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

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

Appears in 1 contract

Samples: Loan and Security Agreement (Strategic Distribution Inc)

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Payment of Letter of Credit Obligations. Each Borrower agrees The Borrowers ---------------------------------------- agree to reimburse immediately, without duplication, the issuer Letter of Credit Issuer for any draw under any Letter of Credit issued for the account of such Borrower and the Agent for the account of the Lenders upon any payment pursuant to any Credit Support issued for the account of such Borrower immediately upon demand, and to pay the issuer of such 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 such any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which such Borrower the Borrowers may have at any time against such issuer or any other Person.

Appears in 1 contract

Samples: Loan and Security Agreement (Envirosource Inc)

Payment of Letter of Credit Obligations. Each The Borrower for whose account any Letter of Credit is issued agrees immediately upon demand to reimburse the issuer Letter of Credit Issuer for any draw under any such Letter of Credit issued for the account of such Borrower and the Agent for the account of the Lenders upon any payment pursuant to any related Credit Support issued for the account of such Borrower immediately upon demandSupport, and to pay the issuer of such 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 such any Letter of Credit immediately when due, irrespective of any claim, setoff, defense defense, or other right which such Borrower may have at any time against such issuer or any other Person.

Appears in 1 contract

Samples: Loan and Security Agreement (Pentacon Inc)

Payment of Letter of Credit Obligations. Each The Borrower on whose account any Letter of Credit is issued agrees to reimburse immediately the issuer Letter of Credit Issuer for any draw under any such Letter of Credit issued for the account of such Borrower and the Agent for the account of the Lenders upon any payment pursuant to any related Credit Support issued for the account of such Borrower immediately upon demand, and to pay the issuer of such 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 such any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which such Borrower may have at any time against such issuer or any other Person.

Appears in 1 contract

Samples: Loan and Security Agreement (Parker Drilling Co /De/)

Payment of Letter of Credit Obligations. Each The Borrower agrees immediately upon demand to reimburse the issuer Letter of Credit Issuer from proceeds of Revolving Loans for any draw under any Letter of Credit issued for the account of such Borrower and the Agent for the account of the Lenders upon any payment pursuant to any Credit Support issued for the account of such Borrower immediately upon demandSupport, and to pay the issuer of such 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 such any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which such the Borrower may have at any time against such issuer or any other Person.

Appears in 1 contract

Samples: Loan and Security Agreement (Fruit of the Loom LTD)

Payment of Letter of Credit Obligations. Each The Borrower agrees to reimburse the issuer issuer, in the manner set forth in Section 2.4(e)(2), for any draw under any Letter of Credit issued for the account of such Borrower and and, without duplication, the Agent for the account of the Lenders upon any payment pursuant to any Credit Support issued for the account of such Borrower credit support immediately upon demand, and to pay the issuer of such the Letter of Credit the amount of all other obligations and other amounts payable to such issuer under or in connection with such any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which such the Borrower may have at any time against such issuer or any other Person.

Appears in 1 contract

Samples: Loan and Security Agreement (Revlon Consumer Products Corp)

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Payment of Letter of Credit Obligations. Each The Borrower agrees to reimburse the issuer issuer, in the manner set forth in Section 2.3(d)(2), for any draw under any Letter of Credit issued for the account of such Borrower and and, without duplication, the Agent for the account of the Lenders upon any payment pursuant to any Credit Support issued for the account of such Borrower credit support immediately upon demand, and to pay the issuer of such the Letter of Credit Credit, respectively, the amount of all other obligations and other amounts payable to such issuer under or in connection with such any Letter of Credit immediately when due, irrespective of any claim, setoff, defense or other right which such the Borrower may have at any time against such issuer or any other Person.

Appears in 1 contract

Samples: Loan and Security Agreement (Woodworkers Warehouse Inc)

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

Appears in 1 contract

Samples: Loan and Security Agreement (Strategic Distribution Inc)

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

Appears in 1 contract

Samples: Loan and Security Agreement (Gt Bicycles Inc)

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