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

Payment of Amounts Drawn Under Letters of Credit. (a) In the event of any request for a drawing under any Letter of Credit by the beneficiary thereof, the Issuer shall notify the Borrower, the Administrative Agent and the Lenders on or before the date on which the Issuer intends to honor such drawing, and the Borrower shall reimburse the Issuer on the day on which such drawing is honored in an amount, in same day funds, equal to the amount of such drawing.

Payment of Amounts Drawn Under Letters of Credit. (a) In the event of any request for a drawing under any Letter of Credit by the beneficiary thereof, the Issuer shall notify the BorrowerIntermet, the Administrative Agent and the Lenders on or before the date on which the Issuer intends to honor such drawing, and the Borrower Intermet shall reimburse the Issuer on the day on which such drawing is honored in an amount, in same day funds, equal to the amount of such drawing.