Common use of Payments and Interest on Reimbursement Obligations Clause in Contracts

Payments and Interest on Reimbursement Obligations. Borrower will pay to Agent for the account of each Lender the amount of each Reimbursement Obligation on the date on which the Agent notifies Borrower of the date and amount of the applicable payment by the Issuer of any drawing under a Letter of Credit. The amount of any Reimbursement Obligation may, if the applicable conditions precedent specified in SECTIONS 5.1 and 5.2 hereof have been satisfied, be paid with the proceeds of Loans. Subject to SECTION 11.7 hereof, Borrower will pay to Agent for the account of each Lender interest on any Reimbursement Obligation (i) at the Base Rate plus the applicable Margin Percentage from the date such Reimbursement Obligation arises until the date five (5) Business Days thereafter and (ii) at the Past Due Rate thereafter until the same is paid in full.

Payments and Interest on Reimbursement Obligations. Borrower will pay to Agent for the account of each Lender the amount of each Reimbursement Obligation on the date on which the Agent notifies Borrower of the date and amount of the applicable payment by the Issuer of any drawing under a Letter of Credit. The amount of any Reimbursement Obligation may, if the applicable conditions precedent specified in SECTIONS 5.1 and 5.2 hereof have been satisfied, be paid with the proceeds of Loans. Subject to SECTION 11.7 hereof, Borrower will pay to Agent for the account of each Lender interest on any Reimbursement Obligation (i) at the Base Rate plus the applicable Margin Percentage from the date such Reimbursement Obligation arises until the date five (5) Business Days thereafter and (ii) at the Past Due Rate thereafter until the same is paid in full.