Common use of Payment of Amounts Drawn Under Letters of Credit Clause in Contracts

Payment of Amounts Drawn Under Letters of Credit. In the event of any request for drawing under any Letter of Credit by the beneficiary thereof, the Issuing Bank shall notify such Borrower and the Administrative Agent on or before the date on which such Issuing Bank intends to honor such drawing, and the Borrower shall reimburse such Issuing Bank on the day on which such drawing is honored in an amount in same day funds equal to the amount of such drawing; provided that, anything contained in this Agreement to the contrary notwithstanding, (i) unless the Borrower shall have notified the Administrative Agent and such Issuing Bank prior to Noon (New York time) on the Business Day of the date of such drawing that the Borrower intends to reimburse such Issuing Bank for the amount of such drawing with funds other than the proceeds of Revolving Loans, the Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting the Banks to make Revolving Loans that are Base Rate Loans on the date on which such drawing is honored in an amount equal to the amount of such drawing, and (ii) subject to satisfaction or waiver of the conditions specified in Section 4.02, 26 -20- the Banks shall, on the date of such drawing, make Revolving Loans that are Base Rate Loans in the amount of such drawing, the proceeds of which shall be applied directly by the Administrative Agent to reimburse such Issuing Bank for the amount of such drawing; and further provided that if, for any reason, proceeds of Revolving Loans are not received by such Issuing Bank on such date in an amount equal to the amount of such drawing, the Borrower shall reimburse such Issuing Bank, on the Business Day (which shall be a business day under the laws of the jurisdiction of such Issuing Bank) immediately following the date of such drawing, in an amount in same day funds equal to the excess of the amount of such drawing over the amount of such Revolving Loans, if any, that are so received, plus accrued interest on such amount at the rate set forth in Section 1.13(f)(1)(i).

Payment of Amounts Drawn Under Letters of Credit. (a) In the event of any request for drawing payment under any Letter of Credit by the beneficiary thereof, the Issuing L/C Bank shall promptly notify such the Borrower and the Administrative Agent (which shall in turn promptly notify the Participating Banks), no later than 10:00 a.m. (New York City time) on or before the Business Day immediately preceding the date on which such Issuing L/C Bank intends to honor such drawing, drawing (which in no event shall be less than three Business Days after presentation); and the Borrower shall reimburse such Issuing L/C Bank on the day on which such drawing is honored in an amount in same day funds in an amount equal to the amount of such drawing; provided PROVIDED that, anything contained in this Agreement to the contrary notwithstanding, (i) unless the Borrower shall have notified the Administrative Agent and such Issuing L/C Bank prior to Noon 12:00 p.m. (New York City time) on the Business Day of immediately prior to the date of on which such drawing is honored that the Borrower intends to reimburse such Issuing L/C Bank for the amount of such drawing with funds other than the proceeds of Revolving Loans, (i) the Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting the Banks to make a Borrowing of Revolving Loans that which are Base Rate Loans on the date on which such drawing is honored in an amount equal to the amount of such drawing, and (ii) subject to satisfaction or waiver of the conditions specified in Section 4.022.2, 26 -20- the Banks each Participating Bank shall, by 12:00 p.m. (New York City time) on the date of the honoring of such drawing, make a Revolving Loans that are Loan which is a Base Rate Loans Loan in an amount equal to such Participating Bank's Pro Rata Share of the amount of such drawing, the proceeds of which shall be applied directly by the Administrative Agent to reimburse such Issuing L/C Bank for the amount of such drawingdrawing (PROVIDED that, solely for purposes of such Borrowing, the conditions precedent set forth in Section 3.2 shall not be applicable); and further provided that ifPROVIDED FURTHER that, if for any reason, proceeds of Revolving Loans are not received by such Issuing L/C Bank on such date in an amount equal to the amount of such drawing, the Borrower shall reimburse such Issuing L/C Bank, on the Business Day (which shall be a business day under the laws of the jurisdiction of such Issuing Bank) immediately following the date of such drawing, in an amount in same day dollars and immediately available funds equal to the excess of the amount of such drawing over the amount of such Revolving Loans, if any, that which are so receivedreceived by the Administrative Agent from the Participating Banks, plus accrued interest on such amount at the applicable rate set forth of interest for Base Rate Loans. If the Borrower notifies the Administrative Agent and such L/C Bank prior to 12:00 p.m. (New York City time) on the Business Day immediately prior to the date on which such drawing is honored that the Borrower intends to reimburse such L/C Bank for the amount of such 37 drawing with funds other than the proceeds of Revolving Loans, the Borrower shall reimburse such L/C Bank on the day on which such drawing is honored in an amount in immediately available funds equal to the amount of such drawing. Notwithstanding anything contained in this Agreement to the contrary, to the extent the Borrower does not reimburse an L/C Bank in accordance with the preceding provisions of this Section 1.13(f)(1)(i)2.24 or a Default or an Event of Default exists at the time of the honoring of a drawing under a Letter of Credit, amounts, if any, then held by the Collateral Agent in the L/C Cash Collateral Account may be applied by the Administrative Agent to reimburse the applicable L/C Bank for the honoring of such drawing, and the aggregate amount of Revolving Loans, if any, required to be made by the Participating Banks pursuant to this Section 2.24 shall be reduced by a corresponding amount. Any payments owed by the Borrower pursuant to this Section 2.24 which are made later than 10:00 a.m. (New York City time) shall be deemed to have been made on the next succeeding Business Day.

Payment of Amounts Drawn Under Letters of Credit. In the event of any request for drawing under any Letter of Credit by the beneficiary thereof, the applicable Issuing Bank Lender shall promptly notify the Borrower for whose account such Borrower and the Administrative Agent on or before the date on which such Issuing Bank intends to honor such drawingLetter of Credit was issued, and the such Borrower shall reimburse such the applicable Issuing Bank Lender on the day date on which such drawing is honored in the same currency as the drawing in an amount in same day funds equal to the amount of such drawing; provided that, anything contained in this Agreement to the contrary notwithstanding, (i) unless the such Borrower shall have notified the Applicable Administrative Agent and such Issuing Bank prior to Noon 11:00 A.M. (New York Toronto or Sydney time, as applicable,) on the Business Day of immediately prior to the date of such drawing that the such Borrower intends to reimburse such the applicable Issuing Bank Lender for the amount of such drawing with funds other than the proceeds of Revolving Loans, the such Borrower shall be deemed to have timely (1) in the case of Canadian Borrower, given a Notice of Borrowing to the Canadian Administrative Agent and Administrative Agent requesting the Banks Canadian Lenders to make Revolving Canadian Loans that are (which shall be U.S. Base Rate (Canada) Loans or Canadian Base Rate Loans denominated in the same currency as the drawing) to the extent of the unused Canadian Allocation on the date on which such drawing is honored in an amount equal to the amount of such drawing or, (2) in the case of Australian Borrower, given a Notice of Borrowing to Australian Administrative Agent and Administrative Agent requesting Australian Lenders to make Australian Loans (which shall be Bank Bill Swap Rate Loans or Eurodollar Rate Loans (with a one mxxxx interest period) to the extent of the unused Australian Allocation on the date on which such drawing is honored in an amount equal to the amount of such drawing and (3) in the case of U.S. Borrower, given a Notice of Borrowing to Administrative Agent requesting U.S. Lenders to make U.S. Loans (which shall be U.S. Base Rate Loans) to the extent of the unused U.S. Allocation on the date on which such drawing is honored in an amount equal to the amount of such drawing, and (ii) subject to satisfaction or waiver of the conditions specified in Section 4.02subsection 3.2, 26 -20- the Banks such Lenders shall, on the date of such drawing, make Revolving Loans that are Base Rate such Loans in the aggregate amount of such drawing, the proceeds of which shall be applied directly by the Applicable Administrative Agent to reimburse such the applicable Issuing Bank Lender for the amount of such drawing; and provided further provided that ifthat, if Loans are required to be made and for any reason, reason proceeds of Revolving Loans are not received by such the applicable Issuing Bank Lender on such date in an amount equal to the amount of such drawing, the Borrower shall reimburse such Issuing Bank, on the Business Day (which shall be a business day under the laws of the jurisdiction of such Issuing Bank) immediately following the date of such drawing, in an amount in same day funds equal to the excess of the amount of such drawing over the amount of such Revolving Loans, if any, that are so received, plus accrued interest on such amount at the rate set forth in Section 1.13(f)(1)(i).such

Payment of Amounts Drawn Under Letters of Credit. In the event of any request for drawing under any Letter of Credit by the beneficiary thereof, the Issuing Bank shall notify such the Borrower and the Administrative Agent on or before the date on which such Issuing Bank intends to honor such drawing, and the Borrower shall reimburse such Issuing Bank on the day on which such drawing is honored in an amount in same day funds equal to the amount of such drawing; provided that, anything contained in this Agreement to the contrary notwithstanding, (i) unless the Borrower shall have notified the Administrative Agent and such Issuing Bank prior to Noon (New York time) on the Business Day of the date of such drawing that the Borrower intends to reimburse such Issuing Bank for the amount of such drawing with funds other than the proceeds of Revolving Loans, the Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting the Banks to make Revolving Loans that are Base Rate Loans on the date on which such drawing is honored in an amount equal to the amount of such drawing, and (ii) subject to satisfaction or waiver of the conditions specified in Section 4.02, 26 -20- the Banks shall, on the date of such drawing, make Revolving Loans that are Base Rate Loans in the amount of such drawing, the proceeds of which shall be applied directly by the Administrative Agent to reimburse such Issuing Bank for the amount of such drawing; and further provided that if, for any reason, proceeds of Revolving Loans are not received by such Issuing Bank on such date in an amount equal to the amount of such drawing, the Borrower shall reimburse such Issuing Bank, on the Business Day (which shall be a business day under the laws of the jurisdiction of such Issuing Bank) immediately following the date of such drawing, in an amount in same day funds equal to the excess of the amount of such drawing over the amount of such Revolving Loans, if any, that are so received, plus accrued interest on such amount at the rate set forth in Section 1.13(f)(1)(i1.10(f)(1)(i).

Payment of Amounts Drawn Under Letters of Credit. (a) In the event of any request for drawing under any Letter of Credit by the beneficiary thereof, the Issuing Bank shall notify such Borrower and the Borrower, the Administrative Agent and the Banks on or before the date on which such Issuing Bank intends to honor such drawing, and the Borrower shall reimburse such Issuing Bank on the day on which such drawing is honored in an amount in same day funds equal to the amount of such drawing; provided that, anything contained in this Agreement to the contrary notwithstanding, (i) amounts held by the Administrative Agent in the accounts provided for in Section 5.2(a) or 10.2 shall be applied first to satisfy such reimbursement obligation, (ii) unless the Borrower shall have notified the Administrative Agent and such Issuing Bank prior to Noon 11:00 a.m. (New York City time) on the Business Day of immediately prior to the date of on which such drawing is honored that the Borrower intends to reimburse such Issuing Bank for the amount of such drawing with funds other than the proceeds of Revolving Loans, the Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting the Banks to make Revolving Loans that which are Base Rate Loans on the date on which such drawing is honored in an amount equal to the amount of such drawing, and (iiiii) subject to satisfaction or waiver of the conditions specified in Section 4.02, 26 -20- the Banks shall, by 1:00 p.m. (New York City time) on the date of such drawing, make Revolving Loans that which are Base Rate Loans in the amount of such drawing, the proceeds of which shall be applied directly by the Administrative Agent to reimburse such Issuing Bank for the amount of such drawingdrawing (provided that for the purposes solely of such Borrowing the conditions precedent set forth in Section 6.2 shall not be applicable, it being understood and agreed that the Banks' obligation to make such Revolving Loans shall be absolute and unconditional); and further provided that ifprovided, further, that, if for any reason, proceeds of Revolving Loans are not received by such Issuing Bank on such date in an amount equal to the amount of such drawing, the Borrower shall reimburse such Issuing Bank, on the Business Day (which shall be a business day (under the laws of the jurisdiction of such Issuing Bank) immediately following the date of such drawing, in an amount in same day Dollars and immediately available funds equal to the excess of the amount of such drawing over the amount of such Revolving Loans, if any, that which are so received, plus accrued interest on such amount at the rate set forth in Section 1.13(f)(1)(i3.5(a)(i). Any such payments by the Borrower which are made later than 11:00 a.m. (New York City time) shall be deemed to have been made on the next succeeding Business Day. Whenever any payment to be made under this Section 3.3 shall be stated to be due on a day.30 which is not a Business Day, the due date thereof shall be extended to the next succeeding Business Day.