Obligation of Reimbursement. The Borrower acknowledges that the Lender, as ----------------------------- co-applicant, will be liable to the Issuer for reimbursement of any and all draws under Letters of Credit and for all other amounts required to be paid under the applicable L/C Application. Accordingly, the Borrower shall pay to the Lender any and all amounts required to be paid under the applicable L/C Application, when and as required to be paid thereby, and the amounts designated below, when and as designated:
Obligation of Reimbursement. The Borrower hereby agrees to pay the Bank or the Lender, as the case may be (the "Obligation of Reimbursement") (i) on the day that any amount is drawn under the Letters of Credit a sum equal to the amount drawn under the Letters of Credit plus any and all reasonable charges and expenses which the Bank or the Lender may pay or incur relative to such draw, (ii) on demand, any amounts advanced by the Bank or the Lender in its sole discretion to cure any event of default under the Bond Documents, and (iii) on demand, interest on all amounts remaining unpaid by the Borrower to the Bank or the Lender under this Agreement at any time accruing from the date such amounts become payable (in the case of an amount payable on demand, which interest shall accrue from the date the Lender is first entitled to demand payment, regardless of whether a demand for payment is actually made), until payment in full, at an annual rate equal to two percent (2%) per annum in excess of the Prime Rate, as the same changes from time to time; provided, however, that no interest shall accrue or be payable on any amounts paid by the Bank or the Lender pursuant to a draft submitted under the Letters of Credit if the full amount of such draft is reimbursed by the Borrower to the Bank or the Lender, by 2:00 o'clock p.m. on the same day such draft is paid by the Bank or the Lender. The Borrower acknowledges and agrees that the Lender is also obligated to reimburse the Bank for any amounts drawn under the Letters of Credit and, accordingly, the Borrower's Obligation of Reimbursement shall inure to the benefit of both the Bank and the Lender. A schedule of the principal payments required under the Series A Bonds is attached hereto as Exhibit A and a schedule of the principal payments required under the Series B Bonds is attached hereto as Exhibit B.
Obligation of Reimbursement. To the extent that this Agreement requires the application of any Collections to the reduction of the Obligation of Reimbursement, such Collections shall be applied to Revolving Advances before any portion thereof is "applied", as cash collateral, to the Obligation of Reimbursement, and the Banks authorize the Agent to act as their collateral agent for purposes of holding any such cash collateral.
Obligation of Reimbursement and all indebtedness of the Borrower arising under this Agreement, the Note, any L/C Application completed by the Borrower, or any other loan or credit agreement or guaranty between the Borrower and the Lender, whether now in effect or hereafter entered into.
Obligation of Reimbursement. The Borrower shall pay the Agent on the day a drawing is honored under any Letter of Credit a sum equal to all amounts drawn under such Letter of Credit plus any and all reasonable charges and expenses that the Agent may pay or incur relative to such draw, plus interest on all such amounts, charges and expenses as provided in Section 2.22(d) and (e) (all such amounts are hereinafter referred to, collectively, as the Obligation of Reimbursement). The Obligation of Reimbursement shall be secured by the Collateral as provided in Article III.
Obligation of Reimbursement. The Companies shall pay Wxxxx Fargo on demand and in immediately available funds, the principal amount of all Letter of Credit draws (the "L/C Obligations") together with interest, accrued from the date of presentment of the underlying draft until reimbursement in full, at the Contract Rate.
Obligation of Reimbursement. If a draft is submitted under a Letter of Credit when the Borrowers are unable, because a Default Period exists or for any other reason, to obtain a Revolving Advance to pay the Obligation of Reimbursement, the Borrowers shall pay to the Lender on demand and in immediately available funds, the amount of the Obligation of Reimbursement together with interest, accrued from the date of the draft until payment in full at the Default Rate. Notwithstanding the Borrowers’ inability to obtain a Revolving Advance for any reason, the Lender may, in its sole discretion, make a Revolving Advance in an amount sufficient to discharge any outstanding Obligation of Reimbursement and any accrued but unpaid interest and fees payable with respect to same.
Obligation of Reimbursement. The Borrower shall reimburse Norwest for all draws --------------------------- under any Letter of Credit in accordance with the applicable L/C Application and as follows:
Obligation of Reimbursement. The Borrower shall pay Norwest on the day a draft is honored under any Letter of Credit a sum equal to all amounts drawn under such Letter of Credit plus any and all reasonable charges and expenses that Norwest may pay or incur relative to such draw and the applicable L/C Application, plus interest on all such amounts, charges and expenses as set forth below (the Borrower's obligation to pay all such amounts is herein referred to as the "Obligation of Reimbursement").
Obligation of Reimbursement. The Lender shall be entitled to exercise all of the rights of an owner of the Bonds held by the Trustee as agent for the Lender with respect to voting, consenting and directing the Trustee as if the Lender were the owner of such Bonds, and the Borrower hereby grants and assigns to the Lender all such rights.
