Common use of Letter of Credit Payments Clause in Contracts

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 p.m. (Dallas, Texas time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s Office, in immediately available funds, such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 5 contracts

Samples: Revolving Credit and Term Loan Agreement (Emmis Communications Corp), Revolving Credit and Term Loan Agreement (Emmis Communications Corp), Revolving Credit and Term Loan Agreement (Emmis Communications Corp)

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Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent respective Issuing Bank shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent respective Issuing Bank as provided in §5.2 4.2 on or before the date that such draft is paid or other payment is made by the Administrative Agentrespective Issuing Bank, the Administrative Agent respective Issuing Bank may at any time thereafter notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas New York time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agentrespective Issuing Bank, at the Administrative Agentrespective Issuing Bank’s Officeoffice, in immediately available funds, such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent respective Issuing Bank for federal funds acquired by the Administrative Agent respective Issuing Bank during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent respective Issuing Bank paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agentrespective Issuing Bank, and the denominator of which is 360. The responsibility of the Administrative Agent respective Issuing Bank to the Borrower and the Revolving Credit Lenders shall be only to determine that that the documents (including each draftdrafts, if applicable) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects substantial compliance with the terms and conditions of such Letter of Credit.

Appears in 4 contracts

Samples: Revolving Credit Agreement (SeaCube Container Leasing Ltd.), Revolving Credit Agreement (SeaCube Container Leasing Ltd.), Revolving Credit Agreement (SeaCube Container Leasing Ltd.)

Letter of Credit Payments. If (a) Upon receipt from the beneficiary of any draft shall be presented or other demand for payment shall be made Letter of Credit of any notice of a drawing under any such Letter of Credit, the Administrative Agent Issuing Lender shall notify the Borrower of the date GWI and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 on or before thereof. GWI shall reimburse the date that such draft is paid or other payment is made by the Administrative Agent, Issuing Lender through the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders of in an amount equal to the amount of any such Unpaid Reimbursement Obligation. No drawing not later than (A) 1:00 p.m. (DallasNew York time) on the date of any payment by the Issuing Lender under a Letter of Credit (each such date, Texas an “Honor Date”), to the extent the Administrative Agent has delivered notice to GWI of such payment prior to 11:00 a.m. (New York time) on the Honor Date, or (B) 1:00 p.m. (New York time) on the Business Day next immediately following the day that the Administrative Agent has delivered notice to GWI, to the extent such notice is not delivered to GWI prior to 11:00 a.m. (New York time) on the Honor Date. In the case of a Letter of Credit denominated in an Alternative Currency, GWI shall reimburse the Issuing Lender in such Alternative Currency, unless (A) the Issuing Lender (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or (B) in the absence of any such requirement for reimbursement in Dollars, GWI shall have notified the Issuing Lender promptly following receipt of the notice of drawing that GWI will reimburse the Issuing Lender in Dollars. In the case of any such noticereimbursement in Dollars of a drawing under a Letter of Credit denominated in an Alternative Currency, each Revolving Credit the Issuing Lender shall make available notify GWI of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. If GWI fails to so reimburse the Issuing Lender by the time set forth in the second sentence of this §5.3(a) (the “Letter of Credit Borrowing Date”), the Administrative AgentAgent shall promptly notify each Lender of the Honor Date, at the Administrative Agent’s Officeamount of the Unpaid Reimbursement Obligation, in immediately available fundswhich amount, for the avoidance of doubt, shall include interest on such Revolving Credit Unpaid Reimbursement Obligation commencing on the Honor Date, and the amount of such Lender’s Commitment Percentage (thereof. In such event, GWI shall be deemed to have requested a Base Rate Loan to be disbursed on the Letter of Credit Borrowing Date in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times without regard to the minimum and multiples specified in §2.6 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Total Commitment and the conditions set forth in §13 (c) other than the delivery of a fraction, Loan Request). Any notice given by the numerator of which is the number of days that elapse from and including the date Issuing Lender or the Administrative Agent paid pursuant to this §5.3(a) may be given by telephone if immediately confirmed in writing; provided that the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) lack of such Unpaid Reimbursement Obligation an immediate confirmation shall become immediately available to not affect the Administrative Agent, and the denominator conclusiveness or binding effect of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Creditnotice.

Appears in 4 contracts

Samples: Syndicated Facility Agreement (Genesee & Wyoming Inc), Syndicated Facility Agreement (Genesee & Wyoming Inc), Credit Agreement (Genesee & Wyoming Inc)

Letter of Credit Payments. If (a) The Borrower and each Lender authorizes the Agent to review on behalf of each Lender each Draft and such other document presented under each Letter. The determination of the Agent as to the conformity of any draft shall documents presented under a Letter to the requirements of such Letter shall, in the absence of the Agent’s gross negligence or willful misconduct (and subject to Section 3.11(h)(II)(i)), be presented or other conclusive and binding on the Borrower and each Lender. The Agent shall, within a reasonable time following its receipt thereof, examine all documents purporting to represent a demand for payment shall be made under any Letter of Credit, the Administrative Letter. The Agent shall promptly after such examination (i) notify each of the Lenders obligated under such Letter and the Borrower by telephone (confirmed in writing) of the date and amount of the draft presented or such demand for payment and of each Lender’s share of such payment, and (ii) notify each Lender and the date Borrower whether said demand for payment was properly made under the relevant Letter. With respect to any drawing determined by the Agent to have been properly made under a Letter, each Lender will make an L/C Disbursement in respect of such Letter in accordance with its liability under such Letter and time when this Agreement, such L/C Disbursement to be made to such account of the Agent as shall have been most recently designated by it expects for such purpose by notice to pay the Lenders. The Agent will make any such draft or honor L/C Disbursement available to the beneficiary of such Letter by promptly crediting the amounts so received, in like funds, to the account identified by such beneficiary in connection with such demand for payment. If Promptly following any L/C Disbursement by any Lender in respect of any Letter, the Agent will notify the Borrower fails of such L/C Disbursement. Any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse the Administrative any Lender with respect to any L/C Disbursement. The Agent as provided shall not be required to make any payment under a Letter in §5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders excess of the amount of any received by it from the Lenders for such Unpaid Reimbursement Obligation. No later than 1:00 p.m. (Dallas, Texas time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s Office, in immediately available funds, such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Creditpayment.

Appears in 4 contracts

Samples: Credit Agreement (Fortis Inc.), Credit Agreement (Fortis Inc.), Credit Agreement (Fortis Inc.)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails Borrowers fail to reimburse the Administrative Agent as provided in §5.2 5.6 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas New York time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Lender's Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Lender's Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Lender's Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower Borrowers and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 3 contracts

Samples: Revolving Credit and Term Loan Agreement (Sovran Self Storage Inc), Credit Agreement (Sovran Acquisition LTD Partnership), Credit Agreement (Sovran Self Storage Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the applicable Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the such Borrower fails to reimburse the Administrative Agent as provided in §5.2 ss.4.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower Borrowers and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 3 contracts

Samples: Revolving Credit Agreement (Genrad Inc), Revolving Credit Agreement (Genrad Inc), Revolving Credit Agreement (Genrad Inc)

Letter of Credit Payments. If any draft shall be presented or other ------------------------- demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 (S)5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Bank's ----- Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a ----- fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 3 contracts

Samples: Revolving Credit and Term Loan Agreement (Mapics Inc), Revolving Credit and Term Loan Agreement (Mapics Inc), Revolving Credit and Term Loan Agreement (Mapics Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 ss.4.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s its Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times TIMES (bii) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times TIMES (ciii) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit, and upon such determination, the Agent shall honor a demand for payment under such Letter of Credit.

Appears in 3 contracts

Samples: Revolving Credit Agreement (Hadco Corp), Revolving Credit Agreement (Hadco Acquisition Corp Ii), Revolving Credit Agreement (Hadco Acquisition Corp Ii)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 Section 4.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m., Boston time (12:00 p.m. (DallasSan Diego, Texas California time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times TIMES (bii) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times TIMES (ciii) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 2 contracts

Samples: Credit Agreement (Charlotte Russe Holding Inc), Revolving Credit Agreement (Charlotte Russe Holding Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the applicable Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the applicable Borrower fails to reimburse the Administrative Agent as provided in §5.2 ss.4.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement ObligationObligation and shall specify such amount in Dollars (based upon the actual exchange rate at which the Agent anticipates being able to obtain the applicable Optional Currency on the date payment is to be made by the Banks, with any excess payment being refunded to the Banks and any deficiency being payable by the Banks) required from each of the Banks. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available fundsSame Day Funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent Overnight Rate for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360365. The responsibility of the Administrative Agent to the Borrower Borrowers and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit. From and after such purchase of the applicable Letter of Credit Participations, such Unpaid Reimbursement Obligations shall be deemed to have been converted into Base Rate Loans made by the Banks, and all amounts from time to time accruing, and all amounts from time to time payable, on account of such Unpaid Reimbursement Obligations shall be payable in Dollars as if such Letter of Credit had originally been issued in Dollars.

Appears in 2 contracts

Samples: And Term Loan Agreement (Holmes Products Corp), Revolving Credit Agreement (Holmes Products Corp)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 (S)4.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s 's Office, in immediately available funds, such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Lifeline Systems Inc), Revolving Credit Agreement (Barnes Group Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent applicable Issuing Bank shall notify the Borrower Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 on or before On the date that such draft is paid or other payment is made by the Administrative Agentsuch Issuing Bank, the Administrative Agent may at any time thereafter such Issuing Bank shall promptly notify the Revolving Credit Lenders Banks of the amount of any such Unpaid unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, for the benefit of such Issuing Bank, at the Administrative Agent’s Office, in immediately available funds, such Revolving Credit LenderBank’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent such Issuing Bank for federal funds acquired by the Administrative Agent such Issuing Bank during each day included in such period, times (bii) the amount equal to such Revolving Credit LenderBank’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid unpaid Reimbursement Obligation, times (ciii) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent such Issuing Bank paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit LenderBank’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid unpaid Reimbursement Obligation shall become immediately available to the Administrative Agentsuch Issuing Bank, and the denominator of which is 360. The responsibility of the Administrative Agent each Issuing Bank to the Borrower Borrowers and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Waste Industries Usa Inc), Revolving Credit Agreement (Waste Industries Usa Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 Section 4.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s 's Office, in immediately available funds, such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times TIMES (b) the amount equal to such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times TIMES (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Friendly Ice Cream Corp), Revolving Credit Agreement (Keane Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 Section 2.18 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Domestic Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times TIMES (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times TIMES (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 2 contracts

Samples: Credit Agreement, Credit Agreement (Cabot Corp)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent Issuing Bank shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent Issuing Bank as provided in §5.2 ss.5.2 on or before the date that such draft is paid or other payment is made by the Administrative AgentIssuing Bank, the Administrative Agent Issuing Bank may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas New York time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, and the Administrative Agent shall promptly forward the same to the Issuing Bank, such Bank's Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent Issuing Bank for federal funds acquired by the Administrative Agent Issuing Bank during each day included in such period, times (bii) the amount equal to such Bank's Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (ciii) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent Issuing Bank paid the draft presented for honor or otherwise made payment to the date on which such Bank's Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative AgentIssuing Bank, and the denominator of which is 360. The responsibility of the Administrative Agent Issuing Bank to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 2 contracts

Samples: Credit and Term Loan Agreement (Hvide Marine Inc), Revolving Credit and Term Loan Agreement (Hvide Marine Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 (S)5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s its Head Office, in immediately available funds, such Bank's Revolving Credit Lender’s Loan Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Bank's Revolving Credit Lender’s Loan Commitment ----- Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the ----- numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Bank's Revolving Credit Lender’s Loan Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. All such payments shall constitute a Revolving Credit Loan made to the Borrower (irrespective of the satisfaction by the Borrower of the conditions set forth in (S)13 hereof or the requirement of the Borrower to deliver a Loan Request pursuant to (S)2.6 hereof). The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity on their face in all material respects with such Letter of Credit.

Appears in 2 contracts

Samples: Credit and Term Loan Agreement (Petro Stopping Centers Holdings Lp), Credit and Term Loan Agreement (Petro Stopping Centers L P)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails Borrowers fail to reimburse the Administrative Agent as provided in §5.2 5.6 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas New York time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s Head Office, in immediately available funds, such Lender’s Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Lender’s Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Lender’s Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower Borrowers and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 2 contracts

Samples: Assignment and Assumption Agreement (Life Storage Lp), Assignment and Assumption Agreement (Sovran Self Storage Inc)

Letter of Credit Payments. If any draft shall be presented or other ------------------------- demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 (S)5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (bii) the amount equal to such Revolving Credit Lender’s ----- Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times ----- (ciii) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 2 contracts

Samples: Revolving Credit (Mapics Inc), Revolving Credit (Chart House Enterprises Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any and, with respect to documentary Letters of Credit with respect to which there are discrepancies between the draft presented and the requirements of the Letter of Credit, the Administrative Agent approval of the Borrower is required under applicable law to make payment and the Borrower has nonetheless approved payment thereof, the Issuing Lender shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent Issuing Lender as provided in §5.2 on or before Section 4.2 by the date that such draft is paid or other payment is made by the Issuing Lender, the Administrative Agent, on behalf of, and at the Administrative Agent request of, the Issuing Lender, may at any time thereafter notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s Office's Office for distribution to the Issuing Lender, in immediately available funds, such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent Issuing Lender for federal funds acquired by the Administrative Agent Issuing Lender during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent Issuing Lender paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative AgentIssuing Lender, and the denominator of which is 360. The responsibility of the Administrative Agent Issuing Lender to the Borrower and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit and to perform standard operating functions related to the administration of Letters of Credit.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Coach Inc), Revolving Credit Agreement (Coach Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §Section 5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 2 contracts

Samples: Credit and Term Loan Agreement (Flextronics International LTD), Revolving Credit Agreement (Flextronics International LTD)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower Company of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower Company fails to reimburse the Administrative Agent as provided in §5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent in respect of a presentment of any Letter of Credit to the Borrower Company and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit, provided that this 5.3 shall not relieve the Agent of any liability resulting from the gross negligence or willful misconduct of the Agent, or otherwise affect any defense or other right the Company may have as a result of any such gross negligence or willful misconduct.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Hasbro Inc), Revolving Credit Agreement (Hasbro Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 ss.5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (bii) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (ciii) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 2 contracts

Samples: Revolving Credit and Term Loan Agreement (Mapics Inc), Revolving Credit and Term Loan Agreement (Marcam Corp)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 Section 4.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Cabot Microelectronics Corp), Revolving Credit Agreement (Flextronics International LTD)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 ss.4.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Ionics Inc), Revolving Credit Agreement (Appnet Systems Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower Borrowers within a reasonable amount of time of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails Borrowers fail to reimburse the Administrative Agent as provided in §5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s Office, in immediately available funds, such Lender’s Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Lender’s Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Lender’s Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower Borrowers and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 2 contracts

Samples: Revolving Credit Agreement (McCormick & Schmick Holdings, L.L.C.), Revolving Credit Agreement (McCormick & Schmicks Seafood Restaurants Inc.)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 ss.5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s its Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times TIMES (bii) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times TIMES (ciii) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment up to but excluding the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360365. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 2 contracts

Samples: Credit Agreement (HPSC Inc), Credit Agreement (HPSC Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent Issuing Lender shall notify the Borrower Borrowers and the Administrative Agent of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails Borrowers fail to reimburse the Issuing Lender through the Administrative Agent as provided in §5.2 3.2 on or before the date that such draft is paid or other payment is made by the Administrative AgentIssuing Lender, the Administrative Agent Issuing Lender may at any time thereafter notify the Administrative Agent who will promptly notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement ObligationObligation and shall specify such amount required from each of the Revolving Credit Lenders. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s 's Office, in immediately available funds, such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the weighted average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, Federal Funds Rate times (b) the amount equal to such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse have elapsed from and including the date the Administrative Agent Issuing Lender paid the draft presented for honor or otherwise made payment to until the date on which such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360365. The responsibility of the Administrative Agent Issuing Lender to the Borrower Borrowers and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 2 contracts

Samples: Revolving Credit and Term Loan Agreement (Waste Connections Inc/De), Revolving Credit and Term Loan Agreement (Waste Connections Inc/De)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Domestic Borrower within a reasonable amount of time of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Domestic Borrower fails to reimburse the Administrative Agent as provided in §§ 5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas New York time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s Office, in immediately available funds, such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Domestic Borrower and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 2 contracts

Samples: Revolving Credit Agreement (McCormick & Schmicks Seafood Restaurants Inc.), Revolving Credit Agreement (McCormick & Schmicks Seafood Restaurants Inc.)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent BKB shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent BKB as provided in §Section 5.2 on or before the date that such draft is paid or other payment is made by the Administrative AgentBKB, the Administrative Agent BKB may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative AgentBKB, at the Administrative Agent’s 's Head Office, in immediately available funds, such Bank's Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent BKB for federal funds acquired by the Administrative Agent BKB during each day included in such period, times TIMES (bii) the amount equal to such Bank's Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times TIMES (ciii) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent BKB paid the draft presented for honor or otherwise made payment to the date on which such Bank's Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative AgentBKB, and the denominator of which is 360. The responsibility of the Administrative Agent BKB to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Restaurant Co), Revolving Credit Agreement (Perkins Finance Corp)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Dollar Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Dollar Agent as provided in §5.2 ss.4.2 on or before the date that such draft is paid or other payment is made by the Administrative Dollar Agent, the Administrative Dollar Agent may at any time thereafter notify the Revolving Credit Lenders Dollar Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Dollar Bank shall make available to the Administrative Dollar Agent, at the Administrative Agent’s its Head Office, in immediately available funds, such Revolving Credit Lender’s Dollar Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Dollar Agent for federal funds acquired by the Administrative Dollar Agent during each day included in such period, times (bii) the amount equal to such Revolving Credit Lender’s Dollar Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (ciii) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Dollar Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Dollar Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Dollar Agent, and the denominator of which is 360. The responsibility of the Administrative Dollar Agent to the Borrower and the Revolving Credit Lenders Dollar Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 2 contracts

Samples: Gold Consignment Agreement (Commemorative Brands Inc), Loan and Gold Consignment Agreement (Commemorative Brands Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails Borrowers fail to reimburse the Administrative Agent as provided in §5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Hartford time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s Office, in immediately available funds, such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower Borrowers and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 2 contracts

Samples: Credit Agreement (Crystal Rock Holdings, Inc.), Credit Agreement (Vermont Pure Holdings LTD/De)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails Borrowers fail to reimburse the Administrative Agent as provided in §5.2 (S)3.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, Agent at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse shall have elapsed from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower Borrowers and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Trico Marine Services Inc), Credit Agreement (Trico Marine Services Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 Section 4.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may shall at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available fundsSame Day Funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Anacomp Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 ss.3.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement ObligationObligation and shall specify such amount in Dollars (based upon the actual exchange rate at which the Agent anticipates being able to obtain the applicable Optional Currency on the date payment is to be made by the Banks, with any excess payment being refunded to the Banks and any deficiency being payable by the Banks) required from each of the Banks. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s Office, 's Head Office in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent Overnight Rate for federal funds acquired by the Administrative Agent during each day included in such period, times TIMES (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times TIMES (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, Agent and the denominator of which is 360365. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit. From and after such purchase of the applicable Letter of Credit Participations, such Unpaid Reimbursement Obligations shall be deemed to have been converted into Prime Rate Loans made by the Banks, and all amounts from time to time accruing, and all amounts from time to time payable, on account of such Unpaid Reimbursement Obligations shall be payable in Dollars as if such Letter of Credit had originally been issued in Dollars.

Appears in 1 contract

Samples: Revolving Credit Agreement (Provant Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §Section 5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Bank's Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (bii) the amount equal to such Bank's Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (ciii) a fraction, the numerator of which is the number of days that elapse shall have elapsed from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Bank's Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Mercury Air Group Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent Issuing Lender shall notify the Borrower Borrowers and the Administrative Agent of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails Borrowers fail to reimburse the Issuing Lender through the Administrative Agent as provided in §5.2 3.2 on or before the date that such draft is paid or other payment is made by the Administrative AgentIssuing Lender, the Administrative Agent Issuing Lender may at any time thereafter notify the Administrative Agent who will promptly notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement ObligationObligation and shall specify such amount required from each of the Revolving Credit Lenders. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s Office, in immediately available funds, such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the weighted average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, Federal Funds Rate times (b) the amount equal to such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse have elapsed from and including the date the Administrative Agent Issuing Lender paid the draft presented for honor or otherwise made payment to until the date on which such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360365. The responsibility of the Administrative Agent Issuing Lender to the Borrower Borrowers and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Waste Connections Inc/De)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 on or before On the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter shall promptly notify the Revolving Credit Lenders of the amount of any such Unpaid unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the weighted average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse have elapsed from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to until the date on which such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360365. The responsibility of the Administrative Agent to the Borrower Borrowers and the Revolving Credit Lenders shall be only to determine that the documents (including each draftany draft or other form of demand for payment) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of CreditCredit in accordance with the Uniform Customs.

Appears in 1 contract

Samples: Credit and Term Loan Agreement (Nationsrent Inc)

Letter of Credit Payments. If any draft shall be presented or other ------------------------- demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails Borrowers fail to reimburse the Administrative Agent as provided in §5.2 Section 4.2 on or before the date that such draft is paid or other payment is made by the Administrative AgentAgent or the Issuing Bank, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s 's Office, in immediately available funds, such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit ----- Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times ----- (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent or the Issuing Bank paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent and the Issuing Bank to the Borrower Borrowers and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Us Xpress Enterprises Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent or the Columbia Issuing Bank (as the case may be) shall notify the Borrower Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 on or before On the date that such draft is paid or other payment is made by the Administrative AgentAgent or the Columbia Issuing Bank, the Administrative Agent may at any time thereafter shall promptly notify the Revolving Credit Lenders Banks of the amount of any such Unpaid unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the weighted average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent or the Columbia Issuing Bank (as the case may be) for federal funds acquired by the Administrative Agent or the Columbia Issuing Bank during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse have elapsed from and including the date the Administrative Agent or the Columbia Issuing Bank paid the draft presented for honor or otherwise made payment to until the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid unpaid Reimbursement Obligation shall become immediately available to the Administrative AgentAgent or the Columbia Issuing Bank, and the denominator of which is 360365. The responsibility of the Administrative Agent or the Columbia Issuing Bank to the Borrower Borrowers and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Waste Connections Inc/De)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or of the demand for payment made and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §Section 5.2 above on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 4:00 p.m. (DallasHouston, Texas time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s its Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360365. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit. 5.3.1.

Appears in 1 contract

Samples: Revolving Credit (Emmis Communications Corp)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 ss.5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement ObligationObligation and shall specify such amount in Dollars (which, to the extent of any Letter of Credit issued in an Optional Currency, is based upon the actual exchange rate at which the Agent anticipates being able to obtain the applicable Optional Currency on the date payment is to be made by the Banks, with any excess payment being refunded to the Banks and any deficiency being payable by such Banks) required from each of the Banks. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit. From and after such purchase of the applicable Letter of Credit Participation, such Unpaid Reimbursement Obligations shall be deemed to have been converted into Base Rate Loans made by the Banks, and all amounts from time to time accruing, and all amounts from time to time payable, on account of such Unpaid Reimbursement Obligations shall be payable in Dollars as if such Letter of Credit had originally been issued in Dollars.

Appears in 1 contract

Samples: Credit and Term Loan Agreement (Western Digital Corp)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower Company of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower Company fails to reimburse the Administrative Agent as provided in §section 5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such periodperiod (or, as to Letters of Credit denominated in an Optional Currency, the rate of interest per annum at which overnight deposits in the applicable Optional Currency, in an amount approximately equal to the amount with respect to which such rate is being determined, would be offered for such day by the Agent to major banks in the London interbank market), times (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent in respect of a presentment of any Letter of Credit to the Borrower Company and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit, provided that this section 5.3 shall not relieve the Agent of any liability resulting from the gross negligence or willful misconduct of the Agent, or otherwise affect any defense or other right the Company may have as a result of any such gross negligence or willful misconduct.

Appears in 1 contract

Samples: Revolving Credit Agreement (Hasbro Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails Borrowers fail to reimburse the Administrative Agent as provided in §5.2 Section 4.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s 's Office, in immediately available funds, such Revolving Credit Lender’s 's Revolving Credit Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times TIMES (b) the amount equal to such Revolving Credit Lender’s 's Revolving Credit Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times TIMES (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s 's Revolving Credit Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower Borrowers and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Iesi Tx Corp)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent applicable Issuing Bank shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent such Issuing Bank as provided in §5.2 Section 1.07(b) on or before the date that such draft is paid or other payment is made by the Administrative Agentsuch Issuing Bank, the Administrative Agent such Issuing Bank may at any time thereafter notify the Revolving Credit Administrative Agent, who will promptly notify the Lenders of their respective Commitment Percentage of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 p.m. 11:00 a.m. (Dallas, Texas Los Angeles time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agentsuch Issuing Bank, at the Administrative Agentsuch Issuing Bank’s Office, in immediately available funds, such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (bii) the amount equal to such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (ciii) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent such Issuing Bank paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agentsuch Issuing Bank, and the denominator of which is 360. The responsibility of the Administrative Agent such Issuing Bank to the Borrower and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Secured Revolving Credit Agreement (California Steel Industries Inc)

Letter of Credit Payments. If any draft shall be presented or ------------------------- other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 (S)5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s its Head Office, in immediately available funds, such Bank's Revolving Credit Lender’s Loan Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Bank's Revolving Credit Lender’s Loan ----- Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a ----- fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Bank's Revolving Credit Lender’s Loan Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. All such payments shall constitute a Revolving Credit Loan made to the Borrower (irrespective of the satisfaction by the Borrower of the conditions set forth in (S)13 hereof or the requirement of the Borrower to deliver a Loan Request pursuant to (S)2.6 hereof). The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity on their face in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: And Term Loan Agreement (Petro Stopping Centers L P)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 Section 3A.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s its Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times TIMES (bii) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times TIMES (ciii) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment up to but excluding the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (HPSC Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify Xxxxxxx-Xxxxxxx on behalf of the Borrower Domestic Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails Domestic Borrowers fail to reimburse the Administrative Agent as provided in §5.2 Section 6.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s its Head Office, in immediately available funds, such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower Domestic Borrowers and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Russell-Stanley Holdings Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent Issuing Bank shall notify the Borrower and Administrative Agent of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent Issuing Bank as provided in §5.2 Section 3.2 on or before the date that such draft is paid or other payment is made by the Administrative AgentIssuing Bank, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 2:00 p.m. (Dallas, Texas Chicago time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s its Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent Issuing Bank for federal funds acquired by the Administrative Agent Issuing Bank during each day included in such period, times (bii) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (ciii) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent Issuing Bank paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative AgentIssuing Bank, and the denominator of which is 360. The responsibility of the Administrative Agent Issuing Bank to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Credit and Gold Consignment Agreement (Whitehall Jewellers Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 on or before On the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter shall promptly notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the weighted average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse have elapsed from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to until the date on which such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360365. The responsibility of the Administrative Agent to the Borrower Borrowers and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Waste Connections Inc/De)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 ss 4.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Answerthink Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall Issuing Bank shall, promptly following its receipt thereof, notify the Borrower and the Agent of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 on or before Section 4.2 no later than the Business Day following the date that such draft is paid or other payment is made by the Administrative AgentIssuing Bank, the Administrative Agent Issuing Bank may at any time thereafter notify the Revolving Credit Lenders other Banks and the Agent of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent Issuing Bank for federal funds acquired by the Administrative Agent Issuing Bank during each day included in such period, times TIMES (bii) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times TIMES (ciii) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent Issuing Bank paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) Bank's Xxxxxxxxxx Xxxxxxxxxx of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent Issuing Bank to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Michaels Stores Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall Issuing Bank shall, promptly following its receipt thereof, notify the Borrower and the Agent of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 on or before Section 4.2 no later than the Business Day following the date that such draft is paid or other payment is made by the Administrative AgentIssuing Bank, the Administrative Agent Issuing Bank may at any time thereafter notify the Revolving Credit Lenders other Banks and the Agent of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent Issuing Bank for federal funds acquired by the Administrative Agent Issuing Bank during each day included in such period, times TIMES (bii) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times TIMES (ciii) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent Issuing Bank paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent Issuing Bank to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Michaels Stores Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails Borrowers fail to reimburse the Administrative Agent as provided in §5.2 Section 4.2 on or before the Business Day following the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (bii) the amount equal to such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (ciii) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower Borrowers and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Zale Corp)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent or the Columbia Issuing Bank (as the case may be) shall notify the Borrower Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 on or before On the date that such draft is paid or other payment is made by the Administrative AgentAgent or the Columbia Issuing Bank, the Administrative Agent may at any time thereafter shall promptly notify the Revolving Credit Lenders Banks of the amount of any such Unpaid unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the weighted average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent or the Columbia Issuing Bank (as the case may be) for federal funds acquired by the Administrative Agent or the Columbia Issuing Bank during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse have elapsed from and including the date the Administrative Agent or the Columbia Issuing Bank paid the draft presented for honor or otherwise made payment to until the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid unpaid Reimbursement Obligation shall become immediately available to the Administrative AgentAgent or the Columbia Issuing Bank, and the denominator of which is 360365. The responsibility of the Administrative Agent or the Columbia Issuing Bank to the Borrower Borrowers and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Waste Connections Inc/De)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower Parent of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the applicable Borrower fails to reimburse the Administrative Agent as provided in §5.2 ss.5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s its Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times TIMES (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times TIMES (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower Borrowers and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Credit Agreement (Sensormatic Electronics Corp)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails Borrowers fail to reimburse the Administrative Agent as provided in §5.2 [section]3.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s its Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (bii) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (ciii) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower Borrowers and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Au Bon Pain Co Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails Borrowers fail to reimburse the Administrative Agent as provided in §5.2 Section 2B.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s Officeits head office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower Borrowers and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Multicurrency Revolving Credit and Term Loan Agreement (Dynatech Corp)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails Borrowers fail to reimburse the Administrative Agent as provided in §Section 5.2 on or before the date that such draft is paid or other payment is made by the Issuing Bank or the Administrative AgentAgent or, as a result of the applicable borrowing limits described therein being exceeded such Reimbursement Obligations are not satisfied by the making of a Revolving Loan bearing interest at the Base Rate applicable to Revolving Loans, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 2:00 p.m. (Dallas, Texas time) Eastern time on the Business Day next following the receipt of such notice, each such Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s 's Office, in immediately available funds, such Revolving Credit Lender’s 's Revolving Loan Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Lender's Revolving Credit Lender’s Loan Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Issuing Bank or the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Lender's Revolving Credit Lender’s Loan Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation Obligation, shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Issuing Bank and the Administrative Agent to the Borrower Borrowers and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Credit and Term Loan Agreement (Chartermac)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 sec.5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s its Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times TIMES (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times TIMES (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Filenes Basement Corp)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may shall at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available fundsSame Day Funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Anacomp Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 ss.4.2 on or before the date that such draft is paid or other payment is made by the Issuing Bank or the Administrative AgentAgent or, as a result of the applicable borrowing limits described therein being exceeded such Reimbursement Obligations are not satisfied by the making of a Revolving Loan bearing interest at the Base Rate applicable to Revolving Loans, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 2:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit such Lender shall make available to the Administrative Agent, at the Administrative Agent’s 's Office, in immediately available funds, such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Issuing Bank or the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation Obligation, shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Issuing Bank and the Administrative Agent to the Borrower and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Quaker Fabric Corp /De/)

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Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent Issuing Lender shall notify the Borrower Borrowers and the Administrative Agent of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails Borrowers fail to reimburse the Issuing Lender through the Administrative Agent as provided in §5.2 3.2 on or before the date that such draft is paid or other payment is made by the Administrative AgentIssuing Lender, the Administrative Agent Issuing Lender may at any time thereafter notify the Administrative Agent who will promptly notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement ObligationObligation and shall specify such amount required from each of the Revolving Credit Lenders. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s Office, in immediately available funds, such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the weighted average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, Federal Funds Rate times (b) the amount equal to such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse have elapsed from and including the date the Administrative Agent Issuing Lender paid the draft presented for honor or otherwise made payment to until the date on which such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360365. The responsibility of the Administrative Agent Issuing Lender to the Borrower Borrowers and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement

Letter of Credit Payments. If any draft shall be presented or ------ -- ------ -------- other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall shall, promptly following its receipt thereof, notify the Borrower Company of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower Company fails to reimburse the Administrative Agent as provided in §5.2 on or before (S)2A.2 no later than one Business Day following the date that such draft reimbursement is paid or other payment is made by the Administrative Agentto be made, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s its Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid ----- Reimbursement Obligation, times (c) a fraction, the numerator of which is the ----- number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower Company, the Sterling Subsidiaries for the respective accounts of which Letters of Credit are issued and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Sterling Software Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent Issuing Bank shall notify the Borrower Borrowers of the date date, amount and amount currency of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the applicable Borrower fails or, as the case may be, Borrowers fail to reimburse the Administrative Agent Issuing Bank as provided in §5.2 ss. 4.2 on or before the date that such draft is paid or other payment is made by the Administrative AgentIssuing Bank, the Administrative Agent Issuing Bank may at any time thereafter notify the Revolving Credit Administrative Agent who will promptly notify the Lenders of the amount and currency of any such Unpaid Reimbursement Obligation. If no Default or Event of Default is then continuing, the applicable Borrower or, as the case may be, Borrowers shall be deemed to have requested a Co-Borrower Loan, in the case of a Co-Borrower, a UK Loan in the case of the UK Borrower and an Australian Loan in the case of the Australian Borrower which shall be a Base Rate Loan in the same currency as, and in an amount equal to the amount of, such draft or other payment and the notice from the Issuing Bank to the Lenders shall be deemed to be a notice of a Revolving Credit Loan Request made by the Administrative Agent. No later than 1:00 3:00 p.m. (Dallas, Texas Eastern time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s 's Office, in immediately available fundsSame Day Funds and in the currency in which such draft was paid, such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent Overnight Rate for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent Issuing Bank paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. If no Default or Event of Default is continuing at the time the Administrative Agent notified the Lenders of the amount of such Unpaid Reimbursement Obligation, the amounts made available to the Administrative Agent by the Lenders hereunder shall be treated as a Co-Borrower Loan, in the case of a Co-Borrower, a UK Loan in the case of the UK Borrower and an Australian Loan in the case of the Australian Borrower in Dollars or an Optional Currency, as the case may be, in all respects bearing interest at the Base Rate or, if in an Optional Currency, the Eurocurrency Rate having an Interest Period of one month with a Drawdown Date as of the date on which the Issuing Bank paid the draft presented for honor or otherwise made such payment. The responsibility of the Administrative Agent Issuing Bank to the Borrower Borrowers and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Multicurrency Revolving Credit Agreement (Borders Group Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 on or before On the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter shall promptly notify the Revolving Credit Lenders Banks of the amount of any such Unpaid unpaid Reimbursement Obligation. All such unpaid Reimbursement Obligations with respect to Letters of Credit shall be deemed to be Base Rate Loans. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times multiplied by (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid unpaid Reimbursement Obligation, times multiplied by (c) a fraction, the numerator of which is the number of days that elapse have elapsed from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to until the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360365. The responsibility of the Administrative Agent to the Borrower Borrowers and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Eastern Environmental Services Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails Borrowers fail to reimburse the Administrative Agent as provided in §5.2 4.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s its Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower Borrowers and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Trico Marine Services Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent Issuing Bank shall notify the Borrower Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 p.m. (Dallas, Texas time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s Office, in immediately available funds, such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent Issuing Bank to the Borrower and the Revolving Credit Lenders Borrowers shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit. If on the date that such draft is paid or other payment is made by the Issuing Bank the Borrowers shall not have promptly satisfied in full their Reimbursement Obligations in connection therewith, the Issuing Bank shall promptly notify the Lenders of the amount of any unpaid Reimbursement Obligation. All such unpaid Reimbursement Obligations with respect to Letters of Credit shall be deemed to be Revolving Credit Loans. No later than 1:00 p.m. (Boston time) on the Business Day next following the receipt of such notice, each Lender shall make available to the Agent, at the Agent's head office, in immediately available funds, such Lender's Commitment Percentage of such unpaid Reimbursement Obligation, together with an amount equal to the product of (i) the average, computed for the period referred to in clause (iii) below, of the weighted average interest rate paid by the Agent for federal funds acquired by the Agent during each day included in such period, TIMES (ii) the amount equal to such Lender's Commitment Percentage of such unpaid Reimbursement Obligation, TIMES (iii) a fraction, the numerator of which is the number of days that have elapsed from and including the date the Issuing Bank paid the draft presented for honor or otherwise made payment until the date on which such Lender's Commitment Percentage of such unpaid Reimbursement Obligation shall become immediately available to the Agent, and the denominator of which is 360.

Appears in 1 contract

Samples: Credit Agreement (Learning Co Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §Section 5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Office, in immediately available funds, such Bank's Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (bii) the amount equal to such Bank's Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (ciii) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Bank's Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Bell Sports Corp)

Letter of Credit Payments. If any draft shall be presented or ------------------------- other demand for payment shall be made under any Letter of Credit, the Administrative Agent Issuing Lender shall notify the Borrower and the Managing Agent of the date and amount of the draft presented or demand for payment and of the date and time when it the Issuing Lender expects to pay or has paid such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 on or before On the date that such draft is paid or other payment is made by the Administrative AgentIssuing Lender, the Administrative Managing Agent may at any time thereafter shall promptly notify the Revolving Credit Lenders Borrower of the amount of any such Unpaid unpaid Reimbursement Obligation. No later than 1:00 p.m. Provided that no Event of Default under (DallasS)15.1(h) or (S)15.1(i) has occurred, Texas time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s Office, any Reimbursement Obligations in immediately available funds, such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate Dollars which are not paid by the Administrative Borrower to the Managing Agent for federal funds acquired on the date that such draft is paid or other payment is made by the Administrative Issuing Lender shall be deemed to be Multicurrency Loans for all purposes hereunder and shall bear interest at the Base Rate plus the Applicable Margin until converted in accordance with (S)2.4 hereof. Any Reimbursement Obligations with respect to Letters of Credit denominated in an Optional Currency which are not paid by the Borrowers to the Managing Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including on the date that such draft is paid or other payment is made by the Administrative Agent paid Issuing Lender shall bear interest until payment in full (whether before or after judgment) at the draft presented rate specified in (S)8.3 hereof for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360overdue amounts. The responsibility of the Administrative Agent Issuing Lender to the Borrower and the Revolving Credit Lenders shall be only to determine that the all documents (including each draft) required to be delivered under each Letter of Credit in connection with such presentment shall be have been delivered and are in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Multicurrency Credit Agreement (United States Filter Corp)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 Section 2A.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent Overnight Rate for federal funds acquired by the Administrative Agent during each day included in such period, times TIMES (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times TIMES (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to exercise reasonable care and to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Telephone & Data Systems Inc /De/)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails Borrowers fail to reimburse the Administrative Agent as provided in §5.2 Section 6.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Hartford time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s 's Office, in immediately available funds, such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower Borrowers and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Credit Agreement (Vermont Pure Holdings LTD/De)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower Domestic Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails Domestic Borrowers fail to reimburse the Administrative Agent as provided in §5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Domestic Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Domestic Lender shall make available to the Administrative Agent, Agent at the Administrative Agent’s Office, in immediately available funds, such Lender’s Domestic Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (bii) the amount equal to such Lender’s Domestic Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (ciii) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Lender’s Domestic Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower Domestic Borrowers and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Dave & Busters Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower by telephone (confirmed by facsimile) as promptly as possible of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §Section 5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 2:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s 's Office, in immediately available funds, such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Buca Inc /Mn)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails Borrowers fail to reimburse the Administrative Agent as provided in §5.2 ss.4.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s 's Office, in immediately available funds, such Revolving Credit Lender’s 's Revolving Credit Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s 's Revolving Credit Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s 's Revolving Credit Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower Borrowers and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Credit and Term Loan Agreement (Iesi Corp)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails Borrowers fail to reimburse the Administrative Agent as provided in §Section 5.2 on or before the date that such draft is paid or other payment is made by the Issuing Bank or the Administrative AgentAgent or, as a result of the applicable borrowing limits described therein being exceeded such Reimbursement Obligations are not satisfied by the making of a Revolving Loan bearing interest at the Base Rate applicable to Revolving Loans, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 2:00 p.m. (Dallas, Texas time) Boston time on the Business Day next following the receipt of such notice, each such Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s Office, in immediately available funds, such Revolving Credit Lender’s Revolving Loan Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Revolving Loan Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Issuing Bank or the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Revolving Loan Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation Obligation, shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Issuing Bank and the Administrative Agent to the Borrower Borrowers and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Centerline Holding Co)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 [Section]4.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s its Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times TIMES (bii) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times TIMES (ciii) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit, and upon such determination, the Agent shall honor a demand for payment under such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Hadco Acquisition Corp)

Letter of Credit Payments. If any draft shall be presented or other ------------------------- demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 (S)5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (bii) the amount equal to such Revolving Credit Lender’s Bank's Commitment ----- Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (ciii) a fraction, the ----- numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Mapics Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails Borrowers fail to reimburse the Administrative Agent as provided in §5.2 Section 3.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (bii) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (ciii) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower Borrowers and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Stock Pledge Agreement (Metallurg Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any the Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks, as the case may be, shall be only to determine that the documents (including each draft) delivered under each the Letter of Credit in connection with such presentment shall be in conformity in all material respects with such the Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Arrow Automotive Industries Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent Issuing Bank shall notify the Borrower Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 on or before On the date that such draft is paid or other payment is made by the Administrative AgentIssuing Bank, the Administrative Agent may at any time thereafter Issuing Bank shall promptly notify the Revolving Credit Lenders of the amount of any such Unpaid unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative AgentIssuing Bank, at the Administrative Agent’s Issuing Bank's Boston Office, in immediately available funds, such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the weighted average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent Issuing Bank for federal funds acquired by the Administrative Agent Issuing Bank during each day included in such period, times TIMES (b) the amount equal to such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid unpaid Reimbursement Obligation, times TIMES (c) a fraction, the numerator of which is the number of days that elapse have elapsed from and including the date the Administrative Agent Issuing Bank paid the draft presented for honor or otherwise made payment to until the date on which such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid unpaid Reimbursement Obligation shall become immediately available to the Administrative AgentIssuing Bank, and the denominator of which is 360365. The responsibility of the Administrative Agent Issuing Bank to the Borrower Borrowers and the Revolving Credit Lenders shall be only to determine that the documents (including each draftany draft or other form of demand for payment) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of CreditCredit in accordance with the Uniform Customs or the International Standby Practices, as applicable.

Appears in 1 contract

Samples: Credit and Term Loan Agreement (Nationsrent Inc)

Letter of Credit Payments. If any draft shall be presented or other -------------------------- demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 ss.4.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (bii) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid ----- Reimbursement Obligation, times (ciii) a fraction, the numerator of which is the ----- number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Fairfield Communities Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the applicable Revolver Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the such Revolver Borrower fails to reimburse the Administrative Agent as provided in §5.2 ss.5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available fundsSame Day Funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent Overnight Rate for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. To the extent the Agent receives interest on any Unpaid Reimbursement Obligation as contemplated by ss.5.2 hereof, the Agent shall distribute such interest ratably among the Banks that have paid to the Agent their respective Commitment Percentage of such Unpaid Reimbursement Obligation. The responsibility of the Administrative Agent to the Borrower Revolver Borrowers and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Security Agreement (Genrad Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §Section 5.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in reasonable conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Aztec Technology Partners Inc /De/)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any the Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 (S)4.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid ----- Reimbursement Obligation, times (c) a fraction, the numerator of which is the ----- number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent Bank to the Borrower Borrower, the Parent Guarantor and the Revolving Credit Lenders Banks, as the case may be, shall be only to determine that the documents (including each draft) delivered under each the Letter of Credit in connection with such presentment shall be in conformity in all material respects with such the Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (CMG Information Services Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under pursuant to any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 (S)4.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Hartford time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s its Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360365. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.the

Appears in 1 contract

Samples: Revolving Credit Agreement (Moore Medical Corp)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 Section 4.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Office, in immediately available funds, such Revolving Credit Lender’s Bank's Total Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (bii) the amount equal to such Revolving Credit Lender’s Bank's Total Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (ciii) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Total Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360365. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit. 4.4.

Appears in 1 contract

Samples: Revolving Credit Agreement (Rollins Truck Leasing Corp)

Letter of Credit Payments. If any draft shall be presented or ------------------------- other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and the amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. The responsibility of the Administrative Agent to the Borrower and the Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit. If either (x) the Borrower has not met the conditions set forth in (S)2(e) for a Revolving Credit Loan to be made sufficient to pay the Unpaid Reimbursement Obligation or (y) the Borrower fails to reimburse the Administrative Agent as provided in §5.2 (S)3.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s Office's head office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s ----- Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) ----- a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Credit Agreement (Bertuccis of White Marsh Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent Issuing Lender shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent Issuing Lender as provided in §5.2 4.2 on or before the date that such draft is paid or other payment is made by the Administrative AgentIssuing Lender, the Administrative Agent Issuing Lender may at any time thereafter notify the Revolving Credit Administrative Agent and the Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative AgentIssuing Lender, at the Administrative Agent’s Office, in immediately available funds, such Revolving Credit Lender’s Tranche A Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent Issuing Lender for federal funds acquired by the Administrative Agent Issuing Lender during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Tranche A Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Tranche A Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative AgentIssuing Lender, and the denominator of which is 360. The responsibility of the Administrative Agent Issuing Lender to the Borrower and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Yankee Candle Co Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent Issuing Lender shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent Issuing Lender as provided in §5.2 on or before the date that such draft is paid or other payment is made by the Administrative AgentSection 4.2, the Administrative Agent Issuing Lender may at any time thereafter notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 p.m. (Dallas, Texas time) on the Business Day next following the receipt of such notice, each Revolving Credit Each Lender shall make available to the Administrative AgentIssuing Lender, at the Administrative Agent’s OfficeIssuing Lender's office designated on SCHEDULE 1 hereto, in immediately available fundsfunds in Dollars (determined in accordance with the last sentence of Section 4.2 in the case of drawings paid in a currency other than Dollars), such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent Issuing Lender for federal funds acquired by the Administrative Agent Issuing Lender during each day included in such period, times TIMES (b) the amount equal to such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times TIMES (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent Issuing Lender paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative AgentIssuing Lender, and the denominator of which is 360. Such amount required to be paid to the Issuing Lender by the Lenders by the preceding sentence shall be made available to the Issuing Lender by (i) if the Issuing Lender notifies the Lenders of such amount by 1:00 p.m. (Boston time) on the date that any draft under a Letter of Credit is paid, not later than 3:00 p.m. (Boston time) on such date, and (ii) if the Issuing Lender notifies the Lenders of such amount at any time after 1:00 p.m. (Boston time) on the date that any draft under a Letter of Credit is paid, not later than 3:00 p.m. (Boston time) on the next succeeding Business Day following the date of receipt of such notice. The responsibility of the Administrative Agent Issuing Lender to the Borrower and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit. The Issuing Lender shall not honor, without the prior consent of the Borrower, any demand for payment or notice of a drawing under a Letter of Credit for which discrepant documentation has been presented. The Issuing Lender shall promptly provide the Borrower with written, electronic or oral notification of the existence and nature of any such discrepancy. The Borrower shall instruct the Issuing Lender to honor or dishonor such drawing within three (3) Business Days (or such additional time as the Issuing Lender shall, in its sole and absolute discretion, agree) of the Borrower's receipt of notification of such discrepancy.

Appears in 1 contract

Samples: Revolving Credit Agreement (Timberland Co)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall promptly notify the Borrower Company of the date and the amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower Company fails to reimburse the Administrative Agent as provided in §5.2 subsection 3.4 by the close of business on or before the date that each such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter shall promptly notify each Bank thereof and of the Revolving Credit Lenders of date, the amount of any the draft paid and such Unpaid Reimbursement ObligationBank's ratable share thereof. No later than 1:00 p.m. (Dallas, Texas time) the close of business on the Business Day next following the receipt of date such noticenotice is given, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s Officeits office specified in subsection 11.1, in immediately available funds, such Revolving Credit Lender’s Commitment Percentage (in respect Bank's ratable share of such draft. The responsibility of the Total Revolving Agent to the Company and the Banks shall be only to determine that the documents (including each draft) delivered under such Letter of Credit Commitment) in connection with such presentment shall be in conformity with such Letter of Credit. If any Bank's ratable share of a draft presented for payment under any Letter of Credit is made available to the Agent on a date after the date such Unpaid Reimbursement Obligationdraft is paid by the Agent, together with such Bank shall pay to the Agent on demand an amount equal to the product of (ai) the average, computed for the daily average Federal Funds Effective Rate during such period referred to in clause (c) below, of the weighted average interest rate paid as quoted by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such periodAgent, times (bii) the amount equal to of such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligationdraft, times (ciii) a fraction, fraction the numerator of which is the number of days that elapse from and including the date such draft is paid by the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation draft shall have become immediately available to the Administrative Agent, Agent and the denominator of which is 360. The responsibility A certificate of the Administrative Agent submitted to any Bank with respect to any amounts owing under this subsection 3.6 shall be conclusive, absent manifest error. If such Bank's Commitment Percentage is not in fact made available to the Borrower and Agent by such Bank within three Business Days of the Revolving Credit Lenders date such draft is paid by the Agent, the Agent shall be only entitled to determine that recover such amount with interest thereon at the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Creditrate per annum applicable to Alternate Base Rate Loans hereunder, on demand, from the Company.

Appears in 1 contract

Samples: Credit Agreement (Enterprise Products Partners L P)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails Borrowers fail to reimburse the Administrative Agent as provided in §5.2 ss.5.2 on or before the date that such draft is paid or oR other payment is made by the Administrative Agent, the Administrative Agent may shall at any time thereafter notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. If no Event of Default is then continuing, the Borrower shall be deemed to have requested a Revolving Credit Loan which shall be a Base Rate Loan in an amount equal to the amount of such draft or other payment and the notice from the Administrative Agent to the Lenders shall be deemed to be a notice of Loan Request made by the Administrative Agent. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative Agent, at the Administrative Agent’s 's Office, in immediately available funds, such Lender's Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times TIMES (b) the amount equal to such Lender's Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times TIMES (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Lender's Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. If no Event of Default is continuing at the time the Administrative Agent notified the Lenders of the amount of such Unpaid Reimbursement Obligation, the amounts made available to the Administrative Agent by the Lenders hereunder shall be treated as Revolving Credit Loans in all respects which bear interest at the Base Rate with a Drawdown Date as of the date on which the Administrative Agent paid the draft presented for honor or otherwise made such payment. If an Event of Default is continuing at the time of such notice, the amount of such draft or other payment made by the Administrative Agent in respect of the applicable Letter of Credit shall be treated in all respects as an Unpaid Reimbursement Obligation. The responsibility of the Administrative Agent to the Borrower Borrowers and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Credit and Term Loan Agreement (Furrs Restaurant Group Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent Issuing Lender shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent Issuing Lender as provided in §5.2 on or before the date that such draft is paid or other payment is made by the Administrative AgentSection 4.2, the Administrative Agent Issuing Lender may at any time thereafter notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 p.m. (Dallas, Texas time) on the Business Day next following the receipt of such notice, each Revolving Credit Each Lender shall make available to the Administrative AgentIssuing Lender, at the Administrative Agent’s OfficeIssuing Lender's office designated on SCHEDULE 1 hereto, in immediately available fundsfunds in Dollars (determined in accordance with the last sentence of Section 4.2 in the case of drawings paid in a currency other than Dollars), such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent Issuing Lender for federal funds acquired by the Administrative Agent Issuing Lender during each day included in such period, times TIMES (b) the amount equal to such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times TIMES (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent Issuing Lender paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s 's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative AgentIssuing Lender, and the denominator of which is 360. Such amount required to be paid to the Issuing Lender by the Lenders by the preceding sentence shall be made available to the Issuing Lender by (i) if the Issuing Lender notifies the Lenders of such amount by 1:00 p.m. (Boston time) on the date that any draft under a Letter of Credit is paid, not later than 3:00 p.m. (Boston time) on such date, and (ii) if the Issuing Lender notifies the Lenders of such amount at any time after 1:00 p.m. (Boston time) on the date that any draft under a Letter of Credit is paid, not later than 3:00 p.m. (Boston time) on the next succeeding Business Day following the -29- date of receipt of such notice. The responsibility of the Administrative Agent Issuing Lender to the Borrower and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit. The Issuing Lender shall not honor, without the prior consent of the Borrower, any demand for payment or notice of a drawing under a Letter of Credit for which discrepant documentation has been presented. The Issuing Lender shall promptly provide the Borrower with written, electronic or oral notification of the existence and nature of any such discrepancy. The Borrower shall instruct the Issuing Lender to honor or dishonor such drawing within three (3) Business Days (or such additional time as the Issuing Lender shall, in its sole and absolute discretion, agree) of the Borrower's receipt of notification of such discrepancy. In addition, all Letters of Credit shall, unless the Issuing Lender and the Lenders agree otherwise in writing, have a stated expiration date not to exceed one (1) year from the date of issuance. The stated expiration date of a Letter of Credit may be after the Final Maturity Date; provided, however, that for any Letter of Credit outstanding five (5) Business Days prior to the Final Maturity Date, the Borrower must, on such date, provide to the Administrative Agent cash collateral in an amount equal to 105% of the Maximum Drawing Amount of the Letters of Credit outstanding on such date.

Appears in 1 contract

Samples: Revolving Credit Agreement (Timberland Co)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 4.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s Office, in immediately available funds, such Revolving Credit LenderBank’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit LenderBank’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit LenderBank’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Anacomp Inc)

Letter of Credit Payments. If any draft shall be ------------------------- presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent Issuing Bank shall notify the Borrower Company of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower Company fails to reimburse the Administrative Agent Issuing Bank as provided in §5.2 (S)5.2(a) on or before the date that such draft is paid or other payment is made by the Administrative AgentIssuing Bank, the Administrative Agent Issuing Bank may at any time thereafter notify the Revolving Credit Lenders and the Administrative Agent of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas New York City time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative AgentIssuing Bank, at the Administrative Agent’s Officeits head office, in immediately available funds, such Lender's Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the weighted average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent Federal Funds Rate, for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to ----- such Lender's Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of ----- which is the number of days that elapse from and including the date the Administrative Agent Issuing Bank paid the draft presented for honor or otherwise made payment to the date on which such Lender's Revolving Credit Lender’s Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative AgentIssuing Bank, and the denominator of which is 360365. The responsibility of the Administrative Agent Issuing Bank to the Borrower Company and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Credit and Term Loan Agreement (Samsonite Holdings Inc)

Letter of Credit Payments. If any draft shall be presented or other ------------------------- demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 ss.4.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (bii) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (ciii) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Credit Agreement (Fairfield Communities Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 ss.3A.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Rhode Island time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (bii) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (ciii) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Grove Property Trust)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent Issuing Lender shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent Issuing Lender as provided in §5.2 Section 4.2 on or before the date that such draft is paid or other payment is made by the Administrative AgentIssuing Lender, the Administrative Agent Issuing Lender may at any time thereafter notify the Revolving Credit Administrative Agent and the Lenders of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender shall make available to the Administrative AgentIssuing Lender, at the Administrative Agent’s 's Office, in immediately available funds, such Revolving Credit Lender’s 's Tranche A Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent Issuing Lender for federal funds acquired by the Administrative Agent Issuing Lender during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s 's Tranche A Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s 's Tranche A Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation shall become immediately available to the Administrative AgentIssuing Lender, and the denominator of which is 360. The responsibility of the Administrative Agent Issuing Lender to the Borrower and the Revolving Credit Lenders shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Yankee Candle Co Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails to reimburse the Administrative Agent as provided in §5.2 (S)4.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Chicago time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Office, in immediately available funds, such Revolving Credit Lender’s Bank's Revolver A Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s Bank's Revolver A Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Revolver A Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360365. The responsibility of the Administrative Agent to the Borrower and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Varian Semiconductor Equipment Associates Inc)

Letter of Credit Payments. If any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the applicable Borrower of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the applicable Borrower fails to reimburse the Administrative Agent as provided in §5.2 ss.4.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders A Banks of the amount of any such Unpaid Reimbursement ObligationObligation and shall specify such amount in Dollars required from each of the Revolving A Banks. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender A Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Head Office, in immediately available fundsSame Day Funds, such Revolving Credit Lender’s A Bank's Revolving A Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in clause (c) below, of the weighted average interest rate paid by the Administrative Agent Overnight Rate for federal funds acquired by the Administrative Agent during each day included in such period, times (b) the amount equal to such Revolving Credit Lender’s A Bank's Revolving A Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s A Bank's Revolving A Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360365. The responsibility of the Administrative Agent to the Borrower Borrowers and the Revolving Credit Lenders A Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit. From and after such purchase of the applicable Letter of Credit Participations, such Unpaid Reimbursement Obligations shall be deemed to have been converted into Base Rate Loans made by the Revolving A Banks, and all amounts from time to time accruing, and all amounts from time to time payable, on account of such Unpaid Reimbursement Obligations shall be payable in Dollars.

Appears in 1 contract

Samples: Loan Agreement (Holmes Group Inc)

Letter of Credit Payments. If any draft shall be presented or other -------------------------- demand for payment shall be made under any Letter of Credit, the Administrative Agent shall notify the Borrower Borrowers of the date and amount of the draft presented or demand for payment and of the date and time when it expects to pay such draft or honor such demand for payment. If the Borrower fails Borrowers fail to reimburse the Administrative Agent as provided in §5.2 ss.4.2 on or before the date that such draft is paid or other payment is made by the Administrative Agent, the Administrative Agent may at any time thereafter notify the Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Agent, at the Administrative Agent’s 's Loan Office, in immediately available funds, such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (ai) the average, computed for the period referred to in clause (ciii) below, of the weighted average interest rate paid by the Administrative Agent for federal funds acquired by the Administrative Agent during each day included in such period, times (bii) the amount equal to such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such ----- Unpaid Reimbursement Obligation, times (ciii) a fraction, the numerator of which ----- is the number of days that elapse from and including the date the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Bank's Commitment Percentage (in respect of the Total Revolving Credit Commitment) of such Unpaid Reimbursement Obligation obligation shall become immediately available to the Administrative Agent, and the denominator of which is 360. The responsibility of the Administrative Agent to the Borrower Borrowers and the Revolving Credit Lenders Banks shall be only to determine that the documents (including each draft) delivered under each Letter of Credit in connection with such presentment shall be in conformity in all material respects with such Letter of Credit.

Appears in 1 contract

Samples: Revolving Credit Agreement (Fairfield Communities Inc)

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