Examples of LOC Reimbursement Date in a sentence
Subject to the Priority of Payments, interest accrued in respect of any LOC Disbursement shall be payable on the relevant LOC Reimbursement Date, and thereafter on demand from time to time by the Issuing Lender and upon payment of any LOC Reimbursement Obligation.
The Borrower agrees to pay to the Issuing Lender all Funding Costs on the LOC Reimbursement Date.
Any portion of any Facility Reimbursement Obligation which is not paid by the Borrower on or prior to the related LOC Reimbursement Date, as of such LOC Reimbursement Date, shall constitute an immediately due and payable unsecured loan to the Borrower.
Notwithstanding the foregoing, if any portion of any Facility Reimbursement Obligation payable by the Borrower is not paid when due, the Borrower agrees to pay interest on such overdue amount for the period from the applicable LOC Reimbursement Date to but excluding the date on which such overdue Facility Reimbursement Obligation (or portion thereof) is paid in full at a rate per annum equal to the Prime Rate plus 2.00% per annum.
If an LOC Disbursement is not reimbursed in full on or prior to 11:00 a.m. (New York time) on the LOC Reimbursement Date, the Administrative Agent shall promptly notify each Lender of (x) the applicable LOC Disbursement, (y) the unreimbursed amount of such LOC Disbursement (including any unpaid interest thereon) and (z) such Lender’s Applicable Percentage thereof.
If the Issuing Lender shall receive a sight draft in respect of any Letter of Credit from any Account Beneficiary, the Borrower unconditionally agrees to reimburse the Issuing Lender for the full amount of the requested disbursement (each, an “LOC Reimbursement Obligation”), on or prior to the applicable LOC Reimbursement Date (subject to Section 7.01(a)).
The Borrower agrees to pay interest on the amount of each such portion of any unpaid Facility Reimbursement Obligation from the date such LOC Disbursement is made to but excluding the LOC Reimbursement Date (or any such prior date that the Borrower pays such LOC Disbursement (or any such portion thereof)) at a rate per annum equal to the Prime Rate.
Promptly following receipt of such notice, and in no event later than 2:00 p.m. (New York time) on such LOC Reimbursement Date, each applicable Lender shall pay to the Administrative Agent its Applicable Percentage of said unreimbursed amount by wire transfer of immediately available funds to the Administrative Agent’s Account.