The Reimbursement Obligations. Subject to Section 1.3(b) hereof, the obligation of the Borrower to reimburse the Administrative Agent for all drawings under a Letter of Credit (a "Reimbursement Obligation") shall be governed by the Application related to such Letter of Credit, except that reimbursement of each drawing shall be made in immediately available funds (i) if such Letter of Credit is denominated in U.S. Dollars, at the Administrative Agent's principal office in Chicago, Illinois and (ii) if such Letter of Credit is denominated in Euros, Japanese Yen or Pound Sterling, to such local office as the Administrative Agent has previously specified, in each case by no later than 12:00 noon (local time) on the date when each drawing is paid or, if such drawing was paid after 11:30 a.m. (local time), by the end of such day. If the Borrower does not make any such reimbursement payment on the date due and the Participating Banks fund their participations therein in the manner set forth in Section 1.3(d) below, then all payments thereafter received by the Administrative Agent in discharge of any of the relevant Reimbursement Obligations shall be distributed in accordance with Section 1.3(d) below.
Appears in 2 contracts
Samples: Multicurrency Credit Agreement (Jones Lang Lasalle Inc), Jones Lang Lasalle Inc
The Reimbursement Obligations. Subject to Section 1.3(b) hereof, the obligation of the Borrower to reimburse the Administrative Agent L/C Issuer for all drawings under a Letter of Credit (a "Reimbursement Obligation") shall be governed by the Application related to such Letter of Credit, except that reimbursement of each drawing shall be made in immediately available funds (i) if such Letter of Credit is denominated in U.S. Dollars, at the Administrative Agent's principal office in Chicago, Illinois and (ii) if such Letter of Credit is denominated in Euros, Japanese Yen or Pound Sterling, to such local office as the Administrative Agent has previously specified, in each case by no later than 12:00 noon (local time) on the date when each drawing is paid or, if such drawing was paid after 11:30 a.m. (local time), by the end of such day. If the Borrower does not make any such reimbursement payment on the date due and the Participating Banks fund their participations therein in the manner set forth in Section 1.3(d) below, then all payments thereafter received by the Administrative Agent in discharge of any of the relevant Reimbursement Obligations shall be distributed in accordance with Section 1.3(d) below.
Appears in 1 contract
Samples: Multicurrency Credit Agreement (Jones Lang Lasalle Inc)
The Reimbursement Obligations. Subject to Section 1.3(b) hereof, the obligation of the Borrower to reimburse the Administrative Agent for all drawings under a Letter of Credit (a "Reimbursement Obligation") shall be governed by the Application related to such Letter of Credit, except that reimbursement of each drawing shall be made in immediately available funds (i) if such Letter of Credit is denominated in U.S. Dollars, at the Administrative Agent's principal office in Chicago, Illinois and (ii) if such Letter of Credit is denominated in Euros, either Euros or Japanese Yen or Pound SterlingYen, to such local office as the Administrative Agent has previously specified, in each case by no later than 12:00 noon (local time) on the date when each drawing is paid or, if such drawing was paid after 11:30 a.m. (local time), by the end of such day. If the Borrower does not make any such reimbursement payment on the date due and the Participating Banks fund their participations therein in the manner set forth in Section 1.3(d) below, then all payments thereafter received by the Administrative Agent in discharge of any of the relevant Reimbursement Obligations shall be distributed in accordance with Section 1.3(d) below.
Appears in 1 contract
Samples: Multicurrency Credit Agreement (Jones Lang Lasalle Inc)