Common use of Letter of Credit Reimbursement Payments Clause in Contracts

Letter of Credit Reimbursement Payments. (a)(i) The Borrowers agree to pay to the Agent, on the day on which the Agent shall honor a draft or other demand for payment presented or made under any Letter of Credit, an amount equal to the amount paid by the Agent in respect of such draft or other demand under such Letter of Credit and all expenses paid or incurred by the Agent relative thereto. Unless the Borrowers shall have made such payment to the Agent on such day, upon each such payment by the Agent, the Agent shall be deemed to have disbursed to the Borrowers, and the Borrowers shall be deemed to have elected to satisfy the reimbursement obligation by borrowing, a Loan bearing interest at the Floating Rate for the account of the Banks in an amount equal to the amount so paid by the Agent in respect of such draft or other demand under such Letter of Credit. Such Loan shall be disbursed, and each Bank shall advance its Pro Rata Share thereof, notwithstanding any failure to satisfy any conditions for disbursement of any Loan set forth in Article III or any other condition and, to the extent of the Loan so disbursed, the reimbursement obligation of the Borrowers under this Section 3.3 shall be deemed satisfied; provided, however, that such disbursement shall not be deemed to be a waiver of any Event of Default or Default, if any.

Letter of Credit Reimbursement Payments. (a)(i) The Borrowers agree to pay to the AgentBanks, on the day on which the Agent shall honor a draft or other demand for payment presented or made under any Letter of Credit, an amount equal to the amount paid by the Agent in respect of such draft or other demand under such Letter of Credit and all expenses paid or incurred by the Agent relative thereto. Unless the Borrowers a Borrower shall have made such payment to the Agent Banks on such day, upon each such payment by the Agent, the Agent shall be deemed to have disbursed to the BorrowersBorrower for whose benefit the Letter of Credit was issued, and the Borrowers such Borrower shall be deemed to have elected to satisfy the its reimbursement obligation by borrowingby, a Revolving Credit Loan bearing interest at the Floating Rate for the account of the Banks in an amount equal to the amount so paid by the Agent in respect of such draft or other demand under such Letter of Credit. Such Revolving Credit Loan shall be disbursed, and each Bank shall advance its Pro Rata Share thereof, disbursed notwithstanding any failure to satisfy any conditions for disbursement of any Loan set forth in Article III or any other condition II hereof and, to the extent of the Revolving Credit Loan so disbursed, the reimbursement obligation of the Borrowers under this Section 3.3 shall be deemed satisfied; provided, however, that such disbursement nothing in this Section 3.3 shall not be deemed to be constitute a waiver of any Default or Event of Default caused by the failure to the conditions for disbursement or Default, if anyotherwise.

Letter of Credit Reimbursement Payments. (a)(ia) (i) The Borrowers agree Company agrees to pay to the AgentLenders, on the day on which the Agent shall honor a draft or other demand for payment presented or made under any Letter of Credit, an amount equal to the amount paid by the Agent in respect of such draft or other demand under such Letter of Credit and all expenses paid or incurred by the Agent relative thereto. Unless the Borrowers Company shall have made such payment to the Agent Lenders on such day, upon each such payment by the Agent, the Agent shall be deemed to have disbursed to the BorrowersCompany, and the Borrowers Company shall be deemed to have elected to satisfy the its reimbursement obligation by borrowingby, a Loan bearing interest at the Floating Rate for the account of the Banks Lenders in an amount equal to the amount so paid by the Agent in respect of such draft or other demand under such Letter of Credit. Such Loan shall be disbursed, and each Bank shall advance its Pro Rata Share thereof, disbursed notwithstanding any failure to satisfy any conditions for disbursement of any Loan set forth in Article III or any other condition II hereof and, to the extent of the Loan so disbursed, the reimbursement obligation of the Borrowers Company under this Section 3.3 shall be deemed satisfied; provided, however, that such disbursement nothing in this Section 3.3 shall not be deemed to be constitute a waiver of any Default or Event of Default caused by the failure to the conditions for disbursement or Default, if anyotherwise.

Letter of Credit Reimbursement Payments. (a)(i) The Borrowers agree Company agrees to pay to the AgentLenders, on the day on which the Agent shall honor a draft or other demand for payment presented or made under any Letter of Credit, an amount equal to the amount paid by the Agent in respect of such draft or other demand under such Letter of Credit and all expenses paid or incurred by the Agent relative thereto. Unless the Borrowers Company shall have made such payment to the Agent Lenders on such day, upon each such payment by the Agent, the Agent shall be deemed to have disbursed to the BorrowersCompany for whose benefit the Letter of Credit was issued, and the Borrowers Company shall be deemed to have elected to satisfy the its reimbursement obligation by borrowingby, a Syndicated Loan bearing interest at the Floating Rate for the account of the Banks Lenders in an amount equal to the amount so paid by the Agent in respect of such draft or other demand under such Letter of Credit. Such Syndicated Loan shall be disbursed, and each Bank shall advance its Pro Rata Share thereof, disbursed notwithstanding any failure to satisfy any conditions for disbursement of any Loan set forth in Article III or any other condition II hereof and, to the extent of the Syndicated Loan so disbursed, the reimbursement obligation of the Borrowers Company under this Section 3.3 shall be deemed satisfied; provided, however, that such disbursement nothing in this Section 3.3 shall not be deemed to be constitute a waiver of any Default or Event of Default caused by the failure to the conditions for disbursement or Default, if anyotherwise.

Letter of Credit Reimbursement Payments. (a)(i) The Borrowers agree to pay to the Agent, on the day on which the Agent shall honor a draft or other demand for payment presented or made under any Letter of Credit, an amount equal to the amount paid by the Agent in respect of such draft or other demand under such Letter of Credit and all expenses paid or incurred by the Agent relative thereto. Unless the Borrowers shall have made such payment to the Agent on such day, day upon each such payment by the Agent, the Agent shall be deemed to have disbursed to the Borrowers, and the Borrowers shall be deemed to have elected to satisfy the reimbursement obligation by borrowing, a Loan bearing interest at the Floating Rate for the account of the Banks in an amount equal to the amount so paid by the Agent in respect of such draft or other demand under such Letter of Credit. Such Loan shall be disbursed, and each Bank shall advance its Pro Rata Share thereof, notwithstanding any failure to satisfy any conditions for disbursement of any Loan set forth in Article III or any other condition and, to the extent of the Loan so disbursed, the reimbursement obligation of the Borrowers under this Section 3.3 shall be deemed satisfied; provided, however, that such disbursement shall not be deemed to be a waiver of any Event of Default or Default, if any.

Letter of Credit Reimbursement Payments. (a)(ia) (i) The Borrowers agree Company agrees to pay to the AgentBanks, on the day on which the Agent shall honor a draft or other demand for payment presented or made under any Letter of Credit, an amount equal to the amount paid by the Agent in respect of such draft or other demand under such Letter of Credit and all expenses paid or incurred by the Agent relative thereto. Unless the Borrowers Company shall have made such payment to the Agent Banks on such day, upon each such payment by the Agent, the Agent shall be deemed to have disbursed to the BorrowersCompany, and the Borrowers Company shall be deemed to have elected to satisfy the its reimbursement obligation by borrowingby, a Loan borrowing of Revolving Credit Loans bearing interest at the Floating Rate for the account of the Banks in an amount equal to the amount so paid by the Agent in respect of such draft or other demand under such Letter of Credit. Such Loan Revolving Credits Loans shall be disbursed, and each Bank shall advance its Pro Rata Share thereof, disbursed notwithstanding any failure to satisfy any conditions for disbursement of any Loan set forth in Article III or any other condition II hereof and, to the extent of the Loan Revolving Credit Loans so disbursed, the reimbursement obligation of the Borrowers Company under this Section 3.3 3.9 shall be deemed satisfied; provided, however, that such disbursement nothing in this Section 3.9 shall not be deemed to be constitute a waiver of any Default or Event of Default caused by the failure to satisfy the conditions for disbursement or Default, if anyotherwise.

Letter of Credit Reimbursement Payments. (a)(ia) (i) The Borrowers agree Company agrees to pay to the AgentLC Issuer, on the day on which the Agent LC Issuer shall honor a draft or other demand for payment presented or made under any Letter of Credit, an amount equal to the amount paid by the Agent LC Issuer in respect of such draft or other demand under such Letter of Credit and all expenses paid or incurred by the Agent LC Issuer relative thereto. Unless the Borrowers Company shall have made such payment to the Agent LC Issuer on such day, upon each such payment by the AgentLC Issuer, the Agent shall be deemed to have disbursed to the BorrowersCompany, and the Borrowers Company shall be deemed to have elected to satisfy the its reimbursement obligation by borrowingby, a Loan bearing interest at the Floating Rate for the account of the Banks Lenders in an amount equal to the amount so paid by the Agent LC Issuer in respect of such draft or other demand under such Letter of Credit. Such Loan shall be disbursed, and each Bank shall advance its Pro Rata Share thereof, disbursed notwithstanding any failure to satisfy any conditions for disbursement of any Loan set forth in Article III or any other condition Section 3 hereof and, to the extent of the Loan so disbursed, the reimbursement obligation of the Borrowers Company under this Section 3.3 4.3 shall be deemed satisfied; provided, however, that such disbursement nothing in this Section 4.3 shall not be deemed to be constitute a waiver of any Default or Event of Default caused by the failure to the conditions for disbursement or Default, if anyotherwise.

Letter of Credit Reimbursement Payments. (a)(i) The Borrowers agree applicable Borrower agrees to pay to the AgentLenders, on the day on which the Agent shall honor a draft or other demand for payment presented or made under any Letter of Credit, an amount equal to the amount paid by the Agent in respect of such draft or other demand under such Letter of Credit and all expenses paid or incurred by the Agent relative thereto. Unless the Borrowers applicable Borrower shall have made such payment to the Agent Lenders on such day, upon each such payment by the Agent, the Agent shall be deemed to have disbursed to the Borrowersapplicable Borrower for whose benefit the Letter of Credit was issued, and the Borrowers applicable Borrower shall be deemed to have elected to satisfy the its reimbursement obligation by borrowingby, a Syndicated Loan bearing interest at the Floating Rate for the account of the Banks Lenders in an amount equal to the amount so paid by the Agent in respect of such draft or other demand under such Letter of Credit. Such Syndicated Loan shall be disbursed, and each Bank shall advance its Pro Rata Share thereof, disbursed notwithstanding any failure to satisfy any conditions for disbursement of any Loan set forth in Article III or any other condition II hereof and, to the extent of the Syndicated Loan so disbursed, the reimbursement obligation of the Borrowers applicable Borrower under this Section 3.3 shall be deemed satisfied; provided, however, that such disbursement nothing in this Section 3.3 shall not be deemed to be constitute a waiver of any Default or Event of Default caused by the failure to the conditions for disbursement or Default, if anyotherwise.