Common use of Reimbursement Obligation of the Borrowers Clause in Contracts

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees 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 applicable Issuing Lender on each date on which such Issuing Lender notifies the applicable Borrower of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment. Unless the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base 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.

Appears in 5 contracts

Samples: Credit Agreement (Centuri Holdings, Inc.), Credit Agreement (Centuri Holdings, Inc.), Credit Agreement (Southwest Gas Corp)

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Reimbursement Obligation of the Borrowers. In the event of If any drawing draft shall be presented for payment under any Letter of Credit, the applicable Borrower agrees Issuing Lender shall notify the Borrowers and the Administrative Agent of the date and the amount thereof. The Borrowers agree to reimburse the Issuing Lender (either whether with the their own funds or with proceeds of a Revolving Credit Loan as provided for in this Section or with funds from other sources), in same day funds, the applicable Issuing Lender Loans) on each date on which such the Issuing Lender notifies the applicable Borrower of the date and amount of pays a draft paid by it so presented under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment. Unless the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in . Each such amount, the proceeds of which payment shall be applied made to reimburse such the Issuing Lender at its address for the amount notices specified herein in lawful money of the related drawing United States of America and such fees and expensesin immediately available funds. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for unreimbursed drawing under any draft paid under a Letter of Credit issued shall constitute a request by it is absolute and unconditional and shall not be affected by any circumstance whatsoeverthe Borrowers, includingsubject to the provisions of Section 2.1, without limitation, non-satisfaction of to the conditions set forth Administrative Agent for ABR Loans in Section 2.3(a) or Article VI. If a Borrower has elected to pay the amount of such drawing drawing. The borrowing date with funds from other sources and respect to any such ABR Loans shall fail to reimburse be the date of the remittance by the Issuing Bank of the proceeds of such drawing. If ABR Loans are not available on the date when the Issuing Lender as provided abovepays a draft, interest shall be payable on any and all amounts remaining unpaid by the unreimbursed amount Borrowers under this subsection from the date of such drawing shall bear interest payment of the applicable draft to but excluding the date of payment in full thereof, (x) for the period commencing on the date of payment of the applicable draft to the date which is 3 days thereafter, at the rate which would be payable on any outstanding Base Rate ABR Loans at such time and (y) thereafter, at the rate which were then overdue from the date would be payable on ABR Loans at such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fulltime plus 2%.

Appears in 5 contracts

Samples: Credit Agreement (El Paso CGP Co), Credit Agreement (El Paso Production Holding Co), Credit Agreement (El Paso Corp/De)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable each Borrower agrees to immediately reimburse the Issuing Lender for amounts paid by the Issuing Lender in respect of draws under each Letter of Credit. In order to facilitate such repayment, each Borrower hereby irrevocably requests that the Lenders make, and the Lenders hereby severally agree to make, on the terms and conditions of this Agreement (either other than as provided in Articles 2 and 6 with respect to the proceeds amounts of, the timing and form of requests for, and the repayment of, Revolving Credit Loans hereunder and in Section 7.2 with respect to conditions precedent to Revolving Credit Loans hereunder), with respect to any drawing under a Letter of Credit, a Revolving Credit Loan as provided for in this Section or with funds from other sources), in same bearing interest at the Base Rate commencing on the day funds, the applicable Issuing Lender on each date on which such Issuing Lender notifies the applicable Borrower of the date and amount of a draft paid by it any drawing is made under any Letter of Credit for and in the aggregate amount of (a) such draft so paid and (b) drawing plus any amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such payment. Unless the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amountdraw, the proceeds of which shall be applied to reimburse such the Issuing Lender for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section 3.5 to reimburse such the Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, including non-satisfaction of the conditions set forth in Section 2.3(a) or Article VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in full7.

Appears in 5 contracts

Samples: Credit Agreement, Credit Agreement (La-Z-Boy Inc), Credit Agreement (La-Z-Boy Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees Borrowers agree to reimburse the Issuing Lender in same day funds (either with the proceeds of a Revolving Credit Loan as provided for in this Section 3.5 or with funds from other sources), in same day funds, the applicable Issuing Lender ) on each date on which such the Issuing Lender notifies the applicable Borrower Company of the date and amount of a draft paid by it under any Letter of Credit for Credit. The amount of the Reimbursement Obligation shall equal the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such payment. Unless the applicable Borrower Borrowers shall immediately notify such the Issuing Lender that such Borrower intends the Borrowers intend to reimburse such the Issuing Lender for such drawing from other sources or funds, such Borrower the Borrowers shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment such date in the amount of (ia) such draft so paid and (iib) any amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such the Issuing Lender for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section 3.5 to reimburse such the Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VIthis Agreement. If a Borrower has elected the Borrowers elect to pay the amount of such drawing with funds from other sources and shall fail to reimburse such the Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base 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.

Appears in 4 contracts

Samples: Credit Agreement (Belk Inc), Credit Agreement (Belk Inc), Credit Agreement (Belk Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees 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 applicable Issuing Lender on each the next Business Day following the date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such payment. Unless the applicable Borrower Borrowers shall immediately notify such the Issuing Lender that such Borrower intends the Borrowers intend to reimburse such the Issuing Lender for such drawing from other sources or funds, such Borrower the Borrowers shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment such date in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate such rate in such amount, the proceeds of which shall be applied to reimburse such the Issuing Lender for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such the Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction non‑satisfaction of the conditions set forth in Section 2.3(a) 2.4 or Article VIARTICLE IV. If a Borrower has the Borrowers have elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such the Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base 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.

Appears in 3 contracts

Samples: Credit Agreement (Fortegra Group, LLC), Credit Agreement (Fortegra Group, LLC), Credit Agreement (Tiptree Inc.)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees The Borrowers agree to reimburse (either with each Issuing Lender, by the proceeds of a Revolving Credit Loan as provided for in this Section or with funds from other sources), in same day funds, next Business Day following the applicable Issuing Lender on each date on which such Issuing Lender notifies the applicable Borrower of the date and amount of a draft paid an L/C Disbursement made by it under any Letter of Credit such Issuing Lender, for the amount of (a) such draft so paid L/C Disbursement and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such paymentL/C Disbursement (the amounts described in the foregoing clauses (a) and (b) in respect of any drawing, collectively, the “Payment Amount”). Unless the applicable Borrower Each such payment shall immediately notify be made to such Issuing Lender that such at its address for notices specified herein in lawful money of the United States of America and in immediately available funds. Interest shall be payable on each Payment Amount from the date of the applicable drawing until payment in full at the rate set forth in (i) until the second Business Day following the date of the applicable drawing, Section 2.15(b)(ii) and (ii) thereafter, Section 2.16. If any Borrower intends fails to so reimburse such Issuing Lender for such drawing from other sources or fundsLender, such Borrower shall be deemed to have timely given requested a Notice borrowing pursuant to Section 2.05 of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date Loans in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amountL/C Disbursement, the proceeds making of which shall any such borrowing to be applied subject to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI5.03 (other than delivery of a borrowing notice); provided that if such conditions are not satisfied, the procedures specified in Section 3.04 for funding by L/C Participants shall apply. If The Borrowing Date with respect to such borrowing shall be the first date on which a Borrower has elected borrowing of Revolving Credit Loans that are Standby Loans could be made, pursuant to pay Section 2.05, if the amount Administrative Agent had received a notice of such borrowing at the time the Administrative Agent receives notice from the relevant Issuing Lender of such drawing with funds from other sources and shall fail to reimburse under such Issuing Lender as provided above, the unreimbursed amount Letter of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullCredit.

Appears in 3 contracts

Samples: Existing Credit Agreement (Harsco Corp), Credit Agreement (Harsco Corp), Guarantee and Collateral Agreement (Harsco Corp)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees The Borrowers agree to reimburse (either with each Issuing Lender, by the proceeds of a Revolving Credit Loan as provided for in this Section or with funds from other sources), in same day funds, next Business Day following the applicable Issuing Lender on each date on which such Issuing Lender notifies the applicable Borrower of the date and amount of a draft paid an L/C Disbursement made by it under any Letter of Credit such Issuing Lender, for the amount of (a) such draft so paid L/C Disbursement and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such paymentL/C Disbursement (the amounts described in the foregoing clauses (a) and (b) in respect of any drawing, collectively, the “Payment Amount”). Unless the applicable Borrower Each such payment shall immediately notify be made to such Issuing Lender that such at its address for notices specified herein in lawful money of the United States of America and in immediately available funds. Interest shall be payable on each Payment Amount from the date of the applicable drawing until payment in full at the rate set forth in (i) until the second Business Day following the date of the applicable drawing, Section 2.13(b) and (ii) thereafter, Section 2.13(c). If any Borrower intends fails to so reimburse such Issuing Lender for such drawing from other sources or fundsLender, such Borrower shall be deemed to have timely given requested a Notice borrowing pursuant to Section 2.05 of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date Loans in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amountL/C Disbursement, the proceeds making of which shall any such borrowing to be applied subject to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI5.02 (other than delivery of a Borrowing Notice); provided that if such conditions are not satisfied, the procedures specified in Section 3.04 for funding by L/C Participants shall apply. If The Borrowing Date with respect to such borrowing shall be the first date on which a Borrower has elected borrowing of Revolving Credit Loans could be made, pursuant to pay Section 2.05, if the amount Administrative Agent had received a notice of such borrowing at the time the Administrative Agent receives notice from the relevant Issuing Lender of such drawing with funds from other sources and shall fail to reimburse under such Issuing Lender as provided above, the unreimbursed amount Letter of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullCredit.

Appears in 3 contracts

Samples: Refinancing Amendment and Joinder Agreement (Verint Systems Inc), Credit Agreement (Verint Systems Inc), Credit Agreement (Verint Systems Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Each Borrower agrees 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 applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable relevant Borrower of the date and amount of a draft paid by it presented under any Letter of Credit and paid by the Issuing Lender for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment. Unless ; provided that if the applicable Borrower shall immediately notify such Issuing Lender that does not notify the relevant Borrower as provided for above earlier than 9:30 A.M. (New York City time) on the date such Borrower intends draft is paid then such reimbursement payment may be made the Business Day immediately subsequent to reimburse the date such draft is paid. Each such payment shall be made to the Issuing Lender at its address for such drawing from other sources notices specified herein or funds, such Borrower shall be deemed to have timely given a Notice as it may otherwise direct in lawful money of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date United States or in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such paymentrelevant Optional Currency, as the case maybe, and the Revolving Credit Lenders in immediately available funds. Interest shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue and all amounts remaining unpaid by the relevant Borrower under this Article III from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullfull at the rate set forth in Section 2.15(c); provided that if the Issuing Lender does not notify the relevant Borrower as provided for above earlier than 9:30 A.M. (New York City time) on the date such draft is paid, then for such day (and until the next Business Day) all amounts remaining unpaid in respect of such notice shall bear interest the rate set forth in Section 2.15(c). Each drawing under any Letter of Credit shall (unless an event of the type described in clause (i) or (ii) of Section 8(f) shall have occurred and be continuing with respect to the relevant Borrower, in which case the procedures specified in Section 3.4 for funding by L/C Participants shall apply) constitute a request by such Borrower to the Administrative Agent for a borrowing pursuant to Section 2.5 of ABR Loans in the amount of such drawing. The Borrowing Date with respect to such borrowing shall be the date of such drawing.

Appears in 2 contracts

Samples: Credit Agreement (Conmed Corp), Credit Agreement (Conmed Corp)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Each Borrower agrees 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 applicable each Issuing Lender on each date on which such Issuing Lender notifies the applicable such Borrower of the date and amount of a draft paid by it presented under any Letter of Credit issued for such Borrower's account and paid by such Issuing Lender for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such paymentpayment (the amounts described in the foregoing clauses (a) and (b) in respect of any drawing, collectively, the "PAYMENT AMOUNT"). Unless the applicable Borrower Each such payment shall immediately notify be made to such Issuing Lender that at its address for notices specified herein in lawful money of the United States of America and in immediately available funds. Interest shall be payable on each Payment Amount from the date of the applicable drawing until payment in full at the rate set forth in (i) until the second Business Day following the date of the applicable drawing, Section 6.8(b) and (ii) thereafter, Section 6.8(c). Each drawing under any Letter of Credit shall (unless an event of the type described in Section 11(g), (h) or (i) shall have occurred and be continuing with respect to the Borrower for whose account such Letter of Credit was issued, in which case the procedures specified in Section 5.4 for funding by L/C Participants shall apply) constitute a request by such Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make for a Revolving Credit Loan bearing interest at the borrowing pursuant to Section 4.2 of Base Rate on the applicable repayment date Loans in the amount of (i) such draft so paid and (ii) any amounts referred drawing. The Borrowing Date with respect to in such borrowing shall be the first date on which a borrowing of Multicurrency Loans could be made, pursuant to Section 3.3(c) incurred by 4.2, if the Administrative Agent had received a notice of such borrowing at the time the Administrative Agent receives notice from the relevant Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse under such Issuing Lender as provided above, the unreimbursed amount Letter of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullCredit.

Appears in 2 contracts

Samples: Credit Agreement (Premier Parks Inc), Credit Agreement (Six Flags Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees 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 applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Agent of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such payment. Unless the applicable Borrower Agent shall immediately notify such the Issuing Lender that such Borrower intends the Borrowers intend to reimburse such the Issuing Lender for such drawing from other sources or funds, such the Borrower Agent shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment such date in the amount of (ia) such draft so paid and (iib) any amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such the Issuing Lender for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such the Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has the Borrowers have elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such the Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base 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.

Appears in 2 contracts

Samples: Credit Agreement (Alon Brands, Inc.), Credit Agreement (Alon USA Energy, Inc.)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Each Borrower agrees 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 applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable relevant Borrower of the date and amount of a draft paid by it presented under any Letter of Credit and paid by the Issuing Lender for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment. Unless ; provided that if the applicable Borrower shall immediately notify such Issuing Lender that does not notify the relevant Borrower as provided for above earlier than 9:30 a.m., New York City time, on the date such Borrower intends draft is paid then such reimbursement payment may be made the Business Day immediately subsequent to reimburse the date such draft is paid. Each such payment shall be made to the Issuing Lender at its address for such drawing from other sources notices specified herein or funds, such Borrower shall be deemed to have timely given a Notice as it may otherwise direct in lawful money of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date United States or in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such paymentrelevant Optional Currency, as the case maybe, and the Revolving Credit Lenders in immediately available funds. Interest shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue and all amounts remaining unpaid by the relevant Borrower under this Article III from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullfull at the rate set forth in Section 2.15(d); provided that if the Issuing Lender does not notify the relevant Borrower as provided for above earlier than 9:30 a.m., New York City time, on the date such draft is paid, then for such day (and until the next Business Day) all amounts remaining unpaid in respect of such notice shall bear interest the rate set forth in Section 2.15(d). Each drawing under any Letter of Credit shall (unless an event of the type described in clause (i) or (ii) of Section 8(f) shall have occurred and be continuing with respect to the relevant Borrower, in which case the procedures specified in Section 3.4 for funding by L/C Participants shall apply) constitute a request by such Borrower to the Administrative Agent for a borrowing pursuant to Section 2.5 of ABR Loans in the amount of such drawing. The Borrowing Date with respect to such borrowing shall be the date of such drawing.

Appears in 2 contracts

Samples: Credit Agreement (CONMED Corp), Credit Agreement (CONMED Corp)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees Borrowers agree to reimburse (either with the proceeds of a Revolving Credit Loan as provided for in this Section 3.5 or with funds from other sources), in same day funds, the applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Domestic Borrower, on behalf of itself or the Canadian Borrower, of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such payment. Unless the applicable Borrower Domestic Borrower, on behalf of itself or the Canadian Borrower, shall immediately notify such the Issuing Lender that such the applicable Borrower intends to reimburse such the Issuing Lender for such drawing from other sources or funds, such Borrower the Domestic Borrower, on behalf of itself or the Canadian Borrower, shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan funded in Dollars bearing interest at the Base Rate on the applicable repayment such date in the amount of (ia) such draft so paid and (iib) any amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such paymentpayment (including, without limitation, any and all costs, fees and other expenses incurred by the Issuing Lender in effecting the payment of any Letter of Credit denominated in an Alternative Currency), and the Revolving Credit Lenders shall make a Revolving Credit Loan funded in Dollars bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such the Issuing Lender for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section 3.5 to reimburse such the Issuing Lender for any draft paid under a Letter of Credit issued by it 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) 2.4 or Article VI. If a the applicable Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such the Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base 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.

Appears in 2 contracts

Samples: Credit Agreement (G&k Services Inc), Credit Agreement (G&k Services Inc)

Reimbursement Obligation of the Borrowers. In order to induce the event of any drawing under any Issuing Lender to issue and extend each Letter of CreditCredit and the Revolving Credit Lenders to participate therein, the applicable Borrower agrees Borrowers hereby agree to reimburse or pay to the Administrative Agent, for the account of the Issuing Lender, with respect to each Letter of Credit issued or extended by the Issuing Lender hereunder: except as otherwise expressly provided in 3.2(b) and (either with the proceeds of a Revolving Credit Loan as provided for in this Section or with funds from other sourcesc), in same day funds, the applicable Issuing Lender on each date on which such Issuing Lender notifies the applicable Borrower of the date and amount of a that any draft paid by it presented under any Letter of Credit for is honored by the Issuing Lender, or the Issuing Lender otherwise makes a payment with respect thereto, (i) the amount paid by the Issuing Lender under or with respect to such Letter of Credit, and (ii) the amount of (a) such draft so paid any taxes, fees, charges or other costs and (b) any amounts referred to in Section 3.3(c) expenses whatsoever incurred by such the Issuing Lender or any Revolving Credit Lender in connection with such payment. Unless any payment made by the applicable Borrower shall immediately notify such Issuing Lender or any Revolving Credit Lender under, or with respect to, such Letter of Credit; provided however, if the Borrowers do not reimburse the Administrative Agent on the Drawdown Date, such amount shall, provided that no Event of Default under 13.1(h) or 13.1(i) has occurred, become automatically a Revolving Credit Loan which is a Base Rate Loan advanced hereunder in an amount equal to such Borrower intends sum; and upon the reduction (but not termination) of the Total Revolving Credit Commitment to reimburse an amount less than the Maximum Drawing Amount, an amount equal to such difference, which amount shall be held by the Administrative Agent for the benefit of the Revolving Credit Lenders and the Issuing Lender as cash collateral for such drawing from other sources all Reimbursement Obligations; and upon the Revolving Credit Maturity Date, or fundsupon the termination of the Total Revolving Credit Commitment, such Borrower or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with 13, an amount equal to the Maximum Drawing Amount of all Letters of Credit, which amount shall be deemed to have timely given a Notice held by the Administrative Agent for the benefit of Borrowing the Issuing Lender as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date Administrative Agent's Office in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expensesimmediately available funds. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable Interest on any outstanding Base Rate Loans which were then overdue and all amounts remaining unpaid by the Borrowers under this 3.2 at any time from the date such amounts become due and payable (whether at as stated maturityin this 3.2, by acceleration or otherwise) until payment in fullfull (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate specified in 5.6 for overdue principal on the Loans.

Appears in 2 contracts

Samples: Revolving Credit and Term Loan Agreement (Waste Connections Inc/De), Revolving Credit and Term Loan Agreement (Waste Connections Inc/De)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees 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 applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid or presented purporting to be drawn and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment. Unless Each such payment shall be made to the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender at its address for such drawing from other sources or notices specified herein in lawful money of the United States and in immediately available funds, such Borrower . Interest shall be deemed to have timely given a Notice of Borrowing to payable on any and all amounts remaining unpaid by the Administrative Agent requesting that Borrowers under this Article III from the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft are paid under a the Letter of Credit issued (whether at stated maturity, by it is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction of the conditions set forth acceleration or otherwise) until payment in Section 2.3(a) or Article VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest full at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from overdue. If the Borrowers fail to timely reimburse the Issuing Lender on the date the Borrowers receive the notice referred to in this Section 3.7, the Borrowers shall be deemed to have timely given a Notice of Borrowing hereunder to the Agent requesting the Lenders to make a Base Rate Loan on such amounts become payable (date in an amount equal to the amount of such drawing and, regardless of whether at stated maturityor not the conditions precedent specified in Article V hereof have been satisfied, by acceleration or otherwise) until payment the Lenders shall make Base Rate Loans in fullsuch amount, the proceeds of which shall be applied to reimburse the Issuing Lender for the amount of the related drawing and costs and expenses.

Appears in 2 contracts

Samples: Credit and Security Agreement (Interpool Inc), Credit and Security Agreement (Seacastle Inc.)

Reimbursement Obligation of the Borrowers. In the event of If any drawing draft shall be presented for payment under any Letter of Credit, the applicable Borrower agrees Issuing Lender shall notify the Borrowers and the Administrative Agent of the date and the amount thereof. The Borrowers agree to reimburse the Issuing Lender (either whether with the their own funds or with proceeds of a Revolving Credit Loan as provided for in this Section or with funds from other sources), in same day funds, the applicable Issuing Lender Loans) on each date on which such the Issuing Lender notifies the applicable Borrower of the date and amount of pays a draft paid by it so presented under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment. Unless the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment; provided that unless the Borrowers’ Representative shall have notified the Administrative Agent otherwise, the Borrowers’ obligations shall be financed with an ABR Loan made under this Section 3.5 in an equivalent amount and, to the extent so financed, the Borrowers’ obligation to reimburse such Letter of Credit disbursement shall be discharged and replaced by the Revolving Credit Lenders resulting ABR Loan, which ABR Loans shall make a Revolving Credit Loan bearing interest at not be subject to the Base Rate conditions precedent in Section 6.2. The borrowing date with respect to any such amount, ABR Loans shall be the date of the remittance by the Issuing Lender of the proceeds of which such drawing. Each such payment shall be applied made to reimburse such the Issuing Lender at its address for the amount notices specified herein in lawful money of the related drawing United States of America and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullimmediately available funds.

Appears in 2 contracts

Samples: Credit Agreement (EP Energy Corp), Credit Agreement (El Paso Corp/De)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees 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 applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid or presented purporting to be drawn and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment. Unless Each such payment shall be made to the applicable Borrower shall immediately notify such Issuing Lender that at its address for notices specified herein in Dollars, (except for payments in connection with Alternate Currency Letters of Credit which shall be repaid in the currency in which such Borrower intends draft was paid) and in immediately available funds. If the Borrowers fail to timely reimburse such the Issuing Lender for such drawing from other sources or fundson the date the Borrowers receive the notice referred to in this Section 3.8, such Borrower the Borrowers shall be deemed to have timely given a Notice of Borrowing hereunder to the Administrative Agent requesting that the Revolving Credit Lenders to make a Revolving Credit Loan bearing interest at the Base Rate Loan on the applicable repayment such date in an amount equal to the amount of (i) such draft so paid and (ii) any amounts referred to drawing and, regardless of whether or not the conditions precedent specified in Section 3.3(c) incurred by such Issuing Lender in connection with such paymentArticle V have been satisfied, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate Loans in such amount, the proceeds of which shall be applied to reimburse such the Issuing Lender for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees ; provided, however, that its obligation absent an Event of Default, the Borrowers may elect to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for convert amounts remaining unpaid by the Borrowers (i) under any draft paid under a Letter of Credit issued by it is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction of the conditions set forth denominated in Section 2.3(a) or Article VI. If a Borrower has elected Dollars to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans, LIBO Market Index Rate Loans, or LIBOR Rate Loans, and (ii) any Letter of Credit denominated in any Alternate Currency to Eurocurrency Loans which were then overdue from the date such amounts become payable (whether at stated maturity[or LIBO Market Index Rate Loans], by acceleration or otherwise) until payment in fullsubject to Section 4.2 hereof.

Appears in 2 contracts

Samples: Credit Agreement (Urban Outfitters Inc), Credit Agreement (Urban Outfitters Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Each Borrower agrees 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 applicable each Issuing Lender through the Administrative Agent on each date the Business Day next succeeding the Business Day on which such Issuing Lender notifies the applicable such Borrower of the date and amount of a draft paid by it presented under any Letter of Credit and paid by such Issuing Lender for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such paymentpayment other than Excluded Taxes. Unless Each such payment shall be made to the Administrative Agent at its address for notices referred to herein in the relevant currency and in immediately available funds, unless (x) the applicable Issuing Lender (at its option) shall have specified in its notice to the applicable Borrower shall immediately notify that it will require reimbursement in Dollars or (y) in the absence of any such Issuing Lender requirement that such Borrower intends to reimburse the applicable Issuing Lender in Dollars, such Borrower shall have notified the applicable Issuing Lender promptly following the notice of drawing that such Borrower will reimburse such Issuing Lender for in Dollars; provided that, in the case of any such drawing from other sources reimbursement in Dollars of any Letter or fundsCredit denominated in a Foreign Currency, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment Issuing Lender shall notify the applicable Borrower of the Exchange Rate for Dollars and the Foreign Currency used for payment of such Letter of Credit as of the date in of the amount payment of (i) the draft presented under such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred Letter of Credit by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied respect to reimburse such Issuing Lender for the amount of the related drawing and such fees and expensesin the Foreign Currency promptly following the determination thereof. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to If the applicable Borrower does not reimburse such the applicable Issuing Lender for any draft paid by such Issuing Lender under a any Letter of Credit issued by it is absolute and unconditional and such Issuing Lender in a Foreign Currency on the date required pursuant to the first sentence of this Section 2.9, such Issuing Lender shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction convert such Reimbursement Obligation into Dollars at the rate of exchange then available to such Issuing Lender in the conditions set forth interbank market where its foreign currency exchange operations in Section 2.3(a) or Article VI. If a Borrower has elected to pay the amount respect of such drawing with funds from other sources Foreign Currency are then being conducted and such Borrower shall fail thereafter be required to reimburse such Issuing Lender as provided abovein Dollars for such Reimbursement Obligation (in the amount so converted). Subject to the next succeeding sentence, the unreimbursed amount of such drawing interest shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue such amounts from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) on which the relevant draft is paid until payment in fullfull at the rate set forth in (i) until the Business Day next succeeding the date of the relevant notice, Section 2.20(b) and (ii) thereafter, Section 2.20(d). Interest shall be payable on any such amounts denominated in a Foreign Currency from the date on which the relevant draft is paid until payment in full or conversion to Dollars as provided herein at the rate determined by the applicable Issuing Lender as its cost of funding such payment.

Appears in 2 contracts

Samples: Credit Agreement, Credit Agreement (Kennametal Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees The Borrowers agree to reimburse (either with each Issuing Lender, by the proceeds of a Revolving Credit Loan as provided for in this Section or with funds from other sources), in same day funds, next Business Day following the applicable Issuing Lender on each date on which such Issuing Lender notifies the applicable Borrower of the date and amount of a draft paid an L/C Disbursement made by it under any Letter of Credit such Issuing Lender, for the amount of (a) such draft so paid L/C Disbursement and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such paymentL/C Disbursement (the amounts described in the foregoing clauses (a) and (b) in respect of any drawing, collectively, the “Payment Amount”). Unless the applicable Borrower Each such payment shall immediately notify be made to such Issuing Lender that such at its address for notices specified herein in lawful money of the United States of America and in immediately available funds. Interest shall be payable on each Payment Amount from the date of the applicable drawing until payment in full at the rate set forth in (i) until the second Business Day following the date of the applicable drawing, Section 2.13(b) and (ii)thereafter, Section 2.13(c). If any Borrower intends fails to so reimburse such Issuing Lender for such drawing from other sources or fundsLender, (i) such Borrower shall be deemed to have timely given requested a Notice Borrowing pursuant to Section 2.05 of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date ABR Loans in the amount of (i) such draft so paid L/C Disbursement without regard to the minimum and (ii) any amounts referred to multiples specified in Section 3.3(c) incurred by such Issuing Lender in connection with such payment3.05 for the principal amount of ABR Loans, and but subject to the unutilized portion of the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amountCommitments, the proceeds making of which shall any such Borrowing to be applied subject to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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(a1.01(a) or Article VI. If a Borrower has elected (other than Section 5.02(a) and (c)); provided that if such conditions are not satisfied, the procedures specified in Section 3.04 for funding by L/C Participants shall apply and (ii) the Lenders under the Revolving Credit Facility (other than with respect to pay any draws on any Letters of Credit after the amount of such drawing with funds from other sources and fifth Business Day prior to the Revolving Credit Maturity Date) shall fail be irrevocably obligated to reimburse such Issuing Lender as provided abovepro rata based upon the Lenders’ respective Revolving Credit Commitments. The Borrowing Date with respect to such Borrowing shall be the first date on which a Borrowing of Revolving Credit Loans could be made, pursuant to Section 2.05, if the unreimbursed amount Administrative Agent had received a notice of such Borrowing at the time the Administrative Agent receives notice from the relevant Issuing Lender of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date under such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullLetter of Credit.

Appears in 1 contract

Samples: Credit Agreement (Verint Systems Inc)

Reimbursement Obligation of the Borrowers. In (i) Upon receipt from the event beneficiary of any Letter of Credit of any notice of a drawing under any such Letter of Credit, the applicable Issuing Bank shall notify the Parent Borrower and the Administrative Agent thereof. Each Borrower hereby agrees to reimburse the Issuing Bank (either with through the proceeds Administrative Agent) upon receipt by the Parent Borrower of a Revolving Credit Loan as provided for in this Section or with funds notice from other sources), in same day funds, the applicable Issuing Lender on each date on which such Issuing Lender notifies the applicable Borrower Bank of the date and amount of a draft paid by it presented under any Letter of Credit issued on its behalf and paid by the Issuing Bank, for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses reasonably incurred by such the Issuing Lender Bank in connection with such payment. Unless the applicable Borrower shall immediately notify Each such Issuing Lender that such Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, such Borrower payment shall be deemed to have timely given a Notice of Borrowing made to the Administrative Agent requesting for the account of the Issuing Bank at its address for notices specified herein in the currency in which such Letter of Credit is denominated (except that, in the case of any Letter of Credit denominated in any L/C Designated Foreign Currency, in the event that such payment is not made to the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at Issuing Bank within three Business Days of the Base Rate on date of receipt by the applicable repayment date Parent Borrower of such notice, upon notice by the Issuing Bank to the Parent Borrower, such payment shall be made in Dollars, in an amount equal to the Dollar Equivalent of the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by payment converted on the date of such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest notice into Dollars at the Base Spot Rate of Exchange on such date) and in immediately available funds, on the date on which the Parent Borrower receives such amountnotice, if received prior to 11:00 A.M., New York City time, on a Business Day and otherwise on the proceeds next succeeding Business Day. Any conversion by the Issuing Bank of which shall any payment to be applied to reimburse such Issuing Lender for the amount made in respect of the related drawing and such fees and expenses. Each Revolving any Letter of Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan denominated in any L/C Designated Foreign Currency into Dollars in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter subsection 2.6(e)(i) shall be conclusive and binding upon the applicable Borrower and the Lenders in the absence of Credit issued by it is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction manifest error; provided that upon the request of the conditions set forth in Section 2.3(a) Parent Borrower or Article VI. If any Lender, the Issuing Bank shall provide to the Parent Borrower or such Lender a Borrower has elected certificate including reasonably detailed information as to pay the amount calculation of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullconversion.

Appears in 1 contract

Samples: Revolving Credit Agreement (Servicemaster Co)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees Borrowers agree to reimburse (either with the proceeds of a U.S. Revolving Credit Loan or Global Revolving Loan, as applicable, as provided for in this Section or with funds from other sources), in same day funds, the applicable Issuing Lender on each the next Business Day following the date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such payment. Unless the applicable Borrower Borrowers shall immediately notify such the Issuing Lender that such Borrower intends the Borrowers intend to reimburse such the Issuing Lender for such drawing from other sources or funds, such Borrower the Borrowers shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the U.S. Revolving Credit Lenders or Global Revolving Lenders, as applicable, make a U.S. Revolving Credit Loan or Global Revolving 58 Loan, as applicable, bearing interest at the Base Rate on the applicable repayment such date in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such payment, and the U.S. Revolving Credit Lenders or Global Revolving Lenders, as applicable, shall make a Revolving Credit Loan bearing interest at the Base Rate such rate in such amount, the proceeds of which shall be applied to reimburse such the Issuing Lender for the amount of the related drawing and such fees costs and expenses. Each U.S. Revolving Credit Lender and Global Revolving Lender acknowledges and agrees that its obligation to fund a U.S. Revolving Credit Loan or Global Revolving Loan, as applicable, in accordance with this Section to reimburse such the Issuing Lender for any draft paid under a Letter of Credit issued by it 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) 2.4 or Article VIARTICLE IV. If a Borrower has the Borrowers have elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such the Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base 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.

Appears in 1 contract

Samples: Credit Agreement (Tiptree Inc.)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees 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 applicable Issuing Lender not later than 11:00 a.m. (Charlotte time) on each date on which such the Issuing Lender notifies the applicable Borrower of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment. Unless Each such payment shall be made to the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender at its address for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date notices specified herein in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount lawful money of the related drawing United States and such fees and expensesin immediately available funds. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and Interest 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue and all amounts remaining unpaid by the Borrowers under this Article III from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullfull at the rate which would be payable on any outstanding Base Rate Loans which were then overdue. If the Borrowers fail to timely reimburse the Issuing Lender on the date the Borrowers receive the notice referred to in this Section 3.5, the Borrowers shall be deemed to have timely given a Notice of Borrowing hereunder to the Administrative Agent requesting the Lenders to make a Base Rate Loan on such date in an amount equal to the amount of such drawing and, regardless of whether or not the conditions precedent specified in Article V have been satisfied, the Lenders shall make Base Rate Loans in such amount, the proceeds of which shall be applied to reimburse the Issuing Lender for the amount of the related drawing and costs and expenses.

Appears in 1 contract

Samples: Interconnection Agreement (Knology Holdings Inc /Ga)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Each Borrower agrees to reimburse (either with the proceeds of a Revolving Credit Loan as provided for in this Section or with funds from other sources)Issuing Lender, in same day funds, the applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable such Borrower of the date and amount of a draft paid by it presented under any Letter of Credit issued for the account of such Borrower and paid by the Issuing Lender, for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment (the amounts described in the foregoing clauses (a) and (b) in respect of any drawing, collectively, the "Payment Amount"). Each such payment shall be made to the Issuing Lender at its address for notices specified herein in Dollars and in immediately available funds. Interest shall be payable on each Payment Amount from the date of the applicable drawing until payment in full at the rate set forth in (i) until the second Business Day following the date of the applicable drawing, Section 2.15(b) and (ii) thereafter, Section 2.15(c), provided that no amount payable in respect of clause (b) of the preceding sentence shall be due and payable to the Issuing Lender until the relevant Borrower is notified in writing of the incurrence of such payment. Unless Each drawing under any Letter of Credit shall (unless an event of the applicable type described in clause (i) or (ii) of Section 8(f) shall have occurred and be continuing with respect to any Borrower, in which case the procedures specified in Section 3.4 for funding by L/C Participants shall apply) constitute a request by the relevant Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make for a Revolving Credit Loan bearing interest borrowing pursuant to Section 2.5 of Base Rate Loans (or, at the Base Rate on option of the applicable repayment date Administrative Agent and the Swing Line Lender in their sole discretion, a borrowing pursuant to Section 2.7 of Swing Line Loans) in the amount of such drawing. The Borrowing Date with respect to such borrowing shall be the first date on which a borrowing of Revolving Credit Loans (ior, if applicable, Swing Line Loans) could be made, pursuant to Section 2.5 (or, if applicable, Section 2.7), if the Administrative Agent had received a notice of such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such borrowing at the time the Administrative Agent receives notice from the Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse under such Issuing Lender as provided above, the unreimbursed amount Letter of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullCredit.

Appears in 1 contract

Samples: Credit Agreement (General Growth Properties Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees The Borrowers jointly and severally 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 applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment. Unless Each such payment shall be made to the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender at its address for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date notices specified herein in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount lawful money of the related drawing United States and such fees and expensesin immediately available funds. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and Interest 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue and all amounts remaining unpaid by the Borrowers under this Article III from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullfull at the rate which would be payable on any outstanding Base Rate Loans which were then overdue. Unless the Borrowers have otherwise previously reimbursed the Issuing Lender, then on the date on which the Issuing Lender notifies the Borrowers of the date and amount of a draft paid under any Letter of Credit, the Borrowers shall be deemed to have timely given a Notice of Revolving Credit/Swingline Borrowing hereunder to the Administrative Agent requesting the Lenders to make a Base Rate Loan on such date in an amount equal to the amount of such drawing and, regardless of whether or not the conditions precedent specified in Article VI have been satisfied, the Lenders shall make Base Rate Loans in such amount, the proceeds of which shall be applied to reimburse the Issuing Lender for the amount of the related drawing and costs and expenses.

Appears in 1 contract

Samples: Credit Agreement (GTS Duratek Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees Borrowers, jointly and severally, 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 applicable Issuing Lender Administrative Agent on each date on which such Issuing Lender the Administrative Agent notifies the applicable Administrative Borrower of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender Bank in connection with such payment. Unless the applicable Administrative Borrower shall immediately notify such Issuing Lender the Administrative Agent that such Borrower intends the Borrowers intend to reimburse such Issuing Lender for such drawing from other sources or funds, such the Administrative Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment such date in the amount of (ia) such draft so paid and (iib) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender Bank in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender the Administrative Agent for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender Bank for any draft paid under a Letter of Credit issued by it is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, including non-satisfaction of the conditions set forth in Section 2.3(a) or Article VI. V. If a Borrower has the Borrowers have elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender Bank as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base 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.. (Credit Agreement)

Appears in 1 contract

Samples: Credit Agreement (Broadview Networks Holdings Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees Borrowers agree to reimburse the Issuing Lender in same day funds (in the case of a New Letter of Credit, either with the proceeds of a Revolving Credit Loan as provided for in this Section 3.5 or with funds from other sources), and in same day fundsthe case of the Existing Letter of Credit, the applicable Issuing Lender with funds from other sources) on each date on which such the Issuing Lender notifies the applicable Borrower Company of the date and amount of a draft paid by it under any Letter of Credit for Credit. The amount of the Reimbursement Obligation shall equal the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such payment. Unless With respect to the applicable Borrower reimbursement of a New Letter of Credit, unless the Borrowers shall immediately notify such the Issuing Lender that such Borrower intends the Borrowers intend to reimburse such the Issuing Lender for such drawing from other sources or funds, such Borrower the Borrowers shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment such date in the amount of (ia) such draft so paid and (iib) any amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such the Issuing Lender for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section 3.5 to reimburse such the Issuing Lender for any draft paid under a New Letter of Credit issued by it 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 VIthis Agreement. If a Borrower has elected the Borrowers elect, or in the case of the Existing Letter of Credit, are required, to pay the amount of such drawing with funds from other sources and shall fail to reimburse such the Issuing Lender as provided above, the unreimbursed amount of such drawing (i) with respect to New Letters of Credit shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) and (ii) with respect to the Existing Letter of Credit, shall bear interest at the rates set forth in the Existing Letter of Credit Documents, in each case, until payment in full.

Appears in 1 contract

Samples: Credit Agreement (Belk Inc)

Reimbursement Obligation of the Borrowers. In Unless the event of any drawing under any Letter of CreditBorrowers are entitled to obtain a Revolving Loan in such amount on such date, the applicable Borrower agrees 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 applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so properly paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment. Unless So long as Wachovia is the applicable Borrower Issuing Lender, each such payment shall immediately notify be made at the Agent's Office. If Wachovia is not the Issuing Lender, each such payment shall be made to the Issuing Lender that at its address for notices specified herein. In any case, each such Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, such Borrower payment shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date made in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount lawful money of the related drawing United States and such fees and expensesin immediately available funds. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and Interest 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue and all amounts remaining unpaid by the Borrowers under this ARTICLE III from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullfull at the rate that is provided for in the Letter of Credit Agreement. Unless the Borrowers have otherwise previously reimbursed the Issuing Lender, then on the date on which the Issuing Lender notifies the Borrowers of the date and amount of a draft paid under any Letter of Credit, the Borrowers shall be deemed to have timely given a Notice of Borrowing hereunder to the Agent requesting the Lenders to make a Revolving Loan on such date in an amount equal to the amount of such drawing and, regardless of whether the conditions precedent specified in ARTICLE V have been satisfied, the Lenders shall make Revolving Loans in such amount, the proceeds of which shall be applied to reimburse the Issuing Lender for the amount of the related drawing and costs and expenses.

Appears in 1 contract

Samples: Loan Agreement (Stanley-Martin Communities, LLC)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees Borrowers, jointly and severally, 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 applicable Issuing Lender Administrative Agent on each date on which such Issuing Lender the Administrative Agent notifies the applicable Administrative Borrower of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender Bank in connection with such payment. Unless the applicable Administrative Borrower shall immediately notify such Issuing Lender the Administrative Agent that such Borrower intends the Borrowers intend to reimburse such Issuing Lender for such drawing from other sources or funds, such the Administrative Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment such date in the amount of (ia) such draft so paid and (iib) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender Bank in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender the Administrative Agent for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender Bank for any draft paid under a Letter of Credit issued by it is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, including non-satisfaction of the conditions set forth in Section 2.3(a) or Article VI. V. If a Borrower has the Borrowers have elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender Bank as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base 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.. (Credit Agreement)

Appears in 1 contract

Samples: Credit Agreement (Broadview Networks Holdings Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees 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 applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower CCA REIT of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment. Unless Each such payment shall be made to the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender at its address for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date notices specified herein in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount lawful money of the related drawing United States and such fees and expensesin immediately available funds. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and Interest 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue and all amounts remaining unpaid by the Borrowers under this Article III from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullfull at the rate which would be payable on any outstanding Base Rate Loans which were then overdue. If the Borrowers fail to timely reimburse the Issuing Lender on the date CCA REIT receives the notice referred to in this Section 3.5, the Borrowers shall be deemed to have timely given a Notice of Borrowing hereunder to the Administrative Agent requesting the Lenders to make a Base Rate Loan on such date in an amount equal to the amount of such drawing and, subject to the satisfaction or waiver of the conditions precedent specified in Article V, the Lenders shall make Base Rate Loans in such amount, the proceeds of which shall be applied to reimburse the Issuing Lender for the amount of the related drawing and costs and expenses.

Appears in 1 contract

Samples: Credit Agreement (Cca Prison Realty Trust)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees 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 applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Borrowers in writing of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses, if any, reasonably incurred by such the Issuing Lender in connection with such payment. Unless Each such payment shall be made to the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender at its address for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date notices specified herein in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount lawful money of the related drawing United States and such fees and expensesin immediately available funds. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and Interest 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue and all amounts remaining unpaid by the Borrowers under this Article III from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullfull at the rate which would be payable on any outstanding Loans which were then overdue. If the Borrowers fail to timely reimburse the Issuing Lender on the date the Borrowers receive the notice referred to in this Section 3.5, the Borrowers shall be deemed to have timely given a Notice of Borrowing hereunder to the Agent requesting the Lenders to make a Loan on such date in an amount equal to the amount of such drawing and, regardless of whether the conditions precedent specified in Article V have been satisfied, the Lenders shall be authorized to make a Loan in such amount, the proceeds of which shall be applied to reimburse the Issuing Lender for the amount of the related drawing and costs and expenses.

Appears in 1 contract

Samples: Credit Agreement (Tessco Technologies Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees 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 applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment. Unless Each such payment shall be made to the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender at its address for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice notices specified herein in lawful money of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate United States and in immediately available funds on the applicable repayment date in the amount of (i) the Business Day that the Borrowers receive such draft so paid and notice, if such notice is received prior to 1:00 p.m., Charlotte time, or (ii) any amounts referred the Business Day immediately following the day that the Borrowers receive such notice, if such notice is not received prior to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders time. Interest shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue and all amounts remaining unpaid by the Borrowers under this Article III from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullfull at the rate which would be payable on any outstanding Base Rate Loans; provided, however, that if the Borrowers fail to reimburse the Issuing Lender by the third Business Day following the notice referred to in this Section 3.5, the Base Rate Loan referred to above shall, from the initial date due until paid, bear interest at the default rate set forth in Section 4.1(d) hereof. If the Borrowers fail to timely reimburse the Issuing Lender on the date the Borrowers receive the notice referred to in this Section 3.5, the Borrowers shall be deemed to have timely given a Notice of Borrowing hereunder to the Administrative Agent requesting the Lenders to make a Base Rate Loan on such date in an amount equal to the amount of such drawing and, regardless of whether or not the conditions precedent specified in Article V have been satisfied, the Lenders shall make Base Rate Loans in such amount, the proceeds of which shall be applied to reimburse the Issuing Lender for the amount of the related drawing and costs and expenses.

Appears in 1 contract

Samples: Credit Agreement (Access Financial Solutions Inc)

Reimbursement Obligation of the Borrowers. In consideration for the event Issuing Bank having issued, and in order to induce the Administrative Agent to cause the Issuing Bank to extend and renew, any of the Existing Letters of Credit for the account of the Borrowers, the Borrowers agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent and/or the Issuing Bank or (as the case may be) the Lenders, with respect to each Existing Letter of Credit issued, extended or renewed for either of the Borrowers’ account, on each date that any drawing draft presented under such Existing Letter of Credit is honored by the Issuing Bank, or the Issuing Bank or the Administrative Agent otherwise makes a payment with respect thereto or the Administrative Agent makes any payment under any LC Guaranty, (a) the amount paid by the Issuing Bank or the Administrative Agent under or with respect to such Existing Letter of Credit, the applicable Borrower agrees 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 applicable Issuing Lender on each date on which such Issuing Lender notifies the applicable Borrower of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) the amount of any taxes, fees, charges or other costs and expenses whatsoever reasonably incurred by the Issuing Bank or Administrative Agent or any Lender (without duplication of any amounts referred paid by the Borrowers pursuant to in Section 3.3(c6.3, and other than Excluded Taxes) incurred by such Issuing Lender in connection with such payment. Unless any payment made by the applicable Borrower shall immediately notify such Issuing Bank, Administrative Agent or any Lender that such Borrower intends to reimburse such Issuing Lender for such drawing from other sources under, or fundswith respect to, such Borrower Existing Letter of Credit (collectively, the “Reimbursement Obligations”); provided that, subject to the conditions to borrowing set forth herein, payment of each Reimbursement Obligation by the Borrowers under this Section shall be deemed to have timely given a Notice made through the automatic funding of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date to Revolving Loans in an amount equal to the amount of such Reimbursement Obligation, and the Borrowers hereby irrevocably authorize and direct the Administrative Agent and Issuing Bank to take such actions as may be necessary to effectuate such automatic funding of any such Base Rate Loans. Notwithstanding the foregoing, upon the reduction (but not termination) of the Revolving Credit Limit to an amount less than the then outstanding Revolving Exposure at such time as the then applicable Maximum Drawing Amount is greater than zero, the Borrowers shall within one (1) Business Day provide cash or Cash Equivalents to the Administrative Agent in an amount equal to the lesser of (i) such draft so paid the excess of the Revolving Exposure over the Revolving Credit Limit, and (ii) any amounts referred to in Section 3.3(c) incurred such Maximum Drawing Amount, which amount shall be held by such Issuing Lender in connection with such paymentthe Administrative Agent for the benefit of the Lenders and the Administrative Agent as Cash Collateral for all Reimbursement Obligations, and upon the reduction of the Revolving Credit Lenders shall make a Revolving Limit to zero, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender issued for the amount account of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan Borrowers in accordance with Section 11.2.1, the Borrowers shall immediately provide cash or Cash Equivalents to the Administrative Agent in an amount equal to the then Maximum Drawing Amount on all Existing Letters of Credit, which amount shall be held by the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, as Cash Collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent’s Office in immediately available funds. Interest on any and all amounts remaining unpaid by the Borrowers under this Section to reimburse such Issuing Lender for at any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue time from the date such amounts become due and payable (whether at as stated maturityin this Section, by acceleration or otherwise) until payment in fullfull (whether before or after judgment) shall be payable to the Administrative Agent on demand and shall accrue interest at the Default Rate.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Centerline Holding Co)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable (a) Each Borrower hereby agrees to reimburse (either with the proceeds each Issuing Lender, upon receipt by such Borrower of a Revolving Credit Loan as provided for in this Section or with funds notice from other sources), in same day funds, the applicable Issuing Lender on each date on which such Issuing Lender notifies the applicable Borrower of the date and amount of a draft paid by it presented under any Letter of Credit issued on its behalf and paid by such Issuing Lender, for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses reasonably incurred by such Issuing Lender in connection with such payment. Unless Each such payment shall be made to the applicable Borrower shall immediately notify Issuing Lender, at its address for notices specified herein in the currency in which such Letter of Credit is denominated (except that, in the case of any Letter of Credit denominated in any Designated Foreign Currency, in the event that such payment is not made to such Issuing Lender that within three Business Days of the date of receipt by such Borrower intends to reimburse of such Issuing Lender for such drawing from other sources or fundsnotice, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred upon notice by such Issuing Lender in connection with to such paymentBorrower, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which payment shall be applied made in Dollars, in an amount equal to reimburse such Issuing Lender for the Dollar Equivalent of the amount of such payment converted on the related drawing date of such notice into Dollars at the Spot Rate of Exchange on such date) and in immediately available funds, on the date on which such fees Borrower receives such notice, if received prior to 11:00 A.M., New York City time, on a Business Day and expensesotherwise on the next succeeding Business Day. Each Revolving Any conversion by an Issuing Lender of any payment to be made in respect of any Letter of Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan denominated in any Designated Foreign Currency into Dollars in accordance with this Section to reimburse such subsection 3.5(a) shall be conclusive and binding upon each Borrower and the applicable Revolving Credit Lenders in the absence of manifest error; provided that upon the request of a Borrower or any Revolving Credit Lender, the applicable Issuing Lender for any draft paid under shall provide to such Borrower or Revolving Credit Lender a Letter of Credit issued by it is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction of certificate including reasonably detailed information as to the conditions set forth in Section 2.3(a) or Article VI. If a Borrower has elected to pay the amount calculation of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullconversion.

Appears in 1 contract

Samples: Mortgage, Security Agreement (Hertz Corp)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees 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 applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Borrowers in writing of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses, if any, reasonably incurred by such the Issuing Lender in connection with such payment. Unless Each such payment shall be made to the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender at its address for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date notices specified herein in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount lawful money of the related drawing United States and such fees and expensesin immediately available funds. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and Interest 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue and all amounts remaining unpaid by the Borrowers under this Article III from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullfull at the rate which would be payable on any outstanding Loans which were then overdue. If the Borrowers fail to timely reimburse the Issuing Lender on the date the Borrowers receive the notice referred to in this Section 3.5, the Borrowers shall be deemed to have timely given a Notice of Borrowing hereunder to the Agent requesting the Lenders to make a Loan on such date in an amount equal to the amount of such drawing and, regardless of whether the conditions precedent specified in Article V have been satisfied, the Lenders shall make Loans in such amount, the proceeds of which shall be applied to reimburse the Issuing Lender for the amount of the related drawing and costs and expenses.

Appears in 1 contract

Samples: Credit Agreement (Tessco Technologies Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees 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 applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such payment. Unless the applicable Borrower Borrowers shall immediately notify such the Issuing Lender that such Borrower intends the Borrowers intend to reimburse such the Issuing Lender for such drawing from other sources or funds, such Borrower the Borrowers shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment such date in the amount of (ia) such draft so paid and (iib) any amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such the Issuing Lender for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such the Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and shall not be affected by any circumstance whatsoever; provided, including, without limitation, non-that each Revolving Credit Lender’s obligation to fund a Revolving Credit Loan in accordance with this Section is subject to the satisfaction of the conditions set forth in Section 2.3(a) or Article VI6.3 at the time such Letter of Credit was issued (it being understood that for purposes of this Section a certification from a Borrower that such conditions have been met at the time such Letter of Credit was issued shall be conclusive evidence of the same absent actual knowledge of the Issuing Lender to the contrary at such time). If a Borrower has the Borrowers have elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such the Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base 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.

Appears in 1 contract

Samples: Pledge Agreement (Coeur D Alene Mines Corp)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees 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 applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment. Unless Each such payment shall be made to the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender at its address for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date notices specified herein in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount lawful money of the related drawing United States and such fees and expensesin immediately available funds. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and Interest 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue and all amounts remaining unpaid by the Borrowers under this Article III from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullfull at the rate which would be payable on any outstanding Base Rate Loans which were then overdue. If the Borrowers fail to timely reimburse the Issuing Lender on the date the Borrowers receive the notice referred to in this Section 3.5, the Borrowers shall be deemed to have timely given a Notice of Borrowing hereunder to the Administrative Agent requesting the Lenders to make a Base Rate Loan on such date in an amount equal to the amount of such drawing and, subject to the satisfaction or waiver of the conditions precedent specified in Article V, the Lenders shall make Base Rate Loans in such amount, the proceeds of which shall be applied to reimburse the Issuing Lender for the amount of the related drawing and costs and expenses.

Appears in 1 contract

Samples: Credit Agreement (Sholodge Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees 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 applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment. Unless Each such payment shall be made to the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender at its address for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date notices specified herein in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount lawful money of the related drawing United States and such fees and expensesin immediately available funds. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and Interest 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue and all amounts remaining unpaid by the Borrowers under this Article III from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullfull at the rate which would be payable on any outstanding Base Rate Loans which were then overdue. If the Borrowers fail to timely reimburse the Issuing Lender on the date the Borrowers receive the notice referred to in this Section 3.5, the Borrowers shall be deemed to have timely given a Notice of Borrowing hereunder to the Administrative Agent requesting the Lenders to make a Base Rate Loan on such date in an amount equal to the amount of such drawing and, regardless of whether or not the conditions precedent specified in Article V have been satisfied, the Lenders shall make Base Rate Loans in such amount, the proceeds of which shall be applied to reimburse the Issuing Lender for the amount of the related drawing and costs and expenses.

Appears in 1 contract

Samples: Credit Agreement (Global Imaging Systems Inc)

Reimbursement Obligation of the Borrowers. In Unless the event of any drawing under any Letter of CreditBorrowers are entitled to obtain a Revolving Loan in such amount on such date, the applicable Borrower agrees 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 applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so properly paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment. Unless So long as Wachovia is the applicable Borrower Issuing Lender, each such payment shall immediately notify be made at the Agent’s Office. If Wachovia is not the Issuing Lender, each such payment shall be made to the Issuing Lender that at its address for notices specified herein. In any case, each such Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, such Borrower payment shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date made in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount lawful money of the related drawing United States and such fees and expensesin immediately available funds. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and Interest 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue and all amounts remaining unpaid by the Borrowers under this ARTICLE III from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullfull at the rate that is provided for in the Letter of Credit Agreement. Unless the Borrowers have otherwise previously reimbursed the Issuing Lender, then on the date on which the Issuing Lender notifies the Borrowers of the date and amount of a draft paid under any Letter of Credit, the Borrowers shall be deemed to have timely given a Notice of Borrowing hereunder to the Agent requesting the Lenders to make a Revolving Loan on such date in an amount equal to the amount of such drawing and, regardless of whether the conditions precedent specified in ARTICLE V have been satisfied, the Lenders shall make Revolving Loans in such amount, the proceeds of which shall be applied to reimburse the Issuing Lender for the amount of the related drawing and costs and expenses.

Appears in 1 contract

Samples: Second Modified and Restated Loan Agreement (Stanley-Martin Communities, LLC)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Each Borrower agrees 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 applicable each Issuing Lender through the Administrative Agent on each date the Business Day next succeeding the Business Day on which such Issuing Lender notifies the applicable such Borrower of the date and amount of a draft paid by it presented under any Letter of Credit and paid by such Issuing Lender for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such paymentpayment other than Excluded Taxes. Unless Each such payment shall be made to the Administrative Agent at its address for notices referred to herein in the relevant currency and in immediately available funds, unless (x) the applicable Issuing Lender (at its option) shall have specified in its notice to the applicable Borrower shall immediately notify that it will require reimbursement in Dollars or (y) in the absence of any such Issuing Lender requirement that such Borrower intends to reimburse the applicable Issuing Lender in Dollars, such Borrower shall have notified the applicable Issuing Lender promptly following the notice of drawing that such Borrower will reimburse such Issuing Lender for in Dollars; provided, that, in the case of any such drawing from other sources reimbursement in Dollars of any Letter or fundsCredit denominated in a Foreign Currency, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment Issuing Lender shall notify the applicable Borrower of the Exchange Rate for Dollars and the Foreign Currency used for payment of such Letter of Credit as of the date in of the amount payment of (i) the draft presented under such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred Letter of Credit by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied respect to reimburse such Issuing Lender for the amount of the related drawing and such fees and expensesin the Foreign Currency promptly following the determination thereof. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to If the applicable Borrower does not reimburse such the applicable Issuing Lender for any draft paid by such Issuing Lender under a any Letter of Credit issued by it is absolute and unconditional and such Issuing Lender in a Foreign Currency on the date required pursuant to the first sentence of this Section 2.9, such Issuing Lender shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction convert such Reimbursement Obligation into Dollars at the rate of exchange then available to such Issuing Lender in the conditions set forth interbank market where its foreign currency exchange operations in Section 2.3(a) or Article VI. If a Borrower has elected to pay the amount respect of such drawing with funds from other sources Foreign Currency are then being conducted and such Borrower shall fail thereafter be required to reimburse such Issuing Lender as provided abovein Dollars for such Reimbursement Obligation (in the amount so converted). Subject to the next succeeding sentence, the unreimbursed amount of such drawing interest shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue such amounts from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) on which the relevant draft is paid until payment in fullfull at the rate set forth in (i) until the Business Day next succeeding the date of the relevant notice, Section 2.20(b) and (ii) thereafter, Section 2.20(d). Interest shall be payable on any such amounts denominated in a Foreign Currency from the date on which the relevant draft is paid until payment in full or conversion to Dollars as provided herein at the rate determined by the applicable Issuing Lender as its cost of funding such payment.

Appears in 1 contract

Samples: Credit Agreement (Kennametal Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees The Borrowers jointly and severally 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 applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so properly paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment. Unless Each such payment shall be made to the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender at its address for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date notices specified herein in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount lawful money of the related drawing United States and such fees and expensesin immediately available funds. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and Interest 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue and all amounts remaining unpaid by the Borrowers under this Article III from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullfull at the rate that is provided for in the Letter of Credit Agreement. Unless the Borrowers have otherwise previously reimbursed the Issuing Lender, then on the date on which the Issuing Lender notifies the Borrowers of the date and amount of a draft paid under any Letter of Credit, the Borrowers shall be deemed to have timely given a Notice of Borrowing hereunder to the Administrative Agent requesting the Lenders to make a Revolving Loan on such date in an amount equal to the amount of such drawing and, regardless of whether the conditions precedent specified in Article VI have been satisfied, the Lenders shall make Revolving Loans in such amount, the proceeds of which shall be applied to reimburse the Issuing Lender for the amount of the related drawing and costs and expenses.

Appears in 1 contract

Samples: Loan Agreement (Washington Homes Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees Borrowers agree to reimburse the Issuing Lender in same day funds (either with the proceeds of a Revolving Credit Loan as provided for in this Section 3.5 or with funds from other sources), in same day funds, the applicable Issuing Lender ) on each date on which such the Issuing Lender notifies the applicable Borrower Company of the date and amount of a draft paid by it under any Letter of Credit for Credit. The amount of the Reimbursement Obligation shall equal the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c3.3(b) incurred by such the Issuing Lender in connection with such payment. Unless the applicable Borrower Borrowers shall immediately notify such the Issuing Lender that such Borrower intends the Borrowers intend to reimburse such the Issuing Lender for such drawing from other sources or funds, such Borrower the Borrowers shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment such date in the amount of (ia) such draft so paid and (iib) any amounts referred to in Section 3.3(c3.3(b) incurred by such the Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such the Issuing Lender for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section 3.5 to reimburse such the Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VIthis Agreement. If a Borrower has elected the Borrowers elect to pay the amount of such drawing with funds from other sources and shall fail to reimburse such the Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base 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.

Appears in 1 contract

Samples: Credit Agreement (Belk Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter To induce each Issuing Lender to issue and maintain Letters of Credit, and to induce the applicable Lenders to participate in issued Letters of Credit, each Borrower agrees to pay or 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 applicable Issuing Lender on each date on which such Issuing Lender notifies the applicable Borrower of the date and amount of a draft paid by it under any Letter of Credit for (or cause another Obligated Party to pay or reimburse such Issuing Lender) (i) the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender pursuant to a draw on a Letter of Credit issued by such Issuing Lender on the same day such payment is made, and (ii) on demand, the amount of any additional reasonable fees such Issuing Lender customarily charges for amending Letter of Credit Agreements, for honoring drafts under the Letters of Credit, and for taking similar action in connection with Letters of Credit. If a Borrower or another Obligated Party has not reimbursed an Issuing Lender for any drafts when reimbursement is required under this section, then the applicable Administrative Agent is irrevocably authorized to fund such paymentBorrower’s reimbursement obligations as a Base Rate Advance if proceeds are available under the US Revolving Credit Commitments or the Canadian Commitments (as the context may require) and if the conditions in this Agreement for such an Advance (other than any notice requirements or minimum funding amounts) have, to such Administrative Agent’s knowledge, been satisfied. Unless The proceeds of that Advance shall be advanced directly to such Issuing Lender to pay such Borrower’s unpaid reimbursement obligations. If funds cannot be advanced under the US Revolving Credit Commitments or the Canadian Commitments (as the context may require), then such Borrower’s reimbursement obligation shall constitute a demand obligation. Each Borrower’s obligations under this section are absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim, or defense to payment that such Borrower may have at any time against any Issuing Lender or any other Person. From the date that an Issuing Lender pays a draft under a Letter of Credit until the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends or another Obligated Party either reimburses or is obligated to reimburse such Issuing Lender for such drawing from other sources or fundsthat draft under this section, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date in the amount of (i) such that draft so paid and (ii) any amounts referred bears interest payable to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be then applicable to Base Rate Advances. From the due date of the respective amounts due under this section, to the date paid (including any payment from proceeds of a Base Rate Advance), unpaid reimbursement amounts accrue interest that is payable on any outstanding Base Rate Loans which were then overdue from demand at the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullDefault Rate.

Appears in 1 contract

Samples: Credit Agreement (T-3 Energy Services Inc)

Reimbursement Obligation of the Borrowers. In order to induce the event of any drawing under any Letter of CreditAdministrative Agent to cause the Issuing Bank to issue, the applicable Borrower agrees 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 applicable Issuing Lender on extend and renew each date on which such Issuing Lender notifies the applicable Borrower of the date and amount of a draft paid by it under any Letter of Credit for the amount account of the Borrowers, the Borrowers agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent and/or the Issuing Bank or (as the case may be) the Lenders, with respect to each Letter of Credit issued, extended or renewed for either of the Borrowers' account, on each date that any draft presented under such Letter of Credit is honored by the Issuing Bank, or the Issuing Bank or the Administrative Agent otherwise makes a payment with respect thereto or the Administrative Agent makes any payment under any LC Guaranty, (a) the amount paid by the Issuing Bank or the Administrative Agent under or with respect to such draft so paid Letter of Credit, and (b) the amount of any taxes, fees, charges or other costs and expenses whatsoever reasonably incurred by the Issuing Bank or Administrative Agent or any Lender (without duplication of any amounts referred paid by the Borrowers pursuant to in Section 3.3(c6.3, and other than Excluded Taxes) incurred by such Issuing Lender in connection with such payment. Unless any payment made by the applicable Borrower shall immediately notify such Issuing Bank, Administrative Agent or any Lender that such Borrower intends to reimburse such Issuing Lender for such drawing from other sources under, or fundswith respect to, such Borrower Letter of Credit (collectively, the "Reimbursement Obligations"); provided that, subject to the conditions to borrowing set forth herein, payment of each Reimbursement Obligation by the Borrowers under this Section shall be deemed to have timely given a Notice made through the automatic funding of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date to Revolving Loans in an amount equal to the amount of such Reimbursement Obligation, and the Borrowers hereby irrevocably authorize and direct the Administrative Agent and Issuing Bank to take such actions as may be necessary to effectuate such automatic funding of any such Base Rate Loans. Notwithstanding the foregoing, upon the reduction (but not termination) of the Revolving Credit Limit to an amount less than the then outstanding Revolving Exposure at such time as the then applicable Maximum Drawing Amount is greater than zero, the Borrowers shall within one Business Day provide cash or Cash Equivalents to the Administrative Agent in an amount equal to the lesser of (i) such draft so paid the excess of the Revolving Exposure over the Revolving Credit Limit, and (ii) any amounts referred to in Section 3.3(c) incurred such Maximum Drawing Amount, which amount shall be held by such Issuing Lender in connection with such paymentthe Administrative Agent for the benefit of the Lenders and the Administrative Agent as Cash Collateral for all Reimbursement Obligations, and upon the reduction of the Revolving Credit Lenders shall make a Revolving Limit to zero, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender issued for the amount account of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan Borrowers in accordance with this Section 11.2.1, the Borrowers shall immediately provide cash or Cash Equivalents to reimburse such Issuing Lender for any draft paid under a Letter the Administrative Agent in an amount equal to the then Maximum Drawing Amount on all Letters of Credit issued by it is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction for the account of the conditions set forth in Section 2.3(a) or Article VIBorrower, which amount shall be held by the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, as Cash Collateral for all Reimbursement Obligations. If a Borrower has elected Each such payment shall be made to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest Administrative Agent at the rate which would be payable Administrative Agent's Office in immediately available funds. Interest on any outstanding Base Rate Loans which were then overdue and all amounts remaining unpaid by the Borrowers under this Section at any time from the date such amounts become due and payable (whether at as stated maturityin this Section, by acceleration or otherwise) until payment in fullfull (whether before or after judgment) shall be payable to the Administrative Agent on demand and shall accrue interest at the Default Rate.

Appears in 1 contract

Samples: Credit and Term Loan Agreement (Chartermac)

Reimbursement Obligation of the Borrowers. In the event of ----------------------------------------- any drawing under any Letter of Credit, the applicable Borrower agrees Borrowers jointly and severally agree to reimburse (either with the proceeds of a Revolving Credit Loan as provided for in this Section 3.5 or with funds from other sources), in same day funds, the applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such payment. Unless the applicable Borrower Borrowers shall immediately notify such the Issuing Lender that such Borrower intends the Borrowers intend to reimburse such the Issuing Lender for such drawing from other sources or funds, such Borrower the Borrowers shall be deemed to have timely given a Notice of Revolving Credit/Swingline Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment such date in the amount of (ia) such draft so paid and (iib) any amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such the Issuing Lender for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section 3.5 to reimburse such the Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has the Borrowers have elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such the Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base 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.

Appears in 1 contract

Samples: Credit Agreement (GTS Duratek Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees 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 applicable Issuing Lender on each date on which such Issuing Lender notifies the applicable Borrower of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment. Unless the applicable Borrower shall immediately notify such Issuing Lender that such Borrower 165457743_4174358596_2 intends to reimburse such Issuing Lender for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base 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.

Appears in 1 contract

Samples: Credit Agreement (Southwest Gas Corp)

Reimbursement Obligation of the Borrowers. In the event any payment is made under a Letter of any drawing Credit, the Issuing Lender or the Administrative Agent shall promptly notify the Borrowers of the amount of the draft presented under such Letter of Credit and the amount so paid by the Issuing Lender, and the Borrowers shall pay to the Issuing Lender of any Letter of Credit, or to the applicable Borrower agrees to reimburse (either with Administrative Agent for the proceeds benefit of a Revolving Credit Loan as provided for in this Section or with funds from other sources), in same day funds, the applicable Issuing Lender on each date on which such Issuing Lender notifies the applicable Borrower of the date and amount of a draft paid by it under any Letter of Credit for Lender, the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such payment. Unless payment (the applicable Borrower shall immediately notify amounts described in the foregoing clauses (a) and (b) in respect of any drawing, collectively, the “Payment Amount”) no later than the first Business Day after the date on which the Borrowers receive notice from such Issuing Lender or from the Administrative Agent that payment has been made under such Letter of Credit or that such Borrower intends Payment Amount is otherwise due (the “L/C Reimbursement Date”). Each such payment shall be made to reimburse such Issuing Lender at its address for notices provided by such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing Issuing Lender to the Administrative Agent requesting that and the Revolving Credit Lenders make a Revolving Credit Loan bearing interest Borrowers when such Issuing Lender becomes an "Issuing Lender" hereunder in lawful money of the United States of America and in immediately available funds. Interest shall be payable on each Payment Amount from the date of the applicable drawing until payment in full at the rate set forth in (i) until the second Business Day following the L/C Reimbursement Date, Section 2.13(b) and (ii) thereafter, Section 2.13(c). Each drawing under any Letter of Credit shall (unless an event of the type described in clause (i) or (ii) of Section 8(f) shall have occurred and be continuing with respect to the Borrowers, in which case the procedures specified in Section 3.4 for funding by L/C Participants shall apply) constitute a request by the Borrowers to the Administrative Agent for a borrowing pursuant to Section 2.5 of Base Rate on Loans (or, at the applicable repayment date option of the Administrative Agent and the Swing Line Lender in their sole discretion, a borrowing pursuant to Section 2.24 of Swing Line Loans) in the amount of such drawing. The Borrowing Date with respect to such borrowing shall be the first date on which a borrowing of Revolving Credit Loans (ior, if applicable, Swing Line Loans) could be made, pursuant to Section 2.5 (or, if applicable, Section 2.24), if the Administrative Agent had received a notice of such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such borrowing at the time the Administrative Agent receives notice from the relevant Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse under such Issuing Lender as provided above, the unreimbursed amount Letter of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullCredit.

Appears in 1 contract

Samples: Credit Agreement (Delek US Holdings, Inc.)

Reimbursement Obligation of the Borrowers. In the event any payment is made under a Letter of any drawing Credit, the Issuing Lender or the Administrative Agent shall promptly notify the Borrowers of the amount of the draft presented under such Letter of Credit and the amount so paid by the Issuing Lender, and the Borrowers shall pay to the Issuing Lender of any Letter of Credit, or to the applicable Borrower agrees to reimburse (either with Administrative Agent for the proceeds benefit of a Revolving Credit Loan as provided for in this Section or with funds from other sources), in same day funds, the applicable Issuing Lender on each date on which such Issuing Lender notifies the applicable Borrower of the date and amount of a draft paid by it under any Letter of Credit for Lender, the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such payment. Unless payment (the applicable Borrower shall immediately notify amounts described in the foregoing clauses (a) and (b) in respect of any drawing, collectively, the “Payment Amount”) no later than the first Business Day after the date on which the Borrowers receive notice from such Issuing Lender or from the Administrative Agent that payment has been made under such Letter of Credit or that such Borrower intends Payment Amount is otherwise due (the “L/C Reimbursement Date”). Each such payment shall be made to reimburse such Issuing Lender at its address for notices provided by such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing Issuing Lender to the Administrative Agent requesting that and the Revolving Credit Lenders make a Revolving Credit Loan bearing interest Borrowers when such Issuing Lender becomes an “Issuing Lender” hereunder in lawful money of the United States of America and in immediately available funds. Interest shall be payable on each Payment Amount from the date of the applicable drawing until payment in full at the rate set forth in (i) until the second Business Day following the L/C Reimbursement Date, Section 2.13(b) and (ii) thereafter, Section 2.13(c). Each drawing under any Letter of Credit shall (unless an event of the type described in clause (i) or (ii) of Section 8(f) shall have occurred and be continuing with respect to the Borrowers, in which case the procedures specified in Section 3.4 for funding by L/C Participants shall apply) constitute a request by the Borrowers to the Administrative Agent for a borrowing pursuant to Section 2.5 of Base Rate on Loans (or, at the applicable repayment date option of the Administrative Agent and the Swing Line Lender in their sole discretion, a borrowing pursuant to Section 2.24 of Swing Line Loans) in the amount of such drawing. The Borrowing Date with respect to such borrowing shall be the first date on which a borrowing of Revolving Credit Loans (ior, if applicable, Swing Line Loans) could be made, pursuant to Section 2.5 (or, if applicable, Section 2.24), if the Administrative Agent had received a notice of such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such borrowing at the time the Administrative Agent receives notice from the relevant Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse under such Issuing Lender as provided above, the unreimbursed amount Letter of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullCredit.

Appears in 1 contract

Samples: Credit Agreement (Delek US Holdings, Inc.)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees The Borrowers jointly and severally 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 applicable each Issuing Lender on each date the Business Day next succeeding the Business Day on which such Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it presented under any Letter of Credit and paid by such Issuing Lender for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such payment. Unless Each such payment to be made by the applicable Borrower Borrowers shall immediately notify such be made to each Issuing Lender that such Borrower intends at its address for notices referred to reimburse such Issuing Lender for such drawing from other sources or herein in Dollars and in immediately available funds, such Borrower . Interest shall be deemed payable on any and all such amounts remaining unpaid by the Borrowers from the date on which the relevant draft is paid until payment in full at the rate set forth in (i) until the Business Day next succeeding the date of the relevant notice, Section 4.5(b) and (ii) thereafter, Section 4.5(c). Each drawing under any Letter of Credit shall (unless an event of the type described in clause (i) or (ii) of Section 9(f) shall have occurred and be continuing with respect to have timely given either Borrower, in which case the procedures specified in Section 3.10 for funding by L/C Participants shall apply) constitute a Notice of Borrowing request by the relevant Borrower to the Administrative Agent requesting that the Revolving Credit Lenders make for a Revolving Credit Loan bearing interest borrowing pursuant to Section 3.2 of Base Rate Loans (or, at the Base Rate on option of the applicable repayment date Administrative Agent and the Swingline Lender in their sole discretion, a borrowing pursuant to Section 3.4 of Swingline Loans) in the amount of such drawing. The Borrowing Date with respect to such borrowing shall be the first date on which a borrowing of Revolving Loans (ior, if applicable, Swingline Loans) could be made, pursuant to Section 3.2 or, if applicable, Section 3.4), if the Administrative Agent had received a notice of such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such borrowing at the time the Administrative Agent receives notice from an Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse under such Issuing Lender as provided above, the unreimbursed amount Letter of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullCredit.

Appears in 1 contract

Samples: Credit Agreement (Tube City IMS CORP)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Each Borrower agrees 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 applicable each Issuing Lender on each date on which such Issuing Lender notifies the applicable such Borrower of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred requested by such Issuing Lender in connection with such payment. Unless the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such any Issuing Lender in connection with such payment. Each such payment shall be made to any Issuing Lender at its address for notices specified herein in lawful money of the United States and in immediately available funds. Interest shall be payable on any and all amounts remaining unpaid by any Borrower under this Article III from the date such amounts become payable (whether at stated maturity, and by acceleration or otherwise) until payment in full at the rate which would be payable on any outstanding Base Rate Loans which were then overdue. If any Borrower fails to timely reimburse such Issuing Lender on the date such Borrower receives the notice referred to in this Section 3.5, such Borrower shall be deemed to have timely given a Notice of Revolving Credit Borrowing pursuant to Section 2.2 hereunder to the Administrative Agent requesting the Lenders to make a Base Rate Loan under the Five Year Facility on such date in an amount equal to the amount of such draft paid, together with any taxes, fees, charges or other costs or expenses incurred by any Issuing Lender and to be reimbursed pursuant to this Section 3.5 and, regardless of whether or not the conditions precedent specified in Article VI have been satisfied, the Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate Loans in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan Notwithstanding the foregoing, nothing in accordance with this Section 3.5 shall obligate the Lenders to reimburse make such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from if the date making of such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullBase Rate Loans would violate the automatic stay under federal bankruptcy laws.

Appears in 1 contract

Samples: Credit Agreement (Miller Herman Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees The Borrowers agree to reimburse (either with each Issuing Lender, by the proceeds of a Revolving Credit Loan as provided for in this Section or with funds from other sources), in same day funds, next Business Day following the applicable Issuing Lender on each date on which such Issuing Lender notifies the applicable Borrower of the date and amount of a draft paid an L/C Disbursement made by it under any Letter of Credit such Issuing Lender, for the amount of (a) such draft so paid L/C Disbursement and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such paymentL/C Disbursement (the amounts described in the foregoing clauses (a) and (b) in respect of any drawing, collectively, the “Payment Amount”). Unless the applicable Borrower Each such payment shall immediately notify be made to such Issuing Lender that such at its address for notices specified herein in lawful money of the United States of America and in immediately available funds. Interest shall be payable on each Payment Amount from the date of the applicable drawing until payment in full at the rate set forth in (i) until the second Business Day following the date of the applicable drawing, Section 2.13(b) and (ii) thereafter, Section 2.13(c). If any Borrower intends fails to so reimburse such Issuing Lender for such drawing from other sources or fundsLender, (i) such Borrower shall be deemed to have timely given requested a Notice Borrowing pursuant to Section 2.05 of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date ABR Loans in the amount of (i) such draft so paid L/C Disbursement without regard to the minimum and (ii) any amounts referred to multiples specified in Section 3.3(c) incurred by such Issuing Lender in connection with such payment3.05 for the principal amount of ABR Loans, and but subject to the unutilized portion of the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amountCommitments, the proceeds making of which shall any such Borrowing to be applied subject to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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(a1.01(a) or Article VI. If a Borrower has elected (other than Section 5.02(a) and (c)); provided that if such conditions are not satisfied, the procedures specified in Section 3.04 for funding by L/C Participants shall apply and (ii) the Lenders under the Revolving Credit Facility (other than with respect to pay any draws on any Letters of Credit after the amount of such drawing with funds from other sources and fifth Business Day prior to the Revolving Credit Maturity Date) shall fail be irrevocably obligated to reimburse such Issuing Lender as provided abovepro rata based upon the Lenders’ respective Revolving Credit Commitments. The Borrowing Date with respect to such Borrowing shall be the first date on which a Borrowing of Revolving Credit Loans could be made, pursuant to Section 2.05, if the unreimbursed amount Administrative Agent had received a notice of such Borrowing at the time the Administrative Agent receives notice from the relevant Issuing Lender of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date under such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullLetter of Credit.

Appears in 1 contract

Samples: Credit Agreement (Verint Systems Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable The relevant Borrower agrees 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 applicable any Issuing Lender on each date the Business Day next succeeding the Business Day on which such Issuing Lender notifies the applicable such Borrower of the date and amount of a draft paid by it presented under any Letter of Credit and paid by such Issuing Lender for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) Taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such payment. Unless Each such payment shall be made to the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender for such drawing from other sources or in Dollars and in immediately available funds, such Borrower . Interest shall be deemed payable on any such amounts from the date on which the relevant draft is paid until payment in full at the rate per annum applicable to ABR Loans set forth in (i) until the Business Day next succeeding the date of the relevant notice, subsection 3.4(b) and (ii) thereafter, subsection 3.4(de). Each drawing under any Letter of Credit shall (unless an event of the type described in subsection 9(c) or (h) shall have timely given occurred and be continuing with respect to the relevant Borrower, in which case the procedures specified in subsection 4.4 for funding by L/C Participants shall apply) constitute a Notice of Borrowing request by thesuch Borrower to the Administrative Agent requesting that the Revolving Credit Lenders make for a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date borrowing pursuant to subsection 2.2 of ABR Loans in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing (and the minimum borrowing amount in such subsection shall not apply to such borrowing). The Borrowing Date with funds respect to such borrowing shall be the first date on which a borrowing of Revolving Credit Loans could be made, pursuant to subsection 2.2, if the Administrative Agent had received a notice of such borrowing at the time the Administrative Agent receives notice from other sources and shall fail to reimburse such the relevant Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date under such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullLetter of Credit.

Appears in 1 contract

Samples: First Amendment (Henry Schein Inc)

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Reimbursement Obligation of the Borrowers. (a) In the event of any drawing under any Letter of Credit, the applicable U.S. Borrower agrees to reimburse (either with the proceeds of a Revolving Credit Loan as provided for in this Section 3.5 or with funds from other sources), in same day fundsfunds in the applicable Permitted Currency in which the Letter of Credit was denominated, the applicable Issuing Lender on each date on which such the applicable Issuing Lender notifies the applicable U.S. Borrower of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such the applicable Issuing Lender in connection with such payment. Unless the applicable U.S. Borrower shall immediately notify such the applicable Issuing Lender that such Borrower it intends to reimburse such the applicable Issuing Lender for such drawing from other sources or funds, such the U.S. Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment such date in the amount of (ia) such draft so paid and (iib) any amounts referred to in Section 3.3(c) incurred by such the applicable Issuing Lender in connection with such paymentpayment (including, without limitation, any and all reasonable, out-of-pocket costs, fees and other expenses incurred by the applicable Issuing Lender in effecting the payment of the Letter of Credit denominated in an Alternative Currency), and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such the applicable Issuing Lender for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section 3.5(a) to reimburse such the applicable Issuing Lender for any draft paid under a Letter of Credit issued by it 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(a2.5(a) or Article VI. V. If a the U.S. Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such the applicable Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base 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.

Appears in 1 contract

Samples: Credit Agreement (PRA International)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Each Borrower agrees 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 applicable each Issuing Lender through the Administrative Agent on each date the Business Day next succeeding the Business Day on which such Issuing Lender notifies the applicable such Borrower of the date and amount of a draft paid by it presented under any Letter of Credit and paid by such Issuing Lender for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such payment. Unless Each such payment shall be made to the Administrative Agent at its address for notices referred to herein in the relevant currency and in immediately available funds, unless (x) the Issuing Lender (at its option) shall have specified in its notice to the applicable Borrower shall immediately notify that it will require reimbursement in Dollars or (y) in the absence of any such Issuing Lender requirement that such Borrower intends to reimburse the applicable Issuing Bank in Dollars, such Borrower shall have notified the applicable Issuing Lender promptly following the notice of drawing that such Borrower will reimburse such Issuing Lender for in Dollars; provided that, in the case of any such drawing from other sources reimbursement in Dollars of any Letter or fundsCredit denominated in a Foreign Currency, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment Issuing Bank shall notify the applicable Borrower of the Exchange Rate for Dollars and the Foreign Currency used for payment of such Letter of Credit as of the date in of the amount payment of (i) the draft presented under such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred Letter of Credit by such the relevant Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied respect to reimburse such Issuing Lender for the amount of the related drawing and such fees and expensesin the Foreign Currency promptly following the determination thereof. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to If the applicable Borrower does not reimburse such the Issuing Lender for any draft paid by the Issuing Lender under a any Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided abovein a Foreign Currency on the date required pursuant to the first sentence of this Section 2.9, the unreimbursed amount of Issuing Lender shall convert such drawing shall bear interest Reimbursement Obligation into Dollars at the rate which would of exchange then available to the Issuing Lender in the interbank market where its foreign currency exchange operations in respect of such Foreign Currency are then being conducted and such Borrower shall thereafter be required to reimburse the Issuing Lender in Dollars for such Reimbursement Obligation (in the amount so converted). Subject to the next succeeding sentence, interest shall be payable on any outstanding Base Rate Loans which were then overdue such amounts from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) on which the relevant draft is paid until payment in fullfull at the rate set forth in (i) until the Business Day next succeeding the date of the relevant notice, Section 2.20(b) and (ii) thereafter, Section 2.20(e). Interest shall be payable on any such amounts denominated in a Foreign 39 Currency from the date on which the relevant draft is paid until payment in full or conversion to Dollars as provided herein at the rate determined by the Issuing Lender as its cost of funding such payment.

Appears in 1 contract

Samples: Credit Agreement (Kennametal Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Each Borrower agrees 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 applicable each Issuing Lender on each date on which such Issuing Lender notifies the applicable Borrower Company, on behalf of such Borrower, of the date and amount of a draft paid by it under any Letter of Credit requested by the Company, on behalf of such Borrower, for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment. Unless the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such any Issuing Lender in connection with such payment. Each such payment shall be made to any Issuing Lender at its address for notices specified herein in lawful money of the United States and in immediately available funds. Interest shall be payable on any and all amounts remaining unpaid by any Borrower under this Article III from the date such amounts become payable (which date shall be the date such draft is paid, and whether at stated maturity, by acceleration or otherwise) until payment in full at the rate which would be payable on any outstanding Base Rate Loans which were then overdue. If any Borrower fails to timely reimburse such Issuing Lender on the date the Company, on behalf of such Borrower, receives the notice referred to in this Section 3.5, such Borrower shall be deemed to have timely given a Notice of Revolving Credit Borrowing pursuant to Section 2.2 hereunder to the Administrative Agent requesting the Lenders to make a Base Rate Loan on such date in an amount equal to the amount of such draft paid, together with any taxes, fees, charges or other costs or expenses incurred by any Issuing Lender and to be reimbursed pursuant to this Section 3.5 and, regardless of whether or not the conditions precedent specified in Article VI have been satisfied, the Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate Loans in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan Notwithstanding the foregoing, nothing in accordance with this Section 3.5 shall obligate the Lenders to reimburse make such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from if the date making of such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullBase Rate Loans would violate the automatic stay under federal bankruptcy laws.

Appears in 1 contract

Samples: Credit Agreement (Equifax Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees Borrowers, jointly and severally, agree to reimburse (either with the proceeds of a Revolving Credit Loan as provided for in this Section or if an L/C Collateral Event has occurred and as a result L/C Cash Collateral has been paid to the Administrative Agent, by the Administrative Agent applying L/C Cash Collateral thereagainst (but without reducing the balance in the L/C Cash Collateral Account below 105% of the remaining outstanding L/C Obligations) or with funds from other sources), in same day funds, the applicable Issuing Lender Administrative Agent on each date on which such Issuing Lender the Administrative Agent notifies the applicable Administrative Borrower of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender Bank in connection with such payment. Unless the applicable Administrative Borrower shall immediately notify such Issuing Lender the Administrative Agent that such Borrower intends the Borrowers intend to reimburse such Issuing Lender for such drawing from other sources or funds, such the Administrative Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment such date in the amount of (ia) such draft so paid and (iib) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender Bank in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender the Administrative Agent for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender Bank for any draft paid under a Letter of Credit issued by it is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, including non-satisfaction of the conditions set forth in Section 2.3(a) or Article VI. If a Borrower has the Borrowers have elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender Bank as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base 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.

Appears in 1 contract

Samples: Credit Agreement (Broadview Networks Holdings Inc)

Reimbursement Obligation of the Borrowers. (a) In the event of any drawing under any Letter of Credit, the applicable Borrower that requested such Letter of Credit agrees 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, funds in the applicable currency in which such Letter of Credit was denominated (either Dollars or a Permitted Foreign L/C Currency) the Issuing Lender on each date on which such the Issuing Lender notifies the applicable such Borrower of the date and amount of a draft paid by it under any Letter of Credit for the amount of (ai) such draft so paid and (bii) any amounts referred to in Section 3.3(c) 3.3 incurred by such the Issuing Lender in connection with such payment. Unless the applicable Borrower shall immediately notify such the Issuing Lender that such Borrower intends to reimburse such the Issuing Lender for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base LIBOR Rate on the applicable repayment such date in the amount of (ia) such draft so paid and (iib) any amounts referred to in Section 3.3(c) 3.3 incurred by such the Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base LIBOR Rate in such amount, the proceeds of which shall be applied to reimburse such the Issuing Lender for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such the Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a the applicable Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such the Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base LIBOR 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.

Appears in 1 contract

Samples: Credit Agreement (Tekelec)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees 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 applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c3.03(c) incurred by such the Issuing Lender in connection with such payment. Unless the applicable Borrower Borrowers shall immediately notify such the Issuing Lender that such Borrower intends the Borrowers intend to reimburse such the Issuing Lender for such drawing from other sources or funds, such Borrower the Borrowers shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit applicable Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment such date in the amount of (ia) such draft so paid and (iib) any amounts referred to in Section 3.3(c3.03(c) incurred by such the Issuing Lender in connection with such payment, and the Revolving Credit applicable Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such the Issuing Lender for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such the Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, including non-satisfaction of the conditions set forth in Section 2.3(a2.03(a) or Article VI. V. If a Borrower has the Borrowers have elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such the Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base 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.

Appears in 1 contract

Samples: Loan Agreement (Omega Protein Corp)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees Borrowers agree to reimburse (either with the proceeds of a Revolving Credit Loan as provided for in this Section 3.5 or with funds from other sources), in same day funds, the applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such payment. Unless the applicable Borrower Borrowers shall immediately notify such the Issuing Lender that such Borrower intends the Borrowers intend to reimburse such the Issuing Lender for such drawing from other sources or funds, such Borrower the Borrowers shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment such date in the amount of (ia) such draft so paid and (iib) any an amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such the Issuing Lender for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section 3.5 to reimburse such the Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has the Borrowers have elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such the Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in is full.

Appears in 1 contract

Samples: Credit Agreement (Vermont Pure Holdings LTD)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Each Borrower agrees to reimburse (either with each Issuing Lender, on the proceeds of a Revolving Credit Loan as provided for in this Section or with funds from other sources), in same day funds, the applicable Issuing Lender on next Business Day after each date on which such Issuing Lender notifies the applicable such Borrower of the date and amount of a draft paid by it presented under any Letter of Credit issued for such Borrower's account and paid by such Issuing Lender, for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such paymentpayment (the amounts described in the foregoing clauses (a) and (b) in respect of any drawing, collectively, the "PAYMENT AMOUNT"). Unless the applicable Borrower Each such payment shall immediately notify be made to such Issuing Lender that at its address for notices specified herein in lawful money of the United States of America and in immediately available funds. Interest shall be payable on each Payment Amount from the date of the applicable drawing until payment in full at the rate set forth in (i) until the second Business Day following the date of the applicable drawing, Section 2.15(b) and (ii) thereafter, Section 2.15(c). Each drawing under any Letter of Credit issued for either Borrower's account shall (unless an event of the type described in clause (i) or (ii) of Section 8(f) shall have occurred and be continuing with respect to such Borrower, in which case the procedures specified in Section 3.4 for funding by L/C Participants shall apply) constitute a request by such Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that for a borrowing pursuant to Section 2.5 of Base Rate Loans (or, in the Revolving Credit Lenders make a Revolving Credit Loan bearing interest case of the Primary Borrower, at the Base Rate on option of the applicable repayment date Administrative Agent and the Swing Line Lender in their sole discretion, a borrowing pursuant to Section 2.7 of Swing Line Loans) in the amount of such drawing. The Borrowing Date with respect to such borrowing shall be the first date on which a borrowing of Revolving Credit Loans (ior, if applicable, Swing Line Loans) could be made, pursuant to Section 2.5 (or, if applicable, Section 2.7), if the Administrative Agent had received a notice of such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such borrowing at the time the Administrative Agent receives notice from the relevant Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse under such Issuing Lender as provided above, the unreimbursed amount Letter of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullCredit.

Appears in 1 contract

Samples: Credit Agreement (White Mountains Insurance Group LTD)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees 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 applicable Issuing Lender on each date on which such Issuing Lender notifies the applicable Borrower of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such 146960219_6 165457743_4 Issuing Lender in connection with such payment. Unless the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base 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.

Appears in 1 contract

Samples: Credit Agreement (Southwest Gas Corp)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees 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 applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment. Unless Each such payment shall be made to the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender at its address for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date notices specified herein in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount lawful money of the related drawing United States and such fees and expensesin immediately available funds. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and Interest 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue and all amounts remaining unpaid by the Borrowers under this Article III from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullfull at the rate which would be payable on any outstanding Base Rate Loans which were then overdue. If the Borrowers fail to timely reimburse the Issuing Lender on the date the Borrowers receive the notice referred to in this Section 3.5, the Borrowers shall be deemed to have timely given a Notice of Revolving Credit Loan Borrowing hereunder to the Administrative Agent requesting the Lenders to make a Base Rate Loan on such date in an amount equal to the amount of such drawing and, regardless of whether or not the conditions precedent specified in Article VI have been satisfied, the Lenders shall make Base Rate Loans in such amount, the proceeds of which shall be applied to reimburse the Issuing Lender for the amount of the related drawing and costs and expenses.

Appears in 1 contract

Samples: Credit Agreement (Dollar Express Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees 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 applicable Issuing Lender on each date on which such the applicable Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment. Unless the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the applicable Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in . Each such amount, the proceeds of which payment shall be applied made to reimburse such the applicable Issuing Lender at its address for the amount notices specified herein in lawful money of the related drawing United States and such fees and expensesin immediately available funds. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and Interest 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue and all amounts remaining unpaid by the Borrowers under this Article III from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullfull at the rate which would be payable on any outstanding Base Rate Loans which were then overdue. If the Borrowers fail to timely reimburse the applicable Issuing Lender on the date the Borrowers receive the notice referred to in this Section 3.5, the Borrowers shall be deemed to have timely given a Notice of Revolving Credit/Swingline Borrowing hereunder to the Administrative Agent requesting the Lenders to make a Revolving Credit Loan as a Base Rate Loan on such date in an amount equal to the amount of such drawing and any taxes, fees, charges or other costs or expenses incurred by the applicable Issuing Lender in connection with such payment by the Issuing Lender and, regardless of whether or not the conditions precedent specified in Article VI have been satisfied, the Lenders shall make Revolving Credit Loans as Base Rate Loans in such amount, the proceeds of which shall be applied to reimburse the applicable Issuing Lender for the amount of the related drawing and costs and expenses.

Appears in 1 contract

Samples: Credit Agreement (Global Imaging Systems Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Each Borrower agrees 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 applicable each Issuing Lender through the Administrative Agent on each date the Business Day next succeeding the Business Day on which such Issuing Lender notifies the applicable such Borrower of the date and amount of a draft paid by it presented under any Letter of Credit and paid by such Issuing Lender for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such payment. Unless Each such payment shall be made to the Administrative Agent at its address for notices referred to herein in the relevant currency and in immediately available funds, unless (x) the Issuing Lender (at its option) shall have specified in its notice to the applicable Borrower shall immediately notify that it will require reimbursement in Dollars or (y) in the absence of any such Issuing Lender requirement that such Borrower intends to reimburse the applicable Issuing Bank in Dollars, such Borrower shall have notified the applicable Issuing Lender promptly following the notice of drawing that such Borrower will reimburse such Issuing Lender for in Dollars; provided that, in the case of any such drawing from other sources reimbursement in Dollars of any Letter or fundsCredit denominated in a Foreign Currency, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment Issuing Bank shall notify the applicable Borrower of the Exchange Rate for Dollars and the Foreign Currency used for payment of such Letter of Credit as of the date in of the amount payment of (i) the draft presented under such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred Letter of Credit by such the relevant Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied respect to reimburse such Issuing Lender for the amount of the related drawing and such fees and expensesin the Foreign Currency promptly following the determination thereof. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to If the applicable Borrower does not reimburse such the Issuing Lender for any draft paid by the Issuing Lender under a any Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided abovein a Foreign Currency on the date required pursuant to the first sentence of this Section 2.9, the unreimbursed amount of Issuing Lender shall convert such drawing shall bear interest Reimbursement Obligation into Dollars at the rate which would of exchange then available to the Issuing Lender in the interbank market where its foreign currency exchange operations in respect of such Foreign Currency are then being conducted and such Borrower shall thereafter be required to reimburse the Issuing Lender in Dollars for such Reimbursement Obligation (in the amount so converted). Subject to the next succeeding sentence, interest shall be payable on any outstanding Base Rate Loans which were then overdue such amounts from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) on which the relevant draft is paid until payment in fullfull at the rate set forth in (i) until the Business Day next succeeding the date of the relevant notice, Section 2.20(b) and (ii) thereafter, Section 2.20(e). Interest shall be payable on any such amounts denominated in a Foreign Currency from the date on which the relevant draft is paid until payment in full or conversion to Dollars as provided herein at the rate determined by the Issuing Lender as its cost of funding such payment.

Appears in 1 contract

Samples: Credit Agreement (Kennametal Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees Borrowers agree to reimburse (either with the proceeds of a U.S. Revolving Credit Loan or Global Revolving Loan, as applicable, as provided for in this Section or with funds from other sources), in same day funds, the applicable Issuing Lender on each the next Business Day following the date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such payment. Unless the applicable Borrower Borrowers shall immediately notify such the Issuing Lender that such Borrower intends the Borrowers intend to reimburse such the Issuing Lender for such drawing from other sources or funds, such Borrower the Borrowers shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the U.S. Revolving Credit Lenders or Global Revolving Lenders, as applicable, make a U.S. Revolving Credit Loan or Global Revolving Loan, as applicable, bearing interest at the Base Rate on the applicable repayment such date in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such payment, and the U.S. Revolving Credit Lenders or Global Revolving Lenders, as applicable, shall make a Revolving Credit Loan bearing interest at the Base Rate such rate in such amount, the proceeds of which shall be applied to reimburse such the Issuing Lender for the amount of the related drawing and such fees costs and expenses. Each U.S. Revolving Credit Lender and Global Revolving Lender acknowledges and agrees that its obligation to fund a U.S. Revolving Credit Loan or Global Revolving Loan, as applicable, in accordance with this Section to reimburse such the Issuing Lender for any draft paid under a Letter of Credit issued by it 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) 2.4 or Article VIARTICLE IV. If a Borrower has the Borrowers have elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such the Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base 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.

Appears in 1 contract

Samples: Credit Agreement (Fortegra Group, Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Each Borrower agrees to reimburse (either with the proceeds of a Revolving Credit Loan as provided for in this Section or with funds from other sources)Issuing Lender, in same day funds, the applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable such Borrower of the date and amount of a draft paid by it presented under any Letter of Credit issued for the account of such Borrower and paid by the Issuing Lender, for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment (the amounts described in the foregoing clauses (a) and (b) in respect of any drawing, collectively, the “Payment Amount”). Each such payment shall be made to the Issuing Lender at its address for notices specified herein in Dollars and in immediately available funds. Interest shall be payable on each Payment Amount from the date of the applicable drawing until payment in full at the rate set forth in (i) until the second Business Day following the date of the applicable drawing, Section 2.15(b) and (ii) thereafter, Section 2.15(d), provided that no amount payable in respect of clause (b) of the preceding sentence shall be due and payable to the Issuing Lender until the relevant Borrower is notified in writing of the incurrence of such payment. Unless Each drawing under any Letter of Credit shall (unless an event of the applicable type described in clause (i) or (ii) of Section 8(f) shall have occurred and be continuing with respect to any Borrower, in which case the procedures specified in Section 3.4 for funding by L/C Participants shall apply) constitute a request by the relevant Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make for a Revolving Credit Loan bearing interest borrowing pursuant to Section 2.5 of Base Rate Loans (or, at the Base Rate on option of the applicable repayment date Administrative Agent and the Swing Line Lender in their sole discretion, a borrowing pursuant to Section 2.7 of Swing Line Loans) in the amount of such drawing. The Borrowing Date with respect to such borrowing shall be the first date on which a borrowing of Revolving Credit Loans (ior, if applicable, Swing Line Loans) could be made, pursuant to Section 2.5 (or, if applicable, Section 2.7), if the Administrative Agent had received a notice of such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such borrowing at the time the Administrative Agent receives notice from the Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse under such Issuing Lender as provided above, the unreimbursed amount Letter of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullCredit.

Appears in 1 contract

Samples: Credit Agreement (General Growth Properties Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Each Borrower agrees 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 applicable each Issuing Lender on each date on which such Issuing Lender notifies the applicable Borrower Company, on behalf of such Borrower, of the date and amount of a draft paid by it under any Letter of Credit requested by the Company, on behalf of such Borrower, for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment. Unless the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such any Issuing Lender in connection with such payment. Each such payment shall be made to any Issuing Lender at its address for notices specified herein in lawful money of the United States and in immediately available funds. Interest shall be payable on any and all amounts remaining unpaid by any Borrower under this Article III from the date such amounts become payable (which date shall be the date such draft is paid, and whether at stated maturity, by acceleration or otherwise) until payment in full at the rate which would be payable on any outstanding Base Rate Loans which were then overdue. If any Borrower fails to timely reimburse such Issuing Lender on the date the Company, on behalf of such Borrower, receives the notice referred to in this Section 3.5, such Borrower shall be deemed to have timely given a Notice of Revolving Credit Borrowing pursuant to Section 2.2 to the Administrative Agent requesting the Lenders to make a Base Rate Loan on such date in an amount equal to the amount of such draft paid, together with any taxes, fees, charges or other costs or expenses incurred by any Issuing Lender and to be reimbursed pursuant to this Section 3.5 and, regardless of whether or not the conditions precedent specified in Article VI have been satisfied, the Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate Loans in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan Notwithstanding the foregoing, nothing in accordance with this Section 3.5 shall obligate the Lenders to reimburse make such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from if the date making of such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullBase Rate Loans would violate the automatic stay under federal bankruptcy laws.

Appears in 1 contract

Samples: Credit Agreement (Equifax Inc)

Reimbursement Obligation of the Borrowers. In order to induce the event of any drawing under any Administrative Agent to cause the Issuing Bank to issue, extend and renew each Letter of Credit, the applicable Borrower agrees Borrowers agree to reimburse (either with or pay to the proceeds of a Revolving Credit Loan as provided Administrative Agent for in this Section or with funds from other sources), in same day funds, the applicable Issuing Lender on each date on which such Issuing Lender notifies the applicable Borrower account of the date and amount of a draft paid by it under any Administrative Agent and/or the Issuing Bank or (as the case may be) the Lenders, with respect to each Letter of Credit issued, extended or renewed for either of the amount Borrowers’ account, within two (2) Business Days after notice from the Administrative Agent or the Issuing Bank that any draft presented under such Letter of Credit is honored by the Issuing Bank, or the Issuing Bank or the Administrative Agent otherwise makes a payment with respect thereto or the Administrative Agent makes any payment under any LC Guaranty, (a) the amount paid by the Issuing Bank or the Administrative Agent under or with respect to such draft so paid Letter of Credit, and (b) the amount of any taxes, fees, charges or other costs and expenses whatsoever reasonably incurred by the Issuing Bank or Administrative Agent or any Lender (without duplication of any amounts referred paid by the Borrowers pursuant to in Section 3.3(c6.2, and other than Excluded Taxes) incurred by such Issuing Lender in connection with such payment. Unless any payment made by the applicable Borrower shall immediately notify such Issuing Bank, Administrative Agent or any Lender that such Borrower intends to reimburse such Issuing Lender for such drawing from other sources under, or fundswith respect to, such Borrower Letter of Credit (collectively, the “Reimbursement Obligations”); provided that, regardless of whether the conditions to borrowing set forth herein are then satisfied, payment of each Reimbursement Obligation by the Borrowers under this Section shall be deemed to have timely given a Notice made through the automatic funding of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date to Revolving Loans in an amount equal to the amount of such Reimbursement Obligation, and the Borrowers hereby irrevocably authorize and direct the Administrative Agent and Issuing Bank to take such actions as may be necessary to effectuate such automatic funding of any such Base Rate Loans. Notwithstanding the foregoing, upon the reduction (but not termination) of the Revolving Credit Limit to an amount less than the then outstanding Revolving Exposure at such time as the then applicable Maximum Drawing Amount is greater than zero, the Borrowers shall within two (2) Business Days provide cash or Cash Equivalents to the Administrative Agent in an amount equal to the lesser of (i) such draft so paid the excess of the Revolving Exposure over the Revolving Credit Limit, and (ii) any amounts referred to in Section 3.3(c) incurred such Maximum Drawing Amount, which amount shall be held by such Issuing Lender in connection with such paymentthe Administrative Agent for the benefit of the Lenders and the Administrative Agent as cash collateral for all Reimbursement Obligations, and upon the reduction of the Revolving Credit Lenders shall make a Revolving Limit to zero, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender issued for the amount account of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan Borrowers in accordance with Section 11.2.1, the Borrowers shall immediately provide cash or Cash Equivalents to the Administrative Agent in an amount equal to the then Maximum Drawing Amount on all Letters of Credit, which amount shall be held by the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, as cash collateral for all Reimbursement Obligations (all such cash collateral to be provided pursuant to this sentence, collectively, the “Cash Collateral”). Each such payment shall be made to the Administrative Agent at the Administrative Agent’s Office in immediately available funds. Interest on any and all amounts remaining unpaid by the Borrowers under this Section to reimburse such Issuing Lender for at any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue time from the date such amounts become due and payable (whether at as stated maturityin this Section, by acceleration or otherwise) until payment in fullfull (whether before or after judgment) shall be payable to the Administrative Agent on demand and shall accrue interest at the Default Rate.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Centerline Holding Co)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees 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 applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid or presented purporting to be drawn and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment. Unless Each such payment shall be made to the applicable Borrower shall immediately notify such Issuing Lender that at its address for notices specified herein in Dollars, (except for payments in connection with Alternate Currency Letters of Credit which shall be repaid in the currency in which such Borrower intends draft was paid) and in immediately available funds. If the Borrowers fail to timely reimburse such the Issuing Lender for such drawing from other sources or fundson the date the Borrowers receive the notice referred to in this Section 3.8, such Borrower the Borrowers shall be deemed to have timely given a Notice of ----------- Borrowing hereunder to the Administrative Agent requesting that the Revolving Credit Lenders to make a Revolving Credit Loan bearing interest at the Base Rate Loan on the applicable repayment such date in an amount equal to the amount of (i) such draft so paid and (ii) any amounts referred to drawing and, regardless of whether or not the conditions precedent specified in Section 3.3(c) incurred by such Issuing Lender in connection with such paymentArticle ------- V have been satisfied, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate Loans in such amount, - the proceeds of which shall be applied to reimburse such the Issuing Lender for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees ; provided, however, that its obligation -------- ------- absent an Event of Default, the Borrowers may elect to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for convert amounts remaining unpaid by the Borrowers under any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans, LIBO Market Index Rate Loans, LIBOR Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturityor Eurocurrency Loans, by acceleration or otherwise) until payment in full.subject to

Appears in 1 contract

Samples: Credit Agreement (Urban Outfitters Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees 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 applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c3.03(c) incurred by such the Issuing Lender in connection with such payment. Unless the applicable Borrower Borrowers shall immediately notify such the Issuing Lender that such Borrower intends the Borrowers intend to reimburse such the Issuing Lender for such drawing from other sources or funds, such Borrower the Borrowers shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment such date in the amount of (ia) such draft so paid and (iib) any amounts referred to in Section 3.3(c3.03(c) incurred by such the Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such the Issuing Lender for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such the Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, including non-satisfaction of the conditions set forth in Section 2.3(a2.03(a) or Article VI. V. If a Borrower has the Borrowers have elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such the Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base 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.

Appears in 1 contract

Samples: Loan Agreement (Omega Protein Corp)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Each Borrower agrees 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 each applicable Issuing Lender Lender, within one (1) Business Day (or two (2) Business Days if such Borrower and the Administrative Agent are notified on each date after 11:00 a.m. on such date) after the Business Day on which such Issuing Lender notifies the applicable Borrower and the Administrative Agent of the date and amount of a draft paid by it presented under any Letter of Credit and paid by such Issuing Lender, for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such paymentpayment (the amounts described in the foregoing clauses (a) and (b) in respect of any drawing, collectively, the “Payment Amount”). Unless the applicable Borrower Each such payment shall immediately notify be made to such Issuing Lender that through the Administrative Agent in lawful money at its address for notices specified herein in lawful money of the United States of America and in immediately available funds. Interest shall be payable on each Payment Amount from the date of the applicable drawing until payment in full at the rate set forth in (i) until the second Business Day following the date of the applicable drawing, Section 2.11(b) and (ii) thereafter, Section 2.11(c). Each notice from an Issuing Lender of a drawing under any Letter of Credit shall (unless an event of the type described in clause (i) or (ii) of Section 8(f) shall have occurred and be continuing with respect to the applicable Borrower, in which case the procedures specified in Section 3.4 for funding by L/C Participants shall apply) constitute a request by such Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make for a Revolving Credit Loan bearing interest at the borrowing pursuant to Section 2.2 of Base Rate on the applicable repayment date Loans in the amount of (i) such draft so paid and (ii) any amounts referred drawing. The Borrowing Date with respect to in such borrowing shall be the first date on which a borrowing of Revolving Credit Loans could be made, pursuant to Section 3.3(c) incurred by 2.2, if the Administrative Agent had received a notice of such borrowing at the time the Administrative Agent receives notice from the relevant Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse under such Issuing Lender as provided above, the unreimbursed amount Letter of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullCredit.

Appears in 1 contract

Samples: Northwestern Corp

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees The Borrowers agree to reimburse (either with each Issuing Lender, by the proceeds of a Revolving Credit Loan as provided for in this Section or with funds from other sources), in same day funds, next Business Day following the applicable Issuing Lender on each date on which such Issuing Lender notifies the applicable Borrower of the date and amount of a draft paid an L/C Disbursement made by it under any Letter of Credit such Issuing Lender, for the amount of (a) such draft so paid L/C Disbursement and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such paymentL/C Disbursement (the amounts described in the foregoing clauses (a) and (b) in respect of any drawing, collectively, the “Payment Amount”). Unless the applicable Borrower Each such payment shall immediately notify be made to such Issuing Lender that such at its address for notices specified herein in lawful money of the Xxxxxx Xxxxxx of America and in immediately available funds. Interest shall be payable on each Payment Amount from the date of the applicable drawing until payment in full at the rate set forth in (i) until the second Business Day following the date of the applicable drawing, Section 2.15(b)(ii) and (ii) thereafter, Section 2.16. If any Borrower intends fails to so reimburse such Issuing Lender for such drawing from other sources or fundsLender, such Borrower shall be deemed to have timely given requested a Notice borrowing pursuant to Section 2.05 of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date Loans in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amountL/C Disbursement, the proceeds making of which shall any such borrowing to be applied subject to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI5.03 (other than delivery of a borrowing notice); provided that if such conditions are not satisfied, the procedures specified in Section 3.04 for funding by L/C Participants shall apply. If The Borrowing Date with respect to such borrowing shall be the first date on which a Borrower has elected borrowing of Revolving Credit Loans that are Standby Loans could be made, pursuant to pay Section 2.05, if the amount Administrative Agent had received a notice of such borrowing at the time the Administrative Agent receives notice from the relevant Issuing Lender of such drawing with funds from other sources and shall fail to reimburse under such Issuing Lender as provided above, the unreimbursed amount Letter of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullCredit.

Appears in 1 contract

Samples: Credit Agreement (Harsco Corp)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Each Borrower agrees 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 applicable each Issuing Lender on each date on which such Issuing Lender notifies the applicable Borrower Company, on behalf of such Borrower, of the date and amount of a draft paid by it under any Letter of Credit requested by the Company, on behalf of such Borrower, for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment. Unless the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such any Issuing Lender in connection with such payment. Each such payment shall be made to any Issuing Lender at its address for notices specified herein in lawful money of the United States and in immediately available funds. Interest shall be payable on any and all amounts remaining unpaid by any Borrower under this Article III from the date such amounts become payable (which date shall be the date such draft is paid, and whether at stated maturity, by acceleration or otherwise) until payment in full at the rate which would be payable on any outstanding Base Rate Loans which were then overdue. If any Borrower fails to timely reimburse such Issuing Lender on the date the Company, on behalf of such Borrower, receives the notice referred to in this Section 3.5, such Borrower shall be deemed to have timely given a Notice of Revolving Credit Borrowing pursuant to Section 2.2 hereunder to the Administrative Agent requesting the Lenders to make a Base Rate Loan under the Multi-Year Facility on such date in an amount equal to the amount of such draft paid, together with any taxes, fees, charges or other costs or expenses incurred by any Issuing Lender and to be reimbursed pursuant to this Section 3.5 and, regardless of whether or not the conditions precedent specified in Article VI have been satisfied, the Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate Loans in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan Notwithstanding the foregoing, nothing in accordance with this Section 3.5 shall obligate the Lenders to reimburse make such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from if the date making of such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullBase Rate Loans would violate the automatic stay under federal bankruptcy laws.

Appears in 1 contract

Samples: Credit Agreement (Equifax Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees 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 applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment. Unless Each such payment shall be made to the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender at its address for such drawing from other sources or notices specified herein in lawful money of the United States and in immediately available funds, such Borrower . Interest shall be deemed to have timely given a Notice of Borrowing to payable on any and all amounts remaining unpaid by the Administrative Agent requesting that Borrowers under this Article III from the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft are paid under a the Letter of Credit issued (whether at stated maturity, by it is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction of the conditions set forth acceleration or otherwise) until payment in Section 2.3(a) or Article VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest full at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from overdue. If the Borrowers fail to timely reimburse the Issuing Lender on the date the Borrowers receive the notice referred to in this Section 3.5, the Borrowers shall be deemed to have timely given a Notice of Borrowing hereunder to the Administrative Agent requesting the Lenders to make a Base Rate Loan on such amounts become payable (date in an amount equal to the amount of such drawing and, regardless of whether at stated maturityor not the conditions precedent specified in Article V have been satisfied, by acceleration or otherwise) until payment the Lenders shall make Base Rate Loans in fullsuch amount, the proceeds of which shall be applied to reimburse the Issuing Lender for the amount of the related drawing and costs and expenses.

Appears in 1 contract

Samples: Credit Agreement (Wilmar Industries Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable each Borrower agrees 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 applicable Issuing Lender on each date on which such Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment. Unless the applicable Borrower Parent shall immediately notify such Issuing Lender that such Borrower intends the Borrowers intend to reimburse such Issuing Lender for such drawing from other sources or funds, such Borrower the Borrowers shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has the Borrowers have elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base 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.

Appears in 1 contract

Samples: Assignment and Assumption (Mitel Networks Corp)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees 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 applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment. Unless Each such payment shall be made to the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender at its address for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date notices specified herein in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount lawful money of the related drawing United States and such fees and expensesin immediately available funds. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and Interest 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue and all amounts remaining unpaid by the Borrowers under this Article III from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullfull at the rate which would be payable on any outstanding Base Rate Loans; provided, however, that if the Borrowers fail to reimburse the Issuing Lender by the third Business Day following the notice referred to in this Section 3.5, the Base Rate Loan referred to above shall, from the initial date due until paid, bear interest at the default rate set forth in Section 4.1(d) hereof. If the Borrowers fail to timely reimburse the Issuing Lender on the date the Borrowers receive the notice referred to in this Section 3.5, the Borrowers shall be deemed to have timely given a Notice of Borrowing hereunder to the Administrative Agent requesting the Lenders to make a Base Rate Loan on such date in an amount equal to the amount of such drawing and, regardless of whether or not the conditions precedent specified in Article V have been satisfied, the Lenders shall make Base Rate Loans in such amount, the proceeds of which shall be applied to reimburse the Issuing Lender for the amount of the related drawing and costs and expenses.

Appears in 1 contract

Samples: Credit Agreement (JLG Industries Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees Borrowers agree to reimburse (either with the proceeds of a Revolving Credit Loan obtained as provided for in this Section herein or with funds from other sources), in same day funds, the applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment. Unless the applicable Borrower Borrowers shall immediately notify such the Issuing Lender that such Borrower intends the Borrowers intend to reimburse such the Issuing Lender for such drawing from other sources or of funds, such Borrower the Borrowers shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate Loan on the applicable repayment such date in the amount of (ia) such draft so paid and (iib) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment, regardless of whether or not the conditions precedent specified in ARTICLE VI have been satisfied, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate Loans in such amount, the proceeds of which shall be applied to reimburse such the Issuing Lender for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction of If the conditions set forth in Section 2.3(a) or Article VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and Borrowers shall fail to reimburse such the Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base 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.

Appears in 1 contract

Samples: Credit Agreement (Condor Technology Solutions Inc)

Reimbursement Obligation of the Borrowers. In Each of the event of any drawing under any Letter of Credit, the applicable Borrower agrees Borrowers agree to reimburse (either with each Issuing Lender, on the proceeds of a Revolving Credit Loan as provided for in this Section or with funds from other sources), in same day funds, the applicable Issuing Lender on next Business Day after each date on which such Issuing Lender notifies the applicable such Borrower of the date and amount of a draft paid by it presented under any Letter of Credit issued for the account of such Borrower and paid by the Issuing Lender, for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such paymentpayment (the amounts described in the foregoing clauses (a) and (b) in respect of any drawing, collectively, the "PAYMENT AMOUNT"). Unless the applicable Borrower Each such payment shall immediately notify be made to such Issuing Lender that at its address for notices specified herein in lawful money of the United States of America and in immediately available funds. Interest shall be payable on each Payment Amount from the date of the applicable drawing until payment in full at the rate set forth in (i) until the second Business Day following the date of the applicable drawing, Section 2.11(b) and (ii) thereafter, Section 2.11(c). Each drawing under any Letter of Credit issued for the account of a Borrower shall (unless an event of the type described in clause (i) or (ii) of Section 8(f) shall have occurred and be continuing with respect to the Borrowers, in which case the procedures specified in Section 3.4 for funding by L/C Participants shall apply) constitute a request by such Borrower intends to reimburse such Issuing Lender for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make for a Revolving Credit Loan bearing interest borrowing pursuant to Section 2.2 of Base Rate Loans or, at the Base Rate on option of the applicable repayment date Administrative Agent and the Swing Line Lender in their sole discretion, a borrowing pursuant to Section 2.4 of Swing Line Loans, in the amount of such drawing. The Borrowing Date with respect to such borrowing shall be the first date on which a borrowing of Revolving Credit Loans (ior, if applicable, Swing Line Loans) could be made, pursuant to Section 2.2 (or, if applicable, Section 2.4), if the Administrative Agent had received a notice of such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such borrowing at the time the Administrative Agent receives notice from the relevant Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse under such Issuing Lender as provided above, the unreimbursed amount Letter of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullCredit.

Appears in 1 contract

Samples: Credit Agreement (White Mountains Insurance Group LTD)

Reimbursement Obligation of the Borrowers. In order to induce the event of any drawing under any Letter of CreditAdministrative Agent to cause the Issuing Bank to issue, the applicable Borrower agrees 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 applicable Issuing Lender on extend and renew each date on which such Issuing Lender notifies the applicable Borrower of the date and amount of a draft paid by it under any Letter of Credit for the amount account of the Borrowers, the Borrowers agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent and/or the Issuing Bank or (as the case may be) the Lenders, with respect to each Letter of Credit issued, extended or renewed for either of the Borrowers’ account, on each date that any draft presented under such Letter of Credit is honored by the Issuing Bank, or the Issuing Bank or the Administrative Agent otherwise makes a payment with respect thereto or the Administrative Agent makes any payment under any LC Guaranty, (a) the amount paid by the Issuing Bank or the Administrative Agent under or with respect to such draft so paid Letter of Credit, and (b) the amount of any taxes, fees, charges or other costs and expenses whatsoever reasonably incurred by the Issuing Bank or Administrative Agent or any Lender (without duplication of any amounts referred paid by the Borrowers pursuant to in Section 3.3(c6.3, and other than Excluded Taxes) incurred by such Issuing Lender in connection with such payment. Unless any payment made by the applicable Borrower shall immediately notify such Issuing Bank, Administrative Agent or any Lender that such Borrower intends to reimburse such Issuing Lender for such drawing from other sources under, or fundswith respect to, such Borrower Letter of Credit (collectively, the “Reimbursement Obligations”); provided that, subject to the conditions to borrowing set forth herein, payment of each Reimbursement Obligation by the Borrowers under this Section shall be deemed to have timely given a Notice made through the automatic funding of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date to Revolving Loans in an amount equal to the amount of such Reimbursement Obligation, and the Borrowers hereby irrevocably authorize and direct the Administrative Agent and Issuing Bank to take such actions as may be necessary to effectuate such automatic funding of any such Base Rate Loans. Notwithstanding the foregoing, upon the reduction (but not termination) of the Revolving Credit Limit to an amount less than the then outstanding Revolving Exposure at such time as the then applicable Maximum Drawing Amount is greater than zero, the Borrowers shall within one (1) Business Day provide cash or Cash Equivalents to the Administrative Agent in an amount equal to the lesser of (i) such draft so paid the excess of the Revolving Exposure over the Revolving Credit Limit, and (ii) any amounts referred to in Section 3.3(c) incurred such Maximum Drawing Amount, which amount shall be held by such Issuing Lender in connection with such paymentthe Administrative Agent for the benefit of the Lenders and the Administrative Agent as Cash Collateral for all Reimbursement Obligations, and upon the reduction of the Revolving Credit Lenders shall make a Revolving Limit to zero, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender issued for the amount account of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan Borrowers in accordance with this Section 11.2.1, the Borrowers shall immediately provide cash or Cash Equivalents to reimburse such Issuing Lender for any draft paid under a Letter the Administrative Agent in an amount equal to the then Maximum Drawing Amount on all Letters of Credit issued by it is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction for the account of the conditions set forth in Section 2.3(a) or Article VIBorrower, which amount shall be held by the Administrative Agent, for the benefit of the Lenders and the Administrative Agent, as Cash Collateral for all Reimbursement Obligations. If a Borrower has elected Each such payment shall be made to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest Administrative Agent at the rate which would be payable Administrative Agent’s Office in immediately available funds. Interest on any outstanding Base Rate Loans which were then overdue and all amounts remaining unpaid by the Borrowers under this Section at any time from the date such amounts become due and payable (whether at as stated maturityin this Section, by acceleration or otherwise) until payment in fullfull (whether before or after judgment) shall be payable to the Administrative Agent on demand and shall accrue interest at the Default Rate.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Centerline Holding Co)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees The Borrowers joint and severally 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 applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment. Unless Each such payment shall be made to the applicable Borrower shall immediately notify such Issuing Lender that such Borrower intends to reimburse such Issuing Lender at its address for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date notices specified herein in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount lawful money of the related drawing United States and such fees and expensesin immediately available funds. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and Interest 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue and all amounts remaining unpaid by the Borrowers under this Article III from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullfull at the rate which would be payable on any outstanding Base Rate Loans which were then overdue. If the Borrowers fail to timely reimburse the Issuing Lender on the date the Borrowers receive the notice referred to in this Section 3.5, the Borrowers shall be deemed to have timely given a Notice of Borrowing hereunder to the Administrative Agent requesting the Lenders to make a Base Rate Loan on such date in an amount equal to the amount of such drawing and, regardless of whether or not the conditions precedent specified in Article V have been satisfied, the Lenders shall make Base Rate Loans in such amount, the proceeds of which shall be applied to reimburse the Issuing Lender for the amount of the related drawing and costs and expenses.

Appears in 1 contract

Samples: Credit Agreement (Ct Communications Inc /Nc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees Borrowers, jointly and severally, 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 applicable Issuing Lender Administrative Agent on each date on which such Issuing Lender the Administrative Agent notifies the applicable Administrative Borrower of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender Bank in connection with such payment. Unless the applicable Administrative Borrower shall immediately notify such Issuing Lender the Administrative Agent that such Borrower intends the Borrowers intend to reimburse such Issuing Lender for such drawing from other sources or funds, such the Administrative Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment such date in the amount of (ia) such draft so paid and (iib) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender Bank in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender the Administrative Agent for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender Bank for any draft paid under a Letter of Credit issued by it is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, including non-satisfaction of the conditions set forth in Section 2.3(a) or Article VI. V. If a Borrower has the Borrowers have elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender Bank as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base 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.

Appears in 1 contract

Samples: Credit Agreement (Broadview Networks Holdings Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees 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 applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid or presented purporting to be drawn and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment. Unless Each such payment shall be made to the applicable Borrower shall immediately notify such Issuing Lender that at its address for notices specified herein in Dollars, (except for payments in connection with Alternate Currency Letters of Credit which shall be repaid in the currency in which such Borrower intends draft was paid) and in immediately available funds. If the Borrowers fail to timely reimburse such the Issuing Lender for such drawing from other sources or fundson the date the Borrowers receive the notice referred to in this Section 3.8, such Borrower the Borrowers shall be deemed to have timely given a Notice of Borrowing hereunder to the Administrative Agent requesting that the Revolving Credit Lenders to make a Revolving Credit Loan bearing interest at the Base Rate Loan on the applicable repayment such date in an amount equal to the amount of (i) such draft so paid and (ii) any amounts referred to drawing and, regardless of whether or not the conditions precedent specified in Section 3.3(c) incurred by such Issuing Lender in connection with such paymentArticle V have been satisfied, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate Loans in such amount, the proceeds of which shall be applied to reimburse such the Issuing Lender for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees ; provided, however, that its obligation absent an Event of Default, the Borrowers may elect to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for convert amounts remaining unpaid by the Borrowers (i) under any draft paid under a Letter of Credit issued by it is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction of the conditions set forth denominated in Section 2.3(a) or Article VI. If a Borrower has elected Dollars to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans, Daily One Month LIBOR Loans, or LIBOR Rate Loans, and (ii) any Letter of Credit denominated in any Alternate Currency to Eurocurrency Loans which were then overdue from the date such amounts become payable (whether at stated maturityor Daily One Month LIBOR Loans, by acceleration or otherwise) until payment in fullsubject to Section 4.2 hereof.

Appears in 1 contract

Samples: Credit Agreement (Urban Outfitters Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees Borrowers jointly and severally agree to reimburse (either with the proceeds of a Revolving Credit Loan as provided for in this Section 3.5 or with funds from other sources), in same day funds, the applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such payment. Unless the applicable Borrower Borrowers shall immediately notify such the Issuing Lender that such Borrower intends the Borrowers intend to reimburse such the Issuing Lender for such drawing from other sources or funds, such Borrower the Borrowers shall be deemed to have timely given a Notice of Revolving Credit/Swingline Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment such date in the amount of (ia) such draft so paid and (iib) any amounts referred to in Section 3.3(c) incurred by such the Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such the Issuing Lender for the amount of the related drawing and such fees costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section 3.5 to reimburse such the Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI. If a Borrower has the Borrowers have elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such the Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base 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.. SECTION 3.6

Appears in 1 contract

Samples: Credit Agreement (Duratek Inc)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees The Borrowers agree to reimburse (either with each Issuing Lender, by the proceeds of a Revolving Credit Loan as provided for in this Section or with funds from other sources), in same day funds, next Business Day following the applicable Issuing Lender on each date on which such Issuing Lender notifies the applicable Borrower BorrowerCompany of the date and amount of a draft paid an L/C Disbursement made by it under any Letter of Credit such Issuing Lender, for the amount of (a) such draft so paid L/C Disbursement and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such paymentL/C Disbursement (the amounts described in the foregoing clauses (a) and (b) in respect of any drawing, collectively, the “Payment Amount”). Unless the applicable Borrower Each such payment shall immediately notify be made to such Issuing Lender that such at its address for notices specified herein in lawful money of the United States of America and in immediately available funds. Interest shall be payable on each Payment Amount from the date of the applicable drawing until payment in full at the rate set forth in (i) until the second Business Day following the date of the applicable drawing, Section 2.15(b)(ii) and (ii) thereafter, Section 2.16. If any Borrower intends fails to so reimburse such Issuing Lender for such drawing from other sources or fundsLender, such Borrower shall be deemed to have timely given requested a Notice borrowing pursuant to Section 2.05 of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date Loans in the amount of (i) such draft so paid and (ii) any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amountL/C Disbursement, the proceeds making of which shall any such borrowing to be applied subject to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it 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 VI5.03 (other than delivery of a borrowing notice); provided that if such conditions are not satisfied, the procedures specified in Section 3.04 for funding by L/C Participants shall apply. If The Borrowing Date with respect to such borrowing shall be the first date on which a Borrower has elected borrowing of Revolving Credit Loans that are Standby Loans could be made, pursuant to pay Section 2.05, if the amount Administrative Agent had received a notice of such borrowing at the time the Administrative Agent receives notice from the relevant Issuing Lender of such drawing with funds from other sources and shall fail to reimburse under such Issuing Lender as provided above, the unreimbursed amount Letter of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullCredit.

Appears in 1 contract

Samples: Credit Agreement (Harsco Corp)

Reimbursement Obligation of the Borrowers. In the event of any drawing under any Letter of Credit, the applicable Borrower agrees 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 applicable Issuing Lender on each date on which such the Issuing Lender notifies the applicable Borrower Borrowers of the date and amount of a draft paid by it presented under any Letter of Credit and paid by the Issuing Lender for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) taxes, fees, charges or other costs or expenses incurred by such the Issuing Lender in connection with such payment. Unless Except as otherwise agreed by the applicable Borrower Borrowers and the Issuing Bank, each such payment shall immediately notify such be made to the Issuing Lender that such Borrower intends to reimburse such Issuing Lender at its address for such drawing from other sources or funds, such Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on the applicable repayment date notices specified herein in the amount of (i) such draft so paid and (ii) any amounts referred to currency in Section 3.3(c) incurred by such Issuing Lender in connection with such payment, and which the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a relevant Letter of Credit was issued by it is absolute and unconditional and in immediately available funds. Interest 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 VI. If a Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue and all amounts remaining unpaid by the Borrowers under this Section from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in fullfull at the rate set forth in Section 2.15(c); provided that if the Issuing Lender does not notify the Borrowers as provided for by 11:00 A.M. (Houston, Texas time) on the date such draft is paid, then for such day (and until the next Business Day) all amounts remaining unpaid in respect of such notice shall bear interest at the rate set forth in Section 2.15(a) or 2.15(b), as applicable. Each drawing under any Letter of Credit shall (unless an event of the type described in clause (i) or (ii) of Section 8(f) shall have occurred and be continuing with respect to the Borrowers, in which case the procedures specified in Section 3.4 for funding by L/C Participants shall apply) constitute a request by the Borrowers to the Administrative Agent for a borrowing pursuant to Section 2.5 (or, at the option of the Administrative Agent and the Swing Line Lender in their sole discretion, a borrowing pursuant to Section 2.7 of Swing Line Loans) in the amount of such drawing. The Borrowing Date with respect to such borrowing shall be the date of such drawing.

Appears in 1 contract

Samples: Credit Agreement (Grove Investors Capital Inc)

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