L/C Disbursement Date definition
Examples of L/C Disbursement Date in a sentence
The Borrower agrees that it shall reimburse the Issuing Lender in respect of L/C Disbursements made under Letters of Credit by paying to the Administrative Agent an amount in Dollars equal to the amount of such L/C Disbursement no later than 12:00 p.m., Charlotte time, on the first Business Day after the L/C Disbursement Date (each such amount until paid together with interest thereon payable as provided in Section 2.5(g), a “Reimbursement Obligation”).
Each Account Party agrees that it shall reimburse the applicable Fronting Bank in respect of L/C Disbursements made under such Account Party’s Participated Letter of Credit by paying to the Administrative Agent an amount in Dollars equal to the Dollar Amount of such L/C Disbursement no later than 2:00 p.m., Charlotte time, on the first Business Day after the L/C Disbursement Date (each such amount until paid, a “Participated Reimbursement Obligation”).
The Agent may, but shall not be obligated to, make, on behalf of any Lender, such Lender's L/C Disbursement in respect of any Syndicated Letter of Credit on the applicable L/C Disbursement Date.
Each Borrower agrees that it shall reimburse the applicable Fronting Bank in respect of any L/C Disbursement made under such Borrower’s Participated Letter of Credit by paying to the Administrative Agent an amount in Dollars equal to the Dollar Amount of such L/C Disbursement no later than 2:00 p.m. on the first Business Day after the L/C Disbursement Date (the “Participated L/C Honor Date”) with respect to such Participated Letter of Credit together with interest thereon payable as provided herein.
Each Credit Party agrees that it shall reimburse the Fronting Bank in respect of L/C Disbursements made under such Credit Party’s Participated Letter of Credit by paying to the Administrative Agent an amount in Dollars equal to the Dollar Amount of such L/C Disbursement no later than 2:00 p.m., Charlotte time, on the first Business Day after the L/C Disbursement Date (each such amount until paid, a “Participated Reimbursement Obligation”).
The funding by the Agent of any L/C Disbursement on behalf of any Lender under the terms of this Section 2.01(i) shall not create the obligation on the Agent to fund (i) any other L/C Disbursement of such Lender, or (ii) any L/C Disbursement of any other Lender (including any such L/C Disbursement made on the same L/C Disbursement Date under the same Syndicated Letter of Credit).
If a Bank does not make available to the Issuing Bank its Commitment Percentage of such Letter of Credit Disbursement on the first Business Day after such L/C Disbursement Date, such Bank shall pay to the Issuing Bank on demand such amount, with interest thereon at a rate equal to the daily average Federal Funds Effective Rate for the period from and including such L/C Disbursement Date to the date such Bank makes such amount immediately available to the Issuing Bank.
Each Account Party agrees that it shall reimburse the relevant Fronting Bank in respect of L/C Disbursements made under such Account Party’s Participated Letter of Credit by paying to the Administrative Agent an amount in Dollars equal to the Dollar Amount of such L/C Disbursement no later than 2:00 p.m., Charlotte time, on the first Business Day after the L/C Disbursement Date (each such amount until paid, a “Participated Reimbursement Obligation”).
Allied World agrees that it shall reimburse the applicable Fronting Bank in respect of any L/C Disbursement made under any Participated Letter of Credit by paying to the Administrative Agent an amount in Dollars equal to the Dollar Amount of such L/C Disbursement no later than 2:00 p.m., Charlotte, North Carolina time, on the first Business Day after the L/C Disbursement Date with respect to such Participated Letter of Credit (each such amount until paid, a “Participated Reimbursement Obligation”).
Each Borrower agrees that it shall reimburse the applicable Fronting Bank in respect of any L/C Disbursement made under such Borrower’s Participated Letter of Credit by paying to the Administrative Agent an amount in Dollars equal to the amount of such L/C Disbursement no later than 2:00 p.m., Charlotte, North Carolina time, on the first Business Day after the L/C Disbursement Date with respect to such Participated Letter of Credit (each such amount until paid, a “Participated Reimbursement Obligation”).