Common use of Manner of Reimbursement Clause in Contracts

Manner of Reimbursement. Upon its receipt of a notice referred to in the immediately preceding subsection (D), the Borrower shall advise the Administrative Agent whether or not the Borrower intends to borrow hereunder to finance its obligation to reimburse the Administrative Agent for the amount of the related demand for payment and, if it does, the Borrower shall submit a timely Notice of Borrowing as provided in Section 2.1(a)(i)(B). If the Borrower fails to so advise the Administrative Agent, or if the Borrower fails to reimburse the Administrative Agent for a demand for payment under a Letter of Credit by the date of such payment, then (i) if the applicable conditions contained in Article 3 have been satisfied, the Borrower shall be deemed to have requested an Advance (which shall be a Base Rate Advance) in an amount equal to the unpaid Reimbursement Obligation and the Administrative Agent shall give each Lender prompt notice of the amount of the Advance to be made available to the Administrative Agent not later than 11:00 A.M. (California time) and (ii) if the conditions to Article III have not been satisfied, the provisions of subsection (J) of this Section shall apply.

Appears in 1 contract

Samples: Credit Agreement (Arden Realty Inc)

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Manner of Reimbursement. Upon its receipt of a notice referred to in ----------------------- the immediately preceding subsection (Dd), the Borrower shall advise the Administrative Agent whether or not the Borrower intends to borrow hereunder to finance its obligation to reimburse the Administrative Agent for the amount of the related demand for payment and, if it does, the Borrower shall submit a timely Notice of Borrowing as provided in Section 2.1(a)(i)(B2.1.(b). If the Borrower fails to so advise the Administrative Agent, or if the Borrower fails to reimburse the Administrative Agent for a demand for payment under a Letter of Credit by the date of such payment, then (i) if the applicable conditions contained in Article 3 have been satisfiedV. would permit the making of Revolving Loans, the Borrower shall be deemed to have requested an Advance a borrowing of Revolving Loans (which shall be a Base Rate AdvanceLoans) in an amount equal to the unpaid Reimbursement Obligation and the Administrative Agent shall give each Lender prompt notice of the amount of the Advance Revolving Loan (which shall not be subject to the limitations of Section 3.5.) to be made by such Lender, the proceeds of which such Lender shall make available to the Administrative Agent not later than 11:00 A.M. (California time) 3:00 p.m. and (ii) if such conditions would not permit the conditions to Article III have not been satisfiedmaking of Revolving Loans, the provisions of subsection (Jj) of this Section shall apply.

Appears in 1 contract

Samples: Credit Agreement (CNL American Properties Fund Inc)

Manner of Reimbursement. Upon its receipt of a notice referred to in the immediately preceding subsection (DSection 2.3(d), the Borrower shall advise the Administrative Agent and the Issuing Lender whether or not the Borrower intends to borrow hereunder to finance its obligation to reimburse the Administrative Agent Issuing Lender for the amount of the related demand for payment and, if it does, the Borrower shall submit a timely Notice of Borrowing as provided in Section 2.1(a)(i)(B)payment. If the Borrower fails to so advise the Administrative AgentAgent and the Issuing Lender, or if the Borrower fails to reimburse the Administrative Agent Issuing Lender for a demand for payment under a Letter of Credit by the date of such payment, then (i) if the applicable conditions contained in Article 3 have been satisfiedV would permit the making of Revolving Loans, the Borrower shall be deemed to have requested an Advance a borrowing of Revolving Loans (which shall be a Base Rate AdvanceLoans which shall bear interest at the Alternate Base Rate plus the Applicable Margin) in an amount equal to the unpaid Reimbursement Obligation and the Administrative Agent shall give each Lender prompt notice of the amount of the Advance Revolving Loan to be made available to the Administrative Agent for the account of the Issuing Lender not later than 11:00 A.M. (California time) 2:00 p.m. and (ii) if such conditions would not permit the conditions to Article III have not been satisfiedmaking of Revolving Loans, the provisions of subsection (JSection 2.3(j) of this Section shall apply. The limitations of Section 3.5(a) shall not apply to any borrowing of Base Rate Loans under this subsection.

Appears in 1 contract

Samples: Credit Agreement (Wells Core Office Income Reit Inc)

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Manner of Reimbursement. Upon its receipt of a notice referred to in the immediately preceding subsection (Dd), the Borrower shall advise the Administrative Agent whether or not the Borrower intends to borrow hereunder to finance its obligation to reimburse the Administrative Agent for the amount of the related demand for payment and, if it does, the Borrower shall submit a timely Notice of Borrowing as provided in Section 2.1(a)(i)(B2.1.(b). If the Borrower fails to so advise the Administrative Agent, or if the Borrower fails to reimburse the Administrative Agent for a demand for payment under a Letter of Credit by the date of such payment, then (i) if the applicable conditions contained in Article 3 have been satisfiedVI. would permit the making of Revolving Loans, the Borrower shall be deemed to have requested an Advance a borrowing of Revolving Loans (which shall be a Base Rate AdvanceLoans but which Loans shall not be subject to the limitations of Section 3.5.) in an amount equal to the unpaid Reimbursement Obligation and the Administrative Agent shall give each Lender prompt notice of the amount of the Advance Revolving Loan to be made by such Lender, the proceeds of which such Lender shall make available to the Administrative Agent not later than 11:00 A.M. (California time) 3:00 p.m. and (ii) if such conditions would not permit the conditions to Article III have not been satisfiedmaking of Revolving Loans, the provisions of subsection (Jj) of this Section shall apply.

Appears in 1 contract

Samples: Credit Agreement (First Washington Realty Trust Inc)

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