Common use of Reimbursement and Interim Interest Clause in Contracts

Reimbursement and Interim Interest. (i) If Lender shall make any disbursement in respect of a Letter of Credit, Borrower shall reimburse Lender by paying to Lender an amount equal to such disbursement in immediately available U.S. dollars, without withholding, deduction, or setoff, not later than 1:00 p.m. prevailing local time in New York, NY on (i) the Business Day that Borrower receives notice of Xxxxxx’s disbursement, if such notice is received prior to 10:00 a.m. prevailing local time in New York, NY; or (ii) the Business Day immediately following the day that Borrower receives such notice, if such notice is not received prior to such time, with interest at the rate applicable to Base Rate Loans for the additional calendar day(s) elapsed; provided that, if such disbursement by Lender is not less than $250,000, Borrower may, subject to the conditions to borrowing set forth in the Agreement, request in accordance with Section 2.1 that such payment be financed with a Revolving Credit Advance in an equivalent amount, and to the extent so financed, Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Advance. Xxxxxx’s records showing the dates and amounts of payments due and disbursements made shall be presumed correct and complete and, if Borrower does not object within five Business Days after receiving the information, shall be final. (ii) If Xxxxxxxx fails to reimburse Lender for any amount disbursed when due pursuant to paragraph (c)(i) above, then the unpaid amount shall bear interest, for each day from and including the date such disbursement is made to but excluding the date that Borrower reimburses Lender for such disbursement, at the Default Rate.

Reimbursement and Interim Interest. (i) If Lender L/C Issuer shall make any disbursement in respect of a Letter of Credit, Borrower shall reimburse Lender L/C Issuer by paying to Lender Agent an amount equal to such disbursement in immediately available U.S. dollars, without withholding, deduction, or setoff, not later than 1:00 p.m. prevailing local time in New York, NY on (i) the Business Day that Borrower receives notice of XxxxxxL/C Issuer’s disbursement, if such notice is received prior to 10:00 a.m. prevailing local time in New new York, NY; or (ii) the Business Day immediately following the day that Borrower receives such notice, if such notice is not received prior to such time, with interest at the rate applicable to Base Rate Loans for the additional calendar day(s) elapsed; provided provided, that, if such disbursement by Lender L/C Issuer is not less than $250,0007,500,000, Borrower may, subject to the conditions to borrowing set forth in the this Agreement, request in accordance with Section 2.1 or 2.3 that such payment be financed with a Revolving Credit Base Rate Loan or Swing Line Advance in an equivalent amount, and to the extent so financed, Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate Loan or Swing Line Advance. XxxxxxL/C Issuer’s records showing the dates and amounts of payments due and disbursements made shall be presumed correct and complete and, if Borrower does not object within five Business Days after receiving the information, shall be final. If Borrower fails to make such payment when due, Agent shall notify each Lender of the applicable payment under the Letter of Credit, the payment then due from Borrower in respect thereof, and such Xxxxxx’s Pro Rata Share thereof. (ii) If Xxxxxxxx fails to reimburse Lender L/C Issuer for any amount disbursed when due pursuant to paragraph (c)(id)(i) above, then the unpaid amount shall bear interest, for each day from and including the date such disbursement is made to but excluding the date that Borrower reimburses Lender L/C Issuer for such disbursement, at the Default Rate. Interest accrued pursuant to this paragraph shall be for account of L/C Issuer, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph (c)(ii) above to reimburse L/C Issuer shall be for account of such Lender to the extent of such payment.

Reimbursement and Interim Interest. (i) If Lender L/C Issuer shall make any disbursement in respect of a Letter of Credit, Borrower shall reimburse Lender L/C Issuer by paying to Lender Administrative Agent an amount equal to such disbursement in immediately available U.S. dollars, without withholding, deduction, or setoff, not later than 1:00 p.m. prevailing local time in New York, NY on (i) the Business Day that Borrower receives notice of XxxxxxL/C Issuer’s disbursement, if such notice is received prior to 10:00 a.m. prevailing local time in New new York, NY; or (ii) the Business Day immediately following the day that Borrower receives such notice, if such notice is not received prior to such time, with interest at the rate applicable to Base Rate Loans for the additional calendar day(s) elapsed; provided that, if such disbursement by Lender L/C Issuer is not less than $250,000the Letter of Credit Sublimit then available, Borrower may, subject to the conditions to borrowing set forth in the Agreement, request in accordance with Section 2.1 2.2 that such payment be financed with a Revolving Credit Advance Base Rate Loan in an equivalent amount, and to the extent so financed, Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit AdvanceBase Rate Loan. XxxxxxL/C Issuer’s records showing the dates and amounts of payments due and disbursements made shall be presumed correct and complete and, if Borrower does not object within five Business Days after receiving the information, shall be final. If Borrower fails to make such payment when due, Administrative Agent shall notify each Lender of the applicable payment under the Letter of Credit, the payment then due from Borrower in respect thereof, and such Xxxxxx’s Aggregate Exposure Percentage thereof. (ii) If Xxxxxxxx fails to reimburse Lender L/C Issuer for any amount disbursed when due pursuant to paragraph (c)(id)(i) above, then the unpaid amount shall bear interest, for each day from and including the date such disbursement is made to but excluding the date that Borrower reimburses Lender L/C Issuer for such disbursement, at the Default Rate. Interest accrued pursuant to this paragraph shall be for account of L/C Issuer, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph (c)(ii) above to reimburse L/C Issuer shall be for account of such Lender to the extent of such payment.

Reimbursement and Interim Interest. (i) If Lender L/C Issuer shall make any disbursement in respect of a Letter of Credit, Borrower shall reimburse Lender L/C Issuer by paying to Lender Agent an amount equal to such disbursement in immediately available U.S. dollars, without withholding, deduction, or setoff, not later than 1:00 2:00 p.m. prevailing local New York City time in New York, NY on (i) the Business Day that Borrower Xxxxxxxx receives notice of XxxxxxL/C Issuer’s disbursement, if such notice is received prior to 10:00 a.m. prevailing local time in 12:00 p.m. New York, NYYork City time; or (ii) the Business Day immediately following the day that Borrower receives such notice, if such notice is not received prior to such time, with interest at the rate applicable to Base Rate Loans for the additional calendar day(s) elapsed; provided that, if such disbursement by Lender L/C Issuer is not less than $250,000the Letter of Credit Sublimit then available, Borrower may, subject to the conditions to borrowing set forth in the Agreement, request in accordance with Section 2.1 2.2 that such payment be financed with a Revolving Credit Advance Base Rate Loan in an equivalent amount, and to the extent so financed, Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit AdvanceBase Rate Loan. XxxxxxL/C Issuer’s records showing the dates and amounts of payments due and disbursements made shall be presumed correct and complete and, if Borrower does not object within five Business Days after receiving the information, shall be final. If Borrower fails to make such payment when due, Agent shall notify each Lender of the applicable payment under the Letter of Credit, the payment then due from Borrower in respect thereof, and such Lender’s Aggregate Exposure Percentage thereof. (ii) If Xxxxxxxx fails to reimburse Lender L/C Issuer for any amount disbursed when due pursuant to paragraph (c)(id)(i) above, then the unpaid amount shall bear interest, for each day from and including the date such disbursement is made to but excluding the date that Borrower reimburses Lender L/C Issuer for such disbursement, at the Default Rate. Interest accrued pursuant to this paragraph shall be for account of L/C Issuer, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph (c)(ii) above to reimburse L/C Issuer shall be for account of such Lender to the extent of such payment.

Reimbursement and Interim Interest. (i) If Lender shall make any disbursement in respect of a Letter of Credit, Borrower shall reimburse Lender by paying to Lender an amount equal to such disbursement in immediately available U.S. dollars, without withholding, deduction, or setoff, not later than 1:00 2:00 p.m. prevailing local time in New York, NY on (i) the Business Day immediately following the day that Borrower receives notice of Xxxxxx’s disbursement, if such notice is received prior to 10:00 a.m. prevailing local time in New York, NY; or (ii) the second Business Day immediately following the day that Borrower receives such notice, if such notice is not received prior to such time, with interest at the rate applicable to Base Rate Loans for the additional calendar day(s) elapsed; provided that, if such disbursement by Lender is not less equivalent to or more than $250,000, Borrower may, subject to the conditions to borrowing set forth in the Agreement, request in accordance with Section 2.1 that such payment be financed with a Revolving Credit Advance in an equivalent amount, and to the extent so financed, Borrower’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Advance. Xxxxxx’s records showing the dates and amounts of payments due and disbursements made shall be presumed correct and complete and, if Borrower does not object within five (5) Business Days after receiving the information, shall be final. (ii) If Xxxxxxxx fails to reimburse Lender for any amount disbursed when due pursuant to paragraph (c)(i) above, then the unpaid amount shall bear interest, for each day from and including the date such disbursement is made to but excluding the date that Borrower reimburses Lender for such disbursement, at the Default Rate.