Payment of Letter of Credit. (i) In consideration of the issuance by the Letter of Credit Issuer of the Letters of Credit for the account of a Borrower, such Borrower hereby authorizes, empowers, and directs the Administrative Agent, for the benefit of the Secured Parties and the Letter of Credit Issuer, to disburse directly, as a Borrowing hereunder by such Borrower, to the Letter of Credit Issuer, with notice to such Borrower, in immediately available funds (in the Currency of such Letter of Credit unless otherwise consented to by all Lenders in their sole discretion), an amount equal to the stated amount of each draft drawn under each such Letter of Credit plus all interest, reasonable costs and expenses, and fees due to the Letter of Credit Issuer pursuant to this Credit Agreement in respect of Letters of Credit issued for the benefit of such Borrower. To the extent Lenders other than the Letter of Credit Issuer are participants in any Letter of Credit and subject to receipt of notice from the Administrative Agent, each such Lender shall pay to the Administrative Agent such Lender’s Pro Rata Share of the amount to be disbursed by the Administrative Agent to the Letter of Credit Issuer on the Business Day on which the Letter of Credit Issuer honors any such draft or incurs or is owed any such interest, costs, expenses or fees, whereupon the Administrative Agent shall disburse such Lender’s payment to the Letter of Credit Issuer. By no later than 4:00 p.m. (New York time) on the date of any disbursement under a Letter of Credit, the Administrative Agent shall promptly notify the Borrower on whose behalf the applicable Letter of Credit was issued of the disbursement by the Letter of Credit Issuer with respect to such draft and any such payments made by the Lenders pursuant to this Section 2.8(g)(i); provided that the failure to give such notice will not affect the validity of such disbursement by the Letter of Credit Issuer or any such payments by the Lenders. Any such payments made by the Lenders to the Administrative Agent on account of a Letter of Credit shall be deemed a Reference Rate Loan (or, in the case of any such Loan in an Alternate Currency, a LIBOR Loan) to the applicable Borrower, and such Borrower shall be deemed to have given to the Administrative Agent, in accordance with the terms and conditions of Section 2.3(a) hereof, a Request for Borrowing with respect to such Loan; and such payments shall be made without regard to the minimum and multiple amounts specified in ...
Payment of Letter of Credit. 5.1 You authorise us to immediately pay any amount demanded or requested of us at any time under a letter of credit. You may not revoke this authorisation. We:
Payment of Letter of Credit. In consideration for the issuance by the Letter of Credit Issuer of the Letters of Credit, Borrower and each Qualified Borrower hereby authorizes, empowers, and directs Administrative Agent, for the benefit of Lenders and the Letter of Credit Issuer, to disburse directly to the Letter of Credit Issuer, with notice to Borrower or the appropriate Qualified Borrower, in immediately available funds an amount equal to the stated amount of each draft drawn under each Letter of Credit plus all interest, reasonable costs and expenses, and fees due to the Letter of Credit Issuer pursuant to the applicable Application and Agreement for
Payment of Letter of Credit. At the time any site draft is timely received by the Lender on a respective Letter of Credit issued hereunder, except the Aetna LC and the TRC LC, the Lender shall advance such funds on Borrower's behalf under the Revolving Note, provided however that the sum of (i) all issued and unexpired Letters of Credit (excluding the Aetna LC and the TRC LC); and (ii) the outstanding principal amount due under the Revolving Note shall not at any one time exceed the principal sum of $5,000,000.00. At the time any site draft is timely received by the Lender on the Aetna LC or the TRC LC, the Lender shall advance such funds on Borrower's behalf under the applicable application relating thereto.
Payment of Letter of Credit. In consideration for the issuance by Lender of the Letters of Credit, each Loan Party hereby authorizes, empowers and directs Lender to disburse directly to Lender, as a Tranche D Advance under this Agreement, an amount equal to the stated amount of each draft drawn under each Letter of Credit, plus all interest, costs, expenses and fees due to Lender pursuant to this Agreement or any other Loan Document. Any such disbursement made on account of a Letter of Credit shall be deemed to be a Tranche D Advance, and Holding shall be deemed to have given to Lender a notice of borrowing with respect thereto.
Payment of Letter of Credit. In consideration for the issuance by Lender of the Letters of Credit, each of Guarantor and the Borrowers hereby authorize, empower and direct Lender to disburse directly to Lender, as a Tranche D Advance under this Agreement, an amount equal to the stated amount of each draft drawn under each Letter of Credit, plus all interest, costs, expenses and fees due to Lender pursuant to this Agreement or any other Loan Document. Any such disbursement made on account of a Letter of Credit shall be deemed to be a Tranche D Advance, and Guarantor shall be deemed to have given to Lender a notice of borrowing with respect thereto.
Payment of Letter of Credit. In consideration for the issuance by the Agent of the Letters of Credit, Borrower hereby authorizes, empowers, and directs the Banks to disburse directly to the Agent, with notice to Borrower, in immediately available funds an amount equal to each Bank's Percentage of the face amount of each draft drawn under each Letter of Credit plus all interest, costs, expenses, and fees due to Agent pursuant to any Letter of Credit Agreement, which amounts shall be due and payable by Banks to the Agent on the Business Day on which the Agent honors any such draft or incurs or is owed any such interest, costs, expenses or fees. The Agent will promptly notify Borrower of any disbursements made by Banks pursuant to the terms hereof, provided that the failure to give such notice will not affect the validity of the disbursement. Any such disbursement made by Banks to the Agent on account of a Letter of Credit issued for the account of Borrower or Pier 1 Imports (U.S.), Inc. shall be deemed to be a Floating Base Advance and thus a Revolving Credit Loan pursuant to Section 2.01(a) hereof, and Borrower shall be deemed to have given to the Agent, in accordance with the terms and conditions of Section 2.02(c), a Request for Borrowing with respect thereto. Any such disbursement made by Banks to the Agent on account of a Letter of Credit issued hereunder shall be a Floating Base Advance. The Agent and Banks may conclusively rely on the Agent as to the amount due the Agent by reason of any draft of a Letter of Credit or due the Agent under any Letter of Credit Agreement. (g)
Payment of Letter of Credit. In consideration for the issuance by the Letter of Credit Issuer of the Letters of Credit, Borrower hereby authorizes, empowers, and directs Administrative Agent, for the benefit of Lenders and the Letter of Credit Issuer, to disburse directly, as a Borrowing hereunder, to the Letter of Credit Issuer, with notice to Borrower, in immediately available funds an amount equal to the stated amount of each draft drawn under each Letter of Credit plus all interest, reasonable costs and expenses, and fees due to the Letter of Credit Issuer pursuant to this Credit Agreement. Subject to receipt of notice from the Administrative Agent, each Lender shall pay to the Administrative Agent such Lender’s Pro Rata Share of the amount disbursed by the Administrative Agent on the Business Day on which the Letter of Credit Issuer honors any such draft or incurs or is owed any such interest, costs, expenses or fees. Administrative Agent will promptly notify Borrower of any disbursements made by Lenders pursuant to the terms hereof, provided that the failure to give such notice will not affect the validity of the disbursement, and Administrative Agent shall provide Lenders with notice thereof. Any such disbursement made by Lenders to the Letter of Credit Issuer on account of a Letter of Credit shall be deemed a Reference Rate Loan; and Borrower shall be deemed to have given to Administrative Agent, in accordance with the terms and conditions of Section 2.3, a Request for Borrowing with respect thereto. Administrative Agent and Lenders may conclusively rely on the Letter of Credit Issuer as to the amount due the Letter of Credit Issuer by reason of any draft of a Letter of Credit or due the Letter of Credit Issuer under any Application and Agreement for Letter of Credit.
Payment of Letter of Credit. In the event of any drawing under any Letter of Credit, Borrowers agree to reimburse (either with the proceeds of a Loan as provided for in this Section 2.8 or with funds from other sources), in same day funds, Lender on each date on which Lender notifies Borrowers of the date and amount of a draft paid under any Letter of Credit for the amount of such draft so paid and any amounts representing interest, costs, expenses or fees incurred by Lender in connection with such payment. Unless Borrowers shall immediately notify Lender that Borrowers intend to reimburse Lender for such drawing from other sources or funds, Borrowers shall be deemed to have timely given a Request for Borrowing to Lender, and Borrowers hereby authorize, empower, and direct Lender to disburse directly, as a Borrowing hereunder, to Lender, with notice to Borrowers, in immediately available funds an amount equal to the stated amount of each draft drawn under each Letter of Credit plus all interest, costs and expenses, and fees due to Lender pursuant to this Credit Agreement. Lender shall notify Borrowers of any such disbursements made by Lender pursuant to the terms hereof; provided that the failure to give such notice will not affect the validity of the disbursement. Any such disbursement made by Lender on account of a Letter of Credit shall be deemed a Reference Rate Loan; and such disbursements shall be made without regard to the minimum and multiple amounts specified in Section 2.4. The obligations of Borrowers with respect to Borrowings under this Section 2.8(c) shall be irrevocable, shall not be subject to any qualification or exception whatsoever, and shall, irrespective of the satisfaction of the conditions to the making of any Loans described in Sections 2.1(b), 6.1, 6.2 and/or 6.3, as applicable, be honored in accordance with this Section 2.8(c) under all circumstances, including, without limitation, any of the following circumstances: (i) any lack of validity or enforceability of such Letter of Credit or any Loan Document; (ii) any change in the time, manner or place of payment of, or in any other term of, all or any of the obligations of Borrowers in respect of any Letter of Credit or any other amendment or waiver of or any consent to departure from all or any of the terms of the Letter of Credit; (iii) the existence of any claim, counterclaim, setoff, defense or other right which Borrowers may have at any time against a beneficiary named in a Letter of Credit or any transfer...
Payment of Letter of Credit. In the event of any drawing under any Letter of Credit, the Borrower Parties agree to reimburse (either with the proceeds of a Loan as provided for in this Section 2.9 or with funds from other sources), in same day funds, the Letter of Credit Issuer on each date on which the Letter of Credit Issuer notifies the Borrower Parties of the date
