Common use of Drawings Under Letters of Credit; Reimbursement; Interim Interest Clause in Contracts

Drawings Under Letters of Credit; Reimbursement; Interim Interest. 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 Administrative Agent and the Administrative Agent shall promptly notify the applicable Borrower and each other Revolving Lender as to the US Dollar Equivalent Amount to be paid as a result of such demand or drawing and the payment date. The applicable Borrower shall be irrevocably and unconditionally obligated to reimburse the applicable Issuing Bank, by no later than 12:00 p.m. (New York City time) on the Business Day immediately following the Business Day that such Borrower receives notice of such drawing, in the applicable currency for any amounts paid by such Issuing Bank upon any drawing under any Letter of Credit, without presentment, demand, protest or other formalities of any kind; provided that such Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.02 that such payment be financed with a Pro Rata Borrowing that is comprised of Base Rate Advances in an equivalent amount and, to the extent so financed, such Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Pro Rata Borrowing. If the applicable Borrower fails to make such reimbursement payment when due, the applicable Issuing Bank shall notify the Administrative Agent thereof, and the Administrative Agent shall notify each Revolving Lender of the applicable Letter of Credit Disbursement, the payment then due from such Borrower in respect thereof (the “Unreimbursed Amount”) and the US Dollar Equivalent Amount of such Lender’s ratable share thereof (based on its Revolving Commitment). Promptly following receipt of such notice, each Revolving Lender shall pay to the Administrative Agent the US Dollar Equivalent Amount of its ratable share (based on its Revolving Commitment) of the Unreimbursed Amount, in the same manner as provided in Section 2.02 with respect to Pro Rata Advances made by such Lender (and Section 2.02 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the Revolving Lenders in US Dollars or, if requested by such Issuing Bank, the equivalent amount thereof in the applicable Alternative Currency as determined by the Administrative Agent or the applicable Issuing Bank at such time on the basis of the Spot Rate (determined as of such funding date) for the purchase of such Alternative Currency with US Dollars. Promptly following receipt by the Administrative Agent of any payment from the applicable Borrower pursuant to this Section 2.21(e), the Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this Section 2.21(e) to reimburse such Issuing Bank, then to such Lenders and such Issuing Bank as their interests may appear. Any payment made by a Revolving Lender pursuant to this Section 2.21(e) to reimburse any Issuing Bank for any Letter of Credit Disbursement shall not constitute an Advance and shall not relieve the applicable Borrower of its obligation to reimburse such Issuing Bank for such Letter of Credit Disbursement. All such amounts paid by any Issuing Bank (whether or not the US Dollar Equivalent Amount of their ratable shares, based on Revolving Commitments, of such amounts have been paid to such Issuing Bank by the Revolving Lenders as provided above) and remaining unpaid by the applicable Borrower shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate for such day, plus the Applicable Pro Rata Interest Rate Margin for Base Rate Advances for such day, plus, if such amount remains unpaid for more than three Business Days, 1%. Notwithstanding anything to the contrary contained herein, the Revolving Lenders shall not have any obligation to reimburse any Issuing Bank for any Letter of Credit Disbursement made under any Post-Maturity Letter of Credit that occurs on or after the Revolving Maturity Date.

Drawings Under Letters of Credit; Reimbursement; Interim Interest. 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 Administrative Agent and the Administrative Agent shall promptly notify the applicable Borrower and each other Revolving Lender as to the US Dollar Equivalent Amount to be paid as a result of such demand or drawing and the payment date. The applicable Borrower shall be irrevocably and unconditionally obligated to reimburse the applicable Issuing Bank, by no later than 12:00 p.m. P.M. (New York City time) on the Business Day immediately following the Business Day that such the Borrower receives notice of such drawing, in the applicable currency for any amounts paid by such the Issuing Bank upon any drawing under any Letter of Credit, without presentment, demand, protest or other formalities of any kind; provided that such the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.02 that such payment be financed with a Pro Rata Borrowing that is comprised of Base Rate Advances Advance in an equivalent amount and, to the extent so financed, such the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Pro Rata BorrowingBase Rate Advance. If the applicable Borrower fails to make such reimbursement payment when due, the applicable Issuing Bank shall notify the Administrative Agent thereof, and the Administrative Agent shall notify each Revolving Lender of the applicable Letter of Credit Disbursement, the payment then due from such the Borrower in respect thereof (the “Unreimbursed Amount”) and the US Dollar Equivalent Amount of such Lender’s ratable share thereof (based on its Revolving Commitment)Pro Rata Share thereof. Promptly following receipt of such notice, each Revolving Lender shall pay to the Administrative Agent the US Dollar Equivalent Amount of its ratable share (based on its Revolving Commitment) Pro Rata Share of the Unreimbursed Amount, in the same manner as provided in Section 2.02 with respect to Pro Rata Advances made by such Lender (and Section 2.02 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the Revolving Lenders in US Dollars dollars or, if requested by such Issuing Bank, the equivalent amount thereof in the applicable Alternative Currency as determined by the Administrative Agent or the applicable Issuing Bank at such time on the basis of the Spot Rate (determined as of such funding date) for the purchase of such Alternative Currency with US Dollarsdollars. Promptly following receipt by the Administrative Agent of any payment from the applicable Borrower pursuant to this Section 2.21(e2.03(e), the Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this Section 2.21(e2.03(e) to reimburse such the Issuing Bank, then to such Lenders and such the Issuing Bank as their interests may appear. Any payment made by a Revolving Lender pursuant to this Section 2.21(e2.03(e) to reimburse any the Issuing Bank for any Letter of Credit Disbursement shall not constitute an Advance and shall not relieve the applicable Borrower of its obligation to reimburse such the Issuing Bank for such Letter of Credit Disbursement. All such amounts paid by any the Issuing Bank (whether or not the US Dollar Equivalent Amount of their ratable shares, based on Revolving Commitments, Pro Rata Shares of such amounts have been paid to such the Issuing Bank by the Revolving Lenders as provided above) and remaining unpaid by the applicable Borrower shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate for such day, plus the Applicable Pro Rata Interest Rate Margin for Base Rate Advances for such day, day plus, if such amount remains unpaid for more than three Business Days, 12%. Notwithstanding anything to the contrary contained herein, the Revolving Lenders shall not have any obligation to reimburse any Issuing Bank for any Letter of Credit Disbursement made under any Post-Maturity Letter of Credit that occurs on or after the Revolving Maturity Termination Date.

Drawings Under Letters of Credit; Reimbursement; Interim Interest. 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 Administrative Agent and the Administrative Agent shall promptly notify the applicable Borrower and each other Revolving Lender as to the US Dollar Equivalent Amount to be paid as a result of such demand or drawing and the payment date. The applicable Borrower shall be irrevocably and unconditionally obligated to reimburse the applicable Issuing Bank, by no later than 12:00 p.m. P.M. (New York City time) on the Business Day immediately following the Business Day that such the Borrower receives notice of such drawing, in the applicable currency for any amounts paid by such the Issuing Bank upon any drawing under any Letter of Credit, without presentment, demand, protest or other formalities of any kind; provided that such the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.02 that such payment be financed with a Pro Rata Borrowing that is comprised of Base Rate Advances Revolving Advance in an equivalent amount and, to the extent so financed, such the Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Pro Rata BorrowingBase Rate Revolving Advance. If the applicable Borrower fails to make such reimbursement payment when due, the applicable Issuing Bank shall notify the Administrative Agent thereof, and the Administrative Agent shall notify each Revolving Lender of the applicable Letter of Credit Disbursement, the payment then due from such the Borrower in respect thereof (the “Unreimbursed Amount”) and the US Dollar Equivalent Amount of such Revolving Lender’s ratable share thereof (based on its Revolving Commitment)Pro Rata Share thereof. Promptly following receipt of such notice, each Revolving Lender shall pay to the Administrative Agent the US Dollar Equivalent Amount of its ratable share (based on its Revolving Commitment) Pro Rata Share of the Unreimbursed Amount, in the same manner as provided in Section 2.02 with respect to Pro Rata Revolving Advances made by such Revolving Lender (and Section 2.02 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the Revolving Lenders in US Dollars dollars or, if requested by such Issuing Bank, the equivalent amount thereof in the applicable Alternative Currency as determined by the Administrative Agent or the applicable Issuing Bank at such time on the basis of the Spot Rate (determined as of such funding date) for the purchase of such Alternative Currency with US Dollarsdollars. Promptly following receipt by the Administrative Agent of any payment from the applicable Borrower pursuant to this Section 2.21(e2.03(e), the Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this Section 2.21(e2.03(e) to reimburse such the Issuing Bank, then to such Revolving Lenders and such the Issuing Bank as their interests may appear. Any payment made by a Revolving Lender pursuant to this Section 2.21(e2.03(e) to reimburse any the Issuing Bank for any Letter of Credit Disbursement shall not constitute an a Revolving Advance and shall not relieve the applicable Borrower of its obligation to reimburse such the Issuing Bank for such Letter of Credit Disbursement. All such amounts paid by any the Issuing Bank (whether or not the US Dollar Equivalent Amount of their ratable shares, based on Revolving Commitments, Pro Rata Shares of such amounts have been paid to such the Issuing Bank by the Revolving Lenders as provided above) and remaining unpaid by the applicable Borrower shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate for such day, plus the Applicable Pro Rata Interest Rate Margin for Base Rate Advances for such day, day plus, if such amount remains unpaid for more than three Business Days, 12%. Notwithstanding anything to the contrary contained herein, the Revolving Lenders shall not have any obligation to reimburse any Issuing Bank for any Letter of Credit Disbursement made under any Post-Maturity Letter of Credit that occurs on or after the Revolving Maturity Termination Date.

Drawings Under Letters of Credit; Reimbursement; Interim Interest. 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 Administrative Agent and the Administrative Agent shall promptly notify the applicable Borrower and each other Revolving Lender as to the US Dollar Equivalent Amount amount to be paid as a result of such demand or drawing and the payment date. The applicable Borrower shall be irrevocably and unconditionally obligated forthwith to reimburse the applicable Issuing Bank, by no later than 12:00 p.m. (New York City time) on the Business Day immediately following the Business Day that such Borrower receives notice of such drawing, in the applicable currency Bank for any amounts paid by such the Issuing Bank upon any drawing under any Letter of Credit, Credit without presentment, demand, protest or other formalities of any kind; provided that such Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.02 that such payment be financed with a Pro Rata Borrowing that is comprised of Base Rate Advances in an equivalent amount and, to the extent so financed, such Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Pro Rata Borrowing. If the applicable Borrower fails to make such reimbursement payment when due, the applicable Issuing Bank shall notify the Administrative Agent thereof, and the Administrative Agent shall notify each Revolving Lender of the applicable Letter of Credit Disbursement, the payment then due from such the Borrower in respect thereof (the “Unreimbursed Amount”) and the US Dollar Equivalent Amount of such Lender’s ratable share thereof (based on its Revolving Commitment)Pro Rata Share thereof. Promptly following receipt of such notice, each Revolving Lender shall pay to the Administrative Agent the US Dollar Equivalent Amount of its ratable share (based on its Revolving Commitment) Pro Rata Share of the Unreimbursed Amount, in the same manner as provided in Section 2.02 with respect to Pro Rata Advances made by such Lender (and Section 2.02 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the Revolving Lenders in US Dollars or, if requested by such Issuing Bank, the equivalent amount thereof in the applicable Alternative Currency as determined by the Administrative Agent or the applicable Issuing Bank at such time on the basis of the Spot Rate (determined as of such funding date) for the purchase of such Alternative Currency with US DollarsLenders. Promptly following receipt by the Administrative Agent of any payment from the applicable Borrower pursuant to this Section 2.21(e2.03(e), the Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this Section 2.21(e2.03(e) to reimburse such the Issuing Bank, then to such Lenders and such the Issuing Bank as their interests may appear. Any payment made by a Revolving Lender pursuant to this Section 2.21(e2.03(e) to reimburse any the Issuing Bank for any Letter of Credit Disbursement shall not constitute an Advance and shall not relieve the applicable Borrower of its obligation to reimburse such the Issuing Bank for such Letter of Credit Disbursement. All such amounts paid by any the Issuing Bank (whether or not the US Dollar Equivalent Amount of their ratable shares, based on Revolving Commitments, Pro Rata Shares of such amounts have been paid to such the Issuing Bank by the Revolving Lenders as provided above) and remaining unpaid by the applicable Borrower shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate for such day, plus the Applicable Pro Rata Interest Rate Margin for Base Rate Advances for such day, day plus, if such amount remains unpaid for more than three Business Days, 1%. Notwithstanding anything to the contrary contained herein, the Revolving Lenders shall not have any obligation to reimburse any Issuing Bank for any Letter of Credit Disbursement made under any Post-Maturity Letter of Credit that occurs on or after the Revolving Maturity Date.

Drawings Under Letters of Credit; Reimbursement; Interim Interest. 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 Administrative Agent and the Administrative Agent shall promptly notify the applicable Borrower and each other Revolving Lender as to the US Dollar Equivalent Amount to be paid as a result of such demand or drawing and the payment date. The applicable Borrower shall be irrevocably and unconditionally obligated to reimburse the applicable Issuing Bank, by no later than 12:00 p.m. P.M. (New York City time) on the Business Day immediately following the Business Day that such Borrower receives notice of such drawing, in the applicable currency for any amounts paid by such the Issuing Bank upon any drawing under any Letter of Credit, without presentment, demand, protest or other formalities of any kind; provided that such Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.02 that such payment be financed with a Pro Rata Borrowing that is comprised of Base Rate Advances Advance in an equivalent amount and, to the extent so financed, such Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Pro Rata BorrowingBase Rate Advance. If the applicable Borrower fails to make such reimbursement payment when due, the applicable Issuing Bank shall notify the Administrative Agent thereof, and the Administrative Agent shall notify each Revolving Lender of the applicable Letter of Credit Disbursement, the payment then due from such Borrower in respect thereof (the “Unreimbursed Amount”) and the US Dollar Equivalent Amount of such Lender’s ratable share thereof (based on its Revolving Commitment). Promptly following receipt of such notice, each Revolving Lender shall pay to the Administrative Agent the US Dollar Equivalent Amount of its ratable share (based on its Revolving Commitment) of the Unreimbursed Amount, in the same manner as provided in Section 2.02 with respect to Pro Rata Advances made by such Lender (and Section 2.02 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the Revolving Lenders in US Dollars or, if requested by such Issuing Bank, the equivalent amount thereof in the applicable Alternative Currency as determined by the Administrative Agent or the applicable Issuing Bank at such time on the basis of the Spot Rate (determined as of such funding date) for the purchase of such Alternative Currency with US Dollars. Promptly following receipt by the Administrative Agent of any payment from the applicable Borrower pursuant to this Section 2.21(e), the Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this Section 2.21(e) to reimburse such the Issuing Bank, then to such Lenders and such the Issuing Bank as their interests may appear. Any payment made by a Revolving Lender pursuant to this Section 2.21(e) to reimburse any the Issuing Bank for any Letter of Credit Disbursement shall not constitute an Advance and shall not relieve the applicable Borrower of its obligation to reimburse such the Issuing Bank for such Letter of Credit Disbursement. All such amounts paid by any the Issuing Bank (whether or not the US Dollar Equivalent Amount of their ratable shares, based on Revolving Commitments, of such amounts have been paid to such the Issuing Bank by the Revolving Lenders as provided above) and remaining unpaid by the applicable Borrower shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate for such day, plus the Applicable Pro Rata Interest Rate Margin for Base Rate Advances for such day, day plus, if such amount remains unpaid for more than three Business Days, 1%. Notwithstanding anything to the contrary contained herein, the Revolving Lenders shall not have any obligation to reimburse any Issuing Bank for any Letter of Credit Disbursement made under any Post-Maturity Letter of Credit that occurs on or after the Revolving Maturity Termination Date.

Drawings Under Letters of Credit; Reimbursement; Interim Interest. 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 Administrative Agent and the Administrative Agent shall promptly notify the applicable Borrower and each other Revolving Lender as to the US Dollar Equivalent Amount to be paid as a result of such demand or drawing and the payment date. The applicable Borrower shall be irrevocably and unconditionally obligated forthwith to reimburse the applicable Issuing Bank, by no later than 12:00 p.m. (New York City time) on the Business Day immediately following the Business Day that such Borrower receives notice of such drawing, Bank in the applicable currency for any amounts paid by such the Issuing Bank upon any drawing under any Letter of Credit, Credit without presentment, demand, protest or other formalities of any kind; provided that such Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.02 that such payment be financed with a Pro Rata Borrowing that is comprised of Base Rate Advances in an equivalent amount and, to the extent so financed, such Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Pro Rata Borrowing. If the applicable Borrower fails to make such reimbursement payment when due, the applicable Issuing Bank shall notify the Administrative Agent thereof, and the Administrative Agent shall notify each Revolving Lender of the applicable Letter of Credit Disbursement, the payment then due from such the Borrower in respect thereof (the “Unreimbursed Amount”) and the US Dollar Equivalent Amount of such Lender’s ratable share thereof (based on its Revolving Commitment)Pro Rata Share thereof. Promptly following receipt of such notice, each Revolving Lender shall pay to the Administrative Agent the US Dollar Equivalent Amount of its ratable share (based on its Revolving Commitment) Pro Rata Share of the Unreimbursed Amount, in the same manner as provided in Section 2.02 with respect to Pro Rata Advances made by such Lender (and Section 2.02 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from the Revolving Lenders in US Dollars dollars or, if requested by such Issuing Bank, the equivalent amount thereof in the applicable Alternative Currency as determined by the Administrative Agent or the applicable Issuing Bank at such time on the basis of the Spot Rate (determined as of such funding date) for the purchase of such Alternative Currency with US Dollarsdollars. Promptly following receipt by the Administrative Agent of any payment from the applicable Borrower pursuant to this Section 2.21(e2.03(e), the Administrative Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that Revolving Lenders have made payments pursuant to this Section 2.21(e2.03(e) to reimburse such the Issuing Bank, then to such Lenders and such the Issuing Bank as their interests may appear. Any payment made by a Revolving Lender pursuant to this Section 2.21(e2.03(e) to reimburse any the Issuing Bank for any Letter of Credit Disbursement shall not constitute an Advance and shall not relieve the applicable Borrower of its obligation to reimburse such the Issuing Bank for such Letter of Credit Disbursement. All such amounts paid by any the Issuing Bank (whether or not the US Dollar Equivalent Amount of their ratable shares, based on Revolving Commitments, Pro Rata Shares of such amounts have been paid to such the Issuing Bank by the Revolving Lenders as provided above) and remaining unpaid by the applicable Borrower shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate for such day, plus the Applicable Pro Rata Interest Rate Margin for Base Rate Advances for such day, day plus, if such amount remains unpaid for more than three Business Days, 1%. Notwithstanding anything to the contrary contained herein, the Revolving Lenders shall not have any obligation to reimburse any Issuing Bank for any Letter of Credit Disbursement made under any Post-Maturity Letter of Credit that occurs on or after the Revolving Maturity Date.”