Common use of Disbursements, Reimbursement Clause in Contracts

Disbursements, Reimbursement. (a) [Reserved]. (b) In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the applicable LC Bank will promptly notify the Administrator and the Seller of such request. Provided that it shall have received such notice, the Seller shall reimburse (such obligation to reimburse the applicable LC Bank shall sometimes be referred to as a “Reimbursement Obligation”) the applicable LC Bank prior to noon, New York time, on each date that an amount is paid by such LC Bank under any Letter of Credit (each such date, a “Drawing Date”) in an amount equal to the amount so paid by such LC Bank. In the event the Seller fails to reimburse the applicable LC Bank for the full amount of any drawing under any Letter of Credit by noon, New York time, on the Drawing Date (including because the conditions precedent to a Funded Purchase deemed to have been requested by Seller pursuant to Section 1.1(b) to reimburse such LC Bank shall not have been satisfied), such LC Bank will promptly notify the Administrator and each Purchaser Agent thereof. Any notice given by any LC Bank pursuant to this Section may be oral if immediately confirmed in writing; provided that the lack of such an immediate written confirmation shall not affect the conclusiveness or binding effect of such oral notice.

Disbursements, Reimbursement. (a) [Reserved]. (b) In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the applicable LC Bank will promptly notify the Administrator and the Seller of such request. Provided that it shall have received such notice, the Seller shall reimburse (such obligation to reimburse the applicable LC Bank shall sometimes be referred to as a “Reimbursement Obligation”) the applicable LC Bank prior to noon12:00 p.m., New York time, on each date that an amount is paid by such the LC Bank under any Letter of Credit (each such date, a “Drawing Date”) in an amount equal to the amount so paid by such the LC Bank. In the event the Seller fails to reimburse the applicable LC Bank for the full amount of any drawing under any Letter of Credit by noon12:00 p.m., New York time, on the Drawing Date (including because Date, the conditions precedent to a Funded Purchase Seller shall be deemed to have been requested that an Incremental Purchase be made by Seller pursuant the LC Bank to be disbursed on the Drawing Date under such Letter of Credit, subject to the limitations set forth herein, including but not limited to Section 1.1(b) to reimburse such LC Bank shall not have been satisfied1.1(a), such LC Bank will promptly notify the Administrator and each Purchaser Agent thereof. Any notice given by any the LC Bank pursuant to this Section may be oral if immediately confirmed in writing; provided provided, however, that the lack of any such an immediate written confirmation shall not affect the conclusiveness or binding effect of such oral notice.

Disbursements, Reimbursement. (a) [Reserved]. (b) In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the applicable LC Bank will promptly notify the Administrator and the Seller of such request. Provided that it shall have received such notice, the Seller shall reimburse (such obligation to reimburse the applicable LC Bank shall sometimes be referred to as a “Reimbursement Obligation”) the applicable LC Bank prior to noon, New York time, on each date that an amount is paid by such LC Bank under any Letter of Credit (each such date, a “Drawing Date”) in an amount equal to the amount so paid by such LC Bank. In the event the Seller fails to reimburse the applicable LC Bank for the full amount of any drawing under any Letter of Credit by noon, New York time, on the Drawing Date (including because the conditions precedent to a Funded Purchase deemed to have been requested by Seller pursuant to Section 1.1(b) to reimburse such LC Bank shall not have been satisfied), such LC Bank will promptly notify the Administrator and each Purchaser Agent thereof. Any notice given by any LC Bank 740811803 17540157 pursuant to this Section may be oral if immediately confirmed in writing; provided that the lack of such an immediate written confirmation shall not affect the conclusiveness or binding effect of such oral notice.

Disbursements, Reimbursement. (a) [Reserved]. (b) In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the applicable LC Bank will promptly notify the Administrator and the Seller of such request. Provided that it shall have received such noticenotice prior to 12:00 p.m., New York time, on the Drawing Date, the Seller shall reimburse (such obligation to reimburse the applicable LC Bank shall sometimes be referred to as a “Reimbursement Obligation”) the applicable LC Bank prior to noon1:00 p.m., New York time, on each date that an amount is paid by such the LC Bank under any Letter of Credit (each such date, a “Drawing Date”) in an amount equal to the amount so paid by such the LC Bank. In the event the Seller fails to reimburse the applicable LC Bank for the full amount of any drawing under any Letter of Credit by noon1:00 p.m., New York time, on the Drawing Date (including because Date, the conditions precedent Seller shall be deemed to have requested that a Funded Purchase deemed to have been requested be made by Seller pursuant to Section 1.1(b) to reimburse such Purchasers in the Purchaser Group for the LC Bank shall not have been satisfied)to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Group Commitment for such LC Bank will promptly notify the Administrator and each Purchaser Agent thereof. Any notice given by any LC Bank pursuant to this Section may be oral if immediately confirmed in writing; provided that the lack of such an immediate written confirmation shall not affect the conclusiveness or binding effect of such oral noticeGroup.

Disbursements, Reimbursement. (a) [Reserved]. (b) In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the applicable LC Bank will promptly notify the Administrator Agent and the Seller of such request. Provided that it shall have received such notice, the Seller shall reimburse (such obligation to reimburse the applicable LC Bank shall sometimes be referred to as a “Reimbursement Obligation”) the applicable LC Bank prior to noon, New York time, on each date that an amount is paid by such the LC Bank under any Letter of Credit (each such date, a “Drawing Date”) in an amount equal to the amount so paid by such the LC Bank. In the event the Seller fails to reimburse the applicable LC Bank for the full amount of any drawing under any Letter of Credit by noon, New York time, on the Drawing Date (including because the conditions precedent to a Funded Purchase deemed to have been requested by Seller pursuant to Section 1.1(b) to reimburse such LC Bank shall not have been satisfied), such LC Bank will promptly notify the Administrator and each Purchaser Agent thereof. Any notice given by any the LC Bank pursuant to this Section may be oral if immediately confirmed in writing; provided that the lack of such an immediate written confirmation shall not affect the conclusiveness or binding effect of such oral notice. (b) In the event that the Seller (for any reason, including because the conditions precedent to an Incremental Purchase deemed requested pursuant to Section 1.2(b) are not satisfied) fails to timely perform its Reimbursement Obligation with respect to any drawing under a Letter of Credit, the LC Bank shall be deemed to have purchased a Receivable Interest and to hold Capital in the amount of such drawing for all purposes hereunder, which Capital shall accrue Yield in accordance with the terms hereof and shall be immediately due and payable by the Seller. The LC Bank shall have all the rights (but none of the Commitments) of the Purchasers hereunder with respect to any such Capital.