Payments under Letters of Credit. Upon a draw under any Letter of Credit, the Borrower shall immediately, but in any event not later than the end of such Business Day, reimburse the Issuing Bank for such drawing under a Letter of Credit by paying to the Agent for the account of the Issuing Bank an amount equal to the amount so paid by the Issuing Bank with respect to such drawing under the applicable Letter of Credit. If (i) the Borrower shall not have reimbursed the Issuing Bank for such drawing under such Letter of Credit by the end of such Business Day, (ii) the Issuing Bank and/or the Agent, on behalf of the Issuing Bank, must for any reason return or disgorge such reimbursement, or (iii) the Borrower is required to make a payment under Section 7.02(a)(ii) hereof and fails to make such payment, then the amount of each unreimbursed drawing under such Letter of Credit and payment required to be made under Section 7.02(a)(ii) hereof shall automatically be converted into a Revolving Credit Loan which shall be a Base Rate Loan made on the date of such drawing for all purposes of this Agreement. The Borrower’s obligation to reimburse the Issuing Bank with respect to each drawing under a Letter of Credit shall be absolute and unconditional.
Payments under Letters of Credit. Each amount paid by an Issuing Lender under a Letter of Credit issued under Tranche A will constitute, as of the date of payment, a Prime Rate Loan, if the payment is made in Dollars or in a currency other than the US Dollar, and a US Base Rate Loan if the payment is made in US Dollars. Each amount paid by an Issuing Lender under a Letter of Credit issued under Tranche B or Tranche C will constitute, as of the date of payment, a US Base Rate Loan. Any such Loan will be allocated among the Lenders pro rata to their respective Commitments under the applicable Tranche. Each Lender must fund such loan by remitting to the Agent (for the account of the applicable Issuing Lender) the amount of its share of such loan. The provisions of Section 2.9 will apply in the event of non-disbursement by a Lender.
Payments under Letters of Credit. Upon a draw under any Letter of Credit, the Borrowers shall immediately, but in any event not later than the end of such Business Day, reimburse the Agent for such drawing under a Letter of Credit. If (i) the Borrowers shall not have reimbursed the Agent for such drawing under such Letter of Credit by the end of such Business Day, (ii) the Agent must for any reason return or disgorge such reimbursement, or (iii) the Borrowers are required to make a payment under Section 7.02(a)(ii) hereof and fail to make such payment, then the amount of each unreimbursed drawing under such Letter of Credit and payment required to be made under Section 7.02(a)(ii) hereof shall automatically be converted into a Revolving Credit Loan which shall be a Prime Rate Loan made on the date of such drawing for all purposes of this Agreement. The Borrowers' obligation to reimburse the Agent with respect to each drawing under a Letter of Credit shall be absolute and unconditional.
Payments under Letters of Credit. (a) Any amount paid by an Issuing Lender under a Letter of Credit issued under Tranche A (and not repaid on the same day or already prepaid) will constitute, as of the date of payment, a Prime Rate Loan, if the payment is made in Canadian Dollars or in a currency other than the US Dollar, and a US Base Rate Loan if the payment is made in US Dollars. Any amount paid by an Issuing Lender under a Letter of Credit issued under Tranche B (and not repaid on the same day or already prepaid) will constitute, as of the date of payment, a US Base Rate Loan. Any such Loan will be allocated among the Revolving Lenders pro rata to their respective Commitments under the applicable Tranche. Each Revolving Lender must fund such loan by remitting to the Administrative Agent (for the account of the applicable Issuing Lender) the amount of its share of such loan. The provisions of Section 2.11 will apply in the event of non-disbursement by a Revolving Lender.
Payments under Letters of Credit. (a) Any amount paid by any Issuing Lender under a Letter of Credit and not repaid on the same day (or already prepaid) by the Borrower concerned to such Issuing Lender will constitute (and will be converted into, as the case may be), as of the date of payment, a Prime Rate Loan (other than a payment made in US dollars, in which case the amount paid will constitute a US Base Rate Loan). Any such loan will be allocated among the Lenders pro rata to their respective Commitments under Tranche A. Each Lender must promptly fund such loan by remitting to the Agent (for the account of such Issuing Lender) the amount of its share of such loan. Any interest accrued on any such loan until such funding will be for the account of such Issuing Lender;
Payments under Letters of Credit. 5.2.1 The Issuing Lender shall at all times be entitled, and is irrevocably authorized by the Borrower, to make any payment under a Letter of Credit for which a request or demand has been made together with any required documents provided they are in the required form, without any further reference to the Borrower and any investigation or enquiry. The Issuing Lender need not concern itself with the propriety or validity of any claim made or purported to be made under the terms of such Letter of Credit (except as to compliance with the payment conditions of such Letters of Credit) and shall be entitled to assume that any Person expressed in such Letter of Credit as being entitled to make demand or receive payments thereunder is so entitled. Accordingly, so long as a request or demand has been made as aforementioned it shall not be a defence to any demand made of the Borrower hereunder, nor shall the Borrower or its obligations hereunder be impaired by the fact (if it be the case) that the Issuing Lender was or might have been justified in refusing payment, in whole or in part, of the amounts so claimed.
Payments under Letters of Credit. (a) Any amount paid by an Issuing Lender under a Letter of Credit issued under Tranche A (and not repaid on the same day or already prepaid) will constitute, as of the date of payment, a Prime Rate Loan, if the payment is made in Dollars or in a currency other than the US Dollar, and a US Base Rate Loan if the payment is made in US Dollars. Any amount paid by an Issuing Lender under a Letter of Credit issued under Tranche B (and not repaid on the same day or already prepaid) will constitute, as of the date of payment, a US Base Rate Loan. Any such Loan will be allocated among the Lenders pro rata to their respective Commitments under the applicable Tranche. Each Lender must fund such loan by remitting to the Administrative Agent (for the account of the applicable Issuing Lender) the amount of its share of such loan. The provisions of Section 2.10 will apply in the event of non-disbursement by a Lender.
Payments under Letters of Credit. 2.09 Period of Issuance and Term of Letters of Credit. 2.10 Booking of Libor Rate Loans. 2.11 Assumptions Concerning Funding of Libor Rate Loans. 2.12
Payments under Letters of Credit. If any amount paid by the Issuing Lender under a Letter of Credit is not repaid to the Issuing Lender on the day such amount is paid and in the same currency, said amount will constitute, as of the date of payment, a Prime Rate Loan except that the amount paid will constitute a US Base Rate Loan if the payment is made in US Dollars. Any such loan will be allocated among the Lenders pro rata to their respective Commitments under the Facility. Each Lender must fund such loan by remitting to the Agent (for the account of the Issuing Lender) the amount of its share of such loan. The provisions of Section 2.7 will apply in the event of non-disbursement by a Lender.
Payments under Letters of Credit. In the event of any request for drawing under any Letter of Credit by the beneficiary thereof, the Issuing Bank shall notify the Borrowers on or before the date on which the Issuing Bank intends to honor such drawing, and the Borrowers shall reimburse the Issuing Bank on the day on which such drawing is honored in an amount in same day funds equal to the amount of such drawing; provided that, anything contained in this Agreement to the contrary notwithstanding, unless the Borrowers shall have notified the Issuing Bank prior to 11:00 A.M. in the time zone of the Issuing Bank on the Business Day immediately prior to the date of such drawing that the Borrowers intend to reimburse the Issuing Bank for the amount of such drawing with funds other than the proceeds of Loans, the Borrowers shall be deemed to have timely given a notice of borrowing to the Administrative Bank pursuant to subsection 2.04 requesting the Banks to make Loans which are Prime Loans on the date on which such drawing is honored in an amount equal to the amount of such drawing, and, subject to satisfaction or waiver of the conditions specified herein for Loans, the Banks shall, on the date of such drawing, make Loans which are Prime Loans on the date on which such drawing is honored in amount equal to the amount of such drawing, the proceeds of which shall be applied directly by the Administrative Bank to reimburse the Issuing Bank for the amount of such drawing; and provided, further, that, in such case, if for any reason proceeds of Loans are not received by the Issuing Bank on such date in an amount equal to the amount of such drawing, the Borrowers shall reimburse the Issuing Bank, on the Business Day immediately following the date of such drawing, in an amount in same day funds equal to the excess of the amount of such drawing over the amount of such Loans, if any, which are so received, plus accrued interest on such amount at a rate per annum equal to the Prime Rate plus 2%.
