on such day, make Revolving Loans in an aggregate amount equal to the amount paid by the Bank under the Letter of Credit. If any such Reimbursement Obligation is not paid in full by Borrowers to Bank on the corresponding Letter of Credit Disbursement Date (for this purpose payments received by Bank after 1:30 p.m., Philadelphia, Pennsylvania time on any Business Day shall be deemed to have been made on the next succeeding Business Day), the unpaid amount of such Reimbursement Obligation shall bear interest for each day from the corresponding Letter of Credit Disbursement Date until payment in full thereof (after, as well as before, judgment), payable on demand, at the Default Rate.
Sample 1
Reimbursement of Letters of Credit Disbursements. Borrower agrees to reimburse Lender for the amount of each Letter of Credit Disbursement made by Lender on the corresponding Letter of Credit Disbursement Date. Such obligation of Borrower to reimburse Lender for any such Letter of Credit Disbursement is herein referred to as a "Reimbursement Obligation." If any Reimbursement Obligation is not paid in full by Borrower to Lender on the corresponding Letter of Credit Disbursement Date (for this purpose payments received by Lender after 1:30 p.m., EST on any Banking Day shall be deemed to have been made on the next succeeding Banking Day, with Lender acknowledging that payments received via direct charge to Borrower's deposit or other accounts with Lender are deemed for this purpose to have been received prior to 1:30 p.m. on the Banking Day so charged), the unpaid amount of such Reimbursement Obligation shall bear interest for each day from the corresponding Letter of Credit Disbursement Date until payment in full thereof (after, as well as before, judgment), payable on demand, at the rate from time to time in effect under the Base Rate Option, subject to Lender's right to charge interest at the Default Rate with respect to any Overadvance.
Sample 1

Related to Reimbursement of Letters of Credit Disbursements

  • Loan Disbursements (a) On the Effective Date, and following each subsequent request for disbursement from Borrower which request shall be sent by Administrative Agent to each Lender and shall identify the proposed Funding Date, each Lender shall make available to Administrative Agent (or the funding bank or entity designated by Administrative Agent), the amount of such Lender’s Pro Rata Share of the Loan in immediately available funds not later than the times designated in Section 12.3(b). Unless Administrative Agent shall have been notified by any Lender not later than the close of business (San Francisco time) on the Business Day immediately preceding the Effective Date or any subsequent Funding Date in respect of any disbursement that such Lender does not intend to make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent may assume that such Lender shall make such amount available to Administrative Agent. If any Lender does not notify Administrative Agent of its intention not to make available its Pro Rata Share of such disbursement as described above, but does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, such Lender shall pay to Administrative Agent forthwith on demand such amount, together with interest thereon at the Federal Funds Rate. In any case where a Lender does not for any reason make available to Administrative Agent such Lender’s Pro Rata Share of such disbursement, Administrative Agent, in its sole discretion, may, but shall not be obligated to, fund to Borrower such Lender’s Pro Rata Share of such disbursement. If Administrative Agent funds to Borrower such Lender’s Pro Rata Share of such disbursement and if such Lender subsequently pays to Administrative Agent such corresponding amount, such amount so paid shall constitute such Lender’s Pro Rata Share of such disbursement. Nothing in this Section 12.3(a) shall alter the respective rights and obligations of the parties hereunder in respect of a Defaulting Lender or a Non-Pro Rata Advance.

  • Letters of Credit for Payment Bond Notwithstanding the provisions of B4.3, Purchaser may use letters of credit in lieu of a surety bond for payment bond purposes when approved by Contracting Officer.

  • Issuance of and Drawings and Reimbursement Under Letters of Credit (a) The Letter of Credit Commitment.

  • Disbursement of Revolving Credit and Swingline Loans Not later than 2:00 p.m. on the proposed borrowing date, (i) each Revolving Credit Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in funds immediately available to the Administrative Agent, such Revolving Credit Lender’s Revolving Credit Commitment Percentage of the Revolving Credit Loans to be made on such borrowing date and (ii) the Swingline Lender will make available to the Administrative Agent, for the account of the Borrower, at the office of the Administrative Agent in funds immediately available to the Administrative Agent, the Swingline Loans to be made on such borrowing date. The Borrower hereby irrevocably authorizes the Administrative Agent to disburse the proceeds of each borrowing requested pursuant to this Section in immediately available funds by crediting or wiring such proceeds to the deposit account of the Borrower identified in the most recent notice substantially in the form attached as Exhibit C (a “Notice of Account Designation”) delivered by the Borrower to the Administrative Agent or as may be otherwise agreed upon by the Borrower and the Administrative Agent from time to time. Subject to Section 5.7 hereof, the Administrative Agent shall not be obligated to disburse the portion of the proceeds of any Revolving Credit Loan requested pursuant to this Section to the extent that any Revolving Credit Lender has not made available to the Administrative Agent its Revolving Credit Commitment Percentage of such Loan. Revolving Credit Loans to be made for the purpose of refunding Swingline Loans shall be made by the Revolving Credit Lenders as provided in Section 2.2(b).

  • Letter of Credit Payments If any draft shall be presented for payment under any Letter of Credit, the Issuing Lender shall promptly notify the Borrower of the date and amount thereof. The responsibility of the Issuing Lender to the Borrower in connection with any draft presented for payment under any Letter of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are substantially in conformity with such Letter of Credit.

  • New Swingline Loans/Letters of Credit So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) no Issuing Lender shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

  • Letter of Credit Advances (i) The Borrower shall repay to the Administrative Agent for the account of each Issuing Bank and each other Lender that has made a Letter of Credit Advance on the same day on which such Advance was made the outstanding principal amount of each Letter of Credit Advance made by each of them.

  • 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 Revolving Loan in the amount of such drawing. The Funding Date with respect to such borrowing shall be the date of such drawing.

  • Request for Incurrence of Letter of Credit Obligations Borrower shall give Agent at least 2 Business Days' prior written notice requesting the incurrence of any Letter of Credit Obligation. The notice shall be accompanied by the form of the Letter of Credit (which shall be acceptable to the L/C Issuer) and a completed Application for Standby Letter of Credit or Application and Documentary Letter of Credit or Application for Documentary Letter of Credit (as applicable). Notwithstanding anything contained herein to the contrary, Letter of Credit applications by Borrower and approvals by Agent and the L/C Issuer may be made and transmitted pursuant to electronic codes and security measures mutually agreed upon and established by and among Borrower, Agent and the L/C Issuer.

  • New Swing Line Loans/Letters of Credit Notwithstanding anything in this Agreement to the contrary, so long as any Lender is a Defaulting Lender, (i) the Swing Line Lender shall not be required to fund any Swing Line Loans unless it is satisfied that it will have no Fronting Exposure after giving effect to such Swing Line Loan and (ii) no L/C Issuer shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure after giving effect thereto.

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