Common use of Payment Obligation of Lenders Clause in Contracts

Payment Obligation of Lenders. Each Lender severally agrees to pay to the Agent for the account of the Issuing Lender on demand in immediately available funds in Dollars the amount of such Lender’s Commitment Percentage of each drawing paid by the Issuing Lender under each Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to Section 2.3(d). Each such Lender’s obligation to make such payments to the Agent for the account of the Issuing Lender under this subsection, and the Issuing Lender’s right to receive the same, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other Obligor, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(f) or 10.1(g), or (iv) the termination of the Commitments. Each such payment to the Agent for the account of the Issuing Lender shall be made without any offset, abatement, withholding or deduction whatsoever. If the Issuing Lender shall make any disbursement on account of drawing under a Letter of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate shall apply.

Appears in 3 contracts

Samples: Credit Agreement (Columbia Property Trust, Inc.), Credit Agreement (Columbia Property Trust, Inc.), Credit Agreement (Wells Real Estate Investment Trust Ii Inc)

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Payment Obligation of Lenders. Each Lender severally agrees to pay to the Agent Administrative Agent, for the account of the Issuing Lender Bank, on demand in immediately available funds in Dollars the amount of such Lender’s Commitment Percentage of each drawing paid by the Issuing Lender Bank under each Letter of Credit to the extent such amount is not reimbursed by the Borrower Borrowers pursuant to the immediately preceding subsection (d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to fund, whether as a Revolving Loan or as a participation, shall not exceed such Lender’s Commitment Percentage of such drawing. If the notice referenced in the second sentence of Section 2.3(d)2.4(e) is received by a Lender not later than 12:00 p.m. Eastern time, then such Lender shall make such payment available to the Administrative Agent not later than 3:00 p.m. Eastern time on the date of demand therefor; otherwise, such payment shall be made available to the Administrative Agent not later than 2:00 p.m. Eastern time on the next succeeding Business Day. Each such Lender’s obligation to make such payments to the Administrative Agent under this subsection, and the Administrative Agent’s right to receive the same for the account of the Issuing Lender under this subsection, and the Issuing Lender’s right to receive the sameBank, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower Borrowers or any other ObligorLoan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(f11.1(e) or 10.1(g(f), or (iv) the termination of the Revolving Commitments. Each such payment to the Administrative Agent for the account of the Issuing Lender Bank shall be made without any offset, abatement, withholding or deduction whatsoever. If the Issuing Lender shall make any disbursement on account of drawing under a Letter of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate shall apply.

Appears in 2 contracts

Samples: Credit Agreement (American Realty Capital Properties, Inc.), Option and Subordination Agreement (CapLease, Inc.)

Payment Obligation of Lenders. Each Lender severally agrees to pay to the Agent Administrative Agent, for the account of the Issuing Lender Bank, on demand in immediately available funds in Dollars like funds as those disbursed to Borrower, the amount of such Lender’s Commitment Percentage Pro Rata Share of each drawing paid by the Issuing Lender Bank under each Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to the immediately preceding subsection (d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to fund, whether as a Revolving Loan or as a participation, shall not exceed such Lender’s Pro Rata Share of such drawing. If the notice referenced in the second sentence of Section 2.3(d2.4(e) is received by a Lender not later than 9:00 a.m. (Pacific time), then such Lender shall make such payment available to the Administrative Agent not later than 12:00 p.m. (Pacific time) on the date of demand therefor; otherwise, such payment shall be made available to the Administrative Agent not later than 11:00 a.m. (Pacific time) on the next succeeding Business Day. Each such Lender’s obligation to make such payments to the Administrative Agent under this subsection, and the Administrative Agent’s right to receive the same for the account of the Issuing Lender under this subsection, and the Issuing Lender’s right to receive the sameBank, shall be absolute, irrevocable irrevocable, and unconditional and shall not be affected in any way by any circumstance whatsoever, including including, without limitation, (i) the failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other ObligorLoan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(f) or 10.1(g)11.1, or (iv) the termination of the Revolving Commitments. Each such payment to the Administrative Agent for the account of the Issuing Lender Bank shall be made without any offset, abatement, withholding withholding, or deduction whatsoever. If the Issuing Lender shall make any disbursement on account of drawing under a Letter of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate shall apply.

Appears in 2 contracts

Samples: Credit Agreement (Equity One, Inc.), Credit Agreement (Equity One, Inc.)

Payment Obligation of Lenders. Each Revolving Credit Lender severally agrees to pay to the Agent for the account of the Issuing Lender on demand in immediately available funds Same Day Funds in Dollars the amount of such Revolving Credit Lender’s Revolving Commitment Percentage (if such Letter of Credit is denominated in Dollars) or Alternative Currency Revolving Commitment Percentage (if such Letter of Credit is denominated in any Alternative Currency) of each drawing paid by the Issuing Lender Agent under each Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to Section 2.3(d2.2(d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to fund, whether as a Revolving Credit Loan or as a participation, shall not exceed such Revolving Credit Lender’s Revolving Commitment Percentage (if the applicable Letter of Credit is denominated in Dollars) or Alternative Currency Revolving Commitment Percentage (if the applicable Letter of Credit is denominated in any Alternative Currency) of such drawing. If the notice referenced in the second sentence of Section 2.2(e) is received by a Revolving Credit Lender not later than 11:00 a.m. then such Revolving Credit Lender shall make such payment available to the Agent not later than 2:00 p.m. on the date of demand therefor; otherwise, such payment shall be made available to the Agent not later than 1:00 p.m. on the next succeeding Business Day. Each such Revolving Credit Lender’s obligation to make such payments to the Agent for the account of the Issuing Lender under this subsection, and the Issuing LenderAgent’s right to receive the same, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Revolving Credit Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other ObligorBorrower, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(f) or 10.1(g10.1(h), Section (i), or Section (j) or (iv) the termination of the Commitments. Each such payment to the Agent for the account of the Issuing Lender shall be made without any offset, abatement, withholding or deduction whatsoever. If the Issuing Lender shall make any disbursement on account of drawing under a Letter of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate shall apply.

Appears in 2 contracts

Samples: And Consolidated Credit Agreement (Epr Properties), And Consolidated Credit Agreement (Epr Properties)

Payment Obligation of Lenders. Each Lender severally agrees to pay to the Agent Administrative Agent, for the account of the Issuing Lender Bank, on demand in immediately available funds in Dollars the amount of such Lender’s 's Revolving Commitment Percentage of each drawing paid by the Issuing Lender Bank under each Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to the immediately preceding subsection (d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to fund, whether as a Revolving Loan or as a participation, shall not exceed such Lender's Revolving Commitment Percentage of such drawing. If the notice referenced in the second sentence of Section 2.3(d)2.4.(e) is received by a Lender not later than 11:00 a.m. Central time, then such Lender shall make such payment available to the Administrative Agent not later than 2:00 p.m. Central time on the date of demand therefor; otherwise, such payment shall be made available to the Administrative Agent not later than 1:00 p.m. Central time on the next succeeding Business Day. Each such Lender’s 's obligation to make such payments to the Administrative Agent under this subsection, and the Administrative Agent's right to receive the same for the account of the Issuing Lender under this subsection, and the Issuing Lender’s right to receive the sameBank, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower Borrower, the Parent or any other ObligorLoan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(fSections 11.1.(e) or 10.1(g), (f) or (iv) the termination of the Revolving Commitments. Each such payment to the Administrative Agent for the account of the Issuing Lender Bank shall be made without any offset, abatement, withholding or deduction whatsoever. If the Issuing Lender shall make any disbursement on account of drawing under a Letter of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate shall apply.

Appears in 2 contracts

Samples: Credit Agreement (CBL & Associates Properties Inc), Credit Agreement (CBL & Associates Properties Inc)

Payment Obligation of Lenders. Each Lender severally agrees to pay to the Agent Administrative Agent, for the account of the each Issuing Lender Bank, on demand in immediately available funds in Dollars the amount of such Lender’s Revolving Commitment Percentage of each drawing paid by the such Issuing Lender Bank under each Letter of Credit issued by it to the extent such amount is not reimbursed by the Borrower pursuant to the immediately preceding subsection (d); provided, however, that with respect to any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to fund, whether as a Revolving Loan or as a participation, shall not exceed such Lender’s Revolving Commitment Percentage of such drawing except as otherwise provided in Section 2.3(d3.9.(d). If the notice referenced in the second sentence of Section 2.3.(e) is received by a Lender not later than 9:00 a.m. Pacific time, then such Lender shall make such payment available to the Administrative Agent not later than 12:00 p.m. Pacific time on the date of demand therefor; otherwise, such payment shall be made available to the Administrative Agent not later than 11:00 a.m. Pacific time on the next succeeding Business Day. Each such Lender’s obligation to make such payments to the Administrative Agent for the account of the Issuing Lender under this subsection, and the Issuing LenderAdministrative Agent’s right to receive the samesame for the account of the applicable Issuing Bank, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other ObligorLoan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(f10.1.(e) or 10.1(g(f), or (iv) the termination of the CommitmentsRevolving Commitments or (v) the delivery of Cash Collateral in respect of any Extended Letter of Credit. Each such payment to the Administrative Agent for the account of the an Issuing Lender Bank shall be made without any offset, abatement, withholding or deduction whatsoever. If the Issuing Lender shall make any disbursement on account of drawing under a Letter of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate shall apply.

Appears in 2 contracts

Samples: Credit Agreement (Federal Realty Investment Trust), Credit Agreement (Federal Realty Investment Trust)

Payment Obligation of Lenders. Each Lender severally agrees to pay to the Agent Administrative Agent, for the account of the such Issuing Lender Bank, on demand in immediately available funds in Dollars the amount of such Lender’s Revolving Commitment Percentage of each drawing paid by the applicable Issuing Lender Bank under each Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to the immediately preceding subsection (d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to fund, whether as a Revolving Loan or as a participation, shall not exceed such Lender’s Revolving Commitment Percentage of such drawing. If the notice referenced in the second sentence of Section 2.3(d)2.2.(e) is received by a Lender not later than 11:00 a.m. Central time, then such Lender shall make such payment available to the Administrative Agent not later than 2:00 p.m. Central time on the date of demand therefor; otherwise, such payment shall be made available to the Administrative Agent not later than 1:00 p.m. Central time on the next succeeding Business Day. Each such Lender’s obligation to make such payments to the Administrative Agent for the account of the Issuing Lender under this subsection, and the Issuing LenderAdministrative Agent’s right to receive the samesame for the account of any Issuing Bank, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other ObligorLoan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(f11.1.(e) or 10.1(g), (f) or (iv) the termination of the Revolving Commitments. Each such payment to the Administrative Agent for the account of the any Issuing Lender Bank shall be made without any offset, abatement, withholding or deduction whatsoever. If the Issuing Lender shall make any disbursement on account of drawing under a Letter of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate shall apply.

Appears in 1 contract

Samples: Credit Agreement (Saul Centers Inc)

Payment Obligation of Lenders. Each Revolving Lender severally agrees to pay to the Agent Agent, for the account of the Issuing Lender Bank, on demand in immediately available funds in Dollars the amount of such Revolving Lender’s Revolving Commitment Percentage of each drawing paid by the Issuing Lender Bank under each Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to subsection (d) of this Section; provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Revolving Lender shall be required to fund, whether as a Revolving Loan or as a participation, shall not exceed such Revolving Lender’s Revolving Commitment Percentage of such drawing. If the notice referenced in the second sentence of Section 2.3(d)2.4.(e) is received by a Revolving Lender not later than 12:00 p.m., then such Revolving Lender shall make such payment available to the Agent not later than 2:00 p.m. on the date of demand therefor; otherwise, such payment shall be made available to the Agent not later than 1:00 p.m. on the next succeeding Business Day. Each such Revolving Lender’s obligation to make such payments to the Agent under this subsection, and the Agent’s right to receive the same for the account of the Issuing Lender under this subsection, and the Issuing Lender’s right to receive the sameBank, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Revolving Lender to make its payment under this subsection, (ii) the financial condition of the Parent, the Borrower or any other ObligorLoan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(f10.1.(f) or 10.1(g(g), or (iv) the termination of the Revolving Commitments, or (v) the delivery of Cash Collateral in respect of any Extended Letter of Credit. Each such payment to the Agent for the account of the Issuing Lender Bank shall be made without any offset, abatement, withholding or deduction whatsoever. If the Issuing Lender shall make any disbursement on account of drawing under a Letter of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate shall apply.

Appears in 1 contract

Samples: And Consolidated Credit Agreement (First Potomac Realty Trust)

Payment Obligation of Lenders. Each Lender severally agrees to pay to the Agent Administrative Agent, for the account of the Issuing Lender Bank, on demand in immediately available funds in Dollars the amount of such Lender’s 's Revolving Commitment Percentage of each drawing paid by the Issuing Lender Bank under each Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to Section 2.3(dthe immediately preceding subsection (d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to fund, whether as a Revolving Loan or as a participation, shall not exceed such Lender's Revolving Commitment Percentage of such drawing. The amount a Lender pays to the Administrative Agent under this subsection shall be deemed to be a Revolving Loan by such Lender if, at the time of such payment, the Borrower is not prohibited from obtaining Revolving Loans under this Agreement. Further, any such Revolving Loan shall be a LIBOR Loan having an Interest Period of one month unless otherwise prohibited by this Agreement, including, without limitation, the terms of Sections 5.2 or 5.3, in which case each such Revolving Loan shall be deemed to be a Base Rate Loan. Each such Lender’s 's obligation to make such payments to the Administrative Agent under this subsection, and the Administrative Agent's right to receive the same for the account of the Issuing Lender under this subsection, and the Issuing Lender’s right to receive the sameBank, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower Borrower, the Parent or any other ObligorLoan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(fSections 11.1.(e) or 10.1(g), (f) or (iv) the termination of the Revolving Commitments. Each such payment to the Administrative Agent for the account of the Issuing Lender Bank shall be made without any offset, abatement, withholding or deduction whatsoever. If the Issuing Lender shall make any disbursement on account of drawing under a Letter of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate shall apply.

Appears in 1 contract

Samples: Credit Agreement (CBL & Associates Properties Inc)

Payment Obligation of Lenders. Each Lender severally agrees to pay to the Agent for the account of the Issuing Lender on demand in immediately available funds in Dollars the amount of such Lender’s Commitment Percentage of each drawing paid by the Issuing Lender under each Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to Section 2.3(d2.3.(d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to fund, whether as a Revolving Loan or as a participation, shall not exceed such Lender’s Commitment Percentage of such drawing. If the notice referenced in the second sentence of Section 2.3.(e) is received by a Lender not later than 11:00 a.m., then such Lender shall make such payment available to the Agent for the benefit of the Issuing Lender not later than 2:00 p.m. on the date of demand therefor; otherwise, such payment shall be made available to the Agent for the benefit of the Issuing Lender not later than 1:00 p.m. on the next succeeding Business Day. Each such Lender’s obligation to make such payments to the Agent for the account of the Issuing Lender under this subsection, and the Issuing Lender’s right to receive the same, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other ObligorLoan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(f11.1.(f) or 10.1(g), 11.1.(g) or (iv) the termination of the Commitments. Each such payment to the Agent for the account of the Issuing Lender shall be made without any offset, abatement, withholding or deduction whatsoever. If the Issuing Lender shall make any disbursement on account of drawing under a Letter of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate shall apply.

Appears in 1 contract

Samples: Credit Agreement (Kite Realty Group Trust)

Payment Obligation of Lenders. Each Lender severally agrees to pay to the Agent Administrative Agent, for the account of the Issuing Lender Bank, on demand in immediately available funds in Dollars the amount of such Lender’s Revolving Commitment Percentage of each drawing paid by the Issuing Lender Bank under each Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to the immediately preceding subsection (d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to fund, whether as a Revolving Loan or as a participation, shall not exceed such Lender’s Revolving Commitment Percentage of such drawing except as otherwise provided in Section 2.3(d3.9.(d). If the notice referenced in the second sentence of Section 2.2.(e) is received by a Lender not later than 10:00 a.m., then such Lender shall make such payment available to the Administrative Agent not later than 2:00 p.m. on the date of demand therefor; otherwise, such payment shall be made available to the Administrative Agent not later than 1:00 p.m. on the next succeeding Business Day. Each such Lender’s obligation to make such payments to the Administrative Agent under this subsection, and the Administrative Agent’s right to receive the same for the account of the Issuing Lender under this subsection, and the Issuing Lender’s right to receive the sameBank, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other ObligorLoan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(f11.1.(e) or 10.1(g(f), or (iv) the termination of the CommitmentsRevolving Commitments or (v) the delivery of Cash Collateral in respect of any Extended Letter of Credit. Each such payment to the Administrative Agent for the account of the Issuing Lender Bank shall be made without any offset, abatement, withholding or deduction whatsoever. If the Issuing Lender shall make any disbursement on account of drawing under a Letter of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate shall apply.

Appears in 1 contract

Samples: Assignment and Assumption Agreement (Excel Trust, Inc.)

Payment Obligation of Lenders. Each Lender severally agrees to pay to the Agent Administrative Agent, for the account of the Issuing Lender Bank, on demand in immediately available funds in Dollars like funds as those disbursed to Borrower, the amount of such Lender’s Commitment Percentage Pro Rata Share of each drawing paid by the Issuing Lender Bank under each Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to the immediately preceding subsection (d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to fund, whether as a Revolving Loan or as a participation, shall not exceed such Lender’s Pro Rata Share of such drawing. If the notice referenced in the second sentence of Section 2.3(d2.4(e) is received by a Lender not later than 9:00 a.m. (Pacific time), then such Lender shall make such payment available to the Administrative Agent not later than 12:00 p.m. (Pacific time) on the date of demand therefor; otherwise, such payment shall be made available to the Administrative Agent not later than 11:00 a.m. (Pacific time) on the next succeeding Business Day. Each such Lender’s obligation to make such payments to the Administrative Agent under this subsection, and the Administrative Agent’s right to receive the same for the account of the Issuing Lender under this subsection, and the Issuing Lender’s right to receive the sameBank, shall be absolute, irrevocable irrevocable, and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other ObligorLoan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(f) or 10.1(g)11.1, or (iv) the termination of the Revolving Commitments. Each such payment to the Administrative Agent for the account of the Issuing Lender Bank shall be made without any offset, abatement, withholding withholding, or deduction whatsoever. If the Issuing Lender shall make any disbursement on account of drawing under a Letter of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate shall apply.

Appears in 1 contract

Samples: Credit Agreement (Equity One, Inc.)

Payment Obligation of Lenders. Each Lender severally agrees to pay to the Agent Administrative Agent, for the account of the each Issuing Lender Bank, on demand in immediately available funds in Dollars the amount of such Lender’s Commitment Percentage of each drawing paid by the such Issuing Lender Bank under each Letter of Credit issued by it to the extent such amount is not reimbursed by the Borrower pursuant to the immediately preceding subsection (d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to fund, whether as a Loan or as a participation, shall not exceed such Lender’s Commitment Percentage of such drawing except as otherwise provided in Section 2.3(d3.9(d). If the notice referenced in the second sentence of Section 2.3(e) is received by a Lender not later than 10:00 a.m. Eastern time, then such Lender shall make such payment available to the Administrative Agent not later than 1:00 p.m. Eastern time on the date of demand therefor; otherwise, such payment shall be made available to the Administrative Agent not later than 12:00 p.m. Eastern time on the next succeeding Business Day. Each such Lender’s obligation to make such payments to the Administrative Agent for the account of the Issuing Lender under this subsection, and the Issuing LenderAdministrative Agent’s right to receive the samesame for the account of the applicable Issuing Bank, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other ObligorLoan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(f10.1(e) or 10.1(g(f), or (iv) the termination of the CommitmentsCommitments or (v) the delivery of Cash Collateral in respect of any Extended Letter of Credit. Each such payment to the Administrative Agent for the account of the an Issuing Lender Bank shall be made without any offset, abatement, withholding or deduction whatsoever. If the Issuing Lender shall make any disbursement on account of drawing under a Letter of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate shall apply.

Appears in 1 contract

Samples: Credit Agreement (Select Income Reit)

Payment Obligation of Lenders. Each Lender severally agrees to pay to the Agent Administrative Agent, for the account of the Issuing Lender Bank, on demand in immediately available funds in Dollars the amount of such Lender’s Commitment Percentage of each drawing paid by the Issuing Lender Bank under each Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to the immediately preceding subsection 2.2.(d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to fund, whether as a Revolving Loan or as a participation, shall not exceed such Lender’s Commitment Percentage of such drawing. If the notice referenced in the second sentence of Section 2.3(d)2.2.(e) is received by a Lender not later than 12:00 p.m. Eastern time, then such Lender shall make such payment available to the Administrative Agent not later than 12:00 p.m. Eastern time on the date of demand therefor; otherwise, such payment shall be made available to the Administrative Agent not later than 2:00 p.m. Eastern time on the next succeeding Business Day. Each such Lender’s obligation to make such payments to the Administrative Agent under this subsection, and the Administrative Agent’s right to receive the same for the account of the Issuing Lender under this subsection, and the Issuing Lender’s right to receive the sameBank, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other ObligorLoan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(f10.1.(e) or 10.1(g), (f) or (iv) the termination of the Commitments. Each such payment to the Administrative Agent for the account of the Issuing Lender Bank shall be made without any offset, abatement, withholding or deduction whatsoever. If the Issuing Lender shall make any disbursement on account of drawing under a Letter of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate shall apply.

Appears in 1 contract

Samples: Credit Agreement (Gladstone Commercial Corp)

Payment Obligation of Lenders. Each Lender severally agrees to pay to the Agent Administrative Agent, for the account of the Issuing Lender Bank, on demand in immediately available funds in Dollars the amount of such Lender’s Revolving Commitment Percentage of each drawing paid by the Issuing Lender Bank under each Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to the immediately preceding subsection (d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to fund, whether as a Revolving Loan or as a participation, shall not exceed such Lender’s Revolving Commitment Percentage of such drawing except as otherwise provided in Section 2.3(d3.9.(d). If the notice referenced in the second sentence of Section 2.2.(e) is received by a Lender not later than 11:00 a.m. Central time, then such Lender shall make such payment available to the Administrative Agent not later than 2:00 p.m. Central time on the date of demand therefor; otherwise, such payment shall be made available to the Administrative Agent not later than 1:00 p.m. Central time on the next succeeding Business Day. Each such Lender’s obligation to make such payments to the Administrative Agent under this subsection, and the Administrative Agent’s right to receive the same for the account of the Issuing Lender under this subsection, and the Issuing Lender’s right to receive the sameBank, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other ObligorLoan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(f10.1.(e) or 10.1(g(f), or (iv) the termination of the CommitmentsRevolving Commitments or (v) the delivery of Cash Collateral in respect of any Extended Letter of Credit. Each such payment to the Administrative Agent for the account of the Issuing Lender Bank shall be made without any offset, abatement, withholding or deduction whatsoever. If the Issuing Lender shall make any disbursement on account of drawing under a Letter of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate shall apply.

Appears in 1 contract

Samples: Credit Agreement (Carey Watermark Investors Inc)

Payment Obligation of Lenders. Each Revolving Lender severally agrees to pay to the Agent Administrative Agent, for the account of the each Issuing Lender Bank, on demand in immediately available funds in Dollars the amount of such Lender’s Revolving Commitment Percentage of each drawing paid by the such Issuing Lender Bank under each Letter of Credit issued by it to the extent such amount is not reimbursed by the Borrower pursuant to the immediately preceding subsection (d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Revolving Lender shall be required to fund, whether as a Revolving Loan or as a participation, shall not exceed such Lender’s Revolving Commitment Percentage of such drawing except as otherwise provided in Section 2.3(d3.9.(d). If the notice referenced in the second sentence of Section 2.3.(e) is received by a Revolving Lender not later than 11:00 a.m. Central time, then such Lender shall make such payment available to the Administrative Agent not later than 2:00 p.m. Central time on the date of demand therefor; otherwise, such payment shall be made available to the Administrative Agent not later than 1:00 p.m. Central time on the next succeeding Business Day. Each such Revolving Lender’s obligation to make such payments to the Administrative Agent for the account of the Issuing Lender under this subsection, and the Issuing LenderAdministrative Agent’s right to receive the samesame for the account of the applicable Issuing Bank, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Revolving Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other ObligorLoan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(f10.1.(e) or 10.1(g(f), or (iv) the termination of the CommitmentsCommitments or (v) the delivery of Cash Collateral in respect of any Extended Letter of Credit. Each such payment to the Administrative Agent for the account of the Issuing Lender Bank shall be made without any offset, abatement, withholding or deduction whatsoever. If the Issuing Lender shall make (k) Information to Revolving Lenders. Promptly following any disbursement on account of drawing under a Letter change in Letters of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so)outstanding, the unpaid amount thereof applicable Issuing Bank shall bear interestdeliver to the Administrative Agent, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate who shall apply.promptly

Appears in 1 contract

Samples: Credit Agreement (Equity Lifestyle Properties Inc)

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Payment Obligation of Lenders. Each Lender severally agrees to pay to the Administrative Agent for the account of the Issuing Lender on demand in immediately available funds in Dollars the amount of such Lender’s Commitment Percentage 's Pro Rata Share of each drawing paid by the Issuing Lender Administrative Agent under each Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to Section 2.3(d2.2(d). Each such Lender’s 's obligation to make such payments to the Administrative Agent for the account of the Issuing Lender under this subsection, and the Issuing Lender’s Administrative Agent's right to receive the same, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other ObligorLoan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(f11.1(e) or 10.1(g), Section 11.1(f) or (iv) the termination of the Commitments. Each such payment to the Administrative Agent for the account of the Issuing Lender shall be made without any offset, abatement, withholding or deduction whatsoever. If Information to Lenders. Promptly following any change in Letters of Credit outstanding, the Issuing Administrative Agent shall deliver to each Lender and the Borrower a notice describing the aggregate amount of all Letters of Credit outstanding at such time. Upon the request of any Lender from time to time, the Administrative Agent shall make deliver any disbursement on account of drawing under a other information reasonably requested by such Lender with respect to each Letter of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement then outstanding. Other than as set forth in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so)this subsection, the unpaid amount thereof Administrative Agent shall bear interest, for each day have no duty to notify the Lenders regarding the issuance or other matters regarding Letters of Credit issued hereunder. The failure of the Administrative Agent to perform its requirements under this subsection shall not relieve any Lender from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this its obligations under Section 2.3, then the Post-Default Rate shall apply2.2(j).

Appears in 1 contract

Samples: Credit Agreement (Equity One Inc)

Payment Obligation of Lenders. Each Lender severally agrees to pay to the Agent Administrative Agent, for the account of the Issuing Lender Bank, on demand in immediately available funds in Dollars the amount of such Lender’s Commitment Percentage of each drawing paid by the Issuing Lender Bank under each Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to the immediately preceding subsection (d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to fund, whether as a Revolving Loan or as a participation, shall not exceed such Lender’s Commitment Percentage of such drawing except as otherwise provided in Section 2.3(d3.9.(d). If the notice referenced in the second sentence of Section 2.2.(e) is received by a Lender not later than 12:00 noon Eastern time, then such Lender shall make such payment available to the Administrative Agent not later than 3:00 p.m. Eastern time on the date of demand therefor; otherwise, such payment shall be made available to the Administrative Agent not later than 2:00 p.m. Eastern time on the next succeeding Business Day. Each such Lender’s obligation to make such payments to the Administrative Agent under this subsection, and the Administrative Agent’s right to receive the same for the account of the Issuing Lender under this subsection, and the Issuing Lender’s right to receive the sameBank, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other ObligorLoan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(f10.1.(e) or 10.1(g(f), or (iv) the termination of the CommitmentsCommitments or (v) the delivery of Cash Collateral in respect of any Extended Letter of Credit. Each such payment to the Administrative Agent for the account of the Issuing Lender Bank shall be made without any offset, abatement, withholding or deduction whatsoever. If the Issuing Lender shall make any disbursement on account of drawing under a Letter of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate shall apply.

Appears in 1 contract

Samples: Credit Agreement (Chambers Street Properties)

Payment Obligation of Lenders. Each Lender severally agrees to pay to the Agent Administrative Agent, for the account of the Issuing Lender Bank, on demand in immediately available funds in Dollars the amount of such Lender’s Commitment Percentage of each drawing paid by the Issuing Lender Bank under each Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to the immediately preceding subsection (d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to fund, whether as a Revolving Loan or as a participation, shall not exceed such Lender’s Commitment Percentage of such drawing. If the notice referenced in the second sentence of Section 2.3(d)2.2.(e) is received by a Lender not later than 11:00 a.m. Central time, then such Lender shall make such payment available to the Administrative Agent not later than 2:00 p.m. Central time on the date of demand therefor; otherwise, such payment shall be made available to the Administrative Agent not later than 1:00 p.m. Central time on the next succeeding Business Day. Each such Lender’s obligation to make such payments to the Administrative Agent under this subsection, and the Administrative Agent’s right to receive the same for the account of the Issuing Lender under this subsection, and the Issuing Lender’s right to receive the sameBank, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other ObligorLoan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(f10.1.(e) or 10.1(g), (f) or (iv) the termination of the Commitments. Each such payment to the Administrative Agent for the account of the Issuing Lender Bank shall be made without any offset, abatement, withholding or deduction whatsoever. If the Issuing Lender shall make any disbursement on account of drawing under a Letter of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate shall apply.

Appears in 1 contract

Samples: Credit Agreement (Equity Lifestyle Properties Inc)

Payment Obligation of Lenders. Each Lender severally agrees to pay to the Agent for the account of the Issuing Lender on demand in immediately available funds in Dollars the amount of such Lender’s Commitment Percentage of each drawing paid by the Issuing Lender under each Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to Section 2.3(d). Each such Lender’s obligation to make such payments to the Agent for the account of the Issuing Lender under this subsection, and the Issuing Lender’s right to receive the same, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other Obligor, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(f10.1(g) or 10.1(g10.1(h), or (iv) the termination of the Commitments. Each such payment to the Agent for the account of the Issuing Lender shall be made without any offset, abatement, withholding or deduction whatsoever. If the Issuing Lender shall make any disbursement on account of a drawing under a Letter of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate shall applyRate.

Appears in 1 contract

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

Payment Obligation of Lenders. Each Lender severally agrees to pay to the Agent Administrative Agent, for the account of the Issuing Lender each L/C Issuer, on written demand in immediately available funds in Dollars the amount of such Lender’s Commitment Credit Percentage in respect of its Revolving Committed Amount of each drawing paid by the Issuing Lender such L/C Issuer under each Letter of Credit issued by it to the extent such amount is not reimbursed by the Borrower pursuant to the immediately preceding subsection (d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to fund, whether as a Revolving Loan or as a participation, shall not exceed such Lender’s Credit Percentage in respect of its Revolving Committed Amount of such drawing except as otherwise provided in Section 2.3(d2.14(d). If the notice referenced in the second sentence of Section 2.03(e) is received by a Lender not later than 12:00 noon, then such Lender shall make such payment available to the Administrative Agent not later than 2:00 p.m. on the date of demand therefor; otherwise, such payment shall be made available to the Administrative Agent not later than 12:00 noon on the next succeeding Business Day. Each such Lender’s obligation to make such payments to the Administrative Agent for the account of the Issuing Lender under this subsection, and the Issuing LenderAdministrative Agent’s right to receive the samesame for the account of the applicable L/C Issuer, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other ObligorCredit Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(f7.1(g) or 10.1(g(h), or (iv) the termination of the CommitmentsCommitments or (v) the delivery of Cash Collateral in respect of any Extended Letter of Credit. Each such payment to the Administrative Agent for the account of the Issuing Lender applicable L/C Issuer shall be made without any offset, abatement, withholding or deduction whatsoever. If the Issuing Lender shall make any disbursement on account of drawing under a Letter of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate shall apply.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (Healthcare Realty Holdings, L.P.)

Payment Obligation of Lenders. Each Lender severally agrees to pay to the Agent Administrative Agent, for the account of the Issuing Lender Bank, on demand in immediately available funds in Dollars the amount of such Lender’s Commitment Percentage of each drawing paid by the Issuing Lender Bank under each Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to the immediately preceding subsection (d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to fund, whether as a Revolving Loan or as a participation, shall not exceed such Lender’s Commitment Percentage of such drawing. If the notice referenced in the second sentence of Section 2.3(d)2.3.(e) is received by a Lender not later than 12:00 noon Eastern time, then such Lender shall make such payment available to the Administrative Agent not later than 3:00 p.m. Eastern time on the date of demand therefor; otherwise, such payment shall be made available to the Administrative Agent not later than 2:00 p.m. Eastern time on the next succeeding Business Day. Each such Lender’s obligation to make such payments to the Administrative Agent under this subsection, and the Administrative Agent’s right to receive the same for the account of the Issuing Lender under this subsection, and the Issuing Lender’s right to receive the sameBank, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other ObligorLoan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(f10.1.(e) or 10.1(g), (f) or (iv) the termination of the Commitments. Each such payment to the Administrative Agent for the account of the Issuing Lender Bank shall be made without any offset, abatement, withholding or deduction whatsoever. If the Issuing Lender shall make any disbursement on account of drawing under a Letter of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate shall apply.

Appears in 1 contract

Samples: Credit Agreement (Regency Centers Lp)

Payment Obligation of Lenders. Each Lender severally agrees to pay to the Administrative Agent for the account of the Issuing Lender on demand in immediately available funds in Dollars the amount of such Lender’s 's Commitment Percentage based on its Revolving Commitment of each drawing paid by the Issuing Lender under each Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to Section 2.3(d). Each such Lender’s 's obligation to make such payments to the Administrative Agent for the account of the Issuing Lender under this subsection, and the Issuing Lender’s 's right to receive the same, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other Obligor, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(f10.1(g) or 10.1(g10.1(h), or (iv) the termination of the Commitments. Each such payment to the Administrative Agent for the account of the Issuing Lender shall be made without any offset, abatement, withholding or deduction whatsoever. If the Issuing Lender shall make any disbursement on account of a drawing under a Letter of Credit (a an “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate shall applyRate.

Appears in 1 contract

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

Payment Obligation of Lenders. Each Lender severally agrees to pay to the Agent for the account of the Issuing Lender on demand in immediately available funds in Dollars the amount of such Lender’s Commitment Percentage of each drawing paid by the Issuing Lender under each Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to Section 2.3(d). Each such Lender’s obligation to make such payments to the Agent for the account of the Issuing Lender under this subsection, and the Issuing Lender’s right to receive the same, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other Obligor, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(f10.1(g) or 10.1(g10.1(h), or (iv) the termination of the Commitments. Each such payment to the Agent for the account of the Issuing Lender shall be made without any offset, abatement, withholding or deduction whatsoever. If the Issuing Lender shall make any disbursement on account of a drawing under a Letter of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate shall apply.

Appears in 1 contract

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

Payment Obligation of Lenders. Each Lender severally agrees to pay to the Agent Administrative Agent, for the account of the Issuing Lender Bank, on demand in immediately available funds in Dollars the amount of such Lender’s Revolving Commitment Percentage of each drawing paid by the Issuing Lender Bank under each Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to the immediately preceding subsection (d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to fund, whether as a Revolving Loan or as a participation, shall not exceed such Lender’s Revolving Commitment Percentage of such drawing. If the notice referenced in the second sentence of Section 2.3(d)2.2.(e) is received by a Lender not later than 11:00 a.m., then such Lender shall make such payment available to the Administrative Agent not later than 2:00 p.m. on the date of demand therefor; otherwise, such payment shall be made available to the Administrative Agent not later than 1:00 p.m. on the next succeeding Business Day. Each such Lender’s obligation to make such payments to the Administrative Agent under this subsection, and the Administrative Agent’s right to receive the same for the account of the Issuing Lender under this subsection, and the Issuing Lender’s right to receive the sameBank, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other ObligorLoan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(f11.1.(e) or 10.1(g), (f) or (iv) the termination of the Revolving Commitments. Each such payment to the Administrative Agent for the account of the Issuing Lender Bank shall be made without any offset, abatement, withholding or deduction whatsoever. If the Issuing Lender shall make any disbursement on account of drawing under a Letter of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate shall apply.

Appears in 1 contract

Samples: Credit Agreement (Pacific Office Properties Trust, Inc.)

Payment Obligation of Lenders. Each Revolving Lender severally agrees to pay to the Agent Administrative Agent, for the account of the Issuing Lender Bank, on demand in immediately available funds in Dollars the amount of such Lender’s Revolving Commitment Percentage of each drawing paid by the Issuing Lender Bank under each Letter of Credit to the extent such amount is not reimbursed by the Borrower pursuant to the immediately preceding subsection (d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Revolving Lender shall be required to fund, whether as a Revolving Loan or as a participation, shall not exceed such Lender’s Revolving Commitment Percentage of such drawing except as otherwise provided in Section 2.3(d3.9.(d). If the notice referenced in the second sentence of Section 2.3.(e) is received by a Revolving Lender not later than 11:00 a.m. Central time, then such Lender shall make such payment available to the Administrative Agent not later than 2:00 p.m. Central time on the date of demand therefor; otherwise, such payment shall be made available to the Administrative Agent not later than 1:00 p.m. Central time on the next succeeding Business Day. Each such Revolving Lender’s obligation to make such payments to the Administrative Agent under this subsection, and the Administrative Agent’s right to receive the same for the account of the Issuing Lender under this subsection, and the Issuing Lender’s right to receive the sameBank, shall be absolute, irrevocable and unconditional and shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Revolving Lender to make its payment under this subsection, (ii) the financial condition of the Borrower or any other ObligorLoan Party, (iii) the existence of any Default or Event of Default, including any Event of Default described in Section 10.1(f10.1.(e) or 10.1(g), (f) or (iv) the termination of the Commitments. Each such payment to the Administrative Agent for the account of the Issuing Lender Bank shall be made without any offset, abatement, withholding or deduction whatsoever. If the Issuing Lender shall make any disbursement on account of drawing under a Letter of Credit (a “LC Disbursement”), then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made (and without relieving the Borrower of its obligation to do so), the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to Base Rate Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (d) of this Section 2.3, then the Post-Default Rate shall apply.

Appears in 1 contract

Samples: And Consolidated Credit Agreement (Equity Lifestyle Properties Inc)

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