Payment of Letter of Credit. In the event of any drawing under any Letter of Credit, the 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 immediately available funds in the applicable currency, the Letter of Credit Issuer on each date on which the Letter of Credit Issuer notifies the 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, reasonable costs, and expenses or fees incurred by the Letter of Credit Issuer in connection with such payment. Unless the Borrowers shall immediately notify the Letter of Credit Issuer that the Borrowers intend to reimburse the Letter of Credit Issuer for such drawing from other sources or funds, the Borrowers shall be deemed to have timely given a Request for Borrowing to the Administrative Agent and the Borrowers hereby authorize, empower, and direct the Administrative Agent, for the benefit of the Secured Parties and the Letter of Credit Issuer, to disburse directly, as a Borrowing hereunder, to the Letter of Credit Issuer, with notice to the 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 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 Xxxxxx’s Lender Pro Rata Share under the applicable Tranche of the amount disbursed by 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. The Administrative Agent shall notify the Borrowers of any such disbursements made by the Lenders pursuant to the terms hereof; provided that the failure to give such notice will not affect the validity of the disbursement, and the Administrative Agent shall provide the Lenders with notice thereof. Any such disbursement made by the Lenders to the Letter of Credit Issuer on account of a Letter of Credit shall be deemed an Alternate Base Rate Loan; and such disbursements shall be made without regard to the minimum and multiple amounts specified in Section 2.4. The Administrative Agent and the Lenders may conclusively rely on the Letter of Credit Issuer as to the amount due the Letter of Credit Issuer by reason of any dra...
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. 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.
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:
a. need not first refer to you or obtain your authority for the payment;
b. need not enquire whether the demand or request has been properly made; and
c. may meet any demand or request even if you dispute the validity of the demand or request.
5.2 You must pay an amount equal to each amount we pay under a letter of credit. You must pay us these amounts when we ask. We can also debit any of these amounts to your account even if we do not expressly ask you to pay us. We do not have to tell you first.
5.3 We may make a voluntary payment to the beneficiary to end our liability under any letter of credit at any time without notice to you. You must pay us an amount to be maintained as a deposit with us to cover your liability under this clause if we ask you for it. We may ask for this at any time.
5.4 You indemnify us against, and you must therefore pay us on demand for liability, loss or costs (including consequential or economic loss) we suffer or incur in connection with a letter of credit including any cancellation made in accordance with clause 4.2 of this Part C.
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 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 the Letter of Credit Issuer in connection with such payment. Unless the Borrower Parties shall immediately notify the Letter of Credit Issuer that the Borrower Parties intend to reimburse the Letter of Credit Issuer for such drawing from other sources or funds, the Borrower Parties shall be deemed to have timely given a Request for Borrowing to the Administrative Agent, and the Borrower Parties hereby authorize, empower, and direct the Administrative Agent, for the benefit of the Secured Parties and the Letter
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:
(a) need not first refer to you or obtain your authority for the payment;
(b) need not enquire whether the demand or
(c) may meet any demand or request even if you dispute the validity of the demand or request.
5.2 You must pay an amount equal to each amount we pay under a letter of credit. You must pay us these amounts when we ask. We can also debit any of
7. Other terms
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
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.
