Drawing and Reimbursement. The payment by the Issuing Bank of a draft ------------------------- drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by the Issuing Bank of an Advance, which shall bear interest at the Prime Rate Basis, in the amount of such draft (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 Lender. Each Lender shall, on the first Business Day following such notification, make an Advance, which shall bear interest at the Prime Rate Basis, and shall be used to repay the applicable portion of the Issuing Bank's Advance with respect to such Letter of Credit, in an amount equal to the amount of its participation in such 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 the Issuing Bank, by deposit at the Administrative Lender's office, in same day funds, 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 lesser of (i) the Highest Lawful Rate or (ii) the Federal Funds Rate.
Appears in 1 contract
Samples: Credit Agreement (Compusa Inc)
Drawing and Reimbursement. The payment by the Issuing Bank of a draft ------------------------- drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by the Issuing Bank of an a Revolving Credit Advance, which shall bear interest at the Prime Base Rate Basis, in the amount of such draft (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. 12:00 noon (Dallas Dallas, Texas time) on the first Business Day after such drawing, the Issuing Bank shall promptly notify Administrative Lender Agent and each other Lender. Each such Lender shall, on the first Business Day following such notification, make an a Revolving Credit Advance, which shall bear interest at the Prime Base Rate Basis, and shall be used to repay the applicable portion of the Issuing Bank's Advance with respect to such Letter of Credit, in an amount equal to the amount of its participation in such 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 Agent for the account of the Issuing Bank, by deposit at the Administrative LenderAgent's office, in same day funds, the amount of such Advance. In the event that any Lender fails to make available to the Administrative Lender 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 lesser of (i) the Highest Lawful Rate or (ii) the Federal Funds Rate.
Appears in 1 contract
Drawing and Reimbursement. The payment by the Issuing Bank of a draft ------------------------- drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by the Issuing Bank of an a Letter of Credit Advance, which shall bear interest at the Prime be a Base Rate BasisAdvance, in the amount of such draft (but without any requirement for compliance with the conditions set forth in Article 3 hereof)draft. --------- In the event that a drawing under any Letter of Credit is not reimbursed Upon demand by the Borrower by 11:00 a.m. (Dallas time) on Issuing Bank, each other Lender shall purchase from the first Business Day after such drawingIssuing Bank, and the Issuing Bank shall promptly notify Administrative Lender sell and assign to each such other Lender. Each Lender shall, on the first Business Day following such notification, make an Advance, which shall bear interest at the Prime Rate Basis, and shall be used to repay the applicable portion other Lender's Pro Rata Share of such outstanding Letter of Credit Advance as of the Issuing Bank's Advance with respect to date of such Letter of Creditpurchase, in an amount equal to by making available for the amount account of its participation in such 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 Applicable Lending Office to the Administrative --------- Lender Agent for the account of the Issuing Bank, by deposit at to the Administrative LenderAgent's officeAccount, in same day funds, an amount equal to the portion of the outstanding principal amount of such Letter of Credit Advance to be purchased by such Lender. Each Lender agrees to purchase its Pro Rata Share of an outstanding Letter of Credit Advance on (i) the Business Day on which demand therefor is made by the Issuing Bank; provided that notice of such demand is given not later than 12:00 noon (New York City time) on such Business Day or (ii) the first Business Day next succeeding such demand if notice of such demand is given after such time. Upon any such assignment by the Issuing Bank to any other Lender of a portion of a Letter of Credit Advance, the Issuing Bank represents and warrants to such Lender that the Issuing Bank is the legal and beneficial owner of such interest being assigned by it, but makes no other representation or warranty and assumes no responsibility with respect to such Letter of Credit Advance, the Loan Documents or any Loan Party. If and to the extent that any Lender shall not have so made the amount of such Advance. In the event that any Lender fails to make Letter of Credit Advance available to the Administrative Agent, such Lender agrees to pay to the Administrative Agent forthwith on demand such amount, together with interest thereon, for each day from the date of demand by the Issuing Bank until the date such amount is paid to the Administrative Agent, at the Federal Funds Rate. If such Lender shall pay to the Administrative Agent such amount for the account of the Issuing Bank Bank, such amount so paid in respect of principal shall constitute a Letter of Credit Advance by such Lender for purposes of this Agreement and the outstanding principal amount of such Advance, the Letter of Credit Advance made by the Issuing Bank shall be entitled to recover reduced by such amount on demand from such Lender together with interest thereon at a rate per annum equal to the lesser of (i) the Highest Lawful Rate or (ii) the Federal Funds Rateamount.
Appears in 1 contract
Drawing and Reimbursement. The payment by the any Issuing Bank of a draft ------------------------- drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by the such Issuing Bank of an a Letter of Credit Advance, which shall bear interest at the Prime be a Base Rate BasisAdvance, in the amount of such draft draft. Upon written demand by any Issuing Bank with an outstanding Letter of Credit Advance to the Administrative Agent requesting reimbursement from each Revolving Credit Lender for such outstanding Letter of Credit Advance, the Administrative Agent shall immediately send notice of such reimbursement demand by facsimile to each Revolving Credit Lender. Upon receipt of such reimbursement demand from the Administrative Agent, each Revolving Credit Lender shall purchase from such Issuing Bank, and such Issuing Bank shall sell and assign to each such Revolving Credit Lender, such Lender's Pro Rata Share of such outstanding Letter of Credit Advance as of the date of such purchase (but without any requirement for compliance with based, in the conditions set forth in Article 3 hereof). --------- In the event that a drawing under case of 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 Lender. Each Lender shallAdvance denominated in an Applicable Letter of Credit Currency other than Dollars, on the first Business Day following Equivalent in Dollars at such notificationtime), make an Advance, which shall bear interest at the Prime Rate Basis, and shall be used to repay the applicable portion of the Issuing Bank's Advance with respect to such Letter of Credit, in an amount equal to the amount of its participation in such 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 by making 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 at to the Administrative LenderAgent's officeAccount, in same day funds, an amount equal to the portion of the outstanding principal amount of such AdvanceLetter of Credit Advance to be purchased by such Revolving Credit Lender (based, in the case of any Letter of Credit Advance denominated in an Applicable Letter of Credit Currency other than Dollars, on the Equivalent in Dollars at such time). In the event that any Lender fails to make available to Promptly after receipt thereof, the Administrative Agent shall transfer such funds to such Issuing Bank. The U.S. Borrower hereby agrees to each such sale and assignment. Each Revolving Credit Lender for the account agrees to purchase its Pro Rata Share of the Issuing Bank the amount an outstanding Letter of such Advance, the Issuing Bank shall be entitled to recover such amount Credit Advance on demand from such Lender together with interest thereon at a rate per annum equal to the lesser of (i) the Highest Lawful Rate or Business Day on which demand therefor is made by the Issuing Bank which made such Advance, provided that notice of such demand is given to the Administrative Agent not later than 11:00 A.M. (ii) the Federal Funds Rate.New York City
Appears in 1 contract
Samples: Credit Agreement (Dresser Inc)
Drawing and Reimbursement. The payment by the Issuing Bank of a draft ------------------------- drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by the Issuing Bank of an Revolving Credit Advance, which shall bear interest at the Prime Base Rate Basis, in the amount of such draft (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 Agent and each other Lender. Each such Lender shall, on the first Business Day following such notification, make an a Revolving Credit Advance, which shall bear interest at the Prime Base Rate Basis, and shall be used to repay the applicable portion of the Issuing Bank's Advance with respect to such Letter of Credit, in an amount equal to the amount of its participation in such 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 Agent for the account of the Issuing Bank, by deposit at the Administrative LenderAgent's office, in same day funds, the amount of such Advance. In the event that any Lender fails to make available to the Administrative Lender 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 lesser of (i) the Highest Lawful Rate or (ii) the Federal Funds Rate.
Appears in 1 contract
Samples: Credit Agreement (Kevco Inc)
Drawing and Reimbursement. The payment by the Issuing Bank of a draft ------------------------- drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by the Issuing Bank of an a Revolving Credit Advance, which shall bear interest at the Prime applicable Base Rate Basis, in the amount of such draft (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. 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 Revolving Credit Advance, which shall bear interest at the Prime applicable Base Rate Basis, and shall be used to repay the applicable portion of the Issuing Bank's Revolving Credit Advance with respect to such Letter of Credit, in an amount equal to the amount of its participation in such 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 the Issuing Bank, by deposit at the Administrative Lender's office, in same day funds, the amount of such Revolving Credit 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 Revolving Credit 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 lesser of (i) the Highest Lawful Rate or (ii) the Federal Funds Rate.
Appears in 1 contract
Samples: Credit Agreement (Clear Channel Communications Inc)
Drawing and Reimbursement. The payment by the Issuing Bank of a draft ------------------------- drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by the Issuing Bank of an AdvanceAdvance under the Revolving Loan, which shall bear interest at a rate per annum equal to the Prime lesser of (i) the Base Rate Basisas in effect from time to time and (ii) the Highest Lawful Rate, in the amount of such draft (but without any requirement for compliance with the conditions set forth in Article 3 ARTICLE III hereof); provided, however, if as a result of termination of the Commitment pursuant to any Debtor Relief Law Issuing Bank is prohibited from making an Advance under the Revolving Loan, the obligation of Company to repay Issuing Bank the amount of such draft shall bear interest at a rate per annum equal to the lesser of (i) the Base Rate in effect from time to time and (ii) the Highest Lawful Rate. --------- In the event that a drawing under any Letter of Credit is not reimbursed by the Borrower Company by 11:00 a.m. (Dallas time) 12:00 noon on the first Business Day after such drawing, the Issuing Bank shall promptly notify Administrative Lender and Agent, which shall notify each other Lender. Each such Lender shall, on the first Business Day following such notification, make an AdvanceAdvance under the Revolving Loan (or, if as a result of any Debtor Relief Law the Lenders are prohibited from making an Advance under the Revolving Loan, each Lender shall fund its participation purchased pursuant to SECTION 2.14(a) hereof by making such amount available to Administrative Agent), which shall bear interest at a rate per annum equal to the Prime lesser of (i) the Base Rate Basisin effect from time to time and (ii) the Highest Lawful Rate, and shall be used to repay the applicable portion of the Issuing Bank's Advance with respect to such Letter of Credit, in an amount equal to the amount of its participation in such drawing for application to reimburse the Issuing Bank (but without any requirement for compliance with the applicable conditions set forth in Article 3 ARTICLE III hereof) and shall make available to the Administrative --------- Lender Agent for the account of the Issuing Bank, by deposit at the Administrative LenderAgent's office, in same day funds, the amount of such AdvanceAdvance (or funded participation, as the case may be). In the event that any Lender fails to make available to the Administrative Lender 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 lesser of (i) the Highest Lawful Rate or (ii) the Federal Funds Rate.
Appears in 1 contract
Samples: Credit Agreement (Franchise Finance Corp of America)
Drawing and Reimbursement. The payment by the any Issuing Bank of a draft ------------------------- drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by the such Issuing Bank of an a Letter of Credit Advance, which shall bear interest at the Prime be a Base Rate BasisAdvance, in the amount of such draft draft. Upon written demand by any Issuing Bank with an outstanding Letter of Credit Advance to the Administrative Agent requesting reimbursement from each Revolving Credit Lender for such outstanding Letter of Credit Advance, the Administrative Agent shall immediately send notice of such reimbursement demand by facsimile to each Revolving Credit Lender. Upon receipt of such reimbursement demand from the Administrative Agent, each Revolving Credit Lender shall purchase from such Issuing Bank, and such Issuing Bank shall sell and assign to each such Revolving Credit Lender, such Lender's Pro Rata Share of such outstanding Letter of Credit Advance as of the date of such purchase (but without any requirement for compliance with based, in the conditions set forth in Article 3 hereof). --------- In the event that a drawing under case of any Letter of Credit Advance denominated in an Applicable Letter of Credit Currency other than Dollars, on the Equivalent in Dollars at such time), 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 portion of the outstanding principal amount of such Letter of Credit Advance to be purchased by such Revolving Credit Lender (based, in the case of any Letter of Credit Advance denominated in an Applicable Letter of Credit Currency other than Dollars, on the Equivalent in Dollars at such time). Promptly after receipt thereof, the Administrative Agent shall transfer such funds to such Issuing Bank. The U.S. Borrower hereby agrees to each such sale and assignment. Each Revolving Credit Lender agrees to purchase its Pro Rata Share of an outstanding Letter of Credit Advance on (i) the Business Day on which demand therefor is not reimbursed made by the Borrower by Issuing Bank which made such Advance, provided that notice of such demand is given to the Administrative Agent not later than 11:00 a.m. A.M. (Dallas New York City time) on such Business Day, or (ii) the first Business Day next succeeding such demand if notice of such demand is given, to the Administrative Agent after such drawing, the time. Upon any such assignment by an Issuing Bank shall promptly notify Administrative to any Revolving Credit Lender and each Lender. Each Lender shall, on the first Business Day following such notification, make an of a portion of a Letter of Credit Advance, which shall bear such Issuing Bank represents and warrants to such other Lender that such Issuing Bank is the legal and beneficial owner of such interest at the Prime Rate Basisbeing assigned by it, free and shall be used to repay the applicable portion clear of the Issuing Bank's Advance any liens, but makes no other representation or warranty and assumes no responsibility with respect to such Letter of CreditCredit Advance, in an amount equal the Loan Documents or any Loan Party. If and to the extent that any Revolving Credit Lender shall not have so made the amount of its participation in such 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 Letter of Credit Advance available to the Administrative --------- Agent, such Revolving Credit Lender agrees to pay to the Administrative Agent forthwith on demand such amount together with interest thereon, for each day from the date of demand by such Issuing Bank until the date such amount is paid to the Administrative Agent, at the Federal Funds Rate for its account or the account of such Issuing Bank, as applicable. If such Lender shall pay to the Administrative Agent such amount for the account of such Issuing Bank on any Business Day, such amount so paid in respect of principal shall constitute a Letter of Credit Advance made by such Lender on such Business Day for purposes of this Agreement, and the Issuing Bank, by deposit at the Administrative Lender's office, in same day funds, the outstanding principal amount of the Letter of Credit Advance made by 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 reduced by such amount on demand from such Lender together with interest thereon at a rate per annum equal to the lesser of (i) the Highest Lawful Rate or (ii) the Federal Funds RateBusiness Day.
Appears in 1 contract
Drawing and Reimbursement. The payment by the Issuing Bank of a draft ------------------------- drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by the Issuing Bank of an a Revolving Credit Advance, which shall bear interest at the Prime Base Rate Basis, in the amount of such draft (but without any requirement for compliance with the conditions set forth in Article 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. 12:00 noon (Dallas Dallas, Texas time) on the first Business Day after such drawing, the Issuing Bank shall promptly notify Administrative Lender Agent and each other Lender. Each such Lender shall, on the first Business Day following such notification, make an a Revolving Credit Advance, which shall bear interest at the Prime Base Rate Basis, and shall be used to repay the applicable portion of the Issuing Bank's Advance with respect to such Letter of Credit, in an amount equal to the amount of its participation in such drawing for application to reimburse the Issuing Bank (but without any requirement for compliance with the applicable conditions set forth in Article ARTICLE 3 hereof) and shall make available to the Administrative --------- Lender Agent for the account of the Issuing Bank, by deposit at the Administrative LenderAgent's office, in same day funds, the amount of such Advance. In the event that any Lender fails to make available to the Administrative Lender 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 lesser of (i) the Highest Lawful Rate or (ii) the Federal Funds Rate.
Appears in 1 contract
Drawing and Reimbursement. The payment by the Issuing Bank of a draft ------------------------- drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by the Issuing Bank of an Revolving Credit Advance, which shall bear interest at the Prime Base Rate Basis, in the amount of such draft (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 a Revolving Credit Advance, which shall bear interest at the Prime Base Rate Basis, and shall be used to repay the applicable portion of the Issuing Bank's Advance with respect to such Letter of Credit, in an amount equal to the amount of its participation in such 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 the Issuing Bank, by deposit at the Administrative Lender's office, in same day funds, 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 lesser of (i) the Highest Lawful Rate or (ii) the Federal Funds Rate.
Appears in 1 contract
Samples: Credit Agreement (Kevco Inc)
Drawing and Reimbursement. (i) The payment by the Issuing Bank of a draft ------------------------- drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by the Issuing Bank of an Advancea Letter of Credit Advance to the applicable Borrower, which shall bear interest at (1) in the Prime case of payment on a draft drawn under any Letter of Credit denominated in U.S. Dollars or Canadian Dollars, be a Base Rate Basis, Loan in the amount of such draft draft, and (but without 2) in any requirement for compliance other case, be a LIBO Rate Loan that bears interest at the rate per annum equal to the rate per annum at which interest would accrue on a LIBO Rate Loan with an Interest Period of one month beginning on the conditions set forth date of such draw, and be immediately due and payable in Article 3 hereof). --------- In full by the event that a drawing under any applicable Borrower within one (1) Business Day of the payment thereof by the Issuing Bank.
(ii) Upon the issuance of each Letter of Credit is not reimbursed Credit, each Lender shall be deemed to have purchased a participation therein equal to its Pro Rata Share of the Available Amount thereof and, upon written demand by the Borrower by 11:00 a.m. (Dallas time) Issuing Bank following a draw on such a Letter of Credit, with a copy of such demand to the first Business Day after such drawingAdministrative Agent, each Lender shall purchase from the Issuing Bank, directly and not as a participation, and the Issuing Bank shall promptly notify Administrative Lender sell and assign to each such other Lender. Each Lender shall, on the first Business Day following such notification, make an Advance, which shall bear interest at the Prime Rate Basis, and shall be used to repay the applicable portion other Lender’s Pro Rata Share of the Issuing Bank's Advance with respect to such Letter of Credit, in an amount equal Credit Advance resulting from such draw as of the date of such purchase to the amount extent not previously repaid by the applicable Borrower, by making available for the account of its participation in such 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 Applicable Lending Office to the Administrative --------- Lender Agent for the account of the Issuing Bank, by deposit at to the Administrative Lender's officeAgent’s Account, in same same-day fundsfunds in the currency in which such Letter of Credit was denominated, an amount equal to the portion of the outstanding principal amount of such Letter of Credit Advance to be purchased by such Lender.
(iii) Each Borrower agrees to each participation, sale and assignment pursuant to this subsection (c).
(iv) Each Lender agrees to purchase its Pro Rata Share of an outstanding Letter of Credit Advance on (1) the Business Day on which demand therefor is made by the Issuing Bank, provided notice of such demand is given not later than 11:00 A.M. (New York, New York time) on such Business Day, or (2) the first Business Day next succeeding such demand if notice of such demand is given after such time. Upon any such assignment by the Issuing Bank to any Lender of a portion of a Letter of Credit Advance, the Issuing Bank shall be deemed to have represented and warranted to such Lender that such Issuing Bank is the legal and beneficial owner of such interest being assigned by it, but makes no other representation or warranty and assumes no responsibility with respect to such Letter of Credit Advance, the Loan Documents or any Loan Party. In If and to the event extent that any Lender fails to make shall not have so made the purchase price for its Pro Rata Share of a Letter of Credit Advance available to the Administrative Agent, such Lender agrees to pay to the Administrative Agent forthwith on demand such amount together with interest thereon, for each day from the date of demand by the Issuing Bank until the date such amount is paid to the Administrative Agent, at the Federal Funds Rate. If such Lender shall pay to the Administrative Agent such amount for the account of the Issuing Bank on any Business Day, such amount so paid in respect of principal shall constitute a Letter of Credit Advance made by such Lender on such Business Day for purposes of this Agreement, and the outstanding principal amount of such Advance, the Letter of Credit Advance made by the Issuing Bank shall be entitled to recover reduced by such amount on demand from such Lender together with interest thereon at a rate per annum equal to the lesser of (i) the Highest Lawful Rate or (ii) the Federal Funds RateBusiness Day.
Appears in 1 contract
Samples: Credit Agreement (Agco Corp /De)
Drawing and Reimbursement. The payment by the Issuing Bank of a draft ------------------------- drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by the Issuing Bank of an a Revolving Credit Advance, which shall bear interest at the Prime applicable Base Rate Basis, in the amount of such draft (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 Agent and each other Lender. Each such Lender shall, on the first Business Day following such notification, make an Revolving Credit Advance, which shall bear interest at the Prime applicable Base Rate Basis, and shall be used to repay the applicable portion of the Issuing Bank's Revolving Credit Advance with respect to such Letter of Credit, in an amount equal to the amount of its participation in such 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 Agent for the account of the Issuing Bank, by deposit at the Administrative LenderAgent's office, in same day funds, the amount of such Revolving Credit Advance. In the event that any Lender fails to make available to the Administrative Lender Agent for the account of the Issuing Bank the amount of such Revolving Credit 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 lesser of (i) the Highest Lawful Rate or (ii) the Federal Funds Rate.
Appears in 1 contract
Drawing and Reimbursement. The payment by the Issuing Bank of a draft ------------------------- drawn under any Letter of Credit shall constitute for all purposes of this Agreement the making by the Issuing Bank of an a Revolving Credit Advance, which shall bear interest at the Prime Base Rate Basis, in the amount of such draft (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. 12:00 noon (Dallas Dallas, Texas time) on the first Business Day after such drawing, the Issuing Bank shall promptly notify Administrative Lender Agent and each other Lender. Each such Lender shall, on the first Business Day following such notification, make an a Revolving Credit Advance, which shall bear interest at the Prime Base Rate Basis, and shall be used to repay the applicable portion of the Issuing Bank's Advance with respect to such Letter of Credit, in an amount equal to the amount of its participation in such 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 Agent for the account of the Issuing Bank, by deposit at the Administrative LenderAgent's office, in same day funds, the amount of such Advance. In the event that any Lender fails to make available to the Administrative Lender 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 lesser of (i) the Highest Lawful Rate or (ii) the Federal Funds Rate.
Appears in 1 contract