Drawings under Letters of Credit. Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable Issuing Lender shall determine in accordance with the terms of such Letter of Credit whether such drawing should be honored. If such Issuing Lender determines that any such drawing shall be honored, such Issuing Lender shall make available to such beneficiary in accordance with the terms of such Letter of Credit the amount of the drawing and shall notify the Borrower as to the amount to be paid as a result of such drawing and the payment date.
Drawings under Letters of Credit. The Borrowers hereby absolutely and unconditionally, jointly and severally, promise to pay the Lender not later than 4:00 p.m. (New York, New York time) the amount of each drawing under a Letter of Credit issued hereunder if the Company receives notice of such drawing (with respect to its account or with respect to the accounts of any or all of the Borrowers) prior to 10:00 a.m., New York, New York time, on the date of such drawing, or if such notice has not been received by the Company (with respect to its account or with respect to the accounts of any or all of the Borrowers) prior to such time on such date, then not later than 4:00 p.m. (New York, New York time) on the Business Day immediately following the day that the Company receives such notice; provided, however, if any drawing is in an amount equal to or greater than $100,000, the Company (on its own behalf or on behalf of any or all of the Borrowers) may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.01 hereof that such payment be financed with a Revolving Credit Loan in an equivalent amount, and, to the extent so financed, the Borrowers' obligation to make such payment shall be discharged and replaced by such a Revolving Credit Loan. Such request shall be made by the Company (on its own behalf or on behalf of any or all of the Borrowers) on the date of receipt of notice from the Lender of a drawing under a Letter of Credit as applicable. Each drawing under a Letter of Credit which is not paid on the date such drawing is made shall accrue interest, for each day from and including the date of such drawing to but excluding the date that the Borrowers reimburse the Lender in full for such drawing at the rate per annum then applicable to Loans which are Revolving Credit Loans; provided, however, that if the Borrowers fail to reimburse such drawing when due pursuant to this paragraph (b), then the Borrowers shall pay to the Lender interest on the amount of such drawing at the rate per annum set forth in Section 3.01(c) hereof.
Drawings under Letters of Credit. In the event that there occurs one or more drawings under any Letter of Credit, and such drawing(s) are made in accordance with the terms and conditions thereof, the Issuing Lender shall, on the Business Day on which such drawing is required to be honored pursuant to such Letter of Credit (the "Disbursement Date"), make available to the beneficiary under such Letter of Credit, in same day funds, the amount of such drawing.
Drawings under Letters of Credit. (i) Upon receipt from the beneficiary of any Letter of Credit of demand for payment under such Letter of Credit, the Issuing Bank shall determine in accordance with the terms of such Letter of Credit whether such demand for payment should be honored.
(ii) If the Issuing Bank determines that a demand for payment by the beneficiary of a Letter of Credit should be honored, the Issuing Bank shall make available to the beneficiary in accordance with the terms of such Letter of Credit the amount of the drawing under such Letter of Credit. The Issuing Bank shall thereupon notify the Borrower, the Agent and each Bank of the amount of such drawing paid by it and the amount of each Bank's participation therein.
Drawings under Letters of Credit. The Lender shall not concern itself with the regularity or propriety of any demand made under any Letter of Credit, provided that such demand is made in the manner called for in such Letter of Credit and (subject to such proviso) it shall not be a defense to a claim of the Lender under this Section 3.4 that the Lender could have resisted the payment in respect of which such claim is made.
Drawings under Letters of Credit. (a) Upon receipt by the Administrative Agent of any draft upon, or other notice of drawing under, a Letter of Credit, the Administrative Agent shall promptly give the Borrower written or telephone notice of the amount of such draft, of the Letter of Credit against which it is drawn and of the date upon which the Administrative Agent proposes to honor such draft.
(b) Subject to the following sentence, the Borrower shall pay to the Administrative Agent for the ratable account of the Lenders the amount of each drawing under a Letter of Credit on the date of such drawing. Subject to the requirement contained in Section 2.1, the Borrower may elect to repay the amount of such drawing with the proceeds of a Syndicate Revolving Loan by delivering a Notice of Borrowing complying with Section 4.1 hereof.
(c) The amount of any drawing under a Letter of Credit that is not paid on the date of drawing pursuant to subsection (b) of this Section 2.6 shall bear interest, payable on demand, from the date of such drawing until paid, at a rate per annum equal to the Default Rate.
(d) The Borrower agrees that it shall be indebted to each Lender in an amount equal to the amount of each drawing paid by the Administrative Agent for the account of such Lender in accordance with the provisions of this Section 2.6.
Drawings under Letters of Credit. (i) Borrowers shall pay to Agent for the account of the issuing bank the amount of any drawing under any Letter of Credit on the date of such drawing. Borrowers hereby authorize Agent to make a revolving loan in the amount of such drawing, regardless of whether or not all conditions precedent to such revolving loan hereunder have been satisfied.
(ii) The obligation of Borrowers to repay any loans advanced pursuant to the foregoing clause (i) and any other amounts paid by Agent to any issuing bank with respect to any Letter of Credit shall be irrevocable, shall not be subject to any qualification or exception whatsoever and shall be binding in accordance with the terms and conditions of this Agreement under all circumstances, including the following circumstances: (A) any lack of validity or enforceability of this Agreement or any of the other Loan Documents; (B) the existence of any claim, set-off, defense or right which any Borrower or the account party may have at any time against the issuer of any Letter of Credit, a beneficiary of any Letter of Credit or any transferee of any Letter of Credit (or any Person for whom any such transferee may be acting), Agent, any Lender or any other Person, whether in connection with this Agreement, or any Letter of Credit, the transactions contemplated herein or any unrelated transactions; (C) any draft, certificate or any other document presented under any Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; (D) the surrender or impairment of any security for the performance or observance of any of the terms of this Agreement or the other Loan Documents; (E) any failure of Agent or any Letter of Credit issuer to provide notice to any Borrower of any drawing under any Letter of Credit; (F) the occurrence or continuance of any Default; or (G) any other reason.
Drawings under Letters of Credit. The Companies hereby absolutely and unconditionally promise to pay to the Lender on the date of each drawing under a Letter of Credit, in immediately available funds from its accounts, the amount of such drawing under such Letter of Credit.
Drawings under Letters of Credit. Upon receipt from the beneficiary of any Letter of Credit of any notice of a Drawing under any Letter of Credit, CIBC shall determine in accordance with the terms of such Letter of Credit whether such Drawing should be honored. If CIBC determines that any such Drawing shall be honored, CIBC shall make available to such beneficiary in accordance with the terms of such Letter of Credit the amount of the Drawing and shall notify the Company of the amount to be paid as a result of such Drawing and the payment date.
Drawings under Letters of Credit. The Borrower hereby absolutely and unconditionally promises to pay the Bank the amount of each drawing under a Letter of Credit on the date of such drawing, if the Borrower receives notice of such drawing or payment prior to 12:00 noon, New York, New York time, or if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York, New York, time, on the Business Day immediately following the day that the Borrower receives such notice; provided, however, if any drawing was in an amount not less than the Minimum Borrowing Amount, the Borrower may, subject to the conditions to borrowing set forth herein, request that such payment be financed with a Loan in an equivalent amount; and, to the extent so financed, the Borrower’s obligation to make such payment shall be discharged and replaced by such Loan.
