Common use of 2Reimbursement; Participations Clause in Contracts

2Reimbursement; Participations. (a)If Issuing Bank honors any request for payment under a U.S. Letter of Credit, U.S. Borrowers shall pay to Issuing Bank, on the same day (“U.S. Reimbursement Date”), the amount paid by Issuing Bank under such U.S. Letter of Credit, together with interest at the interest rate for U.S. Base Rate Loans from the U.S. Reimbursement Date until payment by U.S. Borrowers. The obligation of U.S. Borrowers to reimburse Issuing Bank for any payment made under a U.S. Letter of Credit shall be absolute, unconditional, irrevocable, and joint and several, and shall be paid without regard to any lack of validity or enforceability of any U.S. Letter of Credit or the existence of any claim, setoff, defense or other right that U.S. Borrowers may have at any time against the beneficiary. Whether or not Borrower Agent submits a Notice of Borrowing, U.S. Borrowers shall be deemed to have requested a Borrowing of U.S. Base Rate Loans in an amount necessary to pay all amounts due Issuing Bank on any U.S. Reimbursement Date and each U.S. Lender shall fund its Pro Rata share of such Borrowing whether or not the U.S. Commitments have terminated, a U.S. Overadvance exists or is created thereby, or the conditions in Section 6 are satisfied.

2Reimbursement; Participations. (a)If Issuing Bank honors any request for payment under a U.S. U.K. Letter of Credit, U.S. U.K. Borrowers shall pay to Issuing Bank, on the same day (“U.S. U.K. Reimbursement Date”), the amount paid by Issuing Bank under such U.S. U.K. Letter of Credit, together with interest at the interest rate for U.S. U.K. Base Rate Loans from the U.S. U.K. Reimbursement Date until payment by U.S. U.K. Borrowers. The obligation of U.S. U.K. Borrowers to reimburse Issuing Bank for any payment made under a U.S. U.K. Letter of Credit shall be absolute, unconditional, irrevocable, and joint and several, and shall be paid without regard to any lack of validity or enforceability of any U.S. U.K. Letter of Credit or the existence of any claim, setoff, defense or other right that U.S. U.K. Borrowers may have at any time against the beneficiary. Whether or not Borrower Agent submits a Notice of Borrowing, U.S. U.K. Borrowers shall be deemed to have requested a Borrowing of U.S. U.K. Base Rate Loans in an amount necessary to pay all amounts due Issuing Bank on any U.S. U.K. Reimbursement Date and each U.S. U.K. Lender shall fund its Pro Rata share of such Borrowing whether or not the U.S. U.K. Commitments have terminated, a U.S. U.K. Overadvance exists or is created thereby, or the conditions in Section 6 are satisfied.

2Reimbursement; Participations. (a)If Issuing Bank honors any request for payment under a U.S. U.K. Letter of Credit, U.S. U.K. Borrowers shall pay to Issuing Bank, on the same day (“U.S. U.K. Reimbursement Date”), the amount paid by Issuing Bank under such U.S. U.K. Letter of Credit, together with interest at the interest rate for U.S. U.K. Base Rate Loans from the U.S. U.K. Reimbursement Date until payment by U.S. U.K. Borrowers. The obligation of U.S. U.K. Borrowers to reimburse Issuing Bank for any payment made under a U.S. U.K. Letter of Credit shall be absolute, unconditional, irrevocable, and joint and several, and shall be paid without regard to any lack of validity or enforceability of any U.S. U.K. Letter of ​ ​ Credit or the existence of any claim, setoff, defense or other right that U.S. U.K. Borrowers may have at any time against the beneficiary. Whether or not Borrower Agent submits a Notice of Borrowing, U.S. U.K. Borrowers shall be deemed to have requested a Borrowing of U.S. U.K. Base Rate Loans in an amount necessary to pay all amounts due Issuing Bank on any U.S. U.K. Reimbursement Date and each U.S. U.K. Lender shall fund its Pro Rata share of such Borrowing whether or not the U.S. U.K. Commitments have terminated, a U.S. U.K. Overadvance exists or is created thereby, or the conditions in Section 6 are satisfied.