Letter of Credit Reimbursement. If Issuing Bank shall make any payment in respect of a Letter of Credit, Borrowers shall reimburse Issuing Bank by paying to Agent an amount equal to such payment by Issuing Bank not later than 2:00 p.m. on the date that such payment by Issuing Bank is made, if the applicable Borrower (or Administrative Borrower on behalf of such Borrower) shall have received notice of such payment by the Issuing Bank prior to 10:00 a.m. on such date, or, if such notice shall not have been received by such Borrower (or Administrative Borrower) prior to such time on such date, then not later than 2:00 p.m. on the next Business Day; provided, that, unless such Borrower (or Administrative Borrower on behalf of such Borrower) requests otherwise, and, subject to the conditions to borrowing set forth herein, each drawing under any Letter of Credit or other amount payable in connection therewith when due shall constitute a request by the Borrower for whose account such Letter of Credit was issued to Agent for a Base Rate Loan in the amount of such drawing or other amount then due, and shall be made by Agent on behalf of Lenders as a Revolving Loan or Swing Line Loan as Administrative Borrower requests, or if such request is not received in a timely manner, as Agent determines (or, if determined by Agent as a Special Agent Advance, as the case may be) in an equivalent amount and, to the extent so financed, such Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Loan, Swing Line Loan (or Special Agent Advance, as the case may be). If the applicable Borrower (or Administrative Borrower on behalf of such Borrower) fails to make such payment when due, subject to the rights of Agent under Section 6.13 hereof, Agent may notify each Lender of the applicable payment made by the Issuing Bank in respect of such Letter of Credit, the payment then due from such Borrower in respect thereof and such Lender’s Pro Rata Share thereof. Promptly following receipt of such notice, each Lender shall pay to Agent its Pro Rata Share of the payment then due and Agent shall promptly pay to the applicable Issuing Bank the amounts so received by it from Lenders. Promptly following receipt by Agent of any payment from a Borrower pursuant to this paragraph, Agent shall distribute such payment to the applicable Issuing Bank or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to such Lenders and such...
Letter of Credit Reimbursement. The Borrower shall have repaid any outstanding LC Reimbursement Payments and/or Working Capital Loans.
Letter of Credit Reimbursement. The Borrower shall have repaid any outstanding Revolving LC Loans.
Letter of Credit Reimbursement. With respect to those states in which Dxxx is required to maintain standby letters of credit relating to workers compensation claims by employees of the Transferred Businesses (the “Letters of Credit”), TreeHouse shall reimburse Dxxx, on and after the Distribution Date, for all costs and expenses incurred by Dxxx in respect of the Letters of Credit (including any expenses incurred in arranging for such Letters of Credit). In addition, with respect to those states in which Dxxx maintains qualified self insurance programs relating to workers compensation claims by employees of the Transferred Businesses, TreeHouse shall reimburse Dxxx, on and after the Distribution Date, for the allocated portion of costs and expenses incurred by Dxxx in respect of such self insurance programs and any corresponding collateral (the “Self Insurance Costs”). For each twelve (12) month period (which initial period shall commence on the Distribution Date and end on the one-year anniversary thereof), Dxxx shall submit an invoice summarizing the costs and expenses by jurisdiction in respect of the Letters of Credit and the Self Insurance Costs to TreeHouse. Payment shall be made by TreeHouse no later than thirty (30) days after the invoice date. In addition, in the event any Letter of Credit is drawn by the beneficiary thereof, TreeHouse shall reimburse Dxxx for the amount of such drawing within five (5) days of Dxxx’x demand therefor. The obligations of TreeHouse set forth in this Section 8.9 shall survive the Distribution Date indefinitely.
Letter of Credit Reimbursement. The obligation (a "Letter of Credit Reimbursement Obligation") of the Borrower under Section 2.6.2 to reimburse the Letter of Credit Issuer with respect to each Letter of Credit Disbursement (including interest thereon), and, upon the failure of the Borrower to reimburse the Letter of Credit Issuer, each Three Year Loan Lender's obligation under Section 2.6.1 to reimburse the Letter of Credit Issuer, shall be absolute and unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment which the Borrower or such Three Year Loan Lender, as the case may be, may have or have had against the Letter of Credit Issuer or any Lender, including any defense based upon the failure of any Letter of Credit Disbursement to conform to the terms of the applicable Letter of Credit (if, in the Letter of Credit Issuer's good faith opinion, such Letter of Credit Disbursement is determined to be appropriate) or any non-application or misapplication by the District Court of the proceeds of the Letter of Credit; provided, however, that after paying in full its Letter of Credit Reimbursement Obligation hereunder, nothing herein shall adversely affect the right of the Borrower or such Lender, as the case may be, to commence any proceeding against the Letter of Credit Issuer for any wrongful Letter of Credit Disbursement made by the Letter of Credit Issuer under the Letter of Credit as a result of acts or omissions constituting gross negligence or wilful misconduct on the part of the Letter of Credit Issuer.
Letter of Credit Reimbursement. Agreements executed by each Borrower for whose account a Letter of Credit may be issued.
Letter of Credit Reimbursement. In addition to the remedies set forth in Section 10.2 and Section 10.3, immediately upon the commencement of any proceeding under any bankruptcy law by or against the Borrower, and at Bank’s option upon the occurrence of any other Event of Default, within 5 days of receiving notice, the Borrower shall pay to Bank a sum equal to the then outstanding amount of the Letters of Credit.. The Borrower grants Bank a first lien and security interest in all such funds paid to Bank, including without limitation all instruments evidencing such funds, and all products and proceeds of the foregoing, as security for all now existing and hereafter arising debts, obligations and liabilities of the Borrower to Bank in connection with the Revolving Credit Facility.
Letter of Credit Reimbursement. Reserve. Borrower may request that Lender issue a letter of credit payable in a currency other than United States Dollars. If a demand for payment is made under any such letter of credit, Lender shall treat such demand as an advance to Borrower of the equivalent of the amount thereof (plus cable charges) in United States currency at the then prevailing rate of exchange in San Francisco, California, for sales of that other currency for cable transfer to the country of which it is the currency. Upon the issuance of any letter of credit payable in a currency other than United States Dollars, Lender shall create a reserve (the "Letter of Credit Reserve") under the Committed Line for letters of credit against fluctuations in currency exchange rates, in an amount equal to ten percent (10%) of the face amount of such letter of credit. The amount of such reserve may be amended by Lender from time to time to account for fluctuations in the exchange rate. The availability of funds under the Note shall be reduced by the amount of such reserve for so long as such letter of credit remains outstanding.
3. The paragraph entitled "Financial Covenants" is hereby amended to read in its entirety as follows: Borrower shall maintain on a quarterly basis, a minimum quick ratio of 2.00 to 1.0; a minimum tangible net worth of $35,000,000.00, plus seventy five percent (75%) of quarterly profits after taxes (exclusive of losses), beginning as of October 1, 1996, plus one hundred percent (100%) of net new equity; and a maximum total debt minus subordinated debt to tangible net worth plus subordinated debt ratio of 1.00 to 1.00. Additionally, Borrower shall achieve profitability on a quarterly basis with allowance for one quarterly loss, provided such loss does not exceed $500,000.00.
Letter of Credit Reimbursement. Section 2.9(a) of the Original Agreement is hereby amended in its entirety to read as follows:
Letter of Credit Reimbursement. The Credit Agreement is hereby amended by deleting the last sentence of Section 3.4 thereof in its entirety, and substituting in lieu thereof the following new sentence to read as follows: If the Borrower fails to timely reimburse the Lender on the date the Borrower receives the notice referred to in this Section 3.4, the Borrower shall be deemed to have timely given a Notice of Borrowing hereunder to the Lender requesting a Facility A Loan on such date in an amount equal to the amount of such drawing and, subject to the satisfaction or waiver of the conditions precedent specified in Article 5, the Lender shall make a Facility A Loan in such amount, the proceeds of which shall be applied to reimburse the Lender for the amount of the related drawing and costs and expenses.
