Common use of Drawing and Reimbursement Clause in Contracts

Drawing and Reimbursement. (i) The payment by an Issuing Bank of a draft drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by such Issuing Bank of an advance to the relevant Borrower in the amount of such payment, which the relevant Borrower agrees to repay on demand and, if not paid on demand, shall bear interest, from the date demanded to the date paid in full (and which interest shall be payable on demand), (x) from and including the date of demand to but not including the second Business Day thereafter at the Base Rate in effect for each such day plus the Applicable Margin in effect for each such day, and (y) from and including said second Business Day thereafter at the Post-Default Rate. Without limiting the obligations of such Borrower hereunder, upon demand by such Issuing Bank through the Administrative Agent, each Lender having a Commitment under the relevant Facility shall make Advances under such Facility in an aggregate amount equal to the amount of such Lender's Pro Rata Share of such advance by making available for the account of its Applicable Lending Office to the Administrative Agent for the account of such Issuing Bank, by deposit to the Administrative Agent's Account, in same day funds, an amount equal to the sum of (A) its Pro Rata Share of the outstanding principal amount of such advance plus (B) interest accrued and unpaid to and as of such date on the outstanding principal amount of such advance.

Appears in 2 contracts

Samples: Credit Agreement (Terra Industries Inc), Credit Agreement (Terra Industries Inc)

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Drawing and Reimbursement. (i) The payment by an Issuing Bank of a draft drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by such Issuing Bank of an advance to the relevant Borrower in the amount of such payment, which the relevant Borrower agrees to repay on demand and, if not paid on demand, shall bear interest, from the date demanded to the date paid in full (and which interest shall be payable on demand), (x) from and including the date of demand to but not including the second Business Day thereafter at the Base Rate in effect for each such day plus the Applicable ---- Margin in effect for each such day, and (y) from and including said second Business Day thereafter at the Post-Default Rate. Without limiting the obligations of such the Borrower hereunder, upon demand by such Issuing Bank through the Administrative Agent, each Lender having a Commitment under the relevant Facility shall make Advances under such Facility in an aggregate amount equal to the amount of such Lender's Pro Rata Share of such advance by making available for the account of its Applicable Lending Office to the Administrative Agent for the account of such Issuing Bank, by deposit to the Administrative Agent's Account, in same day funds, an amount equal to the sum of (A) its Pro Rata Share of the outstanding principal amount of such advance plus (B) interest accrued and unpaid to and as of ---- such date on the outstanding principal amount of such advance.

Appears in 1 contract

Samples: Credit Agreement (Terra Industries Inc)

Drawing and Reimbursement. (i) The payment by an the Issuing Bank of a draft drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by such the Issuing Bank of an advance to Advance, which shall bear interest at the relevant Borrower applicable Prime Rate Basis, in the amount of such paymentdraft (but without any requirement for compliance with the conditions set forth in Article 3 hereof). In the event that a drawing under any Letter of Credit is not reimbursed by the Borrower by 11:00 a.m. (Dallas time) on the first Business Day after such drawing, the Issuing Bank shall promptly notify Administrative Lender and each other Lender. Each such Lender shall, on the first Business Day following such notification, make an Advance, which shall bear interest at the relevant Borrower agrees applicable Prime Rate Basis, and shall be used to repay on demand andthe applicable portion of the Issuing Bank's Advance with respect to such Letter of Credit, if not paid on demand, shall bear interest, from the date demanded to the date paid in full (and which interest shall be payable on demand), (x) from and including the date of demand to but not including the second Business Day thereafter at the Base Rate in effect for each such day plus the Applicable Margin in effect for each such day, and (y) from and including said second Business Day thereafter at the Post-Default Rate. Without limiting the obligations of such Borrower hereunder, upon demand by such Issuing Bank through the Administrative Agent, each Lender having a Commitment under the relevant Facility shall make Advances under such Facility in an aggregate amount equal to the amount of its participation in such Lender's Pro Rata Share of such advance by making drawing for application to reimburse the Issuing Bank (but without any requirement for compliance with the applicable conditions set forth in Article 3 hereof) and shall make available to the Administrative Lender for the account of its Applicable Lending Office to the Administrative Agent for the account of such Issuing Bank, by deposit to at the Administrative AgentLender's Accountoffice, in same day funds, an the amount of such Advance. In the event that any Lender fails to make available to the Administrative Lender for the account of the Issuing Bank the amount of such Advance, the Issuing Bank shall be entitled to recover such amount on demand from such Lender together with interest thereon at a rate per annum equal to the sum lesser of (Ai) its Pro Rata Share of the outstanding principal amount of such advance plus Highest Lawful Rate or (Bii) interest accrued and unpaid to and as of such date on the outstanding principal amount of such advanceFederal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Metro Networks Inc)

Drawing and Reimbursement. (i) The payment by an the Issuing Bank of a draft drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by such the Issuing Bank of an advance to Advance, which shall bear interest at the relevant Borrower Base Rate Basis, in the amount of such paymentdraft (but without any requirement for compliance with the conditions set forth in Article 3 hereof). In the event that a drawing under any Letter of Credit is not reimbursed by the Borrower by 11:00 a.m. (Dallas, Texas time) on the first Business Day after such drawing, the Issuing Bank shall promptly notify Administrative Agent and each other Lender. Each such Lender shall, on the first Business Day following such notification, make an Advance, which the relevant Borrower agrees to repay on demand and, if not paid on demand, shall bear interest, from the date demanded to the date paid in full (and which interest shall be payable on demand), (x) from and including the date of demand to but not including the second Business Day thereafter at the Base Rate in effect for each such day plus the Applicable Margin in effect for each such dayBasis, and (y) from and including said second Business Day thereafter at shall be used to repay the Post-Default Rate. Without limiting applicable portion of the obligations Issuing Bank's Advance with respect to such Letter of such Borrower hereunderCredit, upon demand by such Issuing Bank through the Administrative Agent, each Lender having a Commitment under the relevant Facility shall make Advances under such Facility in an aggregate amount equal to the amount of its participation in such Lender's Pro Rata Share of such advance by making drawing for application to reimburse the Issuing Bank (but without any requirement for compliance with the applicable conditions set forth in Article 3 hereof) and shall make available for the account of its Applicable Lending Office to the Administrative Agent for the account of such the Issuing Bank, by deposit to at the Administrative Agent's Accountoffice, in same day funds, an the amount of such Advance. In the event that any Lender fails to make available to the Administrative Agent for the account of the Issuing Bank the amount of such Advance, the Issuing Bank shall be entitled to recover such amount on demand from such Lender together with interest thereon at a rate per annum equal to the sum lesser of (Ai) its Pro Rata Share of the outstanding principal amount of such advance plus Highest Lawful Rate or (Bii) interest accrued and unpaid to and as of such date on the outstanding principal amount of such advanceFederal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Xircom Inc)

Drawing and Reimbursement. (i) The payment by an the Issuing Bank of a draft drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by such the Issuing Bank of an advance to Advance, which shall bear interest at the relevant Borrower Base Rate Basis, in the amount of such paymentdraft (but without any requirement for compliance with the conditions set forth in Article 3 hereof). In the event that a drawing under any Letter of Credit is not reimbursed by the Borrower by 11:00 a.m. (Dallas, Texas time) on the first Business Day after such drawing, the Issuing Bank shall promptly notify Administrative Lender and each other Lender. Each such Lender shall, on the first Business Day following such notification, make an Advance, which the relevant Borrower agrees to repay on demand and, if not paid on demand, shall bear interest, from the date demanded to the date paid in full (and which interest shall be payable on demand), (x) from and including the date of demand to but not including the second Business Day thereafter at the Base Rate in effect for each such day plus the Applicable Margin in effect for each such dayBasis, and (y) from and including said second Business Day thereafter at shall be used to repay the Post-Default Rate. Without limiting applicable portion of the obligations Issuing Bank's Advance with respect to such Letter of such Borrower hereunderCredit, upon demand by such Issuing Bank through the Administrative Agent, each Lender having a Commitment under the relevant Facility shall make Advances under such Facility in an aggregate amount equal to the amount of its participation in such Lender's Pro Rata Share of such advance by making drawing for application to reimburse the Issuing Bank (but without any requirement for compliance with the applicable conditions set forth in Article 3 hereof) and shall make available to the Administrative Lender for the account of its Applicable Lending Office to the Administrative Agent for the account of such Issuing Bank, by deposit to at the Administrative AgentLender's Accountoffice, in same day funds, an the amount of such Advance. In the event that any Lender fails to make available to the Administrative Lender for the account of the Issuing Bank the amount of such Advance, the Issuing Bank shall be entitled to recover such amount on demand from such Lender together with interest thereon at a rate per annum equal to the sum lesser of (Ai) its Pro Rata Share of the outstanding principal amount of such advance plus Highest Lawful Rate or (Bii) interest accrued and unpaid to and as of such date on the outstanding principal amount of such advanceFederal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Pc Service Source Inc)

Drawing and Reimbursement. (i) The payment by an Issuing Bank of a draft drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by such Issuing Bank of an advance to the relevant Borrower Company in the amount of such payment, which the relevant Borrower Company agrees to repay on demand and, if not paid on demand, shall bear interest, from the date demanded to the date paid in full (and which interest shall be payable on demand), (x) from and including the date of demand to but not including the second Business Day thereafter at the Base Rate in effect for each such day plus the Applicable Margin in effect for each such day, and (y) from and including said second Business Day thereafter at the Post-Default Rate. Without limiting the obligations of such Borrower the Company hereunder, upon demand by such Issuing Bank through the Administrative Agent, each Lender having a Revolving Credit Commitment under the relevant Facility shall make Revolving Credit Advances under such Facility in an aggregate amount equal to the amount of such Lender's Pro Rata Share of such advance by making available for the account of its Applicable Lending Office to the Administrative Agent for the account of such Issuing Bank, by deposit to the Administrative Agent's Account, in same day funds, an amount equal to the sum of (A) its Pro Rata Share of the outstanding principal amount of such advance plus (B) interest accrued and unpaid to and as of such date on the outstanding principal amount of such advance.

Appears in 1 contract

Samples: Credit Agreement (Allied Waste Industries Inc)

Drawing and Reimbursement. (i) The payment by an the Issuing Bank of a draft drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by such the Issuing Bank of an advance to Revolving Credit Advance, which shall bear interest at the relevant Borrower Base Rate Basis, in the amount of such paymentdraft (but without any requirement for compliance with the conditions set forth in Article 3 hereof). In the event that a drawing under any Letter of Credit is not reimbursed by the Borrower by 11:00 a.m. (Dallas time) on the first Business Day after such drawing, the Issuing Bank shall promptly notify the Administrative Agent and each other Lender. Each such Lender shall, on the first Business Day following such notification, make a Revolving Credit Advance, which the relevant Borrower agrees to repay on demand and, if not paid on demand, shall bear interest, from the date demanded to the date paid in full (and which interest shall be payable on demand), (x) from and including the date of demand to but not including the second Business Day thereafter at the Base Rate in effect for each such day plus the Applicable Margin in effect for each such dayBasis, and (y) from and including said second Business Day thereafter at shall be used to repay the Post-Default Rate. Without limiting applicable portion of the obligations Issuing Bank's Advance with respect to such Letter of such Borrower hereunderCredit, upon demand by such Issuing Bank through the Administrative Agent, each Lender having a Commitment under the relevant Facility shall make Advances under such Facility in an aggregate amount equal to the amount of its participation in such Lender's Pro Rata Share of such advance by making drawing for application to reimburse the Issuing Bank (but without any requirement for compliance with the applicable conditions set forth in Article 3 hereof) and shall make available for the account of its Applicable Lending Office to the Administrative Agent for the account of such the Issuing Bank, by deposit to at the Administrative Agent's Accountoffice, in same day funds, an the amount of such Advance. In the event that any Lender fails to make available to the Administrative Agent for the account of the Issuing Bank the amount of such Advance, the Issuing Bank shall be entitled to recover such amount on demand from such Lender together with interest thereon at a rate per annum equal to the sum lesser of (Ai) its Pro Rata Share of the outstanding principal amount of such advance plus Highest Lawful Rate or (Bii) interest accrued and unpaid to and as of such date on the outstanding principal amount of such advanceFederal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Kevco Inc)

Drawing and Reimbursement. (i) The payment by an the Issuing Bank of a draft ------------------------- drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by such the Issuing Bank of an advance to Revolving Credit Advance, which shall bear interest at the relevant Borrower Base Rate Basis, in the amount of such paymentdraft (but without any requirement for compliance with the conditions set forth in Article ------- 3 hereof). In the event that a drawing under any Letter of Credit is not - reimbursed by the Borrower by 11:00 a.m. (Dallas time) on the first Business Day after such drawing, the Issuing Bank shall promptly notify Administrative Agent and each other Lender. Each such Lender shall, on the first Business Day following such notification, make a Revolving Credit Advance, which the relevant Borrower agrees to repay on demand and, if not paid on demand, shall bear interest, from the date demanded to the date paid in full (and which interest shall be payable on demand), (x) from and including the date of demand to but not including the second Business Day thereafter at the Base Rate in effect for each such day plus the Applicable Margin in effect for each such dayBasis, and (y) from and including said second Business Day thereafter at shall be used to repay the Post-Default Rate. Without limiting applicable portion of the obligations Issuing Bank's Advance with respect to such Letter of such Borrower hereunderCredit, upon demand by such Issuing Bank through the Administrative Agent, each Lender having a Commitment under the relevant Facility shall make Advances under such Facility in an aggregate amount equal to the amount of its participation in such Lender's Pro Rata Share of such advance by making drawing for application to reimburse the Issuing Bank (but without any requirement for compliance with the applicable conditions set forth in Article 3 hereof) and --------- shall make available for the account of its Applicable Lending Office to the Administrative Agent for the account of such the Issuing Bank, by deposit to at the Administrative Agent's Accountoffice, in same day funds, an the amount of such Advance. In the event that any Lender fails to make available to the Administrative Agent for the account of the Issuing Bank the amount of such Advance, the Issuing Bank shall be entitled to recover such amount on demand from such Lender together with interest thereon at a rate per annum equal to the sum lesser of (Ai) its Pro Rata Share of the outstanding principal amount of such advance plus Highest Lawful Rate or (Bii) interest accrued and unpaid to and as of such date on the outstanding principal amount of such advanceFederal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Kevco Inc)

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Drawing and Reimbursement. (i) The payment by an Issuing Bank of a draft drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by any such Issuing Bank of an advance to a Revolving Credit Advance, which, in the relevant Borrower case of Letters of Credit denominated in Dollars, shall be a Base Rate Advance, in the amount of such paymentdraft or, which in the relevant case of a Letter of Credit denominated in any Major Currency, shall be an Advance that bears interest at the Overnight Eurocurrency Rate (as defined below) of such Issuing Bank for a period of five Business Days and thereafter, shall be a Base Rate Advance in the Equivalent in Dollars on such fifth Business Day for the amount of such draft. Each Issuing Bank shall give prompt notice (and such Issuing Bank will use its commercially reasonable efforts to deliver such notice within one Business Day) of each drawing under any Letter of Credit issued by it to the Company, the applicable Borrower agrees to repay on demand and, (if not paid on demand, shall bear interest, from the date demanded to Company) and the date paid in full (and which interest shall be payable on demand), (x) from and including the date of demand to but not including the second Business Day thereafter at the Base Rate in effect for each such day plus the Applicable Margin in effect for each such day, and (y) from and including said second Business Day thereafter at the Post-Default RateAdministrative Agent. Without limiting the obligations of such Borrower hereunder, upon Upon written demand by such Issuing Bank through Bank, with a copy of such demand to the Administrative AgentAgent and the Company, each Lender having a Commitment under the relevant Facility shall make Advances under such Facility in an aggregate amount equal pay to the amount of Administrative Agent such Lender's Pro Rata ’s Ratable Share of such advance outstanding Revolving Credit Advance, by making available for the account of its Applicable Lending Office to the Administrative Agent for the account of such Issuing Bank, by deposit to the Administrative Agent's Account, in same day funds, an amount equal to the sum of (A) its Pro Rata Share of the outstanding principal amount of such advance plus (B) interest accrued and unpaid to and as of such date on the outstanding principal amount of such advance.the

Appears in 1 contract

Samples: Five Year Credit Agreement (Honeywell International Inc)

Drawing and Reimbursement. (i) The payment by an Issuing Bank of a draft drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by such Issuing Bank of an advance to the relevant Borrower in the amount of such payment, which the relevant Borrower agrees to repay on demand and, if not paid on demand, shall bear interest, from the date demanded to the date paid in full (and which interest shall be payable on demand), (x) from and including the date of demand to but not including the second Business Day thereafter at the Base Rate in effect for each such day plus the Applicable Margin for Base Rate Advances in effect for each such day, and (y) from and including said second Business Day thereafter at the Post-Default Rate. Without limiting the obligations of such the Borrower hereunder, upon demand by such Issuing Bank through the Administrative Agent, each Lender having a Commitment under the relevant Facility shall make Revolving Credit Advances under such Facility in an aggregate amount equal to the amount of such Lender's Pro Rata Share of such advance by making available for the account of its Applicable Lending Office to the Administrative Agent for the account of such Issuing Bank, by deposit to the Administrative Agent's Account, in same day funds, an amount equal to the sum of (A) its Pro Rata Share of the outstanding principal amount of such advance plus (B) interest accrued and unpaid to and as of such date on the outstanding principal amount of such advance.

Appears in 1 contract

Samples: Credit Agreement (Imation Corp)

Drawing and Reimbursement. (i) The payment by an Issuing Bank of a draft drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by such Issuing Bank of an advance to the relevant Borrower in the amount of such payment, which the relevant Borrower agrees to repay on demand and, if not paid on demand, shall bear interest, from the date demanded to the date paid in full (and which interest shall be payable on demand), (x) from and including the date of demand to but not including the second Business Day thereafter at the Base Rate in effect for each such day plus the Applicable Margin in effect for each such day, and (y) from and including said second Business Day thereafter at the Post-Default Rate. Without limiting the obligations of such Borrower hereunder, upon demand by such Issuing Bank through the Administrative Agent, each Lender having a Commitment under the relevant Facility shall make Advances under such Facility in an aggregate amount equal to the amount of such Lender's Pro Rata Share of such advance by making available for the account of its Applicable Lending Office to the Administrative Agent for the account of such Issuing Bank, by deposit to the Administrative Agent's Account, in same day funds, an amount equal to the sum of (A) its Pro Rata Share of the outstanding principal amount of such advance plus (B) interest accrued and unpaid to and as of such date on the outstanding principal amount of such advance.

Appears in 1 contract

Samples: Credit Agreement (Terra Industries Inc)

Drawing and Reimbursement. (i) The payment by an the Issuing Bank of a draft drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by such the Issuing Bank of an advance to a Revolving Credit Advance, which shall bear interest at the relevant Borrower Base Rate Basis, in the amount of such paymentdraft (but without any requirement for compliance with the conditions set forth in ARTICLE 3 hereof). In the event that a drawing under any Letter of Credit is not reimbursed by the Borrower by 12:00 noon (Dallas, Texas time) on the first Business Day after such drawing, the Issuing Bank shall promptly notify Administrative Agent and each other Lender. Each such Lender shall, on the first Business Day following such notification, make a Revolving Credit Advance, which the relevant Borrower agrees to repay on demand and, if not paid on demand, shall bear interest, from the date demanded to the date paid in full (and which interest shall be payable on demand), (x) from and including the date of demand to but not including the second Business Day thereafter at the Base Rate in effect for each such day plus the Applicable Margin in effect for each such dayBasis, and (y) from and including said second Business Day thereafter at shall be used to repay the Post-Default Rate. Without limiting applicable portion of the obligations Issuing Bank's Advance with respect to such Letter of such Borrower hereunderCredit, upon demand by such Issuing Bank through the Administrative Agent, each Lender having a Commitment under the relevant Facility shall make Advances under such Facility in an aggregate amount equal to the amount of its participation in such Lender's Pro Rata Share of such advance by making drawing for application to reimburse the Issuing Bank (but without any requirement for compliance with the applicable conditions set forth in ARTICLE 3 hereof) and shall make available for the account of its Applicable Lending Office to the Administrative Agent for the account of such the Issuing Bank, by deposit to at the Administrative Agent's Accountoffice, in same day funds, an the amount of such Advance. In the event that any Lender fails to make available to the Administrative Agent for the account of the Issuing Bank the amount of such Advance, the Issuing Bank shall be entitled to recover such amount on demand from such Lender together with interest thereon at a rate per annum equal to the sum lesser of (Ai) its Pro Rata Share of the outstanding principal amount of such advance plus Highest Lawful Rate or (Bii) interest accrued and unpaid to and as of such date on the outstanding principal amount of such advanceFederal Funds Rate.

Appears in 1 contract

Samples: Credit Agreement (Netcom Systems Inc)

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