Common use of Drawings and Reimbursements Clause in Contracts

Drawings and Reimbursements. The Borrower hereby unconditionally and irrevocably agrees to reimburse the relevant Lending Office for each L/C Disbursement made by such Lending Office under any Letter of Credit issued for the account of the Borrower; such Reimbursement Obligation shall be due and payable seven (7) Business Days after the date the relevant Lending Office makes such L/C Disbursement, and shall bear interest, payable upon demand, for each day from and including the date such L/C Disbursement is made to but excluding the date that the Borrower pays such Reimbursement Obligation, at the rate per annum equal to the Base Rate for each such day; provided that if the Borrower fails to pay such Reimbursement Obligation on the earlier of (i) the seventh Business Day following the date that such L/C Disbursement is made, and (ii) the Termination Date, the Borrower shall thereafter pay interest on such unpaid Reimbursement Obligation at the rate per annum equal to the Base Rate plus two percent (2%) for each such day.

Drawings and Reimbursements. The Borrower Parent hereby unconditionally and irrevocably agrees to reimburse the relevant Lending Office for each L/C Disbursement payment made by such Lending Office under any Letter of Credit issued for in the account same currency as the payment made by the respective Lending Office or in Dollars in the Dollar Equivalent of the Borrowersuch payment; such Reimbursement Obligation shall be due and payable seven (7) Business Days after the date the relevant Lending Office makes such L/C Disbursementpayment under such Letter of Credit, and shall bear interest, payable upon demand, for each day from and including the date such L/C Disbursement disbursement is made to but excluding the date that the Borrower Parent pays such Reimbursement Obligation, at the rate per annum equal to the Base Rate for each such day; provided that if the Borrower Parent fails to pay such Reimbursement Obligation on the earlier of (i) the seventh Business Day following the date that of such L/C Disbursement is made, disbursement and (ii) the Termination Date, the Borrower Parent shall thereafter pay interest on such unpaid Reimbursement Obligation at the rate per annum equal to the Base Rate plus two percent (2%) for each such day.