Common use of Reimbursement by Borrowers Clause in Contracts

Reimbursement by Borrowers. The applicable Borrower shall be irrevocably and unconditionally obligated to reimburse each Issuer on or before the applicable Letter of Credit Payment Date for any amount to be paid by such Issuer upon any drawing under any Letter of Credit issued for the account of such Borrower, without presentment, demand, protest or other formalities of any kind; provided that such Borrower shall not be precluded from asserting any claim for direct (but not consequential) damages suffered by such Borrower to the extent, but only to the extent, caused by the willful misconduct or gross negligence of such Issuer in determining whether a request presented under any Letter of Credit complied with the terms of such Letter of Credit or such Issuer’s failure to pay under any Letter of Credit after the presentation to it of a request strictly complying with the terms and conditions of such Letter of Credit. All such amounts paid by an Issuer and remaining unpaid by a Borrower shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate applicable to Floating Rate Advances. Each Issuer will pay to each Lender ratably in accordance with its Pro Rata Share all amounts received by it from a Borrower for application in payment, in whole or in part, of the Reimbursement Obligation in respect of any Letter of Credit issued by such Issuer, but only to the extent such Lender made payment to such Issuer in respect of such Letter of Credit pursuant to Section 2.18(e).

Reimbursement by Borrowers. The applicable Each Borrower shall be irrevocably and unconditionally obligated to reimburse each the LC Issuer on or before the applicable Letter of Credit LC Payment Date for any amount to be paid by such the LC Issuer upon any drawing under any Letter of Credit Facility LC issued for the account of such Borrower, without presentment, demand, protest or other formalities of any kind; provided that such neither the applicable Borrower nor any Lender shall not hereby be precluded from asserting any claim for direct (but not consequential) damages suffered by such Borrower or such Lender to the extent, but only to the extent, caused by (i) the willful misconduct or gross negligence of such the LC Issuer in determining whether a request presented under any Letter of Credit Facility LC complied with the terms of such Letter of Credit Facility LC or such (ii) the LC Issuer’s 's failure to pay under any Letter of Credit Facility LC after the presentation to it of a request strictly complying with the terms and conditions of such Letter of CreditFacility LC. All such amounts paid by an the LC Issuer and remaining unpaid by a the applicable Borrower shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of Base Rate plus 2% plus the rate applicable to Floating Rate Advances%. Each Issuer will pay to each Lender ratably in accordance with its Pro Rata Share all amounts received by it from a Borrower for application in payment, in whole or in part, of the Reimbursement Obligation in respect of any Letter of Credit issued by such The LC Issuer, but only to the extent such Lender made payment to such Issuer in respect of such Letter of Credit pursuant to Section 2.18(e).

Reimbursement by Borrowers. The applicable Borrower shall be irrevocably and unconditionally obligated to reimburse each the LC Issuer on or before the applicable Letter of Credit LC Payment Date for any amount amounts to be paid by such the LC Issuer upon any drawing under any Letter of Credit Facility LC issued for the account of such Borrower's account, without presentment, demand, protest or other formalities of any kind; provided that such neither any Borrower nor any Lender shall not hereby be precluded from asserting any claim for direct (but not consequential) damages suffered by such Borrower or such Lender to the extent, but only to the extent, caused by (i) the willful misconduct or gross negligence of such the LC Issuer in determining whether a request presented under any Letter of Credit Facility LC issued by it complied with the terms of such Letter of Credit Facility LC or such (ii) the LC Issuer’s 's failure to pay under any Letter of Credit Facility LC issued by it after the presentation to it of a request strictly complying with the terms and conditions of such Letter of CreditFacility LC. All such amounts paid by an the LC Issuer and remaining unpaid by a Borrower shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 2% plus the rate applicable to Floating Rate Advances. Each Issuer will pay to each Lender ratably in accordance with its Pro Rata Share all amounts received by it from a Borrower for application in payment, in whole or in part, of the Reimbursement Obligation in respect of any Letter of Credit issued by such Issuer, but only to the extent such Lender made payment to such Issuer in respect of such Letter of Credit pursuant to Section 2.18(e).per