Common use of Reimbursement and Interim Interest Clause in Contracts

Reimbursement and Interim Interest. (i) If L/C Issuer shall make any disbursement in respect of a Letter of Credit, Borrower shall reimburse L/C Issuer by paying to 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 L/C Issuer’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 L/C Issuer is not less than the Letter of Credit Sublimit then available, Borrower may, subject to the conditions to borrowing set forth in the Agreement, request in accordance with Section 2.2 that such payment be financed with a 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 Base Rate Loan. L/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.

Reimbursement and Interim Interest. (i) If L/C Issuer Lender shall make any disbursement in respect of a Letter of Credit, Borrower shall reimburse L/C Issuer Lender by paying to Administrative Agent 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 L/C IssuerXxxxxx’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 L/C Issuer Lender is not less than the Letter of Credit Sublimit then available$250,000, Borrower may, subject to the conditions to borrowing set forth in the Agreement, request in accordance with Section 2.2 2.1 that such payment be financed with a Base Rate Loan 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 Base Rate LoanRevolving Credit Advance. L/C IssuerXxxxxx’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.

Reimbursement and Interim Interest. (i) If L/C Issuer shall make any disbursement in respect of a Letter of Credit, Borrower shall reimburse L/C Issuer by paying to Administrative 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 L/C Issuer’s disbursement, if such notice is received prior to 10:00 a.m. prevailing local time in new York, NY12:00 p.m. New York 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 L/C Issuer is not less than the Letter of Credit Sublimit then available, Borrower may, subject to the conditions to borrowing set forth in the Agreement, request in accordance with Section 2.2 that such payment be financed with a 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 Base Rate Loan. L/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 XxxxxxLender’s Aggregate Exposure Percentage thereof.

Reimbursement and Interim Interest. (i) If L/C Issuer Lender shall make any disbursement in respect of a Letter of Credit, Borrower shall reimburse L/C Issuer Lender by paying to Administrative Agent 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 L/C IssuerXxxxxx’s disbursement, if such notice is received prior to 10:00 a.m. prevailing local time in new 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 L/C Issuer Lender is not less equivalent to or more than the Letter of Credit Sublimit then available$250,000, Borrower may, subject to the conditions to borrowing set forth in the Agreement, request in accordance with Section 2.2 2.1 that such payment be financed with a Base Rate Loan 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 Base Rate LoanRevolving Credit Advance. L/C IssuerXxxxxx’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. 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.

Reimbursement and Interim Interest. (i) If L/C Issuer shall make any disbursement in respect of a Letter of Credit, Borrower shall reimburse L/C Issuer by paying to 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 L/C Issuer’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 provided, that, if such disbursement by L/C Issuer is not less than the Letter of Credit Sublimit then available$7,500,000, Borrower may, subject to the conditions to borrowing set forth in the this Agreement, request in accordance with Section 2.2 2.1 or 2.3 that such payment be financed with a 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 Base Rate LoanLoan or Swing Line Advance. L/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 Pro Rata Share thereof.