Common use of Agreement to Repay Letter of Credit Payments Clause in Contracts

Agreement to Repay Letter of Credit Payments. (a) The Borrower hereby agrees to reimburse the Letter of Credit Issuer, by making payment directly to the Letter of Credit Issuer in immediately available funds, for any payment or disbursement made by the Letter of Credit Issuer under any Letter of Credit issued by it (each such amount so paid or disbursed until reimbursed, an "Unpaid Drawing") no later than one Business Day following the date that the Borrower receives notice from the Letter of Credit Issuer of such payment or disbursement, with interest on the amount so paid or disbursed by the Letter of Credit Issuer to the extent not reimbursed prior to 1:00 P.M. (New York time) on the date of such payment or disbursement, from and including the date paid or disbursed to but not including the date the Letter of Credit Issuer is reimbursed therefor at a rate per annum which shall be the Applicable Margin plus the Base Rate as in effect from time to time for Revolving Loans (plus an additional 2% per annum if not reimbursed by the third Business Day after the date the Borrower receives notice from the Letter of Credit Issuer of such payment or disbursement), such interest also to be payable on demand, provided that the notice referred to above in this clause (a) shall not be required to be given if a Default or an Event of Default under Section 9.05 shall have occurred and be continuing, in which case such Unpaid Drawings shall be due and payable immediately without presentment, demand, protest or notice of any kind (all of which are hereby waived by each Credit Party) and shall bear interest at a rate per annum which shall be the Base Rate plus the Applicable Margin for Revolving Loans (plus an additional 2% on and after the third Business Day following the respective Drawing).

Agreement to Repay Letter of Credit Payments. (a) The Borrower hereby agrees to reimburse the Letter of Credit Issuer, by making payment directly to the Letter of Credit Issuer Agent in immediately available fundsfunds at the Payment Office, for any payment or disbursement made by the Letter of Credit Issuer under any Letter of Credit issued by it (each such amount so paid or disbursed until reimbursed, an "Unpaid Drawing") no later than one Business Day following the date that the Borrower receives notice from the Letter of Credit Issuer of such payment or disbursement, with interest on the amount so paid or disbursed by the Letter of Credit Issuer Issuer, to the extent not reimbursed prior to 1:00 P.M. (New York time) on the date of such payment or disbursement, from and including the date paid or disbursed to but not including the date the Letter of Credit Issuer is reimbursed therefor at a rate per annum which shall be the Applicable Base Rate Margin plus the Base Rate as in effect from time to time for Revolving Loans (plus an additional 2% per annum if not reimbursed by the third Business Day after the date the Borrower receives notice from the Letter of Credit Issuer of such payment or disbursement), such interest also to be payable on demand, provided that . The Letter of Credit Issuer shall provide the notice referred to above in this clause (a) shall not be required to be given if a Default or an Event of Default under Section 9.05 shall have occurred and be continuing, in which case such Unpaid Drawings shall be due and payable immediately without presentment, demand, protest or Borrower prompt notice of any kind (all payment or disbursement made by it under any Letter of which are hereby waived by each Credit PartyCredit, although the failure of, or delay in, giving any such notice shall not release or diminish the obligations of the Borrower under this Section 2.03(a) and shall bear interest at a rate per annum which shall be the Base Rate plus the Applicable Margin for Revolving Loans (plus an additional 2% on and after the third Business Day following the respective Drawing)or under any other Section of this Agreement.

Agreement to Repay Letter of Credit Payments. (a) The Borrower Account Party hereby agrees to reimburse the Letter of Credit Issuereach L/C Bank, by making payment directly to the Letter of Credit Issuer each L/C Bank in immediately available funds, for any payment or disbursement made by the Letter of Credit Issuer such L/C Bank under any Letter of Credit issued by it (each such amount so paid or disbursed until reimbursed, an "Unpaid Drawing") no later than one Business Day following the date that the Borrower receives notice in writing or by telephone (promptly confirmed in writing) from the Letter of Credit Issuer Issuing Agent of such payment or disbursement, with interest on the amount so paid or disbursed by the Letter of Credit Issuer such L/C Bank to the extent not reimbursed prior to 1:00 P.M. (New York time) on the date of such payment or disbursement, from and including the date paid or disbursed to but not including the date the Letter of Credit Issuer that such L/C Bank is reimbursed therefor at a rate per annum which shall be the Applicable Margin plus the Base Rate as in effect from time to time for Revolving Loans (plus an additional 2% per annum if not reimbursed by the third Business Day after the date the Borrower receives notice from the Letter of Credit Issuer such L/C Bank of such payment or disbursement), such interest also to be payable on demand, provided that the notice referred to above in this clause (a) shall not be required to be given if a Default or an Event of Default under Section 9.05 shall have occurred and be continuing, in which case such Unpaid Drawings shall be due and payable immediately without presentment, demand, protest or notice of any kind (all of which are hereby waived by each Credit the Account Party) and shall bear interest at a rate per annum which shall be the Base Rate plus the Applicable Margin for Revolving Loans (plus an additional 2% on and after the third Business Day following the respective Drawingdrawing).

Agreement to Repay Letter of Credit Payments. (a) The Borrower hereby agrees to reimburse the Letter of Credit Issuereach L/C Bank, by making payment directly to the Letter of Credit Issuer each L/C Bank in immediately available funds, for any payment or disbursement made by the Letter of Credit Issuer such L/C Bank under any Letter of Credit issued by it (each such amount so paid or disbursed until reimbursed, an "Unpaid Drawing") no later than one Business Day following the date that the Borrower receives notice in writing or by telephone (promptly confirmed in writing) from the Letter of Credit Issuer Issuing Agent of such payment or disbursement, with interest on the amount so paid or disbursed by the Letter of Credit Issuer such L/C Bank to the extent not reimbursed prior to 1:00 P.M. (New York time) on the date of such payment or disbursement, from and including the date paid or disbursed to but not including the date the Letter of Credit Issuer that such L/C Bank is reimbursed therefor at a rate per annum which shall be the Applicable Margin plus the Base Rate as in effect from time to time for Revolving Loans (plus an additional 2% per annum if not reimbursed by the third Business Day after the date the Borrower receives notice from the Letter of Credit Issuer such L/C Bank of such payment or disbursement), such interest also to be payable on demand, provided that the notice referred to above in this clause (a) shall not be required to be given if a Default or an Event of Default under Section 9.05 shall have occurred and be continuing, in which case such Unpaid Drawings shall be due and payable immediately without presentment, demand, protest or notice of any kind (all of which are hereby waived by each Credit Partythe Borrower) and shall bear interest at a rate per annum which shall be the Base Rate plus the Applicable Margin for Revolving Loans (plus an additional 2% on and after the third Business Day following the respective Drawingdrawing).