Reimbursement Obligations of the Borrower. The Borrower agrees to pay to the L/C Issuer of any Letter of Credit each L/C Reimbursement Obligation owing with respect to such Letter of Credit no later than the first Business Day after the Borrower receives notice from such L/C Issuer that payment has been made under such Letter of Credit or that such L/C Reimbursement Obligation is otherwise due (the “L/C Reimbursement Date”) with interest thereon computed as set forth in clause (i) below. In the event that any L/C Issuer incurs any L/C Reimbursement Obligation not repaid by the Borrower as provided in this clause (e) (or any such payment by the Borrower is rescinded or set aside for any reason), such L/C Issuer shall promptly notify the Administrative Agent of such failure (and, upon receipt of such notice, the Administrative Agent shall forward a copy to each Revolving Credit Lender) and, irrespective of whether such notice is given, such L/C Reimbursement Obligation shall be payable on demand by the Borrower with interest thereon computed (i) from the date on which such L/C Reimbursement Obligation arose to the L/C Reimbursement Date, at the interest rate applicable during such period to Revolving Loans that are Base Rate Loans and (ii) thereafter until payment in full, at the interest rate applicable during such period to past due Revolving Loans that are Base Rate Loans.
Reimbursement Obligations of the Borrower. If any draft is paid under any Letter of Credit, the Borrower shall reimburse the Issuing Bank for the amount of (x) the draft so paid and (y) any taxes, fees, charges or other costs or expenses incurred by the Issuing Bank in connection with such payment, not later than 12:00 Noon, New York City time, on the Business Day immediately following the day that the Borrower receives such notice from the relevant Issuing Bank. Each such payment shall be made to the Issuing Bank at its address for notices referred to herein in Dollars and in immediately available funds. Interest shall be payable on any such amounts from the date on which the relevant draft is paid until payment in full at the rate set forth in (x) until the Business Day next succeeding the date of the relevant notice, Section 2.11(b) and (y) thereafter, Section 2.11(c).
Reimbursement Obligations of the Borrower. In the event of any drawing under any Fronted Letter of Credit, the Borrowers agree to reimburse (either with the proceeds of a Revolving Credit Loan as provided for in this Section or with funds from other sources), in same day funds, the Fronting Bank on each date on which the Fronting Bank notifies the Borrowers of the date and amount of a draft paid under any Fronted Letter of Credit for the amount of (a) such draft so paid plus (b) any amounts referred to in Section 3.4(b) incurred by the Fronting Bank in connection with such payment. Unless the Company, on behalf of the Borrowers, shall immediately notify the Fronting Bank that the Borrowers intend to reimburse the Fronting Bank for such drawing from other sources or funds, the Borrowers shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Lenders make a Revolving Credit Loan bearing interest at the CD Rate on such date in the amount of (a) such draft so paid plus (b) any amounts referred to in Section 3.4(b) incurred by the Fronting Bank in connection with such payment, and the Lenders shall make a Revolving Credit Loan bearing interest at the CD Rate in such amount, the proceeds of which shall be applied to reimburse the Fronting Bank 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 the Fronting Bank for any draft paid under a Fronted 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 Borrowers have elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse the Fronting Bank as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding CD 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.
Reimbursement Obligations of the Borrower. (a) Upon receipt by the relevant Issuing Lender from the beneficiary of any Letter of Credit of any notice of a drawing or demand for payment under such Letter of Credit, such Issuing Lender shall promptly notify the Borrower and the Administrative Agent thereof. If the Borrower receives notice (confirmed by telephone) from such Issuing Lender of a drawing or demand for payment under a Letter of Credit prior to 1:00 p.m. (New York City time), on any Business Day, the Borrower shall reimburse such Issuing Lender on such Business Day for the Unreimbursed Amount of such Letter of Credit. If the Borrower receives notice (confirmed by telephone) from such Issuing Lender of a drawing or demand for payment under a Letter of Credit at or after 1:00 p.m. (New York City time), on any Business Day, the Borrower shall so reimburse such Issuing Lender on the Business Day immediately following the Business Day upon which such notice was received by the Borrower. Such reimbursement shall be made directly to such Issuing Lender in an amount in United Stated Dollars equal to (i) the amount so paid and (ii) any Non-Excluded Taxes and any reasonable fees, charges or other costs or expenses incurred by such Issuing Lender at its Applicable Lending Office in immediately available funds (such amount that has not been reimbursed by the Borrower being, the “Unreimbursed Amount”).
Reimbursement Obligations of the Borrower. (a) The Borrower agrees to reimburse the Issuing Lender on each date on which the Issuing Lender notifies the Borrower of the date and amount of a draft presented under any Letter of Credit and paid by the Issuing Lender or, if later, on each date on which such draft is paid by the Issuing Lender for the amount of (1) such draft so paid and (2) any taxes and any reasonable fees, charges or other costs or expenses incurred by the Issuing Lender at its address for notices specified herein in lawful money of the United States of America and in immediately available funds.
Reimbursement Obligations of the Borrower. (i) Upon the making of any LC Advance, the Borrower shall be obligated (whether from funds in the Letter of Credit Collateral Account or other sources or funds) to reimburse, in same day funds, in U.S. dollars, the LC Issuer for the amount of any LC Advance and any taxes and any reasonable fees, charges or other costs or expenses incurred by the LC Issuer in connection with the related Letter of Credit (collectively, the “LC Amounts”). Upon the making of any LC Advance, the LC Issuer shall withdraw funds from the Letter of Credit Collateral Account (if any) in an amount equal to the LC Amounts resulting from such LC Advance (or if the balance of funds on deposit in such account at such time is less than such LC Amounts, such lesser amount) and apply the amount so withdrawn against the LC Amounts resulting from such LC Advance. If the reimbursement obligation as to the LC Amounts is not satisfied by withdrawal of funds on deposit in the Letter of Credit Collateral Account, the Borrower shall reimburse such amounts by obtaining Loans pursuant to Section 1.6(d)(ii) below.
Reimbursement Obligations of the Borrower. The BORROWER unconditionally and irrevocably agrees to reimburse the ADMINISTRATIVE AGENT on each date on which the ADMINISTRATIVE AGENT notifies the BORROWER of the date and amount of a draft paid under any LETTER OF CREDIT for the amount of such draft so paid and any taxes, charges, or other costs or expenses incurred by the ADMINISTRATIVE AGENT in connection with such payment. If any draft under a LETTER OF CREDIT is payable in a currency other than U.S. dollars, the BORROWER shall reimburse the ADMINISTRATIVE AGENT for such draft by paying to the ADMINISTRATIVE AGENT the equivalent in U.S. dollars of the amount required to purchase the currency from the ADMINISTRATIVE AGENT at the ADMINISTRATIVE AGENT’S current selling rate of exchange in Buffalo, New York for cable transfers to the place of payment in the currency and amount in which such draft was drawn (or if there is no current selling rate of exchange generally offered by the ADMINISTRATIVE AGENT for effecting such cable transfers, the amount of U.S. dollars required to be paid shall be based on such rate as the ADMINISTRATIVE AGENT shall determine in good faith for such purpose). Interest shall be payable on any and all amounts remaining unpaid by the BORROWER under this Section from the date such amounts become payable (whether at stated maturity, by acceleration, or otherwise) until payment in full at the BASE RATE. Each drawing under any LETTER OF CREDIT shall be deemed to automatically constitute a request by the BORROWER to the ADMINISTRATIVE AGENT for a BASE RATE BORROWING under the LOANS in the amount of such drawing to be made on the date on which the ADMINISTRATIVE AGENT notifies the BORROWER of the drawing, and the proceeds of such BASE RATE BORROWING shall be applied automatically by the LENDER to satisfy the BORROWER’S reimbursement obligations set forth in this Section.
Reimbursement Obligations of the Borrower. The Borrower unconditionally and irrevocably agrees to reimburse the Issuing Lender on each date on which either the Issuing Lender or the Agent notifies the Borrower of an LC Disbursement for the amount of the LC Disbursement, including but not limited to the amount of any draft so paid and any taxes, charges, or other costs or expenses incurred by the Issuing Lender in connection with such payment. Each drawing under any Letter of Credit shall be deemed to automatically constitute a request by the Borrower to the Agent for an Adjusted Base Rate Borrowing of proceeds of the Revolving Credit Loans in the amount of such drawing to be made on the date on which either the Issuing Lender or the Agent notifies the Borrower of the drawing, and the proceeds of such Adjusted Base Rate Borrowing shall be advanced directly by the Agent to the Issuing Lender for application to the Borrower’s reimbursement obligations set forth in this Section.
Reimbursement Obligations of the Borrower. (i) The Borrower shall be obligated (whether from Collections, funds in the Letter of Credit Collateral Account or other sources of funds, including Borrowings hereunder) to reimburse, in same day funds, in Dollars, the applicable Issuing Lender for the amount of any L/C Advance and any taxes and any reasonable fees, charges or other costs or expenses incurred by such Issuing Lender in connection with the related Letter of Credit (collectively, the “L/C Amounts”). Upon the making of any L/C Advance pursuant to any drawing or demand for payment under a Letter of Credit, the Administrative Agent on behalf of the applicable Issuing Lender shall withdraw funds from the Letter of Credit Collateral Account in an amount equal to the L/C Amounts resulting from such drawing or demand (or if the balance of funds on deposit in such account at such time is less than such L/C Amounts, such lesser amount) and apply the amount so withdrawn against the L/C Obligations resulting from such L/C Advance.
Reimbursement Obligations of the Borrower. (a) The Borrower agrees to reimburse the Issuing Lender on each date on which the Issuing Lender notifies the Borrower of the date and amount of a draft presented under any Letter of Credit and paid by the Issuing Lender or, if later, on each date on which such draft is paid by the Issuing Lender for the amount of (1) such draft so paid and (2) any taxes and any reasonable fees, charges or other costs or expenses incurred by the Issuing Lender in connection with such payment. Each such payment shall be made to the Issuing Lender at its address for notices specified herein in U.S. dollars and in immediately available funds.
