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 Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable Issuing Bank shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank through the Administrative Agent in an amount equal to the amount of such drawing, and in the applicable currency. If such Borrower fails to so reimburse such Issuing Bank by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant of the 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”), and the amount of such Applicable Participant’s Applicable Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans. Any notice given by the applicable Issuing Bank or the Administrative Agent pursuant to this Section 2.05(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 5 contracts

Samples: Restatement Agreement (Constellation Brands, Inc.), Assignment and Assumption (Constellation Brands, Inc.), Credit Agreement (Constellation Brands, Inc.)

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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 Letter of Credit, the applicable Issuing Bank relevant L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued Company and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the relevant Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank relevant L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower the Company shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such the relevant Borrower will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank relevant L/C Issuer shall notify the applicable Borrower Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 3:00 p.m. on the Business Day following date of any payment by an Issuing Bank the relevant L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank such L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued Company shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency; provided that if notice of such drawing is not provided to the Company prior to 1:00 p.m. on the Honor Date, then the relevant Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing and in the applicable currency on the next succeeding Business Day and such extension of time shall be reflected in computing fees in respect of any such Letter of Credit. If such the relevant Borrower fails to so reimburse such Issuing Bank the relevant L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Revolving Credit Lender of the 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”), and the amount of such Applicable ParticipantRevolving Credit Lender’s Applicable Percentage Pro Rata Share thereof. In such event, the Borrower for whose account such Letter of Credit was issued Company shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 2.02(a) for the principal amount of Base Rate Loans, Loans but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank relevant L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.04(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 5 contracts

Samples: Credit Agreement (Fidelity National Information Services, Inc.), Credit Agreement (Fidelity National Information Services, Inc.), Credit Agreement (Fidelity National Information 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 relevant L/C Issuer shall notify promptly the Lead Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 11:00 a.m. on the second Business Day following any payment by an Issuing Bank the relevant L/C Issuer under a Letter of Credit with notice to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency Lead Borrower (each such date, an “Honor Date”), the Lead Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing in Dollars (determined, for purposes of any Letter of Credit denominated in an Alternative Currency, using the Dollar Equivalent (determined using the Exchange Rate calculated as of the date when such payment is due) of such drawing), provided that if such reimbursement is not made on the date of drawing, and in the Lead Borrower shall pay interest to the relevant L/C Issuer on such amount at the rate applicable to Base Rate Loans under the applicable currencyParticipating Revolving Credit Commitments (without duplication of interest payable on L/C Borrowings). The L/C Issuer shall notify the Lead Borrower of the Dollar Amount of the drawing promptly following the determination or revaluation thereof. If such the Lead Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Appropriate Lender of the Honor Date, the amount of the unreimbursed drawing (expressed in Dollars in the amount determined, for purposes of the Dollar Equivalent thereof in the case of a any Letter of Credit denominated in an Alternative Currency, using the Dollar Equivalent (determined using the Exchange Rate calculated as of the date when such payment was due) of such unreimbursed drawing) (such amount, the “Unreimbursed Amount”), and the amount of such Applicable ParticipantAppropriate Lender’s Applicable Percentage Pro Rata Share thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Participating Revolving Credit Facility Commitments of the Appropriate Lenders and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 5 contracts

Samples: Credit Agreement (Trinseo PLC), Credit Agreement (Trinseo S.A.), Credit Agreement (Trinseo 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 Letter of Credit, the applicable Issuing Bank L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative CurrencyCanadian Dollars, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative CurrencyCanadian Dollars, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the Borrower shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such the Borrower will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative CurrencyCanadian Dollars, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower and the Administrative Agent of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 10:00 a.m. on the Business Day following date of any payment by an Issuing Bank the applicable L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency. If such the Borrower fails to so reimburse such Issuing Bank the applicable L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Revolving Credit Lender of the 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 CurrencyCanadian Dollars) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantRevolving Credit Lender’s Applicable Revolving Credit Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Aggregate Revolving Credit Facility Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 5 contracts

Samples: Credit Agreement (TreeHouse Foods, Inc.), Credit Agreement (TreeHouse Foods, Inc.), Credit Agreement (TreeHouse Foods, 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 relevant L/C Issuer shall notify promptly the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Approved Foreign Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Approved Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Approved Foreign Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 1:00 p.m. (New York City time), in the case of a drawing in Dollars, or 2:00 p.m. (London time) (or, if earlier, 9:00 a.m. New York city time), in the case of a drawing in an Approved Foreign Currency, on (1) the next Business Day immediately following any payment by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or that the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency Borrower receives notice thereof (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawingdrawing in the relevant Approved Currency; provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a Revolving Credit Borrowing under the Revolving Credit Facility or a Swing Line Borrowing under the Swing Line Facility in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Borrowing or Swing Line Borrowing, as applicable. In the event that (x) a drawing denominated in an Approved Foreign Currency is to be reimbursed in Dollars pursuant to the first sentence of this Section 2.03(c)(i) and (y) the Dollar amount paid by the Borrower, whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in the applicable currencyApproved Foreign Currency equal to the drawing, the Borrower agrees, as a separate and independent obligation, to indemnify the L/C Issuer for the loss resulting from its inability on that date to purchase the Approved Currency in the full amount of the drawing. If such the Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Appropriate Lender of the 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 Currencythereof) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantAppropriate Lender’s Applicable Percentage Pro Rata Share or other applicable share provided for under this Agreement thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans or Eurocurrency Rate Loans, as applicable, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility of the Appropriate Lenders and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 4 contracts

Samples: Credit Agreement (Hilton Worldwide Holdings Inc.), Credit Agreement (Hilton Worldwide Holdings Inc.), Credit Agreement (Hilton Worldwide 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 relevant L/C Issuer shall promptly notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In Not later than 2:00 p.m. (New York City time) on the case date that is (1) one Business Day after the Borrower’s receipt of a Letter such notice (or, if the Borrower has not received notice of Credit denominated in an Alternative Currencysuch payment by 12:00 noon (New York City time) on such date, the Borrower for whose account date that is (2) two Business Days after the Borrower’s receipt of such Letter of Credit was issued shall reimburse notice from the applicable Issuing Bank in such Alternative Currency, unless (AL/C Issuer) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing payment made by an L/C Issuer under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower (each such date of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such dateCredit, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer in Dollars, in each case, through the Administrative Agent in an amount equal to the amount of such drawing, and in with interest on the amount so paid or disbursed by such L/C Issuer at the rate applicable currencyto Base Rate Revolving Credit Loans, to the extent not reimbursed on the date of such payment or disbursement. If such the Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Appropriate Lender of the 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”), and the amount of such Applicable ParticipantAppropriate Lender’s Applicable Revolving Credit Percentage thereofthereof or other applicable share provided for under this Agreement. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued Loans, in each case to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, Loans but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility of the Appropriate Lenders and subject to the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately promptly confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 4 contracts

Samples: Credit Agreement (Cincinnati Bell Inc), Credit Agreement (Cincinnati Bell Inc), Credit Agreement (Cincinnati Bell 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 L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in Dollars, the Borrower shall reimburse the L/C Issuer in Dollars. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars is preferred and the Borrower does not make payment in the applicable Alternative Currency on the Honor Date, in which case the Borrower shall reimburse the L/C Issuer in Dollars, or (B) in otherwise, the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank the L/C Issuer promptly following receipt of the notice of drawing that such the Borrower will reimburse such Issuing Bank the L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the The Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currencycurrency on the date on which the Borrower receives notice of any payment by the L/C Issuer under a Letter of Credit, if the Borrower receives notice by 12:00 p.m., New York City time for payments in Dollars or by the Applicable Time for payments in Alternative Currencies, or on the next Business Day if notice is not received by such time (each such date, an “Honor Date”). If such the Borrower fails to so reimburse such Issuing Bank the L/C Issuer by such timethe time set forth in the preceding sentence, the applicable L/C Issuer shall promptly notify the Administrative Agent shall promptly notify each applicable Applicable Participant of the Honor Date, the amount of the unreimbursed drawing (expressed in Dollars or in the amount of the Dollar Equivalent thereof in the case of a Letter of Credit denominated in an Alternative Currency) (the “Unreimbursed Amount”), . The Administrative Agent shall promptly notify each Revolving Credit Lender thereof and of the amount of such Applicable ParticipantRevolving Credit Lender’s Applicable Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans. Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 3 contracts

Samples: Credit Agreement (Peabody Energy Corp), Credit Agreement (Peabody Energy Corp), Credit Agreement (Peabody 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 Letter of Credit, the applicable Issuing Bank relevant L/C Issuer shall notify promptly the Parent Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a an Alternative Currency Letter of Credit denominated in an Alternative Currency, the Parent Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank relevant Alternative Currency L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, Dollars or (B) in the absence of any such requirement for reimbursement in Dollars, such the Parent Borrower shall have notified such Issuing Bank the relevant Alternative Currency L/C Issuer promptly following receipt of the notice of drawing that such the Parent Borrower will reimburse such Issuing Bank Alternative Currency L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a an Alternative Currency Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank relevant Alternative Currency L/C Issuer shall notify the applicable Parent Borrower of the Dollar Equivalent Amount of the amount of the drawing promptly following the determination thereof. Not later than noon 11:00 a.m. on the third Business Day following the date of any payment by an Issuing Bank any L/C Issuer under a Letter of Credit to be reimbursed in Dollars (including all Letters of Credit denominated in Dollars), or the Applicable Time on the third Business Day following the date of any payment by any L/C Issuer under an Issuing Bank under a Alternative Currency Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Parent Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank through the Administrative Agent L/C Issuer in an amount equal to the amount of such drawing, and drawing in the applicable currency. If such the Parent Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Appropriate Lender of the Honor Date, the amount of the unreimbursed drawing (expressed in Dollars or in the amount of the Dollar Equivalent Amount thereof in the case of a Letter of Credit denominated in an Alternative Currency) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantAppropriate Lender’s Applicable Percentage Pro Rata Share thereof. In such event, (x) in the Borrower for whose account such case of an Unreimbursed Amount under a Dollar Letter of Credit was issued Credit, the Parent Borrower shall be deemed to have requested a Dollar Revolving Credit Borrowing of Base Rate Loans and (y) in the case of an Unreimbursed Amount under an Alternative Currency Letter of Credit, the Parent Borrower shall be deemed to have requested an Alternative Currency Revolving Credit Facility under which such Letter Borrowing of Credit was issued Base Rate Loans in Dollars, in each case to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such the applicable Revolving Credit Facility of the Appropriate Lenders, and subject to the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 3 contracts

Samples: Credit Agreement (Clear Channel Communications Inc), Credit Agreement (Clear Channel Communications Inc), Credit Agreement (Clear Channel Communications 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 relevant L/C Issuer shall notify promptly the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Approved Foreign Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Approved Foreign Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Approved Foreign Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 1:00 p.m. (New York City time), in the case of a drawing in Dollars, or 2:00 p.m. (London time) (or, if earlier, 9:00 a.m. New York city time), in the case of a drawing in an Approved Foreign Currency, on (1) the next Business Day immediately following the date of any payment honoring of a drawing by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or that the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency Borrower receives notice thereof (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, and drawing in the applicable currencyrelevant Approved Currency; provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with this Section 2.03 that such payment be financed with a Revolving Credit Borrowing under the Revolving Credit Facility or a Swing Line Borrowing under the Swing Line Facility in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Borrowing or Swing Line Borrowing, as applicable. If such the Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, such L/C Issuer shall notify the Administrative Agent and the Administrative Agent shall promptly notify each applicable Applicable Participant Appropriate Lender of the 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 Currencythereof) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantAppropriate Lender’s Applicable Percentage Pro Rata Share provided for under this Agreement thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans or Eurocurrency Rate Loans, as applicable, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility of the Appropriate Lenders and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 3 contracts

Samples: Credit Agreement (Alight Group, Inc.), Credit Agreement (Alight Inc. / DE), Credit Agreement (Alight Inc. / DE)

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 L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued Company and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued Company shall reimburse the applicable Issuing Bank such L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank the applicable L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower the Company shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such Borrower the Company will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon If the Company is notified prior to 11:00 a.m. on the Business Day following date of any payment by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or prior to the Applicable Time on the Business Day following date of any payment by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued Company shall reimburse such Issuing Bank the applicable L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currencycurrency on such date (or, if notified after such time, then no later than 11:00 a.m. on the next succeeding Business Day with respect to any payment by the applicable L/C Issuer under a Letter of Credit to be reimbursed in Dollars or the Applicable Time on the next succeeding Business Day with respect to any payment by the applicable L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency). In the event that (A) a drawing denominated in an Alternative Currency is to be reimbursed in Dollars pursuant to the second sentence in this Section 2.03(c)(i) and (B) the Dollar amount paid by the Company, whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in the Alternative Currency equal to the drawing, the Company agrees, as a separate and independent obligation, to indemnify the applicable L/C Issuer for the loss resulting from its inability on that date to purchase the Alternative Currency in the full amount of the drawing. If such Borrower the Company fails to so timely reimburse such Issuing Bank by such timean L/C Issuer on the Honor Date, the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the 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”), and the amount of such Applicable ParticipantLender’s Applicable Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued Company shall be deemed to have requested a Revolving Credit Borrowing of Revolving Loans that are Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Revolving Loans that are Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Loan Notice) and until provided that, after giving effect to such Unreimbursed Amount is repaid or refinanced it Borrowing, the Total Revolving Outstandings shall accrue interest at not exceed the rate applicable to Base Rate Aggregate Revolving LoansCommitments. Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately promptly confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 3 contracts

Samples: Credit Agreement (Celestica Inc), Credit Agreement (Celestica Inc), Credit Agreement (Celestica 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 L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the Borrower shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such the Borrower will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon If the Borrower is notified prior to 11:00 a.m. on the Business Day following date of any payment by an Issuing Bank the applicable L/C Issuer under a Letter of Credit to be reimbursed in Dollars, then no later than 1:00 p.m. on such Business Day or the Applicable Time on the date of any payment by the applicable L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank the applicable L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (or if notified after such time, then no later than 11:00 a.m. on the next succeeding Business Day or the Applicable Time on the date of any payment by the applicable L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency) (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currencycurrency (together with any accrued interest). If such the Borrower fails to so reimburse such Issuing Bank the applicable L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the 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”), and the amount of such Applicable ParticipantLender’s Applicable Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Revolving Loans that are Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 5.03 (other than the delivery of a Borrowing Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 3 contracts

Samples: Credit Agreement (WHITEWAVE FOODS Co), Credit Agreement (WHITEWAVE FOODS Co), Credit Agreement (Dean Foods 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 Letter of Credit, the applicable Issuing Bank relevant L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued (through the Administrative Agent) and the Administrative Agent thereof. In Not later than 3:00 p.m. on the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence date of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of payment by the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing relevant L/C Issuer under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in Dollars or the applicable currencyAlternate Currency; provided that if notice of such drawing is not provided to the Borrower prior to 12:00 noon on the Honor Date, then the Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing and in Dollars on the next succeeding Business Day and such extension of time shall be reflected in computing fees in respect of any such Letter of Credit. If such the Borrower fails to so reimburse such Issuing Bank the relevant L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Initial Revolving Credit Lender of the 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”), and the amount of such Applicable ParticipantInitial Revolving Credit Lender’s Applicable Percentage Pro Rata Share thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a an Initial Revolving Credit Borrowing of Base Rate Loans under (x) in the Revolving Credit Facility under which such case of a Letter of Credit was issued denominated in Dollars, a Base Rate 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 the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 2.02(a) for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Initial Revolving Credit Facility Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans. Any notice given by the applicable Issuing Bank or the Administrative Agent pursuant to this Section 2.05(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice4.02.

Appears in 3 contracts

Samples: Credit Agreement (Latham Group, Inc.), Credit Agreement (Latham Group, Inc.), Credit Agreement (Latham 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 Letter of Credit, the applicable Issuing Bank L/C Issuer shall, within the period determined by applicable Law or rules specified in such Letter of Credit, examine drawing document(s). After such examination of drawing document(s), the applicable L/C Issuer shall notify the Borrower for whose account such of the date and the amount of a draft presented under any Letter of Credit was issued and the Administrative Agent thereofpaid by such L/C Issuer. In the case of a Letter of Credit denominated in an Alternative Currency, Each L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued shall reimburse on the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence date of any payment by such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing L/C Issuer under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), and the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawingdrawing no later than on the 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) after the Borrower shall have received notice of such payment with interest on the amount so paid or disbursed by such L/C Issuer, and in to the extent not reimbursed prior to 3:00 p.m. (New York City time) on the applicable currencyHonor Date, from and including the date paid or disbursed to but excluding the date such L/C Issuer was reimbursed by the Borrower therefor at a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Rate as in effect from time to time for Revolving Credit Loans that are maintained as Base Rate Loans. If such the Borrower fails to so reimburse such Issuing Bank by L/C Issuer on such timenext Business Day, the L/C Issuer will notify the Administrative Agent thereof and the Administrative Agent shall promptly notify each Revolving Credit Lender under the applicable Applicable Participant Revolving Tranche of the 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”), and the amount of such Applicable ParticipantRevolving Credit Lender’s Applicable Percentage Pro Rata Share thereof. In such event, in the case of an Unreimbursed Amount, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date such date in an amount equal to to, and denominated in the same currency as, the Unreimbursed Amount, in accordance with the requirements of Section 2.02 but without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans or SOFR Loans, as the case may be, but subject to the amount of the unutilized unused portion of the Revolving Credit Commitments under such Revolving Credit Facility Tranche and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(d)(i) may be given by telephone if immediately promptly confirmed in writing; provided that the lack of such an immediate a prompt confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 3 contracts

Samples: First Lien Credit Agreement (ZoomInfo Technologies Inc.), First Lien Credit Agreement (ZoomInfo Technologies Inc.), First Lien Credit Agreement (ZoomInfo Technologies 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 L/C Issuer shall notify the applicable Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof; provided that any failure to give or delay in giving such notice shall not relieve the applicable Borrower of its obligation to reimburse such L/C Issuer and the Lenders with respect to any drawing under any Letter of Credit. In The applicable Borrower shall reimburse the applicable L/C Issuer for all drawings under any Letter of Credit in Dollars, unless, in the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollarssuch Alternative Currency, or (B) in the absence of any such requirement for reimbursement in Dollarssuch Alternative Currency, such the applicable Borrower shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank L/C Issuer in Dollarssuch Alternative Currency. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon If such Borrower shall have received such notice from the applicable L/C Issuer on or prior to 11:00 a.m. on the Business Day following any date of payment by an Issuing Bank the applicable L/C Issuer under a Letter of Credit to be reimbursed in Dollars, not later than 4:00 p.m. on such date of payment by the applicable L/C Issuer, or, if such Borrower shall have received such notice later than 11:00 a.m. on the date of payment by the applicable L/C Issuer under a Letter of Credit to be reimbursed in Dollars, not later than 11:00 a.m. on the immediately following Business Day, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank such L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the applicable Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency. In the event that (A) a drawing denominated in an Alternative Currency is to be reimbursed in Dollars and (B) the Dollar amount paid by the applicable Borrower, whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in the Alternative Currency equal to the drawing, such Borrower agrees, as a separate and independent obligation, to indemnify the applicable L/C Issuer for the loss resulting from its inability on that date to purchase the Alternative Currency in the full amount of the drawing. If such Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Revolving Lender of the Honor Date, the amount of the unreimbursed drawing (expressed in Dollars in the an amount of equal to the Dollar Equivalent thereof in the case of a Letter of Credit denominated in an Alternative Currency) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantRevolving Lender’s Applicable Revolving Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued Borrowers shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank any L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 3 contracts

Samples: Credit Agreement (Vertex Pharmaceuticals Inc / Ma), Credit Agreement (Vertex Pharmaceuticals Inc / Ma), Credit Agreement (Vertex Pharmaceuticals Inc / 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 Letter of Credit, the applicable Issuing Bank L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued Company and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the relevant Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower the Company shall have notified such Issuing Bank the L/C Issuer promptly following receipt of the notice of drawing that such the relevant Borrower will reimburse such Issuing Bank the L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 3:00 p.m. on the Business Day following date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued Company shall reimburse such Issuing Bank the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency; provided that if notice of such drawing is not provided to the Company prior to 1:00 p.m. on the Honor Date, then the relevant Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing and in the applicable currency on the next succeeding Business Day and such extension of time shall be reflected in computing fees in respect of any such Letter of Credit. If such the relevant Borrower fails to so reimburse such Issuing Bank the L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Multicurrency Revolving Credit Lender of the 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”), and the amount of such Applicable ParticipantMulticurrency Revolving Credit Lender’s Applicable Percentage Pro Rata Share thereof. In such event, the Borrower for whose account such Letter of Credit was issued Company shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 2.02(a) for the principal amount of Base Rate Loans, Loans but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.04(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 3 contracts

Samples: Credit Agreement (Fidelity National Information Services, Inc.), Credit Agreement (Fidelity National Information Services, Inc.), Amendment and Restatement Agreement (Fidelity National Information 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 L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the Borrower shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such the Borrower will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon If the Borrower is notified prior to 11:00 a.m. on the Business Day following date of any payment by an Issuing Bank the applicable L/C Issuer under a Letter of Credit to be reimbursed in Dollars, then no later than 1:00 p.m. on such Business Day or the Applicable Time on the date of any payment by the applicable L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank the applicable L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (or if notified after such time, then no later than 11:00 a.m. on the next succeeding Business Day or the Applicable Time on the date of any payment by the applicable L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency) (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currencycurrency (together with any accrued interest). If such the Borrower fails to so reimburse such Issuing Bank the applicable L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Revolving A Lender of the 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”), and the amount of such Applicable ParticipantLender’s Applicable Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Revolving A Loans that are Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving LoansA Commitments. Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 3 contracts

Samples: Credit Agreement (Lamb Weston Holdings, Inc.), Credit Agreement (Lamb Weston Holdings, Inc.), Credit Agreement (Lamb Weston 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 L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank such L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the Borrower shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such the Borrower will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 11:00 a.m. on the Business Day following date of any payment by an Issuing Bank the applicable L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank such L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an "Honor Date"), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency. If such the Borrower fails to so reimburse such Issuing Bank the applicable L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the 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"), and the amount of such Applicable Participant’s Lender's Applicable Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Committed Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Aggregate Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 3 contracts

Samples: Credit Agreement (Cisco Systems, Inc.), Credit Agreement (Cisco Systems, Inc.), Credit Agreement (Cisco 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 Letter of Credit, the applicable Issuing Bank L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank such L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank the applicable L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the Borrower shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such the Borrower will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon If the Borrower is notified prior to 11:00 a.m. on the Business Day following date of any payment by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or prior to the Applicable Time on the Business Day following date of any payment by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank the applicable L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currencycurrency on such date (or, if notified after such time, then no later than 11:00 a.m. on the next succeeding Business Day with respect to any payment by the applicable L/C Issuer under a Letter of Credit to be reimbursed in Dollars or the Applicable Time on the next succeeding Business Day with respect to any payment by the applicable L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency). In the event that (A) a drawing denominated in an Alternative Currency is to be reimbursed in Dollars pursuant to the second sentence in this Section 2.03(c)(i) and (B) the Dollar amount paid by the Borrower, whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in the Alternative Currency equal to the drawing, the Borrower agrees, as a separate and independent obligation, to indemnify the applicable L/C Issuer for the loss resulting from its inability on that date to purchase the Alternative Currency in the full amount of the drawing. If such the Borrower fails to so timely reimburse such Issuing Bank by such timean L/C Issuer on the Honor Date, the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the 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”), and the amount of such Applicable ParticipantLender’s Applicable Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Revolving Loans that are Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Revolving Loans that are Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Loan Notice) and until provided that, after giving effect to such Unreimbursed Amount is repaid or refinanced it Borrowing, the Total Revolving Outstandings shall accrue interest at not exceed the rate applicable to Base Rate Aggregate Revolving LoansCommitments. Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately promptly confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 3 contracts

Samples: Credit Agreement (Ii-Vi Inc), Credit Agreement (Ii-Vi Inc), Credit Agreement (Ii-Vi 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 L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank such L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the Borrower shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such the Borrower will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 11:00 a.m. on the Business Day following date of any payment by an Issuing Bank the applicable L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank such L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency. If such the Borrower fails to so reimburse such Issuing Bank the applicable L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the 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”), and the amount of such Applicable ParticipantLender’s Applicable Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Committed Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Aggregate Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 3 contracts

Samples: Credit Agreement (Cisco Systems, Inc.), Credit Agreement (Cisco Systems, Inc.), Credit Agreement (Cisco 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 Letter of Credit, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative CurrencyEuros, the Borrower for whose account that requested the issuance of such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative CurrencyEuros, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank the L/C Issuer promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank the L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative CurrencyEuros, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 11:00 a.m. on the Business Day following date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account that requested the issuance of such Letter of Credit was issued shall reimburse such Issuing Bank the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency. If such the applicable Borrower fails to so reimburse such Issuing Bank the L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the 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 CurrencyEuros) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantLender’s Applicable Percentage thereof. In such event, the applicable Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Committed Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Aggregate Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 3 contracts

Samples: Credit Agreement (Watts Water Technologies Inc), Credit Agreement (Watts Water Technologies Inc), Credit Agreement (Watts Water Technologies 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 an L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the Borrower shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such the Borrower will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 11:00 a.m. on the Business Day following date of any payment by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank the applicable L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency. If such the Borrower fails to so reimburse such Issuing Bank the applicable L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the 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”), and the amount of such Applicable ParticipantLender’s Applicable Percentage Pro Rata Share thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Committed Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Aggregate Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 5.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 2 contracts

Samples: Assignment and Assumption (Tech Data Corp), Credit Agreement (Tech Data 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 Letter of Credit, the applicable Issuing Bank L/C Issuer shall notify (any such notification, a “Drawing Notice”) the Borrower for whose account such Letter of Credit was issued Company and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued Company shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower the Company shall have notified such Issuing Bank the applicable L/C Issuer promptly following receipt of the notice of drawing that such Borrower the Company will reimburse such Issuing Bank the applicable L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on The Company shall reimburse such L/C Issuer of the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currencycurrency no later than (x) 3:00 p.m. on the first Business Day after the Company receives a Drawing Notice from such L/C Issuer if such Drawing Notice is received by the Company by 3:00 p.m. and (y) 3:00 p.m. on the second Business Day after the Company receives a Drawing Notice from such L/C Issuer if such Drawing Notice is received by the Company after 3:00 p.m.; provided that until such reimbursement is received, the amount of any such drawing shall bear interest at the rate applicable to Base Rate Loans and shall be due and payable by the Company upon the making of the applicable reimbursement or, if reimbursement is not made within the time set forth in this sentence, on demand. If such Borrower fails to the Company does not so reimburse such Issuing Bank L/C Issuer of the Letter of Credit by the applicable time specified in the immediately preceding sentence, such time, L/C Issuer shall promptly notify the Administrative Agent shall promptly notify each applicable Applicable Participant of the Honor Date, such failure to reimburse and of 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”), and the Administrative Agent shall promptly notify each Multicurrency Revolving Credit Lender of the amount of such Applicable ParticipantMulticurrency Revolving Credit Lender’s Applicable Multicurrency Revolving Credit Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued Company shall be deemed to have requested a Multicurrency Revolving Credit Borrowing under the Multicurrency Revolving Credit Facility of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date such date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Multicurrency Revolving Credit Facility Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank any L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 2 contracts

Samples: Credit Agreement (Urs Corp /New/), Credit Agreement (Urs Corp /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 Letter of Credit, the applicable Issuing Bank L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. Not later than 11:00 a.m. on the date of any payment by the L/C Issuer under a Letter of Credit denominated in Dollars or the Applicable Time for Letters of Credit denominated in Alternative Currencies (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 drawing. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the Borrower shall have notified such Issuing Bank the L/C Issuer promptly following receipt of the notice of drawing that such the Borrower will reimburse such Issuing Bank the L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on If the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank through the Administrative Agent in an amount equal to the amount of such drawing, and in the applicable currency. If such Borrower fails to so reimburse such Issuing Bank the L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the 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) (thereof, the “Unreimbursed Amount”), and the amount of such Applicable ParticipantLender’s Applicable Revolving Commitment Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 5.02 (other than the delivery of a Borrowing Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice. The L/C Issuer agrees, upon the request of the Administrative Agent or any Lender, to deliver a list of outstanding Letters of Credit, together with such information relating thereto as may be reasonably requested.

Appears in 2 contracts

Samples: Credit Agreement (Huron Consulting Group Inc.), Credit Agreement (Huron Consulting 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 Letter of Credit, the applicable Issuing Bank relevant L/C Issuer 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 for whose account such Letter of Credit was issued (through the Administrative Agent) and the Administrative Agent thereof. In Not later than 3:00 p.m. on the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence date of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of payment by the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing relevant L/C Issuer under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in Dollars or the applicable currencyAlternate Currency; provided that if notice of such drawing is not provided to the Borrower prior to 12:00 noon on the Honor Date, then the Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing and in Dollars on the next succeeding Business Day and such extension of time shall be reflected in computing fees in respect of any such Letter of Credit. If such the Borrower fails to so reimburse such Issuing Bank the relevant L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Initial Revolving Credit Lender of the 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”), and the amount of such Applicable ParticipantInitial Revolving Credit Lender’s Applicable Percentage Pro Rata Share thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a an Initial Revolving Credit Borrowing of Base Rate Loans under (x) in the Revolving Credit Facility under which such case of a Letter of Credit was issued denominated in Dollars, a Base Rate 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 the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 ‎Section 2.02(a) for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Initial Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving LoansCommitments. Any notice given by the applicable Issuing Bank relevant L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i‎Section 2.04(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

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 Letter of Credit, the applicable Issuing Bank L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued Borrowers and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the applicable Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars and the relevant Borrower shall have agreed to make such payment in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower the Borrowers shall have notified such Issuing Bank the L/C Issuer promptly following receipt of the notice of drawing that such Borrower the Borrowers will reimburse such Issuing Bank the L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower Borrowers of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 5:00 p.m. EST on the Business Day following date of any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the applicable Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency, provided that if notice of such drawing is not provided to the relevant Borrower prior to 1:00 p.m. EST on the Honor Date, then such Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing in the next succeeding Business Day and such extension of time shall be reflected in computing fees in respect of any such Letter of Credit plus interest. If such the applicable Borrower fails to so reimburse such Issuing Bank the L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the 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”), and the amount of such Applicable ParticipantLender’s Applicable Percentage thereof. In such event, the applicable Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Committed Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Aggregate Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.04(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Hasbro Inc), Revolving Credit Agreement (Hasbro 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 L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued Company and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued Company shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower the Company shall have notified such Issuing Bank the L/C Issuer promptly following receipt of the notice of drawing that such Borrower the Company will reimburse such Issuing Bank the L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than 12:00 noon on the Business Day following date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued Company shall reimburse such Issuing Bank the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency, provided, however, that if the Company shall have received notice of such payment by the L/C issuer under a Letter of Credit less than one hour prior to the required time for payment set forth above, the Company shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing and in the applicable currency not later than 12:00 noon or the Applicable Time, as the case may be, on the immediately succeeding Business Day (together with interest thereon (at the rate otherwise applicable to a Base Rate Loan), which shall be solely for the account of the L/C Issuer). In the event that (A) a drawing denominated in an Alternative Currency is to be reimbursed in Dollars pursuant to clause (B) of the second sentence in this Section 2.03(c)(i) and (B) the Dollar amount paid by the Company, whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in the Alternative Currency equal to the drawing, the Company agrees, as a separate and independent obligation, to indemnify the L/C Issuer for the loss resulting from its inability on that date to purchase the Alternative Currency in the full amount of the drawing. If such Borrower the Company fails to so reimburse such Issuing Bank the L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Revolving Credit Lender of the 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”), and the amount of such Applicable ParticipantRevolving Credit Lender’s Applicable Revolving Credit Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued Company shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 2 contracts

Samples: Credit Agreement (Parexel International Corp), Credit Agreement (Parexel International 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 Letter of Credit, the applicable Issuing Bank L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Alternate Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Alternate Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the Borrower shall have notified such Issuing Bank the L/C Issuer promptly following receipt of the notice of drawing that such the Borrower will reimburse such Issuing Bank the L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Alternate Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 11:00 a.m. on the first Business Day following any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Alternate Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currencycurrency (and any reimbursement made on such Honor Date shall be taken into account in computing interest and fees in respect of any such Letter of Credit). In the event that (A) a drawing denominated in an Alternate Currency is to be reimbursed in Dollars pursuant to the second sentence in this Section 2.03(c)(i) and (B) the Dollar amount paid by the Borrower, whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in the Alternate Currency equal to the drawing, the Borrower agrees, as a separate and independent obligation, to indemnify the L/C Issuer for the loss resulting from its inability on that date to purchase the Alternate Currency in the full amount of the drawing. If such the Borrower fails to so timely reimburse such Issuing Bank by such timethe L/C Issuer on the Honor Date, the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the 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 Alternate Currency) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantLender’s Applicable Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Aggregate Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 2 contracts

Samples: Credit Agreement (Visteon Corp), Credit Agreement (Visteon 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 Letter of Credit, the applicable Issuing Bank relevant L/C Issuer shall notify promptly the Lead Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Approved Foreign Currency, the Borrower for whose account such Letter of Credit was issued Borrowers shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Approved Foreign Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Approved Foreign Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Lead Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 1:00 p.m. (New York City time), in the case of a drawing in Dollars, or 2:00 p.m. (London time) (or, if earlier, 9:00 a.m. New York city time), in the case of a drawing in an Approved Foreign Currency, on (1) the next Business Day immediately following the date of any payment honoring of a drawing by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or that the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency Lead Borrower receives notice thereof (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued Borrowers shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, and drawing in the applicable currencyrelevant Approved Currency; provided that the Lead Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with this Section 2.03 that such payment be financed with a Revolving Credit Borrowing under the Revolving Credit Facility or a Swing Line Borrowing under the Swing Line Facility in an equivalent amount and, to the extent so financed, the Borrowers’ obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Borrowing or Swing Line Borrowing, as applicable. If such Borrower the Borrowers fails to so reimburse such Issuing Bank L/C Issuer by such time, such L/C Issuer shall notify the Administrative Agent and the Administrative Agent shall promptly notify each applicable Applicable Participant Appropriate Lender of the 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 Currencythereof) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantAppropriate Lender’s Applicable Percentage Pro Rata Share provided for under this Agreement thereof. In such event, the Lead Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans or Eurocurrency Rate Loans, as applicable, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility of the Appropriate Lenders and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 2 contracts

Samples: Credit Agreement (Bumble Inc.), Credit Agreement (Bumble 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 L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the Borrower shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such the Borrower will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 10:00 a.m. on the Business Day following date of any payment by an Issuing Bank any L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank any L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank through the Administrative Agent applicable L/C Issuer in an amount equal to the amount of such drawing, drawing and in the applicable currency. If such the Borrower fails to so reimburse such Issuing Bank the applicable L/C Issuer by such time, the Administrative Agent such L/C Issuer shall promptly notify the Administrative Agent, who shall then promptly notify each applicable Applicable Participant Revolving Credit Lender, of the 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”), and the amount of such Applicable ParticipantRevolving Credit Lender’s Applicable Revolving Credit Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 2 contracts

Samples: Assignment and Assumption (Parker Drilling Co /De/), Credit Agreement (Parker Drilling Co /De/)

Drawings and Reimbursements; Funding of Participations. (i) (A) Upon receipt from the beneficiary of any USD Letter of Credit of any notice of a drawing under such USD Letter of Credit, the applicable Issuing Bank USD L/C Issuer shall notify the applicable Revolving Facility Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 2:00 p.m., Local Time, on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “USD L/C Honor Date”), ) following the date upon which such Revolving Facility Borrower for whose account receives such notice from the applicable USD L/C Issuer of a payment by such USD L/C Issuer under a USD Letter of Credit was issued Credit, such Revolving Facility Borrower shall reimburse such Issuing Bank USD L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, and in the applicable currency. If Products or such Revolving Facility Borrower fails to so reimburse such Issuing Bank USD L/C Issuer by such time, such USD L/C Issuer shall notify the Administrative Agent who shall promptly notify each applicable Applicable Participant USD Revolving Facility Lender of the USD L/C 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 “USD Unreimbursed Amount”), and the amount of such Applicable ParticipantUSD Revolving Facility Lender’s Applicable USD Revolving Facility Percentage thereof. In such event, the such Revolving Facility Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Facility Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the USD L/C Honor Date in an amount equal to the USD Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 1.01 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the USD Revolving Facility Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 5.05 (other than the delivery of a Borrowing Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans. Any notice given by the applicable Issuing Bank or the Administrative Agent pursuant to this Section 2.05(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such noticeRequest).

Appears in 2 contracts

Samples: Credit Agreement (Rayonier Advanced Materials Inc.), First Restatement Agreement (Rayonier Advanced Materials 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 relevant L/C Issuer shall notify promptly the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank relevant L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank the relevant L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the Borrower shall have notified such Issuing Bank the relevant L/C Issuer promptly following receipt of the notice of drawing that such the Borrower will reimburse such Issuing Bank the relevant L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank relevant L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on On the Business Day immediately following the Business Day on which the Borrower shall have received notice of any payment by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in Dollars(or, if the Borrower shall have received such notice later than 1:00 p.m. (or the Applicable Time on in the Business Day following case of any payment by an Issuing Bank the relevant L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency Currency) on any Business Day, on the second succeeding Business Day) (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currencycurrency by 1:00 p.m. (or the Applicable Time in the case of any payment by the relevant L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency) on such Business Day. If such the Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Appropriate Lender of the 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”), and the amount of such Applicable ParticipantAppropriate Lender’s Applicable Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, Loans but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility of the Appropriate Lenders, and subject to the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount ); provided that any drawing under a Letter of Credit that is repaid or refinanced it 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 Revolving Loans. Any notice given by Loans subject to the applicable Issuing Bank or the Administrative Agent pursuant to this Section 2.05(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such noticeprovisions set forth below.

Appears in 2 contracts

Samples: Credit Agreement (Holley Inc.), Credit Agreement (Holley 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 L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, If such L/C Issuer notifies the Borrower for whose account of such Letter of Credit was issued shall reimburse payment prior to 11:00 a.m. (New York Time) on the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence date of any payment by such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing L/C Issuer under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse on such Issuing Bank day (or the next succeeding Business Day, as provided below) the applicable 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. (New York Time) on the Honor Date, then the Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing on the next succeeding Business Day and such extension of time shall be reflected in computing fees and interest (including interest accruing from and after the date of drawing to but excluding the date of reimbursement (if not reimbursed on the date of drawing)) at the per annum rate of interest applicable currencyto a Revolving Credit Loan that is a Base Rate Loan in respect of any such Letter of Credit. If such the Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Revolving Credit Lender of the 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”), and the amount of such Applicable ParticipantRevolving Credit Lender’s Applicable Percentage Pro Rata Share thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such with respect to each Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans2.02, but subject to (x) the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility and (y) the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately promptly confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 2 contracts

Samples: First Lien Credit Agreement (TGPX Holdings I LLC), First Lien Credit Agreement (TGPX Holdings I 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 Letter of Credit, the applicable Issuing Bank shall notify the Borrower for whose account such Letter of Credit was issued Company and the Administrative Agent in writing thereof. In the case of a Letter of Credit denominated in an Alternative a Foreign Currency, the applicable Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank in such Alternative Foreign Currency, unless (A) such the Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the applicable Borrower shall have notified such the Issuing Bank promptly following receipt of the notice of drawing that such Borrower the Company will reimburse such the Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative a Foreign Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent Amount of the amount of the drawing promptly following the determination thereof. Not later than noon 2:00 p.m. on the Business Day following date of any payment by an the Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Local Time on the Business Day following date of any payment by an the Issuing Bank under a Letter of Credit to be reimbursed in an Alternative a Foreign Currency (each such date, an “Honor Date”)) if the applicable Borrower shall have received notice of such payment prior to 10:00 a.m. on the date of such payment, or, if such notice has not been received by the applicable Borrower for whose account prior to such time on such date, then not later than 2:00 p.m. on the Business Day immediately following the day that the applicable Borrower receives such notice under a Letter of Credit was issued to be reimbursed in Dollars, or the Local Time on the Business Day immediately following the day that the applicable Borrower receives such notice under a Letter of Credit to be reimbursed in a Foreign Currency, the applicable Borrower shall reimburse such the Issuing Bank through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency. In the event that (A) a drawing denominated in a Foreign Currency is to be reimbursed in Dollars pursuant to the second sentence in this Section 2.06(d)(i) and (B) the Dollar Amount paid by the applicable Borrower, whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in the Foreign Currency equal to the drawing, such Borrower agrees, as a separate and independent obligation, to indemnify the Issuing Bank for the loss resulting from its inability on that date to purchase the Foreign Currency in the full amount of the drawing. If such the applicable Borrower fails to so timely reimburse such the Issuing Bank by such timeon the Honor Date, the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the Honor Date, the amount of the unreimbursed drawing (expressed in Dollars in the amount of the Dollar Equivalent Amount thereof in the case of a Letter of Credit denominated in an Alternative a Foreign Currency) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantLender’s Applicable Percentage thereof. In such event, the applicable Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate ABR Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate ABR Loans, but subject to the amount of the unutilized portion of the Revolving Aggregate Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank or the Administrative Agent pursuant to this Section 2.05(c)(i2.06(d)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 2 contracts

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

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary Beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the applicable Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the applicable Borrower shall have notified such Issuing Bank the L/C Issuer promptly following receipt of the notice of drawing that such applicable Borrower will reimburse such Issuing Bank the L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than 12:00 noon Local Time on the Business Day following the date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time (to be specified by the L/C Issuer to the applicable Borrower prior to such date of payment) on the Business Day following date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the such Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing. In the event that (A) a drawing denominated in an Alternative Currency is to be reimbursed in Dollars pursuant to the second sentence in this Section 2.03(c)(i) and (B) the Dollar amount paid by the applicable Borrower, and whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in the Alternative Currency equal to the drawing, the applicable currencyBorrower agrees, as a separate and independent obligation, to indemnify the L/C Issuer for the loss resulting from its inability on that date to purchase the Alternative Currency in the full amount of the drawing. If such the applicable Borrower fails to so reimburse such Issuing Bank the L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the 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”), and the amount of such Applicable ParticipantLender’s Applicable Percentage Pro Rata Share thereof. In such event, the applicable Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Aggregate Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 4.03 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 2 contracts

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

Drawings and Reimbursements; Funding of Participations. (i) 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 L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, Each L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued shall reimburse on the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence date of any payment by such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing L/C Issuer under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), and the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawingdrawing no later than on the 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) after the Borrower shall have received notice of such payment with interest on the amount so paid or disbursed by such L/C Issuer, and to the extent not reimbursed prior to 3:00 p.m. in the case of drawings in Dollars on the applicable currencyHonor Date, from and including the date paid or disbursed to but excluding the date such L/C Issuer was reimbursed by the Borrower therefor at a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Rate as in effect from time to time for Revolving Credit Loans that are maintained as Base Rate Loans. If such the Borrower fails to so reimburse such Issuing Bank by L/C Issuer on such timenext Business Day, the Administrative Agent shall promptly notify each applicable Applicable Participant Revolving Credit Lender of the 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”), and the amount of such Applicable ParticipantRevolving Credit Lender’s Applicable Percentage Pro Rata Share thereof. In such event, in the case of an Unreimbursed Amount, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued in Dollars, as applicable, to be disbursed on the Business Day following the Honor Date such date in an amount equal to the Unreimbursed Amount, in accordance with the requirements of Section 2.02 but without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans or SOFR Loans, as the case may be, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility the applicable Tranche and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(d)(i) may be given by telephone if immediately promptly confirmed in writing; provided that the lack of such an immediate a prompt confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 2 contracts

Samples: Credit Agreement (Allison Transmission Holdings Inc), Credit Agreement (Allison Transmission 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 relevant L/C Issuer shall notify promptly the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Approved Foreign Currency, the Borrower for whose account such Letter of Credit was issued shall 103 reimburse the applicable Issuing Bank L/C Issuer in such Alternative Approved Foreign Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Approved Foreign Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 1:00 p.m. (New York City time), in the case of a drawing in Dollars, or 2:00 p.m. (London time) (or, if earlier, 9:00 a.m. New York city time), in the case of a drawing in an Approved Foreign Currency, on (1) the next Business Day immediately following the date of any payment honoring of a drawing by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or that the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency Borrower receives notice thereof (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, and drawing in the applicable currencyrelevant Approved Currency; provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with this ‎Section 2.03 that such payment be financed with a Revolving Credit Borrowing under the Revolving Credit Facility or a Swing Line Borrowing under the Swing Line Facility in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Borrowing or Swing Line Borrowing, as applicable. If such the Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, such L/C Issuer shall notify the Administrative Agent and the Administrative Agent shall promptly notify each applicable Applicable Participant Appropriate Lender of the 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 Currencythereof) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantAppropriate Lender’s Applicable Percentage Pro Rata Share provided for under this Agreement thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section ‎Section 2.02 for the principal amount of Base Rate Loans or Eurocurrency Rate Loans, as applicable, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility of the Appropriate Lenders and the conditions set forth in Section ‎Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(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 shall not affect the conclusiveness or binding effect of such notice.

Appears in 2 contracts

Samples: Credit Agreement (Alight, Inc. / Delaware), Credit Agreement (Alight, Inc. /DE)

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 L/C Issuer shall notify in writing the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the next succeeding Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such applicable date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank through the L/C Issuer (and the L/C Issuer shall promptly notify the Administrative Agent in writing of any failure by the Borrower to so reimburse the L/C Issuer by such time) in an amount equal to the amount of such drawing, drawing and in the applicable currency. If such the Borrower fails to so reimburse such Issuing Bank the L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Revolving Facility Lender under the Revolving Facility pursuant to which such Letter of Credit was issued of the 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”), and the amount of such Applicable ParticipantLender’s Applicable Revolving Facility Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate ABR Revolving Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate LoansBorrowing Minimums or Borrowing Multiples, but subject to the amount of the unutilized portion of the Revolving Facility Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 4.01 (other than the delivery of a Borrowing Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving LoansRequest). Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 2 contracts

Samples: Credit Agreement (Vici Properties Inc.), First Lien 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 Letter of Credit, the applicable Issuing Bank L/C Issuer shall, within the period determined by applicable Law or rules specified in such Letter of Credit, examine drawing document(s). After such examination of drawing document(s), the applicable L/C Issuer shall notify the Borrower for whose account such of the date and the amount of a draft presented under any Letter of Credit was issued and the Administrative Agent thereofpaid by such L/C Issuer. In the case of a Letter of Credit denominated in an Alternative Currency, Each L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued shall reimburse on the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence date of any payment by such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing L/C Issuer under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), and the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawingdrawing no later than on the 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) after the Borrower shall have received notice of such payment with interest on the amount so paid or disbursed by such L/C Issuer, and in to the extent not reimbursed prior to 3:00 p.m. (New York City time) on the applicable currencyHonor Date, from and including the date paid or disbursed to but excluding the date such L/C Issuer was reimbursed by the Borrower therefor at a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Rate as in effect from time to time for Revolving Credit Loans that are maintained as Base Rate Loans. If such the Borrower fails to so reimburse such Issuing Bank by L/C Issuer on such timenext Business Day, the L/C Issuer will notify the Administrative Agent thereof and the Administrative Agent shall promptly notify each Revolving Credit Lender under the applicable Applicable Participant Revolving Tranche of the 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”), and the amount of such Applicable ParticipantRevolving Credit Lender’s Applicable Percentage Pro Rata Share thereof. In such event, in the case of an Unreimbursed Amount, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date such date in an amount equal to to, and denominated in the same currency as, the Unreimbursed Amount, in accordance with the requirements of Section 2.02 but without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans or Eurocurrency Rate Loans, as the case may be, but subject to the amount of the unutilized unused portion of the Revolving Credit Commitments under such Revolving Credit Facility Tranche and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(d)(i) may be given by telephone if immediately promptly confirmed in writing; provided that the lack of such an immediate a prompt confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 2 contracts

Samples: First Lien Credit Agreement, Credit Agreement (ZoomInfo Technologies 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 L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued Company and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the relevant Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower the Company shall have notified such Issuing Bank the L/C Issuer promptly following receipt of the notice of drawing that such the relevant Borrower will reimburse such Issuing Bank the L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 3:00 p.m. on the Business Day following date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”"HONOR DATE"), the Borrower for whose account such Letter of Credit was issued Company shall reimburse such Issuing Bank the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency; provided that if notice of such drawing is not provided to the Company prior to 1:00 p.m. on the Honor Date, then the relevant Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing and in the applicable currency on the next succeeding Business Day and such extension of time shall be reflected in computing fees in respect of any such Letter of Credit. If such the relevant Borrower fails to so reimburse such Issuing Bank the L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Multicurrency Revolving Credit Lender of the 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”"UNREIMBURSED AMOUNT"), and the amount of such Applicable Participant’s Applicable Percentage Multicurrency Revolving Credit Lender's Pro Rata Share thereof. In such event, the Borrower for whose account such Letter of Credit was issued Company shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 2.02(a) for the principal amount of Base Rate Loans, Loans but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.04(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 2 contracts

Samples: Credit Agreement (Fidelity National Information Services, Inc.), Credit Agreement (Fidelity National Information 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 relevant L/C Issuer 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 for whose account such Letter of Credit was issued (through the Administrative Agent) and the Administrative Agent thereof. In Not later than 3:00 p.m. on the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence date of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of payment by the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing relevant L/C Issuer under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in Dollars or the applicable currencyAlternate Currency; provided that if notice of such drawing is not provided to the Borrower prior to 12:00 noon on the Honor Date, then the Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing and in Dollars on the next succeeding Business Day and such extension of time shall be reflected in computing fees in respect of any such Letter of Credit. If such the Borrower fails to so reimburse such Issuing Bank the relevant L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Initial Revolving Credit Lender of the 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”), and the amount of such Applicable ParticipantInitial Revolving Credit Lender’s Applicable Percentage Pro Rata Share thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a an Initial Revolving Credit Borrowing of Base Rate Loans under (x) in the Revolving Credit Facility under which such case of a Letter of Credit was issued to be disbursed on the Business Day following the Honor Date denominated in Dollars, a Base Rate Loan denominated in Dollars in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans. Any notice given by the applicable Issuing Bank or the Administrative Agent pursuant to this Section 2.05(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.81

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 Letter of Credit, the applicable Issuing Bank relevant L/C Issuer 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 for whose account such Letter of Credit was issued (through the Administrative Agent) and the Administrative Agent thereof. In Not later than 3:00 p.m. on the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence date of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of payment by the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing relevant L/C Issuer under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in Dollars or the applicable currencyAlternate Currency; provided that if notice of such drawing is not provided to the Borrower prior to 12:00 noon on the Honor Date, then the Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing and in Dollars on the next succeeding Business Day and such extension of time shall be reflected in computing fees in respect of any such Letter of Credit. If such the Borrower fails to so reimburse such Issuing Bank the relevant L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Initial Revolving Credit Lender of the 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”), and the amount of such Applicable ParticipantInitial Revolving Credit Lender’s Applicable Percentage Pro Rata Share thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a an Initial Revolving Credit Borrowing of Base Rate Loans under (x) in the Revolving Credit Facility under which such case of a Letter of Credit was issued denominated in Dollars, a Base Rate 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 the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 2.02(a) for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Initial Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving LoansCommitments. Any notice given by the applicable Issuing Bank relevant L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.04(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

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 any Letter of Credit, the applicable Issuing Bank L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In Not later than 12:00 noon (New York City time) on or prior to the case of a Letter of Credit denominated in an Alternative Currency, date that is three (3) Business Days following the date that the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such receives notice that it will require reimbursement in Dollars, or (B) in the absence from any L/C Issuer of any payment by such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing L/C Issuer under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower (each such date of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank such L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such dateCredit, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in Dollars in an amount equal to the amount of such drawing; provided, that the Borrower and in the applicable currency. If such Borrower fails to so reimburse such Issuing Bank by such timeL/C Issuer may, each in their discretion, with the consent of the Administrative Agent shall promptly notify each and so long as such arrangements do not adversely affect the rights of any Lender in any material respect, enter into Letter of Credit cash collateral prefunding arrangements acceptable to them for the purpose of reimbursing Letter of Credit draws. If the Borrower does not reimburse the applicable Applicable Participant of L/C Issuer on the Honor Date, the amount Administrative Agent, at the request of such L/C Issuer, shall promptly notify each Revolving Lender as of the Honor Date of such 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”), ) and the amount of such Applicable ParticipantRevolving Lender’s Applicable Percentage Pro Rata Share thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Eurodollar Rate Loans under having an Interest Period of one (1) month (unless otherwise specified by the Revolving Credit Facility under which such Letter of Credit was issued Borrower), to be disbursed on the third (3rd) Business Day following after the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 2.02(a) for the principal amount of Base Rate Loans, Loans but subject to the amount of the unutilized portion of the Revolving Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 5.02 (other than the delivery of a Borrowing Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may shall be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Akumin Inc.), Revolving 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 Letter of Credit, the applicable Issuing Bank L/C Issuer shall promptly notify the Borrower for whose account such Letter of Credit was issued Company and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued Company shall reimburse the applicable Issuing Bank such L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower the Company shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such Borrower the Company or the applicable Loan Party will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following date of any payment by an Issuing Bank the applicable L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank such L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued Company or the applicable Loan Party shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency, provided that, in the event notice of drawing under such Letter of Credit is not provided to the Company by 10:00 a.m., then the Honor Date shall be the following Business Day with respect to such drawing. If such Borrower the Company or any applicable Loan Party fails to so reimburse such Issuing Bank L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the 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”), and the amount of such Applicable ParticipantLender’s Applicable Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued Company shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Aggregate Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 2 contracts

Samples: Credit Agreement (Reinsurance Group of America Inc), Credit Agreement (Reinsurance Group of America 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 L/C Issuer shall notify the applicable Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the applicable Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower the Borrowers shall have notified such Issuing Bank the L/C Issuer promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank the L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower Borrowers of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 11:00 a.m. on the Business Day following date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the applicable Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency, if the Borrowers shall have received notice of such payment prior to 10:00 a.m. on the Honor Date or, if such notice has not been received by the Borrowers prior to such time on the Honor Date, then not later than 11:00 a.m. (x) on the Business Day that the Borrowers receive such notice, if such notice is received prior to 10:00 a.m. on the day of receipt or (y) the Business Day immediately following the day that the Borrowers receive such notice, if such notice is not received prior to such time on the day of receipt; provided that if a Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.02 or 2.04 that such payment be financed with a Borrowing of Revolving Loans or a Swingline Loan in an equal amount and, to the extent so financed, the applicable Borrower’s obligation to make such payment shall be discharged. In the event that (A) a drawing denominated in an Alternative Currency is to be reimbursed in Dollars pursuant to the second sentence of this Section 2.03(c)(i) and (B) the Dollar amount paid by the applicable Borrower, whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in the Alternative Currency equal to the drawing, the applicable Borrower agrees, as a separate and independent obligation, to indemnify the L/C Issuer for the loss resulting from its inability on that date to purchase the Alternative Currency in the full amount of the drawing. If such the applicable Borrower fails to so reimburse such Issuing Bank the L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Revolving Lender of the 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”), and the amount of such Applicable ParticipantRevolving Lender’s Applicable Percentage thereof. In such event, the applicable Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 2 contracts

Samples: Credit Agreement (Movado Group Inc), Credit Agreement (Movado 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 Letter of Credit, the applicable Issuing Bank L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative L/C Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 11:00 a.m. on the Business Day following date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank through the Administrative Agent L/C Issuer directly in Dollars and in an amount equal to the Dollar Equivalent of the amount of such drawing, and in the applicable currency. If such the Borrower fails to so reimburse such Issuing Bank the L/C Issuer by such time, the L/C Issuer shall promptly notify the Administrative Agent thereof, and upon receipt of such notice, the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the 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 L/C Currency) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantLender’s Applicable Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 5.02 (other than the delivery of a Borrowing Loan Notice) and until provided that, after giving effect to such Unreimbursed Amount is repaid or refinanced it Borrowing, the Total Revolving Outstandings shall accrue interest at not exceed the rate applicable to Base Rate Aggregate Revolving LoansCommitments. Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 2 contracts

Samples: Credit Agreement (Huron Consulting Group Inc.), Credit Agreement (Huron Consulting 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 Letter of CreditCredit (an “L/C Disbursement”), the applicable Issuing Bank relevant L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In thereof not later than 3:00 p.m. two Business Days after any payment by the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing relevant L/C Issuer under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currencycurrency of the drawn Letter of Credit; provided, that if notice of such drawing is not provided to the Borrower prior to 12:00 noon on the Honor Date, then the Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing and in the currency of the drawn Letter of Credit (which shall be Dollars) on the third succeeding Business Day and such extension of time shall be reflected in computing fees in respect of any such Letter of Credit (provided, that the Borrower may request in accordance with Section 2.02 that each such payment be financed in the case of a Letter of Credit denominated in Dollars, with a Base Rate Loan in an equivalent amount (any such Revolving Loan, an “L/C Reimbursement Loan”), and, to the extent so financed, the obligation of the Borrower to make such payment shall be discharged and replaced by the resulting Borrowing (it being understood and agreed that the Borrower may also request a Swing Line Loan to reimburse such L/C Disbursement in accordance with Section 2.03). If such the Borrower fails to so reimburse such Issuing Bank the relevant L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the 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”), and the amount of such Applicable ParticipantXxxxxx’s Applicable Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 2.02(a) for the principal amount of Base Rate Loans, Loans but subject to the amount of the unutilized portion of the Revolving Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving LoansCommitments. Any notice given by the applicable Issuing Bank relevant L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.15(c)(i) may be given by telephone if immediately confirmed in writing; provided provided, that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 2 contracts

Samples: Credit Agreement (F&G Annuities & Life, Inc.), Credit Agreement (Fidelity National Financial, 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 Letter of CreditCredit or any presentation for payment of a Bankers’ Acceptance, the applicable Issuing Bank L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued Company and the Administrative Agent thereof. In the case of a Letter of Credit or Bankers’ Acceptance denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued Company shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower the Company shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such Borrower the Company will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit or Bankers’ Acceptance denominated in an Alternative Currency, the applicable Issuing Bank shall L/C Issuer will notify the applicable Borrower Company of the Dollar Equivalent of the amount of the drawing (or presentation for payment under a Bankers’ Acceptance) promptly following the determination thereof. Not later than noon 1:00 p.m. on the Business Day following date of any payment by an Issuing Bank the applicable L/C Issuer under a Letter of Credit or Bankers’ Acceptance, as applicable, to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank the applicable L/C Issuer under a Letter of Credit or Bankers’ Acceptance, as applicable, to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued Company shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawingdrawing or Bankers’ Acceptance, and as applicable, in the applicable currency; provided that if notice of such drawing is not provided to the Company prior to 1:00 p.m. on the Honor Date, then the Company shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing in the next succeeding Business Day and such extension of time shall be reflected in computing fees in respect of any such Letter of Credit or Bankers’ Acceptance. If such Borrower the Company fails to so reimburse such Issuing Bank the applicable L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Revolving Credit Lender of the 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 or Bankers’ Acceptance denominated in an Alternative Currency) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantRevolving Credit Lender’s Applicable Revolving Credit Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued Company shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 subsection 2.2 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 subsection 6.2 (other than the delivery of a Borrowing Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(isubsection 3.1(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 2 contracts

Samples: Credit Agreement (Graphic Packaging International, LLC), Credit Agreement (Graphic Packaging International, 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 Letter of Credit, the applicable Issuing Bank L/C Issuer shall notify the Parent Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Parent Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the Parent Borrower shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such the Parent Borrower will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Parent Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon (x) 12:30 p.m. on the Business Day following date of any payment by an Issuing Bank the applicable L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”)) if the Parent Borrower shall have received notice of such payment prior to 10:00 a.m. on such date or (y) if such notice has not been received by the Parent Borrower prior to such time on the Honor Date, then 12:30 p.m. on the Business Day immediately following the day that the Parent Borrower receives such notice, the Parent Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank through the Administrative Agent applicable L/C Issuer in an amount equal to the amount of such drawing, drawing and in the applicable currency. If such the Parent Borrower fails to so reimburse such Issuing Bank the applicable L/C Issuer by such time, the Administrative Agent such L/C Issuer shall promptly notify the Administrative Agent, who shall then promptly notify each applicable Applicable Participant Lender, of the 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”), and the amount of such Applicable ParticipantLender’s Applicable Percentage thereof. In such event, the Parent Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 2.2 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 4.2 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.3(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 2 contracts

Samples: Credit Agreement (Parker Drilling Co /De/), Credit Agreement (Parker Drilling Co /De/)

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 relevant L/C Issuer shall notify promptly the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Approved Foreign Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Approved Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Approved Foreign Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 1:00 p.m. (New York City time), in the case of a drawing in Dollars, or 2:00 p.m. (London time) (or, if earlier, 9:00 a.m. New York city time), in the case of a drawing in an Approved Foreign Currency, on (1) the next Business Day immediately following any payment by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or that the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency Borrower receives notice thereof (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawingdrawing in the relevant Approved Currency; provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a Revolving Credit Borrowing under the Revolving Credit Facility or a Swing Line Borrowing under the Swing Line Facility in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Borrowing or Swing Line Borrowing, as applicable. In the event that (x) a drawing denominated in an Approved Foreign Currency is to be reimbursed in Dollars pursuant to the first sentence of this Section 2.03(c)(i) and (y) the Dollar amount paid by the Borrower, whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in the applicable currencyApproved Foreign Currency equal to the drawing, the Borrower agrees, as a separate and independent obligation, to indemnify the L/C Issuer for the loss resulting from its inability on that date to purchase the Approved Currency in the full amount of the drawing. If such the Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Appropriate Lender of the 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 Currencythereof) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantAppropriate Lender’s Applicable Percentage Pro Rata Share or other applicable share provided for under this Agreement thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans or Benchmark Rate Loans, as applicable, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility of the Appropriate Lenders and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 2 contracts

Samples: Credit Agreement (Hilton Worldwide Holdings Inc.), Credit Agreement (Hilton Worldwide 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 L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued Borrowers and the Administrative Agent thereof. In Not later than (1) 1:00 p.m., Local Time, on the case of a Letter of Credit denominated in an Alternative Currency, first Business Day after the Borrower for whose account such Letter of Credit was issued shall reimburse date that the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such L/C Issuer provides notice that it will require reimbursement in Dollars, or (B) in to the absence Borrowers of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of payment by the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing L/C Issuer under a Letter of Credit denominated in an Alternative Currencyor (2) 11:00 a.m., the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon Local Time, on the second succeeding Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars(if such notice is provided after 10:00 a.m., or the Applicable Time Local Time, on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency date such notice is given) (each such applicable date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued Borrowers shall reimburse such Issuing Bank through the L/C Issuer (and the L/C Issuer shall promptly notify the Administrative Agent of any failure by the Borrowers to so reimburse the L/C Issuer by such time) in an amount equal to the amount of such drawingdrawing and either in Dollars (in the case of an Alternate Currency Letter of Credit, in the Dollar Equivalent amount) or, if agreed by the applicable Borrower and applicable L/C Issuer, in the applicable currency. If such Borrower fails the Borrowers fail to so reimburse such Issuing Bank the L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Revolving Facility Lender under the Revolving Facility pursuant to which such Letter of Credit was issued of the Honor Date, the amount of the unreimbursed drawing (expressed in Dollars in the amount of the Dollar Equivalent thereof (calculated, in the case of a any Alternate Currency Letter of Credit denominated in an Alternative CurrencyCredit, based on the Dollar Equivalent thereof) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantLender’s Applicable Revolving Facility Percentage thereof. In such event, the applicable Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate ABR Revolving Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate LoansBorrowing Minimums or Borrowing Multiples, but subject to the amount of the unutilized portion of the Revolving Facility Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 4.01 (other than the delivery of a Borrowing Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving LoansRequest). Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 2 contracts

Samples: Credit Agreement (Caesars Entertainment, Inc.), Credit Agreement (CAESARS ENTERTAINMENT Corp)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary funding by a L/C Issuer of a drawing under any Letter of Credit of issued by such L/C Issuer, such L/C Issuer shall promptly notify (any notice of such notification, a drawing under such Letter of Credit, “Drawing Notice”) the applicable Issuing Bank shall notify the Borrower for whose account such Letter of Credit was issued Company and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued Company shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower the Company shall have notified such Issuing Bank the applicable L/C Issuer promptly following receipt of the notice of drawing that such Borrower the Company will reimburse such Issuing Bank the applicable L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on The Company shall reimburse, or shall cause the Business Day following any payment by an Issuing Bank under a applicable Restricted Subsidiary to reimburse, such L/C Issuer of the Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency. currency no later than (x) 2:00 p.m. on the same Business Day that the Company receives a Drawing Notice from such L/C Issuer if such Drawing Notice is received by the Company by 1:00 p.m. and (y) 11:00 a.m. on the immediately following Business Day if the Company receives a Drawing Notice from such L/C Issuer after 1:00 p.m. If neither the Company nor any Restricted Subsidiary so reimburses such Borrower fails to so reimburse L/C Issuer of the Letter of Credit by the applicable time specified in the immediately preceding sentence, such Issuing Bank by such time, L/C Issuer shall promptly notify the Administrative Agent shall promptly notify each applicable Applicable Participant of the Honor Date, such failure to reimburse and of 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”), and the Administrative Agent shall promptly notify each Lender of amount of such Applicable ParticipantLender’s Applicable Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued Company shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date such date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank any L/C Issuer or the Administrative Agent pursuant to this Section 2.05(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 shall not affect the conclusiveness or binding effect of such notice.

Appears in 2 contracts

Samples: Credit Agreement and Extension Agreement (Mohawk Industries Inc), Credit Agreement (Mohawk Industries 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 L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative a Local Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Local Currency, unless (A) such Issuing Bank the applicable L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the Borrower shall have notified such Issuing Bank the applicable L/C Issuer promptly following receipt of the notice of drawing that such the Borrower will reimburse such Issuing Bank the applicable L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative a Local Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than 12:00 noon on the Business Day following date of any payment by an Issuing Bank the applicable L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank the applicable L/C Issuer under a Letter of Credit to be reimbursed in an Alternative a Local Currency (each such date, an "Honor Date"), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank the applicable L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency. If such the Borrower fails to so reimburse such Issuing Bank the applicable L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Revolving Lender of the 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 a Local Currency) (the "Unreimbursed Amount"), and the amount of such Applicable Participant’s Applicable Percentage Revolving Lender's Pro Rata Share thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Committed Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Loan Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.04(c)(i) may be given by telephone if immediately promptly confirmed in writing; provided that the lack of such an immediate a prompt confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Fisher Scientific International 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 relevant L/C Issuer shall notify promptly the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Approved Foreign Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Approved Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Approved Foreign Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 1:00 p.m. (New York City time), in the case of a drawing in Dollars, or 2:00 p.m. (London time) (or, if earlier, 9:00 a.m. New York city time), in the case of a drawing in an Approved Foreign Currency, on (1) the next Business Day immediately following any payment by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or that the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency Borrower receives notice thereof (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawingdrawing in the relevant Approved Currency; provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a Revolving Credit Borrowing under the Revolving Credit Facility or a Swing Line Borrowing under the Swing Line Facility in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Borrowing or Swing Line Borrowing, as applicable. In the event that (x) a drawing denominated in an Approved Foreign Currency is to be reimbursed in Dollars pursuant to the first sentence of this Section 2.03(c)(i) and (y) the Dollar amount paid by the Borrower, whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in the applicable currencyApproved Foreign Currency equal to the drawing, the Borrower agrees, as a separate and independent obligation, to indemnify the L/C Issuer for the loss resulting from its inability on that date to purchase the Approved Currency in the full amount of the drawing. If such the Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Appropriate Lender of the 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 Currencythereof) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantAppropriate Lender’s Applicable Percentage Pro Rata Share or other applicable share provided for under this Agreement thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans or EurocurrencyBenchmark Rate Loans, as applicable, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility of the Appropriate Lenders and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Hilton Worldwide Holdings Inc.)

Drawings and Reimbursements; Funding of Participations. (i) 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 L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, Each L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued shall reimburse on the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence date of any payment by such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing L/C Issuer under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), and the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawingdrawing no later than on the 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) after the Borrower shall have received notice of such payment with interest on the amount so paid or disbursed by such L/C Issuer, and to the extent not reimbursed prior to 3:00 p.m. in the case of drawings in Dollars on the applicable currencyHonor Date, from and including the date paid or disbursed to but excluding the date such L/C Issuer was reimbursed by the Borrower therefor at a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Rate as in effect from time to time for Revolving Credit Loans that are maintained as Base Rate Loans. If such the Borrower fails to so reimburse such Issuing Bank by L/C Issuer on such timenext Business Day, the Administrative Agent shall promptly notify each applicable Applicable Participant Revolving Credit Lender of the 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”), and the amount of such Applicable ParticipantRevolving Credit Lender’s Applicable Percentage Pro Rata Share thereof. In such event, in the case of an Unreimbursed Amount, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued in Dollars, as applicable, to be disbursed on the Business Day following the Honor Date such date in an amount equal to the Unreimbursed Amount, in accordance with the requirements of Section 2.02 but without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans or Eurocurrency Rate Loans, as the case may be, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility the applicable Tranche and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(d)(i) may be given by telephone if immediately promptly confirmed in writing; provided that the lack of such an immediate a prompt confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Allison Transmission 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 L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, Each L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued shall reimburse on the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence date of any payment by such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing L/C Issuer under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), and the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawingdrawing no later than on the 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) after the Borrower shall have received notice of such payment, and in with interest on the amount so paid or disbursed by such L/C Issuer, to the extent not reimbursed prior to 3:00 p.m. (New York City time) on the applicable currencyHonor Date, from and including the date paid or disbursed to but excluding the date such L/C Issuer was reimbursed by the Borrower therefor at a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Margin as in effect from time to time for Revolving Credit Loans that are maintained as Base Rate Loans. If such the Borrower fails to so reimburse such Issuing Bank by L/C Issuer on such timenext Business Day, the Administrative Agent shall promptly notify each Revolving Credit Lender under the applicable Applicable Participant Revolving Tranche of the 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”), and the amount of such Applicable ParticipantRevolving Credit Lender’s Applicable Percentage Pro Rata Share thereof. In such event, in the case of an Unreimbursed Amount, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the such Revolving Credit Facility under which such Letter of Credit was issued Tranche to be disbursed on the Business Day following the Honor Date such date in an amount equal to the Unreimbursed Amount, in accordance with the requirements of Section 2.02 but without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility Tranche and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(d)(i) may be given by telephone if immediately promptly confirmed in writing; provided that the lack of such an immediate a prompt confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Tremor International 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 Letter of Credit, the applicable Issuing Bank Each L/C Issuer shall notify the applicable Borrower for whose account such Letter of Credit was issued and on the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence date of any payment by such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing L/C Issuer under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), and the applicable Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawingdrawing no later than on the 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) after the applicable Borrower shall have received notice of such payment with interest on the amount so paid or disbursed by such L/C Issuer, and to the extent not reimbursed prior to 3:00 p.m. (New York time) in the case of drawings in Dollars or an Alternative Currency, in each case, on the applicable currencyHonor Date, from and including the date paid or disbursed to but excluding the date such L/C Issuer was reimbursed by the applicable Borrower therefor at a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Rate as in effect from time to time for Revolving Credit Loans that are maintained as Base Rate Loans. If such the applicable Borrower fails to so reimburse such Issuing Bank by L/C Issuer on such timenext Business Day, the L/C Issuer will notify the Administrative Agent thereof and the Administrative Agent shall promptly notify each Revolving Credit Lender under the applicable Applicable Participant Revolving Tranche of the 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”), and the amount of such Applicable ParticipantRevolving Credit Lender’s Applicable Percentage Pro Rata Share thereof. In such event, in the case of an Unreimbursed Amount, the applicable Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under in Dollars or the Revolving Credit Facility under which such Letter of Credit was issued applicable Alternative Currency, as applicable, to be disbursed on the Business Day following the Honor Date such date in an amount equal to to, and denominated in the same currency as, the Unreimbursed Amount, in accordance with the requirements of Section 2.02 but without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans or Eurocurrency Rate Loans or Alternative Currency Loans, as the case may be, but subject to the amount of the unutilized unused portion of the Revolving Credit Commitments under such Revolving Credit Facility Tranche and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(d)(i) may be given by telephone if immediately promptly confirmed in writing; provided that the lack of such an immediate a prompt confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (MeridianLink, 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 relevant L/C Issuer shall notify promptly the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Approved Foreign Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Approved Foreign Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Approved Foreign Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 1:00 p.m. New York City time, in the case of a drawing in Dollars, or 2:00 p.m. London time (or, if earlier, 9:00 a.m. New York City time), in the case of a drawing in an Approved Foreign Currency, on (1) the next Business Day immediately following the date of any payment honoring of a drawing by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or that the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency Borrower receives notice thereof (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, and drawing in the applicable currencyrelevant Approved Currency; provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with this Section 2.03 that such payment be financed with a Revolving Credit Borrowing under the Revolving Credit Facility or a Swing Line Borrowing under the Swing Line Facility in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Borrowing or Swing Line Borrowing, as applicable. If such the Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, such L/C Issuer shall notify the Administrative Agent and the Administrative Agent shall promptly notify each applicable Applicable Participant Appropriate Lender of the 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 Currencythereof) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantAppropriate Lender’s Applicable Percentage Pro Rata Share provided for under this Agreement thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans or Eurocurrency Rate Loans, as applicable, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility of the Appropriate Lenders and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Vivint Smart Home, 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 L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative a Foreign Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Foreign Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the Borrower shall have notified such Issuing Bank the L/C Issuer promptly following receipt of the notice of drawing that such the Borrower will reimburse such Issuing Bank the L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative a Foreign Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 1:00 p.m. on the Business Day following date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in DollarsDollars if the L/C Issuer delivers notice of such payment by 11:00 a.m. on such day (or, if notice of such payment by the L/C Issuer is made after 11:00 a.m., not later than 10:00 a.m. the next succeeding Business Day), or the Applicable Time on the Business Day following date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in an Alternative a Foreign Currency (each such date, an "Honor Date"), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency. If such the Borrower fails to so reimburse such Issuing Bank the L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Revolving Credit Lender of the 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 Foreign Currency) (the "Unreimbursed Amount"), and the Dollar Equivalent amount of such Applicable Participant’s Applicable Percentage Lender's Pro Rata Share thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing in Dollars of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an a Dollar Equivalent amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 5.02 (other than the delivery of a Borrowing Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Advanced Medical Optics 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 relevant L/C Issuer shall notify promptly the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Approved Foreign Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Approved Foreign Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Approved Foreign Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 1:00 p.m. (New York City time), in the case of a drawing in Dollars, or 2:00 p.m. (London time) (or, if earlier, 9:00 a.m. New York city time), in the case of a drawing in an Approved Foreign Currency, on (1) the next Business Day immediately following the date of any payment honoring of a drawing by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or that the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency Borrower receives notice thereof (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, and drawing in the applicable currencyrelevant Approved Currency; provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with this ‎Section 2.03 that such payment be financed with a Revolving Credit Borrowing under the Revolving Credit Facility or a Swing Line Borrowing under the Swing Line Facility in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Borrowing or Swing Line Borrowing, as applicable. If such the Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, such L/C Issuer shall notify the Administrative Agent and the Administrative Agent shall promptly notify each applicable Applicable Participant Appropriate Lender of the 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 Currencythereof) (the “Unreimbursed Amount”), and the amount of such Applicable Participant117 Appropriate Lender’s Applicable Percentage Pro Rata Share provided for under this Agreement thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section ‎Section 2.02 for the principal amount of Base Rate Loans, Eurocurrency Rate Loans or Term SOFR Loans, as applicable, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility of the Appropriate Lenders and the conditions set forth in Section ‎Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(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 shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Alight, Inc. / Delaware)

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 relevant L/C Issuer shall notify promptly the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Approved Foreign Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Approved Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Approved Foreign Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 1:00 p.m. (New York City time), in the case of a drawing in Dollars, or 2:00 p.m. (London time) (or, if earlier, 9:00 a.m. New York City time), in the case of a drawing in an Approved Foreign Currency, on (1) the next Business Day immediately following any payment by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or that the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency Borrower receives notice thereof (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawingdrawing in the relevant Approved Currency; provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a Revolving Credit Borrowing under the Revolving Credit Facility or a Swing Line Borrowing under the Swing Line Facility in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Borrowing or Swing Line Borrowing, as applicable. In the event that (x) a drawing denominated in an Approved Foreign Currency is to be reimbursed in Dollars pursuant to the first sentence of this Section 2.03(c)(i) and (y) the Dollar amount paid by the Borrower, whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in the applicable currencyApproved Foreign Currency equal to the drawing, the Borrower agrees, as a separate and independent obligation, to indemnify the L/C Issuer for the loss resulting from its inability on that date to purchase the Approved Currency in the full amount of the drawing. If such the Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Appropriate Lender of the 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 Currencythereof) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantAppropriate Lender’s Applicable Percentage Pro Rata Share or other applicable share provided for under this Agreement thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans or Eurocurrency Rate Loans, as applicable, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility of the Appropriate Lenders and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Hilton Grand Vacations 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 L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued Company and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative a Core Currency, the Borrower for whose account such Letter of Credit was issued Company shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Core Currency. In the case of a Letter of Credit denominated in a Non-Core Currency, the Company shall reimburse the applicable L/C Issuer in such Non-Core Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower the Company shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such Borrower the Company will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative a Non-Core Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon (A) 4:00 p.m. (local time in the city in which such payment will take place) on the date of the payment, if the Company shall have received written notice of such payment by 12:00 noon (local time in the city in which such payment will take place), or (B) NYDOCS02/1167307 41 if written notice of such payment is not received by 12:00 noon (local time in the city in which such payment will take place), then 4:00 p.m. (local time in the city in which such payment will take place) on the next succeeding Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued Company shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency. In the event that (A) a drawing denominated in a Non-Core Currency is to be reimbursed in Dollars pursuant to the third sentence in this Section 2.03(c)(i) and (B) the Dollar amount paid by the Company, whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in the Non-Core Currency equal to the drawing, the Company agrees, as a separate and independent obligation, to indemnify the applicable L/C Issuer for the loss resulting from its inability on that date to purchase the Non-Core Currency in the full amount of the drawing. If such Borrower the Company fails to so timely reimburse the applicable L/C Issuer on the Honor Date, such Issuing Bank by such timeL/C Issuer shall promptly notify the Administrative Agent, and the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the 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”), and the amount of such Applicable ParticipantLender’s Core Currency Applicable Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued Company shall be deemed to have requested a Revolving Credit Committed Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Aggregate Core Currency Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank any L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may shall be given by telephone if in writing and immediately confirmed in writingby telephone; provided that the lack of such an immediate confirmation via telephone shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Five Year Credit Agreement (Tiffany & Co)

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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 Letter of Credit, the applicable Issuing Bank L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued Company and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued Company shall reimburse the applicable Issuing Bank such L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank the applicable L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower the Company shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such Borrower the Company will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon If the Company is notified prior to 11:00 a.m. on the Business Day following date of any payment by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or prior to the Applicable Time on the Business Day following date of any payment by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued Company shall reimburse such Issuing Bank the applicable L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency. If currency on such Borrower fails to so reimburse such Issuing Bank by date (or, if notified after such time, then no later than 11:00 a.m. on the Administrative Agent shall promptly notify each next succeeding Business Day with respect to any payment by the applicable Applicable Participant of the Honor Date, the amount of the unreimbursed drawing (expressed in Dollars in the amount of the Dollar Equivalent thereof in the case of L/C Issuer under a Letter of Credit to be reimbursed in Dollars or the Applicable Time on the next succeeding Business Day with respect to any payment by the applicable L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency). In the event that (A) a drawing denominated in an Alternative Currency) (the “Unreimbursed Amount”), and the amount of such Applicable Participant’s Applicable Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued Currency is to be disbursed on the Business Day following the Honor Date reimbursed in an amount equal Dollars pursuant to the Unreimbursed Amount, without regard to the minimum and multiples specified second sentence in this Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Notice2.03(c)(i) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans. Any notice given by the applicable Issuing Bank or the Administrative Agent pursuant to this Section 2.05(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.CHAR1\1976173v4

Appears in 1 contract

Samples: Credit Agreement (Celestica 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 L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued Company and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued Company shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower the Company shall have notified such Issuing Bank the L/C Issuer promptly following receipt of the notice of drawing that such Borrower the Company will reimburse such Issuing Bank the L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than 12:00 noon on the Business Day following date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued Company shall reimburse such Issuing Bank the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency, provided, however, that if the Company shall have received notice of such payment by the L/C issuer under a Letter of Credit less than one hour prior to the required time for payment set forth above, the Company shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing and in the applicable currency not later than 12:00 noon or the Applicable Time, as the case may be, on the immediately succeeding Business Day (together with interest thereon (at the rate otherwise applicable to a Base Rate Loan), which shall be solely for the account of the L/C Issuer). In the event that (A) a drawing denominated in an Alternative Currency is to be reimbursed in Dollars pursuant to clause (B) of the second sentence in this Section 2.03(c)(i) and (B) the Dollar amount paid by the Company, whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in the Alternative Currency equal to the drawing, the Company agrees, as a separate and independent obligation, to indemnify the L/C Issuer for the loss resulting from its inability on that date to purchase the Alternative Currency in the full amount of the drawing. If such Borrower the Company fails to so reimburse such Issuing Bank the L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Revolving Credit Lender of the 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”), and the amount of such Revolving Credit Lender's Applicable Participant’s Applicable Revolving Credit Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued Company shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Parexel International 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 Letter of Credit, the applicable Issuing Bank L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued Company and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative a Core Currency, the Borrower for whose account such Letter of Credit was issued Company shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Core Currency. In the case of a Letter of Credit denominated in a Non-Core Currency, the Company shall reimburse the applicable L/C Issuer in such Non-Core Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower the Company shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such Borrower the Company will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative a Non-Core Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon (A) 4:00 p.m. (local time in the city in which such payment will take place) on the date of the payment, if the Company shall have received written notice of such payment by 12:00 noon (local time in the city in which such payment will take place), or (B) if written notice of such payment is not received by 12:00 noon (local time in the city in which such payment will take place), then 4:00 p.m. (local time in the city in which such payment will take place) on the next succeeding Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued Company shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing NYDOCS02/1167307 43 and in the applicable currency. In the event that (A) a drawing denominated in a Non-Core Currency is to be reimbursed in Dollars pursuant to the third sentence in this Section 2.03(c)(i) and (B) the Dollar amount paid by the Company, whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in the Non-Core Currency equal to the drawing, the Company agrees, as a separate and independent obligation, to indemnify the applicable L/C Issuer for the loss resulting from its inability on that date to purchase the Non-Core Currency in the full amount of the drawing. If such Borrower the Company fails to so timely reimburse the applicable L/C Issuer on the Honor Date, such Issuing Bank by such timeL/C Issuer shall promptly notify the Administrative Agent, and the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the 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”), and the amount of such Applicable ParticipantLender’s Core Currency Applicable Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued Company shall be deemed to have requested a Revolving Credit Committed Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Aggregate Core Currency Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank any L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may shall be given by telephone if in writing and immediately confirmed in writingby telephone; provided that the lack of such an immediate confirmation via telephone shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Tiffany & 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 Letter of Credit, the applicable Issuing Bank L/C Issuer shall examine drawing document(s) within the period stipulated by terms and conditions of such Letter of Credit. After such examination, the applicable L/C Issuer shall notify the Borrower for whose account such Letter Representative (on behalf of Credit was issued the Borrowers) and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, Each L/C Issuer shall notify the Borrower for whose account such Letter Representative (on behalf of Credit was issued shall reimburse the applicable Issuing Bank in such Alternative Currency, unless (ABorrowers) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in on the absence date of any payment by such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing L/C Issuer under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), and the Borrower for whose account such Letter of Credit was issued Borrowers shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing (and in the applicable currencysame currency in which such drawing was made) no later than on the 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) after the Borrower Representative shall have received notice of such payment with interest on the amount so paid or disbursed by such L/C Issuer, to the extent not reimbursed prior to 3:00 p.m. in the case of drawings in Dollars or 2:00 p.m. (London time) (or, if earlier, 9:00 a.m. New York city time) in the case of drawings in an Alternative Currency, in each case, on the respective Honor Date, from and including the date paid or disbursed to but excluding the date such L/C Issuer was reimbursed by the Borrowers therefor at a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Rate as in effect from time to time for Revolving Credit Loans that are maintained as Base Rate Loans. If such Borrower fails the Borrowers fail to so reimburse such Issuing Bank by L/C Issuer on such timenext Business Day, the Administrative Agent shall promptly notify each Revolving Credit Lender of the applicable Applicable Participant Tranche of the Honor Date, the amount of the unreimbursed drawing (expressed in Dollars in the amount of the Dollar Equivalent Amount thereof in the case of a Letter of Credit denominated in an Alternative Currency) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantRevolving Credit Lender’s Applicable Percentage Pro Rata Share thereof. In such event, (x) in the Borrower for whose account such Letter case of Credit was issued an Unreimbursed Amount denominated in Dollars, the Borrowers shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans and (y) in the case of an Unreimbursed Amount denominated in an Alternative Currency, the Borrowers shall be deemed to have requested a Revolving Credit Borrowing of Eurocurrency Rate Loans, in each case, under the Revolving Credit Facility under which such Letter of Credit was issued applicable Tranche and to be disbursed on the Business Day following the Honor Date such date in an amount equal to the Unreimbursed Amount, in accordance with the requirements of Section 2.02 but without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans or Eurocurrency Rate Loans, as the case may be, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility the applicable Tranche and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(d)(i) may be given by telephone if immediately promptly confirmed in writing; provided that the lack of such an immediate a prompt confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Ortho Clinical Diagnostics 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 Letter of Credit, the applicable Issuing Bank L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative a Foreign Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Foreign Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the Borrower shall have notified such Issuing Bank the L/C Issuer promptly following receipt of the notice of drawing that such the Borrower will reimburse such Issuing Bank the L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative a Foreign Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 1:00 p.m. on the Business Day following date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in DollarsDollars if the L/C Issuer delivers notice of such payment by 11:00 a.m. on such day (or, if notice of such payment by the L/C Issuer is made after 11:00 a.m., not later than 10:00 a.m. the next succeeding Business Day), or the Applicable Time on the Business Day following date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in an Alternative a Foreign Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency. If such the Borrower fails to so reimburse such Issuing Bank the L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Revolving Credit Lender of the 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 Foreign Currency) (the “Unreimbursed Amount”), and the Dollar Equivalent amount of such Applicable ParticipantLender’s Applicable Percentage Pro Rata Share thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing in Dollars of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an a Dollar Equivalent amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 5.02 (other than the delivery of a Borrowing Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Advanced Medical Optics 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 relevant L/C Issuer shall notify promptly the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Approved Foreign Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Approved Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Approved Foreign Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 1:00 p.m. (New York City time), in the case of a drawing in Dollars, or 2:00 p.m. (London time) (or, if earlier, 9:00 a.m. New York city time), in the case of a drawing in an Approved Foreign Currency, on (1) the next Business Day immediately following the date of any payment honoring of a drawing by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or that the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency Borrower receives notice thereof (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawingdrawing in the relevant Approved Currency; provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a Revolving Credit Borrowing under the Revolving Credit Facility or a Swing Line Borrowing under the Swing Line Facility in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Borrowing or Swing Line Borrowing, as applicable. In the event that (x) a drawing denominated in an Approved Foreign Currency is to be reimbursed in Dollars pursuant to the first sentence of this Section 2.03(c)(i) and (y) the Dollar amount paid by the Borrower, whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in the applicable currencyApproved Foreign Currency equal to the drawing, the Borrower agrees, as a separate and independent obligation, to indemnify the L/C Issuer for the loss resulting from its inability on that date to purchase the Approved Currency in the full amount of the drawing. If such the Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Appropriate Lender of the 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 Currencythereof) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantAppropriate Lender’s Applicable Percentage Pro Rata Share or other applicable share provided for under this Agreement thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans or Eurocurrency Rate Loans, as applicable, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility of the Appropriate Lenders and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Gates Industrial Corp PLC)

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of request for a drawing under such Letter of Credit, the applicable Issuing Bank relevant L/C Issuer shall notify promptly the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In Not later than (1) 2:00 p.m. (New York City time) on the second Business Day immediately following any payment by an L/C Issuer under a Letter of Credit if the Borrower receives notice by 11:00 a.m. (New York City time) on the date of payment and (2) if the foregoing clause (1) does not apply, then on the third Business Day following such notice (each such date, an “Honor Date”), the Borrower shall (A) in the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account reimburse such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Currency, Currency unless (AI) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, Dollars or (BII) in the absence of any such requirement for reimbursement in Dollars, such the Borrower shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such the Borrower will reimburse such Issuing Bank L/C Issuer in Dollars and (B) in the case of Letter of Credit denominated in Dollars. In , reimburse such L/C Issuer in Dollars, in each case, through the Administrative Agent in an amount equal to the amount of such drawing (or, in the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify Dollar Amount that the applicable L/C Issuer shall have notified to the Borrower of the Dollar Equivalent in such notice in respect of the amount of the drawing promptly following the determination thereof. Not later than noon drawing), with interest on the Business Day following any payment amount so paid or disbursed by an Issuing Bank under a Letter of Credit such L/C Issuer, to be the extent not reimbursed in Dollars, or the Applicable Time on the Business Day following any date of such payment by an Issuing Bank under or disbursement, at a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank through the Administrative Agent in an amount per annum rate equal to the amount Base Rate plus the Applicable Rate applicable to Base Rate Loans that are Revolving Credit Loans, accruing from the date of such drawing, payment or disbursement is made by such L/C Issuer until the date reimbursement is due from (or paid by) the Borrower and thereafter (until reimbursement in full by the applicable currencyBorrower) at the rate provided below in clause (iii). If such the Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Appropriate Lender of the 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”), and the amount of such Applicable ParticipantAppropriate Lender’s Applicable Percentage thereofPro Rata Share thereof or other applicable share provided for under this Agreement. In such event, (x) in the case of an Unreimbursed Amount denominated in Dollars, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under and (y) in the case of an Unreimbursed Amount denominated in an Alternative Currency, the Borrower shall be deemed to have requested a Revolving Credit Facility under which Borrowing of Eurocurrency Rate Loans in such Letter of Credit was issued Alternative Currency, in each case to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed AmountAmount plus any accrued interest thereon, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Eurocurrency Rate Loans or Base Rate Loans, Loans but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility of the Appropriate Lenders and subject to the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(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 shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Security Agreement (M/a-Com Technology Solutions 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 relevant L/C Issuer shall notify promptly the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 1:00 p.m., on the first Business Day immediately following any payment by an Issuing Bank L/C Issuer under a Letter of Credit Credit, with written notice to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency Borrower (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall be liable to reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing in Dollars; provided that if such reimbursement is not made on the date of drawing, and the Borrower shall pay interest to the relevant L/C Issuer on such amount at the rate applicable to ABR Loans (without duplication of interest payable on L/C Borrowings). The applicable L/C Issuer shall notify the Borrower in writing of the applicable currencyamount of the drawing promptly following the determination thereof. If such the Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Appropriate Lender of the 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”), ) and the amount of such Applicable ParticipantAppropriate Lxxxxx’s Applicable Percentage Pro Rata Share or other applicable share provided for under this Agreement thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate ABR Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, ABR Loans but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility of the Appropriate Lenders and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans. Any notice given by the applicable Issuing Bank or the Administrative Agent pursuant to this Section 2.05(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice).

Appears in 1 contract

Samples: Credit Agreement (Blucora, 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 relevant L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank relevant L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the Borrower shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such the Borrower will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank relevant L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 11:00 a.m. on the Business Day following date of any payment by an Issuing Bank any L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank any L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency. If such the Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the 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”), and the amount of such Applicable ParticipantLender’s Applicable Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Aggregate Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Revolving Credit Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank any L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Commercial Metals 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 Letter of Credit, the applicable Issuing Bank L/C Issuer shall promptly notify the Borrower for whose account such Letter of Credit was issued Company and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued Company shall reimburse the applicable Issuing Bank such L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower the Company shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such Borrower the Company or the applicable Loan Party will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following date of any payment by an Issuing Bank the applicable L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank such L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for Company, the Wholly Owned Subsidiary of the Company on whose account such behalf the applicable Letter of Credit was issued or any applicable Loan Party shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency, provided that, in the event notice of drawing under such Letter of Credit is not provided to the Company by 10:00 a.m., then the Honor Date shall be the following Business Day with respect to such drawing. If such Borrower the Company, the Wholly Owned Subsidiary of the Company on whose behalf the applicable Letter of Credit was issued or any applicable Loan Party fails to so reimburse such Issuing Bank L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the 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”), and the amount of such Applicable ParticipantLender’s Applicable Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued Company shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Aggregate Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Reinsurance Group of America 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 relevant L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued Company and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the relevant Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank relevant L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower the Company shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such the relevant Borrower will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank relevant L/C Issuer shall notify the applicable Borrower Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 4:00 p.m. on the Business Day following date of any payment by an Issuing Bank the relevant L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank such L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued Company shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency; provided that if notice of such drawing is not provided to the Company prior to 1:00 p.m. on the Honor Date, then the relevant Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing and in the applicable currency on the next succeeding Business Day and such extension of time shall be reflected in computing fees in respect of any such Letter of Credit. If such the relevant Borrower fails to so reimburse such Issuing Bank the relevant L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Revolving Credit Lender of the 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”), and the amount of such Applicable ParticipantRevolving Credit Lender’s Applicable Percentage Pro Rata Share thereof. In such event, the Borrower for whose account such Letter of Credit was issued Company shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 2.02(a) for the principal amount of Base Rate Loans, Loans but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank relevant L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.04(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Assignment and Assumption (Fidelity National Information 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 an L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the Borrower shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such the Borrower will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 11:00 a.m. on the Business Day following date of any payment by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an "Honor Date"), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank the applicable L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency. If such the Borrower fails to so reimburse such Issuing Bank the applicable L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the 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"), and the amount of such Applicable Participant’s Applicable Percentage Lender's Pro Rata Share thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Committed Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Aggregate Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 5.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Tech Data 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 Letter of Credit, the applicable Issuing Bank L/C Issuer shall promptly notify (any such notification, a “Drawing Notice”) the Borrower for whose account such Letter of Credit was issued Company and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued Company shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower the Company shall have notified such Issuing Bank the applicable L/C Issuer promptly following receipt of the notice of drawing that such Borrower the Company will reimburse such Issuing Bank the applicable L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on The Company shall reimburse, or shall cause the Business Day following any payment by an Issuing Bank under a applicable Restricted Subsidiary to reimburse, such L/C Issuer of the Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency. currency no later than (x) 2:00 p.m. on the same Business Day that the Company receives a Drawing Notice from such L/C Issuer if such Drawing Notice is received by the Company by 1:00 p.m. and (y) 11:00 a.m. on the immediately following Business Day if the Company receives a Drawing Notice from such L/C Issuer after 1:00 p.m. If neither the Company nor any Restricted Subsidiary so reimburses such Borrower fails to so reimburse L/C Issuer of the Letter of Credit by the applicable time specified in the immediately preceding sentence, such Issuing Bank by such time, L/C Issuer shall promptly notify the Administrative Agent shall promptly notify each applicable Applicable Participant of the Honor Date, such failure to reimburse and of 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”), and the Administrative Agent shall promptly notify each Revolving Credit Lender of amount of such Applicable ParticipantRevolving Credit Lender’s Applicable Revolving Credit Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued Company shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date such date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank any L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Mohawk Industries Inc)

Drawings and Reimbursements; Funding of Participations. (i%3) 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 L/C Issuer shall notify the Borrower for whose account such Letter Representative (on behalf of Credit was issued the Borrowers) and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, Each L/C Issuer shall notify the Borrower for whose account such Letter Representative (on behalf of Credit was issued shall reimburse the applicable Issuing Bank in such Alternative Currency, unless (ABorrowers) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in on the absence date of any payment by such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing L/C Issuer under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), and the Borrower for whose account such Letter of Credit was issued Borrowers shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing (and in the applicable currencysame currency in which such drawing was made) no later than on the 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) after the Borrower Representative shall have received notice of such payment with interest on the amount so paid or disbursed by such L/C Issuer, to the extent not reimbursed prior to 3:00 p.m. in the case of drawings in Dollars or 2:00 p.m. (London time) (or, if earlier, 9:00 a.m. New York city time) in the case of drawings in an Alternative Currency, in each case, on the respective Honor Date, from and including the date paid or disbursed to but excluding the date such L/C Issuer was reimbursed by the Borrowers therefor at a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Rate as in effect from time to time for Revolving Credit Loans that are maintained as Base Rate Loans. If such Borrower fails the Borrowers fail to so reimburse such Issuing Bank by L/C Issuer on such timenext Business Day, the Administrative Agent shall promptly notify each Revolving Credit Lender of the applicable Applicable Participant Tranche of the Honor Date, the amount of the unreimbursed drawing (expressed in Dollars in the amount of the Dollar Equivalent Amount thereof in the case of a Letter of Credit denominated in an Alternative Currency) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantRevolving Credit Lender’s Applicable Percentage Pro Rata US-DOCS\90330440.2103232196.9 Share thereof. In such event, (x) in the Borrower for whose account such Letter case of Credit was issued an Unreimbursed Amount denominated in Dollars, the Borrowers shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans and (y) in the case of an Unreimbursed Amount denominated in an Alternative Currency, the Borrowers shall be deemed to have requested a Revolving Credit Borrowing of Eurocurrency Rate Loans, in each case, under the Revolving Credit Facility under which such Letter of Credit was issued applicable Tranche and to be disbursed on the Business Day following the Honor Date such date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans or Eurocurrency Rate Loans, as the case may be, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility the applicable Tranche and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(d)(i) may be given by telephone if immediately promptly confirmed in writing; provided that the lack of such an immediate a prompt confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Axalta Coating Systems 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 Letter of Credit, the applicable Issuing Bank L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the Borrower shall have notified such Issuing Bank the L/C Issuer promptly following receipt of the notice of drawing that such the Borrower will reimburse such Issuing Bank the L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 11:00 a.m. on the Business Day following date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency if the Borrower shall have received notice of such drawing prior to 9:00 a.m. of such date, otherwise on the Business Day following the day that the Borrower receives such notice (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency. In the event that (A) a drawing denominated in an Alternative Currency is to be reimbursed in Dollars pursuant to the second sentence in this Section 2.03(c)(i) and (B) the Dollar amount paid by the Borrower, whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in the Alternative Currency equal to the drawing, the Borrower agrees, as a separate and independent obligation, to indemnify the L/C Issuer for the loss resulting from its inability on that date to purchase the Alternative Currency in the full amount of the drawing. If such the Borrower fails to so reimburse such Issuing Bank the L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the 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”), and the amount of such Applicable ParticipantLender’s Applicable Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Revolving Loans that are Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 5.02 (other than the delivery of a Borrowing Loan Notice) and until provided that, after giving effect to such Unreimbursed Amount is repaid or refinanced it Borrowing, the Total Revolving Outstandings shall accrue interest at not exceed the rate applicable to Base Rate Aggregate Revolving LoansCommitments. Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Innerworkings 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 L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in Dollars, the Borrower shall reimburse such L/C Issuer in Dollars. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank such L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars is preferred and the Borrower does not make payment in the applicable Alternative Currency on the Honor Date, in which case the Borrower shall reimburse such L/C Issuer in Dollars, or (B) in otherwise, the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such the Borrower will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank such L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the The Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currencycurrency on the date on which the Borrower receives notice of any payment by such L/C Issuer under a Letter of Credit, if the Borrower receives notice by 12:00 p.m., New York City time for payment in Dollars or by the Applicable Time for payments in Alternative Currencies, or on the next Business Day if notice is not received by such time (each such date, an “Honor Date”). If such the Borrower fails to so reimburse such Issuing Bank L/C Issuer by such timethe time set forth in the preceding sentence, the applicable L/C Issuer shall promptly notify the Administrative Agent of the Honor Date and the Unreimbursed Amount. The Administrative Agent shall promptly notify each applicable Applicable Participant Incremental Revolving Lender thereof and of the 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”), and the amount of such Applicable ParticipantIncremental Revolving Lender’s Applicable Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans. Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(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 shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Peabody 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 Letter of Credit, the applicable Issuing Bank relevant L/C Issuer shall notify promptly the Lead Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 11:00 a.m. on the second Business Day following any payment by an Issuing Bank the relevant L/C Issuer under a Letter of Credit with notice to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency Lead Borrower (each such date, an “Honor Date”), the Lead Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing in Dollars (determined, for purposes of any Letter of Credit denominated in an Alternative Currency, using the Dollar Equivalent (determined using the Exchange Rate calculated as of the date when such payment is due) of such drawing), provided that if such reimbursement is not made on the date of drawing, and in the Lead Borrower shall pay interest to the relevant L/C Issuer on such amount at the rate applicable to Base Rate Loans under the applicable currencyParticipating Revolving Credit Commitments (without duplication of interest payable on L/C Borrowings). The L/C Issuer shall notify the Lead Borrower of the Dollar Amount of the drawing promptly following the determination or revaluation thereof. If such the Lead Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Appropriate Lender of the Honor Date, the amount of the unreimbursed drawing (expressed in Dollars in the amount determined, for purposes of the Dollar Equivalent thereof in the case of a any Letter of Credit denominated in an Alternative Currency, using the Dollar Equivalent (determined using the Exchange Rate calculated as of the date when such payment was due) of such unreimbursed drawing) (such amount, the “Unreimbursed Amount”), and the amount of such Applicable ParticipantAppropriate Lender’s Applicable Percentage Pro Rata Share thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Participating Revolving Credit Facility Commitments of the Appropriate Lenders and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.. 77

Appears in 1 contract

Samples: Credit Agreement (Trinseo S.A.)

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 L/C Issuer shall, within the period determined by applicable Law or rules specified in such Letter of Credit, examine drawing document(s). After such examination of drawing document(s), the applicable L/C Issuer shall notify the Borrower for whose account such of the date and the amount of the drawing presented under any Letter of Credit was issued and the Administrative Agent thereofpaid by such L/C Issuer. In the case of a Letter of Credit denominated in an Alternative Currency, Each L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued shall reimburse on the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence date of any payment by such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing L/C Issuer under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), and the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawingdrawing no later than on the 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) after the Borrower shall have received notice of such payment with interest on the amount so paid or disbursed by such L/C Issuer, and in to the extent not reimbursed prior to 3:00 p.m. (New York City time) on the applicable currencyHonor Date, from and including the date paid or disbursed to but excluding the date such L/C Issuer was reimbursed by the Borrower therefor at a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Rate as in effect from time to time for Loans that are maintained as Base Rate Loans. If such the Borrower fails to so reimburse such Issuing Bank by L/C Issuer on such timenext Business Day, the L/C Issuer will notify the Administrative Agent thereof and the Administrative Agent shall promptly notify each Lender under the applicable Applicable Participant Tranche of the 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”), and the amount of such Applicable ParticipantLxxxxx’s Applicable Percentage Pro Rata Share thereof. In such event, in the case of an Unreimbursed Amount, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date such date in an amount equal to the Unreimbursed Amount, in accordance with the requirements of Section 2.02‎2.02 but without regard to the minimum and multiples specified in Section 2.02 2.02‎2.02 for the principal amount of Base Rate Loans or Eurodollar RateTerm Benchmark Loans, as the case may be, but subject to the amount of the unutilized unused portion of the Revolving Commitments under such Revolving Credit Facility Tranche and the conditions set forth in Section 4.02 4.02‎4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(d)(i)‎2.03(d)(i) may be given by telephone if immediately promptly confirmed in writing; provided that the lack of such an immediate a prompt confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Revolving Credit Agreement (EngageSmart, 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 L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank such L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the Borrower shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such the Borrower will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank such L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 11:00 a.m. on the Business Day following date of any payment by an Issuing Bank such L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank such L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank through the Administrative Agent L/C Issuer directly in an amount equal to the amount of such drawing, drawing and in the applicable currency. If the Borrower reimburses such L/C Issuer by such time on the applicable Honor Date, such L/C Issuer shall so notify the Administrative Agent (with a copy to the Borrower), and specify in such notice the amount of the drawing so reimbursed. If the Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant of time on the Honor Date, such L/C Issuer shall so notify the Administrative Agent (with a copy to the Borrower), and specify in such notice 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”). Immediately upon receipt of such notice from such L/C Issuer of an outstanding Unreimbursed Amount, the Administrative Agent shall promptly notify each Revolving Loan Lender of the Honor Date, the Unreimbursed Amount, and the amount of such Applicable ParticipantRevolving Loan Lender’s Applicable Revolving Loan Percentage thereofof such Unreimbursed Amount. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Loan Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Loan Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Facility Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Georgia Pacific 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 Letter of Credit, the applicable Issuing Bank relevant L/C Issuer shall notify promptly the Parent Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Parent Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank relevant L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank the L/C Issuer (at its optionoption made in writing to the Parent Borrower prior to issuance of the applicable Letter of Credit) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the Parent Borrower shall have notified such Issuing Bank the relevant L/C Issuer promptly following its receipt of the notice of drawing that such the Parent Borrower will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank relevant L/C Issuer shall notify the applicable Parent Borrower of the Dollar Equivalent Amount of the amount of the drawing promptly following the determination thereof. Not later than noon 11:00 a.m. on the first Business Day following the date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the first Business Day following the date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Parent Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank through the Administrative Agent L/C Issuer in an amount equal to the amount of such drawing, drawing and in the applicable currency. If such the Parent Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Appropriate Lender of the Honor Date, the amount of the unreimbursed drawing (expressed in Dollars in the amount of the Dollar Equivalent Amount thereof in the case of a Letter of Credit denominated in an Alternative Currency) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantAppropriate Lender’s Applicable Percentage Pro Rata Share thereof. In such event, the Parent Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Multi-Currency Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued Loans, in each case to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Multi-Currency Revolving Credit Facility Commitments of the Multi-Currency Revolving Credit Lenders, and subject to the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (WP Prism 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 L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued Borrowers and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an the Alternative Currency, the Borrower for whose account such Letter of Credit was issued Borrowers shall reimburse the applicable Issuing Bank L/C Issuer in such the Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower the Borrowers shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such Borrower the Borrowers will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an the Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower Borrowers of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than 12:00 noon on the Business Day following date of any payment by an Issuing Bank the applicable L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank such L/C Issuer under a Letter of Credit to be reimbursed in an the Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued Borrowers shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency. In the event that (A) a drawing denominated in the Alternative Currency is to be reimbursed in Dollars pursuant to the second sentence in this Section 2.03(c)(i) and (B) the Dollar amount paid by the Borrowers, whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in the Alternative Currency equal to the drawing, the Borrowers agree, as a separate and independent obligation, to indemnify the applicable L/C Issuer for the loss resulting from its inability on that date to purchase the Alternative Currency in the full amount of the drawing. If such Borrower the Borrowers fails to so timely reimburse such Issuing Bank by such timethe applicable L/C Issuer on the Honor Date, the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the 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 the Alternative Currency) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantLender’s Applicable Percentage thereof. In such event, (a) in the Borrower for whose account such case of an Unreimbursed Amount relating to a WC Letter of Credit was issued Credit, the Borrowers shall be deemed to have requested a Revolving Credit Committed Borrowing of a WC Loan which is a Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 2.02(a) for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Aggregate WC Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice), (b) in the case of an Unreimbursed Amount relating to a Revolver Letter of Credit, the Borrowers shall be deemed to have requested a Committed Borrowing of a Revolver Loan which is a Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02(b) for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolver Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice) and until such (c) in the case of an Unreimbursed Amount relating to a WC Interim Letter of Credit, the Borrowers shall be deemed to have requested a Committed Borrowing of a WC Interim Loan which is repaid or refinanced it shall accrue interest at the rate applicable to a Base Rate Revolving Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02(a) for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate WC Interim Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice). Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Global 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 Letter of Credit, the applicable Issuing Bank relevant L/C Issuer shall notify promptly the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Approved Foreign Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Approved Foreign Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Approved Foreign Currency, the applicable Issuing Bank L/C Issuer shall 113 notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 1:00 p.m. (New York City time), in the case of a drawing in Dollars, or 2:00 p.m. (London time) (or, if earlier, 9:00 a.m. New York city time), in the case of a drawing in an Approved Foreign Currency, on (1) the next Business Day immediately following the date of any payment honoring of a drawing by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or that the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency Borrower receives notice thereof (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, and drawing in the applicable currencyrelevant Approved Currency; provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with this ‎Section 2.03 that such payment be financed with a Revolving Credit Borrowing under the Revolving Credit Facility or a Swing Line Borrowing under the Swing Line Facility in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Borrowing or Swing Line Borrowing, as applicable. If such the Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, such L/C Issuer shall notify the Administrative Agent and the Administrative Agent shall promptly notify each applicable Applicable Participant Appropriate Lender of the 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 Currencythereof) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantAppropriate Lender’s Applicable Percentage Pro Rata Share provided for under this Agreement thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section ‎Section 2.02 for the principal amount of Base Rate Loans, Eurocurrency Rate Loans or Term SOFR Loans, as applicable, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility of the Appropriate Lenders and the conditions set forth in Section ‎Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(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 shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Alight, Inc. / Delaware)

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 relevant L/C Issuer shall notify promptly the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Approved Foreign Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Approved Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Approved Foreign Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 1:00 p.m. (New York City time), in the case of a drawing in Dollars, or 2:00 p.m. (London time) (or, if earlier, 9:00 a.m. New York city time), in the case of a drawing in an Approved Foreign Currency, on (1) the next Business Day immediately following the date of any payment honoring of a drawing by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or that the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency Borrower receives notice thereof (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawingdrawing in the relevant Approved Currency; provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a Revolving Credit Borrowing under the Revolving Credit Facility or a Swing Line Borrowing under the Swing Line Facility in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Borrowing or Swing Line Borrowing, as applicable. In the event that (x) a drawing denominated in an Approved Foreign Currency is to be reimbursed in Dollars pursuant to the first sentence of this Section 2.03(c)(i) and (y) the Dollar amount paid by the Borrower, whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in the applicable currencyApproved Foreign Currency equal to the drawing, the Borrower agrees, as a separate and independent obligation, to indemnify the L/C Issuer for the loss resulting from its inability on that date to purchase the Approved Currency in the full amount of the drawing. If such the Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Appropriate Lender of the 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 Currencythereof) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantAppropriate Lender’s Applicable Percentage Pro Rata Share or other applicable share provided for under this Agreement thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, Eurocurrency Rate Loans or XXXXX Rate Loans, as applicable, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility of the Appropriate Lenders and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Gates Industrial Corp 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 Letter of Credit, the applicable Issuing Bank relevant L/C Issuer shall notify promptly the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Approved Foreign Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Approved Foreign Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Approved Foreign Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 1:00 p.m. (New York City time), in the case of a drawing in Dollars, or 2:00 p.m. (London time) (or, if earlier, 9:00 a.m. New York city time), in the case of a drawing in an Approved Foreign Currency, on (1) the next Business Day immediately following the date of any payment honoring of a drawing by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or that the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency Borrower receives notice thereof (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, and drawing in the applicable currencyrelevant Approved Currency; provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with this Section 2.03 that such payment be financed with a Revolving Credit Borrowing under the Revolving Credit Facility or a Swing Line Borrowing under the Swing Line Facility in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Borrowing or Swing Line Borrowing, as applicable. If such the Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, such L/C Issuer shall notify the Administrative Agent and the Administrative Agent shall promptly notify each applicable Applicable Participant Appropriate Lender of the Honor Date, the amount of the unreimbursed drawing (expressed in Dollars in the amount of the Alight Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission. Dollar Equivalent thereof in the case of a Letter of Credit denominated in an Alternative Currencythereof) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantAppropriate Lender’s Applicable Percentage Pro Rata Share provided for under this Agreement thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans or Eurocurrency Rate Loans, as applicable, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility of the Appropriate Lenders and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Alight Inc. / DE)

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 L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued Borrowers and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an the Alternative Currency, the Borrower for whose account such Letter of Credit was issued Borrowers shall reimburse the applicable Issuing Bank L/C Issuer in such the Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower the Borrowers shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such Borrower the Borrowers will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an the Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower Borrowers of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than 12:00 noon on the Business Day following date of any payment by an Issuing Bank the applicable L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank such L/C Issuer under a Letter of Credit to be reimbursed in an the Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued Borrowers shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency. In the event that (A) a drawing denominated in the Alternative Currency is to be reimbursed in Dollars pursuant to the second sentence in this Section 2.03(c)(i) and (B) the Dollar amount paid by the Borrowers, whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in the Alternative Currency equal to the drawing, the Borrowers agree, as a separate and independent obligation, to indemnify the applicable L/C Issuer for the loss resulting from its inability on that date to purchase the Alternative Currency in the full amount of the drawing. If such Borrower the Borrowers fails to so timely reimburse such Issuing Bank by such timethe applicable L/C Issuer on the Honor Date, the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the 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 the Alternative Currency) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantLender’s Applicable Percentage thereof. In such event, (a) in the Borrower for whose account such case of an Unreimbursed Amount relating to a WC Letter of Credit was issued Credit, the Borrowers shall be deemed to have requested a Revolving Credit Committed Borrowing of a WC Loan which is a Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 2.02(a) for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Aggregate WC Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Loan Notice) and until such (b) in the case of an Unreimbursed Amount relating to a Revolver Letter of Credit, the Borrowers shall be deemed to have requested a Committed Borrowing of a Revolver Loan which is repaid or refinanced it shall accrue interest at the rate applicable to a Base Rate Revolving Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02(b) for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolver Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice). Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Global 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 Letter of Credit, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative a Foreign Currency, the applicable Borrower for whose account such Letter of Credit was issued (on its or its applicable Subsidiary’s behalf) shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Foreign Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such applicable Borrower shall have notified such Issuing Bank the L/C Issuer promptly following receipt of the notice of drawing that such the applicable Borrower will reimburse such Issuing Bank the L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative a Foreign Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 11:00 a.m. on the Business Day following date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank to the L/C Issuer under a Letter of Credit to be reimbursed in an Alternative a Foreign Currency (each such date, an “Honor Date”), the such Borrower for whose account such Letter of Credit was issued (on its or its applicable Subsidiary’s behalf) shall reimburse such Issuing Bank the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency. If such the applicable Borrower fails to so reimburse such Issuing Bank the L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the Honor Date, the amount of the unreimbursed drawing (expressed in Dollars in the amount of the Dollar Equivalent in Dollars thereof in the case of a Letter of Credit denominated in an Alternative a Foreign Currency) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantLender’s Applicable Percentage thereof. In such event, the such Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 4.03 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Sothebys 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 L/C Issuer shall notify the Borrower for whose account such Letter Representative (on behalf of Credit was issued the Borrowers) and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, Each L/C Issuer shall notify the Borrower for whose account such Letter Representative (on behalf of Credit was issued shall reimburse the applicable Issuing Bank in such Alternative Currency, unless (ABorrowers) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in on the absence date of any payment by such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing L/C Issuer under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), and the Borrower for whose account such Letter of Credit was issued Borrowers shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent (or to the applicable L/C Issuer if required by applicable Law) in an amount equal to the amount of such drawing, drawing (and in the applicable currencysame currency in which such drawing was made) no later than on the 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) after the Borrower Representative shall have received notice of such payment with interest on the amount so paid or disbursed by such L/C Issuer, to the extent not reimbursed prior to 3:00 p.m. (New York City time) on the respective Honor Date, from and including the date paid or disbursed to but excluding the date such L/C Issuer was reimbursed by the Borrowers therefor at a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Rate as in effect from time to time for Revolving Credit Loans that are maintained as Base Rate Loans. If such Borrower fails the Borrowers fail to so reimburse such Issuing Bank by L/C Issuer on such timenext Business Day, the Administrative Agent shall promptly notify each Revolving Credit Lender of the applicable Applicable Participant Revolving Tranche of the Honor Date, the amount of the unreimbursed drawing (expressed in Dollars in the amount of the Dollar Equivalent Euro Amount thereof in the case of a Letter of Credit denominated in Dollars, Sterling or an Alternative Currency) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantRevolving Credit Lender’s Applicable Percentage Pro Rata Share thereof. In such event, (x) in the Borrower for whose account such Letter case of Credit was issued an Unreimbursed Amount denominated in Dollars, the Borrowers shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans and (y) in the case of an Unreimbursed Amount denominated in Euros, Sterling or an Alternative Currency expressed in its Euro Amount, the Borrowers shall be deemed to have requested a Revolving Credit Borrowing of Eurocurrency Rate Loans denominated in Euros, in each case, under the applicable Revolving Credit Facility under which such Letter of Credit was issued Tranche and to be disbursed on the Business Day following the Honor Date such date in an amount equal to (A) the Unreimbursed Amount plus (B) in the case of any Unreimbursed Amount denominated in Sterling or any Alternative Currency and expressed in its Euro Amount, an additional amount equal to the amount required to convert Euros into Sterling or such Alternative Currency, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans or Eurocurrency Rate Loans, as the case may be, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such the applicable Revolving Credit Facility Tranche and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(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 shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Kleopatra Holdings 2 S.C.A.)

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 L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative CurrencySterling, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative CurrencySterling, unless (A) such Issuing Bank the L/C Issuer (at its option) 68457597_7 Exhibit 10.1 shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the Borrower shall have notified such Issuing Bank the L/C Issuer promptly following receipt of the notice of drawing that such the Borrower will reimburse such Issuing Bank the L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative CurrencySterling, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent in Dollars of the amount of the drawing promptly following the determination thereof. Not later than noon 11:00 a.m. (New York City time) on the next Business Day following any succeeding payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such L/C Issuer payment date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing; provided, and however, that in the applicable currencyevent such reimbursement by the Borrower is made on the next Business Day succeeding the Honor Date, interest shall accrue on the amount of such drawing for the account of the L/C Issuer from the Honor Date until the date of such reimbursement at a rate equal to the Base Rate plus the Applicable Margin for Base Rate Advances. If such the Borrower fails to so reimburse such Issuing Bank the L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the Honor Date, the amount of the unreimbursed drawing (expressed in the Equivalent in Dollars in the amount of the Dollar Equivalent thereof in the case of a Letter of Credit denominated in an Alternative CurrencySterling) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantLender’s Applicable Percentage Pro Rata Share thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued Advances to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed AmountAmount (expressed in the amount of the Equivalent in Dollars thereof in the case of any Unreimbursed Amount in Sterling), without regard to the minimum and multiples specified in Section 2.02 2.01 for the principal amount of Base Rate LoansAdvances, but subject to the amount of the unutilized portion of the Revolving Total Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 3.02 (other than delivery by the delivery Borrower of a Borrowing Advance Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Invesco 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 Letter of Credit, the applicable Issuing Bank L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued Borrowers and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an the Alternative Currency, the Borrower for whose account such Letter of Credit was issued Borrowers shall reimburse the applicable Issuing Bank L/C Issuer in such the Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower the Borrowers shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such Borrower the Borrowers will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an the Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower Borrowers of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than 12:00 noon on the Business Day following date of any payment by an Issuing Bank the applicable L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank such L/C Issuer under a Letter of Credit to be reimbursed in an the Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued Borrowers shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency. In the event that (A) a drawing denominated in the Alternative Currency is to be reimbursed in Dollars pursuant to the second sentence in this Section 2.03(c)(i) and (B) the Dollar amount paid by the Borrowers, whether on or after the Honor Date, shall not be adequate on the date of that payment to purchase in accordance with normal banking procedures a sum denominated in the Alternative Currency equal to the drawing, the Borrowers agree, as a separate and independent obligation, to indemnify the applicable L/C Issuer for the loss resulting from its inability on that date to purchase the Alternative Currency in the full amount of the drawing. If such Borrower the Borrowers fails to so timely reimburse such Issuing Bank by such timethe applicable L/C Issuer on the Honor Date, the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the 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 the Alternative Currency) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantLender’s Applicable Percentage thereof. In such event, (a) in the Borrower for whose account such case of an Unreimbursed Amount relating to a WC Letter of Credit was issued Credit, the Borrowers shall be deemed to have requested a Revolving Credit Committed Borrowing of a WC Loan which is a Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 2.02(a) for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Aggregate WC Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice), (b) in the case of an Unreimbursed Amount relating to a Revolver Letter of Credit, the Borrowers shall be deemed to have requested a Committed Borrowing of a Revolver Loan which is a Base Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02(b) for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolver Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice) and until such (c) in the case of an Unreimbursed Amount relating to a WC Interim Letter of Credit, the Borrowers shall be deemed to have requested a Committed Borrowing of a WC Interim Loan which is repaid or refinanced it shall accrue interest at the rate applicable to a Base Rate Revolving Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02(a) for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate WC Interim Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Loan Notice). Any notice given by the applicable Issuing Bank L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.. 77

Appears in 1 contract

Samples: Credit Agreement (Global 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 Letter of Credit, the applicable Issuing Bank L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the Borrower shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such the Borrower will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon If the Borrower is notified prior to 11:00 a.m. on the Business Day following date of any payment by an Issuing Bank the applicable L/C Issuer under a Letter of Credit to be reimbursed in Dollars, then no later than 1:00 p.m. on such Business Day or the Applicable Time on the date of any payment by the applicable L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank the applicable L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (or if notified after such time, then no later than 11:00 a.m. on the next succeeding Business Day or the Applicable Time on the date of any payment by the applicable L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency) (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currencycurrency (together with any accrued interest). If such the Borrower fails to so reimburse such Issuing Bank the applicable L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Revolving AA-1 Lender of the 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”), and the amount of such Applicable ParticipantLender’s Applicable Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Revolving AA-1 Loans that are Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Revolving Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving LoansAA-1 Commitments. Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Lamb Weston 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 L/C Issuer shall notify the applicable Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued Each L/C Issuer shall reimburse notify the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in Borrower on the absence date of any payment by such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing L/C Issuer under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the and such Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing (and in the same currency thereof) no later than on the 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) after such Borrower shall have received notice of such payment, with interest on the amount so paid or disbursed by such L/C Issuer, to the extent not reimbursed prior to 1:00 p.m. (New York City time) in the case of drawings in Dollars or the Applicable Time in any other case, in each ease, on the applicable currencyHonor Date, from and including the date paid or disbursed to but excluding the date such L/C Issuer was reimbursed by the relevant Borrower therefor at a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Rate as in effect from time to time for Revolving Credit Loans that are maintained as Base Rate Loans. If such the relevant Borrower fails to so reimburse such Issuing Bank by L/C Issuer on such timenext Business Day, the Administrative Agent shall promptly notify each applicable Applicable Participant Lender of the Honor Date, the amount of the unreimbursed drawing (expressed in Dollars in the amount of the Dollar Equivalent thereof in the case of a under each applicable Letter of Credit denominated in an Alternative Currency) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantLender’s Applicable Percentage Pro Rata Share thereof. In such event, in the case of an Unreimbursed Amount, the applicable Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued Loans, to be disbursed on the Business Day following the Honor Date such date in an amount equal to to, the Dollar Amount of the Unreimbursed Amount, in accordance with the requirements of Section 2.02 but without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(d)(i) may be given by telephone if immediately promptly confirmed in writing; provided that the lack of such an immediate a prompt confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Abl Credit Agreement (V2X, 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 L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the Borrower shall have notified such Issuing Bank L/C Issuer promptly following receipt of the notice of drawing that such the Borrower will reimburse such Issuing Bank L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 11:00 a.m. on the Business Day following date of any payment by an Issuing Bank such L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank such L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank the applicable L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency. If such the Borrower fails to so reimburse such Issuing Bank a L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Revolving Credit Lender of the 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”), and the amount of such Applicable ParticipantRevolving Credit Lender’s Applicable Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank a L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.04(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Corporate Property Associates 17 - Global 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 relevant L/C Issuer 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 for whose account such Letter of Credit was issued (through the Administrative Agent) and the Administrative Agent thereof. In Not later than 3:00 p.m. on the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence date of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of payment by the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing relevant L/C Issuer under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in Dollars or the applicable currencyAlternate Currency; provided that if notice of such drawing is not provided to the Borrower prior to 12:00 noon on the Honor Date, then the Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing and in Dollars on the next succeeding Business Day and such extension of time shall be reflected in computing fees in respect of any such Letter of Credit. If such the Borrower fails to so reimburse such Issuing Bank the relevant L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Initial Revolving Credit Lender of the 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”), and the amount of such Applicable ParticipantInitial Revolving Credit Lender’s Applicable Percentage Pro Rata Share thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a an Initial Revolving Credit Borrowing of Base Rate Loans under (x) in the Revolving Credit Facility under which such case of a Letter of Credit was issued denominated in Dollars, a Base Rate 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 the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 2.02(a) for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Initial Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving LoansCommitments. Any notice given by the applicable Issuing Bank relevant L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.04(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.. (ii) Each Initial Revolving Credit Lender (including the Lender acting as the relevant L/C Issuer) shall upon any notice pursuant to Section 2.04(c)(i) make funds available to the Administrative Agent for the account of the relevant L/C Issuer at the Administrative Agent’s Office in an amount equal to its Pro Rata Share of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent (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)(ii), each Initial Revolving Credit Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the relevant L/C Issuer in Dollars. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by an Initial Revolving Credit Borrowing of Base Rate Loans, the Borrower shall be deemed to have incurred from the relevant L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and 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)(i) shall be deemed payment in respect of its participation in such L/C Borrowing and 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 relevant L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Xxxxxx’s Pro Rata Share of such amount shall be solely for the account of such L/C Issuer. 81

Appears in 1 contract

Samples: 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 Letter of Credit, the applicable Issuing Bank L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such the Borrower shall have notified such Issuing Bank the L/C Issuer promptly following receipt of the notice of drawing that such the Borrower will reimburse such Issuing Bank the L/C Issuer in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 11:00 a.m. on the Business Day following date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following date of any payment by an Issuing Bank the L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in the applicable currency. If such Borrower fails to so reimburse such Issuing Bank by such time, In the Administrative Agent shall promptly notify each applicable Applicable Participant of the 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”), and the amount of such Applicable Participant’s Applicable Percentage thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans. Any notice given by the applicable Issuing Bank or the Administrative Agent pursuant to this Section 2.05(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.event that

Appears in 1 contract

Samples: Credit Agreement (Biogen 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 relevant L/C Issuer shall notify promptly the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Approved Foreign Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Approved Foreign Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Approved Foreign Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon 1:00 p.m. New York City time, in the case of a drawing in Dollars, or 2:00 p.m. London time (or, if earlier, 9:00 a.m. New York City time), in the case of a drawing in an Approved Foreign Currency, on (1) the next Business Day immediately following the date of any payment honoring of a drawing by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or that the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency Borrower receives notice thereof (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, and drawing in the applicable currencyrelevant Approved Currency; provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with this Section 2.03 that such payment be financed with a Revolving Credit Borrowing under the Revolving Credit Facility or a Swing Line Borrowing under the Swing Line Facility in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Borrowing or Swing Line Borrowing, as applicable. If such the Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, such L/C Issuer shall notify the Administrative Agent and the Administrative Agent shall promptly notify each applicable Applicable Participant Appropriate Lender of the 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 Currencythereof) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantAppropriate Lender’s Applicable Percentage Pro Rata Share provided for under this Agreement thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, Eurocurrency Rate Loans or Term SOFR Loans, as applicable, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility of the Appropriate Lenders and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (NRG 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 Letter of Credit, the applicable Issuing Bank relevant L/C Issuer 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 for whose account such Letter of Credit was issued (through the Administrative Agent) and the Administrative Agent thereof. In Not later than 3:00 p.m. on the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence date of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of payment by the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing relevant L/C Issuer under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in Dollars or the applicable currencyAlternate Currency; provided that if notice of such drawing is not provided to the Borrower prior to 12:00 noon on the Honor Date, then the Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing and in Dollars on the next succeeding Business Day and such extension of time shall be reflected in computing fees in respect of any such Letter of Credit. If such the Borrower fails to so reimburse such Issuing Bank the relevant L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Initial Revolving Credit Lender of the 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”), and the amount of such Applicable ParticipantInitial Revolving Credit Lender’s Applicable Percentage Pro Rata Share thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a an Initial Revolving Credit Borrowing of Base Rate Loans under (x) in the Revolving Credit Facility under which such case of a Letter of Credit was issued denominated in Dollars, a Base Rate 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 the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 ‎Section 2.02(a) for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Initial Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving LoansCommitments. Any notice given by the applicable Issuing Bank relevant L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i‎Section 2.04(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.. (ii) Each Initial Revolving Credit Lender (including the Lender acting as the relevant L/C Issuer) shall upon any notice pursuant to ‎Section 2.04(c)(i) make funds available to the Administrative Agent for the account of the relevant L/C Issuer at the Administrative Agent’s Office in an amount equal to its Pro Rata Share of the Unreimbursed Amount not later than 1:00 p.m. on the Business Day specified in such notice by the Administrative Agent (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)(ii), each Initial Revolving Credit Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such amount. The Administrative Agent shall remit the funds so received to the relevant L/C Issuer in Dollars. (iii) With respect to any Unreimbursed Amount that is not fully refinanced by an Initial Revolving Credit Borrowing of Base Rate Loans, the Borrower shall be deemed to have incurred from the relevant L/C Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and 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)(i) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in satisfaction of its participation obligation under this ‎Section 2.04. 80

Appears in 1 contract

Samples: 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 Letter of Credit, the applicable Issuing Bank relevant L/C Issuer shall notify promptly the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In the case of a Letter of Credit denominated in an Alternative Approved Foreign Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank L/C Issuer in such Alternative Approved Foreign Currency, unless (A) such Issuing Bank the L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Approved Foreign Currency, the applicable Issuing Bank L/C Issuer shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Alight Inc. has requested confidential treatment of this registration statement and associated correspondence pursuant to Rule 83 of the Securities and Exchange Commission. Not later than noon 1:00 p.m. (New York City time), in the case of a drawing in Dollars, or 2:00 p.m. (London time) (or, if earlier, 9:00 a.m. New York city time), in the case of a drawing in an Approved Foreign Currency, on (1) the next Business Day immediately following the date of any payment honoring of a drawing by an Issuing Bank L/C Issuer under a Letter of Credit to be reimbursed in Dollars, or that the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency Borrower receives notice thereof (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, and drawing in the applicable currencyrelevant Approved Currency; provided that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with this Section 2.03 that such payment be financed with a Revolving Credit Borrowing under the Revolving Credit Facility or a Swing Line Borrowing under the Swing Line Facility in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Borrowing or Swing Line Borrowing, as applicable. If such the Borrower fails to so reimburse such Issuing Bank L/C Issuer by such time, such L/C Issuer shall notify the Administrative Agent and the Administrative Agent shall promptly notify each applicable Applicable Participant Appropriate Lender of the 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 Currencythereof) (the “Unreimbursed Amount”), and the amount of such Applicable ParticipantAppropriate Lender’s Applicable Percentage Pro Rata Share provided for under this Agreement thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which such Letter of Credit was issued to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans or Eurocurrency Rate Loans, as applicable, but subject to the amount of the unutilized portion of the Revolving Credit Commitments under such Revolving Credit Facility of the Appropriate Lenders and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Committed Loan Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving Loans). Any notice given by the applicable Issuing Bank an L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.03(c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

Samples: Credit Agreement (Alight Inc. / DE)

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 relevant L/C Issuer 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 for whose account such Letter of Credit was issued (through the Administrative Agent) and the Administrative Agent thereof. In Not later than 3:00 p.m. on the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence date of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of payment by the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing relevant L/C Issuer under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank the L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing, drawing and in Dollars or the applicable currencyAlternate Currency; provided that if notice of such drawing is not provided to the Borrower prior to 12:00 noon on the Honor Date, then the Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing and in Dollars on the next succeeding Business Day and such extension of time shall be reflected in computing fees in respect of any such Letter of Credit. If such the Borrower fails to so reimburse such Issuing Bank the relevant L/C Issuer by such time, the Administrative Agent shall promptly notify each applicable Applicable Participant Initial Revolving Credit Lender of the 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”), and the amount of such Applicable ParticipantInitial Revolving Credit Lender’s Applicable Percentage Pro Rata Share thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a an Initial Revolving Credit Borrowing of Base Rate Loans under (x) in the Revolving Credit Facility under which such case of a Letter of Credit was issued denominated in Dollars, a Base Rate 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 the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 2.02(a) for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Initial Revolving Credit Facility and the conditions set forth in Section 4.02 (other than the delivery of a Borrowing Notice) and until such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving LoansCommitments. Any notice given by the applicable Issuing Bank relevant L/C Issuer or the Administrative Agent pursuant to this Section 2.05(c)(i2.04(c) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.

Appears in 1 contract

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

Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit issued by any L/C Issuer of any notice of a drawing under such Letter of Credit, the applicable Issuing Bank thesuch L/C Issuer shall notify the Borrower for whose account such Letter of Credit was issued and the Administrative Agent thereof. In Not later than 3:30 p.m. on the case of a Letter of Credit denominated in an Alternative Currency, the Borrower for whose account such Letter of Credit was issued shall reimburse the applicable Issuing Bank in such Alternative Currency, unless (A) such Issuing Bank (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence date of any such requirement for reimbursement in Dollars, such Borrower shall have notified such Issuing Bank promptly following receipt of the notice of drawing that such Borrower will reimburse such Issuing Bank in Dollars. In the case of any such reimbursement in Dollars of a drawing payment by thean L/C Issuer under a Letter of Credit denominated in an Alternative Currency, the applicable Issuing Bank shall notify the applicable Borrower of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than noon on the Business Day following any payment issued by an Issuing Bank under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the Business Day following any payment by an Issuing Bank under a Letter of Credit to be reimbursed in an Alternative Currency such L/C Issuer (each such date, an “Honor Date”), the Borrower for whose account such Letter of Credit was issued shall reimburse such Issuing Bank thesuch 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. on the Honor Date, then the Borrower shall reimburse thesuch L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing on the next succeeding Business Day and such extension of time shall be reflected in the applicable currencycomputing fees in respect of any such Letter of Credit. If such the Borrower fails to so reimburse such Issuing Bank thesuch L/C Issuer by such time, the Administrative Agent shall promptly notify each Revolving Credit Lender of the applicable Applicable Participant Class of the 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”), and the amount of such Applicable ParticipantRevolving Credit Lender’s Applicable Percentage Pro Rata Share thereof. In such event, the Borrower for whose account such Letter of Credit was issued shall be deemed to have requested a Revolving Credit Borrowing of Base Rate Loans under the Revolving Credit Facility under which of such Letter of Credit was issued Class to be disbursed on the Business Day following the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 2.02(a) for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Revolving Commitments under such Revolving Credit Facility and Loans or the conditions set forth in Section 4.02 (other than 4.02, but subject to the delivery unutilized portion of a Borrowing Notice) and until the aggregate Revolving Credit Commitments of such Unreimbursed Amount is repaid or refinanced it shall accrue interest at the rate applicable to Base Rate Revolving LoansClass. Any notice given by the applicable Issuing Bank thesuch L/C Issuer or the Administrative Agent pursuant to this Section 2.05(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 shall not affect the conclusiveness or binding effect of such notice.. US_ACTIVE:\44299297\214\35899.0483

Appears in 1 contract

Samples: Credit Agreement (ClubCorp Holdings, Inc.)

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