Reimbursement Agreement of the Borrower Sample Clauses

Reimbursement Agreement of the Borrower. The Borrower hereby unconditionally and irrevocably agrees to reimburse the Issuing Lender for each payment or disbursement made by the Issuing Lender under a Letter of Credit honoring a demand for payment made by the Beneficiary thereunder, in each case on the date that such payment or disbursement is made. Subject to Borrower's ability to satisfy the conditions precedent set forth in Section 5.2, if any amount shall not be reimbursed by the Borrower on the date of such payment or disbursement, the Borrower automatically shall be deemed to have requested as of the immediately preceding Business Day a Floating Rate Loan pursuant to Section 2.2 in the amount of such payment or disbursement (which need not be in the principal amount of $500,000 or an integral multiple thereof); provided, that if at the time of such request Revolving Loans are not then available to the Borrower, such request shall not be granted and the Borrower's reimbursement obligations set forth above shall remain in place.
Sample 1
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Reimbursement Agreement of the Borrower. The Borrower --------------------------------------- hereby unconditionally and irrevocably agrees to reimburse the Bank, immediately upon demand, for each payment made by the Bank under a Letter of Credit honoring a demand for payment made by the Beneficiary thereunder, with interest on the amount so paid by the Bank from and including the date paid by the Bank to the date the Bank is reimbursed therefor, at a rate per annum equal to the Base Rate from time to time in effect (but not less than the Base Rate in effect on the date of such payment by the Bank). Interest shall be computed for the actual number of days elapsed on the basis of a year consisting of 360 days.
Sample 1
Reimbursement Agreement of the Borrower. The Borrower hereby --------------------------------------- unconditionally and irrevocably agrees to reimburse the Issuing Lender, immediately upon demand, for each payment made by the Issuing Lender under a Letter of Credit honoring a demand for payment made by the Beneficiary thereunder, with interest on the amount so paid by the Issuing Lender from and including the date paid by the Issuing Lender to but not including the date the Issuing Lender is reimbursed therefor, at a rate per annum equal to the Alternate Base Rate from time to time in effect (but not less than the Alternate Base Rate in effect on the date of such payment by the Issuing Lender) plus 1.0% per annum. Interest shall be computed for the actual number of days elapsed on the basis of a year consisting of 360 days. Upon receipt of each payment under this Section 4.10, the Issuing ------------
Sample 1
Reimbursement Agreement of the Borrower. The Borrower hereby --------------------------------------- unconditionally and irrevocably agrees to reimburse the Agent, immediately upon demand, for each payment made by the Agent in accordance herewith under a Letter of Credit honoring a demand for payment made by the Beneficiary thereunder, with interest on the amount so paid by the Agent from the date paid by the Agent to the date the Agent is reimbursed therefor, at a rate per annum equal to the Base Rate from time to time in effect (but not less than the Base Rate in effect on the date of such payment by the Agent) plus the Applicable Base Rate Margin. Interest shall be computed for the actual number of days elapsed on the basis of a year consisting of 360 days. Upon receipt of each payment under this Section ------- 4.10, the Agent shall promptly pay to each Lender which previously made the ---- entire payment required under Section 4.6, in Dollars and in the kind of funds ----------- received, an amount equal to such Lender's Percentage of such payment.
Sample 1

Related to Reimbursement Agreement of the Borrower

  • Reimbursement Agreement The Sponsor entered into an Expense Reimbursement Agreement (“Reimbursement Agreement”) substantially in the form annexed as an exhibit to the Registration Statement pursuant to which the Sponsor has committed to fund the Company up to $1,750,000 for the Company’s expenses relating to investigating and selecting a target business and other working capital requirements prior to an initial Business Combination.

  • Reimbursement Obligation of the Borrower In the event of any drawing under any Letter of Credit, the Borrower agrees to reimburse (either with the proceeds of a Revolving Credit Loan as provided for in this Section or with funds from other sources), in same day funds, the Issuing Lender on each date on which the Issuing Lender notifies the Borrower of the date and amount of a draft paid under any Letter of Credit for the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by the Issuing Lender in connection with such payment. Unless the Borrower shall immediately notify the Issuing Lender that the Borrower intends to reimburse the Issuing Lender for such drawing from other sources or funds, the Borrower shall be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan bearing interest at the Base Rate on such date in the amount of (a) such draft so paid and (b) any amounts referred to in Section 3.3(c) incurred by the Issuing Lender in connection with such payment, and the Revolving Credit Lenders shall make a Revolving Credit Loan bearing interest at the Base Rate in such amount, the proceeds of which shall be applied to reimburse the Issuing Lender for the amount of the related drawing and costs and expenses. Each Revolving Credit Lender acknowledges and agrees that its obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse the Issuing Lender for any draft paid under a Letter of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction of the conditions set forth in Section 2.3(a) or Article VI. If the Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse the Issuing Lender as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in full.

  • Amendment of Credit Agreement The Credit Agreement is hereby amended as follows:

  • Reimbursement Obligation of the Borrowers If any draft shall be presented for payment under any Letter of Credit, the Issuing Lender shall notify the Borrowers and the Administrative Agent of the date and the amount thereof. The Borrowers agree to reimburse the Issuing Lender (whether with their own funds or with proceeds of the Loans) on each date on which the Issuing Lender pays a draft so presented under any Letter of Credit for the amount of (i) such draft so paid and (ii) any taxes, fees, charges or other costs or expenses incurred by the Issuing Lender in connection with such payment. Each such payment shall be made to the Issuing Lender at its address for notices specified herein in lawful money of the United States of America and in immediately available funds. Each unreimbursed drawing under any Letter of Credit shall constitute a request by the Borrowers, subject to the provisions of Section 2.1, to the Administrative Agent for ABR Loans in the amount of such drawing. The borrowing date with respect to any such ABR Loans shall be the date of the remittance by the Issuing Bank of the proceeds of such drawing. If ABR Loans are not available on the date when the Issuing Lender pays a draft, interest shall be payable on any and all amounts remaining unpaid by the Borrowers under this subsection from the date of payment of the applicable draft to but excluding the date of payment in full thereof, (x) for the period commencing on the date of payment of the applicable draft to the date which is 3 days thereafter, at the rate which would be payable on ABR Loans at such time and (y) thereafter, at the rate which would be payable on ABR Loans at such time plus 2%.

  • Reimbursement Obligations of the Borrower The Borrower agrees to pay to the L/C Issuer of any Letter of Credit each L/C Reimbursement Obligation owing with respect to such Letter of Credit no later than the first Business Day after the Borrower receives notice from such L/C Issuer that payment has been made under such Letter of Credit or that such L/C Reimbursement Obligation is otherwise due (the “L/C Reimbursement Date”) with interest thereon computed as set forth in clause (i) below. In the event that any L/C Issuer incurs any L/C Reimbursement Obligation not repaid by the Borrower as provided in this clause (e) (or any such payment by the Borrower is rescinded or set aside for any reason), such L/C Issuer shall promptly notify the Administrative Agent of such failure (and, upon receipt of such notice, the Administrative Agent shall forward a copy to each Revolving Credit Lender) and, irrespective of whether such notice is given, such L/C Reimbursement Obligation shall be payable on demand by the Borrower with interest thereon computed (i) from the date on which such L/C Reimbursement Obligation arose to the L/C Reimbursement Date, at the interest rate applicable during such period to Revolving Loans that are Base Rate Loans and (ii) thereafter until payment in full, at the interest rate applicable during such period to past due Revolving Loans that are Base Rate Loans.

  • Single Disbursement to Borrower Borrower shall receive only one borrowing hereunder in respect of the Loan and any amount borrowed and repaid hereunder in respect of the Loan may not be reborrowed.

  • Credit Agreement Amendment The Credit Agreement is hereby amended as follows:

  • Disbursement to Borrower Borrower may request and receive only one borrowing hereunder in respect of the Loan and any amount borrowed and repaid hereunder in respect of the Loan may not be re-borrowed.

  • Credit Agreement; Loan Documents This Agreement or counterparts hereof shall have been duly executed by, and delivered to, Borrowers, each other Credit Party, Agent and Lenders; and Agent shall have received such documents, instruments, agreements and legal opinions as Agent shall reasonably request in connection with the transactions contemplated by this Agreement and the other Loan Documents, including all those listed in the Closing Checklist attached hereto as Annex D, each in form and substance reasonably satisfactory to Agent.

  • Amendment of the Credit Agreement Effective as of the Amendment Effective Date (as defined below):

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