Common use of Disbursements, Reimbursement Clause in Contracts

Disbursements, Reimbursement. 2.8.3.1 Immediately upon the issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank will promptly notify TGI, as agent for the Borrowers and the Administrative Agent. Provided that it shall have received such notice, the Borrowers shall reimburse (such obligation to reimburse the Issuing Bank shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank under any Letter of Credit (each such date, a “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing Bank. In the event the Borrowers fail to reimburse the Issuing Bank (through the Administrative Agent) for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.3. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 4 contracts

Samples: Credit Agreement (Triumph Group Inc), Credit Agreement (Triumph Group Inc), Credit Agreement (Triumph Group Inc)

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Disbursements, Reimbursement. 2.8.3.1 Immediately upon the issuance of each Letter of Credit, each Bank Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Lender a participation in such Letter of Credit (including the Existing Letters of Credit) and each drawing thereunder in an amount equal to such Bank’s Lender's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.1 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Lender will promptly notify TGI, as agent for the Borrowers Borrower and the Administrative AgentAgent thereof. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Lender shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars Lender prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Lender under any Letter of Credit (each such date, a "Drawing Date") in by paying to the Administrative Agent for the account of the Issuing Lender an amount equal to the Dollar Equivalent amount so paid by the Issuing BankLender. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank Lender (through the Administrative Agent) for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank Lender thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional LoanLoan or Letter of Credit] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank Lender pursuant to this Section 2.8.3.2 2.9.3.1 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.2 Each Bank Lender shall upon any notice pursuant to Section 2.8.3.2 2.9. 3.1 make available to the Administrative Agent for the benefit account of the Issuing Bank Lender an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks Lenders shall (subject to Section 2.8.3.42.9.3 [Disbursement; Reimbursement]) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank Lender so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Lender the amount of such Bank’s Lender's Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s Lender's obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank Lender makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three (3) days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank Lender will promptly give notice (as described in Section 2.9.3.1 above) of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank Lender to give any such notice on the Drawing Date or in sufficient time to enable any Bank Lender to effect such payment on such date shall not relieve such Bank Lender from its obligation under this Section 2.8.3.32.9.3.2. 2.8.3.4 2.9.3.3 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.9.3.1, because of the Borrowers’ Borrower's failure to satisfy the conditions set forth in Section 7.2 [Each Additional LoanLoan or Letter of Credit] other than any notice requirements requirements, or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Lender a borrowing (each a "Letter of Credit Borrowing") in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s Lender's payment to the Administrative Agent for the account of the Issuing Bank Lender pursuant to Section 2.8.3.3 2.9.3 [Disbursements, Reimbursement] shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute (each a "Participation Advance") from such Bank Lender in satisfaction of its participation obligation under this Section 2.8.32.9.3.

Appears in 3 contracts

Samples: Credit Agreement (Hallador Energy Co), Credit Agreement (Hallador Energy Co), Credit Agreement (Hallador Energy Co)

Disbursements, Reimbursement. 2.8.3.1 2.10.3.1. Immediately upon the issuance Issuance of each Letter of Credit, each Bank Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the each Issuing Bank a participation in such Letter of Credit and each drawing thereunder in an amount equal to such BankLender’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.10.3.2. In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the relevant Issuing Bank will promptly notify TGI, as agent for the Borrowers Administrative Agent and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the such Issuing Bank shall sometimes be referred to as a “Reimbursement Obligation”) the such Issuing Bank in Dollars prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the such Issuing Bank under any Letter of Credit (each such date, a “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the such Issuing Bank. In the event the Borrowers fail Borrower fails to reimburse the such Issuing Bank (through the Administrative Agent) for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent such Issuing Bank will promptly notify the Administrative Agent, which will in turn promptly notify each Bank Lender thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks Lenders in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by such Issuing Bank or the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.10.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.10.3.3. Each Bank Lender shall upon any notice pursuant to Section 2.8.3.2 2.10.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.3. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.3.relevant

Appears in 3 contracts

Samples: Credit Agreement (Koppers Holdings Inc.), Credit Agreement (Koppers Inc), Credit Agreement (Koppers Holdings Inc.)

Disbursements, Reimbursement. 2.8.3.1 2.10.3.1 Immediately upon the issuance of each Letter of Credit, each Bank Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such BankLender’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.10.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank Agent in Dollars prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a an “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank Lender thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks Lenders in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 6.2 [Each Additional LoanLoan or Letter of Credit] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.10.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.10.3.3 Each Bank shall Lender shall, upon any notice pursuant to Section 2.8.3.2 2.10.3.2, make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawingdrawing minus, in the event of any drawing after the Expiration Date, any amount applied by the Agent against such drawing from amounts deposited to Cash Collateralize such Obligations pursuant to Section 2.10.10 [Cash Collateral] (whether or not the conditions set forth in Section 6.2 [Each Additional Loan or Letter of Credit] have been satisfied), whereupon the participating Banks Lenders shall (subject to Section 2.8.3.42.10.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank Lender so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such BankLender’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue accrue, and shall be payable by such Lender on demand, on such BankLender’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank Lender makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date Date, and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank Lender to effect such payment on such date shall not relieve such Bank Lender from its obligation under this Section 2.8.3.32.10.3.3. 2.8.3.4 2.10.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.10.3.2, because of the Borrowers’ Borrower’s failure to satisfy the conditions set forth in Section 7.2 6.2 [Each Additional LoanLoan or Letter of Credit] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Agent a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to in the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each BankLender’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 2.10.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank Lender in satisfaction of its participation obligation under this Section 2.8.32.10.3.

Appears in 2 contracts

Samples: Credit Agreement (Covance Inc), Credit Agreement (Covance Inc)

Disbursements, Reimbursement. 2.8.3.1 Immediately upon the issuance Issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrowers. Provided that it they shall have received such notice, the Borrowers shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh time time, on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 6.2 [Each Additional LoanLoan or Letter of Credit] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrowers in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time time, on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date Date, and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.3. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrowers in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ a Borrower’s failure to satisfy the conditions set forth in Section 7.2 6.2 [Each Additional LoanLoan or Letter of Credit] other than any notice requirements or for any other reason, the Borrowers a Borrower shall be deemed to have incurred from the Issuing Bank Agent a borrowing (each a “Letter of Credit Borrowing”) Borrowing in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a Participation Advance” Advance from such Bank in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 2 contracts

Samples: Credit Agreement (Vulcan Asphalt Refining Corp), Credit Agreement (Independent Gasoline & Oil Co of Rochester)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance Issuance of each Letter of Credit, each Bank Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Lender a participation in such Letter of Credit and each drawing thereunder in an amount equal to such BankLender’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Lender will promptly notify TGI, as agent for the Borrowers Borrower and the Administrative AgentAgent thereof. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Lender shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars Lender through the Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Lender under any Letter of Credit (each such date, a an “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankLender. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank Lender (through the Administrative Agent) for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank Lender thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans in the amount of the unreimbursed drawing be made by the Banks in Dollars Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank Lender pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank Lender shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.32.9. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 2 contracts

Samples: Credit Agreement (Rhino Resource Partners LP), Senior Secured Revolving Credit Facility (Rhino Resource Partners, L.P.)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Administrative Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s 's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Administrative Agent will promptly notify TGIthe Borrower (or RSC, as agent for in the Borrowers and case of the Administrative AgentRSC Letter of Credit (PNC)) thereof. Provided that it shall have received such noticenotice by 10:00 a.m., Pittsburgh, Pennsylvania time, (any notice received after 10:00 a.m., Pittsburgh, Pennsylvania time, on a particular day shall be deemed to have been received by 10:00 a.m., Pittsburgh, Pennsylvania time, on the next Business Day), on the applicable Drawing Date, the Borrowers Borrower (or RSC, in the case of the RSC Letter of Credit (PNC)) shall reimburse (such obligation to reimburse the Issuing Bank Administrative Agent shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank Administrative Agent in Dollars prior to 12:00 noon, Pittsburgh time Pittsburgh, Pennsylvania time, on each date that an amount is paid by the Issuing Bank Administrative Agent under any Letter of Credit (each such date, a "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAdministrative Agent. In the event the Borrowers fail Borrower (or RSC, in the case of the RSC Letter of Credit (PNC)) fails to reimburse the Issuing Bank (through pay the Administrative Agent) for Agent the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh Pittsburgh, Pennsylvania time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 6.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.9.3.2 [Disbursements, Reimbursement] may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 make available 2.9.3.2 [Disbursements, Reimbursement] pay to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.42.9.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Administrative Agent the amount of such Bank’s 's Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh Pittsburgh, Pennsylvania time on the Drawing Date, then interest shall accrue on such Bank’s 's obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three (3) days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Revolving Credit Base Rate Option on and after the fourth (4th) day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation obligations to fund under this Section 2.8.3.32.9.3.3 [Disbursements, Reimbursement] upon receipt of such notice. 2.8.3.4 2.9.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.9.3.2 [Disbursements, Reimbursement] because of the Borrowers’ Borrower's failure to satisfy the conditions set forth in Section 7.2 6.2 [Each Additional LoanLoan or Letter of Credit] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Administrative Agent a borrowing (each a "Letter of Credit Borrowing") in Dollars equal to in the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s 's payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 2.9.3.3 [Disbursements, Reimbursement] shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a "Participation Advance" from such Bank in satisfaction of its participation obligation under this Section 2.8.32.9.3 [Disbursements, Reimbursements].

Appears in 2 contracts

Samples: Revolving Credit Facility (Papa Johns International Inc), Credit Agreement (Papa Johns International Inc)

Disbursements, Reimbursement. 2.8.3.1 2.8.4.1 Immediately upon the issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s 's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.8.4.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank will promptly notify TGI, as agent for the Borrowers and the Administrative Agent. Provided that it shall have received such notice, the Borrowers shall reimburse (such obligation to reimburse the Issuing Bank shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank under any Letter of Credit (each such date, a "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the Issuing Bank. In the event the Borrowers fail to reimburse the Issuing Bank (through the Administrative Agent) for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.8.4.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank the amount of such Bank’s 's Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s 's obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.3. 2.8.3.4 2.8.4.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers' failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a "Letter of Credit Borrowing") in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s 's payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a "Participation Advance" from such Bank in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 2 contracts

Samples: Credit Agreement (Triumph Group Inc), Credit Agreement (Triumph Group Inc)

Disbursements, Reimbursement. 2.8.3.1 (i) Immediately upon the issuance Issuance of each Letter of Credit, each Bank Revolving Credit Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank a participation in such Letter of Credit and each drawing thereunder in an amount equal to such BankLender’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 (ii) In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it the Borrower shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars prior to 12:00 noon1:00 p.m., Pittsburgh time on each date that an amount is paid by the Issuing Bank under any Letter of Credit (each such date, a an “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing Bank. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon1:00 p.m., Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank Revolving Credit Lender thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars Revolving Credit Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.9 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 (iii) Each Bank Revolving Credit Lender shall upon any notice pursuant to Section 2.8.3.2 make available 2.9 pay to the Administrative Agent Agent, for the benefit account of the Issuing Bank Bank, an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the unreimbursed drawing, whereupon . Any payment made by each Revolving Credit Lender to the participating Banks Agent under this Section 2.9 shall (subject to Section 2.8.3.4) each be deemed to have made be a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option made to the Borrower; provided, that if the Borrower is not permitted to borrow Revolving Credit Loans because of their failure to satisfy the conditions set forth in that amountSection 7.2 (other than any notice requirements), then such payment shall constitute a purchase by such Revolving Credit Lender of a participation interest (“Participation Advance”) in the Letter of Credit Borrowing as defined in Section 2.9. If any Bank Revolving Credit Lender so notified fails to make available in Dollars to the Administrative Agent Agent, for the account of the Issuing Bank Bank, the amount of such BankRevolving Credit Lender’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time time, on the Drawing Date, then interest shall accrue on such BankRevolving Credit Lender’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank Lender makes such payment (iA) at a rate per annum equal to the Federal Funds Effective Rate during the first three (3) days following the Drawing Date and (iiB) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank Revolving Credit Lender to effect such payment on such date shall not relieve such Bank Lender from its obligation under this Section 2.8.3.32.9. 2.8.3.4 (iv) With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason2.9, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment Revolving Credit Lender is required to the Administrative Agent for the account of the Issuing Bank pursuant to purchase a Participation Advance in accordance with Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.32.9.

Appears in 2 contracts

Samples: Credit Agreement (Calgon Carbon Corporation), Credit Agreement (Calgon Carbon Corporation)

Disbursements, Reimbursement. 2.8.3.1 Immediately upon the issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank will promptly notify TGI, as agent for the Borrowers and the Administrative Agent. Provided that it shall have received such notice, the Borrowers shall reimburse (such obligation to reimburse the Issuing Bank shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank under any Letter of Credit (each such date, a an “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing Bank. In the event the Borrowers fail to reimburse the Issuing Bank (through the Administrative Agent) for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 6.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.3. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 6.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 2 contracts

Samples: Revolving Credit Facility (Triumph Group Inc), Revolving Credit Facility (Triumph Group Inc)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance Issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s 's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank will promptly notify TGI, as agent for the Borrowers Borrower and the Administrative Agent. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank shall sometimes be referred to as a "Reimbursement Obligation") the Agent on behalf of the Issuing Bank in Dollars prior to 12:00 noon, Pittsburgh time time, on each date that an amount is paid by the Issuing Bank under any Letter of Credit (each such date, a "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the Issuing Bank. In the event the Borrowers fail Borrower fails to reimburse the Agent on behalf of the Issuing Bank (through the Administrative Agent) for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent Issuing Bank will promptly notify the Agent and each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 6.2 [Each Additional LoanLoan or Letter of Credit] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately confirmed in writing; , provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.32.9. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 2 contracts

Samples: Credit Agreement (Champion Enterprises Inc), Credit Agreement (Champion Enterprises Inc)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1. Immediately upon the issuance of each Letter of Credit, each Bank Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such BankLender’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2. In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit or, if paid after 12:00 noon, Pittsburgh time, on the immediately following Business Day (each such datedate on which the Borrower is obligated to make such payment, a “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank Lender thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Conditions to Each Additional LoanLoan or Letter of Credit] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3. Each Bank Lender shall upon any notice pursuant to Section 2.8.3.2 2.9.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks Lenders shall (subject to Section 2.8.3.42.9.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank Lender so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such BankLender’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time time, on the Drawing Date, then interest shall accrue on such BankLender’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank Lender makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three (3) days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth (4th) day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank Lender to effect such payment on such date shall not relieve such Bank Lender from its obligation under this Section 2.8.3.32.9.3.3, provided, however, interest shall not accrue on any Lender’s obligation to make a payment under this Section 2.9.3.3, until such Lender has received notice of the Drawing Date from the Agent. 2.8.3.4 2.9.3.4. With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.9.3.2, because of the Borrowers’ Borrower’s failure to satisfy the conditions set forth in Section 7.2 [Conditions to Each Additional LoanLoan or Letter of Credit] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Agent a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each BankLender’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 2.9.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing (to the extent this Section is applicable) and shall constitute a “Participation Advance” from such Bank Lender in satisfaction of its participation obligation under this Section 2.8.32.9.3 [Disbursements, Reimbursement].

Appears in 2 contracts

Samples: Credit Agreement (New Jersey Resources Corp), Credit Agreement (New Jersey Resources Corp)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s 's Revolving Credit Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a “an "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.32.9. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 2 contracts

Samples: Credit Agreement (New Jersey Resources Corp), Credit Agreement (New Jersey Resources Corp)

Disbursements, Reimbursement. 2.8.3.1 2.10.3.1. Immediately upon the issuance Issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the each Issuing Bank a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.10.3.2. In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the relevant Issuing Bank will promptly notify TGI, as agent for the Borrowers Administrative Agent and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the such Issuing Bank shall sometimes be referred to as a “Reimbursement Obligation”) the such Issuing Bank in Dollars prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the such Issuing Bank under any Letter of Credit (each such date, a “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the such Issuing Bank. In the event the Borrowers fail Borrower fails to reimburse the such Issuing Bank (through the Administrative Agent) for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, such Issuing Bank will promptly notify the Administrative Agent Agent, which will in turn promptly notify each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by such Issuing Bank or the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.10.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.10.3.3. Each Bank shall upon any notice pursuant to Section 2.8.3.2 2.10.3.2 make available to the Administrative Agent for the benefit account of the relevant Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.42.10.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the relevant Issuing Bank the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Revolving Credit Base Rate Option on and after the fourth day following the Drawing Date. The relevant Issuing Bank and, in turn, the Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Issuing Bank or the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.32.10.3.3. 2.8.3.4 2.10.3.4. With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.10.3.2, because of the Borrowers’ Borrower’s failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the relevant Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to in the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 2.10.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.32.10.3.

Appears in 2 contracts

Samples: Credit Agreement (KI Holdings Inc.), Credit Agreement (Koppers Inc)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance of each Letter of Credit, each Bank Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s Lender's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit Credit, or if paid after 12:00 noon, Pittsburgh time, on the immediately following Business Day (each such datedate on which the Borrower is obligated to make such payment, a "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent plus interest at the Base Rate Option for each day, if any, from the date a draw is made under a Letter of Credit through the Drawing Date. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank Lender thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank Lender shall upon any notice pursuant to Section 2.8.3.2 2.9.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks Lenders shall (subject to Section 2.8.3.42.9.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank Lender so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such Bank’s Lender's Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s Lender's obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank Lender makes such payment (ia) at a rate per annum equal to the Federal Funds Effective Rate during the first three (3) days following the Drawing Date and (iib) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth (4th) day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank Lender to effect such payment on such date shall not relieve such Bank Lender from its obligation under this Section 2.8.3.32.9.3.3, provided, however, interest shall not accrue on any Lender's obligation to make a payment under this Section 2.9.3.3, until such Lender has received notice of the Drawing Date from the Agent. 2.8.3.4 2.9.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.9.3.2, because of the Borrowers’ Borrower's failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Agent a borrowing (each a "Letter of Credit Borrowing") in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s Lender's payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 2.9.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing (to the extent this Section in applicable) and shall constitute a "Participation Advance" from such Bank Lender in satisfaction of its participation obligation under this Section 2.8.32.9.3.

Appears in 2 contracts

Samples: Credit Agreement (New Jersey Resources Corp), Credit Agreement (New Jersey Resources Corp)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance Issuance of each Letter of Credit, each Bank Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such BankLender’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a an “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank Lender thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 6.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately confirmed in writing; provided provided, that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank Lender shall upon any notice pursuant to Section 2.8.3.2 2.9.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks Lenders shall (subject to Section 2.8.3.42.9.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank Lender so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such BankLender’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such BankLender’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank Lender makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank Lender to effect such payment on such date shall not relieve such Bank Lender from its obligation under this Section 2.8.3.32.9.3.3. 2.8.3.4 2.9.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.9.3.2, because of the Borrowers’ Borrower’s failure to satisfy the conditions set forth in Section 7.2 6.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Agent a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each BankLender’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 2.9.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank Lender in satisfaction of its participation obligation under this Section 2.8.32.9.3.

Appears in 2 contracts

Samples: Revolving Credit Facility (Penn Virginia Resource Partners L P), Revolving Credit Facility (Penn Virginia Resource Partners L P)

Disbursements, Reimbursement. 2.8.3.1 2.11.3.1 Immediately upon the issuance of each Letter of Credit (and with respect to the Existing Letters of Credit, on the Closing Date), each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s 's Revolving Credit Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.11.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrowers. Provided that it shall have received such notice, the Borrowers shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a “Reimbursement Obligation”"REIMBURSEMENT OBLIGATION") the Issuing Bank Agent in Dollars prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a “Drawing Date”"DRAWING DATE") in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option in an amount equal to the Dollar Equivalent amount of such drawing to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.11.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.11.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.32.11. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 2 contracts

Samples: Credit Agreement (Glatfelter P H Co), Credit Agreement (Glatfelter P H Co)

Disbursements, Reimbursement. 2.8.3.1 Immediately upon the issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank will promptly notify TGI, as agent for the Borrowers Borrowers, and the Administrative Agent. Provided that it shall have received such notice, the The Borrowers shall reimburse (such obligation to reimburse the Issuing Bank shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank under any Letter of Credit (each such date, a “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing Bank. In the event the Borrowers fail to reimburse the Issuing Bank (through the Administrative Agent) for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, NAI-0000000000v6 whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.3. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 1 contract

Samples: Credit Agreement (Triumph Group Inc)

Disbursements, Reimbursement. 2.8.3.1 Immediately upon the issuance Issuance of each Letter of Credit, each Bank Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Lender a participation in such Letter of Credit (including the Existing Letters of Credit) and each drawing thereunder in an amount equal to such Bank’s Lender's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.1 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Lender will promptly notify TGI, as agent for the Borrowers Borrower and the Administrative AgentAgent thereof. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Lender shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars Lender prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Lender under any Letter of Credit (each such date, a "Drawing Date") in by paying to the Administrative Agent for the account of the Issuing Lender an amount equal to the Dollar Equivalent amount so paid by the Issuing BankLender. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank Lender (through the Administrative Agent) for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank Lender thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional LoanLoan or Letter of Credit] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank Lender pursuant to this Section 2.8.3.2 2.9.3.1 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.2 Each Bank Lender shall upon any notice pursuant to Section 2.8.3.2 2.9. 3.1 make available to the Administrative Agent for the benefit account of the Issuing Bank Lender an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks Lenders shall (subject to Section 2.8.3.42.9.3 [Disbursement; Reimbursement]) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank Lender so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Lender the amount of such Bank’s Lender's Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s Lender's obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank Lender makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three (3) days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Revolving Credit Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank Lender will promptly give notice (as described in Section 2.9.3.1 above) of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank Lender to give any such notice on the Drawing Date or in sufficient time to enable any Bank Lender to effect such payment on such date shall not relieve such Bank Lender from its obligation under this Section 2.8.3.32.9.3.2. 2.8.3.4 2.9.3.3 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.9.3.1, because of the Borrowers’ Borrower's failure to satisfy the conditions set forth in Section 7.2 [Each Additional LoanLoan or Letter of Credit] other than any notice requirements requirements, or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Lender a borrowing (each a "Letter of Credit Borrowing") in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s Lender's payment to the Administrative Agent for the account of the Issuing Bank Lender pursuant to Section 2.8.3.3 2.9.3 [Disbursements, Reimbursement] shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute (each a "Participation Advance") from such Bank Lender in satisfaction of its participation obligation under this Section 2.8.32.9.3.

Appears in 1 contract

Samples: Credit Agreement (Hallador Petroleum Co)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s Revolving Credit Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a an “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 2.9.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Revolving Credit Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.42.9.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such Bank’s Revolving Credit Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Open Rate during the first three (3) days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Revolving Credit Base Rate Option on and after the fourth (4th) day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.32.9.3.3. 2.8.3.4 2.9.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.9.3.2, because of the Borrowers’ Borrower’s failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Agent a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 2.9.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.32.9.3.

Appears in 1 contract

Samples: Credit Agreement (New Jersey Resources Corp)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance Issuance of each Letter of Credit, each Bank Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such BankLender’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a an “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank Lender thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank Lender shall upon any notice pursuant to Section 2.8.3.2 2.9.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks Lenders shall (subject to Section 2.8.3.42.9.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank Lender so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such BankLender’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such BankLender’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank Lender makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Revolving Credit Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank Lender to effect such payment on such date shall not relieve such Bank Lender from its obligation under this Section 2.8.3.32.9.3.3. 2.8.3.4 2.9.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.9.3.2, because of the Borrowers’ Borrower’s failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Agent a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each BankLender’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 2.9.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank Lender in satisfaction of its participation obligation under this Section 2.8.32.9.3.

Appears in 1 contract

Samples: Credit Agreement (Penn Virginia Resource Partners L P)

Disbursements, Reimbursement. 2.8.3.1 Immediately upon the issuance Issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Administrative Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Administrative Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Administrative Agent shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars Administrative Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Administrative Agent under any Letter of Credit (each such date, a an “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAdministrative Agent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 6.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers Borrower under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Administrative Agent the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Revolving Credit Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.3. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers Borrower under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ Borrower’s failure to satisfy the conditions set forth in Section 7.2 6.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Administrative Agent a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 1 contract

Samples: Credit Agreement (Triumph Group Inc /)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance Issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Administrative Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s 's Revolving Credit Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Administrative Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Administrative Agent shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars Administrative Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Administrative Agent under any Letter of Credit (each such date, a "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAdministrative Agent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment Commitment, the limitations set forth in Section 2.1 and subject to the conditions set forth in Section 7.2 0 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 0 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 0 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Revolving Credit Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.40) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Administrative Agent the amount of such Bank’s 's Revolving Credit Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s 's obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Revolving Credit Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.30. 2.8.3.4 2.9.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.20, because of the Borrowers’ Borrower's failure to satisfy the conditions set forth in Section 7.2 0 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Administrative Agent a borrowing (each a “Letter of Credit Borrowing”) Borrowing in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s 's payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 0 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a Participation Advance” Advance from such Bank in satisfaction of its participation obligation under this Section 2.8.30.

Appears in 1 contract

Samples: Credit Agreement (Orius Corp)

Disbursements, Reimbursement. 2.8.3.1 2.10.3.1. Immediately upon the issuance Issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the each Issuing Bank a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s 's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.10.3.2. In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the relevant Issuing Bank will promptly notify TGI, as agent for the Borrowers Administrative Agent and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the such Issuing Bank shall sometimes be referred to as a "Reimbursement Obligation") the such Issuing Bank in Dollars prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the such Issuing Bank under any Letter of Credit (each such date, a "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the such Issuing Bank. In the event the Borrowers fail Borrower fails to reimburse the such Issuing Bank (through the Administrative Agent) for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, such Issuing Bank will promptly notify the Administrative Agent Agent, which will in turn promptly notify each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by such Issuing Bank or the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.10.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.10.3.3. Each Bank shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.32.10. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 1 contract

Samples: Credit Agreement (Koppers Inc)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance of each Letter of Credit, each Bank Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount PRN1 883012 34 equal to such Bank’s Lender's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit Credit, or if paid after 12:00 noon, Pittsburgh time, on the immediately following Business Day (each such datedate on which the Borrower is obligated to make such payment, a "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent plus interest at the Base Rate Option for each day, if any, from the date a draw is made under a Letter of Credit through the Drawing Date. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank Lender thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional LoanLoan or Letter of Credit] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank Lender shall upon any notice pursuant to Section 2.8.3.2 2.9.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks Lenders shall (subject to Section 2.8.3.42.9.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank Lender so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such Bank’s Lender's Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s Lender's obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank Lender makes such payment (ia) at a rate per annum equal to the Federal Funds Effective Rate during the first three (3) days following the Drawing Date and (iib) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth (4th) day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank Lender to effect such payment on such date shall not relieve such Bank Lender from its obligation under this Section 2.8.3.32.9.3.3, provided, however, interest shall not accrue on any Lender's obligation to make a payment under this Section 2.9.3.3, until such Lender has received notice of the Drawing Date from the Agent. 2.8.3.4 2.9.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.9.3.2, because of the Borrowers’ Borrower's failure to satisfy the conditions set forth in Section 7.2 [Each Additional LoanLoan or Letter of Credit] other than any PRN1 883012 35 notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Agent a borrowing (each a "Letter of Credit Borrowing") in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s Lender's payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 2.9.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing (to the extent this Section in applicable) and shall constitute a "Participation Advance" from such Bank Lender in satisfaction of its participation obligation under this Section 2.8.32.9.3.

Appears in 1 contract

Samples: Credit Agreement (New Jersey Resources Corp)

Disbursements, Reimbursement. 2.8.3.1 Immediately upon the issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s 's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank will promptly notify TGI, as agent for the Borrowers and the Administrative Agent. Provided that it shall have received such notice, the Borrowers shall reimburse (such obligation to reimburse the Issuing Bank shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank under any Letter of Credit (each such date, a "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the Issuing Bank. In the event the Borrowers fail to reimburse the Issuing Bank (through the Administrative Agent) for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank the amount of such Bank’s 's Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s 's obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.3. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers' failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a "Letter of Credit Borrowing") in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s 's payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a "Participation Advance" from such Bank in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 1 contract

Samples: Credit Agreement (Triumph Group Inc)

Disbursements, Reimbursement. 2.8.3.1 (i) Immediately upon the issuance Issuance of each Letter of Credit, each Bank Revolving Credit Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank a participation in such Letter of Credit and each drawing thereunder in an amount equal to such BankLender’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 (ii) In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it the Borrower shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars prior to 12:00 noon1:00 p.m., Pittsburgh time on each date that an amount is paid by the Issuing Bank under any Letter of Credit (each such date, a an “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing Bank. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon1:00 p.m., Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank Revolving Credit Lender thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars Revolving Credit Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.9 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 (iii) Each Bank Revolving Credit Lender shall upon any notice pursuant to Section 2.8.3.2 make available 2.9 pay to the Administrative Agent Agent, for the benefit account of the Issuing Bank Bank, an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the unreimbursed drawing, whereupon . Any payment made by each Revolving Credit Lender to the participating Banks Agent under this Section 2.9 shall (subject to Section 2.8.3.4) each be deemed to have made be a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option made to the Borrower; provided, that if the Borrower is not permitted to borrow Revolving Credit Loans because of their failure to satisfy the conditions set forth in that amountSection 6.2 (other than any notice requirements), then such payment shall constitute a purchase by such Revolving Credit Lender of a participation interest (“Participation Advance”) in the Letter of Credit Borrowing as defined in Section 2.9. If any Bank Revolving Credit Lender so notified fails to make available in Dollars to the Administrative Agent Agent, for the account of the Issuing Bank Bank, the amount of such BankRevolving Credit Lender’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time time, on the Drawing Date, then interest shall accrue on such BankRevolving Credit Lender’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank Lender makes such payment (iA) at a rate per annum equal to the Federal Funds Effective Rate during the first three (3) days following the Drawing Date and (iiB) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank Revolving Credit Lender to effect such payment on such date shall not relieve such Bank Lender from its obligation under this Section 2.8.3.32.9. 2.8.3.4 (iv) With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason2.9, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank a borrowing (each each, a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment Revolving Credit Lender is required to the Administrative Agent for the account of the Issuing Bank pursuant to purchase a Participation Advance in accordance with Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.32.9.

Appears in 1 contract

Samples: Credit Agreement (Calgon Carbon Corporation)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s 's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank will promptly notify TGI, as agent for the Borrowers Borrower and the Administrative Agent. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank shall sometimes be referred to as a “Reimbursement Obligation”"REIMBURSEMENT OBLIGATION") the Agent, on behalf of the Issuing Bank in Dollars Bank, prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank under any Letter of Credit (each such date, a “Drawing Date”an "DRAWING DATE") in an amount equal to the Dollar Equivalent amount so paid by the Issuing Bank. In the event the Borrowers fail Borrower fails to reimburse the Agent, on behalf of the Issuing Bank (through the Administrative Agent) Bank, for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent Issuing Bank or the Issuing Bank Agent pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.32.9. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 1 contract

Samples: Credit Agreement (Corrpro Companies Inc /Oh/)

Disbursements, Reimbursement. 2.8.3.1 (i) Immediately upon the issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing Draw thereunder in an amount equal to such Bank’s 's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawingDraw, respectively. 2.8.3.2 (ii) In the event of any request for a drawing Draw under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] 7 below, other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 paragraph may be oral if immediately confirmed in writing; writing provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 (iii) Each Bank shall upon any notice pursuant to Section 2.8.3.2 paragraph (ii) above make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4paragraph (iv) below) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such Bank’s 's Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s 's obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment payment, (i) at a rate per annum equal to the Federal Funds Effective Rate in effect during the first three days following the Drawing Date and (iiiii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.3paragraph. 2.8.3.4 (iv) With respect to any unreimbursed drawing Draw that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.2paragraph (ii) above, because of the Borrowers’ Borrower's failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] 7 below other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Agent a borrowing (each a “Letter of Credit Borrowing”) Borrowing in Dollars equal to the Dollar Equivalent amount of such drawingDraw. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s 's payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 paragraph (iii) above, shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a Participation Advance” Advance from such Bank in satisfaction of its participation obligation under this Section 2.8.31.10.

Appears in 1 contract

Samples: Loan Agreement (Resource America Inc)

Disbursements, Reimbursement. 2.8.3.1 2.10.3.1 Immediately upon the issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s 's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.10.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank will promptly notify TGI, as agent for the Borrowers Borrower and the Administrative Agent. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank under any Letter of Credit (each such date, a “an "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the Issuing Bank. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent Issuing Bank will promptly notify the Agent and each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to such request not exceeding the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 6.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.10.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.10.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.32.10. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 1 contract

Samples: Credit Agreement (Blair Corp)

Disbursements, Reimbursement. 2.8.3.1 (a) Immediately upon the issuance Issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s 's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 (b) In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a “an "Drawing Date") in an amount equal to the Dollar Equivalent of the amount so paid by the Issuing BankAgent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans Loans, in the Dollar Equivalent of the amount paid by the Agent under the Letter of Credit, be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 Paragraph 3 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 (c) Each Bank shall upon any notice pursuant to Section 2.8.3.2 Paragraph 3(b) of this Exhibit 2.9 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent of the amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4Paragraph 2(d) of this Exhibit 2.9) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such Bank’s 's Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s 's obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Revolving Credit Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.3Paragraph 3(c). 2.8.3.4 (d) With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.2Paragraph 3(b) of this Exhibit 2.9, because of the Borrowers’ Borrower's failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Agent a borrowing (each a “Letter of Credit Borrowing”) Borrowing in Dollars equal to the Dollar Equivalent of the amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s 's payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 Paragraph 3(c) shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a Participation Advance” Advance from such Bank in satisfaction of its participation obligation under this Section 2.8.3Paragraph 3.

Appears in 1 contract

Samples: Credit Agreement (Elgin National Industries Inc)

Disbursements, Reimbursement. 2.8.3.1 Immediately upon the issuance Issuance of each Letter of Credit, each Bank Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Administrative Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such BankLender’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Administrative Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Administrative Agent shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars Administrative Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Administrative Agent under any Letter of Credit (each such date, a “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAdministrative Agent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank Lender thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 6.2 [Each Additional LoanLoan or Letter of Credit] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 Each Bank Lender shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks Lenders shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank Lender so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Administrative Agent the amount of such BankLender’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such BankLender’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank Lender makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank Lender to effect such payment on such date shall not relieve such Bank Lender from its obligation under this Section 2.8.3.3. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ Borrower’s failure to satisfy the conditions set forth in Section 7.2 6.2 [Each Additional LoanLoan or Letter of Credit] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Administrative Agent a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each BankLender’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank Lender in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 1 contract

Samples: Credit Agreement (Key Energy Services Inc)

Disbursements, Reimbursement. 2.8.3.1 (a) Immediately upon the issuance Issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s 's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 (b) In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a “an "Drawing Date") in an amount equal to the Dollar Equivalent of the amount so paid by the Issuing BankAgent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans Loans, in the Dollar Equivalent of the amount paid by the Agent under the Letter of Credit, be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 Paragraph 3 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 (c) Each Bank shall upon any notice pursuant to Section 2.8.3.2 Paragraph 3(b) of this Exhibit 2.9 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent of the amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4Paragraph 2(d) of this Exhibit 2.9) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option Borrower in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such Bank’s 's Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s 's obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate Base Rate applicable to Revolving Credit Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.3Paragraph 3(c). 2.8.3.4 (d) With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option Borrower in whole or in part as contemplated by Section 2.8.3.2Paragraph 3(b) of this Exhibit 2.9, because of the Borrowers’ Borrower's failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Agent a borrowing (each a “Letter of Credit Borrowing”) Borrowing in Dollars equal to the Dollar Equivalent of the amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate OptionLoans. Each Bank’s 's payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 Paragraph 3(c) shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a Participation Advance” Advance from such Bank in satisfaction of its participation obligation under this Section 2.8.3Paragraph 3.

Appears in 1 contract

Samples: Credit Agreement (Freemarkets Inc)

Disbursements, Reimbursement. 2.8.3.1 Immediately upon the issuance Issuance of each Letter of Credit, each Bank Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Lender a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s Lender's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.1 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Lender will promptly notify TGI, as agent for the Borrowers Borrower and the Administrative AgentAgent thereof. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Lender shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars Lender prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Lender under any Letter of Credit (each such date, a "Drawing Date") in by paying to the Administrative Agent for the account of the Issuing Lender an amount equal to the Dollar Equivalent amount so paid by the Issuing BankLender. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank Lender (through the Administrative Agent) for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank Lender thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment Facility Availability and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank Lender pursuant to this Section 2.8.3.2 2.9.3.1 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.2 Each Bank Lender shall upon any notice pursuant to Section 2.8.3.2 2.9.3.1 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Lender an amount in immediately available funds equal to its Ratable Share of the amount of the drawing, whereupon the participating Lenders shall (subject to Section 2.9.3[Disbursement; Reimbursement]) each be deemed to have made a Loan under the Base Rate Option to the Borrower in that amount. If any Lender so notified fails to make available to the Administrative Agent for the account of the Issuing Lender the amount of such Bank’s Lender's Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s Lender's obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank Lender makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three (3) days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank Lender will promptly give notice (as described in Section 2.9.3.1 above) of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank Lender to give any such notice on the Drawing Date or in sufficient time to enable any Bank Lender to effect such payment on such date shall not relieve such Bank Lender from its obligation under this Section 2.8.3.32.9.3.2. 2.8.3.4 2.9.3.3 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.9.3.1, because of the Borrowers’ Borrower's failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements requirements, or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Lender a borrowing (each a "Letter of Credit Borrowing") in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s Lender's payment to the Administrative Agent for the account of the Issuing Bank Lender pursuant to Section 2.8.3.3 2.9.3 [Disbursements, Reimbursement] shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute (each a "Participation Advance") from such Bank Lender in satisfaction of its participation obligation under this Section 2.8.32.9.3.

Appears in 1 contract

Samples: Credit Agreement (Kansas City Power & Light Co)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance Issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Administrative Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s 's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Administrative Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Administrative Agent shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars Administrative Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Administrative Agent under any Letter of Credit (each such date, a “an "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAdministrative Agent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 6.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.32.9. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 1 contract

Samples: Credit Agreement (Papa Johns International Inc)

Disbursements, Reimbursement. 2.8.3.1 Immediately upon the issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank will promptly notify TGI, as agent for the Borrowers and the Administrative Agent. Provided that it shall have received such notice, the Borrowers shall reimburse (such obligation to reimburse the Issuing Bank shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank under any Letter of Credit (each such date, a “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing Bank. In the event the Borrowers fail to reimburse the Issuing Bank (through the Administrative Agent) for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 6.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.3. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 6.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 1 contract

Samples: Credit Agreement (Triumph Group Inc)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance of each Letter of Credit, each Bank Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in PRNI 645261v4 such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s Lender's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit Credit, or if paid after 12:00 noon, Pittsburgh time, on the immediately following Business Day (each such datedate on which the Borrower is obligated to make such payment, a "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent plus interest at the Base Rate Option for each day, if any, from the date a draw is made under a Letter of Credit through the Drawing Date. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank Lender thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank Lender shall upon any notice pursuant to Section 2.8.3.2 2.9.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks Lenders shall (subject to Section 2.8.3.42.9.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank Lender so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such Bank’s Lender's Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s Lender's obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank Lender makes such payment (ia) at a rate per annum equal to the Federal Funds Effective Rate during the first three (3) days following the Drawing Date and (iib) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth (4th) day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank Lender to effect such payment on such date shall not relieve such Bank Lender from its obligation under this Section 2.8.3.32.9.3.3, provided, however, interest shall not accrue on any Lender's obligation to make a payment under this Section 2.9.3.3, until such Lender has received notice of the Drawing Date from the Agent. 2.8.3.4 2.9.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.9.3.2, because of the Borrowers’ Borrower's failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed Xxxxxxxx xxxxx xx xxxxxx XXXX 000000x0 to have incurred from the Issuing Bank Agent a borrowing (each a "Letter of Credit Borrowing") in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s Lender's payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 2.9.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing (to the extent this Section in applicable) and shall constitute a "Participation Advance" from such Bank Lender in satisfaction of its participation obligation under this Section 2.8.32.9.3.

Appears in 1 contract

Samples: Credit Agreement (New Jersey Resources Corp)

Disbursements, Reimbursement. 2.8.3.1 2.10.3.1 Immediately upon the issuance of each Letter of Credit, each Bank Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such BankLender’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.10.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank Agent in Dollars prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a an “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank Lender thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks Lenders in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.10.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.10.3.3 Each Bank shall Lender shall, upon any notice pursuant to Section 2.8.3.2 2.10.3.2, make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawingdrawing minus, in the event of any drawing after the Expiration Date, any amount applied by the Agent against such drawing from amounts deposited to Cash Collateralize such Obligations pursuant to Section 2.10.10 [Cash Collateral] (whether or not the conditions set forth in Section 7.2 [Each Additional Loan] have been satisfied), whereupon the participating Banks Lenders shall (subject to Section 2.8.3.42.10.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank Lender so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such BankLender’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue accrue, and shall be payable by such Lender on demand, on such BankLender’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank Lender makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date Date, and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank Lender to effect such payment on such date shall not relieve such Bank Lender from its obligation under this Section 2.8.3.32.10.3.3. 2.8.3.4 2.10.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.10.3.2, because of the Borrowers’ Borrower’s failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Agent a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to in the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each BankLender’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 2.10.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank Lender in satisfaction of its participation obligation under this Section 2.8.32.10.3.

Appears in 1 contract

Samples: Revolving Credit Facility (Covance Inc)

Disbursements, Reimbursement. 2.8.3.1 (a) Immediately upon the issuance Issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s 's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 (b) In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a “Reimbursement Obligation”"REIMBURSEMENT OBLIGATION") the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a “Drawing Date”"DRAWING DATE") in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 Paragraph 3 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 (c) Each Bank shall upon any notice pursuant to Section 2.8.3.2 Paragraph 3(b) of this EXHIBIT 2.8 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4Paragraph 2(d) of this EXHIBIT 2.8) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such Bank’s 's Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s 's obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three (3) days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Revolving Credit Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.3Paragraph 3(C). 2.8.3.4 (d) With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.2Paragraph 3(b) of this EXHIBIT 2.8, because of the Borrowers’ Borrower's failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Agent a borrowing (each a “Letter of Credit Borrowing”) Borrowing in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s 's payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 Paragraph 3(C) shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a Participation Advance” Advance from such Bank in satisfaction of its participation obligation under this Section 2.8.3Paragraph 3.

Appears in 1 contract

Samples: Credit Agreement (Linc Net Inc)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance Issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars Agent prior to 12:00 noon2:00 p.m., Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a an “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon2:00 p.m., Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 2.9.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.42.9.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Revolving Credit Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.32.9.3.3. 2.8.3.4 2.9.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.9.3.2, because of the Borrowers’ Borrower’s failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Agent a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 2.9.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.32.9.3.

Appears in 1 contract

Samples: Credit Agreement (Federated Investors Inc /Pa/)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance of each Letter of Credit (and with respect to the Existing Letters of Credit, on the Fourth Restatement EffectiveSecond Amendment Closing Date), each Bank Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Lender a participation in such Letter of Credit and each drawing thereunder in an amount equal to such BankXxxxxx’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively, in each case, in the currency in which each Letter of Credit is issued. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Lender will promptly notify TGI, as agent for the Borrowers Administrative Agent and the Administrative AgentBorrowers. Provided that it they shall have received such notice, the Borrowers shall reimburse the Issuing Lender (such obligation to reimburse the Issuing Bank Lender shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Lender under any Letter of Credit (each such date, a “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankLender in the same currency as paid, unless otherwise required by the Administrative Agent or the Issuing Lender; provided that if such notice is delivered by the Issuing Lender after 10:00 a.m. Pittsburgh time, such Reimbursement Obligation shall be for payment on the following Business Day. In the event the Borrowers fail to reimburse the Issuing Bank Lender (through the Administrative Agent) for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing DateDate (or in accordance with the preceding sentence, the following Business Day), the Administrative Agent will promptly notify each Bank Lender thereof, and the Borrowers shall be deemed to have requested that Revolving Credit Loans in Dollars (and if the Letter of Credit was denominated in another currency, in the Dollar Equivalent amount of the amount paid by the Issuing Lender in such other currency on the Drawing Date thereof) be made by the Banks in Dollars Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] 6.2 other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank Lender pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately immediatelypromptly confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank Lender shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.32.9. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 1 contract

Samples: Credit Agreement (Glatfelter Corp)

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Disbursements, Reimbursement. 2.8.3.1 Immediately upon the issuance Issuance of each Letter of Credit, each Bank Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Administrative Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s Lender's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Administrative Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Administrative Agent shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars Administrative Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Administrative Agent under any Letter of Credit (each such date, a “an "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAdministrative Agent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank Lender thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars Lenders under the Base Rate Option to be - 33 - disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 6.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 Each Bank Lender shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks Lenders shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank Lender so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Administrative Agent the amount of such Bank’s Lender's Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s Lender's obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank Lender makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank Lender to effect such payment on such date shall not relieve such Bank Lender from its obligation under this Section 2.8.3.3. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ Borrower's failure to satisfy the conditions set forth in Section 7.2 6.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Administrative Agent a borrowing (each a "Letter of Credit Borrowing") in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s Lender's payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a "Participation Advance" from such Bank Lender in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 1 contract

Samples: Credit Agreement (Key Energy Services Inc)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance Issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a an “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 2.9.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.42.9.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Revolving Credit Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.32.9.3.3. 2.8.3.4 2.9.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.9.3.2, because of the Borrowers’ Borrower’s failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.3.or

Appears in 1 contract

Samples: Revolving Credit Facility (Ii-Vi Inc)

Disbursements, Reimbursement. 2.8.3.1 Immediately upon the issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Administrative Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Administrative Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrowers. Provided that it shall have received such notice, the Borrowers shall reimburse (such obligation to reimburse the Issuing Bank Administrative Agent shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank Administrative Agent in Dollars prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Administrative Agent under any Letter of Credit (each such date, a an “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAdministrative Agent. In the event the Borrowers fail to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 6.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Administrative Agent the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Revolving Credit Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.3. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 6.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank Administrative Agent a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 1 contract

Samples: Credit Agreement (Triumph Group Inc /)

Disbursements, Reimbursement. 2.8.3.1 2.11.3.1 Immediately upon the issuance Issuance of each Letter of Credit, each Bank Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such BankLender’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.11.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank Agent in Dollars prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a an “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank Lender thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks Lenders in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 6.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.11.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.11.3.3 Each Bank Lender shall upon any notice pursuant to Section 2.8.3.2 2.11.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks Lenders shall (subject to Section 2.8.3.42.11.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank Lender so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such BankLender’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such BankLender’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank Lender makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank Lender to effect such payment on such date shall not relieve such Bank Lender from its obligation under this Section 2.8.3.32.11.3.3. 2.8.3.4 2.11.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.11.3.2, because of the Borrowers’ Borrower’s failure to satisfy the conditions set forth in Section 7.2 6.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Agent a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to in the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each BankLender’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 2.11.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank Lender in satisfaction of its participation obligation under this Section 2.8.32.11.3 [Disbursements, Reimbursement].

Appears in 1 contract

Samples: Credit Agreement (Excelsior Lasalle Property Fund Inc)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance Issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit (including the Existing Letters of Credit) and each drawing thereunder in an amount equal to such Bank’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a an “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 2.9.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.42.9.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Revolving Credit Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.32.9.3.3. 2.8.3.4 2.9.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.9.3.2, because of the Borrowers’ Borrower’s failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Agent a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 2.9.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.32.9.3.

Appears in 1 contract

Samples: Credit Agreement (Westmoreland Coal Co)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s 's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a “an "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 2.9.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.42.9.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such Bank’s 's Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s 's obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Open Rate during the first three (3) days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth (4th) day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.32.9.3.3, provided, however, interest shall not accrue on any Bank's obligation to make a payment under this Section 2.9.3.3, until such Bank has received notice of the Drawing Date from the Agent. 2.8.3.4 2.9.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.9.3.2, because of the Borrowers’ Borrower's failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Agent a borrowing (each a "Letter of Credit Borrowing") in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s 's payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 2.9.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a "Participation Advance" from such Bank in satisfaction of its participation obligation under this Section 2.8.32.9.3.

Appears in 1 contract

Samples: Revolving Credit Facility (New Jersey Resources Corp)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance Issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a an “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 2.9.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.42.9.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Revolving Credit Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.32.9.3.3. 2.8.3.4 2.9.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.9.3.2, because of the Borrowers’ Borrower’s failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Agent a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 2.9.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.32.9.3.

Appears in 1 contract

Samples: Credit Agreement (Ii-Vi Inc)

Disbursements, Reimbursement. 2.8.3.1 2.10.3.1 Immediately upon the issuance Issuance of each Letter of Credit, each Bank Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s Lender's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.10.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a “an "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank Lender thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 7.3 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.10.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.10.3.3 Each Bank Lender shall upon any notice pursuant to Section 2.8.3.2 2.10.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks Lenders shall (subject to Section 2.8.3.42.10.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank Lender so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such Bank’s Lender's Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s Lender's obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank Lender makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Revolving Credit Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank Lender to effect such payment on such date shall not relieve such Bank Lender from its obligation under this Section 2.8.3.32.10.3.3. 2.8.3.4 2.10.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.10.3.2, because of the Borrowers’ Borrower's failure to satisfy the conditions set forth in Section 7.2 7.3 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Agent a borrowing (each a “Letter of Credit Borrowing”) Borrowing in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s Lender's payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 2.10.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a Participation Advance” Advance from such Bank Lender in satisfaction of its participation obligation under this Section 2.8.32.10.3.

Appears in 1 contract

Samples: Credit Agreement (Ii-Vi Inc)

Disbursements, Reimbursement. 2.8.3.1 Immediately upon the issuance Issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Administrative Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s 's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Administrative Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers shall reimburse (such obligation to reimburse the Issuing Bank Administrative Agent shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars Administrative Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Administrative Agent under any Letter of Credit (each such date, a “an "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAdministrative Agent. In the event the Borrowers fail to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional LoanLoan or Letter of Credit] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.32.8. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 1 contract

Samples: Credit Agreement (Internet Capital Group Inc)

Disbursements, Reimbursement. 2.8.3.1 2.6.3.1 Immediately upon the issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s 's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.6.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers The Borrower shall reimburse (such obligation to reimburse the Issuing Bank shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank under any Letter of Credit (each such date, a “an "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the Issuing Bank. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent Issuing Bank will promptly notify each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.6.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.6.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 2.6.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.42.6.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent Issuing Bank for the account of the Issuing Bank the amount of such Bank’s 's Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s 's obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) payment, at a rate per annum equal to the Federal Funds Effective Rate in effect from time to time during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Datesuch period. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.32.6.3.3. 2.8.3.4 2.6.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.6.3.2, because of the Borrowers’ Borrower's failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) Borrowing in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s 's payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 2.6.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a Participation Advance” Advance from such Bank in satisfaction of its participation obligation under this Section 2.8.32.6.3.

Appears in 1 contract

Samples: Credit Agreement (Roundys Inc)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s 's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a “an "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 2.9.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.42.9.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such Bank’s 's Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s 's obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three (3) days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth (4th) day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.32.9.3.3, provided, however, interest shall not accrue on any Bank's obligation to make a payment under this Section 2.9.3.3, until such Bank has received notice of the Drawing Date from the Agent. 2.8.3.4 2.9.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.9.3.2, because of the Borrowers’ Borrower's failure to satisfy the conditions set forth in Section 7.2 [Each Additional LoanLoan or Letter of Credit] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Agent a borrowing (each a "Letter of Credit Borrowing") in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s 's payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 2.9.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a "Participation Advance" from such Bank in satisfaction of its participation obligation under this Section 2.8.32.9.3.

Appears in 1 contract

Samples: Credit Agreement (New Jersey Resources Corp)

Disbursements, Reimbursement. 2.8.3.1 Immediately upon the issuance Issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s 's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a “an "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 6.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.32.8. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 1 contract

Samples: Credit Agreement (Internet Capital Group Inc)

Disbursements, Reimbursement. 2.8.3.1 Immediately upon the issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s 's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank will promptly notify TGI, as agent for the Borrowers and the Administrative Agent. Provided that it shall have received such notice, the Borrowers shall reimburse (such obligation to reimburse the Issuing Bank shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank under any Letter of Credit (each such date, a "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the Issuing Bank. In the event the Borrowers fail to reimburse the Issuing Bank (through the Administrative Agent) for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 6.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank the amount of such Bank’s 's Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s 's obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.3. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers' failure to satisfy the conditions set forth in Section 7.2 6.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a "Letter of Credit Borrowing") in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s 's payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a "Participation Advance" from such Bank in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 1 contract

Samples: Revolving Credit Facility (Triumph Group Inc)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance Issuance of each Letter of Credit, each Bank Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such BankLender’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a an “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank Lender thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 6.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately confirmed in writing; provided provided, that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank Lender shall upon any notice pursuant to Section 2.8.3.2 2.9.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks Lenders shall (subject to Section 2.8.3.42.9.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank Lender so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such BankLender’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such BankLender’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank Lender makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.3. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.3.the

Appears in 1 contract

Samples: Revolving Credit Facility (Penn Virginia Resource Partners L P)

Disbursements, Reimbursement. 2.8.3.1 2.8.4.1 Immediately upon the issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.8.4.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank will promptly notify TGI, as agent for the Borrowers and the Administrative Agent. Provided that it shall have received such notice, the Borrowers shall reimburse (such obligation to reimburse the Issuing Bank shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank under any Letter of Credit (each such date, a “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing Bank. In the event the Borrowers fail to reimburse the Issuing Bank (through the Administrative Agent) for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.8.4.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.3. 2.8.3.4 2.8.4.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 1 contract

Samples: Credit Agreement (Triumph Group Inc)

Disbursements, Reimbursement. 2.8.3.1 Immediately upon the issuance of each Letter of Credit, each Bank Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Lender a participation in such Letter of Credit (including the Existing Letters of Credit) and each drawing thereunder in an amount equal to such BankXxxxxx’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.1 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Lender will promptly notify TGI, as agent for the Borrowers Borrower and the Administrative AgentAgent thereof. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Lender shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars Lender prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Lender under any Letter of Credit (each such date, a “Drawing Date”) in by paying to the Administrative Agent for the account of the Issuing Lender an amount equal to the Dollar Equivalent amount so paid by the Issuing BankLender. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank Lender (through the Administrative Agent) for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank Lender thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional LoanLoan or Letter of Credit] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank Lender pursuant to this Section 2.8.3.2 2.9.3.1 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.2 Each Bank Lender shall upon any notice pursuant to Section 2.8.3.2 2.9. 3.1 make available to the Administrative Agent for the benefit account of the Issuing Bank Lender an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks Lenders shall (subject to Section 2.8.3.42.9.3 [Disbursement; Reimbursement]) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank Lender so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Lender the amount of such BankXxxxxx’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such BankLender’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank Lender makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three (3) days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank Lender will promptly give notice (as described in Section 2.9.3.1 above) of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank Lender to give any such notice on the Drawing Date or in sufficient time to enable any Bank Lender to effect such payment on such date shall not relieve such Bank Lender from its obligation under this Section 2.8.3.32.9.3.2. 2.8.3.4 2.9.3.3 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.9.3.1, because of the Borrowers’ Borrower’s failure to satisfy the conditions set forth in Section 7.2 [Each Additional LoanLoan or Letter of Credit] other than any notice requirements requirements, or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Lender a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each BankLender’s payment to the Administrative Agent for the account of the Issuing Bank Lender pursuant to Section 2.8.3.3 2.9.3 [Disbursements, Reimbursement] shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute (each a “Participation Advance”) from such Bank Lender in satisfaction of its participation obligation under this Section 2.8.32.9.3.

Appears in 1 contract

Samples: Credit Agreement (Hallador Energy Co)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1. Immediately upon the issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s 's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2. In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrowers. Provided that it they shall have received such notice, the Borrowers shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers shall be deemed to have requested that Long-Term Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Long-Term Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] 6.2 other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3. Each Bank shall upon any notice pursuant to Section 2.8.3.2 2.9.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.42.9.3.4) each be deemed to have made a Long-Term Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrowers in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such Bank’s 's Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time time, on the Drawing Date, then interest shall accrue on such Bank’s 's obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation to fund its Ratable Share of any such drawing under this Section 2.8.3.32.9.3.3. 2.8.3.4 2.9.3.4. With respect to any unreimbursed drawing that is not converted into Long-Term Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrowers in whole or in part as contemplated by Section 2.8.3.22.9.3.2, because of the Borrowers' failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] 6.2 (other than any notice requirements requirements) or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank Agent a borrowing (each a "Letter of Credit Borrowing") in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Long-Term Revolving Credit Loans under the Base Rate Option. Each Bank’s 's payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 2.9.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a "Participation Advance" from such Bank in satisfaction of its participation obligation under this Section 2.8.32.9.3.

Appears in 1 contract

Samples: Revolving Credit Facility (Professional Detailing Inc)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance Issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a an “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 2.9.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.3. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.3.subject

Appears in 1 contract

Samples: Revolving Credit Facility (Ii-Vi Inc)

Disbursements, Reimbursement. 2.8.3.1 Immediately upon the issuance of each Letter of Credit, each Bank Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Lender a participation in such Letter of Credit (including the Existing Letters of Credit) and each drawing thereunder in an amount equal to such BankLender’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.1 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Lender will promptly notify TGI, as agent for the Borrowers Borrower and the Administrative AgentAgent thereof. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Lender shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars Lender prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Lender under any Letter of Credit (each such date, a “Drawing Date”) in by paying to the Administrative Agent for the account of the Issuing Lender an amount equal to the Dollar Equivalent amount so paid by the Issuing BankLender. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank Lender (through the Administrative Agent) for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank Lender thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional LoanLoan or Letter of Credit] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank Lender pursuant to this Section 2.8.3.2 2.9.3.1 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.2 Each Bank Lender shall upon any notice pursuant to Section 2.8.3.2 2.9. 3.1 make available to the Administrative Agent for the benefit account of the Issuing Bank Lender an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks Lenders shall (subject to Section 2.8.3.42.9.3 [Disbursement; Reimbursement]) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank Lender so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Lender the amount of such BankLender’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such BankLender’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank Lender makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three (3) days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank Lender will promptly give notice (as described in Section 2.9.3.1 above) of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank Lender to give any such notice on the Drawing Date or in sufficient time to enable any Bank Lender to effect such payment on such date shall not relieve such Bank Lender from its obligation under this Section 2.8.3.32.9.3.2. 2.8.3.4 2.9.3.3 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.9.3.1, because of the Borrowers’ Borrower’s failure to satisfy the conditions set forth in Section 7.2 [Each Additional LoanLoan or Letter of Credit] other than any notice requirements requirements, or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Lender a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each BankLender’s payment to the Administrative Agent for the account of the Issuing Bank Lender pursuant to Section 2.8.3.3 2.9.3 [Disbursements, Reimbursement] shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute (each a “Participation Advance”) from such Bank Lender in satisfaction of its participation obligation under this Section 2.8.32.9.3.

Appears in 1 contract

Samples: Credit Agreement (Hallador Energy Co)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance Issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s 's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrowers. Provided that it shall have received such notice, the Borrowers shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh Philadelphia time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a “an "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon11:00 a.m., Pittsburgh Philadelphia time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.32.9. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 1 contract

Samples: Credit Agreement (Primesource Corp)

Disbursements, Reimbursement. 2.8.3.1 (a) Immediately upon the issuance of each Letter of Credit, each Bank Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s Ratable Share Lender's Commitment Percentage of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 (b) In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative Borrowing Agent. Provided that it the Borrowing Agent shall have received such notice, the Borrowers shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank Lender thereof, and the Borrowers shall be deemed to have requested that Revolving Credit Domestic Rate Loans be made by the Banks in Dollars under the Base Rate Option Lenders to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the lesser of the Maximum Revolving Credit Commitment Advance Amount or the Formula Amount and subject to the conditions set forth in Section 7.2 [Each Additional Loan] 8.2 other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.11(b) may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 (c) Each Bank Lender shall upon any notice pursuant to Section 2.8.3.2 2.11(b) make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) Commitment Percentage of the Dollar Equivalent amount of the drawing, whereupon the participating Banks Lenders shall (subject to Section 2.8.3.42.11(d)) each be deemed to have made a Revolving Credit Domestic Rate Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank Lender so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such Bank’s Ratable Share Lender's Commitment Percentage of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s Lender's obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank Lender makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three (3) days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Domestic Rate Loans under the Base Rate Option on and after the fourth (4th) day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank Lender to effect such payment on such date shall not relieve such Bank Lender from its obligation under this Section 2.8.3.32.11(c). 2.8.3.4 (d) With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans a Domestic Rate Loan to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.22.11(b), because of the Borrowers' failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] 8.2 other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank Agent a borrowing (each a "Letter of Credit Borrowing") in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Domestic Rate OptionLoans. Each Bank’s Lender's payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 2.11(c) shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a "Participation Advance" from such Bank in satisfaction of its participation obligation under this Section 2.8.32.11. 17. The following is hereby inserted as a new Section 2.12 of the Loan Agreement:

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Allegheny Technologies Inc)

Disbursements, Reimbursement. 2.8.3.1 (a) Immediately upon the issuance of each Letter of Credit, each Bank Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such BankLender’s Ratable Share Commitment Percentage of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 (b) In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative Borrowing Agent. Provided that it the Borrowing Agent shall have received such notice, the Borrowers shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars Agent prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank Lender thereof, and the Borrowers shall be deemed to have requested that Revolving Credit Domestic Rate Loans be made by the Banks in Dollars under the Base Rate Option Lenders to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the lesser of the Maximum Revolving Credit Commitment Advance Amount or the Formula Amount and subject to the conditions set forth in Section 7.2 [Each Additional Loan] 8.2 other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.11(b) may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 (c) Each Bank Lender shall upon any notice pursuant to Section 2.8.3.2 2.11(b) make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) Commitment Percentage of the Dollar Equivalent amount of the drawing, whereupon the participating Banks Lenders shall (subject to Section 2.8.3.42.11(d)) each be deemed to have made a Revolving Credit Domestic Rate Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank Lender so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such BankLender’s Ratable Share Commitment Percentage of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such BankLender’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank Lender makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three (3) days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Domestic Rate Loans under the Base Rate Option on and after the fourth (4th) day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank Lender to effect such payment on such date shall not relieve such Bank Lender from its obligation under this Section 2.8.3.32.11(c). 2.8.3.4 (d) With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans a Domestic Rate Loan to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.22.11(b), because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] 8.2 other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank Agent a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Domestic Rate OptionLoans. Each BankLender’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 2.11(c) shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.32.11.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Allegheny Technologies Inc)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance Issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s 's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank in Dollars Agent prior to 12:00 noon11:00 a.m., Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a “an "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon11:00 a.m., Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and the Borrowing Base and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.32.9. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 1 contract

Samples: Credit Agreement (Rent Way Inc)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance of each Letter of Credit, each Bank Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Lender a participation in such Letter of Credit and each drawing thereunder in an amount equal to such BankLender’s Revolving Credit Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Lender will promptly notify TGI, as agent for the Borrowers Borrower and the Administrative Agent. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Lender shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars Lender prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Lender under any Letter of Credit (each such date, a an “Drawing Date”) in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankLender. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Lender for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent Issuing Lender will promptly notify the Agent and each Bank Lender thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to such request not exceeding the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 7.3 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank Lender pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank Lender shall upon any notice pursuant to Section 2.8.3.2 2.9.3.2 make available to the Administrative Agent for who shall thereafter disburse the benefit of same to the Issuing Bank Lender an amount in Dollars in immediately available funds equal to its Revolving Credit Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks Lenders shall (subject to Section 2.8.3.42.9.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank Lender so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Lender the amount of such BankLender’s Revolving Credit Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such BankLender’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank Lender makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Revolving Credit Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank Lender will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank Lender to give any such notice on the Drawing Date or in sufficient time to enable any Bank Lender to effect such payment on such date shall not relieve such Bank Lender from its obligation under this Section 2.8.3.32.9.3.3. 2.8.3.4 2.9.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.9.3.2, because of the Borrowers’ Borrower’s failure to satisfy the conditions set forth in Section 7.2 7.3 [Each Additional LoanLoan or Letter of Credit] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Lender a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each BankLender’s payment to the Administrative Agent for the account benefit of the Issuing Bank Lender pursuant to Section 2.8.3.3 2.9.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank Lender in satisfaction of its participation obligation under this Section 2.8.32.9.3.

Appears in 1 contract

Samples: Credit Agreement (Blair Corp)

Disbursements, Reimbursement. 2.8.3.1 Immediately upon the issuance of each Letter of Credit, each Bank Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Lender a participation in such Letter of Credit (including the Existing Letters of Credit) and each drawing thereunder in an amount equal to such BankXxxxxx’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.1 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Lender will promptly notify TGI, as agent for the Borrowers Borrower and the Administrative AgentAgent thereof. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Lender shall sometimes be referred to as a “Reimbursement Obligation”) the Issuing Bank in Dollars Lender prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Lender under any Letter of Credit (each such date, a “Drawing Date”) in by paying to the Administrative Agent for the account of the Issuing Lender an amount equal to the Dollar Equivalent amount so paid by the Issuing BankLender. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank Lender (through the Administrative Agent) for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank Lender thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional LoanLoan or Letter of Credit] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank Lender pursuant to this Section 2.8.3.2 2.9.3.1 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.2 Each Bank Lender shall upon any notice pursuant to Section 2.8.3.2 2.9. 3.1 make available to the Administrative Agent for the benefit account of the Issuing Bank Lender an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks Lenders shall (subject to Section 2.8.3.42.9.3 [Disbursement; Reimbursement]) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank Lender so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Lender the amount of such BankXxxxxx’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such BankLender’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank Lender makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three (3) days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank Lender will promptly give notice (as described in Section 2.9.3.1 above) of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank Lender to give any such notice on the Drawing Date or in sufficient time to enable any Bank Lender to effect such payment on such date shall not relieve such Bank Lender from its obligation under this Section 2.8.3.32.9.3.2. 2.8.3.4 2.9.3.3 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.9.3.1, because of the Borrowers’ Borrower’s failure to satisfy the conditions set forth in Section 7.2 [Each Additional LoanLoan or Letter of Credit] other than any notice requirements requirements, or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Lender a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each BankLender’s payment to the Administrative Agent for the account of the Issuing Bank Lender pursuant to Section 2.8.3.3 2.9.3 [Disbursements, Reimbursement] shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute (each a “Participation Advance”) from such Bank Lender in satisfaction of its participation obligation under this Section 2.8.3.2.9.3. Table of Contents

Appears in 1 contract

Samples: Credit Agreement (Hallador Energy Co)

Disbursements, Reimbursement. 2.8.3.1 2.9.3.1 Immediately upon the issuance Issuance of each Letter of Credit, the Letter of Credit Bank shall give notice of such issuance to the Agent and each of the Banks and each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Letter of Credit Bank a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s 's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.9.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Letter of Credit Bank will promptly notify TGI, as agent for the Borrowers Agent and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Letter of Credit Bank shall sometimes be referred to as a “Reimbursement Obligation”"REIMBURSEMENT OBLIGATION") the Issuing Letter of Credit Bank in Dollars prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Letter of Credit Bank under any Letter of Credit (each such date, a “Drawing Date”"DRAWING DATE") in an amount equal to the Dollar Equivalent amount so paid by the Issuing Letter of Credit Bank. In the event the Borrowers fail Borrower fails to reimburse the Issuing Letter of Credit Bank (through the Administrative Agent) for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will Letter of Credit Bank shall promptly notify the Agent and each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Letter of Credit Bank pursuant to this Section 2.8.3.2 2.9.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.9.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank the amount of such Bank’s Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.32.9. 2.8.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option in whole or in part as contemplated by Section 2.8.3.2, because of the Borrowers’ failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers shall be deemed to have incurred from the Issuing Bank a borrowing (each a “Letter of Credit Borrowing”) in Dollars equal to the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a “Participation Advance” from such Bank in satisfaction of its participation obligation under this Section 2.8.3.

Appears in 1 contract

Samples: Credit Agreement (Grubb & Ellis Co)

Disbursements, Reimbursement. 2.8.3.1 2.10.3.1 Immediately upon the issuance Issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Issuing Bank Agent a participation in such Letter of Credit and each drawing thereunder in an amount equal to such Bank’s 's Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 2.8.3.2 2.10.3.2 In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Bank Agent will promptly notify TGI, as agent for the Borrowers and the Administrative AgentBorrower. Provided that it shall have received such notice, the Borrowers Borrower shall reimburse (such obligation to reimburse the Issuing Bank Agent shall sometimes be referred to as a "Reimbursement Obligation") the Issuing Bank Agent in Dollars prior to 12:00 noon, Pittsburgh time on each date that an amount is paid by the Issuing Bank Agent under any Letter of Credit (each such date, a “an "Drawing Date") in an amount equal to the Dollar Equivalent amount so paid by the Issuing BankAgent. In the event the Borrowers fail Borrower fails to reimburse the Issuing Bank (through the Administrative Agent) Agent for the full Dollar Equivalent amount of any drawing under any Letter of Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Administrative Agent will promptly notify each Bank thereof, and the Borrowers Borrower shall be deemed to have requested that Revolving Credit Loans be made by the Banks in Dollars under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements. Any notice given by the Administrative Agent or the Issuing Bank pursuant to this Section 2.8.3.2 2.10.3.2 may be oral if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 2.8.3.3 2.10.3.3 Each Bank shall upon any notice pursuant to Section 2.8.3.2 2.10.3.2 make available to the Administrative Agent for the benefit of the Issuing Bank an amount in Dollars in immediately available funds equal to its Ratable Share (as determined in accordance with Section 2.14, if applicable) of the Dollar Equivalent amount of the drawing, whereupon the participating Banks shall (subject to Section 2.8.3.42.10.3.4) each be deemed to have made a Revolving Credit Loan in Dollars to the Borrowers under the Base Rate Option to the Borrower in that amount. If any Bank so notified fails to make available in Dollars to the Administrative Agent for the account of the Issuing Bank Agent the amount of such Bank’s 's Ratable Share of such Dollar Equivalent amount by no later than 2:00 p.m., Pittsburgh time on the Drawing Date, then interest shall accrue on such Bank’s 's obligation to make such payment, from the first Business Day after the Drawing Date to the date on which such Bank makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate Option on and after the fourth day following the Drawing Date. The Administrative Agent and the Issuing Bank will promptly give notice of the occurrence of the Drawing Date, but failure of the Administrative Agent or the Issuing Bank to give any such notice on the Drawing Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligation under this Section 2.8.3.32.10.3.3. 2.8.3.4 2.10.3.4 With respect to any unreimbursed drawing that is not converted into Revolving Credit Loans to the Borrowers under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.8.3.22.10.3.2, because of the Borrowers’ Borrower's failure to satisfy the conditions set forth in Section 7.2 [Each Additional Loan] other than any notice requirements or for any other reason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Bank Agent a borrowing (each a "Letter of Credit Borrowing") in Dollars equal to in the Dollar Equivalent amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base Rate Option. Each Bank’s 's payment to the Administrative Agent for the account of the Issuing Bank pursuant to Section 2.8.3.3 2.10.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing and shall constitute a "Participation Advance" from such Bank in satisfaction of its participation obligation under this Section 2.8.32.10.3.

Appears in 1 contract

Samples: Credit Agreement (Covance Inc)

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