Common use of Drawings and Reimbursements Clause in Contracts

Drawings and Reimbursements. (a) In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Lender will promptly notify the Borrowers. The Borrowers shall reimburse the Lender prior to 4:00 p.m. (prevailing time in Pittsburgh, Pennsylvania), on each date that any amount is paid by the Lender under any Letter of Credit (each such date, an “Honor Date”), in the amount so paid by the Lender. In the event the Borrowers fail to reimburse the Lender in the full amount of any drawing under any Letter of Credit by 4:00 p.m. (prevailing time in Pittsburgh, Pennsylvania) on the Honor Date, the Borrowers shall be deemed to have requested that a Revolving Credit Loan in an amount equal to such unreimbursed amount be made by the Lender to be disbursed on the Honor Date under such Letter of Credit to make such reimbursement, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 4.02. (b) With respect to any unreimbursed drawing that is not converted into a Revolving Credit Loan because of the Borrowers’ failure to satisfy the conditions set forth in Section 4.02 or for any other reason under this Agreement, the Borrowers shall be deemed to have incurred from the Lender an L/C Borrowing in the amount of such drawing, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at a rate per annum equal to the Prime Rate plus the highest Applicable Margin for Prime Rate Tranches plus three percent (3.0%).

Drawings and Reimbursements. (a) In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Lender will promptly notify the BorrowersBorrower. The Borrowers Borrower shall reimburse the Lender prior to 4:00 p.m. 11:00 a.m. (prevailing time in Pittsburgh, Pennsylvania), on each date that any amount is paid by the Lender under any Letter of Credit (each such date, date being an “"Honor Date”"), in the amount so paid by the Lender. In the event the Borrowers fail Borrower fails to reimburse the Lender in the full amount of any drawing under any Letter of Credit by 4:00 p.m. 11:00 a.m. (prevailing time in Pittsburgh, Pennsylvania) on the Honor Date, the Borrowers Borrower shall be deemed to have requested that a Revolving Credit Loan in an amount equal to such unreimbursed amount be made by the Lender to be disbursed on the Honor Date under such Letter of Credit to make be applied by the Lender for such reimbursement, subject to the amount of the unutilized portion of the limitations on Revolving Credit Commitment and subject to the conditions Loans set forth in Section 4.022.01(a) and Section 4.02 of the Agreement. (b) With respect to any unreimbursed drawing that is not converted into a Revolving Credit Loan to the Borrower because of the Borrowers’ Borrower's failure to satisfy the conditions set forth in Section 4.02 of the Agreement or for any other reason under this Agreementreason, the Borrowers Borrower shall be deemed to have incurred from the Lender an L/C Borrowing in the amount of such drawing, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at a rate per annum equal to the Prime Rate plus the highest Applicable Margin for Prime Rate Tranches plus three percent (3.0%)Default Rate.

Drawings and Reimbursements. (a) In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Issuing Lender will promptly notify the BorrowersBorrower and the Administrative Agent thereof. The Borrowers Borrower shall reimburse the Issuing Lender (such obligation to reimburse the Issuing Lender shall sometimes be referred to as a “Reimbursement Obligation”) prior to 4:00 p.m. 11:00 a.m. (prevailing time in Pittsburgh, Pennsylvania), on each date that any amount is paid by the Issuing Lender under any ​ ​ ​ Letter of Credit (each such date, an “Honor Date”), in by paying to the Administrative Agent for the account of the Issuing Lender an amount equal to the amount so paid by the Issuing Lender. In the event the Borrowers fail Borrower fails to reimburse the Issuing Lender (through the Administrative Agent) in the full amount of any drawing under any Letter of Credit by 4:00 p.m. 11:00 a.m. (prevailing time in Pittsburgh, Pennsylvania) on the Honor Date, the Borrowers Administrative Agent will promptly notify each Lender thereof, and the Borrower shall be deemed to have requested that a Revolving Credit Loan be made by the Lenders at the Base Rate in an amount equal to such unreimbursed amount be made by the Issuing Lender to be disbursed on the Honor Date under such Letter of Credit to make such reimbursementCredit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 4.02.. Any notice given by the Administrative Agent or Issuing Lender pursuant to this Section 2.11 may be oral 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. ​ (b) Each Lender shall upon any notice pursuant to Section 2.11(a) make available to the Administrative Agent for the account of the Issuing Lender an amount in immediately available funds equal to its Ratable Share of the amount of the drawing, whereupon the participating Lenders shall (subject to Section 2.12) each be deemed to have made a Revolving Credit Loan at the Base Rate to the Borrower in that amount. If any Lender so notified fails to make available to the Administrative Agent for the account of the Issuing Lender the amount of such Lender's Ratable Share of such amount by no later than 2:00 p.m. on the Honor Date, then interest shall accrue on such Lender's obligation to make such payment, from the Honor Date at the Federal Funds Effective Rate during the first three (3) days following the Honor Date and (ii) at a rate per annum equal to the rate applicable to Revolving Credit Loans at the Base Rate on and after the fourth day following the Honor Date. The Administrative Agent and the Issuing Lender will promptly give notice (as described in Section 2.11(a) above) of the occurrence of the Honor Date, but failure of the Administrative Agent or the Issuing Lender to give any such notice on the Honor Date or in sufficient time to enable any Lender to effect such payment on such date shall not relieve such Lender from its obligation under this Section 2.11(b). ​ (c) With respect to any unreimbursed drawing that is not converted into a Revolving Credit Loan because of the Borrowers’ Loan Parties' failure to satisfy the conditions set forth in Section 4.02 or for any other reason under this Agreementreason, the Borrowers Borrower shall be deemed to have incurred from the Issuing Lender an L/C Borrowing in the amount of such drawing, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest at a rate per annum equal to the Prime Rate plus rate of interest then accruing on the highest Applicable Margin for Prime Rate Tranches Revolving Credit Loans plus three percent (3.0%).. Each Lender's payment to the Administrative Agent for the account of the Issuing Lender pursuant to Section 2.11 shall be deemed to be a payment in respect of its participation in such L/C Borrowing (each a “Participation Advance”) from such Lender in satisfaction of its participation obligation under this Section 2.11. ​ (d) (i) Upon (and only upon) receipt by the Administrative Agent for the account of the Issuing Lender of immediately available funds from the Borrower (i) in reimbursement of any payment made by the Issuing Lender under the Letter of Credit with respect to which any Lender has made a Participation Advance to the Administrative Agent, or (ii) in payment of interest on such a payment made by the Issuing Lender under such a Letter of ​ ​ ​ Credit, the Administrative Agent on behalf of the Issuing Lender will pay to each Lender, in the same funds as those received by the Administrative Agent, the amount of such Lender's Ratable Share of such funds, except the Administrative Agent shall retain for the account of the Issuing Lender the amount of the Ratable Share of such funds of any Lender that did not make a Participation Advance in respect of such payment by the Issuing Lender. ​

Drawings and Reimbursements. (a) In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Lender will promptly notify the BorrowersAdministrative Borrower in writing of such request. The Borrowers shall reimburse the Lender prior to 4:00 p.m. 10:00 a.m. (prevailing time in Pittsburgh, Pennsylvania), on each date that any amount is paid by the Lender Issuing Bank under any Letter of Credit (each such date, an “Honor Date”), in the amount so paid by the LenderIssuing Bank. In the event the Borrowers fail to reimburse the Lender Issuing Bank in the full amount of any drawing under any Letter of Credit by 4:00 p.m. 10:00 a.m. (prevailing time in Pittsburgh, Pennsylvania) on the Honor Datedate of such draw, the Borrowers shall be deemed to have requested that a Revolving Credit Loan in an amount equal to such unreimbursed amount be made by the Lender to be disbursed on as of the Honor Date date of the drawing under such Letter of Credit to make such reimbursementCredit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in Section 4.025.02. (b) With respect to any unreimbursed drawing that is not converted into a Revolving Credit Loan because of the Borrowers’ failure to satisfy the conditions set forth in Section 4.02 5.02 or for any other reason under this Agreementreason, the Borrowers shall be deemed to have incurred from the Lender an L/C Borrowing extension of credit in the amount of such drawing, which L/C Borrowing drawing and such amount shall be due and payable on demand (together with interest) and shall bear interest at a rate per annum equal to the Prime LIBOR Advantage Rate plus the highest Applicable LIBOR Rate Margin for Prime Rate Tranches plus three two percent (3.02.0%).