Common use of Drawings and Reimbursements; Funding of Participations Clause in Contracts

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Credit of any drawing under such Credit (or any notice thereof), the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make any payment in respect of a Credit, the Borrowers will reimburse the L/C Issuer the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such notice. If the Borrowers fail to so reimburse the L/C Issuer, then Administrative Agent will promptly notify each Lender of the related Honor Date, the Unreimbursed Amount and the amount of such Lender’s Percentage Share of such Unreimbursed Amount. In such event, the Borrowers will be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such Honor Date in an amount equal to such Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice). Any notice given by the L/C Issuer or Administrative Agent pursuant to this Section 2.04(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, upon receipt of any notice pursuant to Section 2.04(c)(i), make funds available (and Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at Administrative Agent’s Office in an amount equal to such Lender’s Percentage Share multiplied by the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii), each Lender that so makes funds available will be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers in such amount on the Honor Date. Administrative Agent will remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwise, the Borrowers will be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will be due and payable on demand (together with interest) and will bear interest at the Default Rate. In such event, each Lender’s payment to Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii) will be deemed payment in respect of its participation in such L/C Borrowing and will constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.04. (iv) Until each Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Credit, interest in respect of the amount of such Lender’s Percentage Share of such amount will be solely for the account of the L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each L/C Issuer for amounts drawn under all Credits issued by it, as contemplated by this Section 2.04(c), will be absolute and unconditional and will not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that such Lender may have against the L/C Issuer, the Borrowers or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or Event of Default or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, of a Loan Notice). No such making of an L/C Advance will relieve or otherwise impair the obligation of the Borrowers to reimburse each L/C Issuer for the amount of any payment made by the L/C Issuer under any Credit, together with interest as provided herein. (vi) If any Lender fails to make available to Administrative Agent for the account of any L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will be entitled to recover from such Lender (acting through Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. A certificate of L/C Issuer submitted to any Lender (through Administrative Agent) with respect to any amounts owing under this clause (vi) will be conclusive absent manifest error.

Appears in 5 contracts

Samples: Credit Agreement (Ch2m Hill Companies LTD), Credit Agreement (Ch2m Hill Companies LTD), Credit Agreement (Ch2m Hill Companies LTD)

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Drawings and Reimbursements; Funding of Participations. (i) Upon In each case upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit (or any notice thereof)and upon payment to a beneficiary under such Letter of Credit, the applicable designated L/C Issuer will shall notify the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If Not later than 4:00 p.m. on the date of any payment by the applicable L/C Issuer will make any payment in respect under a Letter of a Credit, if the Borrowers will Borrower has been so notified at or before 11:00 a.m. on such date, otherwise not later than 11:00 a.m. on the next Business Day (each such date, an “Honor Date”), the Borrower shall reimburse the such L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the applicable L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Committed Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the applicable L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Committed Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the applicable L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Committed Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will upon such demand shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the applicable L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Lender funds its Revolving Credit Committed Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the such L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Committed Loans or L/C Advances to reimburse each the applicable L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the such L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Committed Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the applicable L/C Issuer for the amount of any payment made by the such L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any the applicable L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the such L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the such L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the applicable L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 5 contracts

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

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing or presentation of documents under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will shall notify the Administrative Borrower, on behalf of the Borrowers, Borrower Agent and Administrative Agent thereof. If Not later than 1:00 p.m. on the first Business Day immediately following the date of any payment by the L/C Issuer will make any payment in respect under a Letter of a CreditCredit (each such date, the an “Honor Date”), Borrowers will shall reimburse the L/C Issuer through Administrative Agent in Dollars and in an amount equal to the amount of such payment not later than 1:00 p.m. on drawing (together with interest thereon at the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior rate then applicable to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticeBase Rate Revolving Loans). If the Borrowers fail to so reimburse the L/C IssuerIssuer by such time, then Administrative Agent will shall promptly notify each Revolving Lender of the related Honor Date, the amount of the unreimbursed drawing or payment (the “Unreimbursed Amount Amount”), and the amount of such Revolving Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower Agent shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice)Commitments. Any notice given by the L/C Issuer or Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and Administrative Agent may apply Cash Collateral provided for this purpose) to Administrative Agent for the account of the applicable designated L/C Issuer Issuer, in Dollars, at Administrative Agent’s Office in Office, an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 3:00 p.m. on the Business Day specified in such notice by Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Revolving Loan to the Borrowers Borrower Agent in such amount on the Honor Dateamount. Administrative Agent will shall remit the funds so received to the L/C IssuerIssuer in Dollars. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwiseBase Rate Loans for any reason, the L/C Issuer may require the Borrowers will to provide Cash Collateral in an amount not less than any such remaining Unreimbursed Amount and in the absence of any such requirement to provide Cash Collateral, Borrowers shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Lender’s payment to Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Revolving Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Revolving Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Revolving Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoffset-off, counterclaim, recoupment, defense or other right that which such Revolving Lender may have against the L/C Issuer, the Borrowers any Borrower or any other Person for any reason whatsoever, ; (B) the occurrence failure of one or continuance more of a Default or Event of Default the applicable conditions specified in Section 4.02 to be satisfied, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, of a Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Lender fails to make available to Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Revolving Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Revolving Lender (acting through Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds applicable Overnight Rate and a rate determined by the L/C Issuer from time to time in accordance with banking industry rules on interbank compensationeffect, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. A certificate of the L/C Issuer submitted to any Revolving Lender (through Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 5 contracts

Samples: Fourth Amendment to Amended and Restated Credit Agreement and First Amendment to Pledge and Security Agreement (e.l.f. Beauty, Inc.), Credit Agreement (e.l.f. Beauty, Inc.), Credit Agreement (e.l.f. Beauty, Inc.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make any shall notify the Borrower and the Administrative Agent thereof and shall state the date payment in respect of a Credit, the Borrowers will reimburse shall be made by the L/C Issuer the amount under a Letter of Credit (each such payment not date, an “Honor Date”). Not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Borrower shall reimburse the L/C Issuer through the Administrative Borrower prior Agent in an amount equal to the amount of such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Revolving Credit Lender’s Applicable Revolving Credit Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Revolving Credit Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Revolving Credit Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Administrative Agent, the Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the amount of the unutilized portion of the Revolving Credit Facility and the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Loan included in the relevant Revolving Credit Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 5 contracts

Samples: Credit Agreement (Acadia Healthcare Company, Inc.), Credit Agreement (Integra Lifesciences Holdings Corp), Credit Agreement (Integra Lifesciences Holdings Corp)

Drawings and Reimbursements; Funding of Participations. (i) Upon On the date of receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the Issuing Bank shall notify the Administrative Agent and the Borrower thereof (and simultaneously deliver a copy of the applicable site draft/drawing notice to the Borrower and the Administrative Agent thereof). Not later than (A) the Domestic Business Day the Borrower receives notice from the Issuing Bank that payment under a Letter of Credit will be made on such date, if the Borrower shall have received such notice on or prior to 11:00 a.m. (New York City time) on such date, or any (B) on the immediately following Domestic Business Day, if the Borrower shall have received such notice thereofafter 11:00 a.m. (New York City time) (either of such dates, as applicable, the “Honor Date”), the applicable designated L/C Issuer will notify Borrower shall reimburse such Issuing Bank through the Administrative Borrower, on behalf Agent whether with its own funds or with the proceeds of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make any payment Loans in respect of a Credit, the Borrowers will reimburse the L/C Issuer an amount equal to the amount of such payment not later than 1:00 p.m. on drawing. If the related Honor Date if Borrower fails to so reimburse such Issuing Bank by such time, the Administrative Borrower will have received notice, on behalf Agent shall promptly notify each Bank of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such notice. If the Borrowers fail to so reimburse the L/C Issuer, then Administrative Agent will promptly notify each Lender amount of the related Honor Dateunreimbursed drawing (the “Unreimbursed Amount”), the Unreimbursed Amount and the amount of such LenderBank’s Percentage Pro Rata Share of such Unreimbursed Amountthereof. In such an event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, and, so long as no Default has occurred and is continuing, such disbursement shall be deemed to occur automatically without further act and without regard to the minimum and multiples specified in Section 2.03 2.01 for the principal amount of Base Rate Loans, Loans (but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments other conditions set forth in Section 2.01) and without need to satisfy the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice)3.03. Any notice given by such Issuing Bank or the L/C Issuer or Administrative Agent pursuant to this Section 2.04(c)(i2.20(b) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, Bank (including the Bank acting as Issuing Bank) shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.20(b)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at Administrative Agent’s Office such Issuing Bank in an amount equal to such Lender’s Percentage its Pro Rata Share multiplied by of the Unreimbursed Amount with respect to such Letter of Credit not later than 1:00 p.m. (New York City time) on the Domestic Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.20(b)(iii), each Lender Bank that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuersuch Issuing Bank. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 can2.20(b)(i) have not be been satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer Issuing Bank an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at a rate equal to the Default Ratesum of (A) the Base Rate in effect from time to time, plus (B) the Base Rate Margin in effect from time to time, plus (C) 2% per annum. In such an event, each LenderBank’s payment to the Administrative Agent for the account of the L/C Issuer such Issuing Bank pursuant to Section 2.04(c)(ii2.20(b)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender Bank in satisfaction of its participation obligation under this Section 2.042.20. (iv) Until each Lender Bank funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.20(b) to reimburse the applicable designated L/C Issuer such Issuing Bank for any amount drawn under any Unreimbursed Amount in respect of such Letter of Credit, interest in respect of the amount of such LenderBank’s Percentage Pro Rata Share of such amount will the related Unreimbursed Amount shall be solely for the account of the L/C Issuersuch Issuing Bank. (v) Each LenderBank’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each L/C Issuer any Issuing Bank for amounts drawn under all Credits issued by itUnreimbursed Amounts in respect of such Letter of Credit, as contemplated by this Section 2.04(c2.20(b), will shall be irrevocable, absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender Bank may have against the L/C IssuerIssuing Bank, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, of a Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each L/C Issuer any Issuing Bank for the amount of any payment made by the L/C Issuer Issuing Bank under any Letter of Credit, together with interest as provided herein. (vi) If any Lender Bank fails to make available to the Administrative Agent for the account of any L/C Issuer Issuing Bank any amount required to be paid by such Lender Bank pursuant to the foregoing provisions of this Section 2.04(c2.20(b) by the time specified in Section 2.04(c)(ii2.20(b)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will such Issuing Bank shall be entitled to recover from such Lender Bank (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer such Issuing Bank at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer from time to time in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoingeffect. A certificate of L/C Issuer such Issuing Bank submitted to any Lender Bank (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.20(b)(vi) will shall be conclusive absent manifest error.

Appears in 4 contracts

Samples: Revolving Credit Agreement (National Rural Utilities Cooperative Finance Corp /Dc/), Revolving Credit Agreement (National Rural Utilities Cooperative Finance Corp /Dc/), Revolving Credit Agreement (National Rural Utilities Cooperative Finance Corp /Dc/)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify Borrower and Agent thereof. Not later than 11:00 a.m. (or 4:00 p.m. if Borrower is not notified of such payment until after 10:00 a.m. on such day) on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, the Borrowers will an “Honor Date”), Borrower shall reimburse the L/C Issuer through Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Committed Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and Administrative to Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Committed Loan to the Borrowers Borrower in such amount on the Honor Dateamount. Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Committed Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Lender’s payment to Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Lender funds its Revolving Credit Committed Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Committed Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Committed Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Lender (through Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 4 contracts

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

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Not later than 12:00 p.m. on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Revolving Credit Lender’s Applicable Revolving Credit Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Revolving Credit Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 2:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Revolving Credit Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan NoticeNotice ). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 4 contracts

Samples: Credit Agreement (SWIFT TRANSPORTATION Co), Credit Agreement (SWIFT TRANSPORTATION Co), Credit Agreement (SWIFT TRANSPORTATION Co)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Company and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Company shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Company fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each U.S. Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such U.S. Revolving Credit Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Company shall be deemed to have requested a U.S. Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate U.S. Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each U.S. Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office for payments in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each U.S. Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Committed Loan to the Borrowers Company in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a U.S. Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Company shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each U.S. Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing with respect to the Unreimbursed Amount and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each U.S. Revolving Credit Lender funds its U.S. Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such U.S. Revolving Credit Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each U.S. Revolving Credit Lender’s obligation to make U.S. Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such U.S. Revolving Credit Lender may have against the L/C Issuer, the Borrowers Company or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each U.S. Revolving Credit Lender’s obligation to make U.S. Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Company of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Company to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any U.S. Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such U.S. Revolving Credit Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such U.S. Revolving Credit Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds applicable Overnight Rate and a rate determined by the L/C Issuer from time to time in accordance with banking industry rules on interbank compensationeffect, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such U.S. Revolving Credit Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such U.S. Revolving Credit Lender’s Committed Loan included in the relevant Committed Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any U.S. Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 4 contracts

Samples: Credit Agreement (Hain Celestial Group Inc), Credit Agreement (Hain Celestial Group Inc), Credit Agreement (Hain Celestial Group Inc)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated relevant L/C Issuer will shall notify promptly the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If Not later than 3:00 p.m. on the Business Day on which any payment is made by an L/C Issuer will make any payment in respect under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the such L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. drawing, together with interest on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of amount so paid or disbursed by such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such notice. If the Borrowers fail to so reimburse the L/C Issuer, then to the extent not reimbursed on the date of such payment or disbursement. If the Borrower fails to so reimburse such L/C Issuer by such time, the Administrative Agent will shall promptly notify each Appropriate Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Appropriate Lender’s Percentage Pro Rata Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, Loans but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments of the Appropriate Lenders and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the an L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Appropriate Lender will, (including any Lender acting as an L/C Issuer) shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated relevant L/C Issuer Issuer, in Dollars, at the Administrative Agent’s Office for payments in an amount equal to such Lender’s Percentage its Pro Rata Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Appropriate Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the relevant L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated relevant L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Appropriate Lender’s payment to the Administrative Agent for the account of the relevant L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Appropriate Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated relevant L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Percentage Pro Rata Share of such amount will shall be solely for the account of the relevant L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each an L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the relevant L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the relevant L/C Issuer for the amount of any payment made by the such L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the relevant L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to (i) from the greater of date such payment is required through the first Business Day thereafter, the Federal Funds Rate from time to time in effect and a (ii) thereafter, the rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoingapplicable to Base Rate Loans. A certificate of the relevant L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 4 contracts

Samples: Credit Agreement (Station Casinos LLC), Credit Agreement (Station Casinos LLC), Credit Agreement (Station Casinos LLC)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing; provided, that the Borrower has received notice of such payment by 10:00 a.m. on such Honor Date, otherwise the Borrower shall make such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the following Business Day immediately following the day that the Administrative Borrower receives such notice(together with interest thereon). If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Borrowing of Revolving Credit Borrowing consisting of Loans that are Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 5.02 (other than the delivery of a Loan Notice). If the Unreimbursed Amount is paid on the Honor Date with a Revolving Loan, no Default shall be deemed to have occurred. Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Borrowing of Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether Loans that are Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 5.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 5.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 4 contracts

Samples: Credit Agreement (Silicon Laboratories Inc.), Credit Agreement (Silicon Laboratories Inc), Credit Agreement (Silicon Laboratories Inc)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Revolving Credit Lender’s Applicable Revolving Credit Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03 (i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this such purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Revolving Credit Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Revolving Credit Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Revolving Credit Lender’s Applicable Revolving Credit Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Revolving Credit Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Revolving Credit Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Revolving Credit Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Revolving Credit Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Revolving Credit Lender’s Revolving Credit Loan included in the relevant Revolving Credit Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 4 contracts

Samples: Credit Agreement (Pebblebrook Hotel Trust), Credit Agreement (Pebblebrook Hotel Trust), Credit Agreement (Pebblebrook Hotel Trust)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Not later than 12:00 noon on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Borrowing of Revolving Credit Borrowing consisting of Loans that are Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 5.02 (other than the delivery of a Loan Notice). If the Unreimbursed Amount is paid on the Honor Date with a Revolving Loan, no Default shall be deemed to have occurred for failure of the Borrower to reimburse the L/C Issuer for such Unreimbursed Amount. Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 2:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Borrowing of Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether Loans that are Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 5.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower, any Subsidiary or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 5.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 4 contracts

Samples: Credit Agreement (Grand Canyon Education, Inc.), Credit Agreement (Grand Canyon Education, Inc.), Credit Agreement (Grand Canyon Education, Inc.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit issued under the Revolving Credit Facility of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will shall notify the Administrative Borrower, on behalf of Borrowers and the Borrowers, and Administrative Agent thereof. If Not later than 11:00 a.m. on the date of any payment by the applicable L/C Issuer will make under a Letter of Credit (or, with respect to any payment in respect of a CreditIRB LOC, the time set forth therein), or within 2 hours after notice, if such notice occurs after 11:00 a.m. (each such date, an “Honor Date”), the Borrowers will shall reimburse the such L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail to so reimburse the applicable L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Revolving Credit Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments Facility and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice). Any notice given by the any L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Revolving Loan to the Borrowers in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the applicable L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the applicable L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Revolving Credit Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer Issuers for any amount drawn under any CreditLetter of Credit issued under the Revolving Credit Facility, interest in respect of the amount of such Revolving Credit Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the such L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer Issuers for amounts drawn under all Credits Letters of Credit issued by itunder the Revolving Credit Facility, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Revolving Credit Lender may have against the such L/C Issuer, the Borrowers or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrowers of a Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers to reimburse each the applicable L/C Issuer for the amount of any payment made by the such L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer Issuers any amount required to be paid by such Revolving Credit Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Revolving Credit Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the such L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the such L/C Issuer in connection with the foregoing. If such Revolving Credit Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Revolving Credit Loan included in the relevant Revolving Credit Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the applicable L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 4 contracts

Samples: Credit Agreement (Casella Waste Systems Inc), Credit Agreement (Casella Waste Systems Inc), Credit Agreement (Casella Waste Systems Inc)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing or presentation of documents under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Letter of Credit Issuer will shall notify the Administrative Borrower, on behalf of Borrower Agent and the Borrowers, and Administrative Agent thereof. If Not later than 1:00 P.M. on the L/C Issuer will make date of any payment in respect by the Letter of Credit Issuer under a CreditLetter of Credit (each such date, an “Honor Date”), the Borrowers will shall reimburse the L/C Letter of Credit Issuer through the Administrative Agent in Dollars and in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail to so reimburse the L/C IssuerLetter of Credit Issuer by such time, then the Administrative Agent will shall promptly notify each Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing or payment (the “Unreimbursed Amount Amount”), and the amount of such Revolving Credit Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower Agent shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 5.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Letter of Credit Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) to the Administrative Agent for the account of the applicable designated L/C Issuer Letter of Credit Issuer, in Dollars, at the Administrative Agent’s Office in for Dollar denominated payments an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. 3:00 P.M. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Base Rate Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower Agent in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C IssuerLetter of Credit Issuer in Dollars. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 5.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will shall be deemed to have incurred from the applicable designated L/C Letter of Credit Issuer an L/C a Letter of Credit Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Letter of Credit Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Letter of Credit Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Letter of Credit Borrowing and will shall constitute an L/C a Letter of Credit Advance from such Revolving Credit Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Letter of Credit Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Letter of Credit Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Revolving Credit Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the L/C Letter of Credit Issuer. (v) Each LenderRevolving Credit Xxxxxx’s obligation to make Revolving Credit Loans or L/C Letter of Credit Advances to reimburse each L/C the Letter of Credit Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoffset-off, counterclaim, recoupment, defense or other right that which such Revolving Credit Lender may have against the L/C Letter of Credit Issuer, the Borrowers any Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, of a Loan Notice). No such making of an L/C a Letter of Credit Advance will shall relieve or otherwise impair the obligation of the Borrowers to reimburse each L/C the Letter of Credit Issuer for the amount of any payment made by the L/C Letter of Credit Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any L/C the Letter of Credit Issuer any amount required to be paid by such Revolving Credit Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Letter of Credit Issuer will shall be entitled to recover from such Revolving Credit Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Letter of Credit Issuer at a rate per annum equal to the greater of applicable Overnight Rate for three (3) Business Days and thereafter at the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensationBase Rate, plus any administrative, processing or similar fees customarily charged by the L/C Letter of Credit Issuer in connection with the foregoing. A certificate of L/C the Letter of Credit Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 4 contracts

Samples: Credit Agreement (Lifecore Biomedical, Inc. \De\), Credit Agreement (Ascent Industries Co.), Credit Agreement (Lifecore Biomedical, Inc. \De\)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will shall notify the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If Not later than 11:00 a.m. on the date of any payment by the applicable L/C Issuer will make any payment in respect under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing; provided that the Borrower has received notice of such payment by 10:00 a.m. on such Honor Date, otherwise the Borrower shall make such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the following Business Day immediately following the day that the Administrative Borrower receives such notice(together with interest thereon). If the Borrowers fail Borrower fails to so reimburse the applicable L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Borrowing of Revolving Credit Borrowing consisting of Loans that are Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 5.02 (other than the delivery of a Loan Notice)) and provided that, after giving effect to such Borrowing, the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments. Any notice given by the applicable L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the applicable L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Borrowing of Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether Loans that are Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 5.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the applicable L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the such L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the applicable L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the such L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 5.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the applicable L/C Issuer for the amount of any payment made by the such L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any the applicable L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the such L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the such L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid (excluding such interest and fees) shall constitute such Lender’s Revolving Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the applicable L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 4 contracts

Samples: Credit Agreement (Energen Corp), Credit Agreement (Energen Corp), Credit Agreement (Energen Corp)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any a compliant drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will shall notify the Administrative Borrower, on behalf of applicable Borrower and the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make any payment in respect of a Credit, the Borrowers will reimburse the L/C Issuer the amount of such payment not Not later than 1:00 p.m. on the related date immediately following any payment by the applicable L/C Issuer under a Letter of Credit (such date, an “Honor Date if Date”), such Borrower shall reimburse such L/C Issuer through the Administrative Borrower will have received notice, on behalf of Agent in an amount equal to the Borrowers, amount of such payment prior drawing for a Letter of Credit issued on its behalf. If such Borrower fails to 11:00 a.m. on so reimburse the applicable L/C Issuer by such time, the Administrative Agent shall promptly notify each Revolving Credit Lender of the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such notice. If the Borrowers fail to so reimburse the L/C Issuer, then Administrative Agent will promptly notify each Lender amount of the related Honor Dateunreimbursed drawing (the “Unreimbursed Amount”), the Unreimbursed Amount and the amount of such Revolving Credit Lender’s Percentage Pro Rata Share of such Unreimbursed Amountthereof. In such event, the Borrowers will such Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 5.02 (other than the delivery of a Committed Loan Notice). Any notice given by the applicable L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may must be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, (including the Lender acting as the applicable L/C Issuer) shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s Percentage its Pro Rata Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers such Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the applicable L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 5.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will applicable Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the such L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Percentage Pro Rata Share of such amount will shall be solely for the account of the such L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the applicable L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the such L/C Issuer, the Borrowers any Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 5.02 (other than delivery by any Borrower of a Committed Loan Notice) and that the Administrative Borrower, on behalf obligations of the Borrowers, Borrowers pursuant to this Section 2.03(c) shall survive termination of a Loan Notice)this Agreement and the payment of the Loans and all other amounts payable hereunder. No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers to reimburse each the applicable L/C Issuer for the amount of any payment made by the such L/C Issuer under any CreditLetter of Credit issued to such Borrower, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the applicable L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Revolving Credit Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Effective Rate and a rate determined by the such L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the such L/C Issuer in connection with the foregoing. If such Revolving Credit Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the applicable L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 4 contracts

Samples: Credit Agreement (Element Solutions Inc), Credit Agreement (Element Solutions Inc), Credit Agreement (Element Solutions Inc)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will shall notify the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If Not later than 11:00 a.m. on the date of any payment by such L/C Issuer will make any payment in respect under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the such L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on drawing. If the related Honor Date if Borrower fails to so reimburse such L/C Issuer by such time, the Administrative Borrower will have received notice, on behalf Agent shall promptly notify each Revolving Credit Lender of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such notice. If the Borrowers fail to so reimburse the L/C Issuer, then Administrative Agent will promptly notify each Lender amount of the related Honor Dateunreimbursed drawing (the “Unreimbursed Amount”), the Unreimbursed Amount and the amount of such Revolving Credit Lender’s Applicable Revolving Credit Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the applicable L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Revolving Credit Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the such L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the such L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Revolving Credit Percentage Share of such amount will shall be solely for the account of the such L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the applicable L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the any L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each L/C Issuer for the amount of any payment made by the each L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the applicable L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the such L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the such L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Loan included in the relevant Revolving Credit Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the applicable L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 3 contracts

Samples: Credit Agreement (TopBuild Corp), Credit Agreement (TopBuild Corp), Credit Agreement (TopBuild Corp)

Drawings and Reimbursements; Funding of Participations. (i1) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Not later than 12:00 p.m. on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Revolving Credit Lender’s Applicable Revolving Credit Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments Facility and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (iii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) to the Administrative Agent for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Revolving Credit Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iiiii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iviii) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Revolving Credit Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (viv) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (viv) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Loan included in the relevant Revolving Credit Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 3 contracts

Samples: Credit Agreement (NOODLES & Co), Securities Purchase Agreement (NOODLES & Co), Amended and Restated Credit Agreement (NOODLES & Co)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will shall exercise commercially reasonable efforts to notify the Borrower and the Administrative Borrower, on behalf Agent thereof within two (2) Business Days after receipt of such notice and of the Borrowers, and Administrative Agent thereofdate required for payment of such drawing under such Letter of Credit. If Not later than 11:00 a.m. on the date of any payment by any L/C Issuer will make any payment in respect under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the such L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the such L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Committed Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 5.02 (other than the delivery of a Committed Loan Notice). Any notice given by the any L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. If such Base Rate Loans are so disbursed to pay an Unreimbursed Amount, then no Default or Event of Default shall be deemed to have occurred. (ii) Each Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i2.03(c), (i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated any L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the such L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Committed Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 5.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the any L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Lender funds its Revolving Credit Committed Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated any L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the such L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Committed Loans or L/C Advances to reimburse each any L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the such L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Lender’s obligation to make Revolving Credit Committed Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 5.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each any L/C Issuer for the amount of any payment made by the such L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the such L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the such L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of any L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 3 contracts

Samples: Credit Agreement (STAG Industrial, Inc.), Credit Agreement (STAG Industrial, Inc.), Credit Agreement (STAG Industrial, Inc.)

Drawings and Reimbursements; Funding of Participations. (i) Upon Notwithstanding anything to the contrary contained herein, upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Following Xxxxxxxx’s receipt of such notice by the L/C Issuer and not later than 12:00 noon New York time on the Business Day following the date of any payment in by the L/C Issuer with respect to a Letter of a CreditCredit drawing (each such date, an “L/C Honor Date”), the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Lender of the related L/C Honor Date, the Unreimbursed Amount and the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and such Revolving Lender’s Percentage Pro Rata Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting borrowing of an Advance that is an Alternate Base Rate Loans Loan to be disbursed on such the L/C Honor Date in an amount equal to such the Unreimbursed Amount, without regard regardless of whether a Default or Event of Default shall have occurred and be continuing and notwithstanding the Borrower’s failure to the minimum and multiples specified in Section 2.03 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and satisfy the conditions precedent set forth in Section 4.02 (other than the delivery of a Loan Notice). Any notice given by the L/C Issuer or Administrative Agent pursuant to this Section 2.04(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will not affect the conclusiveness or binding effect of such noticeArticle III. (ii) Each Revolving Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i)2.2(h) wire transfer funds to the Administrative Agent’s Account, make funds available (and for the benefit of the Administrative Agent may apply Cash Collateral provided for this purpose) for the on account of the applicable designated L/C Issuer at Administrative Agent’s Office Issuer, in an amount equal to such Lender’s Percentage its Pro Rata Share multiplied by of the Unreimbursed Amount not later than 1:00 2:00 p.m. New York time on the first Business Day following such notice or such later date specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii), each Revolving Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan an Advance that is a an Alternate Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwise, the Borrowers will be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will be due and payable on demand (together with interest) and will bear interest at the Default Rate. In such event, each Lender’s payment to Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii) will be deemed payment in respect of its participation in such L/C Borrowing and will constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.04. (iv) Until each Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Credit, interest in respect of the amount of such Lender’s Percentage Share of such amount will be solely for the account of the L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each L/C Issuer for amounts drawn under all Credits issued by it, as contemplated by this Section 2.04(c), will be absolute and unconditional and will not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that such Lender may have against the L/C Issuer, the Borrowers or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or Event of Default or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, of a Loan Notice). No such making of an L/C Advance will relieve or otherwise impair the obligation of the Borrowers to reimburse each L/C Issuer for the amount of any payment made by the L/C Issuer under any Credit, together with interest as provided herein. (vi) If any Lender fails to make available to Administrative Agent for the account of any L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will be entitled to recover from such Lender (acting through Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. A certificate of L/C Issuer submitted to any Lender (through Administrative Agent) with respect to any amounts owing under this clause (vi) will be conclusive absent manifest error.

Appears in 3 contracts

Samples: Credit and Guaranty Agreement (RadNet, Inc.), First Lien Credit and Guaranty Agreement (RadNet, Inc.), First Lien Credit and Guaranty Agreement (RadNet, Inc.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail to so Borrower does not reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice)) and provided that, after giving effect to such Borrowing, the Total Revolving Outstandings shall not exceed the Aggregate Revolving Commitments. Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) to the Administrative Agent for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not (x) fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason or (y) otherwise reimbursed by the Borrower on the Honor Date, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 3 contracts

Samples: Credit Agreement (Laboratory Corp of America Holdings), Credit Agreement (Laboratory Corp of America Holdings), Credit Agreement (Laboratory Corp of America Holdings)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated relevant L/C Issuer will shall notify promptly the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make any payment in respect of a Credit, the Borrowers will reimburse the L/C Issuer the amount of such payment not Not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following any payment by an L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the day that Borrower shall reimburse such L/C Issuer through the Administrative Borrower receives Agent in an amount equal to the amount of such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the such L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Revolving Credit Lender’s Percentage Pro Rata Share of such Unreimbursed Amountthereof. In such event, the Borrowers will be deemed to have requested Borrower shall request a Revolving Credit Borrowing consisting of Base Rate Loans in accordance with Section 2.02 to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, Loans but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments of the Revolving Credit Lenders and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the an L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated relevant L/C Issuer at Issuer, in U.S. dollars, to the account of the Administrative Agent’s Office Agent most-recently designated by it for such purpose by notice to the Revolving Credit Lenders in an amount equal to such Lender’s Percentage its Pro Rata Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii), each Lender that so makes funds available will be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers in such amount on the Honor Date. The Administrative Agent will shall remit the funds so received to the relevant L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated relevant L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the relevant L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated relevant L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Percentage Pro Rata Share of such amount will shall be solely for the account of the relevant L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each an L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the relevant L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan NoticeNotice ). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the relevant L/C Issuer for the amount of any payment made by the such L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the relevant L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer from time to time in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoingeffect. A certificate of the relevant L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 3 contracts

Samples: Second Amendment and Restatement Agreement (Team Health Holdings Inc.), Credit Agreement (Team Health Holdings Inc.), Credit Agreement (Erie Shores Emergency Physicians, Inc.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Credit of any drawing under such Credit (or any notice thereof), the applicable designated The L/C Issuer will notify for any Letter of Credit shall, within the Administrative Borrower, on behalf time allowed by applicable Laws or the specific terms of the BorrowersLetter of Credit following its receipt thereof, and Administrative Agent thereofexamine all documents purporting to represent a demand for payment under such Letter of Credit. If the Such L/C Issuer will make shall promptly notify the Administrative Agent and the Borrower in writing of such demand for payment; provided that any payment failure to give or delay in respect giving such notice shall not relieve the Borrower of a Credit, the Borrowers will its obligation to reimburse the such L/C Issuer and the amount of Lenders with respect to any such payment not payment. Not later than 1:00 p.m. on the related date immediately following any payment by the applicable L/C Issuer under a Letter of Credit (such date, an “Honor Date if Date”), such Borrower shall reimburse such L/C Issuer through the Administrative Borrower will have received notice, on behalf of Agent in an amount equal to the Borrowers, amount of such payment prior drawing for a Letter of Credit issued on its behalf. If such Borrower fails to 11:00 a.m. on so reimburse the applicable L/C Issuer by such time, the Administrative Agent shall promptly notify each Revolving Credit Lender of the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such notice. If the Borrowers fail to so reimburse the L/C Issuer, then Administrative Agent will promptly notify each Lender amount of the related Honor Dateunreimbursed drawing (the “Unreimbursed Amount”), the Unreimbursed Amount and the amount of such LenderRevolving Credit Xxxxxx’s Percentage Pro Rata Share of such Unreimbursed Amountthereof. In such event, the Borrowers will such Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 5.02 (other than the delivery of a Committed Loan Notice). Any notice given by the applicable L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may must be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, (including the Lender acting as the applicable L/C Issuer) shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s Percentage its Pro Rata Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers such Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the applicable L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 5.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will applicable Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the such L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such LenderXxxxxx’s Percentage Pro Rata Share of such amount will shall be solely for the account of the such L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the applicable L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the such L/C Issuer, the Borrowers any Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 5.02 (other than delivery by any Borrower of a Committed Loan Notice) and that the Administrative Borrower, on behalf obligations of the Borrowers, Borrowers pursuant to this Section 2.03(c) shall survive termination of a Loan Notice)this Agreement and the payment of the Loans and all other amounts payable hereunder. No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers to reimburse each the applicable L/C Issuer for the amount of any payment made by the such L/C Issuer under any CreditLetter of Credit issued to such Xxxxxxxx, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the applicable L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Revolving Credit Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Effective Rate and a rate determined by the such L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the such L/C Issuer in connection with the foregoing. If such Revolving Credit Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the applicable L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 3 contracts

Samples: Credit Agreement (Element Solutions Inc), Credit Agreement (Element Solutions Inc), Credit Agreement (Element Solutions Inc)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Company, the applicable Designated Borrower and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Company or the applicable Designated Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Company or such Designated Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Applicable Revolving Credit Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Company or the applicable Designated Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Revolving Credit Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Company or the applicable Designated Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Company or the applicable Designated Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Revolving Credit Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Revolving Credit Lender’s Applicable Revolving Credit Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Revolving Credit Lender may have against the L/C Issuer, the Borrowers Company, any Designated Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of Company or the Borrowers, applicable Designated Borrower of a Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Company or the applicable Designated Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Revolving Credit Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Revolving Credit Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Revolving Credit Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Revolving Credit Lender’s Revolving Credit Loan included in the relevant Revolving Credit Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 3 contracts

Samples: Credit Agreement (Tile Shop Holdings, Inc.), Credit Agreement (Tile Shop Holdings, Inc.), Credit Agreement (Tile Shop Holdings, Inc.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable Issuing Bank shall promptly notify the Borrower and the Administrative Agent of a demand for payment thereunder. Not later than 4:00 p.m. on or before the date of any payment by any Issuing Bank under a Letter of Credit (or any notice thereofeach such date, an “Honor Date”), the applicable designated L/C Issuer will notify Borrower shall reimburse such Issuing Bank through the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make any payment in respect of a Credit, the Borrowers will reimburse the L/C Issuer an amount equal to the amount of such payment not later than 1:00 p.m. on drawing. If the related Honor Date if Borrower fails to so reimburse such Issuing Bank by such time, the Administrative Borrower will have received notice, on behalf Agent shall promptly notify each Revolving Credit Lender of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such notice. If the Borrowers fail to so reimburse the L/C Issuer, then Administrative Agent will promptly notify each Lender amount of the related Honor Dateunreimbursed drawing (the “Unreimbursed Amount”), the Unreimbursed Amount and the amount of such Revolving Credit Lender’s Applicable Revolving Credit Percentage Share of such Unreimbursed Amountthereof. In such event, so long as no Event of Default has occurred and is continuing, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate ABR Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02(a) for the principal amount of Base Rate ABR Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 4.04 (other than the delivery of a Loan NoticeNotice of Borrowing). Any notice given by such Issuing Bank or the L/C Issuer or Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer Issuing Bank at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Revolving Credit Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. 11:00 a.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate an ABR Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuersuch Issuing Bank. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwiseABR Loans, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer Issuing Bank an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall bear interest at the rate for ABR Loans (unless an Event of Default is continuing, in which case such L/C Borrowing shall bear interest at the Default Rate and shall be due and payable on demand (together with interest) and will bear interest at the Default Rate)). In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Issuer such Issuing Bank pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance Loan from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance Loan pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer Issuing Bank for any amount drawn under any Letter of Credit, interest in respect of the amount of such LenderXxxxxx’s Applicable Revolving Credit Percentage Share of such amount will shall be solely for the account of the L/C Issuersuch Issuing Bank. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances Loans to reimburse each L/C Issuer Issuing Bank for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuerany Issuing Bank, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, of a Loan Notice). No such making of an L/C Advance will relieve or otherwise impair the obligation of the Borrowers to reimburse each L/C Issuer for the amount of any payment made by the L/C Issuer under any Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any L/C Issuer Issuing Bank any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will such Issuing Bank shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer such Issuing Bank at a rate per annum equal to the greater of the Federal Funds Effective Rate and a rate determined by the L/C Issuer such Issuing Bank in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer such Issuing Bank in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute an L/C Loan in respect of the relevant L/C Borrowing. A certificate of L/C Issuer such Issuing Bank submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 3 contracts

Samples: Credit Agreement (MN8 Energy, Inc.), Credit Agreement (MN8 Energy, Inc.), Credit Agreement (New PubCo Renewable Power Inc.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will Issuing Lender shall notify the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If Not later than 11:00 a.m. on the L/C Issuer will make date of any payment by the Issuing Lender under a Letter of Credit to be reimbursed in respect of a CreditDollars (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the L/C Issuer Issuing Lender through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuing Lender by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Revolving Commitment Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Borrowing of Revolving Credit Borrowing consisting of Loans that are Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.2(b) for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 5.2 (other than the delivery of a Notice of Revolving Loan NoticeBorrowing). Any notice given by the L/C Issuer Issuing Lender or the Administrative Agent pursuant to this Section 2.04(c)(i2.6(a)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.6(a)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer Issuing Lender, in Dollars, at the Administrative Agent’s Office for payments in an amount equal to such Lender’s its Revolving Commitment Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative AgentAgent which date will not be earlier than the Business Day following the Honor Date, whereupon, subject to the provisions of Section 2.04(c)(iii2.1(c)(ii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C IssuerIssuing Lender in Dollars. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Borrowing of Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 5.2 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer Issuing Lender an L/C LOC Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C LOC Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer Issuing Lender pursuant to Section 2.04(c)(ii2.6(a)(ii) will shall be deemed payment in respect of its participation in such L/C LOC Borrowing and will shall constitute an L/C LOC Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.6. (iv) Until each Lender funds its Revolving Credit Loan or L/C LOC Advance pursuant to this Section 2.04(c2.6(a) to reimburse the applicable designated L/C Issuer Issuing Lender for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Revolving Commitment Percentage Share of such amount will shall be solely for the account of the L/C IssuerIssuing Lender. (v) Each Lender’s obligation to make Revolving Credit Loans or L/C LOC Advances to reimburse each L/C Issuer the Issuing Lender for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.6(a), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C IssuerIssuing Lender, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.6(a) is subject to the conditions set forth in Section 4.02 5.2 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Notice of Revolving Loan NoticeBorrowing). No such making of an L/C LOC Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each L/C Issuer the Issuing Lender for the amount of any payment made by the L/C Issuer Issuing Lender under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any L/C Issuer the Issuing Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.6(a) by the time specified in Section 2.04(c)(ii2.6(a)(ii), then, without limiting the other provisions of this Credit Agreement, the L/C Issuer will Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer Issuing Lender at a rate per annum equal to the greater of the Federal Funds applicable Overnight Rate and a rate determined by the L/C Issuer from time to time in accordance with banking industry rules on interbank compensationeffect, plus any administrative, processing or similar fees customarily charged by the L/C Issuer Issuing Lender in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Loan included in the relevant Borrowing or LOC Advance in respect of the relevant LOC Borrowing, as the case may be. A certificate of L/C Issuer the Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 3 contracts

Samples: Credit Agreement (Cree, Inc.), Credit Agreement (Cree Inc), Credit Agreement (Cree Inc)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will Issuing Bank shall notify the Administrative Borrower, on behalf of Company and the Borrowers, and Administrative Agent thereof. If Not later than 11:00 a.m. on the L/C Issuer will make date of any payment in respect by the applicable Issuing Bank under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Company shall reimburse such Issuing Bank through the L/C Issuer Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on drawing; provided, however, that in the related Honor Date if case of a Letter of Credit denominated in an Alternative Currency, the Administrative Borrower will have received noticeCompany shall reimburse such Issuing Bank in Dollars, on behalf and such Issuing Bank shall notify the Company of the Borrowers, Dollar Equivalent of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by amount of the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately drawing promptly following the day that the Administrative Borrower receives such noticedetermination thereof. If the Borrowers fail Company fails to so reimburse the L/C Issuerapplicable Issuing Bank by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (expressed in Dollars in the amount of the Dollar Equivalent thereof in the case of a Letter of Credit denominated in an Alternative Currency) (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Percentage Share of such Unreimbursed AmountCommitment Ratio thereof. In such event, the Borrowers will Company shall be deemed to have requested a Revolving Credit Borrowing consisting an Advance of Base Rate Loans Advances to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 for the principal amount of Base Rate LoansAdvances, but subject to the amount of the unutilized portion of the Aggregate Available Revolving Credit Loan Commitments and the conditions set forth in Section 4.02 3.3 (other than the delivery of a Loan NoticeRequest for Advance). Any notice given by an Issuing Bank or the L/C Issuer or Administrative Agent pursuant to this Section 2.04(c)(i2.13(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.13(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer Issuing Bank at the Administrative Agent’s Office in an amount equal to such Lender’s Percentage Share multiplied by its Commitment Ratio of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.13(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan Advances to the Borrowers Company in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuerapplicable Issuing Bank. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether an Advance of Base Rate Advances because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 3.3 cannot be satisfied or otherwisefor any other reason, the Borrowers will Company shall be deemed to have incurred from the applicable designated L/C Issuer Issuing Bank an L/C Borrowing on the Honor Date Advance in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will Advance shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer applicable Issuing Bank pursuant to Section 2.04(c)(ii2.13(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing Advance and will shall constitute an L/C Advance Loan from such Lender in satisfaction of its participation obligation under this Section 2.042.13. (iv) Until each Lender funds its Revolving Credit Loan or L/C Advance Loan pursuant to this Section 2.04(c2.13(c) to reimburse the applicable designated L/C Issuer Issuing Bank for any amount drawn under any CreditLetter of Credit issued by it, interest in respect of the amount of such Lender’s Percentage Share Commitment Ratio of such amount will shall be solely for the account of the L/C Issuersuch Issuing Bank. (v) Each Lender’s obligation to make Revolving Credit Loans or L/C Advances Loans to reimburse each L/C Issuer an Issuing Bank for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.13(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuersuch Issuing Bank, the Borrowers Company or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.13(c) is subject to the conditions set forth in Section 4.02 3.3 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Company of a Loan NoticeRequest for Advance). No such making of an L/C Advance will Loan shall relieve or otherwise impair the obligation of the Borrowers Company to reimburse each L/C Issuer the applicable Issuing Bank for the amount of any payment made by the L/C Issuer such Issuing Bank under any CreditLetter of Credit issued by it, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any L/C Issuer an Issuing Bank any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.13(c) by the time specified in Section 2.04(c)(ii2.13(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will such Issuing Bank shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer such Issuing Bank at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer such Issuing Bank in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer such Issuing Bank in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Loan included in the relevant Advance or L/C Loan in respect of the relevant L/C Advance, as the case may be. A certificate of L/C Issuer the applicable Issuing Bank submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 3 contracts

Samples: Revolving Credit Agreement (American Tower Corp /Ma/), Revolving Credit Agreement (American Tower Corp /Ma/), Multicurrency Revolving Credit Agreement (American Tower Corp /Ma/)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the applicable Revolving Credit Borrower and the Administrative Agent thereof. Not later than 11:00 a.m. on the date immediately following any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, the Borrowers will an “Honor Date”), each Revolving Credit Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. drawing for a Letter of Credit issued on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticeits behalf. If the Borrowers fail such Revolving Credit Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Dollar Revolving Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Dollar Revolving Lender’s Percentage Pro Rata Dollar Share of such Unreimbursed Amountthereof. In such event, the Borrowers will such Revolving Credit Borrower shall be deemed to have requested a Dollar Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Dollar Revolving Credit Commitments and the conditions set forth in Section 4.02 5.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may must be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Dollar Revolving Lender will, (including the Lender acting as L/C Issuer) shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s Percentage its Pro Rata Dollar Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Dollar Revolving Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers applicable Revolving Credit Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 5.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will applicable Revolving Credit Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Dollar Revolving Lender funds its Dollar Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Percentage Pro Rata Dollar Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Dollar Revolving Lender’s obligation to make Dollar Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers any Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Dollar Revolving Lender’s obligation to make Dollar Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 5.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, any Revolving Credit Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Revolving Credit Borrowers to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any CreditLetter of Credit issued to such Revolving Credit Borrower, together with interest as provided herein. (vi) If any Dollar Revolving Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Dollar Revolving Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Dollar Revolving Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Dollar Revolving Credit Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Dollar Revolving Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 3 contracts

Samples: Amendment No. 9 (Platform Specialty Products Corp), Credit Agreement (Platform Specialty Products Corp), Credit Agreement (Platform Specialty Products Corp)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify Borrower and Agent thereof. Not later than 11:00 a.m. on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, the Borrowers will an “Honor Date”), Borrower shall reimburse the L/C Issuer through Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Committed Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments Available Amount and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and Administrative to Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Committed Loan to the Borrowers Borrower in such amount on the Honor Dateamount. Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Committed Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Lender’s payment to Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Lender funds its Revolving Credit Committed Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Committed Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Committed Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C LC/ Issuer in connection with the foregoing. A certificate of the L/C Issuer submitted to any Lender (through Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 3 contracts

Samples: Credit Agreement (Cogdell Spencer Inc.), Credit Agreement (Cogdell Spencer Inc.), Credit Agreement (Cogdell Spencer Inc.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing or, with respect to any Acceptance Credit, presentation of documents under such Credit (Letter of Credit, or any notice thereof)presentation for payment of a Bankers’ Acceptance, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Not later than 1:00 p.m. on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit or Bankers’ Acceptance (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received noticedrawing or Bankers’ Acceptance, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticeas applicable. If the Borrowers fail Borrower fails so to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Lender of the related Honor Date, the amount of the unreimbursed drawing or payment (the “Unreimbursed Amount Amount”), and the amount of such Revolving Lender’s Percentage Pro Rata Revolving Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 5.02 (other than the delivery of a Revolving Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), ) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s Percentage its Pro Rata Revolving Share multiplied by of the Unreimbursed Amount not later than 1:00 3:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii), each Revolving Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Revolving Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 5.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C – BA Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C – BA Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii) will shall be deemed payment in respect of its participation in such L/C – BA Borrowing and will shall constitute an L/C - BA Advance from such Revolving Lender in satisfaction of its participation obligation under this Section 2.04. (iv) Until each Revolving Lender funds its Revolving Credit Loan or L/C - BA Advance pursuant to this Section 2.04(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any CreditLetter of Credit or payments made on any Bankers’ Acceptance, interest in respect of the amount of such Revolving Lender’s Percentage Pro Rata Revolving Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Revolving Lender’s obligation to make Revolving Credit Loans or L/C - BA Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit and payments made on Bankers’ Acceptances, as contemplated by this Section 2.04(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoffset-off, counterclaim, recoupment, defense or other right that which such Revolving Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02 5.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Revolving Loan Notice). No such making of an L/C - BA Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any CreditLetter of Credit or Bankers’ Acceptance, together with interest as provided herein. (vi) If any Revolving Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Revolving Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Revolving Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. A certificate of the L/C Issuer submitted to any Revolving Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 3 contracts

Samples: Credit Agreement (Mueller Group, Inc.), Credit Agreement (Mueller Water Products, Inc.), Credit Agreement (Walter Industries Inc /New/)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will shall notify the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If the The Borrower shall reimburse such L/C Issuer will make through the Administrative Agent in an amount equal to the amount of such drawing by no later than one Business Day following delivery to the Borrower of notice of any payment in respect of a Credit, the Borrowers will reimburse the by such L/C Issuer the amount under a Letter of Credit, provided that such payment not later than notice is delivered by 1:00 p.m. p.m., New York City time on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Datedate, or, if such notice has is not been received delivered by such time, then on the Administrative Borrower prior to immediately succeeding Business Day (each such time on such date, an “Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such notice”). If the Borrowers fail Borrower fails to so reimburse the such L/C IssuerIssuer by the time set forth in the preceding sentence, then the applicable L/C Issuer shall promptly notify the Administrative Agent will promptly notify each Lender of the related Honor Date, the Unreimbursed Amount Date and the amount of such Lender’s Percentage Share of such the unreimbursed drawing (the “Unreimbursed Amount”). In such event, the Borrowers will be deemed to have requested a The Administrative Agent shall promptly notify each Revolving Credit Borrowing consisting Lender thereof and of Base Rate Loans to be disbursed on such Honor Date in an amount equal to such Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate such Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice)Lender’s Applicable Percentage thereof. Any notice given by the such L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the such L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at (A) the rate applicable to Base Rate Loans from the Honor Date to the date reimbursement is required pursuant to Section 2.03(c)(i) and (B) thereafter, the Default Rate. In such event, each Each Lender’s payment to the Administrative Agent for the account of the any L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Revolving Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated any L/C Issuer for any amount drawn under any CreditLetter of Credit issued by such L/C Issuer, interest in respect of the amount of such Revolving Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the applicable L/C Issuer. (v) Each Revolving Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each any L/C Issuer for amounts drawn under all Credits Letters of Credit issued by itsuch L/C Issuer, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Revolving Lender may have against the any L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Loan Borrowing Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the applicable L/C Issuer for the amount of any payment made by the such L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any L/C Issuer any amount required to be paid by such Revolving Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensationOvernight Rate, plus any administrative, processing or similar fees customarily charged by the such L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Loan included in the relevant L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of any L/C Issuer submitted to any Revolving Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 3 contracts

Samples: Credit Agreement (Foresight Energy LP), Amendment Agreement, Amendment Agreement (Foresight Energy Partners LP)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing; provided, that, the Borrower has received notice of such payment by 10:00 a.m. on such Honor Date, otherwise the Borrower shall make such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the following Business Day immediately following the day that the Administrative Borrower receives such notice(together with interest thereon). If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice) (it being understood and agreed that no Default or Event of Default caused solely by the Borrower’s failure to reimburse the L/C Issuer for any Unreimbursed Amount in accordance with the first sentence of this Section 2.03(c)(i) shall exist to the extent such Unreimbursed Amount is refinanced by a borrowing of Revolving Credit Loans in the amount of such Unreimbursed Amount pursuant to this Section 2.03(c)(i)). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) to the Administrative Agent for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Revolving Credit Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Revolving Credit Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Revolving Credit Lender’s Applicable Revolving Credit Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Revolving Credit Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Revolving Credit Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Revolving Credit Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Revolving Credit Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Revolving Credit Lender’s Revolving Credit Loan included in the relevant Revolving Credit Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 3 contracts

Samples: Credit Agreement (Varian Medical Systems Inc), Credit Agreement (Varian Medical Systems Inc), Credit Agreement (Varian Medical Systems Inc)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C LC Issuer will shall notify the Administrative Borrower, on behalf of Lead Borrower and the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make ; provided, however, that any payment failure to give or delay in respect of a Credit, giving such notice shall not relieve the Borrowers will of their obligation to reimburse the L/C LC Issuer and the amount of Revolving Lenders with respect to any such payment not payment. Not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that date of any payment by the LC Issuer under a Letter of Credit (each such date, an “Honor Date”), the Borrowers shall reimburse the LC Issuer through the Administrative Borrower receives Agent in an amount equal to the amount of such noticedrawing. If the Borrowers fail to so reimburse the L/C IssuerLC Issuer by such time, then the Administrative Agent will shall promptly notify each Revolving Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Revolving Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will shall be deemed to have requested a Revolving Credit Committed Borrowing consisting of Base Rate Loans under the Revolving Credit Facility to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C LC Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided provided, that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C LC Issuer at the Administrative Agent’s Office in an amount in Dollars equal to such Lender’s its Applicable Percentage Share multiplied of the Dollar equivalent (as determined in good faith by the applicable LC Issuer) of the Unreimbursed Amount not later than 1:00 3:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C LC Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Committed Borrowing of Base Rate Loans under the Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether Facility because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will shall be deemed to have incurred from the applicable designated L/C LC Issuer an L/C LC Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C LC Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default RateRate (determined for Loans). In such event, each Revolving Lender’s payment to the Administrative Agent for the account of the L/C LC Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C LC Borrowing and will shall constitute an L/C LC Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Lender funds its Revolving Credit Loan or L/C LC Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C LC Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Revolving Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the L/C LC Issuer. (v) Each Revolving Lender’s obligation to make Revolving Credit Loans or L/C LC Advances to reimburse each L/C the LC Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C LC Issuer, the Borrowers any Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Lender’s obligation to make Revolving Credit Committed Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Lead Borrower of a Committed Loan Notice). No such making of an L/C LC Advance will shall relieve or otherwise impair the obligation of the Borrowers to reimburse each L/C the LC Issuer for the amount of any payment made by the L/C LC Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Lender fails to make available to the Administrative Agent for the account of any L/C the LC Issuer any amount required to be paid by such Revolving Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C LC Issuer will shall be entitled to recover from such Revolving Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C LC Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C LC Issuer in accordance with banking industry rules on interbank compensation, compensation plus any administrative, processing or similar fees customarily charged by the L/C LC Issuer in connection with the foregoing. If such Revolving Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or LC Advance in respect of the relevant LC Borrowing, as the case may be. A certificate of L/C the LC Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 3 contracts

Samples: Credit Agreement (Barnes & Noble Education, Inc.), Credit Agreement (Barnes & Noble Education, Inc.), Credit Agreement (Barnes & Noble Education, Inc.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Not later than 11:00 a.m., Administrative Agent’s Time, on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Percentage Pro Rata Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting an advance of Base Rate Loans Principal to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit combined Commitments and the conditions set forth in Section 4.02 Exhibit “F” (other than the delivery of a Loan NoticeDraw Request). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i) subsection may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, (including the Lender acting as L/C Issuer) shall upon receipt of any notice pursuant to Section 2.04(c)(i), the subsection above make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s Percentage its Pro Rata Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. p.m., Administrative Agent’s Time, on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii)the subsection below, each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a an advance of Base Rate Loan Principal to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether an advance of Base Rate Principal because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 Exhibit “F” cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Past Due Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii) will the subsection above shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an a participation in such L/C Advance Borrowing from such Lender in satisfaction of its participation obligation under this Section 2.04Section. (iv) Until each Lender funds its Revolving Credit Loan advance or participation in an L/C Advance Borrowing pursuant to this Section 2.04(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Percentage Pro Rata Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Loans a Loan advance or participation in such L/C Advances Borrowing to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c)Section, will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoffset-off, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Loans a Loan advance pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the 4 of Exhibit “F” being satisfactory to Administrative Borrower, on behalf of the Borrowers, of a Loan Notice)Agent. No such making of an L/C Advance will reimbursement shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(iisubsection (ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer from time to time in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoingeffect. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 3 contracts

Samples: Construction Loan Agreement (Skechers Usa Inc), Construction Loan Agreement (Skechers Usa Inc), Construction Loan Agreement (Skechers Usa Inc)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Letter of Credit Obligor who requested the issuance of such Letter of Credit and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, the Borrowers will an “Honor Date”), such Letter of Credit Obligor shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail such Letter of Credit Obligor fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Revolving Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Letter of Credit Obligor for whose account such Letter of Credit was issued shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers any Letter of Credit Obligor or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Revolving Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers any Letter of Credit Obligor to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Loan included in the relevant Revolving Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 3 contracts

Samples: Credit Agreement (American Financial Group Inc), Credit Agreement (American Financial Group Inc), Credit Agreement (American Financial Group Inc)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Credit of any drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will Issuing Lender shall notify the Administrative Borrower, on behalf of applicable Borrower and the Borrowers, and Administrative Agent thereof. If Not later than 11:00 a.m. on the L/C Issuer will make date of any payment in respect by the Issuing Lender under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will shall reimburse the L/C Issuer Issuing Lender through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail to so reimburse the L/C IssuerIssuing Lender by such time, then the Administrative Agent will shall promptly notify each Revolving Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Revolving Commitment Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will shall be deemed to have requested a Revolving Credit Borrowing consisting borrowing of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.2(b) for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate aggregate Revolving Credit Commitments and or the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice)5.2. Any notice given by the L/C Issuer Issuing Lender or the Administrative Agent pursuant to this Section 2.04(c)(i) 2.4 may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Lender will, (including the Revolving Lender acting as Issuing Lender) shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.4(d)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) purpose to the Administrative Agent for the account of the applicable designated L/C Issuer Issuing Lender at the Administrative Agent’s Office in an amount equal to such Lender’s its Revolving Commitment Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.4(d)(iii), each Revolving Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C IssuerIssuing Lender. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether because each borrowing of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwiseBase Rate Loans for any reason, the Borrowers will shall be deemed to have incurred from the applicable designated L/C Issuer Issuing Lender an L/C LOC Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C LOC Borrowing will be due and payable on demand the Borrowers promise to pay (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Lender’s payment to the Administrative Agent for the account of the L/C Issuer Issuing Lender pursuant to Section 2.04(c)(ii2.4(d)(ii) will shall be deemed payment in respect of its participation in such L/C LOC Borrowing and will shall constitute an L/C LOC Advance from such Revolving Lender in satisfaction of its participation obligation under this Section 2.042.4. (iv) Until each Revolving Lender funds its Revolving Credit Loan or L/C LOC Advance pursuant to this Section 2.04(c) 2.4 to reimburse the applicable designated L/C Issuer Issuing Lender for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Revolving Commitment Percentage Share of such amount will shall be solely for the account of the L/C IssuerIssuing Lender. (v) Each Revolving Lender’s obligation to make Revolving Credit Loans or L/C LOC Advances to reimburse each L/C Issuer the Issuing Lender for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c)2.4, will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoffset-off, counterclaim, recoupment, defense or other right that such Lender may have against the L/C IssuerIssuing Lender, the Borrowers or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, (C) non-compliance with the conditions set forth in Section 5.2, or (CD) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, of a Loan Notice). No such making of an L/C LOC Advance will shall relieve or otherwise impair the obligation of the Borrowers to reimburse each L/C Issuer the Issuing Lender for the amount of any payment made by the L/C Issuer Issuing Lender under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Lender fails to make available to the Administrative Agent for the account of any L/C Issuer the Issuing Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) 2.4 by the time specified in Section 2.04(c)(ii), then, without limiting the other provisions of this Agreementherein, the L/C Issuer will Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer Issuing Lender at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer from time to time in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoingeffect. A certificate of L/C Issuer the Issuing Lender submitted to any Revolving Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 3 contracts

Samples: Credit Agreement (Speedway Motorsports LLC), Credit Agreement (Speedway Motorsports LLC), Credit Agreement (Speedway Motorsports Inc)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will shall examine drawing documents within the period stipulated by terms and conditions of Letter of Credit. After such examination the applicable L/C Issuer shall notify the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If Not later than 11:00 a.m. on the date of any payment by such L/C Issuer will make any payment in respect under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the such L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on drawing. If the related Honor Date if Borrower fails to so reimburse such L/C Issuer by such time, the applicable L/C Issuer shall promptly notify the Administrative Borrower will have received notice, on behalf Agent who shall promptly notify each Revolving Lender of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such notice. If the Borrowers fail to so reimburse the L/C Issuer, then Administrative Agent will promptly notify each Lender amount of the related Honor Dateunreimbursed drawing (the “Unreimbursed Amount”), the Unreimbursed Amount and the amount of such Revolving Lender’s Applicable Revolving Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the such L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Lender will, (including each Revolving Lender that is an L/C Issuer) shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Revolving Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the applicable L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Lender’s payment to the Administrative Agent for the account of the such L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Revolving Percentage Share of such amount will shall be solely for the account of the such L/C Issuer. (v) Each Revolving Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the such L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, that each Revolving Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each such L/C Issuer for the amount of any payment made by the such L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Lender fails to make available to the Administrative Agent for the account of any L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the such L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the such L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of such L/C Issuer submitted to any Revolving Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Vici Properties Inc.), Credit Agreement (Vici Properties Inc.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Revolving Credit Lender’s Applicable Revolving Credit Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Revolving Credit Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Revolving Credit Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan NoticeNotice ). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Diamond Foods Inc), Credit Agreement (Diamond Foods Inc)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will shall notify the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If Not later than 11:00 a.m. on the date of any payment by the applicable L/C Issuer will make any payment in respect under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the such L/C Issuer through the Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on drawing. If the related Honor Date if Borrower fails to so reimburse the Administrative Borrower will have received noticeapplicable L/C Issuer by such time, on behalf the Agent shall promptly notify each Tranche A Lender of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such notice. If the Borrowers fail to so reimburse the L/C Issuer, then Administrative Agent will promptly notify each Lender amount of the related Honor Dateunreimbursed drawing (the “Unreimbursed Amount”), the Unreimbursed Amount and the amount of such Tranche A Lender’s Revolving Commitment Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Borrowing of Tranche A Revolving Credit Borrowing consisting of Loans that are Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.1(b) for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 3.2 (other than the delivery of a Loan Notice)Notice of Borrowing) and provided that, after giving effect to such Borrowing, the sum of all Tranche A Revolving Loans outstanding plus all Bid Loans outstanding plus all L/C Obligations outstanding plus all Swing Line Loans outstanding shall not exceed the Tranche A Revolving Committed Amount. Any notice given by the applicable L/C Issuer or Administrative the Agent pursuant to this Section 2.04(c)(i2.19(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Tranche A Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.19(c)(i) make funds available (and Administrative the Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at Administrative the Agent’s Office in an amount equal to such Lender’s its Revolving Commitment Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by Administrative the Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.19(c)(iii), each Tranche A Lender that so makes funds available will shall be deemed to have made a Tranche A Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. Administrative The Agent will shall remit the funds so received to the applicable L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Borrowing of Tranche A Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether Loans that are Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 3.2 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Post-Default Rate. In such event, each Tranche A Lender’s payment to Administrative the Agent for the account of the applicable L/C Issuer pursuant to Section 2.04(c)(ii2.19(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Tranche A Lender in satisfaction of its participation obligation under this Section 2.042.19. (iv) Until each Tranche A Lender funds its Tranche A Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.19(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Tranche A Lender’s Revolving Commitment Percentage Share of such amount will shall be solely for the account of the such L/C Issuer. (v) Each Tranche A Lender’s obligation to make Tranche A Revolving Credit Loans or L/C Advances to reimburse each the applicable L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.19(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Tranche A Lender may have against the such L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) solely with respect to L/C Advances, the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Tranche A Lender’s obligation to make Tranche A Revolving Credit Loans pursuant to this Section 2.04(c2.19(c) is subject to the conditions set forth in Section 4.02 3.2 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Loan NoticeNotice of Borrowing). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the applicable L/C Issuer for the amount of any payment made by the such L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Tranche A Lender fails to make available to Administrative the Agent for the account of any the applicable L/C Issuer any amount required to be paid by such Tranche A Lender pursuant to the foregoing provisions of this Section 2.04(c2.19(c) by the time specified in Section 2.04(c)(ii2.19(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Tranche A Lender (acting through Administrative the Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensationOvernight Rate, plus any administrative, processing or similar fees customarily charged by the such L/C Issuer in connection with the foregoing. If such Tranche A Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Tranche A Lender’s Tranche A Revolving Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the applicable L/C Issuer submitted to any Tranche A Lender (through Administrative the Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Revolving Credit Facility (Nordstrom Inc), Revolving Credit Facility (Nordstrom Inc)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will shall notify the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If the Each L/C Issuer will make shall notify the Borrower on the date of any payment in respect of a Credit, the Borrowers will reimburse the by such L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), and the Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not drawing no later than 1:00 p.m. on the related Honor Date if next succeeding Business Day (and any reimbursement made on such next Business Day shall be taken into account in computing interest and fees in respect of any such Letter of Credit). If the Borrower fails to so reimburse such L/C Issuer on such next Business Day, the Administrative Borrower will have received notice, on behalf Agent shall promptly notify each Revolving Credit Lender of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such notice. If the Borrowers fail to so reimburse the L/C Issuer, then Administrative Agent will promptly notify each Lender amount of the related Honor Dateunreimbursed drawing (the “Unreimbursed Amount”), the Unreimbursed Amount and the amount of such Revolving Credit Lender’s Percentage Pro Rata Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such Honor Date date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the an L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately promptly confirmed in writing; provided that the lack of such an immediate a prompt confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, (including each Lender acting as an L/C Issuer) shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s Percentage its Pro Rata Share multiplied by of the Unreimbursed Amount not later than 1:00 3:00 p.m. (New York City time) on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the applicable L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default RateRate then applicable to Revolving Credit Loans. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the applicable L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Percentage Pro Rata Share of such amount will shall be solely for the account of the such L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the applicable L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the such L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or Event of Default or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, of a Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the applicable L/C Issuer for the amount of any payment made by the applicable L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the applicable L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer from time to time in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoingeffect. A certificate of the applicable L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Chicagoland Television News, LLC), Credit Agreement (Tribune Media Co)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated relevant L/C Issuer will shall notify promptly the applicable Borrower and the Administrative Borrower, on behalf of the Borrowers, Agent thereof and Administrative Agent thereof. If the whether such L/C Issuer has made or will make any a payment in respect of a Credit, the Borrowers will reimburse the L/C Issuer the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on thereunder. On the Business Day immediately following the day that Business Day on which the Administrative applicable Borrower receives shall have received notice of any payment by an L/C Issuer under a Letter of Credit (or, if the applicable Borrower shall have received such notice. If notice later than 9:00 a.m., New York City time (or, in the Borrowers fail to so reimburse case of the Maltese Borrower, 9:00 a.m., London time), on any Business Day, on the second succeeding Business Day) (the date of such payment by the L/C Issuer, then an “Honor Date”; and the date on which the applicable Borrower is required to so reimburse, the “Reimbursement Date”), the applicable Borrower shall reimburse such L/C Issuer through the Administrative Agent will in an amount equal to the amount of such drawing. If the applicable Borrower fails to so reimburse such L/C Issuer by such time, such L/C Issuer shall promptly notify the Administrative Agent thereof, and the Administrative Agent shall promptly notify each Appropriate Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Appropriate Lender’s Percentage Pro Rata Share of such Unreimbursed Amountthereof. In such event, (A) in the Borrowers will case of a Letter of Credit issued for the account of the German Borrower, such Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such Honor Date the date referred to in Section 2.03(c)(ii) in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, Loans but subject to the amount of limitation contained in the unutilized portion of the Aggregate Revolving Credit Commitments proviso in Section 2.01(a) and subject to the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice) and (B) in the case of a Letter of Credit issued for the account of the Maltese Borrower, such Borrower shall be deemed to have incurred an L/C Borrowing pursuant to Section 2.03(c)(iii). Any notice given by the an L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, (including any such Lender acting as an L/C Issuer) shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated relevant L/C Issuer at the Administrative Agent’s Office for payments in an amount equal to such Lender’s Percentage its Pro Rata Share multiplied by of the Unreimbursed Amount in respect of a Letter of Credit not later than 1:00 p.m. (A) in the case of an Unreimbursed Amount in respect of the German Borrower, 9:00 a.m., New York City time (or, in the case of an Unreimbursed Amount in respect of the Maltese Borrower, 9:00 a.m. London time), on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers German Borrower in such amount on and (B) in the Honor Datecase of an Unreimbursed Amount in respect of the Maltese Borrower, an L/C Advance in such amount pursuant to Section 2.03(c)(iii). The Administrative Agent will shall remit the funds so received to the relevant L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not reimbursed or refinanced on the Honor Date, the applicable Borrower shall be deemed to have incurred from the relevant L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount, which L/C Borrowing shall be due and payable as provided in Section 2.03(c)(i) and, after the Reimbursement Date, on demand (together with interest) and shall bear interest, from and including the Honor Date and to and including the Reimbursement Date, (A) in the case of an L/C Borrowing of the German Borrower, at the rate then applicable to Revolving Credit Loans that are Base Rate Loans and (B) in the case of an L/C Borrowing of the Maltese Borrower, at the Overnight LIBO Rate plus the Applicable Rate applicable to Overnight LIBO Rate Loans, and in each case, after the Reimbursement Date, at the Default Rate. In the event the Unreimbursed Amount in respect of a Letter of Credit is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwise, the Borrowers will be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will be due and payable on demand (together with interest) and will bear interest at the Default Rate. In such eventfor any other reason, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the relevant L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated relevant L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Percentage Pro Rata Share of such amount will shall be solely for the account of the relevant L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each an L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstancecircumstance whatsoever, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the relevant L/C Issuer, either of the Borrowers Borrowers, Holdings or any other Subsidiary of Holdings or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default Default; (C) any amendment, renewal or Event extension of Default any Letter of Credit; (D) any reduction or termination of the Revolving Credit Commitments; (E) any force majeure or other event that under any rule of Law or uniform practices to which any Letter of Credit is subject (including Section 3.14 of ISP 98 or any successor publication of the International Chamber of Commerce) permits a drawing to be made under such Letter of Credit after the expiration thereof or of the Revolving Credit Commitments; or (CF) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Revolving Credit Lender’s obligation to make Revolving Credit Loans (but not L/C Advances) pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrowers of a Committed Loan Notice). Without limiting the foregoing, each Revolving Credit Lender acknowledges and agrees that, in issuing, amending, renewing or extending any Letter of Credit, the applicable L/C Issuer shall be entitled to rely, and shall not incur any liability for relying, upon the representation and warranty of the Borrowers deemed made pursuant to Section 4.02. No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers to reimburse each the relevant L/C Issuer for the amount of any payment made by the such L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the relevant L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. A certificate of the relevant L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this Section 2.03(c)(vi) shall be conclusive absent demonstrable error. (vii) If, at any time after an L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving Credit Lender such Lender’s L/C Advance in respect of such payment in accordance with this Section 2.03(c), the Administrative Agent receives for the account of such L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from a Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Revolving Credit Lender its Pro Rata Share thereof (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s L/C Advance was outstanding) in the same funds as those received by the Administrative Agent. (viii) If any payment received by the Administrative Agent for the account of an L/C Issuer pursuant to Section 2.03(c)(i) is required to be returned under any of the circumstances described in Section 10.06 (including pursuant to any settlement entered into by such L/C Issuer in its discretion), each Revolving Credit Lender shall pay to the Administrative Agent for the account of such L/C Issuer its Pro Rata Share thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer Administrative Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by . The obligations of the L/C Issuer in connection with the foregoing. A certificate of L/C Issuer submitted to any Lender (through Administrative Agent) with respect to any amounts owing Revolving Credit Lenders under this clause (vi) will be conclusive absent manifest errorshall survive the payment in full of the Obligations and the termination of this Agreement.

Appears in 2 contracts

Samples: Abl Credit Agreement (King Digital Entertainment PLC), Abl Credit Agreement (King Digital Entertainment PLC)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Not later than 12:00 noon on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Revolving Credit Lender’s Applicable Revolving Credit Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Revolving Credit Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 3:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Revolving Credit Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan NoticeNotice ). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Loan included in the relevant Revolving Credit Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Gentiva Health Services Inc), Credit Agreement (Gentiva Health Services Inc)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable Issuing Bank shall, within the period stipulated by the terms and conditions of the Letter of Credit, examine the drawing document(s). After such examination and provided the drawing documents are compliant, the applicable Issuing Bank shall notify Parent and the Administrative Agent thereof. Not later than 11:00 a.m. one Business Day after the date of notice of any payment by an Issuing Bank under a Letter of Credit or, if Parent shall have received such notice from the Issuing Bank later than 11:00 a.m. on any Business Day, not later than 4:00 p.m. on the next Business Day (or any notice thereofeach such date of payment by an Issuing Bank, an “Honor Date”), the applicable designated L/C Issuer will notify Borrower shall reimburse such Issuing Bank through the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make any payment in respect of a Credit, the Borrowers will reimburse the L/C Issuer an amount equal to the amount of such payment not later than 1:00 p.m. on drawing. If the related Honor Date if applicable Borrower fails to so reimburse the applicable Issuing Bank by such time, the Administrative Borrower will have received notice, on behalf Agent shall promptly notify each Revolving Facility Lender under the applicable Revolving Facility of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such notice. If the Borrowers fail to so reimburse the L/C Issuer, then Administrative Agent will promptly notify each Lender amount of the related Honor Dateunreimbursed drawing (the “Unreimbursed Amount”), the Unreimbursed Amount and the amount of such Revolving Facility Lender’s Revolving Facility Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Parent shall be deemed to have requested a an ABR Revolving Credit Facility Borrowing consisting of Base Rate Loans under the applicable Revolving Facility to be disbursed on such Honor Date date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate ABR Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Facility Commitments under Section 4.02 and the conditions set forth in Section 4.02 (other than the delivery of a Loan NoticeBorrowing Request). Any notice given by an Issuing Bank or the L/C Issuer or Administrative Agent pursuant to this Section 2.04(c)(i2.05(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Facility Lender will, under the applicable Revolving Facility shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.05(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at Issuing Bank to Administrative Agent’s Office Agent in an amount equal to such Lender’s its applicable Revolving Facility Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.05(c)(iii), each Revolving Facility Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate an ABR Loan to the Borrowers Parent in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuerapplicable Issuing Bank. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Facility Borrowing pursuant to Section 2.04(c)(ii), whether of ABR Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will applicable Borrower shall be deemed to have incurred from the applicable designated L/C Issuer Issuing Bank an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Raterate applicable to ABR Loans of the applicable Class. In such event, each Revolving Facility Lender’s payment to the Administrative Agent for the account of the L/C Issuer applicable Issuing Bank pursuant to Section 2.04(c)(ii2.05(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.05; provided that the amount of any drawing that is not reimbursed on the Honor Date shall bear interest at the rate applicable to ABR Loans from and including the date of drawing to but excluding the date such amount becomes an Unreimbursed Amount. (iv) Until each Revolving Facility Lender under the applicable Revolving Facility funds its Revolving Credit Facility Loan or L/C Advance pursuant to this Section 2.04(c2.05(c) to reimburse the applicable designated L/C Issuer an Issuing Bank for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Revolving Facility Percentage Share of such amount will shall be solely for the account of the L/C Issuersuch Issuing Bank. (v) Each Revolving Facility Lender’s obligation to make Revolving Credit Facility Loans or L/C Advances to reimburse each L/C Issuer the Issuing Banks for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.05(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuerany Issuing Bank, the Borrowers or any other Person person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Facility Lender’s obligation to make Revolving Credit Facility Loans pursuant to this Section 2.04(c2.05(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Parent of a Loan NoticeBorrowing Request). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers to reimburse each L/C Issuer any Issuing Bank for the amount of any payment made by the L/C Issuer such Issuing Bank under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Facility Lender fails to make available to the Administrative Agent for the account of any L/C Issuer an Issuing Bank any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.05(c) by the time specified in Section 2.04(c)(ii2.05(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will such Issuing Bank shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer such Issuing Bank at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer such Issuing Bank in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer such Issuing Bank in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid (minus the foregoing interest and fees) shall constitute such Lender’s Revolving Facility Loan included in the relevant Revolving Facility Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of L/C Issuer an Issuing Bank submitted to any Revolving Facility Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.05(c)(vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Jazz Pharmaceuticals PLC), Credit Agreement (Jazz Pharmaceuticals PLC)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will shall notify the Administrative Borrower, on behalf of the Borrowers, Borrower and Administrative Agent thereof. If Not later than 11:00 a.m. on the date of any payment by L/C Issuer will make any payment in respect under a Letter of a CreditCredit (each such date, the Borrowers will an “Honor Date”), Borrower shall reimburse the L/C Issuer through Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the drawing. If Xxxxxxxx fails to so reimburse L/C Issuer by such time, Administrative Borrower will have received notice, on behalf Agent shall promptly notify each Revolving Credit Lender of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such notice. If the Borrowers fail to so reimburse the L/C Issuer, then Administrative Agent will promptly notify each Lender amount of the related Honor Dateunreimbursed drawing (the “Unreimbursed Amount”), the Unreimbursed Amount and the amount of such Revolving Credit Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments Availability and the conditions set forth in Section 4.02 4.2 (other than the delivery of a Loan NoticeRevolving Credit Borrowing Request). Any notice given by the L/C Issuer or Administrative Agent pursuant to this Section 2.04(c)(i2.2(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i2.2(c), (i) make funds available (and Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at Administrative Agent’s Principal Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.2(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan (or, if the conditions set forth in Section 4.2 are not satisfied, an L/C Borrowing as further described in clause (iii) below) to the Borrowers Borrower in such amount on the Honor Dateamount. Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 4.2 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Interest Rate. In such event, each Revolving Credit Lender’s payment to Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.2(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Revolving Credit Lender in satisfaction of its participation obligation under this Section 2.042.2. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.2(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Revolving Credit Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each LenderRevolving Credit Xxxxxx’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.2(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Revolving Credit Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans (but not its obligation to fund its Applicable Percentage of L/C Advances) pursuant to this Section 2.04(c2.2(c) is subject to the conditions set forth in Section 4.02 4.2 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Loan NoticeRevolving Credit Borrowing Request). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to Administrative Agent for the account of any L/C Issuer any amount required to be paid by such Revolving Credit Lender pursuant to the foregoing provisions of this Section 2.04(c2.2(c) by the time specified in Section 2.04(c)(ii2.2(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Revolving Credit Lender (acting through Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Revolving Credit Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Revolving Credit Lender’s Revolving Credit Loan included in the relevant Revolving Credit Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of L/C Issuer submitted to any Revolving Credit Lender (through Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (LandBridge Co LLC), Credit Agreement (PROS Holdings, Inc.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Not later than 1:00 p.m. on the later of (i) the date of any payment in respect by the L/C Issuer under a Letter of Credit and (ii)(A) the date upon which the Borrower receives notice from the L/C Issuer of such payment by the L/C Issuer, if such notice is received by the Borrower prior to 10:00 a.m. on a CreditBusiness Day or (B) the Business Day immediately following the date upon which the Borrower received such notice, if such notice is received on a day that is not a Business Day or after 10:00 a.m. on a Business Day (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Revolving Credit Lender’s Applicable Revolving Credit Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Revolving Credit Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii) will be deemed payment in respect of its participation in such L/C Borrowing and will constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.04. (iv) Until each Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Credit, interest in respect of the amount of such Lender’s Percentage Share of such amount will be solely for the account of the L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each L/C Issuer for amounts drawn under all Credits issued by it, as contemplated by this Section 2.04(c), will be absolute and unconditional and will not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that such Lender may have against the L/C Issuer, the Borrowers or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or Event of Default or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, of a Loan Notice). No such making of an L/C Advance will relieve or otherwise impair the obligation of the Borrowers to reimburse each L/C Issuer for the amount of any payment made by the L/C Issuer under any Credit, together with interest as provided herein. (vi) If any Lender fails to make available to Administrative Agent for the account of any L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will be entitled to recover from such Lender (acting through Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. A certificate of L/C Issuer submitted to any Lender (through Administrative Agent) with respect to any amounts owing under this clause (vi) will be conclusive absent manifest error.to

Appears in 2 contracts

Samples: Credit Agreement (MSCI Inc.), Credit Agreement (MSCI Inc.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the relevant Borrower and the Administrative Agent thereof. Not later than 12:00 p.m. (noon) on the Business Day immediately following any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will relevant Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail any Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing (expressed in Dollars in the Dollar Amount thereof in the case of Euros) (the “Unreimbursed Amount Amount”), and the amount of such Revolving Credit Lender’s Percentage Pro Rata Share of such Unreimbursed Amountthereof. In such event, the Borrowers will relevant Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02(a) for the principal amount of Base Rate Loans, Loans but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately promptly confirmed in writing; provided that the lack of such an immediate a prompt confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, (including the Lender acting as the L/C Issuer) shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer Issuer, in Dollars, at the Administrative Agent’s Office in an amount equal to such Lender’s Percentage its Pro Rata Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers relevant Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will relevant Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Percentage Pro Rata Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers any Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, relevant Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers relevant Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the applicable Federal Funds Rate and a rate determined by the L/C Issuer from time to time in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoingeffect. A certificate of the L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Sensata Technologies Holding N.V.), Credit Agreement (Sensata Technologies Holland, B.V.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Letter of Credit Obligor who requested the issuance of such Letter of Credit and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, the Borrowers will an “Honor Date”), such Letter of Credit Obligor shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail such Letter of Credit Obligor fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will AFG shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Revolving Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers AFG in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Letter of Credit Obligor for whose account that such Letter of Credit was issued shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers any Letter of Credit Obligor or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, a Borrower of a Revolving Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers any Letter of Credit Obligor to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Loan included in the relevant Revolving Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Great American Financial Resources Inc), Credit Agreement (American Financial Group Inc)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify Timken and the Paying Agent thereof. Not later than 12:00 noon on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, the Borrowers will an “Honor Date”), Timken shall reimburse the L/C Issuer through the Paying Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Timken fails to so reimburse the L/C IssuerIssuer by such time, then Administrative the Paying Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the Equivalent amount of such Lender’s Percentage Pro Rata Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Timken shall be deemed to have requested a Revolving Credit Borrowing consisting in Dollars of Base Rate Loans to be disbursed on such the Honor Date in an Equivalent amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 5.02 (other than the delivery of a Committed Loan Notice)) and provided, that after giving effect to such Borrowing, the Total Outstandings shall not exceed the Aggregate Commitments. Any notice given by the L/C Issuer or Administrative the Paying Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, (including any Lender acting as the L/C Issuer) shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available to the Paying Agent (and Administrative the Paying Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at Administrative the Paying Agent’s Office in an Equivalent amount equal to such Lender’s Percentage its Pro Rata Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by Administrative the Paying Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan in Dollars to the Borrowers Timken in such amount on the Honor Dateamount. Administrative The Paying Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 5.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Timken shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Lender’s payment to Administrative the Paying Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Percentage Pro Rata Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each So long as it has a Commitment hereunder, each Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Timken or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or an Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 5.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Timken of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Timken to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to Administrative the Paying Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through Administrative the Paying Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate from time to time in effect and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. A certificate of the L/C Issuer submitted to any Lender (through Administrative the Paying Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Timken Co), Credit Agreement (Timken Co)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Not later than 3:00 p.m. on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an "Honor Date"), the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment drawing; provided that if notice of such drawing is not later than provided to the Borrower prior to 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by then the Borrower shall reimburse the L/C Issuer through the Administrative Borrower prior Agent in an amount equal to the amount of such time on such Honor Date, then not later than 10:00 a.m. drawing on the next succeeding Business Day immediately following the day that the Administrative Borrower receives and such noticeextension of time shall be reflected in computing fees in respect of any such Letter of Credit. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing (the "Unreimbursed Amount Amount"), and the amount of such Revolving Credit Lender’s Percentage 's Pro Rata Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02(a) for the principal amount of Base Rate Loans, Loans but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, (including the Lender acting as L/C Issuer) shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer Issuer, in Dollars, at the Administrative Agent’s 's Office in an amount equal to such Lender’s Percentage its Pro Rata Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s 's payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Percentage 's Pro Rata Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Revolving Credit Lender’s 's obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Revolving Credit Lender’s 's obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the applicable Federal Funds Rate and a rate determined by the L/C Issuer from time to time in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoingeffect. A certificate of the L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Refco Inc.), Credit Agreement (Refco Information Services, LLC)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the applicable Borrower and the Administrative Agent thereof. Not later than 2:00 p.m. on the date of any payment in respect by the L/C Issuer under a Letter of a Credit, if such Borrower has been so notified at or before 1:00 p.m. on such date, otherwise not later than 2:00 p.m. on the Borrowers will next Business Day (each such date, an “Honor Date”), the applicable Borrower that requested such Letter of Credit shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail such Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will applicable Borrower that requested such Letter of Credit shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 3:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers applicable Borrower that requested such Letter of Credit in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will applicable Borrower that requested such Letter of Credit shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, a Borrower of a Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers applicable Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Loan included in the relevant Revolving Credit Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Western Digital Corp), Credit Agreement (Western Digital Corp)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing or presentation of documents under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Letter of Credit Issuer will shall notify the Administrative Borrower, on behalf of Borrower Agent and the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make any payment in respect of a Credit, the Borrowers will reimburse the L/C Issuer the amount of such payment not Not later than 1:00 p.m. on the related date of any payment by the Letter of Credit Issuer under a Letter of Credit (each such date, an “Honor Date if Date”), the Borrowers shall reimburse the Letter of Credit Issuer through the Administrative Borrower will have received notice, on behalf of Agent in Dollars and in an amount equal to the Borrowers, amount of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail to so reimburse the L/C IssuerLetter of Credit Issuer by such time, then the Administrative Agent will shall promptly notify each Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing or payment (the “Unreimbursed Amount Amount”), and the amount of such Revolving Credit Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower Agent shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 5.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Letter of Credit Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) to the Administrative Agent for the account of the applicable designated L/C Issuer Letter of Credit Issuer, in Dollars, at the Administrative Agent’s Office in for Dollar denominated payments an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 3:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower Agent in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C IssuerLetter of Credit Issuer in Dollars. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 5.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will shall be deemed to have incurred from the applicable designated L/C Letter of Credit Issuer an L/C a Letter of Credit Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Letter of Credit Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Letter of Credit Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Letter of Credit Borrowing and will shall constitute an L/C Letter of Credit Advance from such Revolving Credit Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Letter of Credit Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Letter of Credit Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Revolving Credit Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the L/C Letter of Credit Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Letter of Credit Advances to reimburse each L/C the Letter of Credit Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoffset-off, counterclaim, recoupment, defense or other right that which such Revolving Credit Lender may have against the L/C Letter of Credit Issuer, the Borrowers any Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, of a Loan Notice). No such making of an L/C a Letter of Credit Advance will shall relieve or otherwise impair the obligation of the Borrowers to reimburse each L/C the Letter of Credit Issuer for the amount of any payment made by the L/C Letter of Credit Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any L/C the Letter of Credit Issuer any amount required to be paid by such Revolving Credit Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Letter of Credit Issuer will shall be entitled to recover from such Revolving Credit Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Letter of Credit Issuer at a rate per annum equal to the greater of applicable Overnight Rate for three (3) Business Days and thereafter at the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensationBase Rate, plus any administrative, processing or similar fees customarily charged by the L/C Letter of Credit Issuer in connection with the foregoing. A certificate of L/C the Letter of Credit Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Intrepid Potash, Inc.), Credit Agreement (Intrepid Potash, Inc.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated relevant L/C Issuer will shall notify promptly the Administrative Borrower, on behalf of Company and the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make any payment in respect of a Credit, the Borrowers will reimburse the L/C Issuer the amount of such payment not Not later than 1:00 p.m. on the related Honor Date (x) if the Administrative Borrower will have received notice, notice that a payment is made on behalf any date by an L/C Issuer under a Letter of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been Credit is received by the Administrative Borrower prior to such time Company on such Honor Dateor before 11:00 a.m. (New York time), then not later than 10:00 a.m. on the Business Day immediately following the day such date or (y) if notice that the Administrative Borrower receives such notice. If the Borrowers fail to so reimburse the a payment is made on any date by an L/C IssuerIssuer under a Letter of Credit is received by the Company later than 11:00 a.m. (New York time), then the second Business Day immediately following such date (each such date, an “Honor Date”), the Company shall reimburse such L/C Issuer through the Administrative Agent will promptly notify each Lender of the related Honor Date, the Unreimbursed Amount and the amount of such Lender’s Percentage Share of such Unreimbursed Amount. In such event, the Borrowers will be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such Honor Date in an amount equal to the amount of such Unreimbursed Amountdrawing. In order to reimburse any such drawing, the Company shall have the option to request in accordance with Section 2.02 a Revolving Credit Borrowing of Base Rate Loans (“Refunding Loans”), without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, Loans but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments of the Revolving Credit Lenders and the conditions set forth in Section 4.02 4.02. If the Company fails to so reimburse such L/C Issuer by such time, the Administrative Agent shall promptly notify each Revolving Credit Lender of the Honor Date, the amount of the unreimbursed drawing (other than the delivery “Unreimbursed Amount”), and the amount of a Loan Notice)such Revolving Credit Lender’s Pro Rata Share thereof. Any notice given by the an L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will(including any Lender acting as an L/C Issuer) shall, upon receipt of any notice pursuant to Section 2.04(c)(i)2.03(c)(i) to make a Refunding Loan to the Company, make such funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated relevant L/C Issuer Issuer, in Dollars, at the Administrative Agent’s Office in an amount equal to such Lender’s Percentage Share multiplied by the Unreimbursed Amount for payments not later than 1:00 p.m. on the Business Day specified in such notice by Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii), each Lender that so makes funds available will be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers in such amount on the Honor DateCompany. The Administrative Agent will shall remit the funds so received to the relevant L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwiseAmount, the Borrowers will Company shall be deemed to have incurred from the applicable designated relevant L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, upon demand by the relevant L/C Issuer (through the Administrative Agent), each Lender’s payment Revolving Credit Lender shall make funds available to the Administrative Agent for the account of the relevant L/C Issuer, in Dollars, at the Administrative Agent’s Office for payments in an amount equal to its Pro Rata Share of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day following the date of such demand, and such payment to the Administrative Agent for the account of the relevant L/C Issuer pursuant to Section 2.04(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated relevant L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Percentage Pro Rata Share of such amount will shall be solely for the account of the relevant L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Refunding Loans or L/C Advances to reimburse each an L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the relevant L/C Issuer, the Borrowers Company or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Revolving Credit Lender’s obligation to make Revolving Credit Refunding Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, of a Loan Notice)4.02. No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Company to reimburse each the relevant L/C Issuer for the amount of any payment made by the such L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the relevant L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(iii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer from time to time in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoingeffect. A certificate of the relevant L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Readers Digest Association Inc), Credit Agreement (Direct Holdings Libraries Inc.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Parent Borrower and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment in respect of a Credit, the Borrowers will reimburse by the L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), if the amount Parent Borrower shall have received notice of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment drawing prior to 11:00 9:00 a.m. on the Honor Date, or, or if such notice has not been received by the Administrative Parent Borrower prior to such time on such the Honor Date, then not later than 10:00 11:00 a.m. on (A) the Business Day that the Parent Borrower receives such notice, if such notice is received prior to 9:00 a.m. on the day of receipt or (B) the Business Day immediately following the day that the Administrative Parent Borrower receives such notice, if such notice is not received prior to 9:00 a.m. on the day of receipt, the applicable Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing. If the Borrowers fail such Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will such Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and Administrative the Collateral Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers such Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C IssuerIssuer and the subject to Section 2.03(c)(iii), the obligation of such Borrower to reimburse the L/C Issuer such Unreimbursed Amount shall be deemed satisfied. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will such Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Lender funds its Revolving Credit Committed Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Committed Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers any Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Committed Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, a Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers applicable Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Tetra Technologies Inc), Credit Agreement (Compressco Partners, L.P.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Revolving Credit Lender’s Applicable Revolving Credit Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 4.03 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, (including the Lender acting as L/C Issuer) shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Revolving Credit Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 4.03 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Revolving Credit Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 4.03 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer from time to time in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoingeffect. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Health Management Associates Inc), Credit Agreement (Health Management Associates Inc)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing; provided, that, the Borrower has received notice of such payment by 10:00 a.m. on such Honor Date, otherwise the Borrower shall make such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the following Business Day immediately following the day that the Administrative Borrower receives such notice(together with interest thereon). If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Committed Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice) (it being understood and agreed that no Default or Event of Default caused solely by the Borrower’s failure to reimburse the L/C Issuer for any Unreimbursed Amount in accordance with the first sentence of this Section 2.03(c)(i) shall exist to the extent such Unreimbursed Amount is refinanced by a borrowing of Committed Loans in the amount of such Unreimbursed Amount pursuant to this Section 2.03(c)(i)). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) to the Administrative Agent for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Committed Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Committed Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Lender funds its Revolving Credit Committed Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Committed Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Committed Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Varian Medical Systems Inc), Credit Agreement (Varian Medical Systems Inc)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated relevant L/C Issuer will shall notify promptly the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make any payment in respect of a Credit, the Borrowers will reimburse the L/C Issuer the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on On the Business Day immediately following the day that Business Day on which the Borrower shall have received notice of any payment by an L/C Issuer under a Letter of Credit (or, if the Borrower shall have received such notice later than 1:00 p.m. on any Business Day, on the second succeeding Business Day) (each such date, an “Honor Date”), the Borrower shall reimburse such L/C Issuer through the Administrative Borrower receives Agent in an amount equal to the amount of such noticedrawing and in the applicable currency by 1:00 p.m. on such Business Day. If the Borrowers fail Borrower fails to so reimburse the such L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Appropriate Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Appropriate Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, Loans but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments of the Appropriate Lenders, and subject to the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice); provided, that, any drawing under a Letter of Credit that is not reimbursed on the date of drawing shall accrue interest from the date of drawing at the rate applicable to Revolving Credit Loans that are Base Rate Loans subject to the provisions set forth below. Any notice given by the an L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that provided, that, the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. The Borrower understands and agrees that the L/C Issuer is not required to extend the expiration date of any Letter of Credit for any reason. (ii) Each Revolving Credit Lender will, (including any such Lender acting as an L/C Issuer) shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated relevant L/C Issuer Issuer, in Dollars, at the Administrative Agent’s Office for Dollar denominated payments in an amount equal to such Lender’s its Applicable Percentage Share multiplied by the of any Unreimbursed Amount in respect of a Letter of Credit not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the relevant L/C Issuer. (iii) With respect to any Unreimbursed Amount in respect of a Letter of Credit that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated relevant L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the relevant L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated relevant L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such LenderXxxxxx’s Applicable Percentage Share of such amount will shall be solely for the account of the relevant L/C Issuer. (v) Each LenderRevolving Credit Xxxxxx’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each an L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the relevant L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that provided, that, each Revolving Credit Lender’s obligation to make Revolving Credit Loans (but not L/C Advances) pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the relevant L/C Issuer for the amount of any payment made by the such L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the relevant L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of Federal Funds Rate, or if the Federal Funds Rate and is not available, a rate determined by the L/C Issuer Administrative Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the relevant L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest demonstrable error. (vii) If, at any time after an L/C Issuer has made a payment under any Letter of Credit and has received from any Revolving Credit Lender such Lender’s L/C Advance in respect of such payment in accordance with this Section 2.03(c), the Administrative Agent receives for the account of such L/C Issuer any payment in respect of the related Unreimbursed Amount or interest thereon (whether directly from the Borrower or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to each Revolving Credit Lender its Applicable Percentage thereof (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s L/C Advance was outstanding) in the same funds as those received by the Administrative Agent. (viii) If any payment received by the Administrative Agent for the account of an L/C Issuer pursuant to Section 2.03(c)(i) is required to be returned under any of the circumstances described in Section 10.06 (including pursuant to any settlement entered into by such L/C Issuer in its discretion), each Revolving Credit Lender shall pay to the Administrative Agent for the account of such L/C Issuer its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Lender, at a rate per annum equal to the Federal Funds Rate, or if the Federal Funds Rate is not available, a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. The obligations of the Lenders under this clause shall survive the payment in full of the Obligations and the termination of this Agreement.

Appears in 2 contracts

Samples: Credit Agreement (ServiceTitan, Inc.), Credit Agreement (ServiceTitan, Inc.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment in respect of a Credit, the Borrowers will reimburse by the L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the Borrower shall reimburse the applicable L/C Issuer directly in an amount equal to the amount of such payment not later than 1:00 p.m. on drawing. If the related Honor Date if Borrower fails to so reimburse such L/C Issuer by such time, such L/C Issuer shall promptly notify the Administrative Borrower will have received Agent, and upon receipt of such notice, on behalf the Administrative Agent shall promptly notify each Revolving Lender of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such notice. If the Borrowers fail to so reimburse the L/C Issuer, then Administrative Agent will promptly notify each Lender amount of the related Honor Dateunreimbursed drawing (the “Unreimbursed Amount”), the Unreimbursed Amount and the amount of such Revolving Lender’s Applicable Revolving Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Revolving Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.04Section. (iv) Until each Revolving Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Revolving Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Revolving Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower, any Subsidiary or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Loan included in the relevant Revolving Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Revolving Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Evi Industries, Inc.), Credit Agreement (EnviroStar, Inc.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will shall notify the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make any payment in respect of a Credit, the Borrowers will reimburse the L/C Issuer the amount of such payment not Not later than 1:00 p.m. on the related Honor Date if Business Day immediately following any payment by such L/C Issuer under a Letter of Credit, provided that the Administrative Borrower will have received notice, on behalf of the Borrowers, notice of such payment from such L/C Issuer or the Administrative Agent on or prior to 11:00 a.m. 4:00 p.m. on the date of such payment, and if not, on the second succeeding Business Day (each such date, an “Honor Date”), the Borrower shall reimburse such L/C Issuer in an amount equal to the amount of such drawing. Interest shall be payable on any such amounts from the date on which the relevant drawing is made until reimbursement in full at a rate equal to (i) until the second succeeding Business Day following the date of the relevant notice, the greater of (A) the rate applicable to Base Rate Loans under the Revolving Credit Facility set forth in clause (x) of the definition of Applicable Rate and (B) the rate applicable to Base Rate Loans under any other Revolving Credit Facility then in effect and (ii) thereafter, the rate set forth in Section 2.07(b). If the Borrower fails to so reimburse such L/C Issuer by such time, such L/C Issuer shall promptly notify the Administrative Agent, and the Administrative Agent shall promptly notify each Revolving Credit Lender of the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such notice. If the Borrowers fail to so reimburse the L/C Issuer, then Administrative Agent will promptly notify each Lender amount of the related Honor Dateunreimbursed drawing (the “Unreimbursed Amount”), the Unreimbursed Amount and the amount of such Revolving Credit Lender’s Applicable Revolving Credit Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments Commitment and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice); provided, however, that no Default or Event of Default shall result as a result of the Borrower failing to reimburse the relevant L/C Issuer to the extent of Revolving Credit Loans available to be provided pursuant to this Section 2.03(c) (and actually so provided). Any notice given by the any L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Revolving Credit Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the such L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the such L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Revolving Credit Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Revolving Credit Lender’s Applicable Revolving Credit Percentage Share of such amount will shall be solely for the account of the such L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each any L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Revolving Credit Lender may have against the such L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing, including without limitation, any of the events specified in Section 2.03(e); provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan Notice). No such For the avoidance of doubt, each Revolving Credit Lender’s obligation to fund its participation in any L/C Borrowing shall not be subject to the conditions set forth in Section 4.02. The making of an L/C Advance will relieve or otherwise impair shall satisfy the obligation of the Borrowers Borrower to reimburse each the applicable L/C Issuer for the amount of any payment made by the such L/C Issuer under any Credit, together with interest as provided hereinLetter of Credit to the extent of such L/C Advance so made and received by the L/C Issuer. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any L/C Issuer any amount required to be paid by such Revolving Credit Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will (acting through the Administrative Agent) shall be entitled to recover from such Lender (acting through Administrative Agent)Revolving Credit Lender, on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the such L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the such L/C Issuer in connection with the foregoing. If such Revolving Credit Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Revolving Credit Lender’s Revolving Credit Loan included in the relevant Revolving Credit Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of such L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest errorprima facie evidence thereof.

Appears in 2 contracts

Samples: Credit Agreement (NRG Yield, Inc.), Credit Agreement (NRG Yield, Inc.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make any payment in respect of a Credit, shall notify the Borrowers will reimburse Lead Borrower and the Agent thereof. Not later than 11:00 a.m. on the first Business Day immediately following the date that the Lead Borrower receives notice from the L/C Issuer the amount of a drawing under a Letter of Credit (each such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received noticedate, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the an “Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such notice. If the Borrowers fail to so reimburse the L/C Issuer, then Administrative Agent will promptly notify each Lender of the related Honor Date”), the Unreimbursed Amount and the amount of such Lender’s Percentage Share of such Unreimbursed Amount. In such event, the Borrowers will applicable Borrower shall be deemed to have requested a Borrowing of Revolving Credit Borrowing consisting of Loans that are Base Rate Loans to be disbursed on the such Honor Date Business Day in an amount equal to the amount of such Unreimbursed Amount, payment by the L/C Issuer under the Letter of Credit without regard to the minimum and multiples specified in Section 2.03 2.02(b) for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments Loan Cap and the conditions set forth in Section 4.02 (other than the delivery of a Revolving Loan Notice). In the event that such a Borrowing cannot be made pursuant to the terms hereof, then not later than 11:00 a.m. on the first Business Day after the Honor Date, the applicable Borrower shall reimburse the L/C Issuer through the Agent in an amount equal to the amount of such drawing. If the Borrowers fail to so reimburse the L/C Issuer by such time, the Agent shall promptly notify each Lender of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and the amount of such Lender’s Applicable Percentage thereof. Any notice given by the L/C Issuer or Administrative the Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, shall upon receipt of any notice from the Agent pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available to the Agent (and Administrative the Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at Administrative the Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by Administrative the Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers in such amount on the Honor Dateamount. Administrative The Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason and the Borrowers have failed to reimburse the L/C Issuer pursuant to clause (c)(i) above, the Borrowers will shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinancedrefinanced or reimbursed, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default RateRate for Revolving Loans which are Base Rate Loans. In such event, each Lender’s payment to Administrative the Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers any Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Lead Borrower of a Revolving Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to Administrative the Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through Administrative the Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, compensation plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Loan included in the relevant Revolving Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Lender (through Administrative the Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

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

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will shall notify the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If the such L/C Issuer will make notifies the Borrower of any payment in respect of a Credit, the Borrowers will reimburse the by such L/C Issuer the amount under a Letter of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment Credit prior to 11:00 a.m. on the Honor Datedate of such payment, or, the Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing on such day; provided that if such notice has is not been received by provided to the Administrative Borrower prior to such time 11:00 a.m. on such Honor Datepayment date, then the Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing not later than 10:00 a.m. 3:00 p.m. on the next succeeding Business Day immediately following the day that the Administrative Borrower receives Day, and such noticeextension of time shall be reflected in computing fees in respect of such Letter of Credit (each such date, a “Reimbursement Date”). If the Borrowers fail Borrower fails to so reimburse the such L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Credit Lender who has a participation in such Letter of Credit of the related Honor Reimbursement Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”) and the amount of such Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Committed Borrowing consisting of Base Rate Loans to be disbursed on such Honor the applicable Reimbursement Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments Commitment and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan NoticeBorrowing Request). Any notice given by the an L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will(including each Revolving Credit Lender acting as an L/C Issuer) who has a participation in such Letter of Credit shall, upon receipt of any notice pursuant to Section 2.04(c)(i2.03(c)(i), make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 3:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Committed Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the applicable L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Committed Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 canhave not be been satisfied or otherwisefor any other reason (including the prior occurrence of the Applicable Maturity Date or any other prior termination of all or any portion of the Commitments of the Lenders to make Committed Loans), the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interestinterest thereon) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the applicable L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Committed Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the such L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Committed Loans or L/C Advances to reimburse each the applicable L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the such L/C Issuer, the Borrowers Borrower, any Subsidiary or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Revolving Credit Lender’s obligation to make Revolving Credit Committed Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan NoticeBorrowing Request). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the applicable L/C Issuer for the amount of any payment made by the such L/C Issuer under any such Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the applicable L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of the Federal Funds applicable Overnight Rate and a rate determined by the L/C Issuer from time to time in accordance with banking industry rules on interbank compensationeffect, plus any administrative, processing or similar fees customarily charged by the such L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the applicable L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Willis Group Holdings PLC), Credit Agreement and Guaranty Agreement (Willis Group Holdings PLC)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make any payment in respect shall notify the Borrower and the Administrative Agent thereof. Not later than 2:00 p.m., Local Time, on the Business Day (each such date, an “Honor Date”) following the date upon which the Borrower’s receives such notice from the L/C Issuer of a payment by the L/C Issuer under a Letter of Credit, the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the L/C Issuer shall notify the Administrative Agent will who shall promptly notify each Revolving Facility Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Revolving Facility Lender’s Revolving Facility Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Facility Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 1.01 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Facility Commitments and the conditions set forth in Section 4.02 5.01 (other than the delivery of a Loan NoticeBorrowing Request). Any notice given by the L/C Issuer or Administrative Agent pursuant to this Section 2.04(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Facility Lender willshall, upon receipt of any notice pursuant to Section 2.04(c)(i2.05(c)(i), make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the account of the Administrative Agent’s Office Agent most recently designated by it for such purpose by notice to the Lenders, in an amount equal to such Lender’s its Revolving Facility Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. p.m., Local Time, on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.05(c)(iii), each Revolving Facility Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Facility Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 5.01 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Facility Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.05(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.05. (iv) Until each Revolving Facility Lender funds its Revolving Credit Facility Loan or L/C Advance pursuant to this Section 2.04(c2.05(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Revolving Facility Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Revolving Facility Lender’s obligation to make Revolving Credit Facility Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.05(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Facility Lender’s obligation to make Revolving Credit Facility Loans pursuant to this Section 2.04(c2.05(c) is subject to the conditions set forth in Section 4.02 Article V (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Loan NoticeBorrowing Request). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Facility Lender fails to make available to the Administrative Agent for the account of any L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.05(c) by the time specified in Section 2.04(c)(ii2.05(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Facility Loan included in the relevant Revolving Facility Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Revolving Facility Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.05(c)(vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Abl Credit Agreement (Constellium Holdco B.V.), Abl Credit Agreement (Constellium Holdco B.V.)

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Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Not later than 12:00 noon on the Business Day following the day of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date of such payment, an “Honor Date”), the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed AmountAmount (which Borrowing will not be subject to the terms and conditions of Section 4.2 hereof and will be funded by the Lenders solely upon the requirements of this Section 2.3 being met), without regard to the minimum and multiples specified in Section 2.03 2.2 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice)Commitments. Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.3(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.3(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 2:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwise, the Borrowers will be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will be due and payable on demand (together with interest) and will bear interest at the Default Rate. In such event, each Lender’s payment to Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii) will be deemed payment in respect of its participation in such L/C Borrowing and will constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.04[Reserved]. (iv) Until each Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.3(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.3(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoingforegoing (including any failure to meet the terms and conditions of Section 4.2); provided provided, however, that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.3(c) is subject to the conditions set forth in Section 4.02 4.2 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.3(c) by the time specified in Section 2.04(c)(ii2.3(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.3(c)(vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Revolving Credit Agreement (PBF Logistics LP), Revolving Credit Agreement (PBF Energy Co LLC)

Drawings and Reimbursements; Funding of Participations. (ia) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will Issuing Lender shall notify the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If Not later than 11:00 A.M. Central time on (i) the L/C Issuer will make any payment in respect of Business Day that the Borrower receives a Credit, the Borrowers will reimburse the L/C Issuer the amount notice of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received noticeby such Issuing Lender under a Letter of Credit (each such date, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the an “Honor Date, or”), if such notice has not been is received by the Administrative Borrower prior to such time 10:00 a.m., Central time, on such Honor Datethe day of receipt, then not later than 10:00 a.m. on or (ii) the Business Day immediately following the Honor Date, if such notice is not received prior to such time on the day that of receipt, the Borrower shall reimburse such Issuing Lender through the Administrative Borrower receives Agent in an amount equal to the amount of such noticedrawing. If the Borrowers fail Borrower fails to so reimburse such Issuing Lender by such time, the L/C Issuer, then Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Revolving Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting borrowing of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.2 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Total Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice)5.2. Any notice given by such Issuing Lender or the L/C Issuer or Administrative Agent pursuant to this Section 2.04(c)(i2.7(a) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (iib) Each Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.7(a) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of such Issuing Lender at the applicable designated L/C Issuer at Administrative Agent’s Funding Office in an amount equal to such Lender’s its Revolving Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. 2:00 P.M., Central time, on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.7(c), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuersuch Issuing Lender. (iiic) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether borrowing of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 5.2 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer such Issuing Lender an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Raterate determined in accordance with Section 3.5(c). In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer such Issuing Lender pursuant to Section 2.04(c)(ii2.7(b) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.7. (ivd) Until each Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c) 2.7 to reimburse the applicable designated L/C Issuer such Issuing Lender for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Revolving Percentage Share of such amount will shall be solely for the account of the L/C Issuersuch Issuing Lender. (ve) Each Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each L/C Issuer such Issuing Lender for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c)2.7, will shall be absolute and unconditional and will shall not be affected by any circumstance, including (Ai) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuersuch Issuing Lender, the Borrowers Borrower or any other Person for any reason whatsoever, ; (Bii) the occurrence or continuance of a Default or Event of Default Default, or (Ciii) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c) 2.7 is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, of a Loan Notice)5.2. No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each L/C Issuer such Issuing Lender for the amount of any payment made by the L/C Issuer such Issuing Lender under any Letter of Credit, together with interest as provided herein. (vif) If any Lender fails to make available to the Administrative Agent for the account of any L/C Issuer such Issuing Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) 2.7 by the time specified in Section 2.04(c)(ii2.7(b), then, without limiting the other provisions of this Agreement, the L/C Issuer will such Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer such Issuing Lender at a rate per annum equal to the greater of the Federal Funds Effective Rate and a rate reasonably determined by the L/C Issuer such Issuing Lender in accordance with banking industry rules practices on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. A certificate of L/C Issuer such Issuing Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.7(f) will shall be conclusive absent manifest error. (g) Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, the Borrower or any other Group Member, the Borrower shall be obligated to reimburse the applicable Issuing Lender hereunder for any and all drawings under such Letter of Credit. The Borrower hereby acknowledges that the issuance of Letters of Credit for the account of the Borrower or any other Group Member inures to the benefit of the Borrower, and that the Borrower’s business derives substantial benefits from the businesses of the Borrower and the other Group Members.

Appears in 2 contracts

Samples: Credit Agreement, Credit Agreement (Access Midstream Partners Lp)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated relevant L/C Issuer will shall notify promptly the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make any payment in respect of a Credit, the Borrowers will reimburse the L/C Issuer the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on On the Business Day immediately following the day that Business Day on which the Borrower shall have received notice of any payment by an L/C Issuer under a Letter of Credit (or, if the Borrower shall have received such notice later than 1:00 p.m. on any Business Day, on the second succeeding Business Day) (each such date, an “Honor Date”), the Borrower shall reimburse such L/C Issuer through the Administrative Borrower receives Agent in an amount equal to the amount of such noticedrawing by 1:00 p.m. on such Business Day. If the Borrowers fail Borrower fails to so reimburse the such L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Appropriate Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Appropriate Lender’s Percentage Pro Rata Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 ‎Section 2.02 for the principal amount of Base Rate Loans, Loans but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments of the Appropriate Lenders, and subject to the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice‎Section 4.02(b). Any notice given by the an L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i‎Section 2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, (including any such Lender acting as an L/C Issuer) shall upon receipt of any notice pursuant to Section 2.04(c)(i), ‎Section 2.03(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated relevant L/C Issuer at the Administrative Agent’s Office for payments in an amount equal to such Lender’s Percentage its Pro Rata Share multiplied by the of any Unreimbursed Amount in respect of a Letter of Credit not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii‎Section 2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the relevant L/C Issuer. (iii) With respect to any Unreimbursed Amount in respect of a Letter of Credit that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section ‎Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated relevant L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the relevant L/C Issuer pursuant to Section 2.04(c)(ii‎Section 2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.04‎Section 2.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c‎Section 2.03(c) to reimburse the applicable designated relevant L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Percentage Pro Rata Share of such amount will shall be solely for the account of the relevant L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each an L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c‎Section 2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the relevant L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Revolving Credit Lender’s obligation to make Revolving Credit Loans (but not L/C Advances) pursuant to this Section 2.04(c‎Section 2.03(c) is subject to the conditions set forth in Section ‎Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the relevant L/C Issuer for the amount of any payment made by the such L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the relevant L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c‎Section 2.03(c) by the time specified in Section 2.04(c)(ii‎Section 2.03(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of the Federal Funds applicable Overnight Rate and a rate determined by the L/C Issuer then in accordance with banking industry rules on interbank compensationeffect, plus any administrative, processing or similar fees customarily charged by the such L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the relevant L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi‎Section 2.03(c)(vi) will shall be conclusive absent manifest demonstrable error.

Appears in 2 contracts

Samples: Credit Agreement (Phibro Animal Health Corp), Credit Agreement (Phibro Animal Health Corp)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will Issuing Bank shall notify the Administrative Borrower, on behalf of Company and the Borrowers, and Administrative Agent thereof. If Not later than 11:00 a.m. on the L/C Issuer will make date of any payment in respect by the applicable Issuing Bank under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Company shall reimburse such Issuing Bank through the L/C Issuer Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on drawing; provided, however, that in the related Honor Date if case of a Letter of Credit denominated in an Alternative Currency, the Administrative Borrower will have received noticeCompany shall reimburse such Issuing Bank in Dollars, on behalf and such Issuing Bank shall notify the Company of the Borrowers, Dollar Equivalent of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by amount of the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately drawing promptly following the day that the Administrative Borrower receives such noticedetermination thereof. If the Borrowers fail Company fails to so reimburse the L/C Issuerapplicable Issuing Bank by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (expressed in Dollars in the amount of the Dollar Equivalent thereof in the case of a Letter of Credit denominated in an Alternative Currency) (the “Unreimbursed Amount Amount”), and the amount of such LenderXxxxxx’s Percentage Share of such Unreimbursed AmountCommitment Ratio thereof. In such event, the Borrowers will Company shall be deemed to have requested a Revolving Credit Borrowing consisting an Advance of Base Rate Loans Advances to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 for the principal amount of Base Rate LoansAdvances, but subject to the amount of the unutilized portion of the Aggregate Available Revolving Credit Loan Commitments and the conditions set forth in Section 4.02 3.3 (other than the delivery of a Loan NoticeRequest for Advance). Any notice given by an Issuing Bank or the L/C Issuer or Administrative Agent pursuant to this Section 2.04(c)(i2.13(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.13(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer Issuing Bank at the Administrative Agent’s Office in an amount equal to such Lender’s Percentage Share multiplied by its Commitment Ratio of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.13(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan Advances to the Borrowers Company in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuerapplicable Issuing Bank. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether an Advance of Base Rate Advances because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 3.3 cannot be satisfied or otherwisefor any other reason, the Borrowers will Company shall be deemed to have incurred from the applicable designated L/C Issuer Issuing Bank an L/C Borrowing on the Honor Date Advance in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will Advance shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer applicable Issuing Bank pursuant to Section 2.04(c)(ii2.13(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing Advance and will shall constitute an L/C Advance Loan from such Lender in satisfaction of its participation obligation under this Section 2.042.13. (iv) Until each Lender funds its Revolving Credit Loan or L/C Advance Loan pursuant to this Section 2.04(c2.13(c) to reimburse the applicable designated L/C Issuer Issuing Bank for any amount drawn under any CreditLetter of Credit issued by it, interest in respect of the amount of such LenderXxxxxx’s Percentage Share Commitment Ratio of such amount will shall be solely for the account of the L/C Issuersuch Issuing Bank. (v) Each Lender’s obligation to make Revolving Credit Loans or L/C Advances Loans to reimburse each L/C Issuer an Issuing Bank for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.13(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuersuch Issuing Bank, the Borrowers Company or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.13(c) is subject to the conditions set forth in Section 4.02 3.3 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Company of a Loan NoticeRequest for Advance). No such making of an L/C Advance will Loan shall relieve or otherwise impair the obligation of the Borrowers Company to reimburse each L/C Issuer the applicable Issuing Bank for the amount of any payment made by the L/C Issuer such Issuing Bank under any CreditLetter of Credit issued by it, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any L/C Issuer an Issuing Bank any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.13(c) by the time specified in Section 2.04(c)(ii2.13(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will such Issuing Bank shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer such Issuing Bank at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer such Issuing Bank in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer such Issuing Bank in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Loan included in the relevant Advance or L/C Loan in respect of the relevant L/C Advance, as the case may be. A certificate of L/C Issuer the applicable Issuing Bank submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Revolving Credit Agreement (American Tower Corp /Ma/), Revolving Credit Agreement (American Tower Corp /Ma/)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will shall notify the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make any payment in respect of a Credit, the Borrowers will reimburse the L/C Issuer the amount of such payment not Not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that date of any payment by the applicable L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the Borrower shall reimburse the applicable L/C Issuer through the Administrative Borrower receives Agent in an amount equal to the amount of such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the applicable L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Committed Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to (A) the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate LoansLoans and (B) the conditions set forth in Section 4.02, but subject to the amount of the unutilized portion (calculated after giving effect to the application by the Administrative Agent of the proceeds of such Committed Borrowing) of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice)Commitments. Any notice given by the applicable L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(d)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(d)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(d)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the applicable L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Committed Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the applicable L/C Issuer pursuant to Section 2.04(c)(ii2.03(d)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Lender funds its Revolving Credit Committed Loan or L/C Advance pursuant to this Section 2.04(c2.03(d) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the applicable L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Committed Loans or L/C Advances to reimburse each the L/C Issuer Issuers for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(d), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that such Lender may have against the applicable L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each . Each Lender’s obligation to make Revolving Credit Committed Loans pursuant to this Section 2.04(c2.03(d) is shall not be subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, of a Loan Notice)4.02. No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the applicable L/C Issuer for the amount of any payment made by the such L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any the applicable L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(d) by the time specified in Section 2.04(c)(ii2.03(d)(ii), then, without limiting the other provisions of this Agreement, the applicable L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the applicable L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the applicable L/C Issuer in accordance with banking industry rules on interbank compensation. If such Lender pays such amount (with interest and fees as aforesaid), plus any administrative, processing the amount so paid shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or similar fees customarily charged by the L/C Issuer Advance in connection with respect of the foregoingrelevant L/C Borrowing, as the case may be. A certificate of the applicable L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error. (vii) In the event the Borrower or any Lender shall have entered into the arrangements contemplated pursuant to Section 2.03(a)(iii)(E) with respect to the applicable L/C Issuer’s risk with respect to another Lender’s Applicable Percentage of any Letter of Credit, the applicable L/C Issuer shall be entitled immediately to exercise its rights under any such arrangement and apply any funds received by it as a result thereof to such Lender’s Applicable Percentage of any Unreimbursed Amount with respect to such Letter of Credit.

Appears in 2 contracts

Samples: Credit Agreement (Amplify Energy Corp), Credit Agreement (Amplify Energy Corp)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Not later than (A) 12:00 p.m. on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an “Honor Date”), if notice is received by the Borrower prior to 10:00 a.m. or (B) 12:00 p.m. on the first Business Day immediately following the Honor Date, if notice is received by the Borrower after 10:00 a.m. on the Honor Date, the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Applicable Revolving Credit Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, (including any Lender acting as L/C Issuer) shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) to the Administrative Agent for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Revolving Credit Percentage Share multiplied by of the Unreimbursed Amount Amount, in Dollars, not later than 1:00 2:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Revolving Credit Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan NoticeNotice ). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Kapstone Paper & Packaging Corp), Credit Agreement (Kapstone Paper & Packaging Corp)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated relevant L/C Issuer will shall examine such documents within the period stipulated by terms and conditions of Letter of Credit. After such examination, the relevant L/C Issuer shall notify the Borrower (through the Administrative Borrower, on behalf of Agent) and the Borrowers, and Administrative Agent thereof. If Not later than 3:00 p.m. on the date of any payment by the relevant L/C Issuer will make any payment in respect under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on drawing and in Dollars or the related Honor Date applicable Alternate Currency; provided that if the Administrative Borrower will have received notice, on behalf of the Borrowers, notice of such payment drawing is not provided to the Borrower prior to 11:00 a.m. 12:00 noon on the Honor Date, or, if then the Borrower shall reimburse such notice has not been received by L/C Issuer through the Administrative Borrower prior Agent in an amount equal to the amount of such time on such Honor Date, then not later than 10:00 a.m. drawing and in Dollars on the next succeeding Business Day immediately following the day that the Administrative Borrower receives and such noticeextension of time shall be reflected in computing fees in respect of any such Letter of Credit. If the Borrowers fail Borrower fails to so reimburse the relevant L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Initial Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Initial Revolving Credit Lender’s Percentage Pro Rata Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a an Initial Revolving Credit Borrowing consisting of (x) in the case of a Letter of Credit denominated in Dollars, a Base Rate Loans Loan denominated in Dollars in an equivalent amount and (y) in the case of a Letter of Credit denominated in an Alternate Currency, a Eurocurrency Rate Loan denominated in such Alternate Currency to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 ‎Section 2.02(a) for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Initial Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice)Commitments. Any notice given by the relevant L/C Issuer or the Administrative Agent pursuant to this Section ‎Section 2.04(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Initial Revolving Credit Lender will, (including the Lender acting as the relevant L/C Issuer) shall upon receipt of any notice pursuant to Section ‎Section 2.04(c)(i), ) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated relevant L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s Percentage its Pro Rata Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative AgentAgent (if such notice is provided to the Initial Revolving Credit Lenders prior to 11:00 a.m. on such date, and otherwise, by no later than two hours after receipt of such notice), whereupon, subject to the provisions of Section 2.04(c)(iii‎Section 2.04(c)(ii), each Initial Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the relevant L/C IssuerIssuer in Dollars. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a an Initial Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwiseBase Rate Loans, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated relevant L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Initial Revolving Credit Lender’s payment to the Administrative Agent for the account of the relevant L/C Issuer pursuant to Section 2.04(c)(ii‎Section 2.04(c)(i) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section ‎Section 2.04. (iv) Until each Initial Revolving Credit Lender funds its Initial Revolving Credit Loan or L/C Advance pursuant to this Section ‎Section 2.04(c) to reimburse the applicable designated relevant L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Percentage Pro Rata Share of such amount will shall be solely for the account of the such L/C Issuer. (v) Each Initial Revolving Credit Lender’s obligation to make Initial Revolving Credit Loans or L/C Advances to reimburse each the relevant L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section ‎Section 2.04(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the such L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided it being agreed that each Initial Revolving Credit Lender’s obligation to make Initial Revolving Credit Loans pursuant to this Section ‎Section 2.04(c) is shall not be subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, of a Loan Notice)‎Section 4.02. No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the relevant L/C Issuer for the amount of any payment made by the such L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Initial Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the relevant L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section ‎Section 2.04(c) by the time specified in Section 2.04(c)(ii‎Section 2.04(c)(i), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of applicable Overnight Rate from time to time in effect. If such Lender pays such amount (with interest as aforesaid), the Federal Funds Rate and a rate determined by amount so paid shall constitute such Lender’s Loan included in the relevant Borrowing or L/C Issuer Advance in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by respect of the relevant L/C Issuer in connection with Borrowing, as the foregoingcase may be. A certificate of the relevant L/C Issuer submitted to any Initial Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi‎Section 2.04(c)(vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Dun & Bradstreet Holdings, Inc.), Credit Agreement (Dun & Bradstreet Holdings, Inc.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Not later than 12:00 p.m. on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Revolving Credit Lender’s Applicable Revolving Credit Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments Facility and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) to the Administrative Agent for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Revolving Credit Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Revolving Credit Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan NoticeNotice ). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Loan included in the relevant Revolving Credit Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (NOODLES & Co), Credit Agreement (NOODLES & Co)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated relevant L/C Issuer will shall examine such documents within the period stipulated by terms and conditions of Letter of Credit. After such examination, the relevant L/C Issuer shall notify the Borrower (through the Administrative Borrower, on behalf of Agent) and the Borrowers, and Administrative Agent thereof. If Not later than 3:00 p.m. on the date of any payment by the relevant L/C Issuer will make any payment in respect under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on drawing and in Dollars or the related Honor Date applicable Alternate Currency; provided that if the Administrative Borrower will have received notice, on behalf of the Borrowers, notice of such payment drawing is not provided to the Borrower prior to 11:00 a.m. 12:00 noon on the Honor Date, or, if then the Borrower shall reimburse such notice has not been received by L/C Issuer through the Administrative Borrower prior Agent in an amount equal to the amount of such time on such Honor Date, then not later than 10:00 a.m. drawing and in Dollars on the next succeeding Business Day immediately following the day that the Administrative Borrower receives and such noticeextension of time shall be reflected in computing fees in respect of any such Letter of Credit. If the Borrowers fail Borrower fails to so reimburse the relevant L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Initial Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Initial Revolving Credit Lender’s Percentage Pro Rata Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a an Initial Revolving Credit Borrowing consisting of (x) in the case of a Letter of Credit denominated in Dollars, a Base Rate Loans Loan denominated in Dollars in an equivalent amount and (y) in the case of a Letter of Credit denominated in an Alternate Currency, a Eurocurrency Rate Loan denominated in such Alternate Currency to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02(a) for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Initial Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice)Commitments. Any notice given by the relevant L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Initial Revolving Credit Lender will, (including the Lender acting as the relevant L/C Issuer) shall upon receipt of any notice pursuant to Section 2.04(c)(i), ) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated relevant L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s Percentage its Pro Rata Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative AgentAgent (if such notice is provided to the Initial Revolving Credit Lenders prior to 11:00 a.m. on such date, and otherwise, by no later than two hours after receipt of such notice), whereupon, subject to the provisions of Section 2.04(c)(iii2.04(c)(ii), each Initial Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the relevant L/C IssuerIssuer in Dollars. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a an Initial Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwiseBase Rate Loans, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated relevant L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Initial Revolving Credit Lender’s payment to the Administrative Agent for the account of the relevant L/C Issuer pursuant to Section 2.04(c)(ii2.04(c)(i) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.04. (iv) Until each Initial Revolving Credit Lender funds its Initial Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c) to reimburse the applicable designated relevant L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Percentage Pro Rata Share of such amount will shall be solely for the account of the such L/C Issuer. (v) Each Initial Revolving Credit Lender’s obligation to make Initial Revolving Credit Loans or L/C Advances to reimburse each the relevant L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the such L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided it being agreed that each Initial Revolving Credit Lender’s obligation to make Initial Revolving Credit Loans pursuant to this Section 2.04(c) is shall not be subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, of a Loan Notice)4.02. No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the relevant L/C Issuer for the amount of any payment made by the such L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Initial Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the relevant L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(ii2.04(c)(i), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of applicable Overnight Rate from time to time in effect. If such Lender pays such amount (with interest as aforesaid), the Federal Funds Rate and a rate determined by amount so paid shall constitute such Lender’s Loan included in the relevant Borrowing or L/C Issuer Advance in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by respect of the relevant L/C Issuer in connection with Borrowing, as the foregoingcase may be. A certificate of the relevant L/C Issuer submitted to any Initial Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.04(c)(vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Dun & Bradstreet Holdings, Inc.), Credit Agreement (Dun & Bradstreet Holdings, Inc.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will shall notify the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If Not later than 11:00 a.m. on the date of any payment by the L/C Issuer will make any payment in respect under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Revolving Credit Lender’s Applicable Revolving Credit Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the applicable L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Revolving Credit Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Revolving Credit Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the applicable L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the any L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Loan included in the relevant Revolving Credit Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Loan Agreement (Akumin Inc.), Credit Agreement (Akumin Inc.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof), the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf Letter of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make any payment in respect of a Credit, the Administrative Agent shall notify the Lead Borrower thereof; provided, however, that any failure to give or delay in giving such notice shall not relieve the Borrowers will of their obligation to reimburse the L/C Issuer and the Lenders with respect to any such payment. Not later than 11:00 a.m. on the date of any payment by the L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the Borrowers shall reimburse the L/C Issuer through the Administrative Agent on the same day in an amount equal to the amount of such payment not later than 1:00 p.m. on drawing, less the related Honor Date if the Administrative Borrower will have received notice, on behalf amount of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received any funds withdrawn by the Administrative Borrower prior L/C Issuer from account number 0000000000, maintained at Xxxxx Fargo Bank (or such other account maintained at Xxxxx Fargo Bank as the Borrowers shall designate from time to time in writing), that the L/C Issuer used to repay such time on such Honor Datedrawing, then not later than 10:00 a.m. on the Business Day immediately following the day provided, that the Administrative Borrower receives Agent has received written notice of such noticewithdrawal and the amount thereof. If the Borrowers fail to so fully reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will shall be deemed to have requested a Revolving Credit Committed Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will not affect the conclusiveness or binding effect of such noticeelectronic means. (ii) Each Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Committed Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Lender funds its Revolving Credit Committed Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Committed Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers any Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Committed Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Lead Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, compensation plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the principal amount so paid shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Coldwater Creek Inc), Credit Agreement (Coldwater Creek Inc)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Not later than 11:00 a.m. (or, in the event the Borrower has not been notified of such drawing prior to such time, within 2 hours of receipt of such notice) on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Applicable Revolver Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Committed Borrowing consisting of a Revolver Committed Loan of Base Rate Committed Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Committed Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Revolver Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), ) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Revolver Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Committed Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Committed Borrowing pursuant to Section 2.04(c)(ii), whether of a Revolver Committed Loan of Base Rate Committed Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default RateRate from and after the date that is five (5) days after the date of such demand. In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.04. (iv) Until each Lender funds its Revolving Credit Committed Loan or L/C Advance pursuant to this Section 2.04(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Revolver Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Committed Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Committed Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Franklin Street Properties Corp /Ma/), Credit Agreement (Franklin Street Properties Corp /Ma/)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a compliant drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will shall notify the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make any payment in respect of a Credit, the Borrowers will reimburse the L/C Issuer the amount of such payment not Not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following of any payment by such L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the day that Borrower shall reimburse such L/C Issuer through the Administrative Borrower receives Agent, in an amount equal to the amount of such noticedrawing. If the Borrowers fail to Borrower does not so reimburse the such L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Percentage Pro Rata Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Committed Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date or the next Business Day thereafter in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the such L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, (including the Lender acting as a L/C Issuer) shall upon receipt of any notice pursuant to Section 2.04(c)(i2.04(c), (i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purposepurpose pursuant to Section 2.04(g) as a result of a Defaulting Lender) for the account of the applicable designated such L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s Percentage its Pro Rata Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Committed Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the such L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Committed Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated such L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the such L/C Issuer pursuant to Section 2.04(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.04. (iv) Until each Lender funds its Revolving Credit Committed Loan or L/C Advance pursuant to this Section 2.04(c) to reimburse the applicable designated any L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Percentage Pro Rata Share of such amount will shall be solely for the account of the such L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Committed Loans or L/C Advances to reimburse each any L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoffset-off, counterclaim, recoupment, defense or other right that which such Lender may have against the such L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Committed Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each such L/C Issuer for the amount of any payment made by the such L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the such L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the such L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of such L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (ONE Gas, Inc.), Credit Agreement (ONE Gas, Inc.)

Drawings and Reimbursements; Funding of Participations. (ia) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will Issuing Lender shall notify the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If Not later than 2 p.m. on the L/C Issuer will make date of any payment in respect by the Issuing Lender under a Letter of a CreditCredit (or, if notice is given to the Borrower after 1 p.m. on such date, not later than 2 p.m. on the next Business Day; each such date, an "Honor Date"), the Borrowers will Borrower shall reimburse the L/C Issuer Issuing Lender through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on drawing. If the related Honor Date if Borrower fails to so reimburse the Issuing Lender by such time, the Administrative Borrower will have received notice, on behalf Agent shall promptly notify each Revolving Credit Lender of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such notice. If the Borrowers fail to so reimburse the L/C Issuer, then Administrative Agent will promptly notify each Lender amount of the related Honor Dateunreimbursed drawing (the "Unreimbursed Amount"), the Unreimbursed Amount and the amount of such Lender’s 's Revolving Credit Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting Loans in the form of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.5 for the principal amount of Base Rate Loans, but subject to the aggregate amount of the unutilized portion of the Aggregate Available Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice)5.2. Any notice given by the L/C Issuer Issuing Lender or the Administrative Agent pursuant to this Section 2.04(c)(i3.3(a) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (iib) Each Revolving Credit Lender will, (including the Lender acting as Issuing Lender) shall upon receipt of any notice pursuant to Section 2.04(c)(i), 3.3 (a) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer Issuing Lender at Administrative Agent’s the Funding Office in an amount equal to such Lender’s its Revolving Credit Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. P.M. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii3.3(c), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C IssuerIssuing Lender. (iiic) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether Loans in the form of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 5.2 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer Issuing Lender an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s 's payment to the Administrative Agent for the account of the L/C Issuer Issuing Lender pursuant to Section 2.04(c)(ii3.3(b) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.043. (ivd) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c) 3.3 to reimburse the applicable designated L/C Issuer Issuing Lender for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s 's Revolving Credit Percentage Share of such amount will shall be solely for the account of the L/C IssuerIssuing Lender. (ve) Each Revolving Credit Lender’s 's obligation to make Revolving Credit Loans or L/C Advances to reimburse each L/C Issuer the Issuing Lender for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c)3.3, will shall be absolute and unconditional and will shall not be affected by any circumstance, including (Ai) any setoffset-off, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C IssuerIssuing Lender, the Borrowers Borrower or any other Person for any reason whatsoever, ; (Bii) the occurrence or continuance of a Default or Event of Default Default, or (Ciii) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s 's obligation to make Revolving Credit Loans pursuant to this Section 2.04(c) 3.3 is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, of a Loan Notice)5.2. No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each L/C Issuer the Issuing Lender for the amount of any payment made by the L/C Issuer Issuing Lender under any Letter of Credit, together with interest as provided herein. (vif) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any L/C Issuer the Issuing Lender any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) 3.3 by the time specified in Section 2.04(c)(ii3.3(b), then, without limiting the other provisions of this Agreement, the L/C Issuer will Issuing Lender shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer Issuing Lender at a rate per annum equal to the greater of the Federal Funds Effective Rate and a rate determined by the L/C Issuer from time to time in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoingeffect. A certificate of L/C Issuer the Issuing Lender submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vif) will shall be conclusive absent manifest error.

Appears in 2 contracts

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

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will shall notify the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If the Each L/C Issuer will make shall notify the Borrower on the date of any payment in respect of a Credit, the Borrowers will reimburse the by such L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), and the Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not drawing no later than 1:00 p.m. on the related Honor Date if next succeeding Business Day (and any reimbursement made on such next Business Day shall be taken into account in computing interest and fees in respect of any such Letter of Credit). If the Borrower fails to so reimburse such L/C Issuer on such next Business Day, the Administrative Borrower will have received notice, on behalf Agent shall promptly notify each Revolving Credit Lender of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such notice. If the Borrowers fail to so reimburse the L/C Issuer, then Administrative Agent will promptly notify each Lender amount of the related Honor Dateunreimbursed drawing (the “Unreimbursed Amount”), the Unreimbursed Amount and the amount of such Revolving Credit Lender’s Percentage Pro Rata Share thereof (based on such Lender’s Pro Rata Share of such Unreimbursed Amountthe aggregate Revolving Credit Facility). In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such Honor Date date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice); provided that, subject to the satisfaction of all applicable conditions set forth in Section 4.02, Borrower may, at its option utilize the Swingline Loans, or may make other arrangements for payment satisfactory to the L/C Issuer, for reimbursement of all L/C Borrowings as required in this Section 2.03(c)(i). Any notice given by the an L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately promptly confirmed in writing; provided that the lack of such an immediate a prompt confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at Administrative Agent’s Office in an amount equal to such Lender’s Percentage its applicable Pro Rata Share multiplied by of the Unreimbursed Amount not later than 1:00 3:00 p.m. (New York City time) on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the applicable L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate then applicable to Revolving Credit Loans (and in the event there shall be more than one Tranche of Revolving Credit Loans, such Default Rate shall be determined based on the Tranche with the highest Default Rate). In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the applicable L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Percentage applicable Pro Rata Share of such amount will shall be solely for the account of the such L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the applicable L/C Issuer for amounts drawn under all Credits issued by it, Letters of Credit as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the such L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or Event of Default or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the applicable L/C Issuer for the amount of any payment made by the applicable L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the applicable L/C Issuer Issuer, any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate from time to time in effect and a rate reasonably determined by the such L/C Issuer in accordance with banking industry rules on interbank compensation, plus any reasonable administrative, processing or similar fees customarily charged by the such L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the applicable L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: First Lien Credit Agreement (Keyw Holding Corp), Credit Agreement (Keyw Holding Corp)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will Issuing Bank shall notify the Administrative Borrower, on behalf of Borrower Representative and the Borrowers, and Administrative Agent thereof. If Not later than 11:00 a.m. on the L/C Issuer will make date of any payment in respect by the Issuing Bank under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will shall reimburse the L/C Issuer Issuing Bank through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on drawing. If the related Honor Date if Borrowers fails to so reimburse the Issuing Bank by such time, the Administrative Borrower will have received notice, on behalf Agent shall promptly notify each Bank of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such notice. If the Borrowers fail to so reimburse the L/C Issuer, then Administrative Agent will promptly notify each Lender amount of the related Honor Dateunreimbursed drawing (the “Unreimbursed Amount”), the Unreimbursed Amount and the amount of such LenderBank’s Revolving Commitment Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower Representative shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.2(b) for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 5.2 (other than the delivery of a Notice of Revolving Loan Notice)Borrowing) and provided that, after giving effect to such Borrowing, the total Outstanding Amount of Revolving Obligations shall not exceed the Aggregate Revolving Commitments. Any notice given by the L/C Issuer Issuing Bank or the Administrative Agent pursuant to this Section 2.04(c)(i2.6(a)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, Bank shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.6(a)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer Issuing Bank at the Administrative Agent’s Office in an amount equal to such Lender’s its Revolving Commitment Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative AgentAgent which date will not be earlier than the Business Day following the Honor Date, whereupon, subject to the provisions of Section 2.04(c)(iii2.1(c)(ii), each Lender Bank that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C IssuerIssuing Bank. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 5.2 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower Representative shall be deemed to have incurred from the applicable designated L/C Issuer Issuing Bank an L/C LOC Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C LOC Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each LenderBank’s payment to the Administrative Agent for the account of the L/C Issuer Issuing Bank pursuant to Section 2.04(c)(ii2.6(a)(ii) will shall be deemed payment in respect of its participation in such L/C LOC Borrowing and will shall constitute an L/C LOC Advance from such Lender Bank in satisfaction of its participation obligation under this Section 2.042.6. (iv) Until each Lender Bank funds its Revolving Credit Loan or L/C LOC Advance pursuant to this Section 2.04(c2.6(a) to reimburse the applicable designated L/C Issuer Issuing Bank for any amount drawn under any Letter of Credit, interest in respect of the amount of such LenderBank’s Revolving Commitment Percentage Share of such amount will shall be solely for the account of the L/C IssuerIssuing Bank. (v) Each LenderBank’s obligation to make Revolving Credit Loans or L/C LOC Advances to reimburse each L/C Issuer the Issuing Bank for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.6(a), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender Bank may have against the L/C IssuerIssuing Bank, the Borrowers or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each LenderBank’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.6(a) is subject to the conditions set forth in Section 4.02 5.2 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower Representative of a Notice of Revolving Loan NoticeBorrowing). No such making of an L/C LOC Advance will shall relieve or otherwise impair the obligation of the Borrowers to reimburse each L/C Issuer the Issuing Bank for the amount of any payment made by the L/C Issuer Issuing Bank under any Letter of Credit, together with interest as provided herein. (vi) If any Lender Bank fails to make available to the Administrative Agent for the account of any L/C Issuer the Issuing Bank any amount required to be paid by such Lender Bank pursuant to the foregoing provisions of this Section 2.04(c2.6(a) by the time specified in Section 2.04(c)(ii2.6(a)(ii), then, without limiting the other provisions of this Credit Agreement, the L/C Issuer will Issuing Bank shall be entitled to recover from such Lender Bank (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer Issuing Bank at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer Issuing Bank in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer Issuing Bank in connection with the foregoing. If such Bank pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Bank’s Revolving Loan included in the relevant Borrowing or LOC Advance in respect of the relevant LOC Borrowing, as the case may be. A certificate of L/C Issuer the Issuing Bank submitted to any Lender Bank (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Owens & Minor Inc/Va/), Credit Agreement (Owens & Minor Inc/Va/)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrowers and the Administrative Agent thereof. Not later than 8:00 a.m. on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Revolving Credit Lender’s Applicable Revolving Credit Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (iii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Revolving Credit Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. 10:00 a.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iiiii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iviii) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Revolving Credit Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (viv) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrowers of a Committed Loan NoticeNotice ). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to Administrative Agent for the account of any L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will be entitled to recover from such Lender (acting through Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. A certificate of L/C Issuer submitted to any Lender (through Administrative Agent) with respect to any amounts owing under this clause (vi) will be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Ichor Holdings, Ltd.), Credit Agreement (Ichor Holdings, Ltd.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. On the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an “Honor Date”) made not later than 11:00 am on such date (and otherwise, on the Business Day after any such payment), the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Committed Borrowing consisting of Base Rate Committed Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Committed Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Committed Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Committed Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Committed Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Lender funds its Revolving Credit Committed Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Committed Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Committed Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Tapstone Energy Inc.), Credit Agreement (Tapstone Energy Inc.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof; provided, however, that any payment failure to give or delay in respect giving such notice shall not relieve the Borrower of a Credit, the Borrowers will its obligation to reimburse the L/C Issuer and the Lenders with respect to any such payment. Not later than 11:00 a.m. on the date of any payment by the L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Revolving Credit Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), ) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that which is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.04. (iv) Until each Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers any Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Revolving Credit Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, compensation plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Loan included in the relevant Revolving Credit Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Duckwall Alco Stores Inc), Credit Agreement (Duckwall Alco Stores Inc)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from On the beneficiary date of any Credit of payment by any drawing under such Credit (or any notice thereof), the applicable designated L/C Issuer will notify under any Letter of Credit (each such date, an “Honor Date”), the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the relevant L/C Issuer will make any payment in respect shall notify the Borrower and the Administrative Agent of a Credit, such payment. If the Borrowers will reimburse the relevant L/C Issuer shall give such notice prior to 9:00 A.M. on the Honor Date, the Borrower shall reimburse the relevant L/C Issuer by 11:00 A.M. on the Honor Date through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Datedrawing, or, if such notice has not been received by the Administrative Borrower prior to such time on such the Honor Date, then not later than 10:00 a.m. 11:00 A.M. on the Business Day immediately following the day that the Administrative Borrower receives such notice. If the Borrowers fail Borrower fails to so reimburse the relevant L/C IssuerIssuer when due, then the Administrative Agent will shall promptly notify each Lender Bank of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such LenderBank’s Percentage Pro Rata Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans Advances to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.1 for the principal amount of Base Rate LoansAdvances, but otherwise subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments Section 2.1 and subject to compliance with the conditions set forth in Section 4.02 3.2 (other than (i) the delivery of a Loan NoticeNotice of Borrowing and (ii) the absence of an event that would constitute an Event of Default but for the requirement of time elapse, which is based upon the Borrower’s failure to fully and timely reimburse for such drawing). Any notice given by the any L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.9(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, Bank (including the Bank acting as L/C Issuer) shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.9(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated relevant L/C Issuer at Administrative Agent’s the Payment Office in an amount equal to such Lender’s Percentage its Pro Rata Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. P.M. on the Business Day Honor Date specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.9(c)(iii), each Lender Bank that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan Advance subject to compliance with the conditions set forth in Section 3.2 (other than (i) the delivery of a Notice of Borrowing and (ii) the absence of an event that would constitute an Event of Default but for the requirement of time elapse, which is based upon the Borrower’s failure to fully and timely reimburse for such drawing) to the Borrowers Borrower in such amount on and the Honor Datecorresponding Unreimbursed Amount shall be deemed refinanced. The Administrative Agent will shall remit the funds so received to the relevant L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to or a deemed Borrowing under Section 2.04(c)(ii), whether 2.9(c)(i) or (ii) because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 3.2 and not excused under Section 2.9(c)(i) or Section 2.9(c)(ii) cannot be satisfied or otherwiseon the Honor Date, then (A) the Borrowers will be deemed to have incurred from the applicable designated relevant L/C Issuer an L/C Borrowing on will notify the Honor Date in Borrower of the amount of the such Unreimbursed Amount that has not been refinanced and (B) such Unreimbursed Amount that is not so refinanced, which L/C Borrowing will refinanced shall (1) bear interest on the amount thereof from time to time outstanding at a rate per annum equal to 2% above the Base Rate in effect from time to time and (2) shall be due and payable on demand (together with interest) and will bear interest at the Default Rate15th day following the Borrower’s receipt of such notice from such L/C Issuer. In such event, each LenderBank’s payment to the Administrative Agent for the account of the relevant L/C Issuer pursuant to Section 2.04(c)(ii2.9(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing Unreimbursed Amount and will shall constitute an L/C Advance from such Lender Bank in satisfaction of its participation obligation under this Section 2.042.9. (iv) Until each Lender Bank funds its Revolving Credit Loan Advance or L/C Advance pursuant to this Section 2.04(c2.9(c) to reimburse the applicable designated relevant L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such LenderBank’s Percentage Pro Rata Share of such amount will shall be solely for the account of the relevant L/C Issuer. (v) Each LenderBank’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the relevant L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.9(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoffset-off, counterclaim, recoupment, defense or other right that which such Lender Bank may have against the relevant L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Lender’s obligation . No such making of a reimbursement to make Revolving Credit Loans pursuant an L/C Issuer shall constitute a Borrowing if the Borrower is unable to this Section 2.04(c) is subject to satisfy the conditions set forth in Section 4.02 3.2 (other than (i) the delivery by the Administrative Borrower, on behalf of the Borrowers, of a Loan Notice). No Notice of Borrowing and (ii) the absence of an event that would constitute an Event of Default but for the requirement of time elapse, which is based upon the Borrower’s failure to fully and timely reimburse for such drawing) and no such making of an L/C Advance will a reimbursement shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the relevant L/C Issuer for the amount of any payment made by the relevant L/C Issuer under any Letter of Credit, together with interest as provided hereinin this Section 2.9(c). (vi) If any Lender Bank fails to make available to the Administrative Agent for the account of any an L/C Issuer any amount required to be paid by such Lender Bank pursuant to the foregoing provisions of this Section 2.04(c2.9(c) by the time specified in Section 2.04(c)(ii2.9(c)(ii), then, without limiting the other provisions of this Agreement, the relevant L/C Issuer will shall be entitled to recover from such Lender Bank (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the relevant L/C Issuer at a rate per annum equal to the greater of the Federal Funds NYFRB Rate and a rate determined by the L/C Issuer from time to time in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoingeffect. A certificate of an L/C Issuer submitted to any Lender Bank (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Eog Resources Inc), Revolving Credit Agreement (Eog Resources Inc)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Revolving Credit Lender’s Applicable Revolving Credit Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Revolving Credit Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Revolving Credit Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Loan included in the relevant Revolving Credit Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Gas Natural Inc.), Credit Agreement (Gas Natural Inc.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Not later than 12:00 p.m. on the Business Day following any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Revolving Credit Lender’s Applicable Revolving Credit Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Revolving Credit Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 3:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Revolving Credit Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Ascent Capital Group, Inc.), Credit Agreement (Ascent Capital Group, Inc.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make any payment in respect of a Credit, shall notify the Borrowers will reimburse Company and the L/C Issuer the amount of such payment not Administrative Agent thereof. Not later than 1:00 p.m. on the related date of any payment by the applicable L/C Issuer under a Letter of Credit (each such date, an “Honor Date if Date”), the Company shall reimburse such L/C Issuer through the Administrative Borrower will have received notice, on behalf of Agent in an amount equal to the Borrowers, amount of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Company fails to so reimburse the such L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Revolving Lender’s Applicable Revolving Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Company shall be deemed to have requested a Revolving Credit Committed Borrowing consisting of Base Eurodollar Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Eurodollar Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Revolving Committed Loan Notice). Any notice given by the applicable L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Revolving Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative AgentAgent (or, if later, one Business Day after the Administrative Agent delivers such notice), whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Eurodollar Rate Committed Loan to the Borrowers Company in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the applicable L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Committed Borrowing pursuant to Section 2.04(c)(ii), whether of Eurodollar Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Company shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Lender’s payment to the Administrative Agent for the account of the applicable L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Revolving Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Lender funds its Revolving Credit Committed Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Revolving Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the applicable L/C Issuer. (v) Each Revolving Lender’s obligation to make Revolving Credit Committed Loans or L/C Advances to reimburse each the applicable L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Revolving Lender may have against the applicable L/C Issuer, the Borrowers Company or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Lender’s obligation to make Revolving Credit Committed Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Company of a Revolving Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Company to reimburse each the applicable L/C Issuer for the amount of any payment made by the such L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Lender fails to make available to the Administrative Agent for the account of any the applicable L/C Issuer any amount required to be paid by such Revolving Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Revolving Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the such L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the such L/C Issuer in connection with the foregoing. If such Revolving Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Revolving Lender’s Revolving Committed Loan included in the relevant Revolving Committed Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the applicable L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Asbury Automotive Group Inc), Credit Agreement (Asbury Automotive Group Inc)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will shall notify the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make any payment in respect of a Credit, the Borrowers will reimburse the L/C Issuer the amount of such payment not Not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that date of any payment by the applicable L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the Borrower shall reimburse the applicable L/C Issuer through the Administrative Borrower receives Agent in an amount equal to the amount of such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the applicable L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such LenderLxxxxx’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Committed Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to (A) the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate LoansLoans and (B) the conditions set forth in Section 4.02, but subject to the amount of the unutilized portion (calculated after giving effect to the application by the Administrative Agent of the proceeds of such Committed Borrowing) of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice)Commitments. Any notice given by the applicable L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(d)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(d)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(d)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the applicable L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Committed Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the applicable L/C Issuer pursuant to Section 2.04(c)(ii2.03(d)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Lender funds its Revolving Credit Committed Loan or L/C Advance pursuant to this Section 2.04(c2.03(d) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such LenderLxxxxx’s Applicable Percentage Share of such amount will shall be solely for the account of the applicable L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Committed Loans or L/C Advances to reimburse each the L/C Issuer Issuers for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(d), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that such Lender may have against the applicable L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each . Each Lender’s obligation to make Revolving Credit Committed Loans pursuant to this Section 2.04(c2.03(d) is shall not be subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, of a Loan Notice)4.02. No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the applicable L/C Issuer for the amount of any payment made by the such L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any the applicable L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(d) by the time specified in Section 2.04(c)(ii2.03(d)(ii), then, without limiting the other provisions of this Agreement, the applicable L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the applicable L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the applicable L/C Issuer in accordance with banking industry rules on interbank compensation. If such Lender pays such amount (with interest and fees as aforesaid), plus any administrative, processing the amount so paid shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or similar fees customarily charged by the L/C Issuer Advance in connection with respect of the foregoingrelevant L/C Borrowing, as the case may be. A certificate of the applicable L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error. (vii) In the event the Borrower or any Lender shall have entered into the arrangements contemplated pursuant to Section 2.03(a)(iii)(E) with respect to the applicable L/C Issuer’s risk with respect to another Lender’s Applicable Percentage of any Letter of Credit, the applicable L/C Issuer shall be entitled immediately to exercise its rights under any such arrangement and apply any funds received by it as a result thereof to such Lender’s Applicable Percentage of any Unreimbursed Amount with respect to such Letter of Credit.

Appears in 2 contracts

Samples: Credit Agreement (Amplify Energy Corp.), Credit Agreement (Amplify Energy Corp.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the L/C Issuer directly in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if drawing. The applicable L/C Issuer shall notify the Administrative Agent of any failure by the Borrower will have received to reimburse such L/C Issuer by such time pursuant to Section 2.03(m)(iv). Promptly upon receipt of such notice, on behalf the Administrative Agent shall notify each Revolving Credit Lender of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such notice. If the Borrowers fail to so reimburse the L/C Issuer, then Administrative Agent will promptly notify each Lender amount of the related Honor Dateunreimbursed drawing (the “Unreimbursed Amount”), the Unreimbursed Amount and the amount of such Revolving Credit Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan NoticeNotice ). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Loan included in the relevant Revolving Credit Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Biomarin Pharmaceutical Inc), Credit Agreement (Biomarin Pharmaceutical Inc)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Not later than 3:00 p.m. on the date of any payment in respect of a Credit, by the Borrowers will reimburse the applicable L/C Issuer under a Letter of Credit if the amount applicable L/C Issuer delivers notice of such payment not later than 1:00 p.m. by 11:00 a.m. on the related Honor Date such day (or, if the Administrative Borrower will have received notice, on behalf of the Borrowers, notice of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Dateapplicable L/C Issuer is delivered after 11:00 a.m., then not later than 10:00 a.m. on the next succeeding Business Day immediately following Day) (each such date, an “Honor Date”), the day that Borrower shall reimburse the L/C Issuer through the Administrative Borrower receives Agent in an amount equal to the amount of such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Borrowing Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Revolving Credit Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Loan Borrowing Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Revolving Credit Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Revolving Credit Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Loan included in the relevant Revolving Credit Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

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

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Administrative Agent thereof. Not later than 3:00 p.m. on the date of any payment in respect of a Credit, the Borrowers will reimburse by the L/C Issuer under a Letter of Credit (if the amount Borrower shall have received notice of such payment drawing by 11:00 a.m. on such date) or not later than 1:00 3:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that Borrower’s receipt of such notice (if the Borrower shall have received notice of such drawing after 11:00 a.m. on the date of any payment by the L/C Issuer under a Letter of Credit) (each such date, an “Honor Date”), the Borrower shall reimburse the L/C Issuer through the Administrative Borrower receives Agent in an amount equal to the amount of such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Revolving Credit Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments Facility and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) to the Administrative Agent for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan NoticeNotice ). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Loan included in the relevant Revolving Credit Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Del Taco Restaurants, Inc.), Credit Agreement (Del Taco Restaurants, Inc.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any drawing documents under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify shall examine drawing documents within the Administrative Borrower, on behalf period stipulated by the Terms and Conditions of the BorrowersLetter of Credit. After such examination, and Administrative Agent thereof. If the L/C Issuer will make any payment in respect of a Credit, shall notify the Borrowers will reimburse applicable Borrower and the L/C Issuer the amount of such payment not Administrative Agent thereof. Not later than 1:00 p.m. on the related date immediately following any payment by the applicable L/C Issuer under a Letter of Credit (such date, an “Honor Date if Date”), such Borrower shall reimburse such L/C Issuer through the Administrative Borrower will have received notice, on behalf of Agent in an amount equal to the Borrowers, amount of such payment prior drawing for a Letter of Credit issued on its behalf. If such Borrower fails to 11:00 a.m. on so reimburse the applicable L/C Issuer by such time, the Administrative Agent shall promptly notify each Revolving Credit Lender of the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such notice. If the Borrowers fail to so reimburse the L/C Issuer, then Administrative Agent will promptly notify each Lender amount of the related Honor Dateunreimbursed drawing (the “Unreimbursed Amount”), the Unreimbursed Amount and the amount of such LenderRevolving Credit Xxxxxx’s Percentage Pro Rata Share of such Unreimbursed Amountthereof. In such event, the Borrowers will such Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 5.02 (other than the delivery of a Committed Loan Notice). Any notice given by the applicable L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may must be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, (including the Lender acting as the applicable L/C Issuer) shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s Percentage its Pro Rata Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers such Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the applicable L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 5.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will applicable Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the such L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such LenderXxxxxx’s Percentage Pro Rata Share of such amount will shall be solely for the account of the such L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the applicable L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the such L/C Issuer, the Borrowers any Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 5.02 (other than delivery by any Borrower of a Committed Loan Notice) and that the Administrative Borrower, on behalf obligations of the Borrowers, Borrowers pursuant to this Section 2.03(c) shall survive termination of a Loan Notice)this Agreement and the payment of the Loans and all other amounts payable hereunder. No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers to reimburse each the applicable L/C Issuer for the amount of any payment made by the such L/C Issuer under any CreditLetter of Credit issued to such Xxxxxxxx, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the applicable L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Revolving Credit Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Effective Rate and a rate determined by the such L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the such L/C Issuer in connection with the foregoing. If such Revolving Credit Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the applicable L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (APi Group Corp), Credit Agreement (APi Group Corp)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will shall notify the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If ; provided, however, that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse such L/C Issuer will make and the Lenders with respect to any such payment. Not later than 11:00 a.m. within 2 Business Days of the date of any payment in respect of a Credit, by the Borrowers will reimburse the applicable L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the applicable L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Committed Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the any L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the applicable L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Committed Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the applicable L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Lender funds its Revolving Credit Committed Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the such L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Committed Loans or L/C Advances to reimburse each the L/C Issuer Issuers for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the any L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Committed Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer Issuers for the amount of any payment made by the any L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the applicable L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the such L/C Issuer in accordance with banking industry rules on interbank compensation, compensation plus any administrative, processing or similar fees customarily charged by the such L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the applicable L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Container Store Group, Inc.), Credit Agreement (Container Store Group, Inc.)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will shall notify the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If Not later than 11:00 a.m. on the date of any payment by an L/C Issuer will make any payment in respect under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the such L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on drawing. If the related Honor Date if Borrower fails to so reimburse the applicable L/C Issuer by such time, the Administrative Borrower will have received notice, on behalf Agent shall promptly notify each Revolving Credit Lender of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such notice. If the Borrowers fail to so reimburse the L/C Issuer, then Administrative Agent will promptly notify each Lender amount of the related Honor Dateunreimbursed drawing (the “Unreimbursed Amount”), the Unreimbursed Amount and the amount of such Revolving Credit Lender’s Applicable Revolving Credit Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the an L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03 (i) make funds available (and the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Revolving Credit Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the applicable L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the an L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Revolving Credit Percentage Share of such amount will shall be solely for the account of the such L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each an L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the such L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan NoticeNotice ). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the applicable L/C Issuer for the amount of any payment made by the such L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any an L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the such L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the such L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Revolving Credit Loan included in the relevant Revolving Credit Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of an L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Suburban Propane Partners Lp), Credit Agreement (Suburban Propane Partners Lp)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Lead Borrower and the Administrative Agent thereof; provided, however, that any payment failure to give or delay in respect of a Credit, giving such notice shall not relieve the Borrowers will of their obligation to reimburse the L/C Issuer and the amount of Lenders with respect to any such payment not payment. Not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following after the day that date of any payment by the L/C Issuer under a Letter of Credit (each such Business Day, an “Honor Date”), the Borrowers shall reimburse the L/C Issuer through the Administrative Borrower receives Agent in an amount equal to the amount of such noticedrawing. If the Borrowers fail to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Lender’s Applicable Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will shall be deemed to have requested a Revolving Credit Committed Borrowing consisting of Base Prime Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Prime Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender willshall, upon receipt of any notice pursuant to Section 2.04(c)(i2.03(c)(i), make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 2:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Prime Rate Loan to the Borrowers in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Committed Borrowing pursuant to Section 2.04(c)(ii), whether of Prime Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(i) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Lender funds its Revolving Credit Committed Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Applicable Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Committed Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers any Borrower or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or an Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Lender’s obligation to make Revolving Credit Committed Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Lead Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, compensation plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Committed Loan included in the relevant Committed Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Tops Markets Ii Corp), Credit Agreement (Tops Holding Corp)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated relevant L/C Issuer will shall notify promptly the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make any payment in respect of a Credit, the Borrowers will reimburse the L/C Issuer the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on On the Business Day immediately following the day that Business Day on which the Borrower shall have received notice of any payment by an L/C Issuer under a Letter of Credit (or, if the Borrower shall have received such notice later than 1:00 p.m. on any Business Day, on the second succeeding Business Day) (each such date, an “Honor Date”), the Borrower shall reimburse such L/C Issuer through the Administrative Borrower receives Agent in an amount equal to the amount of such noticedrawing by 1:00 p.m. on such Business Day. If the Borrowers fail Borrower fails to so reimburse the such L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Appropriate Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Appropriate Lender’s Percentage Pro Rata Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, Loans but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments of the Appropriate Lenders, and subject to the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice4.02(b). Any notice given by the an L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, (including any such Lender acting as an L/C Issuer) shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated relevant L/C Issuer at the Administrative Agent’s Office for payments in an amount equal to such Lender’s Percentage its Pro Rata Share multiplied by the of any Unreimbursed Amount in respect of a Letter of Credit not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the relevant L/C Issuer. (iii) With respect to any Unreimbursed Amount in respect of a Letter of Credit that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated relevant L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the relevant L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated relevant L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Percentage Pro Rata Share of such amount will shall be solely for the account of the relevant L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each an L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the relevant L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Revolving Credit Lender’s obligation to make Revolving Credit Loans (but not L/C Advances) pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the relevant L/C Issuer for the amount of any payment made by the such L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the relevant L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of the Federal Funds applicable Overnight Rate and a rate determined by the L/C Issuer then in accordance with banking industry rules on interbank compensationeffect, plus any administrative, processing or similar fees customarily charged by the such L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the relevant L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest demonstrable error.

Appears in 2 contracts

Samples: Credit Agreement (Phibro Animal Health Corp), Credit Agreement (Phibro Animal Health Corp)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Credit of any drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make any shall notify the Borrower and the Administrative Agent of the amount to be paid by the L/C Issuer as a result of such drawing and the date on which payment is to be made by the L/C Issuer to the beneficiary of such Letter of Credit in respect of a such drawing; provided, however, that in the case of Commercial Letters of Credit, subsequent notification by routine methods shall be deemed sufficient notice. Not later than 11:00 a.m., on the Borrowers will date of any payment by the L/C Issuer under a Letter of Credit (each such date of payment, an “Honor Date”), the Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on drawing, which may be effected through the related Honor Date if debiting of one or more deposit accounts maintained with the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticeAgent. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Lender of the related Honor Date, the Unreimbursed Amount and the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and such Lender’s Percentage Revolving Proportionate Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Loan Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.01 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Total Revolving Credit Commitments Loan Commitment, Adjusted Borrowing Base Availability and the conditions set forth in Section 4.02 3.02 (other than the delivery of a Notice of Loan NoticeBorrowing for Revolving Loans). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.02(c)(i) may be given by telephone if immediately confirmed in writing; provided provided, that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, (including the Lender acting as L/C Issuer) shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.02(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s Percentage its Revolving Proportionate Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.02(c)(iii), each Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Loan Borrowing pursuant to Section 2.04(c)(ii), whether because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 3.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Raterate applicable to Revolving Loans upon the occurrence and during the continuance of an Event of Default. In such event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.02(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.02. (iv) Until each Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.02(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Percentage Revolving Proportionate Share of such amount will shall be solely for the account of the L/C Issuer. For the avoidance of doubt, interest shall accrue beginning on the Honor Date for any such draw under a Letter of Credit. (v) Each Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the L/C Issuer for for, or participate in, amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.02(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoffset-off, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, of a Loan Notice). No Any such making of an L/C Advance will reimbursement shall not relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.02(c) by the time specified in Section 2.04(c)(ii2.02(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer from time to time in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoingeffect. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Genius Products Inc), Credit Agreement (Genius Products Inc)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will shall notify the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If the such L/C Issuer will make any payment in respect of a Credit, notifies the Borrowers will reimburse the L/C Issuer the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. (Charlotte, North Carolina time) on the date of any payment by such L/C Issuer under a Letter of Credit (each such date, an “Honor Date”), the Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing; provided, that if such notice is not provided to the Borrower prior to 11:00 a.m. (Charlotte, North Carolina time) on the Honor Date, or, if then the Borrower shall reimburse such notice has not been received by L/C Issuer through the Administrative Borrower prior Agent in an amount equal to the amount of such time on such Honor Date, then not later than 10:00 a.m. drawing on the next succeeding Business Day immediately following the day that the Administrative Borrower receives and such noticeextension of time shall be reflected in computing fees in respect of any such Letter of Credit. If the Borrowers fail Borrower fails to so reimburse the such L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Credit Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Revolving Credit Lender’s Percentage Pro Rata Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the an L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided provided, that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Credit Lender will, (including each Lender acting as an L/C Issuer) shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s Percentage its Pro Rata Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Credit Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the applicable L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Credit Lender’s payment to the Administrative Agent for the account of the applicable L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Credit Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Percentage Pro Rata Share of such amount will shall be solely for the account of the such L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each the applicable L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the such L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan NoticeNotice ). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the applicable L/C Issuer for the amount of any payment made by the applicable L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the applicable L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate from time to time in effect and a rate reasonably determined by the such L/C Issuer in accordance with banking industry rules on interbank compensation, plus any reasonable administrative, processing or similar fees customarily charged by the such L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Loan included in the relevant Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the applicable L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Michael Foods Inc/New), Credit Agreement (Michael Foods Inc/New)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated relevant L/C Issuer will shall notify promptly the Administrative Borrower, on behalf of Borrower and the Borrowers, and Administrative Agent thereof. If Not later than 3:30 p.m. (New York City time) on the first Business Day immediately following any payment by an L/C Issuer will make any payment in respect under a Letter of a CreditCredit with notice to the Borrower (each such date, an “Honor Date”), the Borrowers will Borrower shall reimburse the such L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment drawing in Dollars (it being understood that in a case of a Letter of Credit denominated in an Available Currency other than Dollars, the amount of such Letter of Credit shall be determined by taking the Dollar Amount of such Letter of Credit); provided that if such reimbursement is not later than 1:00 p.m. made on the related Honor Date if date of drawing, the Borrower shall pay interest to the relevant L/C Issuer on such amount at the rate applicable to Base Rate Loans (without duplication of interest payable on L/C Borrowings). The relevant L/C Issuer shall notify the Borrower of the Dollar Amount of the drawing promptly following the determination or revaluation thereof. If the Borrower fails to so reimburse such L/C Issuer by such time, the Administrative Borrower will have received notice, on behalf Agent shall promptly notify each Appropriate Lender of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such notice. If the Borrowers fail to so reimburse the L/C Issuer, then Administrative Agent will promptly notify each Lender amount of the related Honor Dateunreimbursed drawing (expressed in Dollars in the Dollar Amount thereof in the case of an Available Currency other than Dollars) (the “Unreimbursed Amount”), the Unreimbursed Amount and the amount of such Appropriate Lender’s Percentage Pro Rata Share of such Unreimbursed Amountor other applicable share provided for under this Agreement thereof. In such event, the Borrowers will Borrower shall be deemed to have requested a Revolving Credit Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, Loans but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments of the Appropriate Lenders and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the an L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. For the avoidance of doubt, the repayment of any Unreimbursed Amount with the proceeds of Revolving Credit Loans (other than an L/C Borrowing) pursuant to this Section 2.03(c)(i) shall not be deemed to be a failure of the Borrower to comply with its obligations hereunder. (ii) Each Appropriate Lender will, (including any Lender acting as an L/C Issuer) shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated relevant L/C Issuer in Dollars at the Administrative Agent’s Office for payments in an amount equal to such Lender’s Percentage its Pro Rata Share multiplied by or other applicable share provided for under this Agreement of the Unreimbursed Amount not later than 1:00 p.m. (New York City time) on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Appropriate Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the relevant L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Borrower shall be deemed to have incurred from the applicable designated relevant L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Appropriate Lender’s payment to the Administrative Agent for the account of the relevant L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Appropriate Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated relevant L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Lender’s Percentage Pro Rata Share or other applicable share provided for under this Agreement of such amount will shall be solely for the account of the relevant L/C Issuer. (v) Each Revolving Credit Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each an L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Lender may have against the relevant L/C Issuer, the Borrowers Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Revolving Credit Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Borrower of a Committed Loan NoticeNotice ). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Borrower to reimburse each the relevant L/C Issuer for the amount of any payment made by the such L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Credit Lender fails to make available to the Administrative Agent for the account of any the relevant L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the such L/C Issuer will shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the such L/C Issuer at a rate per annum equal to the greater of the Federal Funds applicable Overnight Rate and a rate determined by the L/C Issuer from time to time in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoingeffect. A certificate of the relevant L/C Issuer submitted to any Revolving Credit Lender (through the Administrative Agent) with respect to any amounts owing under this clause (viSection 2.03(c)(vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Res Care Inc /Ky/), Credit Agreement (Res Care Inc /Ky/)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Borrower and the Agent thereof. Not later than 11:00 a.m. on the date of any payment in respect of a Credit, the Borrowers will reimburse by the L/C Issuer under a Letter of Credit (each such date, an "Honor Date"), the Borrower shall reimburse ---------- the L/C Issuer through the Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Borrower fails to so reimburse the L/C IssuerIssuer by such time, then Administrative the Agent will shall promptly notify each Lender of the related Honor Date, the amount of the unreimbursed drawing (the "Unreimbursed Amount ------------ Amount"), and the amount of such Lender’s 's Applicable Percentage Share of such Unreimbursed Amount------ thereof. In such event, and in lieu of the Borrowers will obligation of the Borrower to reimburse the L/C Issuer as provided in the immediately preceding sentence the Borrower shall be deemed to have requested a Revolving Credit Committed Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the conditions for extensions of credit in Section 4.02 or the minimum and ------------ multiples specified in Section 2.03 2.02 for the principal amount of Base ------------ Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Commitments. If any Unreimbursed Amount is not fully refinanced by a Committed Borrowing of Base Rate Loans because a Committed Borrowing of Base Rate Loans cannot be made for any reason, then each Lender shall fund its participation interest in the unreimbursed drawing under such Letter of Credit Commitments and promptly on notice from the conditions set forth Administrative Agent by making funds available to the Agent for the account of the L/C Issuer at the Agent's Office in Section 4.02 (other than the delivery an amount equal to such Lender's Applicable Percentage of a Loan Notice)such Unreimbursed Amount. Any notice given by the L/C Issuer or Administrative the Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately ------------------ confirmed in writing; provided that the lack of such an immediate -------- confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), make funds available (and Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at Administrative Agent’s Office in an amount equal to such Lender’s Percentage Share multiplied by the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii), each Lender that so makes funds available will be deemed to have made a Revolving Credit Loan that is a Base Rate Loan to the Borrowers in such amount on the Honor Date. Administrative Agent will remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing pursuant to Section 2.04(c)(ii), whether because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwise, the Borrowers will be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will be due and payable on demand (together with interest) and will bear interest at the Default Rate. In such event, each Lender’s payment to Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii) will be deemed payment in respect of its participation in such L/C Borrowing and will constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this Section 2.04. (iv) Until each Lender funds its Revolving Credit Loan or L/C Advance pursuant to this Section 2.04(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Credit, interest in respect of the amount of such Lender’s Percentage Share of such amount will be solely for the account of the L/C Issuer. (v) Each Lender’s obligation to make Revolving Credit Loans or L/C Advances to reimburse each L/C Issuer for amounts drawn under all Credits issued by it, as contemplated by this Section 2.04(c), will be absolute and unconditional and will not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that such Lender may have against the L/C Issuer, the Borrowers or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or Event of Default or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided that each Lender’s obligation to make Revolving Credit Loans pursuant to this Section 2.04(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, of a Loan Notice). No such making of an L/C Advance will relieve or otherwise impair the obligation of the Borrowers to reimburse each L/C Issuer for the amount of any payment made by the L/C Issuer under any Credit, together with interest as provided herein. (vi) If any Lender fails to make available to Administrative Agent for the account of any L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.04(c) by the time specified in Section 2.04(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will be entitled to recover from such Lender (acting through Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. A certificate of L/C Issuer submitted to any Lender (through Administrative Agent) with respect to any amounts owing under this clause (vi) will be conclusive absent manifest error.------- 2.03

Appears in 2 contracts

Samples: Credit Agreement (Alexander & Baldwin Inc), Credit Agreement (Alexander & Baldwin Inc)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the Company and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will Company shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail Company fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such Revolving Lender’s Applicable Revolving Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Company shall be deemed to have requested a Revolving Credit Committed Borrowing consisting of Base Rate Loans to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Revolving Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Lender will, shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s its Applicable Revolving Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 2:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Committed Loan to the Borrowers Company in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Committed Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will Company shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Revolving Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Lender funds its Revolving Credit Committed Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such Revolving Lender’s Applicable Revolving Percentage Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Revolving Lender’s obligation to make Revolving Credit Committed Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right that which such Revolving Lender may have against the L/C Issuer, the Borrowers Company or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Lender’s obligation to make Revolving Credit Committed Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Company of a Revolving Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Company to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Revolving Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Revolving Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoing. A certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Sonic Automotive Inc), Credit Agreement (Sonic Automotive Inc)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof)Letter of Credit, the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make shall notify the applicable Borrower and the Administrative Agent thereof. Not later than 12:00 p.m. on the date of any payment in respect by the L/C Issuer under a Letter of a CreditCredit (each such date, an “Honor Date”), the Borrowers will applicable Borrower shall reimburse the L/C Issuer in the applicable Agreed Currency through the Administrative Agent in an amount equal to the amount of such payment not later than 1:00 p.m. on the related Honor Date if the Administrative Borrower will have received notice, on behalf of the Borrowers, of such payment prior to 11:00 a.m. on the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such noticedrawing. If the Borrowers fail applicable Borrower fails to so reimburse the L/C IssuerIssuer by such time, then the Administrative Agent will shall promptly notify each Revolving Lender of the related Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount Amount”), and the amount of such LenderRevolving Xxxxxx’s Percentage Pro Rata Share of such Unreimbursed Amountthereof. In such event, the Borrowers will applicable Borrower shall be deemed to have requested a Revolving Credit Committed Borrowing consisting of Base Rate Loans under the Revolving Commitment to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Committed Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this Section 2.04(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (ii) Each Revolving Lender will, (including the Lender acting as L/C Issuer) shall upon receipt of any notice pursuant to Section 2.04(c)(i), 2.03(c)(i) make funds available (and to the Administrative Agent may apply Cash Collateral provided for this purpose) for the account of the applicable designated L/C Issuer at the Administrative Agent’s Office in an amount equal to such Lender’s Percentage its Pro Rata Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii2.03(c)(iii), each Revolving Lender that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Base Rate Committed Loan to the Borrowers applicable Borrower in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C Issuer. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Committed Borrowing pursuant to Section 2.04(c)(ii), whether of Base Rate Loans because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 cannot be satisfied or otherwisefor any other reason, the Borrowers will applicable Borrower shall be deemed to have incurred from the applicable designated L/C Issuer an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Rate. In such event, each Revolving Lender’s payment to the Administrative Agent for the account of the L/C Issuer pursuant to Section 2.04(c)(ii2.03(c)(ii) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Revolving Lender in satisfaction of its participation obligation under this Section 2.042.03. (iv) Until each Revolving Lender funds its Revolving Credit Committed Loan or L/C Advance pursuant to this Section 2.04(c2.03(c) to reimburse the applicable designated L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of the amount of such LenderXxxxxx’s Percentage Pro Rata Share of such amount will shall be solely for the account of the L/C Issuer. (v) Each Revolving Lender’s obligation to make Revolving Credit Committed Loans or L/C Advances to reimburse each the L/C Issuer for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c2.03(c), will shall be absolute and unconditional and will shall not be affected by any circumstance, including (A) any setoffset-off, counterclaim, recoupment, defense or other right that which such Lender may have against the L/C Issuer, the Borrowers any Borrower or any other Person for any reason whatsoever, ; (B) the occurrence or continuance of a Default or Event of Default Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each Revolving Lender’s obligation to make Revolving Credit Committed Loans pursuant to this Section 2.04(c2.03(c) is subject to the conditions set forth in Section 4.02 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, applicable Borrower of a Committed Loan Notice). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers applicable Borrower to reimburse each the L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit, together with interest as provided herein. (vi) If any Revolving Lender fails to make available to the Administrative Agent for the account of any the L/C Issuer any amount required to be paid by such Revolving Lender pursuant to the foregoing provisions of this Section 2.04(c2.03(c) by the time specified in Section 2.04(c)(ii2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C Issuer will shall be entitled to recover from such Revolving Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate determined by the L/C Issuer from time to time in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the L/C Issuer in connection with the foregoingeffect. A certificate of the L/C Issuer submitted to any Revolving Lender (through the Administrative Agent) with respect to any amounts owing under this clause subsection (vi) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Credit Agreement (Pursuit Attractions & Hospitality, Inc.), Canadian Benchmark Replacement Conforming Changes Amendment (Viad Corp)

Drawings and Reimbursements; Funding of Participations. (ia) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Credit (or any notice thereof), the applicable designated L/C Issuer will notify the Administrative Borrower, on behalf Letter of the Borrowers, and Administrative Agent thereof. If the L/C Issuer will make any payment in respect of a Credit, the Borrowers will reimburse Issuing Bank shall notify Ryder and the L/C Issuer the amount of such payment Administrative Agent thereof not later than 1:00 p.m. (Eastern time) on the related date of drawing under such Letter of Credit. Not later than 11:00 a.m. (Eastern time) on the Domestic Business Day next following the later of (i) the date of any payment by the Issuing Bank under a Letter of Credit (each such date of payment by the Issuing Bank, an “Honor Date if Date”) or (ii) the date that the Issuing Bank provides notice to Ryder of a drawing by the beneficiary under a Letter of Credit, Ryder shall reimburse the Issuing Bank through the Administrative Borrower will have received notice, on behalf of Agent in an amount equal to the Borrowers, amount of such payment prior drawing, together with interest thereon at a rate per annum equal to 11:00 a.m. on the Domestic Base Rate. If Ryder fails to so reimburse the Issuing Bank by such time, the Administrative Agent shall promptly notify each Domestic Bank of the Honor Date, or, if such notice has not been received by the Administrative Borrower prior to such time on such Honor Date, then not later than 10:00 a.m. on the Business Day immediately following the day that the Administrative Borrower receives such notice. If the Borrowers fail to so reimburse the L/C Issuer, then Administrative Agent will promptly notify each Lender amount of the related Honor Dateunreimbursed drawing (the “Unreimbursed Amount”), the Unreimbursed Amount and the amount of such LenderDomestic Bank’s Domestic Commitment Percentage Share of such Unreimbursed Amountthereof. In such event, the Borrowers will Ryder shall be deemed to have requested a Revolving Credit Borrowing consisting of Domestic Base Rate Loans Loan to be disbursed on such the Honor Date in an amount equal to such the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.03 §2.7 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Credit Commitments Total Domestic Commitment and the conditions set forth in Section 4.02 §12 (other than the delivery of a Domestic Loan NoticeRequest). Any notice given by the L/C Issuer Issuing Bank or the Administrative Agent pursuant to this Section 2.04(c)(i§4.3(a) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation will shall not affect the conclusiveness or binding effect of such notice. (iib) Each Lender willDomestic Bank (including the Domestic Bank acting as Issuing Bank, if applicable) shall upon receipt of any notice pursuant to Section 2.04(c)(i), §4.3(a) make funds available (and the Administrative Agent may apply Cash Collateral Collateral, if applicable and to the extent provided for this purpose) for the account of the applicable designated L/C Issuer Issuing Bank at the Administrative Agent’s Head Office in an amount equal to such Lender’s its Domestic Commitment Percentage Share multiplied by of the Unreimbursed Amount not later than 1:00 p.m. (local time of the Administrative Agent) on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of Section 2.04(c)(iii§4.3(c), each Lender Domestic Bank that so makes funds available will shall be deemed to have made a Revolving Credit Loan that is a Domestic Base Rate Loan to the Borrowers Ryder in such amount on the Honor Dateamount. The Administrative Agent will shall remit the funds so received to the L/C IssuerIssuing Bank. (iiic) With respect to any Unreimbursed Amount that is not fully refinanced by a Revolving Credit Borrowing Domestic Base Rate Loan pursuant to Section 2.04(c)(ii), whether this §4.3 because each of the conditions (other than the delivery of a Loan Notice) set forth in Section 4.02 §12 cannot be satisfied or otherwisefor any other reason, the Borrowers will Ryder shall be deemed to have incurred from the applicable designated L/C Issuer Issuing Bank an L/C Borrowing on the Honor Date in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing will shall be due and payable on demand (together with interest) and will shall bear interest at the Default Ratein accordance with §6.11. In such event, each LenderDomestic Bank’s payment to the Administrative Agent for the account of the L/C Issuer Issuing Bank pursuant to Section 2.04(c)(ii§4.3(b) will shall be deemed payment in respect of its participation in such L/C Borrowing and will shall constitute an L/C Advance from such Lender Bank in satisfaction of its participation obligation under this Section 2.04§4. (ivd) Until each Lender a Domestic Bank funds its Revolving Credit Domestic Base Rate Loan or L/C Advance pursuant to this Section 2.04(c) §4.3 to reimburse the applicable designated L/C Issuer Issuing Bank for any amount drawn under any Letter of Credit, interest in respect of the amount of such LenderDomestic Bank’s Domestic Commitment Percentage Share of such amount will shall be solely for the account of the L/C IssuerIssuing Bank. (ve) Each LenderDomestic Bank’s obligation to make Revolving Credit Domestic Base Rate Loans or L/C Advances to reimburse each L/C Issuer the Issuing Bank for amounts drawn under all Credits issued by itLetters of Credit, as contemplated by this Section 2.04(c)§4.3, will shall be absolute and unconditional and will shall not be affected by any circumstance, including (Ai) any setoffset-off, counterclaim, recoupment, defense or other right that which such Lender Bank may have against the L/C IssuerIssuing Bank, the Borrowers any Borrower or any other Person for any reason whatsoever, ; (Bii) the occurrence or continuance of a Default or Event of Default Default; or (Ciii) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided provided, however, that each LenderDomestic Bank’s obligation to make Revolving Credit Domestic Base Rate Loans pursuant to this Section 2.04(c) §4.3 is subject to the conditions set forth in Section 4.02 §12 (other than delivery by the Administrative Borrower, on behalf of the Borrowers, Ryder of a Domestic Loan NoticeRequest). No such making of an L/C Advance will shall relieve or otherwise impair the obligation of the Borrowers Ryder to reimburse each L/C Issuer the Issuing Bank for the amount of any payment made by the L/C Issuer Issuing Bank under any Letter of Credit, together with interest as provided herein. (vif) If any Lender Domestic Bank fails to make available to the Administrative Agent for the account of any L/C Issuer the Issuing Bank any amount required to be paid by such Lender Bank pursuant to the foregoing provisions of this Section 2.04(c) §4.3 by the time specified in Section 2.04(c)(ii§4.3(b), then, without limiting the other provisions of this Agreement, the L/C Issuer will Issuing Bank shall be entitled to recover from such Lender Domestic Bank (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the L/C Issuer Issuing Bank at a rate per annum equal to the greater of the Federal Funds applicable Overnight Rate and a rate determined by the L/C Issuer from time to time in accordance with banking industry rules on interbank compensationeffect, plus any administrative, processing or similar fees customarily charged by the L/C Issuer Issuing Bank in connection with the foregoing. If such Domestic Bank pays such amount (with interest and fees as aforesaid), the amount so paid (less all such aforementioned interest and fees incurred by such Domestic Bank as a result of its failure to pay the required amounts to the Issuing Bank) shall constitute such Domestic Bank’s Loan included in the relevant borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of L/C Issuer the Issuing Bank submitted to any Lender Domestic Bank (through the Administrative Agent) with respect to any amounts owing under this clause (vif) will shall be conclusive absent manifest error.

Appears in 2 contracts

Samples: Global Revolving Credit Agreement (Ryder System Inc), Global Revolving Credit Agreement (Ryder System Inc)

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