Common use of Payment of Letter of Credit Obligations Clause in Contracts

Payment of Letter of Credit Obligations. The Borrower agrees to reimburse the issuer for any draw under any Letter of Credit and the Agent for the account of the Lenders upon any payment pursuant to any Credit Support immediately upon demand, and to pay the issuer of the Letter of Credit the amount of all other obligations and other amounts payable to such issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which the Borrower may have at any time against such issuer or any other Person.

Appears in 7 contracts

Samples: Loan and Security Agreement (Centrum Industries Inc), Loan and Security Agreement (United States Leather Inc /Wi/), Loan and Security Agreement (Sweetheart Holdings Inc \De\)

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Payment of Letter of Credit Obligations. The Borrower agrees to reimburse the issuer for any draw under any Letter of Credit and the Agent for the account of the Lenders upon any payment pursuant to any Credit Support immediately upon demand, and to pay the issuer of the Letter of Credit the amount of all other obligations and other amounts payable to such issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which the Borrower may have at any time against such issuer or any other Person.

Appears in 6 contracts

Samples: Loan and Security Agreement (Paradyne Corp), Loan and Security Agreement (Intellicell Corp), Loan and Security Agreement (LDM Technologies Inc)

Payment of Letter of Credit Obligations. The Borrower agrees Borrowers agree to reimburse the issuer Letter of Credit Issuer for any draw under any Letter of Credit and the Agent for the account of the Lenders upon any payment pursuant to any Credit Support immediately promptly upon demand, and to pay the issuer of the Letter of Credit (or the Agent, for the account of such issuer) the amount of all other obligations and other amounts payable to such issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which the Borrower Borrowers may have at any time against such issuer or any other Person.

Appears in 6 contracts

Samples: Loan and Security Agreement (Regional Management Corp.), Loan and Security Agreement (Regional Management Corp.), Loan and Security Agreement (Regional Management Corp.)

Payment of Letter of Credit Obligations. The Borrower agrees Borrowers agree to reimburse the issuer Letter of Credit Issuer for any draw under any Letter of Credit and the Agent for the account of the Lenders upon any payment pursuant to any Credit Support immediately upon demand, and to pay the issuer of the Letter of Credit (or the Agent, for the account of such issuer) the amount of all other obligations and other amounts payable to such issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which the Borrower Borrowers may have at any time against such issuer or any other Person.

Appears in 3 contracts

Samples: Loan and Security Agreement (Regional Management Corp.), Loan and Security Agreement (Regional Management Corp.), Loan and Security Agreement (Regional Management Corp.)

Payment of Letter of Credit Obligations. The Borrower agrees Borrowers agree to reimburse the issuer for any draw under any Letter of Credit and the Agent for the account of the Lenders upon any payment pursuant to any Credit Support immediately upon demand, and to pay the issuer of the Letter of Credit the amount of all other obligations Obligations and other amounts payable to such issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which the any Borrower may have at any time against such issuer or any other Person.

Appears in 2 contracts

Samples: Loan and Security Agreement (Laclede Steel Co /De/), Loan and Security Agreement (Laclede Steel Co /De/)

Payment of Letter of Credit Obligations. The Borrower agrees Borrowers agree to reimburse the issuer for any draw under any Letter of Credit Credit, and the Agent Agent, for the account of the Lenders Lenders, upon any payment pursuant to any Credit Support Support, immediately upon demand, and to pay the issuer of the Letter of Credit the amount of all other obligations Obligations and other amounts payable to such issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoffset-off, defense or other right which the a Borrower may have at any time against such issuer or any other Person.

Appears in 2 contracts

Samples: Loan and Security Agreement (KMC Telecom Holdings Inc), Loan and Security Agreement (KMC Telecom Holdings Inc)

Payment of Letter of Credit Obligations. The Borrower agrees --------------------------------------- immediately upon demand to reimburse the issuer Letter of Credit Issuer for any draw under any Letter of Credit and the Agent for the account of the Lenders Lender upon any payment pursuant to any Credit Support immediately upon demandSupport, and to pay the issuer of the Letter of Credit Issuer the amount of all other obligations and other amounts payable to such issuer Letter of Credit Issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which the Borrower may have at any time against such issuer or any other Person.

Appears in 1 contract

Samples: Loan and Security Agreement (Acr Group Inc)

Payment of Letter of Credit Obligations. The Borrower agrees Borrowers agree to reimburse the issuer for any draw under any Letter of Credit Credit, and the Agent Collateral Agent, for the account of the Lenders Lenders, upon any payment pursuant to any L/C Credit Support Support, immediately upon demand, and to pay the issuer of the Letter of Credit the amount of all other obligations Obligations and other amounts payable to such issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoffset-off, defense or other right which the a Borrower may have at any time against such issuer or any other Person.

Appears in 1 contract

Samples: Loan and Security Agreement (Imation Corp)

Payment of Letter of Credit Obligations. The Each Borrower agrees promptly upon demand to reimburse the issuer Letter of Credit Issuer for any draw under any Letter of Credit and the Agent for the account of the Lenders Lender upon any payment pursuant to any Credit Support immediately upon demandSupport, and to pay the issuer of the Letter of Credit Issuer the amount of all other obligations and other amounts payable to such issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which the Borrower may have at any time against such issuer or any other Person.of

Appears in 1 contract

Samples: Loan and Security Agreement (Cerprobe Corp)

Payment of Letter of Credit Obligations. The Borrower agrees Borrowers agree --------------------------------------- to reimburse the issuer for any draw under any Letter of Credit and the Agent for the account of the Lenders upon any payment pursuant to any Credit Support immediately upon demand, and to pay the issuer of the Letter of Credit the amount of all other obligations and other amounts payable to such issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which the either Borrower may have at any time against such issuer or any other Person.

Appears in 1 contract

Samples: Loan and Security Agreement (Trend Lines Inc)

Payment of Letter of Credit Obligations. The Each Borrower agrees to reimburse the issuer for any draw under any Letter of Credit and the Agent issued for the account of the Lenders upon any payment pursuant to any Credit Support its benefit immediately upon demand, and to pay the issuer of the Letter of Credit the amount of all other obligations and other amounts payable to such issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which the either Borrower may have at any time against such issuer or any other Person.

Appears in 1 contract

Samples: Loan and Security Agreement (Waxman Industries Inc)

Payment of Letter of Credit Obligations. The Borrower for whose account a Letter of Credit was issued agrees to reimburse the issuer L/C Issuer for any draw under any such Letter of Credit and the Agent for the account of the Lenders upon any payment pursuant to any Credit Support immediately upon demand, and to pay the issuer of the Letter of Credit L/C Issuer the amount of all other obligations and other amounts payable to such issuer the L/C Issuer under or in connection with any such Letter of Credit immediately when due, irrespective of any claim, counterclaim, setoff, defense recoupment, defense, deduction or other right which the any Borrower may have at any time against such issuer or any other Person.

Appears in 1 contract

Samples: Loan and Security Agreement (Phar Mor Inc)

Payment of Letter of Credit Obligations. The Borrower agrees Borrowers agree immediately upon demand to reimburse the issuer Letter of Credit Issuer for any draw under any Letter of Credit and the Agent for the account of the Lenders upon any payment pursuant to any Credit Support immediately upon demandSupport, and to pay the issuer of the Letter of Credit Issuer the amount of all other obligations and other amounts payable to such issuer Letter of Credit Issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which the any Borrower may have at any time against such issuer or any other Person.

Appears in 1 contract

Samples: Loan and Security Agreement (Worldtex Inc)

Payment of Letter of Credit Obligations. The Borrower agrees Borrowers jointly and severally agree to reimburse the issuer for any draw under any Letter of Credit and the Agent for the account of the Lenders upon any payment pursuant to any Credit Support immediately upon demand, and to pay the issuer of the Letter of Credit the amount of all other obligations and other amounts payable to such issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which the either Borrower may have at any time against such issuer or any other Person.

Appears in 1 contract

Samples: Loan and Security Agreement (California Microwave Inc)

Payment of Letter of Credit Obligations. The Borrower agrees to reimburse the issuer for any draw under any Letter of Credit and the Agent for the account of the Lenders upon any payment pursuant to any Credit Support immediately upon demand, and to pay the issuer of the Letter of Credit the amount of all other obligations and other amounts payable to such issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoffset off, defense or other right which the Borrower may have at any time against such issuer or any other Person.

Appears in 1 contract

Samples: Loan and Security Agreement (Great Train Store Co)

Payment of Letter of Credit Obligations. The Borrower agrees to reimburse immediately the issuer Letter of Credit Issuer for any draw under any Letter of Credit and the Administrative Agent for the account of the Lenders upon any payment pursuant to any Credit Support immediately upon demand, and to pay the issuer of the Letter of Credit Issuer the amount of all other obligations and other amounts payable to such issuer Letter of Credit Issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which the Borrower may have at any time against such issuer or any other Person.

Appears in 1 contract

Samples: Loan and Security Agreement (Good Guys Inc)

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Payment of Letter of Credit Obligations. The Borrower agrees to --------------------------------------- reimburse immediately the issuer Letter of Credit Issuer for any draw under any Letter of Credit and the Agent for the account of the Lenders upon any payment pursuant to any Credit Support immediately upon demand, and to pay the issuer of the Letter of Credit Issuer the amount of all other obligations and other amounts payable to such issuer Letter of Credit Issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which the Borrower may have at any time against such issuer or any other Person.

Appears in 1 contract

Samples: Loan and Security Agreement (Advanced Micro Devices Inc)

Payment of Letter of Credit Obligations. The Each Borrower agrees to --------------------------------------- reimburse the issuer for any draw under any Letter of Credit and the Agent for the account of the Lenders upon any payment pursuant to any Credit Support immediately upon demand, and to pay the issuer of the Letter of Credit the amount of all other obligations and other amounts payable to such issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which the such Borrower may have at any time against such issuer or any other Person.

Appears in 1 contract

Samples: Loan and Security Agreement (Agribiotech Inc)

Payment of Letter of Credit Obligations. The Borrower agrees to reimburse immediately the issuer Letter of Credit Issuer for any draw under any Letter of Credit and the Agent for the account of the Lenders upon any payment pursuant to any Credit Support immediately upon demand, and to pay the issuer of the Letter of Credit Issuer the amount of all other obligations and other amounts payable to such issuer Letter of Credit Issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which the Borrower may have at any time against such issuer or any other Person.

Appears in 1 contract

Samples: Loan and Security Agreement (Advanced Micro Devices Inc)

Payment of Letter of Credit Obligations. The Borrower agrees to reimburse the issuer for any draw under any Letter of Credit and the Agent for the account of the Lenders upon any payment pursuant to any Credit Support immediately upon demand, demand and to pay the issuer of the Letter of Credit the amount of all other obligations and other amounts payable to such issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which the Borrower may have at any time against such issuer or any other Person.

Appears in 1 contract

Samples: Loan and Security Agreement (Cosmetic Center Inc)

Payment of Letter of Credit Obligations. The Borrower agrees Borrowers agree to reimburse the issuer Letter of Credit Issuer for any draw under any Letter of Credit and the Agent for the account of the Lenders upon any payment pursuant to any Credit Support immediately promptly upon demand, and to pay the issuer of the Letter of Credit (or the Agent, for the account of such issuer) the amount of all other obligations and other amounts payable to such issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which the Borrower Borrowers may have at any time against such issuer or any other Person.. 116549.01087/134240171v.5

Appears in 1 contract

Samples: Loan and Security Agreement (Regional Management Corp.)

Payment of Letter of Credit Obligations. The Borrower agrees to reimburse the issuer for any draw under any Letter of Credit and the Agent for the account of the Lenders Lender upon any payment pursuant to any the Credit Support immediately upon demand, and to pay the issuer of the Letter of Credit the amount of all other obligations and other amounts payable to such issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which the Borrower may have at any time against such issuer or any other Person.

Appears in 1 contract

Samples: Loan and Security Agreement (Globespan Semiconductor Inc)

Payment of Letter of Credit Obligations. The Borrower agrees Borrowers agree to reimburse reimburse, immediately upon demand, the issuer Letter of Credit Issuer for any draw under any Letter of Credit and the Agent for the account of the Lenders upon any payment pursuant to any Credit Support immediately upon demandSupport, and to pay the issuer of the Letter of Credit Issuer the amount of all other obligations and other amounts payable to such issuer Letter of Credit Issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which the Borrower Borrowers may have at any time against such issuer or any other Person.

Appears in 1 contract

Samples: Loan and Security Agreement (Eftc Corp/)

Payment of Letter of Credit Obligations. The Borrower agrees to reimburse the issuer L/C Issuer for any draw under any Letter of Credit and the Agent for the account of the Lenders upon any payment pursuant to any Credit Support immediately upon demand, and to pay the issuer of the Letter of Credit L/C Issuer the amount of all other obligations and other amounts payable to such issuer the L/C Issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which the Borrower may have at any time against such issuer the L/C Issuer or any other Person.

Appears in 1 contract

Samples: Loan and Security Agreement (Consolidated Freightways Corp)

Payment of Letter of Credit Obligations. The Borrower agrees to reimburse the issuer Issuing Bank for any draw under any Letter of Credit and the Agent issued for the account of the Lenders upon any payment pursuant to any Credit Support its benefit immediately upon demand, and to pay the issuer of the Letter of Credit the amount of all other obligations and other amounts payable to such issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which the Borrower may have at any time against such issuer Issuing Bank or any other Person.

Appears in 1 contract

Samples: Credit Agreement (Motivepower Industries Inc)

Payment of Letter of Credit Obligations. The Borrower agrees to reimburse the issuer Agent, for the account of the Lenders, for any draw under any Letter of Credit and the Agent for the account of the Lenders upon any payment pursuant to any Credit Support immediately upon demand, and to pay the issuer of the Letter of Credit the amount of all other obligations and other amounts payable to such issuer under or in connection with any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which the Borrower may have at any time against such issuer or any other Person.

Appears in 1 contract

Samples: Loan and Security Agreement (Weirton Steel Corp)

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