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)
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 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 Acquisition Corp Ii), Revolving Credit Agreement (Hadco Acquisition Corp Ii), Revolving Credit Agreement (Hadco 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 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 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), Revolving Credit and Term Loan Agreement (Sovran Acquisition LTD Partnership), Revolving Credit and Term Loan 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 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: Debtor in Possession Revolving 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 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 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: Senior Unsecured Revolving Credit Agreement (Barnes Group Inc), Revolving Credit Agreement (Lifeline 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 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 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: Annual Report, 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 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 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 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: 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 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: Revolving 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 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: Revolving Credit and Term Loan Agreement (Life Storage Lp), Revolving Credit and Term Loan 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 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 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), 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 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 (Marcam Corp), 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 (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 and Term Loan Agreement (Chart House Enterprises 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 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: Revolving Credit, Term Loan and Gold Consignment Agreement (Commemorative Brands Inc), Revolving Credit, Term 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 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 (Flextronics International LTD), Revolving Credit Agreement (Cabot Microelectronics 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., 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: Revolving 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 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 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 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: Revolving Credit 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 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 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 §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: Revolving Credit and Term Loan Agreement (Petro Stopping Centers Holdings Lp), Revolving 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 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 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.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (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 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 (S)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 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 AgentIssuing Bank, at the Administrative Agent’s Officeits 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 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 '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 '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 360365. The responsibility of the Administrative Agent 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 accordance in all material respects with such Letter of Credit.
Appears in 1 contract
Samples: Revolving Credit Agreement (Blue Steel Capital 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 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
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: Multicurrency Revolving 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: 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 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 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 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 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 (American 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 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 Borrowers fail to reimburse the Administrative Agent Issuing Bank as provided in §5.2 ss.4.2 on or before the date that 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. (DallasBoston, Texas Massachusetts 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, and the Administrative Agent shall promptly forward the same to the Issuing Bank, 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 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 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
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 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 1 contract
Samples: Revolving Credit and Term Loan Agreement (Morgan 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 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 A gent 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 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 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 '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 (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 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 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 such 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 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 1 contract
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 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.
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 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 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: Revolving 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
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 Borrowers fail 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 or the 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 p.m. 8:00 a.m. (Dallas, Texas San Francisco time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative AgentAgent at 000 Xxxxx Xxxxxx, at the Administrative Agent’s OfficeXxx Xxxxxxxxx, Xxxxxxxxxx 00000, 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 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 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 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
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 L/C Issuer 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 Borrowers have not reimbursed 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, for the Administrative account of such L/C Issuer or (as the case may be) the Lenders, the 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 Chicago 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 Letter of 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 (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 Letter of Credit 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 L/C Issuer paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Letter of Credit 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 any L/C Issuer 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. Interest on Unpaid Reimbursement Obligations shall be payable on the last day of each calendar month with respect to interest accrued during such calendar month at the rate specified in §6.10 for principal on the Revolving Credit Loans.
Appears in 1 contract
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 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 AgentIssuing 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 Connecticut time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender (i) the Administrative Agent, as guarantor under the LC Guaranty, shall make available to the Administrative Agent, Issuing Bank 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) amount 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 Bank for federal funds acquired by the Administrative Agent Issuing Bank during each day included in such period, times (b) the amount equal to such Revolving Credit Unpaid Reimbursement Obligations, times (c) a fraction, the numerator of which is the number of days that elapse from and including the date the Issuing Bank paid the draft presented for honor or otherwise made payment to the date on which such Unpaid Reimbursement Obligation shall become immediately available to the Issuing Bank, and the denominator of which is 360, and (ii) each Lender shall make available to the Administrative Agent, at the Administrative Agent’s Office, in immediately available funds, for the account of the Issuing Bank, such Lender’s Commitment Percentage of such Unpaid Reimbursement Obligation, together with an amount equal to the product of (a) the average, computed for the period referred to in respect clause (c) below, of the Total Revolving Credit Commitmentweighted average interest rate paid by the Issuing Bank for federal funds acquired by the Issuing Bank during each day included in such period, times (b) the amount equal to such Lender’s Commitment Percentage 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 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 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 (Seneca Foods Corp /Ny/)
Letter of Credit Payments. (a) 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 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 applicable Issuing Bank 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 Agentsuch Issuing Bank, the Administrative Agent such Issuing Bank may at any time thereafter notify the Administrative Agent who will promptly notify the Revolving Credit 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 Revolving Loan, in the case of a Co-Borrower, a UK Revolving Loan in the case of the UK Borrower, an Irish Revolving Loan in the case of the Irish Borrower or an Australian Revolving Loan in the case of the Australian Borrower in Dollars in all respects bearing interest at the Base Rate with a Drawdown Date as of the date on which the applicable Issuing Bank paid the draft presented for honor or otherwise made such payment, in an amount equal to the amount of, such draft or other payment and the notice from the applicable Issuing Bank to the Revolving Lenders shall be deemed to be a notice of a Revolving Loan Request made by the Administrative Agent. No later than 1:00 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 in 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 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. The If no Default or Event of Default is continuing at the time the Administrative Agent notified the Revolving Lenders of the amount of such Unpaid Reimbursement Obligation, the amounts made available to the Administrative Agent by the Revolving Lenders hereunder shall be treated as a Co-Borrower Revolving Loan, in the case of a Co-Borrower, a UK Revolving Loan in the case of the UK Borrower, an Irish Revolving Loan in the case of the Irish Borrower or an Australian Loan in the case of the Australian Revolving Borrower in Dollars in all respects bearing interest at the Base Rate with a Drawdown Date as of the date on which the applicable Issuing Bank paid the draft presented for honor or otherwise made such payment. Each Revolving Lender, each Borrower and each Guarantor agrees that, in paying any drawing under a Letter of Credit, the applicable Issuing Bank shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. Each Borrower hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however, that this assumption is not intended to, and shall not, preclude such Borrower's pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. In furtherance and not in limitation of the foregoing, the applicable Issuing Bank may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and the applicable Issuing Bank shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.
(b) With respect to any Unpaid Reimbursement Obligation that is not fully refinanced by a Co-Borrower Revolving Loan, in all respects bearing interest at the Base Rate as set forth above because a Default or Event of Default is then continuing, the conditions set forth in Section 12 cannot be satisfied or for any other reason, the applicable Borrower(s) shall be deemed to have incurred from the applicable Issuing Bank an extension of credit resulting from and in the amount of the Unpaid Reimbursement Obligation that is not so refinanced, which extension of credit shall be due and payable on demand (together with interest) and shall bear interest at the default rate set forth in Section 5.11 and shall constitute an Obligation as defined herein and for the purposes of the Loan Documents. In such event, each Revolving Lender's payment to the Administrative Agent for the account of the applicable Issuing Bank pursuant to this Section 4.3 shall be deemed payment in respect of its participation in such extension of credit and shall constitute a funding of such Revolving Lender's participation in such extension of credit in satisfaction of its participation obligation under this Section 4. No such funding of such Revolving Lender's participation in such extension of credit shall relieve or otherwise impair the obligation of the applicable Borrower(s) to reimburse the applicable Issuing Bank for the amount of any payment made by the applicable Issuing Bank under any Letter of Credit, together with interest as provided herein.
(c) Until each Revolving Lender funds its Commitment Percentage of the Loans or participations as set forth in this Section 4.3 to reimburse the applicable Issuing Bank for any amount drawn under any Letter of Credit, interest in respect of such Revolving Lender's Commitment Percentage of such amount shall be solely for the account of the applicable Issuing Bank.
(d) If any Revolving Lender fails to make available to the Administrative Agent for the account of the applicable Issuing Bank any amount required to be paid by such Revolving Lender pursuant to the foregoing provisions of this Section 4.3 by the time specified in Section 4.3, the applicable Issuing Bank shall be entitled to recover from such Revolving Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the applicable Issuing Bank at a rate per annum equal to the applicable Overnight Rate from time to time in effect. A certificate of the applicable Issuing Bank submitted to any Revolving Lender (through the Administrative Agent) with respect to any amounts owing under this clause (d) shall be conclusive absent manifest error.
(e) At any time after the applicable Issuing Bank has made a payment under any Letter of Credit and has received from any Revolving Lender such Revolving Lender's participation in respect of such payment in accordance with this Section 4.3, if the Administrative Agent receives for the account of the applicable Issuing Bank any payment in respect of the related Unpaid Reimbursement Obligation or interest thereon (whether directly from the applicable Borrower(s) or otherwise, including proceeds of cash collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Revolving Lender its Commitment Percentage thereof (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender's participation was outstanding) in Dollars and in the same funds as those received by the Administrative Agent. If any payment received by the Administrative Agent for the account of the applicable Issuing Bank pursuant to Section 4.3 is required to be returned in connection with any bankruptcy or insolvency proceeding or otherwise (including pursuant to any settlement entered into by the applicable Issuing Bank in its discretion), each Revolving Lender shall pay to the Administrative Agent for the account of the applicable Issuing Bank its Commitment Percentage thereof on demand of the Administrative Agent Agent, plus interest thereon from the date of such demand to the Borrower date such amount is returned by such Lender, at a rate per annum equal to the applicable Overnight Rate from time to time in effect. The obligations of the Revolving Lenders under the immediately preceding sentence shall survive the payment in full of the Obligations and the Revolving termination of this 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 CreditAgreement.
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 Issuing Bank 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 or CML fails to reimburse the Administrative Agent Issuing Bank as provided in §5.2 ss.4.2 on or 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 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 AgentIssuing Bank, at the Administrative Agent’s Officeits head office located at 100 Xxxxxxx Xxxxxx, in Xxxxxx, Xxxxxxxxxxxxx, xx 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 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 '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 '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 CML, 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
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 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 Revolver 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 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 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
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 1 contract
Samples: Revolving Credit and Term Loan Agreement (Sovran Self Storage Inc)
Letter of Credit Payments. If IF any draft shall be presented or other demand for payment shall be made under any Letter of Credit, the Administrative Managing 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 Managing 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 Managing Agent, the Administrative Managing 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. (DallasBoston, Texas Massachusetts time) on the Business Day next following the receipt of such notice, each Revolving Credit Lender Bank shall make available to the Administrative Managing 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 Managing Agent for federal funds acquired by the Administrative Managing 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 Managing 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 Managing Agent, and the denominator of which is 360365. The responsibility of the Administrative Managing 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 (Emmis Broadcasting Corporation)
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 Issuing Bank shall notify the Borrower TransTechnology 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 TransTechnology fails to reimburse make payment to 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 AgentIssuing Bank, the Administrative Agent Issuing Bank 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 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 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 (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 '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 '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 Issuing Bank to TransTechnology and to 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
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
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 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 Subject to the Borrower fails provisions of ss.4.3(a), if the Borrowers fail to reimburse the Administrative Agent as provided in §5.2 on or before ss.4.3 by the date that such draft is honored or 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. (DallasBoston, Texas Massachusetts 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 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 or other demand for payment shall be in conformity in all material respects with such Letter of Credit, except for minor errors not affecting the plain meaning of the documents presented and not susceptible to any claim by the Borrowers that the presentation was nonconforming.
Appears in 1 contract
Samples: Credit Agreement (Starter 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 US 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 US Borrower fails to reimburse the Administrative Agent Issuing Lender as provided in §5.2 (Section)5.2 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 who will promptly notify the Lenders of the amount of any such Unpaid Reimbursement ObligationObligation and shall specify such amount required from each of the Lenders. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the US Business Day next following the receipt of such notice, each Revolving Credit US 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 (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 periodFederal Funds Effective 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 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 Agent, and the denominator of which is 360. The responsibility of the Administrative Agent Issuing Lender to the US 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. 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 Lenders.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Genesee & Wyoming 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 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 1 contract
Samples: Revolving Credit and Term Loan Agreement (Fargo Electronics 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 §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 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 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 Revolving Credit Lenders of the amount of any such Unpaid unpaid Reimbursement ObligationObligation and shall specify such amount in Dollars (based upon the actual exchange rate at which the Issuing Lender anticipates being able to obtain the applicable Optional Currency on the date payment is to be made by the Lenders, with any excess payment being refunded to the Lenders and any deficiency being payable by the Lenders) required from each of the Lenders. No later than 1:00 p.m. (Dallas3:00 p.m., 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 Issuing Lender, through the Administrative Agent, at the Administrative Agent’s Office, in immediately available same day funds, such Lender's Revolving Credit Lender’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 Overnight 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 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 Lender's Revolving Credit Lender’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 Lender, and the denominator of which is 360365. 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. 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 Lenders, 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
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 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 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 1 contract
Samples: Senior Unsecured 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 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.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 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 Boston time) on the Business Day next following the receipt of such notice, each Lender with a Revolving Credit Lender Commitment, or if such Commitment is terminated, with outstanding Revolving Credit Loans, shall make available to the Administrative AgentIssuing Bank, at the Administrative Agent’s Officeits head office located at 000 Xxxxxxx Xxxxxx, Xxxxxx, Xxxxxxxxxxxxx, 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 amount equal to in clause (c) below, such Lender's Revolving Credit Commitment Percentage 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 periodUnpaid Reimbursement Obligation, times (b) the amount equal Base Rate during the period from but not including the date such payment is required to be made to and including the date on which such Revolving Credit Lender’s Commitment Percentage (in respect of payment is immediately available to the Total Revolving Credit Commitment) of such Unpaid Reimbursement ObligationIssuing Bank, 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 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
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: Revolving 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 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 MT 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 MT 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 MT 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 promptly 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, and such Reimbursement Obligation is not funded by the Administrative making of a Base Rate Loan by the Agent pursuant to Section 4.2, the Agent may at any time thereafter notify the Revolving Credit Lenders of the amount of any such Unpaid Reimbursement Obligation. No To the extent that a Base Rate Loan has not been 36 -30- made pursuant to Section 4.2, 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
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 Issuing Lender 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 Credit Loan bearing interest at the Base Rate, 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 Agents Office, in immediately available funds, such Revolving Credit Lender’s Lenders 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 Lenders 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 Lender or the Administrative Agent paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s Lenders 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 Lender 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
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
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 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 1 contract
Samples: Revolving Credit and Term Loan Agreement (Il Fornaio America 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 Issuing Lender shall notify the Administrative Agent shall notify and the Borrower 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 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 other Lenders of the amount and currency 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, for the benefit of the Issuing Lender, at the Administrative Agent’s 's Office, in immediately available fundsSame Day Funds, such Revolving Credit Lender’s '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 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 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 Issuing Lender paid the draft presented for honor or otherwise made payment to the date on which such Revolving Credit Lender’s 's Revolver 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 (Lexmark International Inc /Ky/)
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 US 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 US Borrower fails to reimburse the Administrative Agent Issuing Bank 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 AgentIssuing Bank, the Administrative Agent may at any time Issuing Bank shall promptly thereafter notify the US Revolving Credit Lenders Banks of the amount of any such Unpaid Reimbursement ObligationObligation and shall specify such amount required from each of the US Revolving Credit Banks. No later than 1:00 3:00 p.m. (Dallas, Texas Boston time) on the US Business Day next following the receipt of such notice, each Revolving Credit Lender US 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 US 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 (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 periodFederal Funds Effective Rate, times (b) the amount equal to such Revolving Credit Lender’s Bank's US 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 Bank's US 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 US Borrower and the US 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 US Revolving Credit Banks.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Genesee & Wyoming 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
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)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 Borrowers, the Parent 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 such 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 (CMG Information 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 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 Salt Lake City 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 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 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 (Weider Nutrition International 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 §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 43 -35- 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 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 (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 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 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
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 Letter of Credit Issuer shall notify the Borrower Borrowers' Representative 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 Borrowers' Representative fails to reimburse the Letter of Credit Issuer and 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 AgentLetter of Credit Issuer, 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, Letter of Credit Issuer 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 Letter of Credit Issuer for federal funds acquired by the Administrative Agent Letter of Credit Issuer 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 Letter of Credit Issuer 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 AgentLetter of Credit Issuer, and the denominator of which is 360. The responsibility of the Administrative Agent and the Letter of Credit Issuer 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, Tranche B Loan and Security Agreement (Mayors Jewelers 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 4.2 hereof 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 1 contract
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 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 or CML fails 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 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 AgentIssuing Bank, at the Administrative Agent’s Officeits head office located at 100 Xxxxxxx Xxxxxx, in Xxxxxx, Xxxxxxxxxxxxx, xx 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 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 '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 '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 CML, 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.
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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 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 Section 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 1 contract
Samples: Revolving Credit, Term Loan and Gold Consignment Agreement (Marks Bros Jewelers 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 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 1 contract
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 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 of the amount of any such Unpaid Reimbursement Obligation. No later than 1:00 3:00 p.m. (Dallas, Texas Houston 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 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 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 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 (United States Cellular 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 (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.
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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 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: Loan Agreement (Metallurg 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 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 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 (Republic Engineered Steels 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 §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 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 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
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.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 4:00 p.m. (DallasHouston, 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 '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 (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 Letter of Credit 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 Letter of Credit 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 Letter of Credit Agent, the Administrative Letter of Credit Agent may at any time thereafter notify the Revolving Credit Lenders Loan and Collateral Agent, who will promptly notify the Banks of their respective Commitment Percentage 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 Letter of Credit Agent, at the Administrative Letter of Credit 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 (cii) 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 (biii) 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 Letter of Credit 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 Letter of Credit Agent, and the denominator of which is 360. The responsibility of the Administrative Letter of Credit 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 (California Steel Industries Inc)
Letter of Credit Payments. (a) 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 applicable Borrower fails or, as the case may be, Borrowers fail to reimburse the Administrative Agent applicable 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 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 the amount 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 Revolving Credit Loan, in the case of a Borrower, in all respects bearing interest at the Base Rate with a Drawdown Date as of the date on which the applicable Issuing Bank paid the draft presented for honor or otherwise made such payment, in an amount equal to the amount of such draft or other payment and the notice from the applicable Issuing Bank to the Lenders shall be deemed to be a notice of a Revolving Loan Request made by the Administrative Agent. No later than 1:00 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 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 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 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 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 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 Revolving Credit Loan, in the case of a Borrower, in all respects bearing interest at the Base Rate with a Drawdown Date as of the date on which the applicable Issuing Bank paid the draft presented for honor or otherwise made such payment.
(b) With respect to any Unpaid Reimbursement Obligation that is not fully refinanced by a Revolving Credit Loan, in all respects bearing interest at the Base Rate as set forth above because a Default or Event of Default is then continuing, the conditions set forth in §12 cannot be satisfied or for any other reason, the applicable Borrower(s) shall be deemed to have incurred from the applicable Issuing Bank an extension of credit resulting from and in the amount of the Unpaid Reimbursement Obligation that is not so refinanced, which extension of credit shall be due and payable on demand (together with interest) and shall bear interest at the default rate set forth in §5.11 and shall constitute an Obligation as defined herein and for the purposes of the Loan Documents. In such event, each Lender’s payment to the Administrative Agent for the account of the applicable Issuing Bank pursuant to this §4.3 shall be deemed payment in respect of its participation in such extension of credit and shall constitute a funding of such Lender’s participation in such extension of credit in satisfaction of its participation obligation under this §4. No such funding of such Lender’s participation in such extension of credit shall relieve or otherwise impair the obligation of the applicable Borrower(s) to reimburse the applicable Issuing Bank for the amount of any payment made by the applicable Issuing Bank under any Letter of Credit, together with interest as provided herein.
(c) Until each Lender funds its Commitment Percentage of the Loans or participations as set forth in this §4.3 to reimburse the applicable Issuing Bank for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Commitment Percentage of such amount shall be solely for the account of the applicable Issuing Bank.
(d) Each Lender’s obligation to make Loans or advances to reimburse the Issuing Bank for amounts drawn under Letters of Credit, as contemplated by this §4.3, shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have against the Issuing Bank, the Borrowers, any Subsidiary or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default or an Event of Default, or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Lender’s obligation to make Loans pursuant to this §4.3 is subject to the conditions set forth in §12 (other than delivery by the Borrowers of a Revolving Loan Request). No such making of an advance shall relieve or otherwise impair the obligation of the Borrowers to reimburse the Issuing Bank for the amount of any payment made by the Issuing Bank under any Letter of Credit, together with interest as provided herein.
(e) If any Lender fails to make available to the Administrative Agent for the account of the applicable Issuing Bank any amount required to be paid by such Lender pursuant to the foregoing provisions of this §4.3 by the time specified in §4.3, the applicable Issuing Bank shall be entitled to recover from such Lender (acting through the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the applicable Issuing Bank at a rate per annum equal to the applicable Overnight Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the Issuing Bank in connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Loan included in the relevant credit extension or advance under this §4.3, as the case may be. A certificate of the applicable Issuing Bank submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (e) shall be conclusive absent manifest error.
(f) At any time after the applicable Issuing Bank has made a payment under any Letter of Credit and has received from any Lender such Lender’s participation in respect of such payment in accordance with this §4.3, if the Administrative Agent receives for the account of the applicable Issuing Bank any payment in respect of the related Unpaid Reimbursement Obligation or interest thereon (whether directly from the applicable Borrower(s) or otherwise, including proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will distribute to such Lender its Commitment Percentage thereof (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s participation was outstanding). If any payment received by the Administrative Agent for the account of the applicable Issuing Bank pursuant to §4.3 is required to be returned in connection with any bankruptcy or insolvency proceeding or otherwise (including pursuant to any settlement entered into by the applicable Issuing Bank in its discretion), each Lender shall pay to the Administrative Agent for the account of the applicable Issuing Bank its Commitment Percentage thereof on demand of the Administrative Agent Agent, plus interest thereon from the date of such demand to the Borrower date such amount is returned by such Lender, at a rate per annum equal to the applicable Overnight Rate from time to time in effect. The obligations of the Lenders under the immediately preceding sentence shall survive the payment in full of the Obligations and the Revolving termination of this 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 CreditAgreement.
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Letter of Credit Payments. If (a) Borrower agrees (i) to reimburse Issuing Lender, immediately upon its demand and otherwise in accordance with the terms of the L/C Application relating thereto, for any draft shall payment made by Issuing Lender under any Letter of Credit in accordance with its terms or at Borrower's request and (ii) to pay interest on any unreimbursed payment in respect of any Letter of Credit from the date of such payment until reimbursement in full thereof at a rate per annum equal to the rate that would then be presented or other payable on any outstanding Prime Rate Borrowings.
(b) In the event that Issuing Lender makes a payment in respect of any Letter of Credit and is not reimbursed in full therefor forthwith upon demand for of Issuing Lender ("Unreimbursed L/C Payment"), and otherwise in accordance with the terms of the related L/C Application, Issuing Lender will promptly notify the Participating Lenders. Forthwith upon its receipt of any such notice, each Participating Lender will transfer to Issuing Lender in immediately available funds, an amount equal to its Pro Rata Share of such Unreimbursed L/C Payment. Upon its receipt from each Participating Lender of such amount, Issuing Lender will complete, execute and deliver to such Participating Lender a letter of credit participation certificate (a "Letter of Credit Participation Certificate"), in the form attached hereto as EXHIBIT B dated the date of such receipt and in such amount.
(c) Whenever, at any time after Issuing Lender has made a payment shall be made under in respect of any Letter of Credit, and has received a Participating Lender's Pro Rata Share of such Unreimbursed L/C Payment, Issuing Lender receives any reimbursement on account of such Unreimbursed L/C Payment or any payment of interest on account thereof, Issuing Lender will distribute to such Participating Lender its Pro Rata Share thereof; provided, however, that in 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 event 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 by Issuing Lender of such noticereimbursement or such payment of interest, each Revolving Credit Lender shall make available as the case may be, is required to the Administrative Agent, at the Administrative Agent’s Office, in immediately available fundsbe returned, 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 Participating Lender will return to the product of (a) the average, computed for the period referred Issuing Lender any portion thereof previously distributed by Issuing Lender 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 Creditit.
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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 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.
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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 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: Revolving 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.
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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 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 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: Revolving 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 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 2.9.6 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 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 LenderXxxxxx’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 LenderXxxxxx’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
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)
