Common use of Borrower's Obligation to Pay Drawings Clause in Contracts

Borrower's Obligation to Pay Drawings. The Borrower hereby agrees to reimburse the Agent, by making payment to the Agent in immediately available funds, for any payment or disbursement made by the Agent under any Letter of Credit issued by it (each such amount so paid until reimbursed, an Unpaid Drawing) immediately after, and in any event on the date of, notice given by the Agent to the Borrower of such payment (which notice the Agent hereby agrees to give promptly after the making of any payment or disbursement under a Letter of Credit), with interest on the amount so paid or disbursed by the Agent, to the extent not reimbursed prior to 1:00 P.M. (prevailing Eastern Standard Time) on the date of such payment or disbursement, from and including the date paid or disbursed to but excluding the date the Agent is reimbursed therefor, at a rate per annum which shall be the Prime Rate as in effect from time to time (plus an additional 300 basis points (3.00%) per annum, if not reimbursed by the second (2nd) Business Day following any such notice of payment or disbursement), such interest to be payable on demand.

Borrower's Obligation to Pay Drawings. The Borrower hereby agrees to reimburse the Agent, by making payment to the Agent in immediately available funds, for any payment or disbursement made by the Agent under any Letter of Credit issued by it (each such amount so paid until reimbursed, an Unpaid DrawingUNPAID DRAWING) immediately after, and in any event on the date of, notice given by the Agent to the Borrower of such payment (which notice the Agent hereby agrees to give promptly after the making of any payment or disbursement under a Letter of Credit), with interest on the amount so paid or disbursed by the Agent, to the extent not reimbursed prior to 1:00 P.M. (prevailing Eastern Standard Time) on the date of such payment or disbursement, from and including the date paid or disbursed to but excluding the date the Agent is reimbursed therefor, at a rate per annum which shall be the Prime Base Rate as in effect from time to time (plus an additional 300 basis points (3.00%) per annum, if not reimbursed by the second (2nd) Business Day following any such notice of payment or disbursement), such interest to be payable on demand.

Borrower's Obligation to Pay Drawings. The Borrower Borrowers hereby agrees agree to reimburse the Agent, by making payment to the Agent in immediately available funds, for any payment or disbursement made by the Agent under any Letter of Credit issued by it (each such amount so paid until reimbursed, an “Unpaid Drawing”) immediately after, and in any event on the date of, notice given by the Agent to the Borrower Borrowers of such payment (which notice the Agent hereby agrees to give promptly after the making of any payment or disbursement under a Letter of Credit), with interest on the amount so paid or disbursed by the Agent, to the extent not reimbursed prior to 1:00 P.M. p.m. (prevailing Eastern Standard New York Time) on the date of such payment or disbursement, from and including the date paid or disbursed to but excluding the date the Agent is reimbursed therefor, at a rate per annum which shall be the Prime Rate as in effect from time to time (plus an additional 300 200 basis points (3.002.00%) per annum, if not reimbursed by the second (2nd) Business Day following any such notice of payment or disbursement), such interest to be payable on demand.

Borrower's Obligation to Pay Drawings. The Borrower Borrowers hereby agrees agree to reimburse the Agent, by making payment to the Agent in immediately available funds, for any payment or disbursement made by the Agent under any Letter of Credit issued by it (each such amount so paid until reimbursed, an Unpaid Drawing"UNPAID DRAWING") immediately after, and in any event on the date of, notice given by the Agent to the Borrower Borrowers of such payment (which notice the Agent hereby agrees to give promptly after the making of any payment or disbursement under a Letter of Credit), with interest on the amount so paid or disbursed by the Agent, to the extent not reimbursed prior to 1:00 P.M. p.m. (prevailing Eastern Standard New York Time) on the date of such payment or disbursement, from and including the date paid or disbursed to but excluding the date the Agent is reimbursed therefor, at a rate per annum which shall be the Prime Rate as in effect from time to time (plus an additional 300 200 basis points (3.002.00%) per annumPER ANNUM, if not reimbursed by the second (2nd) Business Day following any such notice of payment or disbursement), such interest to be payable on demand.