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Common use of Reimbursement by Borrower of Amounts Paid Under Letters of Credit Clause in Contracts

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If an Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative Agent, and Borrower shall reimburse such Issuing Lender on the date on which such drawing is honored (the "REIMBURSEMENT DATE") in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest thereon as provided in subsection 3.3D(i) for the period from the date of drawing to the date on which such Revolving Loans are made (the "LC REIMBURSEMENT AMOUNT"); PROVIDED that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender prior to 12:00 P.M. (New York City time) on the date such drawing is honored that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mail) and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2B, Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amount, the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender in an amount equal to the LC Reimbursement Amount; and PROVIDED, FURTHER that if for any reason proceeds of Revolving Loans are not received by Administrative Agent on the Reimbursement Date in an amount equal to the LC Reimbursement Amount, Borrower shall reimburse Administrative Agent, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount over (y) the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B shall be deemed to relieve any Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Lender resulting from the failure of such Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the Letter of Credit without regard to any instruction of the Borrower.

Appears in 2 contracts

Samples: Credit Agreement (Integrated Defense Technologies Inc), Credit Agreement (Integrated Defense Technologies Inc)

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Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If In the event an Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative Agent, and Borrower shall reimburse such Issuing Lender on or before the Business Day immediately following the date on which such drawing is honored (the "REIMBURSEMENT DATE"“Reimbursement Date”) in an amount in U.S. Dollars and in same day funds equal to the amount of such honored drawing plus interest thereon as provided in subsection 3.3D(i) payment (and to the extent that such Letter of Credit was issued for the period from the date benefit of drawing a Foreign Loan Party, Borrower shall cause such Foreign Loan Party to reimburse Borrower by an amount equal to the date on which amount of such Revolving Loans are made (the "LC REIMBURSEMENT AMOUNT"payment); PROVIDED provided that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender prior to 12:00 P.M. 10:00 A.M. (New York City time) on the date such drawing is honored that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount amount of such payment with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in U.S. Dollars (which amount, in the case of a drawing under a Letter of Credit which is denominated in a currency other than U.S. Dollars, shall be calculated by reference to the applicable Exchange Rate) equal to the LC Reimbursement Amount amount of such payment (and Administrative Agent to the extent that such Letter of Credit was issued for the benefit of a Foreign Loan Party, such Foreign Loan Party shall promptly give notice thereof be deemed to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mailhave requested an Intercompany Loan from Borrower in an amount equal to the amount of such payment) and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2B, Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amountamount of such payment, the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender in an for the amount equal to the LC Reimbursement Amountof such payment; and PROVIDEDprovided, FURTHER further that if for any reason proceeds of Revolving Loans are not received by Administrative Agent such Issuing Lender on the Reimbursement Date in an amount equal to the LC Reimbursement Amountamount of such payment, Borrower shall reimburse Administrative Agentsuch Issuing Lender, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount amount of such payment over (y) the aggregate amount of such Revolving Loans, if any, which are so receivedreceived (and to the extent that such Letter of Credit was issued for the benefit of a Foreign Loan Party, Borrower shall cause such Foreign Loan Party to reimburse Borrower in an amount equal to the excess of the amount of such payment over the aggregate amount of such Revolving Loans). Nothing in this subsection 3.3B shall be deemed to relieve any Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Lender resulting from the failure of such Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the Letter of Credit without regard to any instruction of the Borrower.3.3B.

Appears in 2 contracts

Samples: Credit Agreement (Joy Global Inc), Credit Agreement (Joy Global Inc)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If an Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative Agent, and Borrower shall reimburse such Issuing Lender on or before the third Business Day immediately following the date on which such drawing is honored (the "REIMBURSEMENT DATE"“Reimbursement Date”) in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest thereon as provided in subsection 3.3D(i) for the period from the date of drawing to the date on which such Revolving Loans are made (the "LC REIMBURSEMENT AMOUNT"Reimbursement Amount”); PROVIDED provided that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender prior to 12:00 P.M. (New York City time) on the date such drawing is honored that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Revolving Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mail) and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2B, Revolving Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in an amount equal to the LC Reimbursement Amount, the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender in an amount equal to the LC Reimbursement Amount; and PROVIDEDprovided, FURTHER further that if for any reason proceeds of Revolving Loans are not received by Administrative Agent on the Reimbursement Date in an amount equal to the LC Reimbursement Amount, Borrower shall reimburse Administrative Agent, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount over (y) the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B shall be deemed to relieve any Revolving Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Revolving Lender resulting from the failure of such Revolving Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the any Letter of Credit without regard to any instruction of the Borrower.

Appears in 2 contracts

Samples: Credit Agreement (Isle of Capri Casinos Inc), Credit Agreement (Isle of Capri Casinos Inc)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If In the event an Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative Agent, and Borrower shall reimburse such Issuing Lender on or before the Business Day immediately following the date on which such drawing is honored (the "REIMBURSEMENT DATE"“Reimbursement Date”) in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest thereon as payment; provided in subsection 3.3D(i) for the period from the date of drawing to the date on which such Revolving Loans are made (the "LC REIMBURSEMENT AMOUNT"); PROVIDED that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender prior to 12:00 P.M. 11:00 A.M. (New York City Los Angeles time) on the date such drawing is honored that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount amount of such payment with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Revolving Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mail) amount of such payment and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2B, Revolving Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amountamount of such payment, the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender in an for the amount equal to the LC Reimbursement Amountof such payment; and PROVIDEDprovided, FURTHER further that if for any reason proceeds of Revolving Loans are not received by Administrative Agent such Issuing Lender on the Reimbursement Date in an amount equal to the LC Reimbursement Amountamount of such payment, Borrower shall reimburse Administrative Agentsuch Issuing Lender, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount amount of such payment over (y) the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B shall be deemed to relieve any Revolving Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Revolving Lender resulting from the failure of such Revolving Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the Letter of Credit without regard to any instruction of the Borrower.3.3B.

Appears in 2 contracts

Samples: Credit Agreement (Unified Grocers, Inc.), Credit Agreement (Unified Grocers, Inc.)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If In the event an Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative Agent, and Borrower shall reimburse such Issuing Lender on or before the Business Day immediately following the date on which such drawing is honored (the "REIMBURSEMENT DATEReimbursement Date") in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest thereon as provided in subsection 3.3D(i) at the rate of interest for Revolving Loans that are Base Rate Loans for the period from the date of drawing to the date on which such Revolving Loans are made (the "LC REIMBURSEMENT AMOUNT")Reimbursement Date; PROVIDED provided that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender prior to 12:00 P.M. Noon (New York City time) on the date such drawing is honored that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount amount of such honored drawing plus such interest with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount amount of such honored drawing plus such interest (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mail) ), and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2B, Lenders shall, on or before the Business Day immediately following the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amountamount of such honored drawing plus interest thereon at the rate of interest for Revolving Loans that are Base Rate Loans for the period from the date of drawing to the date on which such Revolving Loans are made, the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender in an for the amount equal to the LC Reimbursement Amountof such honored drawing; and PROVIDEDprovided, FURTHER further, that if for any reason proceeds of Revolving Loans are not received by Administrative Agent such Issuing Lender on or before the Business Day immediately following the Reimbursement Date in an amount equal to the LC Reimbursement Amountamount of such honored drawing plus interest thereon at the rate of interest for Revolving Loans that are Base Rate Loans for the period from the date of drawing to the date on which such Revolving Loans are made, Borrower shall reimburse Administrative Agentsuch Issuing Lender, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount amount of such honored drawing plus interest thereon at the Base Rate for the period from the date of drawing to the date on which such Revolving Loans are made over (y) the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B shall be deemed to relieve any Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Lender resulting from the failure of such Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the Letter of Credit without regard to any instruction of the Borrower.3.3B.

Appears in 2 contracts

Samples: Credit Agreement (Winsloew Furniture Inc), Credit Agreement (Winsloew Furniture Inc)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If In the event an Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative Agent, and Borrower shall reimburse such Issuing Lender on or before the Business Day immediately following the date on which such drawing is honored (the "REIMBURSEMENT DATE") in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest thereon as provided in subsection 3.3D(i) for the period from the date of drawing to the date on which such Revolving Loans are made (the "LC REIMBURSEMENT AMOUNT")drawing; PROVIDED that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender prior to 12:00 P.M. 11:00 A.M. (New York City Boston, Massachusetts time) on the date such drawing is honored that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount amount of such honored drawing with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mail) amount of such honored drawing and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2B, Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amountamount of such honored drawing, the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender in an for the amount equal to the LC Reimbursement Amountof such honored drawing; and PROVIDED, FURTHER that if for any reason proceeds of Revolving Loans are not received by Administrative Agent such Issuing Lender on the Reimbursement Date in an amount equal to the LC Reimbursement Amountamount of such honored drawing, Borrower shall reimburse Administrative Agentsuch Issuing Lender, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount amount of such honored drawing over (y) the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B shall be deemed to relieve any Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Lender resulting from the failure of such Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the Letter of Credit without regard to any instruction of the Borrower.3.3B.

Appears in 2 contracts

Samples: Credit Agreement (Boyds Collection LTD), Credit Agreement (Boyds Collection LTD)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If an In the event Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative AgentAgent (if it is not Issuing Lender with respect to such Letter of Credit), and Borrower shall reimburse such Issuing Lender on or before the Business Day immediately following the date on which such drawing is honored (the "REIMBURSEMENT DATE"“Reimbursement Date”) in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest thereon as payment; provided in subsection 3.3D(i) for the period from the date of drawing to the date on which such Revolving Loans are made (the "LC REIMBURSEMENT AMOUNT"); PROVIDED that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender prior to 12:00 P.M. Noon (New York City time) on the date such drawing is honored Reimbursement Date that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount amount of such payment with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Revolving Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mail) amount of such payment and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2BSection 4.2(b), Revolving Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amountamount of such payment, the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender in an for the amount equal to the LC Reimbursement Amountof such payment; and PROVIDEDprovided, FURTHER further that if for any reason proceeds of Revolving Loans are not received by Administrative Agent such Issuing Lender on the Reimbursement Date in an amount equal to the LC Reimbursement Amountamount of such payment, Borrower shall reimburse Administrative AgentIssuing Lender, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount amount of such payment over (y) the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B Section 3.3(b) shall be deemed to relieve any Revolving Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Revolving Lender resulting from the failure of such Revolving Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the Letter of Credit without regard to any instruction of the BorrowerSection 3.3(b).

Appears in 2 contracts

Samples: Credit Agreement (EngageSmart, LLC), Credit Agreement (EngageSmart, LLC)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If an Issuing Lender Bank has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender Bank shall immediately notify Borrower and Administrative Agent, and Borrower shall reimburse such Issuing Lender on Bank no later than the date on which such drawing is honored next succeeding Business Day (the "REIMBURSEMENT DATE"“Reimbursement Date”) in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest interest, if any, thereon as provided in subsection 3.3D(i) for the period from the date of drawing to the date on which such of reimbursement (including by the making of Revolving Loans are made Loans) (the "LC REIMBURSEMENT AMOUNT"Reimbursement Amount”); PROVIDED provided that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender Bank prior to 12:00 P.M. (New York City time) on the date such drawing is honored Reimbursement Date that Borrower intends to reimburse such Issuing Lender Bank for the LC Reimbursement Amount with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Revolving Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mail) and and, (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2B, Revolving Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amount, the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender Bank in an amount equal to the LC Reimbursement Amount; and PROVIDEDprovided, FURTHER further that if for any reason proceeds of Revolving Loans are not received by Administrative Agent on the Reimbursement Date in an amount equal to the LC Reimbursement Amount, Borrower shall reimburse Administrative Agent, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount over (y) the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B shall be deemed to relieve any Revolving Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Revolving Lender resulting from the failure of such Revolving Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender Bank may honor or dishonor any drawing in accordance with the terms of the Letter of Credit without regard to any instruction of the Borrower.

Appears in 2 contracts

Samples: Credit Agreement (Isle of Capri Casinos Inc), Credit Agreement (Isle of Capri Casinos Inc)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If an Issuing Lender Bank has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender Bank shall immediately notify Borrower and Administrative Agent, and Borrower shall reimburse such Issuing Lender on Bank no later than the date on which such drawing is honored next succeeding Business Day (the "REIMBURSEMENT DATE"“Reimbursement Date”) in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest interest, if any, thereon as provided in subsection 3.3D(i) for the period from the date of drawing to the date on which such of reimbursement (including by the making of Revolving Loans are made Loans) (the "LC REIMBURSEMENT AMOUNT"Reimbursement Amount”); PROVIDED provided that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender Bank prior to 12:00 P.M. (New York City time) on the date such drawing is honored 77 Reimbursement Date that Borrower intends to reimburse such Issuing Lender Bank for the LC Reimbursement Amount with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Revolving Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mail) and and, (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2B, Revolving Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amount, the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender Bank in an amount equal to the LC Reimbursement Amount; and PROVIDEDprovided, FURTHER further that if for any reason proceeds of Revolving Loans are not received by Administrative Agent on the Reimbursement Date in an amount equal to the LC Reimbursement Amount, Borrower shall reimburse Administrative Agent, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount over (y) the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B shall be deemed to relieve any Revolving Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Revolving Lender resulting from the failure of such Revolving Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender Bank may honor or dishonor any drawing in accordance with the terms of the Letter of Credit without regard to any instruction of the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Isle of Capri Casinos Inc)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If In the event an Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative the Agent, and Borrower shall reimburse such Issuing Lender on the date on which such drawing is honored (the "REIMBURSEMENT DATE") in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest thereon as drawing; provided in subsection 3.3D(i) for the period from the date of drawing to the date on which such Revolving Loans are made (the "LC REIMBURSEMENT AMOUNT"); PROVIDED that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative the Agent and such Issuing Lender prior to 12:00 P.M. 10:00 A.M. (New York City time) on the date such drawing is honored that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount amount of such honored drawing with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative the Agent requesting Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mail) amount of such honored drawing and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2BSection 3.2.2, Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amountamount of such honored drawing, the proceeds of which shall be applied directly by Administrative the Agent to reimburse such Issuing Lender in an for the amount equal to the LC Reimbursement Amountof such honored drawing; and PROVIDED, FURTHER that if for any reason proceeds of Revolving Loans are not received by Administrative Agent such Issuing Lender on the Reimbursement Date in an amount equal to the LC Reimbursement Amountamount of such honored drawing, Borrower shall reimburse Administrative Agentsuch Issuing Lender, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount amount of such honored drawing over (y) the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B Section 2.18 shall be deemed to relieve any Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Lender resulting from the failure of such Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the Letter of Credit without regard to any instruction of the BorrowerSection 2.18.

Appears in 1 contract

Samples: Senior Secured Revolving Credit Agreement (Corporate Office Properties Trust)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If an Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative Agent, and Borrower shall reimburse such Issuing Lender on or before the Business Day immediately following the date on which such drawing is honored (the "REIMBURSEMENT DATE") in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest thereon as provided in subsection 3.3D(i) for the period from the date of drawing to the date on which such Revolving Loans are made (the "LC REIMBURSEMENT AMOUNT"); PROVIDED that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender prior to 12:00 P.M. 10:00 A.M. (New York City time) on the date such drawing is honored that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mail) and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2B, Lenders shall, on or before the Business Day immediately following the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amount, the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender in an amount equal to the LC Reimbursement Amount; and PROVIDED, FURTHER that if for any reason proceeds of Revolving Loans are not received by Administrative Agent such Issuing Lender on or before the Business Day immediately following the Reimbursement Date in an amount equal to the LC Reimbursement Amount, Borrower shall reimburse Administrative Agentsuch Issuing Lender, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount over (y) the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B shall be deemed to relieve any Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Lender resulting from the failure of such Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the Letter of Credit without regard to any instruction of the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Vertex Aerospace Inc)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If In the event an Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative Agent, and Borrower shall reimburse such Issuing Lender on or before the Business Day immediately following the date on which such drawing is honored (the "REIMBURSEMENT DATEReimbursement Date") in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest thereon as provided in subsection 3.3D(i) payment (and to the extent that such Letter of Credit was issued for the period from the date benefit of drawing a Foreign Loan Party, Borrower shall cause such Foreign Loan Party to reimburse Borrower by an amount equal to the date on which amount of such Revolving Loans are made (the "LC REIMBURSEMENT AMOUNT"payment); PROVIDED provided that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender prior to 12:00 P.M. 10:00 A.M. (New York City time) on the date such drawing is honored that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount amount of such payment with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars (which amount, in the case of a drawing under a Letter of Credit which is denominated in a currency other than Dollars, shall be calculated by reference to the applicable Exchange Rate) equal to the LC Reimbursement Amount amount of such payment (and Administrative Agent to the extent that such Letter of Credit was issued for the benefit of a Foreign Loan Party, such Foreign Loan Party shall promptly give notice thereof be deemed to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mailhave requested an Intercompany Loan from Borrower in an amount equal to the amount of such payment) and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2B, Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amountamount of such payment, the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender in an for the amount equal to the LC Reimbursement Amountof such payment; and PROVIDEDprovided, FURTHER further that if for any reason proceeds of Revolving Loans are not received by Administrative Agent such Issuing Lender on the Reimbursement Date in an amount equal to the LC Reimbursement Amountamount of such payment, Borrower shall reimburse Administrative Agentsuch Issuing Lender, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount amount of such payment over (y) the aggregate amount of such Revolving Loans, if any, which are so receivedreceived (and to the extent that such Letter of Credit was issued for the benefit of a Foreign Loan Party, Borrower shall cause such Foreign Loan Party to reimburse Borrower in an amount equal to the excess of the amount of such payment over the aggregate amount of such Revolving Loans). Nothing in this subsection 3.3B shall be deemed to relieve any Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Lender resulting from the failure of such Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the Letter of Credit without regard to any instruction of the Borrower.3.3B.

Appears in 1 contract

Samples: Credit Agreement (Joy Global Inc)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If In the event an Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative Agent, and Borrower shall reimburse such Issuing Lender on or before the Business Day immediately following the date on which such drawing is honored (the "REIMBURSEMENT DATE"“Reimbursement Date”) in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest thereon as drawing; provided in subsection 3.3D(i) for the period from the date of drawing to the date on which such Revolving Loans are made (the "LC REIMBURSEMENT AMOUNT"); PROVIDED that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender prior to 12:00 1:00 P.M. (New York City time) on the date such drawing is honored that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount amount of such honored drawing with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mail) amount of such honored drawing and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2B, Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amountamount of such honored drawing (it being understood that such funding of Revolving Loans by Lenders is not a failure by Borrower to make payments when due under subsection 8.1), the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender in an for the amount equal to the LC Reimbursement Amountof such honored drawing; and PROVIDEDprovided, FURTHER further that if for any reason proceeds of Revolving Loans are not received by Administrative Agent such Issuing Lender on the Reimbursement Date in an amount equal to the LC Reimbursement Amountamount of such honored drawing, Borrower shall reimburse Administrative Agentsuch Issuing Lender, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount amount of such honored drawing over (y) the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B shall be deemed to relieve any Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Lender resulting from the failure of such Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the Letter of Credit without regard to any instruction of the Borrower.3.3B.

Appears in 1 contract

Samples: Credit Agreement (La Quinta Properties Inc)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If an In the event Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative AgentAgent of Issuing Lender’s intent to honor such drawing (such notice, the “Draw Notice”) and Borrower shall reimburse such Issuing Lender on the date on which such drawing is honored (the "REIMBURSEMENT DATE") in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest thereon as provided in subsection 3.3D(i) for the period from on the date of drawing (the “Reimbursement Date”) determined as follows: (x) if the applicable Draw Notice is received by Borrower prior to 9:00 a.m. (Pacific time) at least one Business Day prior to the Honor Date, the date on which such Revolving Loans are made drawing is honored by Issuing Lender (the "LC REIMBURSEMENT AMOUNT")“Honor Date”) or (y) otherwise, on the second Business Day following receipt by Borrower of the applicable Draw Notice; PROVIDED provided that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender prior to 12:00 P.M. 11:00 a.m. (New York City Pacific time) on the date such drawing is honored Business Day prior to the Reimbursement Date that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount amount of such drawing with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Revolving Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mail) amount of such drawing and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2B4.2, Revolving Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amountamount of such drawing, the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender in an for the amount equal to the LC Reimbursement Amountof such drawing; and PROVIDEDprovided, FURTHER further that if for any reason proceeds of Revolving Loans are not received by Administrative Agent Issuing Lender on the Reimbursement Date in an amount equal to the LC Reimbursement Amountamount of such drawing, Borrower shall reimburse Administrative AgentIssuing Lender, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount amount of such drawing over (y) the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B shall be deemed to relieve any Revolving Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Revolving Lender resulting from the failure of such Revolving Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the Letter of Credit without regard to any instruction of the Borrower.3.3B.

Appears in 1 contract

Samples: Credit Agreement (Thoratec Corp)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If In the event an Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately promptly notify Borrower and Administrative AgentAgent (provided that the failure to so notify Borrower and Administrative Agent shall not limit Borrower's obligation to reimburse such Issuing Lender at the time and in the manner required under this Agreement), and Borrower shall reimburse such Issuing Lender on or before the Business Day immediately following the date on which such drawing is honored (the "REIMBURSEMENT DATE") in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest thereon as provided in subsection 3.3D(i) for the period from the date of drawing to the date on which such Revolving Loans are made (the "LC REIMBURSEMENT AMOUNT")drawing; PROVIDED that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender prior to 12:00 P.M. Noon (New York City time) on the date such drawing is honored that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount amount of such honored drawing with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mail) amount of such honored drawing and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2B, Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amountamount of such honored drawing, the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender in an for the amount equal to the LC Reimbursement Amountof such honored drawing; and PROVIDED, FURTHER that if for any reason proceeds of Revolving Loans are not received by Administrative Agent such Issuing Lender on the Reimbursement Date in an amount equal to the LC Reimbursement Amountamount of such honored drawing, Borrower shall reimburse Administrative Agentsuch Issuing Lender, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount amount of such honored drawing over (y) the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B shall be deemed to relieve any Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Lender resulting from the failure of such Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the Letter of Credit without regard to any instruction of the Borrower.3.3B.

Appears in 1 contract

Samples: Credit Agreement (Wj Communications Inc)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If an In the event Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative Agent, and Borrower shall reimburse such Issuing Lender on or before the Business Day immediately following the date on which such drawing is honored (the "REIMBURSEMENT DATEReimbursement Date") in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest thereon as drawing; provided in subsection 3.3D(i) for the period from the date of drawing to the date on which such Revolving Loans are made (the "LC REIMBURSEMENT AMOUNT"); PROVIDED that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender prior to 12:00 P.M. 10:00 A.M. (New York City time) on the date such drawing is honored that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount amount of such honored drawing with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mail) amount of such honored drawing and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2B, Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amountamount of such honored drawing, the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender in an for the amount equal to the LC Reimbursement Amountof such honored drawing; and PROVIDEDprovided, FURTHER further that if for any reason proceeds of Revolving Loans are not received by Administrative Agent Issuing Lender on the Reimbursement Date in an amount equal to the LC Reimbursement Amountamount of such honored drawing, Borrower shall reimburse Administrative AgentIssuing Lender, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount amount of such honored drawing over (y) the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B shall be deemed to relieve any Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Lender resulting from the failure of such Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the Letter of Credit without regard to any instruction of the Borrower.3.3B.

Appears in 1 contract

Samples: Credit Agreement (Prime Succession Inc)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If an Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative Agent, and Borrower shall reimburse such Issuing Lender on or before the date on which such drawing is honored (the "REIMBURSEMENT DATE") in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest thereon as provided in subsection 3.3D(i) for the period from the date of drawing to the date on which such Revolving Loans are made Issuing Lender is reimbursed (the "LC REIMBURSEMENT AMOUNT"); PROVIDED provided that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender prior to 12:00 P.M. 10:00 A.M. (New York City time) on the date such drawing is honored that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile facsimile or electronic mail or by telephone promptly confirmed by telefacsimile facsimile or electronic mail; provided such confirmation is communicated by a different means than that of the original notice) and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2B, Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amount, the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender in an amount equal to the LC Reimbursement Amount; and PROVIDEDprovided, FURTHER further that if for any reason proceeds of Revolving Loans are not received by Administrative Agent for the account of such Issuing Lender on the Reimbursement Date in an amount equal to the LC Reimbursement Amount, Borrower shall reimburse the Administrative AgentAgent for the account of such Issuing Lender, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount over (y) the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B shall be deemed to relieve any Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Lender resulting from the failure of such Lender to make such Revolving Loans under this subsection 3.3B. The applicable Issuing Lender may honor or dishonor any drawing in accordance with the terms of the applicable Letter of Credit without regard to any instruction of the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Prime Hospitality Corp)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If an Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative Agent, and Borrower shall reimburse such Issuing Lender on no later than the date on which such drawing is honored next succeeding Business Day (the "REIMBURSEMENT DATEReimbursement Date") in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest interest, if any, thereon as provided in subsection 3.3D(i) for the period from the date of drawing to the date on which such of reimbursement (including by the making of Revolving Loans are made Loans) (the "LC REIMBURSEMENT AMOUNTReimbursement Amount"); PROVIDED provided that, anything contained in -------- this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender prior to 12:00 P.M. (New York City time) on the date Reimbursement Date such drawing is honored that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Revolving Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mail) and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2B, Revolving Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amount, the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender in an amount equal to the LC Reimbursement Amount; and PROVIDEDprovided, FURTHER further that if for any reason proceeds -------- ------- of Revolving Loans are not received by Administrative Agent on the Reimbursement Date in an amount equal to the LC Reimbursement Amount, Borrower shall reimburse Administrative Agent, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount over (y) the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B shall be deemed to relieve any Revolving Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Revolving Lender resulting from the failure of such Revolving Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the Letter of Credit without regard to any instruction of the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Grand Palais Riverboat Inc)

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Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If an In the event Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative Agent, and Borrower shall reimburse such Issuing Lender on or before 11:00 a.m. (New York City time) the Business Day immediately following the date on which such drawing is honored (the "REIMBURSEMENT DATE") in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest thereon as drawing; provided in subsection 3.3D(i) for the period from the date of drawing to the date on which such Revolving Loans are made (the "LC REIMBURSEMENT AMOUNT"); PROVIDED that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender prior to 12:00 P.M. 10:00 A.M. (New York City time) on the date such drawing is honored that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount amount of such honored drawing with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mail) amount of such honored drawing and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2B4.2B-1, Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amountamount of such honored drawing, the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender in an for the amount equal to the LC Reimbursement Amountof such honored drawing; and PROVIDEDprovided, FURTHER further that if for any reason proceeds of Revolving Loans are not received by Administrative Agent Issuing Lender on the Reimbursement Date in an amount equal to the LC Reimbursement Amountamount of such honored drawing, Borrower shall reimburse Administrative AgentIssuing Lender, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount amount of such honored drawing over (y) the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B shall be deemed to relieve any Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Lender resulting from the failure of such Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the Letter of Credit without regard to any instruction of the Borrower.3.3B.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Prime Succession Inc)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If an Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative Agent, and Borrower shall reimburse such Issuing Lender on the date on which such drawing is honored (the "REIMBURSEMENT DATEReimbursement Date") in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest thereon as provided in subsection 3.3D(i) for the period from the date of drawing to the date on which such Revolving Loans are made (the "LC REIMBURSEMENT AMOUNTReimbursement Amount"); PROVIDED provided that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender prior to 12:00 P.M. (New York City time) on the date such drawing is honored that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mail) and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2B, Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amount, the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender in an amount equal to the LC Reimbursement Amount; and PROVIDEDprovided, FURTHER further that if for any reason proceeds of Revolving Loans are not received by Administrative Agent on the Reimbursement Date in an amount equal to the LC Reimbursement Amount, Borrower shall reimburse Administrative Agent, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount over (y) the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B shall be deemed to relieve any Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Lender resulting from the failure of such Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the any Letter of Credit without regard to any instruction of the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Integrated Defense Technologies Inc)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If an In the event the applicable Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative Agent, and Borrower shall reimburse such Issuing Lender on the date on which such drawing is honored (the "REIMBURSEMENT DATE"“Reimbursement Date”) in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest thereon as payment; provided in subsection 3.3D(i) for the period from the date of drawing to the date on which such Revolving Loans are made (the "LC REIMBURSEMENT AMOUNT"); PROVIDED that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such the applicable Issuing Lender prior to 12:00 P.M. 10:00 A.M. (New York City time) on the date such drawing is honored that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount amount of such payment with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Revolving Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mail) amount of such payment and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2B, Revolving Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amountamount of such payment, the proceeds of which shall be applied directly by Administrative Agent to reimburse such the applicable Issuing Lender in an for the amount equal to the LC Reimbursement Amountof such payment; and PROVIDEDprovided, FURTHER further that if for any reason proceeds of Revolving Loans are not received by Administrative Agent such Issuing Lender on the Reimbursement Date in an amount equal to the LC Reimbursement Amountamount of such payment, Borrower shall reimburse Administrative Agentsuch Issuing Lender, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount amount of such payment over (y) the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B shall be deemed to relieve any Revolving Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Revolving Lender resulting from the failure of such Revolving Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the Letter of Credit without regard to any instruction of the Borrower.3.3B.

Appears in 1 contract

Samples: Credit Agreement (Newmarket Corp)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If an Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative Agent, and Borrower shall reimburse such Issuing Lender on or before the Business Day immediately following the date on which such drawing is honored (the "REIMBURSEMENT DATE"“Reimbursement Date”) in an amount in Dollars and in same day funds equal to the amount of such honored drawing (plus interest thereon (as provided in subsection 3.3D(i) for the period from the date of drawing to the date on which such Revolving Loans are made (the "LC REIMBURSEMENT AMOUNT"Reimbursement Amount”)); PROVIDED provided that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender prior to 12:00 P.M. Noon (New York City time) on the date such drawing is honored that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mailLender) and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2B, Lenders shall, on or before the Business Day immediately following the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amount), the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender in an amount equal to the LC Reimbursement Amount; and PROVIDEDprovided, FURTHER further that if for any reason proceeds of Revolving Loans are not received by Administrative Agent such Issuing Lender on or before the Business Day immediately following the Reimbursement Date in an amount equal to the LC Reimbursement Amount), Borrower shall reimburse Administrative Agentsuch Issuing Lender, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount Amount) over (y) the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B shall be deemed to relieve any Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Lender resulting from the failure of such Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the Letter of Credit without regard to any instruction of the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Lodgenet Entertainment Corp)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If an Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative Agent, and Borrower shall reimburse such Issuing Lender on the date on which such drawing is honored (the "REIMBURSEMENT DATEReimbursement Date") in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest thereon as provided in subsection 3.3D(i) Subsection C3.a for the period from the date of drawing to the date on which such Revolving Loans are made (the "LC REIMBURSEMENT AMOUNTReimbursement Amount"); PROVIDED provided that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender prior to 12:00 1:00 P.M. (New York City time) on the date such drawing is honored that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Revolving Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mailRevolving Lender) and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2BSubsection IV.B.1, Revolving Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amount, the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender in an amount equal to the LC Reimbursement Amount; and PROVIDED, FURTHER that if for any reason proceeds of Revolving Loans are not received by Administrative Agent on the Reimbursement Date in an amount equal to the LC Reimbursement Amount, Borrower shall reimburse Administrative Agent, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount over (y) the aggregate amount of such Revolving Loans, if any, which are so receivedthe 1. Nothing in this subsection 3.3B shall be deemed to relieve any Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Lender resulting from the failure of such Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the any Letter of Credit without regard to any instruction of the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Central Garden & Pet Company)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If In the event an Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative the Agent, and Borrower shall reimburse such Issuing Lender on the date on which such drawing is honored (the "REIMBURSEMENT DATEReimbursement Date") in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest thereon as drawing; provided in subsection 3.3D(i) for the period from the date of drawing to the date on which such Revolving Loans are made (the "LC REIMBURSEMENT AMOUNT"); PROVIDED that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative the Agent and such Issuing Lender prior to 12:00 P.M. 10:00 A.M. (New York City time) on the date such drawing is honored that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount amount of such honored drawing with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative the Agent requesting Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mail) amount of such honored drawing and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2BSection 3.2.2, Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amountamount of such honored drawing, the proceeds of which shall be applied directly by Administrative the Agent to reimburse such Issuing Lender in an for the amount equal to the LC Reimbursement Amountof such honored drawing; and PROVIDEDprovided, FURTHER further that if for any reason proceeds of Revolving Loans are not received by Administrative Agent such Issuing Lender on the Reimbursement Date in an amount equal to the LC Reimbursement Amountamount of such honored drawing, Borrower shall reimburse Administrative Agentsuch Issuing Lender, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount amount of such honored drawing over (y) the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B shall be deemed to relieve any Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Lender resulting from the failure of such Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the Letter of Credit without regard to any instruction of the Borrower.in

Appears in 1 contract

Samples: Senior Secured Revolving Credit Agreement (Corporate Office Properties Trust)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If In the event an Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative Agent, and Borrower shall reimburse such Issuing Lender on or before the Business Day immediately following the date on which such drawing is honored (the "REIMBURSEMENT DATEReimbursement Date") in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest thereon as drawing; provided in subsection 3.3D(i) for the period from the date of drawing to the date on which such Revolving Loans are made (the "LC REIMBURSEMENT AMOUNT"); PROVIDED that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender prior to 12:00 P.M. 10:00 A.M. (New York City time) on the date such drawing is honored that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount amount of such honored drawing with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (amount of such honored drawing and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mail) and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2B, Lenders with Revolving Loan Commitments shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amountamount of such honored drawing, the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender in an for the amount equal to the LC Reimbursement Amountof such honored drawing; and PROVIDEDprovided, FURTHER further that if for any reason proceeds of Revolving Loans are not received by Administrative Agent such Issuing Lender on the Reimbursement Date in an amount equal to the LC Reimbursement Amountamount of such honored drawing, Borrower shall reimburse Administrative Agentsuch Issuing Lender, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount amount of such honored drawing over (y) the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B shall be deemed to relieve any Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Lender resulting from the failure of such Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the Letter of Credit without regard to any instruction of the Borrower.3.3B.

Appears in 1 contract

Samples: Credit Agreement (Las Vegas Sands Inc)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If In the event an Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative Agent, and Borrower shall reimburse such Issuing Lender on or before the Business Day immediately following the date on which such drawing is honored (the "REIMBURSEMENT DATEReimbursement Date") in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest thereon as drawing; provided in subsection 3.3D(i) for the period from the date of drawing to the date on which such Revolving Loans are made (the "LC REIMBURSEMENT AMOUNT"); PROVIDED that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender prior to 12:00 P.M. 11:00 A.M. (New York City time) on the date such drawing is honored that Borrower intends intend to reimburse such Issuing Lender for the LC Reimbursement Amount amount of such honored drawing with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mail) amount of such honored drawing and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2B, Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amountamount of such honored drawing, the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender in an for the amount equal to the LC Reimbursement Amountof such honored drawing; and PROVIDEDprovided, FURTHER further that if for any reason proceeds of Revolving Loans are not received by Administrative Agent such Issuing Lender on the Reimbursement Date in an amount equal to the LC Reimbursement Amountamount of such honored drawing, Borrower shall reimburse Administrative Agentsuch Issuing Lender, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount amount of such honored drawing over (y) the aggregate amount of proceeds of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B shall be deemed to relieve any Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it they may have against any Lender resulting from the failure of such Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the Letter of Credit without regard to any instruction of the Borrower.3.3B.

Appears in 1 contract

Samples: Credit Agreement (Dominos Inc)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If an In the event Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative Agent, and Borrower shall reimburse such Issuing Lender on or before the Business Day immediately following the date on which such drawing is honored (the "REIMBURSEMENT DATEReimburse- ment Date") in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest thereon as drawing; provided in subsection 3.3D(i) for the period from the date of drawing to the date on which such Revolving Loans are made (the "LC REIMBURSEMENT AMOUNT"); PROVIDED that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender prior to 12:00 P.M. 10:00 A.M. (New York City time) on the date such drawing is honored that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount amount of such honored drawing with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mail) amount of such honored drawing and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2B, Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amountamount of such honored drawing, the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender in an for the amount equal to the LC Reimbursement Amountof such honored drawing; and PROVIDEDprovided further, FURTHER that if for any reason proceeds of Revolving Loans are not received by Administrative Agent Issuing Lender on the Reimbursement Date in an amount equal to the LC Reimbursement Amountamount of such honored drawing, Borrower shall reimburse Administrative AgentIssuing Lender, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount amount of such honored drawing over (y) the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B shall be deemed to relieve any Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Lender resulting from the failure of such Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the Letter of Credit without regard to any instruction of the Borrower.3.3B.

Appears in 1 contract

Samples: Credit Agreement (Rose Hills Co)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If In the event an Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative Agent, and Borrower shall reimburse such Issuing Lender on the date on which such drawing is honored (the "REIMBURSEMENT DATEReimbursement Date") in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest thereon as payment; provided in subsection 3.3D(i) for the period from the date of drawing to the date on which such Revolving Loans are made (the "LC REIMBURSEMENT AMOUNT"); PROVIDED that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender prior to 12:00 P.M. 10:00 A.M. (New York City time) on the date such drawing is honored that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount amount of such payment with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Revolving Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mail) amount of such payment and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2B, Revolving Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amountamount of such payment, the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender in an for the amount equal to the LC Reimbursement Amountof such payment; and PROVIDEDprovided, FURTHER further that if for any reason proceeds of Revolving Loans are not received by Administrative Agent such Issuing Lender on the Reimbursement Date in an amount equal to the LC Reimbursement Amountamount of such payment, Borrower shall reimburse Administrative Agentsuch Issuing Lender, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount amount of such payment over (y) the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B shall be deemed to relieve any Revolving Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Revolving Lender resulting from the failure of such Revolving Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the Letter of Credit without regard to any instruction of the Borrower.3.3B.

Appears in 1 contract

Samples: Credit Agreement (Ethyl Corp)

Reimbursement by Borrower of Amounts Paid Under Letters of Credit. If an Issuing Lender has determined to honor a drawing under a Letter of Credit issued by it, such Issuing Lender shall immediately notify Borrower and Administrative Agent, and Borrower shall reimburse such Issuing Lender on no later than the date on which such drawing is honored next succeeding Business Day (the "REIMBURSEMENT DATEReimbursement Date") in an amount in Dollars and in same day funds equal to the amount of such honored drawing plus interest interest, if any, thereon as provided in subsection 3.3D(i) for the period from the date of drawing to the date on which such of reimbursement (including by the making of Revolving Loans are made Loans) (the "LC REIMBURSEMENT AMOUNTReimbursement Amount"); PROVIDED provided that, anything contained in this Agreement to the contrary notwithstanding, (i) unless Borrower shall have notified Administrative Agent and such Issuing Lender prior to 12:00 P.M. (New York City time) on the date such drawing is honored Reimbursement Date that Borrower intends to reimburse such Issuing Lender for the LC Reimbursement Amount with funds other than the proceeds of Revolving Loans, Borrower shall be deemed to have given a timely Notice of Borrowing to Administrative Agent requesting Revolving Lenders to make Revolving Loans that are Base Rate Loans on the Reimbursement Date in an amount in Dollars equal to the LC Reimbursement Amount (and Administrative Agent shall promptly give notice thereof to each Lender by telefacsimile or electronic mail or by telephone promptly confirmed by telefacsimile or electronic mail) and (ii) subject to satisfaction or waiver of the conditions specified in subsection 4.2B, Revolving Lenders shall, on the Reimbursement Date, make Revolving Loans that are Base Rate Loans in the LC Reimbursement Amount, the proceeds of which shall be applied directly by Administrative Agent to reimburse such Issuing Lender in an amount equal to the LC Reimbursement Amount; and PROVIDEDprovided, FURTHER further that if for any reason proceeds of Revolving Loans are not received by Administrative Agent on the Reimbursement Date in an amount equal to the LC Reimbursement Amount, Borrower shall reimburse Administrative Agent, on demand, in an amount in same day funds equal to the excess of (x) the LC Reimbursement Amount over (y) the aggregate amount of such Revolving Loans, if any, which are so received. Nothing in this subsection 3.3B shall be deemed to relieve any Revolving Lender from its obligation to make Revolving Loans on the terms and conditions set forth in this Agreement, and Borrower shall retain any and all rights it may have against any Revolving Lender resulting from the failure of such Revolving Lender to make such Revolving Loans under this subsection 3.3B. The Issuing Lender may honor or dishonor any drawing in accordance with the terms of the Letter of Credit without regard to any instruction of the Borrower.

Appears in 1 contract

Samples: Credit Agreement (Isle of Capri Casinos Inc)

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