Common use of Payment by the Borrower Clause in Contracts

Payment by the Borrower. The Borrower agrees to fully reimburse the Agent for all amounts paid under any Letter of Credit together with interest thereon at the rate applicable to Reference Rate Loans from the date such payment is made until the date the Agent notifies the Borrower that such payment was made. Such reimbursement shall be made in immediately available funds to Agent at 0000 Xxxxx Xxxxxx, Xxxxxxx, Xxxxxxxxxx 00000 not later than 12:00 noon (Seattle time) on the date the Borrower is first notified by the Agent that payment has been made under the Letter of Credit; provided, that, if the Agent so elects pursuant to the terms -------- of Section 9.2, following the occurrence of an Event of Default, the face amount of each Letter of Credit shall become immediately due and payable. If the Borrower should default in its obligations to reimburse the Agent or to make any other payment required hereunder, (i) interest shall accrue on the unpaid amount thereof at the rate applicable to Reference Rate Loans during the existence of an Event of Default from the date such amount becomes due and payable until payment in full by the Borrower; and (ii) the Agent, in its sole discretion, may deem such default to constitute a Notice of Borrowing for the amount of the unreimbursed obligation together with accrued interest thereon, and, subject to the terms and conditions hereof, may advance a Loan to the Borrower and immediately apply the proceeds thereof in satisfaction of the Borrower's obligations under this Section 3.

Payment by the Borrower. The (1) Except as otherwise provided herein, all payments made by or on behalf of the Borrower agrees pursuant to fully reimburse this Agreement shall be made to and received by the Agent and shall be distributed by the Agent to the Lenders as soon as possible upon receipt by the Agent. Except as otherwise provided in this Agreement (including Sections 5.22 and 5.24), the Agent shall distribute: (a) payments of interest in accordance with each Lender's Applicable Percentage of the Credit; (b) repayments of principal in accordance with each Lender's Applicable Percentage of the Credit; or (c) all other payments received by the Agent including amounts received upon the realization of Security, in accordance with each Lender's Applicable Percentage of the Credit provided, however, that with respect to proceeds of realization, no Lender shall receive an amount in excess of the amounts owing to it in respect of the Obligations. (2) All payments made by or on behalf of the Borrower pursuant to this Agreement with respect to an L/C shall be made to and received by the Agent. Subject to Section 5.22, the Agent shall distribute all payments received by it with respect to any L/C as follows: (a) if the amount received by the Agent is an amount reimbursing the Issuing Bank for all amounts paid under any Letter by the Issuing Bank, payment shall be made to the Issuing Bank, to the extent that the Issuing Bank has not been previously reimbursed by the Borrower or the Lenders or otherwise as provided for herein, and to the extent that the Issuing Bank has been previously reimbursed by the Lenders, to such Lenders; and (b) if the amount received by the Agent is an amount in respect of Credit together with interest thereon at an L/C commission or the rate applicable Fronting Fee: (i) payment shall be made firstly to Reference Rate Loans from the date such Issuing Bank of an amount in respect of the Fronting Fee to the extent not already received, and (ii) payment shall be made thereafter to each Lender of its Applicable Percentage of the amount of the L/C commission received. (3) If the Agent does not distribute a Lender's share of a payment made by the Borrower to that Lender for value on the day that payment is made until or deemed to have been made to the date Agent, the Agent notifies the Borrower that such payment was made. Such reimbursement shall be made in immediately available funds to Agent at 0000 Xxxxx Xxxxxx, Xxxxxxx, Xxxxxxxxxx 00000 not later than 12:00 noon (Seattle time) on the date the Borrower is first notified by the Agent that payment has been made under the Letter of Credit; provided, that, if the Agent so elects pursuant pay to the terms -------- Lender on demand an amount equal to the product of Section 9.2, following the occurrence of an Event of Default, the face amount of each Letter of Credit shall become immediately due and payable. If the Borrower should default in its obligations to reimburse the Agent or to make any other payment required hereunder, (i) interest shall accrue on the unpaid amount thereof at the rate applicable to Interbank Reference Rate Loans during the existence of an Event of Default from the date such amount becomes due and payable until payment in full per annum multiplied by the Borrower; and (ii) the Agent, in its sole discretion, may deem such default to constitute a Notice Lender's share of Borrowing for the amount of received by the unreimbursed obligation together with accrued interest thereon, and, subject to the terms and conditions hereof, may advance a Loan to Agent from the Borrower and immediately apply not so distributed, multiplied by (iii) a fraction, the proceeds thereof in satisfaction numerator of which is the number of days that have elapsed from and including the date of receipt of the Borrower's obligations under this Section 3payment by the Agent to but excluding the date on which the payment is made by the Agent to such Lender and the denominator of which is 365. The Agent shall be entitled to withhold any Tax applicable to any such payment as required by Applicable Laws.

Payment by the Borrower. The Borrower agrees to fully reimburse the Agent for (1) Except as otherwise provided herein, all amounts paid under any Letter payments made by or on behalf of Credit together with interest thereon at the rate applicable to Reference Rate Loans from the date such payment is made until the date the Agent notifies the Borrower that such payment was made. Such reimbursement pursuant to this Agreement shall be made in immediately available funds to Agent at 0000 Xxxxx Xxxxxx, Xxxxxxx, Xxxxxxxxxx 00000 not later than 12:00 noon (Seattle time) on the date the Borrower is first notified and received by the Agent and shall be distributed by the Agent to the Lenders as soon as possible upon receipt by the Agent. Except as otherwise provided in this Agreement (including Sections 5.24 and 5.26), the Agent shall distribute: (a) payments of interest in accordance with each Lender’s Applicable Percentage of the Credit; (b) repayments of principal in accordance with each Lender’s Applicable Percentage of the Credit; or (c) all other payments received by the Agent including amounts received upon the realization of Security, in accordance with each Lender’s Applicable Percentage of a Credit provided, however, that with respect to proceeds of realization, no Lender shall receive an amount in excess of the amounts owing to it in respect of the Obligations. (2) All payments made by or on behalf of the Borrower pursuant to this Agreement with respect to an L/C shall be made to and received by the Agent. Subject to Section 5.24, the Agent shall distribute all payments received by it with respect to any L/C as follows: (a) if the amount received by the Agent is an amount reimbursing the Issuing Bank for amounts paid by the Issuing Bank, payment shall be made to the Issuing Bank, to the extent that the Issuing Bank has not been previously reimbursed by the Borrower or the Lenders or otherwise as provided for herein, and to the extent that the Issuing Bank has been made under previously reimbursed by the Letter of CreditLenders, to such Lenders; provided, that, and (b) if the amount received by the Agent so elects pursuant to the terms -------- of Section 9.2, following the occurrence is an amount in respect of an Event of Default, L/C commission or the face amount of each Letter of Credit shall become immediately due and payable. If the Borrower should default in its obligations to reimburse the Agent or to make any other payment required hereunder, Fronting Fee: (i) interest payment shall accrue on be made firstly to the unpaid amount thereof at the rate applicable to Reference Rate Loans during the existence Issuing Bank of an Event amount in respect of Default from the date such amount becomes due and payable until payment in full by Fronting Fee to the Borrower; and extent not already received, and (ii) the Agent, in payment shall be made thereafter to each Lender of its sole discretion, may deem such default to constitute a Notice Applicable Percentage of Borrowing for the amount of the unreimbursed obligation together with accrued interest thereon, and, subject L/C commission received. (3) If the Agent does not distribute a Lender’s share of a payment made by the Borrower to that Lender for value on the day that payment is made or deemed to have been made to the terms and conditions hereofAgent, may advance a Loan the Agent shall pay to the Lender on demand an amount equal to the product of (a) the Interbank Reference Rate per annum multiplied by (b) the Lender’s share of the amount received by the Agent from the Borrower and immediately apply not so distributed, multiplied by (c) a fraction, the proceeds thereof in satisfaction numerator of which is the number of days that have elapsed from and including the date of receipt of the Borrower's obligations under this Section 3payment by the Agent to but excluding the date on which the payment is made by the Agent to such Lender and the denominator of which is 365. The Agent shall be entitled to withhold any Tax applicable to any such payment as required by Applicable Laws.