Common use of Reimbursement; Participations Clause in Contracts

Reimbursement; Participations. (a) If Issuing Bank honors any request for payment under a Letter of Credit, Issuing Bank shall notify, within a reasonable period of time, the relevant Borrower of such drawing, and such Borrower shall pay to Issuing Bank, in Dollars, on the same day (the “Reimbursement Date”), the amount paid by Issuing Bank under such Letter of Credit, together with interest at the interest rate for Base Rate Revolver Loans from the Reimbursement Date until payment by Borrowers. The obligation of Borrowers to reimburse Issuing Bank for any payment made under a Letter of Credit shall be absolute, unconditional, irrevocable, and joint and several, and shall be paid without regard to any lack of validity or enforceability of any Letter of Credit or the existence of any claim, setoff, defense or other right that Borrowers may have at any time against the beneficiary. Whether or not Borrower Agent submits a Notice of Borrowing, and whether or not Issuing Bank notified the applicable Borrower in accordance with the first sentence of this Section 2.2.2(a), in the event that Borrowers fail to reimburse Issuing Bank on or by the Reimbursement Date, Borrowers shall be deemed to have requested a Borrowing of Base Rate Revolver Loans in an amount necessary to pay all amounts due Issuing Bank on any Reimbursement Date and each Lender agrees to fund its Pro Rata share of such Borrowing whether or not the Revolver Commitments have terminated, an Overadvance exists or is created thereby, or the conditions in Section 6 are satisfied.

Reimbursement; Participations. (a) If an Issuing Bank honors any request for payment under a Letter of Credit, Issuing Bank shall notify, within a reasonable period of time, the relevant Borrower of such drawing, and such Borrower or Borrowers that is the applicant in respect thereof shall pay to such Issuing Bank, in Dollars, on the same day (the “Reimbursement Date”), the amount paid by such Issuing Bank under such Letter of Credit, together with interest at the interest rate for Base Rate Revolver Loans from the Reimbursement Date until payment by Borrowerssuch Borrower or Borrowers is received by such Issuing Bank. The obligation of Borrowers to reimburse an Issuing Bank for any payment made under a Letter of Credit shall be absolute, unconditional, irrevocable, and joint and severalseveral (but not joint), and shall be paid without regard to any lack of validity or enforceability of any Letter of Credit or the existence of any claim, setoff, defense or other right that Borrowers any Loan Party may have at any time against the beneficiary. Whether or not Borrower Agent or any Borrower submits a Notice of Borrowing, and whether or not Issuing Bank notified the applicable Borrower in accordance with the first sentence of this Section 2.2.2(a), in the event that Borrowers fail to reimburse Issuing Bank on or by the Reimbursement Date, Borrowers shall be deemed to have requested a Borrowing of Base Rate Revolver Loans under its Facility in an amount necessary to pay all amounts due the Issuing Bank on any Reimbursement Date and each Lender agrees to under such Facility shall fund its Pro Rata share of such Borrowing whether or not the Revolver applicable Commitments have terminated, an Overadvance exists or is created thereby, or the conditions in Section 6 are satisfied.

Reimbursement; Participations. (a) If Issuing Bank honors any request for payment under a Domestic Letter of Credit, Issuing Bank shall notify, within a reasonable period of time, the relevant Borrower of such drawing, and such Borrower Domestic Borrowers shall pay to Issuing Bank, in Dollars, on within one Business Day of notice of such payment by the same day Issuing Bank (the “Reimbursement Date”), the amount paid by Issuing Bank under such Domestic Letter of Credit, together with interest at the interest rate for Domestic Base Rate Revolver Loans from the Reimbursement Date date such Letter of Credit is honored until payment by Domestic Borrowers. The obligation of Domestic Borrowers to reimburse Issuing Bank for any payment made under a Domestic Letter of Credit shall be absolute, unconditional, irrevocable, and joint and several, and shall be paid without regard to any lack of validity or enforceability of any Domestic Letter of Credit or the existence of any claim, setoff, defense or other right that Domestic Borrowers may have at any time against the beneficiary. Whether or not Borrower Agent submits a Notice of Borrowing, and whether or not Issuing Bank notified the applicable Borrower in accordance with the first sentence of this Section 2.2.2(a), in the event that Borrowers fail to reimburse Issuing Bank on or by the Reimbursement Date, Domestic Borrowers shall be deemed to have requested a Borrowing of Domestic Base Rate Revolver Loans in an amount necessary to pay all amounts due and owing to Issuing Bank on any Reimbursement Date and each Lender agrees to fund its Pro Rata share of such Borrowing whether or not the Domestic Revolver Commitments have terminated, an a Domestic Overadvance exists or is created thereby, or the conditions in Section 6 are satisfiedsatisfied or waived.

Reimbursement; Participations. (a) If Issuing Bank honors any request for payment under a Letter of Credit, Issuing Bank Agent shall notify, within a reasonable period of time, the relevant Borrower of such drawingbe authorized, and such Borrower shall hereby is authorized, to pay to Issuing Bank, in Dollars, on the same day (the “Reimbursement Date”), on the Lenders’ behalf, the amount paid by Issuing Bank under such Letter of Credit, together with interest at the interest rate for Base Rate Revolver Loans from the Reimbursement Date until payment by payment, and Lenders shall thereupon charge Borrowers’ account for the total amount so paid. The obligation of Borrowers to reimburse Issuing Bank for any payment made under a Letter of Credit shall be absolute, unconditional, irrevocable, and joint and several, and shall be paid without regard to any lack of validity or enforceability of any Letter of Credit or the existence of any claim, setoff, defense or other right that Borrowers may have at any time against the beneficiary. Whether or not Borrower Agent submits a Notice of Borrowing, and whether or not Issuing Bank notified the applicable Borrower in accordance with the first sentence of this Section 2.2.2(a), in the event that Borrowers fail to reimburse Issuing Bank on or by the Reimbursement Date, Borrowers shall be deemed to have requested a Borrowing of Base Rate Revolver Loans in an amount necessary to pay all amounts due Issuing Bank on any Reimbursement Date and each Lender agrees to fund its Pro Rata share of such Borrowing whether or not the Revolver Commitments have terminated, an Overadvance exists or is created thereby, or the conditions in Section 6 are satisfied.