Payment under Letters of Credit. The Borrower unconditionally and irrevocably authorizes the Swingline Lender and the applicable LC Fronting Lender to pay the amount of any draft or demand made on the Swingline Lender or the applicable LC Fronting Lender under and in accordance with the terms of any Letter of Credit on demand without requiring proof of the Borrower's agreement that the amount so demanded was due and notwithstanding that the Borrower may dispute the validity of any such draft, demand or payment. None of the Swingline Lender or any LC Fronting Lender or any Lender shall have any responsibility or liability for, or any duty to inquire into, the authorization, execution, signature, endorsement, correctness, genuineness or legal effect of any certificate or other document presented to the Swingline Lender or the applicable LC Fronting Lender pursuant to any Letter of Credit, and the Borrower fully and unconditionally assumes all risks with respect to the same and, without limiting the generality of the foregoing, all risks of the acts or omissions of any beneficiary of any Letter of Credit with respect to the use by any beneficiary of any Letter of Credit. None of the Swingline Lender or any LC Fronting Lender or any Lender shall be responsible for:
Payment under Letters of Credit. Any payments which Administrative Agent is required to make under the terms of any Letter of Credit shall be treated as cash Advances under the "A" Line of Credit and shall be repaid to Administrative Agent, for the account of Lenders on or before the expiration date provided for under the relevant Letter of Credit. Such payments shall likewise reduce the availability of the "A" Line of Credit for the issuance of further Letters of Credit in the amount of the same until and to the extent that such payments shall be repaid. Interest on the outstanding balance of such Advances shall be payable monthly, in arrears. Upon the occurrence of an Event of Default, and while there are any Letters of Credit outstanding, Borrower shall provide to Lenders additional collateral in the form of cash deposits, if requested by Majority Lenders. Borrower shall pay immediately any amount drawn under a Letter of Credit after the expiration of the "A" Line of Credit.
Payment under Letters of Credit. Any payments which Lenders are required to make under the terms of any Standby Letter of Credit shall be treated as cash advances under the "A" Line of Credit which shall be repaid to Lenders on or before the expiration date provided for under the relevant Standby Letter of Credit. Such payments shall likewise reduce the availability of the issuance of further Standby Letters of Credit in the amount of the same until and to the extent that such payments shall be repaid. Interest on the outstanding balance of such advances shall be payable monthly, in arrears.
Payment under Letters of Credit. Upon receipt from the beneficiary of any Letter of Credit of any demand for payment thereunder, the Issuing Bank shall promptly notify Pentair and each Bank (with a copy to the applicable Agent) as to the amount to be paid as a result of such demand and the payment date. The applicable Borrower shall promptly reimburse the applicable Issuing Bank for any payment under a Letter of Credit. If at any time an Issuing Bank shall have made a payment under a Letter of Credit and the applicable Borrower shall not have reimbursed the Issuing Bank, each Bank will pay to such Issuing Bank, immediately upon demand by such Issuing Bank, an amount equal to such Bank's Commitment Percentage of such payment, together with interest on such amount for each day from the date of demand for such payment (or, if such demand is made after 1:00 p.m. Chicago time on such date, from the next succeeding Business Day) to the date of payment by such Bank of such amount at a rate of interest per annum equal to (a) in the case of a U.S. Dollar Letter of Credit, (i) for the first three Business Days after demand, the Federal Funds Effective Rate, and (ii) thereafter, the Reference Rate, and (b) in the case of a G-7 Currency Letter of Credit, (i) for the first three Business Days after demand, the rate specified by the Issuing Bank as its cost for overnight funds in the applicable currency, and (ii) thereafter, the rate specified in clause (b)(i) plus 1%.
Payment under Letters of Credit. A letter of credit shall be payable to the Village at any time upon presentation of (1) a sight draft drawn on the issuing Bank in the amount to which the Village is entitled to draw pursuant to the terms of this Agreement;
Payment under Letters of Credit. The Financial Security Instrument shall be payable to the Village at any time upon presentation of (1) a sight draft drawn on the issuing Bank in the amount to which the Village is entitled to draw pursuant to the terms of this Agreement; (2) an affidavit executed by an authorized Village official stating that the Developer is in default under this Agreement; and (3) the original letter of credit.
Payment under Letters of Credit. If a letter of credit is provided, the letter of credit shall be payable to the Village at any time upon presentation of
