Common use of Effects of Drawings Clause in Contracts

Effects of Drawings. Upon each drawing under a Letter of Credit and each termination of a Letter of Credit pursuant to its terms, the un-reimbursed amount of the drawing shall automatically be converted into an Advance under the Revolving Credit Loan, made on the date of such drawing or such termination. The liability of the Borrower under this Agreement to repay the Banks in respect of drawings under Letters of Credit shall be Obligations and such shall rank pari passu with the obligations of the Borrower to repay all other Advances under the Revolving Credit Loan hereunder.

Effects of Drawings. Upon the payment by the Letter of Credit Bank in respect of each drawing under a Letter of Credit and each termination of a Letter of Credit pursuant to its termsCredit, the un-reimbursed unreimbursed amount of the drawing payment shall automatically be converted into an Advance under the deemed to be a Revolving Credit Loan that is a Base Rate Loan, made on the date of such drawing or such terminationpayment by the Letter of Credit Bank, for all purposes of this Agreement. The liability of the Borrower under this Agreement to repay the Banks in respect of drawings under Letters of Credit shall be Obligations hereunder and such shall rank pari passu with be secured pursuant to the obligations of the Borrower to repay all other Advances under the Revolving Credit Loan hereunderSecurity Documents.

Effects of Drawings. Upon each drawing under a Letter of Credit and each termination of a Letter of Credit pursuant to its termsCredit, the un-reimbursed unreimbursed amount of the drawing shall automatically be converted into an Advance under the a Revolving Credit Loan, made on the date of such drawing or such terminationdrawing. The liability of the Borrower under this Agreement to repay the Banks in respect of drawings under Letters of Credit shall be Obligations under this Agreement and such liability shall rank pari passu with the obligations of the Borrower to repay all other Advances under the Revolving Credit Loan Loans hereunder.

Effects of Drawings. Upon each drawing under a Letter of Credit and each termination of a Letter of Credit pursuant to its terms, the un-reimbursed amount of the drawing shall automatically be converted into an Advance under the Revolving Credit Loan, made on the date of such drawing or such termination. The liability of the Borrower under this Agreement to repay the Banks Lenders in respect of drawings under Letters of Credit shall be Obligations and such shall rank pari passu with the obligations of the Borrower to repay all other Advances under the Revolving Credit Loan hereunder.