Common use of Disbursement and Reimbursement Clause in Contracts

Disbursement and Reimbursement. (a) Promptly after it shall have ascertained that any draft and any accompanying documents presented under a Letter of Credit appear to be in strict conformity with the terms and conditions of such Letter of Credit, the Issuing Bank shall give telephone and telecopy notice to the Borrower and the Administrative Agent of the receipt and amount of such draft and the date on which payment thereon will be made; upon receipt thereof, the Administrative Agent shall provide to each Bank a copy of such notice by telecopy. If the Administrative Agent shall not have received from the Borrower the payment required pursuant to paragraph (b) below before 9:30 a.m., Arizona time, on the -9- second Business Day (the "Payment Date") immediately following the date of payment of a draft presented under any Letter of Credit, the Administrative Agent shall, prior to 11:00 a.m., Arizona time, on the Payment Date, so notify the Issuing Bank and each Bank, specifying in the notice to each Bank such Bank's pro rata percentage, based upon the Commitments, of such Letter of Credit Disbursement. Each Bank shall pay to the Administrative Agent, not later than 11:00 a.m., Arizona time, on the Business Day immediately following the Payment Date, such Bank's percentage of such Letter of Credit Disbursement, which the Administrative Agent shall promptly pay to the Issuing Bank. The Administrative Agent will remit to each Bank such Bank's percentage of any amounts subsequently received by the Administrative Agent from the Borrower in respect of such Letter of Credit Disbursement in accordance with the requirements contained in Section 8.3(d) with respect to other distributions by the Administrative Agent to the Banks; provided that (i) amounts so received for the account of any Bank prior to payment by such Bank of amounts required to be paid by it hereunder in respect of any Letter of Credit Disbursement and (ii) amounts representing interest on any Letter of Credit Disbursement for the period prior to the payment by such Bank of such amounts shall in each case be remitted to the Issuing Bank.

Disbursement and Reimbursement. (a) Promptly after it shall have ascertained that any draft and any accompanying documents presented under a Letter of Credit appear to be in strict conformity with the terms and conditions of such Letter of Credit, the Issuing Bank shall give telephone and telecopy notice to the Borrower (separately to Mx. Xxxxx and to Mx. Xxxxxx) and the Administrative Agent of the receipt and amount of such draft and the date on which payment thereon will be made; upon receipt thereof, the Administrative Agent shall provide to each Bank a copy of such notice by telecopy. If the Administrative Agent shall not have received from the Borrower the payment required pursuant to paragraph (b) below before 9:30 by 10:00 a.m., Arizona time, on the -9- second one Business Day (the "Payment Date") immediately following after the date of on which payment of a draft presented under any Letter of CreditCredit has been made, the Administrative Agent shall, prior to 11:00 a.m., Arizona time, on the Payment Date, shall promptly so notify the Issuing Bank and each Bank, specifying in the notice to each Bank such Bank's pro rata percentage, based upon the Commitments, of such Letter of Credit Disbursement. Each Bank shall pay to the Administrative Agent, not later than 11:00 a.m.1:00 p.m., Arizona time, on the Business Day immediately following the Payment Datesuch date, such Bank's percentage of such Letter of Credit Disbursement, which the Administrative Agent shall promptly pay to the Issuing Bank. The Administrative Agent will promptly remit to each Bank such Bank's percentage of any amounts subsequently received by the Administrative Agent from the Borrower in respect of such Letter of Credit Disbursement in accordance with the requirements contained in Section 8.3(d) with respect to other distributions by the Administrative Agent to the BanksDisbursement; provided that (i) amounts so received for the account of any Bank prior to payment by such Bank of amounts required to be paid by it hereunder in respect of any Letter of Credit Disbursement and (ii) amounts representing interest on any Letter of Credit Disbursement for the period prior to the payment by such Bank of such amounts shall in each case be remitted to the Issuing Bank.

Disbursement and Reimbursement. (a) Promptly after it shall have ascertained that any draft and any accompanying documents presented under a Letter of Credit appear to be in strict conformity with the terms and conditions of such Letter of Credit, the Issuing Bank shall give telephone and written or telecopy notice to the Borrower and the Administrative Agent of the receipt and amount of such draft and the date on which payment thereon will be made; upon receipt thereof, the Administrative Agent shall provide to each Bank a copy of such notice by telecopy. If the Administrative Agent shall not have received from the Borrower the payment required pursuant to paragraph (b) below before 9:30 by 10:00 a.m., Arizona time, on the -9- second one Business Day (the "Payment Date") immediately following after the date of on which payment of a draft presented under any Letter of CreditCredit has been made, the Administrative Agent shall, prior to 11:00 a.m., Arizona time, on the Payment Date, shall promptly so notify the Issuing Bank and each Bank, specifying in the notice to each Bank such Bank's pro rata percentage, based upon the RLC Commitments, of such Letter of Credit Disbursement. Each Bank shall pay to the Administrative Agent, not later than 11:00 a.m.1:00 p.m., Arizona time, on the Business Day immediately following the Payment Datesuch date, such Bank's percentage of such Letter of Credit Disbursement, which the Administrative Agent shall promptly pay to the Issuing Bank. The Administrative Agent will promptly remit to each Bank such Bank's percentage of any amounts subsequently received by the Administrative Agent from the Borrower in respect of such Letter of Credit Disbursement in accordance with the requirements contained in Section 8.3(d) with respect to other distributions by the Administrative Agent to the BanksDisbursement; provided PROVIDED that (i) amounts so received for the account of any Bank prior to payment by such Bank of amounts required to be paid by it hereunder in respect of any Letter of Credit Disbursement and (ii) amounts representing interest on any Letter of Credit Disbursement for the period prior to the payment by such Bank of such amounts shall in each case be remitted to the Issuing Bank.