Common use of Letter of Credit Disbursements Clause in Contracts

Letter of Credit Disbursements. (i) If the Administrative Agent has not received from the Borrower the payment required or permitted pursuant to paragraph (ii) of this Section 2.3(d) by 11:00 a.m., Cleveland time, on the date on which the Issuing Bank has notified the Borrower that payment of a draft presented under any Letter of Credit will be made, as provided in such paragraph (ii), the Administrative Agent shall promptly notify the Issuing Bank and each other Revolving Lender of the disbursement to be made under such Letter of Credit and, in the case of each Revolving Lender, its Ratable Share of such disbursement. Each Revolving Lender shall pay to the Administrative Agent, not later than 1:00 P.M., Cleveland time, on such date (or, if the Issuing Bank shall elect to defer reimbursement from the Revolving Lenders hereunder, such later date as the Issuing Bank shall specify by notice to the Administrative Agent and the Revolving Lenders), such Lender's Ratable Share of such disbursement, which the Administrative Agent shall promptly pay to the Issuing Bank. The Administrative Agent will promptly remit to each Revolving Lender its share of any amount subsequently received by the Administrative Agent from the Borrower in respect of such disbursement; provided that amounts so received for the account of any Revolving Lender prior to payment by such Lender of amounts required to be paid by it hereunder in respect of any disbursement shall be remitted to the Issuing Bank.

Letter of Credit Disbursements. (i) If the Administrative Agent has not received from the Borrower the payment required or permitted pursuant to paragraph (ii) of this Section 2.3(d) by 11:00 a.m., Cleveland time, on the date on which the Issuing Bank has notified the Borrower that payment of a draft presented under any The Letter of Credit Issuer will be made, as provided in such paragraph (ii), the Administrative Agent shall promptly notify the Issuing Bank Borrower and each other Revolving Lender the Agents promptly of the disbursement to be made under such presentment of a Letter of Credit andDraw Request. Subject to the terms and provisions of the Letter of Credit and this Agreement, in the case Letter of each Revolving Lender, its Ratable Share of such disbursement. Each Revolving Lender Credit Issuer shall pay the stated amount of the Letter of Credit to the District Court after receipt of the Letter of Credit Draw Request (each such payment, a "Letter of Credit Disbursement"). The Borrower will reimburse the Administrative Agent, not later than 1:00 P.M., Cleveland time, on such date (or, if the Issuing Bank shall elect to defer reimbursement from the Revolving Lenders hereunder, such later date as the Issuing Bank shall specify by notice to the Administrative Agent and the Revolving Lenders), such Lender's Ratable Share of such disbursement, which the Administrative Agent shall promptly pay to the Issuing Bank. The Administrative Agent will promptly remit to each Revolving Lender its share of any amount subsequently received by the Administrative Agent from the Borrower in respect of such disbursement; provided that amounts so received for the account of any Revolving Lender the Letter of Credit Issuer, prior to payment by 5:00 p.m. on the Letter of Credit Disbursement Date for all amounts which the Letter of Credit Issuer has disbursed under the Letter of Credit, together with interest thereon at a rate per annum equal to the rate per annum then in effect for Base Rate Loans (with the then Applicable Margin for Term A Loans accruing on such Lender amount) pursuant to Section 3.2 for the period from the Letter of amounts required Credit Disbursement Date through the date of such reimbursement. Subject to the availability of Term A Loans, the Borrower may make such reimbursement from the proceeds of Term A Loans. Without limiting in any way the foregoing and notwithstanding anything to the contrary contained herein, the Borrower hereby acknowledges and agrees that it shall be deemed to be paid by it hereunder in respect the obligor for purposes of any disbursement shall be remitted to the Issuing BankLetter of Credit issued hereunder.

Letter of Credit Disbursements. (i) If The Issuer will notify the Borrower and the Administrative Agent has not received from promptly of the Borrower the payment required or permitted pursuant to paragraph (ii) of this Section 2.3(d) by 11:00 a.m., Cleveland time, on the date on which the Issuing Bank has notified the Borrower that presentment for payment of a draft presented under any Letter of Credit, together with notice of the date (the “Letter of Credit will Disbursement Date”) such payment shall be mademade (each such payment, as provided in such paragraph (iia “Letter of Credit Disbursement”). Immediately thereafter, the Administrative Agent shall promptly notify give telephonic and facsimile notice to the Issuing Bank Revolving Lenders of the presentation of such sight draft, the amount of such sight draft, the date on which payment thereon has been or will be made, and the Percentage of each other Revolving Lender in the amount of such sight draft together with a copy of the disbursement sight draft and accompanying documents. A copy of such sight draft, together with such accompanying documents, shall, for purposes of this Agreement, be deemed to be made an Borrowing Request for a Revolving Loan to each of the Revolving Lenders. Subject to the terms and provisions of such Letter of Credit, the Issuer shall make such Letter of Credit Disbursement to the beneficiary (or its designee) of such Letter of Credit. Prior to 11:00 a.m. Pacific time on the first Business Day following the date on which notice was given by the Administrative Agent to the Revolving Lenders, the Revolving Lenders shall advance as an obligatory advance hereunder a Revolving Loan to the Administrative Agent (whether or not the Borrower has satisfied the conditions set forth in Article V of this Agreement), for the account of the Issuer, in an amount equal to such Revolving Lender’s Percentage of the amount which the Issuer has disbursed under such Letter of Credit, together with interest thereon for the period from the Letter of Credit and, in Disbursement Date through the case of each Revolving Lender, its Ratable Share date of such disbursementreimbursement. Each The Revolving Lender Loans made pursuant to this Section 2.4.2 shall pay be applied to the Administrative Agent, not later than 1:00 P.M., Cleveland time, on payment of such date sight draft (or, if and at the Issuing Bank shall elect to defer reimbursement from election of the Revolving Lenders hereunder, such later date as the Issuing Bank shall specify by notice Issuer be advanced directly to the Administrative Agent beneficiary) and shall not be used for any other purpose. Without limiting in any way the Revolving Lenders), such Lender's Ratable Share of such disbursement, which the Administrative Agent shall promptly pay foregoing and notwithstanding anything to the Issuing Bankcontrary contained herein or in any separate application for any Letter of Credit, the Borrower hereby acknowledges and agrees that it shall be obligated to reimburse the Issuer upon each Letter of Credit Disbursement by means of a Borrowing of Revolving Loans made pursuant to this Section 2.4.2. The Administrative Agent will promptly remit to each Revolving Lender its share Upon the occurrence and during the continuance of any amount subsequently received Default of the type described in Section 8.1.9, all Revolving Loans made by the Administrative Agent from the Borrower in respect of such disbursement; provided that amounts so received for the account of any Revolving Lender prior pursuant to payment by such Lender of amounts required this Section 2.4.2 shall be deemed to be paid by it hereunder such Revolving Lender’s Letter of Credit Reimbursement Obligations in respect of any disbursement shall be remitted to the Issuing Bankaccordance with Section 2.4.3.

Letter of Credit Disbursements. (ia) If the Administrative Agent has not received from the Borrower the payment required or permitted pursuant to paragraph (iib) of this Section 2.3(d) 3.4 by 11:00 a.m., Cleveland Boston time, on the date on which the Issuing Bank has notified the Borrower that payment of a draft presented under any Letter of Credit will be made, as provided in such paragraph (iib), the Administrative Agent shall promptly notify the Issuing Bank and each other Revolving Lender of the disbursement to be made under such Letter of Credit Disbursement and, in the case of each Revolving Credit Lender, its Ratable Share Revolving Credit Commitment Percentage of such disbursementLetter of Credit Disbursement. Each Revolving Credit Lender shall promptly pay to the Administrative Agent, not later than 1:00 P.M., Cleveland time, on such date Agent (or, if the Issuing Bank shall elect to defer reimbursement from the Revolving Credit Lenders hereunder, at such later date time as the Issuing Bank shall specify by notice to the Administrative Agent and the Revolving Credit Lenders), such Revolving Credit Lender's Ratable Share Revolving Credit Commitment Percentage of such disbursementLetter of Credit Disbursement, which the Administrative Agent shall promptly pay to the Issuing Bank. The Administrative Agent will promptly remit to each Revolving Credit Lender its share of any amount amounts subsequently received by the Administrative Agent from the Borrower in respect of such disbursementLetter of Credit Disbursement; provided PROVIDED that amounts so received for the account of any Revolving Credit Lender prior to payment by such Lender of amounts required to be paid by it hereunder in respect of any disbursement Revolving Credit Disbursement shall be remitted to the Issuing Bank.

Letter of Credit Disbursements. (i) If The Issuer will notify Greektown Holdings and the Administrative Agent has not received from promptly of the Borrower the payment required or permitted pursuant to paragraph (ii) of this Section 2.3(d) by 11:00 a.m., Cleveland time, on the date on which the Issuing Bank has notified the Borrower that presentment for payment of a draft presented under any Letter of Credit, together with notice of the date (the “Letter of Credit will Disbursement Date”) such payment shall be mademade (each such payment, as provided in such paragraph (iia “Letter of Credit Disbursement”). Immediately thereafter, the Administrative Agent shall promptly notify give telephonic and facsimile notice to the Issuing Bank Revolving Lenders of the presentation of such sight draft, the amount of such sight draft, the date on which payment thereon has been or will be made, and the Percentage of each other such Revolving Lender in the amount of such sight draft together with a copy of the disbursement sight draft and accompanying documents. A copy of such sight draft, together with such accompanying documents, shall, for purposes of this Agreement, be deemed to be made a Borrowing Request for a Revolving Loan to each of the Revolving Lenders which, on the date of such Borrowing, shall bear interest at the Base Rate. Subject to the terms and provisions of such Letter of Credit, the Issuer shall make such Letter of Credit Disbursement to the beneficiary (or its designee) of such Letter of Credit. Prior to 2:00 p.m., New York City time, on the first Business Day following the date on which notice was given by the Administrative Agent to the Revolving Lenders, the Revolving Lenders shall advance as an obligatory advance hereunder a Revolving Loan to the Administrative Agent (whether or not the Borrowers have satisfied the conditions set forth in Article VI of this Agreement), for the account of the Issuer, in an amount equal to such Revolving Lender’s Percentage of the amount which the Issuer has disbursed under such Letter of Credit, together with interest thereon at a rate per annum then in effect for Base Rate Loans (with the Applicable Base Rate Margin accruing on such amount) pursuant to Section 3.2 for the period from the Letter of Credit and, in Disbursement Date through the case of each Revolving Lender, its Ratable Share date of such disbursementreimbursement. Each The Revolving Lender Loans made pursuant to this Section 2.6.2 shall pay be applied to the Administrative Agentpayment of such sight draft (and at the election of the Issuer be advanced directly to the beneficiary) and shall not be used for any other purpose. Without limiting in any way the foregoing and notwithstanding anything to the contrary contained herein or in any separate application for any Letter of Credit, not later than 1:00 P.M.each Borrower hereby acknowledges and agrees that it shall be obligated to reimburse the Issuer upon each Letter of Credit Disbursement by means of a Borrowing of Revolving Loans made pursuant to this Section 2.6.2. Upon the occurrence and during the continuance of an Event of Default under Section 9.1.9, Cleveland time, on such date (or, if the Issuing Bank shall elect to defer reimbursement from all amounts payable by the Revolving Lenders hereunder, such later date as pursuant to this Section 2.6.2 shall be deemed to be the Issuing Bank shall specify by notice funding to the Administrative Agent and the Issuer of each such Revolving Lenders), such Lender's Ratable Share ’s Percentage of such disbursement, which the Administrative Agent shall promptly pay to the Issuing Bank. The Administrative Agent will promptly remit to each Revolving Lender its share Letter of any amount subsequently received by the Administrative Agent from the Borrower Credit Reimbursement Obligation in respect of such disbursement; provided that amounts so received for the account of any Revolving Lender prior to payment by such Lender of amounts required to be paid by it hereunder in respect of any disbursement shall be remitted to the Issuing Bankaccordance with Section 2.6.1.

Letter of Credit Disbursements. (i) If The Issuer will notify the Borrower and the Administrative Agent has not received from promptly of the Borrower the payment required or permitted pursuant to paragraph (ii) of this Section 2.3(d) by 11:00 a.m., Cleveland time, on the date on which the Issuing Bank has notified the Borrower that presentment for payment of a draft presented under any Letter of Credit, together with notice of the date (the "Letter of Credit will Disbursement Date") such payment shall be mademade (each such payment, as provided in such paragraph (iia "Letter of Credit Disbursement"). Immediately thereafter, the Administrative Agent shall promptly notify give telephonic and facsimile notice to the Issuing Bank and each other Revolving Lender Term A Lenders of the disbursement presentation of such sight draft, the amount of such sight draft, the date on which payment thereon has been or will be made, and the Percentage of each Term A Lender in the amount of such sight draft together with a copy of the sight draft and accompanying documents. A copy of such sight draft, together with such accompanying documents, shall, for purposes of this Agreement, be deemed to be made a Borrowing Request for a Term A Loan to each of the Term A Lenders (which, on the date of such Borrowing, shall bear interest at the Base Rate). Subject to the terms and provisions of such Letter of Credit, the Issuer shall make such Letter of Credit Disbursement to the beneficiary (or its designee) of such Letter of Credit. Prior to 11:00 a.m., New York City time, on the first Business Day following the date on which notice was given by the Administrative Agent to the Term A Lenders, the Term A Lenders shall advance as an obligatory advance hereunder a Term A Loan to the Administrative Agent (whether or not the Borrower has satisfied the conditions set forth in Section 3.2 of the Disbursement Agreement or Article V of this Agreement), for the account of the Issuer, in an amount equal to such Term A Lender's Percentage of the amount which the Issuer has disbursed under such Letter of Credit, together with interest thereon at a rate per annum equal to the rate per annum then in effect for Base Rate Loans (with the then Applicable Base Rate Margin accruing on such amount) pursuant to Section 3.2 for the period from the Letter of Credit and, in Disbursement Date through the case of each Revolving Lender, its Ratable Share date of such disbursementreimbursement. Each Revolving Lender The Term A Loans made pursuant to this Section 2.6.2 shall pay be applied to the Administrative Agent, not later than 1:00 P.M., Cleveland time, on payment of such date sight draft (or, if and at the Issuing Bank shall elect to defer reimbursement from election of the Revolving Lenders hereunder, such later date as the Issuing Bank shall specify by notice Issuer be advanced directly to the Administrative Agent beneficiary) and shall not be used for any other purpose. Without limiting in any way the Revolving Lenders), such Lender's Ratable Share of such disbursement, which the Administrative Agent shall promptly pay foregoing and notwithstanding anything to the Issuing Bank. The Administrative Agent will promptly remit to each Revolving Lender its share contrary contained herein or in any separate application for any Letter of any amount subsequently received by the Administrative Agent from Credit, the Borrower in respect of such disbursement; provided hereby acknowledges and agrees that amounts so received for the account of any Revolving Lender prior to payment by such Lender of amounts required to be paid by it hereunder in respect of any disbursement shall be remitted obligated to reimburse the Issuing BankIssuer upon each Letter of Credit Disbursement by means of a Borrowing of Term A Loans made pursuant to this Section 2.6.2.

Letter of Credit Disbursements. (i) If The Letter of Credit Issuer will notify the Borrower and the Administrative Agent has not received from promptly of the Borrower the payment required or permitted pursuant to paragraph (ii) of this Section 2.3(d) by 11:00 a.m., Cleveland time, on the date on which the Issuing Bank has notified the Borrower that presentment for payment of a draft presented under any Letter of Credit, together with notice of the date (the “Disbursement Date”) such payment shall be made (each such payment, a “Disbursement”). Subject to the terms and provisions of such Letter of Credit will be made, as provided in such paragraph (ii)and this Agreement, the Letter of Credit Issuer shall make such payment to the beneficiary (or its designee) of such Letter of Credit. Prior to 5:00 p.m. on the Disbursement Date, the Borrower will reimburse the Administrative Agent shall promptly notify Agent, for the Issuing Bank and each other Revolving Lender account of the disbursement to be made Letter of Credit Issuer, for all amounts which the Letter of Credit Issuer has disbursed under such Letter of Credit andCredit, together with interest thereon at a rate per annum equal to the rate per annum then in effect for Base Rate Loans (with the case of each Revolving Lender, its Ratable Share then Applicable Margin accruing on such amount) pursuant to Section 3.2 for the period from the Disbursement Date through the date of such disbursementreimbursement. Each Revolving Lender shall pay Subject to the Administrative Agentavailability of Revolving Loans, not later than 1:00 P.M.and so long as no Default under Section 8.1.1 or any other Event of Default shall have occurred and be continuing on the date of reimbursement, Cleveland time, on the Borrower may make such date (or, if the Issuing Bank shall elect to defer reimbursement from the proceeds of Revolving Lenders hereunder, such later date as Loans. Without limiting in any way the Issuing Bank shall specify by notice foregoing and notwithstanding anything to the Administrative Agent and the Revolving Lenders)contrary contained herein or in any separate application for any Letter of Credit, such Lender's Ratable Share of such disbursement, which the Administrative Agent shall promptly pay to the Issuing Bank. The Administrative Agent will promptly remit to each Revolving Lender its share of any amount subsequently received by the Administrative Agent from the Borrower in respect hereby acknowledges and agrees that it shall be obligated to reimburse the Letter of Credit Issuer upon each Disbursement of a Letter of Credit, and it shall be deemed to be the obligor for purposes of each such disbursement; provided that amounts so received for Letter of Credit issued hereunder (whether or not the account party on such Letter of any Revolving Lender prior to payment by such Lender of amounts required to be paid by it hereunder in respect of any disbursement shall be remitted to Credit is the Issuing BankBorrower).

Letter of Credit Disbursements. (ia) If the Administrative Agent has not received from the Borrower the payment required or permitted pursuant to paragraph (iib) of this Section 2.3(d) 3.4 by 11:00 a.m., Cleveland Boston time, on the date on which the Issuing Bank has notified the Borrower that payment of a draft presented under any Letter of Credit will be made, as provided in such paragraph (iib), the Administrative Agent shall promptly notify the Issuing Bank and each other Revolving Lender of the disbursement to be made under such Letter of Credit Disbursement and, in the case of each Revolving Credit Lender, its Ratable Share Revolving Credit Commitment Percentage of such disbursementLetter of Credit Disbursement. Each Revolving Credit Lender shall promptly pay to the Administrative Agent, not later than 1:00 P.M., Cleveland time, on such date Agent (or, if the Issuing Bank shall elect to defer reimbursement from the Revolving Credit Lenders hereunder, at such later date time as the Issuing Bank shall specify by notice to the Administrative Agent and the Revolving Credit Lenders), such Revolving Credit Lender's Ratable Share Revolving Credit Commitment Percentage of such disbursementLetter of Credit Disbursement, which the Administrative Agent shall promptly pay to the Issuing Bank. The Administrative Agent will promptly remit to each Revolving Credit Lender its share of any amount amounts subsequently received by the Administrative Agent or the Issuing Bank from the Borrower in respect of such disbursementLetter of Credit Disbursement; provided that amounts so received for the account of any Revolving Credit Lender prior to payment by such Lender of amounts required to be paid by it hereunder in respect of any disbursement Revolving Credit Disbursement shall be remitted to the Issuing Bank.

Letter of Credit Disbursements. (i) If The Issuer will notify the Borrower and the Administrative Agent has not received from promptly of the Borrower the payment required or permitted pursuant to paragraph (ii) of this Section 2.3(d) by 11:00 a.m., Cleveland time, on the date on which the Issuing Bank has notified the Borrower that presentment for payment of a draft presented under any Letter of Credit, together with notice of the date (the “Letter of Credit will Disbursement Date”) such payment shall be mademade (each such payment, as provided in such paragraph (iia “Letter of Credit Disbursement”). Immediately thereafter, the Administrative Agent shall promptly notify give telephonic and facsimile notice to the Issuing Bank and each other Revolving Lender A Lenders of the disbursement presentation of such sight draft, the amount of such sight draft, the date on which payment thereon has been or will be made, and the Percentage of each Revolving A Lender in the amount of such sight draft together with a copy of the sight draft and accompanying documents. A copy of such sight draft, together with such accompanying documents, shall, for purposes of this Agreement, be deemed to be made a Borrowing Request for a Revolving A Loan to each of the Revolving A Lenders. Subject to the terms and provisions of such Letter of Credit, the Issuer shall make such Letter of Credit Disbursement to the beneficiary (or its designee) of such Letter of Credit. Prior to 11:00 a.m. Pacific time on the first Business Day following the date on which notice was given by the Administrative Agent to the Revolving A Lenders, the Revolving A Lenders shall advance as an obligatory advance hereunder a Revolving A Loan to the Administrative Agent (whether or not the Borrower has satisfied the conditions set forth in Article V of this Agreement), for the account of the Issuer, in an amount equal to such Revolving A Lender's Percentage of the amount which the Issuer has disbursed under such Letter of Credit, together with interest thereon for the period from the Letter of Credit and, in Disbursement Date through the case of each Revolving Lender, its Ratable Share date of such disbursementreimbursement. Each The Revolving Lender A Loans made pursuant to this Section 2.4.2 shall pay be applied to the Administrative Agent, not later than 1:00 P.M., Cleveland time, on payment of such date sight draft (or, if and at the Issuing Bank shall elect to defer reimbursement from election of the Revolving Lenders hereunder, such later date as the Issuing Bank shall specify by notice Issuer be advanced directly to the Administrative Agent beneficiary) and shall not be used for any other purpose. Without limiting in any way the foregoing and notwithstanding anything to the contrary contained herein or in any separate application for any Letter of Credit, the Borrower hereby acknowledges and agrees that it shall be obligated to reimburse the Issuer upon each Letter of Credit Disbursement by means of a Borrowing of Revolving Lenders)A Loans made pursuant to this Section 2.4.2. Upon the occurrence and during the continuance of any Default of the type described in Section 8.1.9, all Revolving A Loans made by any Lender pursuant to this Section 2.4.2 shall be deemed to be such Revolving A Lender's Ratable Share Letter of such disbursement, which the Administrative Agent shall promptly pay to the Issuing Bank. The Administrative Agent will promptly remit to each Revolving Lender its share of any amount subsequently received by the Administrative Agent from the Borrower Credit Reimbursement Obligations in respect of such disbursement; provided that amounts so received for the account of any Revolving Lender prior to payment by such Lender of amounts required to be paid by it hereunder in respect of any disbursement shall be remitted to the Issuing Bankaccordance with Section 2.4.3.