Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent to issue, extend and renew each Letter of Credit and the Lenders to participate therein, the Borrowers hereby agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or (as the case may be) the Lenders, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent hereunder, (a) except as otherwise expressly provided in §5.6(b), on each date that any draft presented under such Letter of Credit is honored by the Administrative Agent, or the Administrative Agent otherwise makes a payment with respect thereto, (i) the amount paid by the Administrative Agent under or with respect to such Letter of Credit, and (ii) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent or any Lender in connection with any payment made by the Administrative Agent or any Lender under, or with respect to, such Letter of Credit (it being understood that such payment to the Administrative Agent shall, subject to the satisfaction of the conditions set forth herein, be made from the proceeds of a Revolving Credit Loan made to the Borrowers pursuant to §2.4); (b) upon the reduction (but not termination) of the Total Revolving Credit Commitment to an amount less than the Maximum Drawing Amount on all Letters of Credit, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent as cash collateral for all L/C Obligations; and (c) upon the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §13, an amount equal to the then Maximum Drawing Amount on all Letters of Credit, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agent. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 at any time from the date such amounts become due and payable (whether as stated in this §5.6, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then in effect for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 3 contracts
Samples: Revolving Credit and Term Loan Agreement (Sovran Self Storage Inc), Revolving Credit and Term Loan Agreement (Sovran Acquisition LTD Partnership), Revolving Credit and Term Loan Agreement (Sovran Self Storage Inc)
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent to issue, extend and renew each Letter of Credit and the Lenders to participate therein, the Borrowers hereby jointly and severally agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or (as the case may be) the Lenders, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent hereunder,
(a) except as otherwise expressly provided in §5.6(b5.2(b) and (c), on each date that any draft presented under such Letter of Credit is honored by the Administrative Agent, or the Administrative Agent otherwise makes a payment with respect thereto, (i) the amount paid by the Administrative Agent under or with respect to such Letter of Credit, and (ii) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent or any Lender in connection with any payment made by the Administrative Agent or any Lender under, or with respect to, such Letter of Credit (it being understood that such payment to the Administrative Agent shall, subject to the satisfaction of the conditions set forth herein, be made from the proceeds of a Revolving Credit Loan made to the Borrowers pursuant to §2.4);Credit,
(b) upon the reduction (but not termination) of the Total Revolving Credit Commitment to an amount less than the Maximum Drawing Amount on all Letters of CreditAmount, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent as cash collateral for all L/C Reimbursement Obligations; , and
(c) upon the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §1314, an amount equal to the then Maximum Drawing Amount on all Letters of Credit, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head ’s Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agentfunds. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 5.2 at any time from the date such amounts become due and payable (whether as stated in this §5.65.2, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then specified in effect §6.10 for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 2 contracts
Samples: Revolving Credit Agreement (McCormick & Schmicks Seafood Restaurants Inc.), Revolving Credit Agreement (McCormick & Schmick Holdings, L.L.C.)
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent to issue, extend and renew each Letter of Credit and the Revolving Credit Lenders to participate therein, the Borrowers hereby agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or (as the case may be) the Lenders, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent hereunder,
(a) except as otherwise expressly provided in §5.6(b), on each date that any draft presented under such Letter of Credit is honored by the Administrative Agent, or the Administrative Agent otherwise makes a payment with respect thereto, (i) the amount paid by the Administrative Agent under or with respect to such Letter of Credit, and (ii) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent or any Revolving Credit Lender in connection with any payment made by the Administrative Agent or any such Lender under, or with respect to, such Letter of Credit (it being understood that such payment to the Administrative Agent shall, subject to the satisfaction of the conditions set forth herein, be made from the proceeds of a Revolving Credit Loan made to the Borrowers pursuant to §2.4);
(b) upon the reduction (but not termination) of the Total Revolving Credit Commitment to an amount less than the Maximum Drawing Amount on all Letters of Credit, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Revolving Credit Lenders and the Administrative Agent as cash collateral for all L/C Obligations; and
(c) upon the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §13, an amount equal to the then Maximum Drawing Amount on all Letters of Credit, which amount shall be held by the Administrative Agent for the ratable benefit of the Revolving Credit Lenders and the Administrative Agent as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's ’s Head Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can cannot, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agent. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 at any time from the date such amounts become due and payable (whether as stated in this §5.6, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then in effect for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 2 contracts
Samples: Revolving Credit and Term Loan Agreement (Life Storage Lp), Revolving Credit and Term Loan Agreement (Sovran Self Storage Inc)
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent Issuing Banks to issue, extend and renew each Letter the Letters of Credit and the Lenders Banks to participate therein, the Borrowers hereby agree to reimburse or pay to the Administrative Agentapplicable Issuing Bank, for the account of the Administrative Agent such Issuing Bank or (as the case may be) the LendersBanks, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent such Issuing Bank hereunder,
(a) except as otherwise expressly provided in §5.6(b), on each date that any draft presented under such Letter of Credit is honored by the Administrative Agentsuch Issuing Bank, or the Administrative Agent such Issuing Bank otherwise makes a payment with respect thereto, (i) the amount paid by the Administrative Agent such Issuing Bank under or with respect to such Letter of Credit, and (ii) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent such Issuing Bank or any Lender Bank in connection with any payment made by the Administrative Agent such Issuing Bank or any Lender Bank under, or with respect to, such Letter of Credit (it being understood Credit, provided, however, that if the Borrowers do not reimburse such Issuing Bank on the date such Issuing Bank makes payment with respect to the Administrative Agent such Letter of Credit, such amount shall, subject to the satisfaction provided that an Event of the conditions set forth hereinDefault specified in §§12.1(g) or 12.1(h) has not occurred, be made from the proceeds of become automatically a Revolving Credit Loan made to the Borrowers pursuant to §2.4)which is a Base Rate Loan;
(b) upon the reduction (but not termination) of the Total Revolving Credit Commitment to an amount less than the Maximum Drawing Amount on all Letters of CreditAmount, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders Banks and the Administrative Agent as cash collateral for all L/C ObligationsReimbursement Obligations of the Borrowers; and
(c) upon the Maturity Date, the termination of the Total Revolving Credit Commitment, Commitment or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §1312, an amount equal to the then Maximum Drawing Amount on of all Letters of CreditCredit and any unpaid Reimbursement Obligations, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders Banks and the Administrative Agent as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent Agent, for the benefit of the Issuing Bank, at the Administrative Agent's Head ’s Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agentfunds. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 3.2 at any time from the date such amounts become due and payable (whether as stated in this §5.63.2, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent Issuing Bank on demand at the rate then specified in effect §4.6 for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Personamounts.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Waste Industries Usa Inc), Revolving Credit Agreement (Waste Industries Usa Inc)
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent to issue, extend and renew each Letter of Credit and the Lenders to participate therein, the Borrowers hereby jointly and severally agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or (as the case may be) the Lenders, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent hereunder,
(a) except as otherwise expressly provided in §5.6(bss.4.3(b) and (c), on each date that any draft presented under such any Letter of Credit is honored by the Administrative Agent, or the Administrative Agent otherwise makes a payment with respect thereto, (i) the amount paid by the Administrative Agent under or with respect to such Letter of Credit, and (ii) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent or any Lender in connection with any payment made by the Administrative Agent or any Lender under, or with respect to, such Letter of Credit (it being understood that such payment to the Administrative Agent shall, subject to the satisfaction of the conditions set forth herein, be made from the proceeds of a Revolving Credit Loan made to the Borrowers pursuant to §2.4);Credit.
(b) upon the reduction (but not termination) of the Total Revolving Credit Commitment to an amount less than the sum of the Maximum Drawing Amount on plus all Letters of CreditUnpaid Reimbursement Obligations, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent as cash collateral for all L/C Reimbursement Obligations; , and
(c) upon the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §13ss.13, an amount equal to the then Maximum Drawing Amount on all Letters of CreditAmount, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agentfunds. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 ss.4.3 at any time from the date such amounts become due and payable (whether as stated in this §5.6ss.4.3, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then specified in effect ss.5.10 for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 1 contract
Samples: Credit Agreement (Starter Corp)
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent to issue, extend and renew each Letter of Credit and the Lenders Banks to participate therein, the Borrowers each Borrower hereby agree agrees to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or (as the case may be) the LendersBanks, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent hereunderhereunder for the account of such Borrower,
(a) except as otherwise expressly provided in §5.6(bss.4.2(b) and (c), on each date that any draft presented under such Letter of Credit is honored by the Administrative Agent, or the Administrative Agent otherwise makes a payment with respect theretothereto (in the same currency in which such Letter of Credit was issued or the Dollar Equivalent thereof), (i) the amount paid by the Administrative Agent under or with respect to such Letter of Credit, and (ii) the amount of any taxestaxes (other than taxes based upon or measured by the income or profits of a Bank or the Agent), fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent or any Lender Bank in connection with any payment made by the Administrative Agent or any Lender Bank under, or with respect to, such Letter of Credit (it being understood that such payment to the Administrative Agent shall, subject to the satisfaction of the conditions set forth herein, be made from the proceeds of a Revolving Credit Loan made to the Borrowers pursuant to §2.4);Credit,
(b) upon the reduction (but not termination) of the Total Revolving Credit Commitment to an amount less than the Maximum Drawing Amount on all Letters of CreditAmount, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders Banks and the Administrative Agent as cash collateral for all L/C Reimbursement Obligations; , and
(c) upon the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §13ss.13, an amount equal to the then Maximum Drawing Amount on all Letters of Credit, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders Banks and the Administrative Agent as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agent. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 at any time from the date such amounts become due and payable (whether as stated in this §5.6, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then in effect for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 1 contract
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent to issue, extend and renew each Letter of Credit and the Revolving Credit Lenders to participate therein, the Borrowers hereby jointly and severally agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or (as the case may be) the Revolving Credit Lenders, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent hereunder,
(a) except as otherwise expressly provided in §5.6(bSection 4.2(b) and (c), on each date that any draft presented under such Letter of Credit is honored by the Administrative Agent, or the Administrative Agent otherwise makes a payment with respect thereto, (i) the amount paid by the Administrative Agent under or with respect to such Letter of Credit, and (ii) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent or any Revolving Credit Lender in connection with any payment made by the Administrative Agent or any Revolving Credit Lender under, or with respect to, such Letter of Credit (it being understood Credit; PROVIDED, HOWEVER, that such payment to if the Borrowers do not reimburse the Administrative Agent on the date the Administrative Agent makes payment with respect to such Letter of Credit, such an amount shall, subject to the satisfaction provided that an Event of the conditions set forth hereinDefault specified in Section 13.1(h) or Section 13.1(i) has not occurred, be made from the proceeds of automatically become a Revolving Credit Loan made to the Borrowers pursuant to §2.4);which is a Base Rate Loan,
(b) upon the reduction (but not termination) of the Total Revolving Credit Commitment to an amount less than the Maximum Drawing Amount on all Letters of CreditAmount, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Revolving Credit Lenders and the Administrative Agent as cash collateral for all L/C Reimbursement Obligations; , and
(c) upon the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §Section 13, an amount equal to the then Maximum Drawing Amount on all Letters of Credit, which amount shall be held by the Administrative Agent for the ratable benefit of the Revolving Credit Lenders and the Administrative Agent as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agentfunds. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 Section 4.2 at any time from the date such amounts become due and payable (whether as stated in this §5.6Section 4.2, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then specified in effect Section 5.10 for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Iesi Tx Corp)
Reimbursement Obligation of the Borrowers. In order to induce the -------------------------------------------- Administrative Agent to issue, extend and renew each Letter of Credit and the Lenders Banks to participate therein, the Borrowers hereby agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or (as the case may be) the LendersBanks, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent hereunder,
(a) except as otherwise expressly provided in §5.6(bss.4.2(b) and (c), on each date that any draft presented under such Letter of Credit is honored by the Administrative Agent, or the Administrative Agent otherwise makes a payment with respect thereto, (i) the amount paid by the Administrative Agent under or with respect to such Letter of Credit, and (ii) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent or any Lender Bank in connection with any payment made by the Administrative Agent or any Lender Bank under, or with respect to, such Letter of Credit (it being understood that such payment to the Administrative Agent shall, subject to the satisfaction of the conditions set forth herein, be made from the proceeds of a Revolving Credit Loan made to the Borrowers pursuant to §2.4);Credit,
(b) upon the reduction (but not termination) of the Total Revolving Credit Commitment to an amount less than the Maximum Drawing Amount on all Letters of CreditAmount, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders Banks and the Administrative Agent as cash collateral for all L/C Reimbursement Obligations; , and
(c) upon the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §13ss.13, an amount equal to the then Maximum Drawing Amount on all Letters of Credit, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders Banks and the Administrative Agent as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agent. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 at any time from the date such amounts become due and payable (whether as stated in this §5.6, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then in effect for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 1 contract
Samples: Revolving Credit Agreement (Fairfield Communities Inc)
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent to issue, extend and renew each Letter of Credit and the Lenders Banks to participate therein, the Borrowers each Borrower hereby agree agrees to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or (as the case may be) the LendersBanks, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent hereunderhereunder for the account of such Borrower (and the Domestic Borrowers, jointly and severally agree to reimburse as provided herein all such payments on Letters of Credit),
(a) except as otherwise expressly provided in §5.6(bss.4.2(b) and (c), on each date that any draft presented under such Letter of Credit is honored by the Administrative Agent, or the Administrative Agent otherwise makes a payment with respect theretothereto (in the same currency in which such Letter of Credit was issued or the Dollar Equivalent thereof), (i) the amount paid by the Administrative Agent under or with respect to such Letter of Credit, and (ii) the amount of any taxestaxes (other than taxes based upon or measured by the income or profits of a Bank or the Agent), fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent or any Lender Bank in connection with any payment made by the Administrative Agent or any Lender Bank under, or with respect to, such Letter of Credit (it being understood that such payment to the Administrative Agent shall, subject to the satisfaction of the conditions set forth herein, be made from the proceeds of a Revolving Credit Loan made to the Borrowers pursuant to §2.4);Credit,
(b) upon the reduction (but not termination) of the Total Revolving Credit Commitment to an amount less than the Maximum Drawing Amount on all Letters of CreditAmount, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders Banks and the Administrative Agent as cash collateral for all L/C Reimbursement Obligations; , and
(c) upon the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §13ss.13, an amount equal to the then Maximum Drawing Amount on of all Letters of Credit, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders Banks and the Administrative Agent as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agent. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 at any time from the date such amounts become due and payable (whether as stated in this §5.6, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then in effect for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Holmes Products Corp)
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent or the Columbia Issuing Bank (as the case may be) to issue, extend and renew each Letter of Credit and the Lenders Banks to participate therein, the Borrowers hereby agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or the Columbia Issuing Bank (as the case may be) the Lenders, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent hereunder,or the Columbia Issuing Bank hereunder as follows:
(a) except as otherwise expressly provided in §5.6(b), on each date that any draft presented under such any Letter of Credit is honored by the Administrative Agent, Agent or the Columbia Issuing Bank or the Administrative Agent or the Columbia Issuing Bank otherwise makes a payment with respect thereto, (i) the amount paid by the Administrative Agent or the Columbia Issuing Bank under or with respect to such Letter of Credit, and (ii) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent Agent, the Columbia Issuing Bank or any Lender Bank in connection with any payment made by the Administrative Agent Agent, the Columbia Issuing Bank or any Lender Bank under, or with respect to, such Letter of Credit (it being understood that such payment to Credit; provided however, if the Borrowers do not reimburse the Administrative Agent or the Columbia Issuing Bank (as the case may be) on the Drawdown Date, such amount shall, subject to the satisfaction provided that no Event of the conditions set forth hereinDefault under §§12.1(h) or 12.1(i) has occurred, be made from the proceeds of become automatically a Revolving Credit Loan made which is a Base Rate Loan advanced hereunder in an amount equal to the Borrowers pursuant to §2.4);such sum; and
(b) upon the reduction (but not termination) Maturity Date, or the termination of the Total Revolving Credit Commitment to an amount less than Commitment, or the Maximum Drawing Amount on all Letters acceleration of Creditthe Reimbursement Obligations in accordance with §12, an amount equal to such differencethe Maximum Drawing Amount, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and Columbia Issuing Bank, the Administrative Agent as cash collateral for all L/C Obligations; and
(c) upon the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §13, an amount equal to the then Maximum Drawing Amount on all Letters of Credit, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders Banks and the Administrative Agent as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agent. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 at any time from the date such amounts become due and payable (whether as stated in this §5.6, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then in effect for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 1 contract
Samples: Revolving Credit Agreement (Waste Connections Inc/De)
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent to issue, extend and renew each Letter of Credit and the Lenders Banks to participate therein, the Borrowers hereby jointly and severally agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or (as the case may be) the LendersBanks, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent hereunder,
(a) except as otherwise expressly provided in §5.6(bss.3.2(b) and (c), on each date that any draft presented under such Letter of Credit is honored by the Administrative Agent, or the Administrative Agent otherwise makes a payment with respect thereto, (i) the amount paid by the Administrative Agent under or with respect to such Letter of Credit, and (ii) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent or any Lender Bank in connection with any payment made by the Administrative Agent or any Lender Bank under, or with respect to, such Letter of Credit (it being understood that such payment to the Administrative Agent shall, subject to the satisfaction of the conditions set forth herein, be made from the proceeds of a Revolving Credit Loan made to the Borrowers pursuant to §2.4);Credit,
(b) upon the reduction (but not termination) of the Total Revolving Credit Commitment to an amount less than the Maximum Drawing Amount on all Letters of CreditAmount, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders Banks and the Administrative Agent as cash collateral for all L/C Reimbursement Obligations; , and
(c) upon the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §13ss.10, an amount equal to 105% of the then Maximum Drawing Amount on all Letters of CreditAmount, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent Banks as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head Office in immediately available funds or .
(in the case of clause (ad) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agent. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 at any time from the date such amounts become due and payable (whether as stated in this §5.6ss.3.2, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then specified in effect for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of ss.2.2(b) following an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other PersonDefault.
Appears in 1 contract
Samples: Loan Agreement (Metallurg Inc)
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent Issuing Lender to issue, issue and extend and renew each Letter of Credit and the Revolving Credit Lenders to participate therein, the Borrowers hereby agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or (as the case may be) the LendersIssuing Lender, with respect to each Letter of Credit issued, issued or extended or renewed by the Administrative Agent Issuing Lender hereunder,:
(a) except as otherwise expressly provided in §5.6(b3.2(b) and (c), on each date that any draft presented under such any Letter of Credit is honored by the Administrative AgentIssuing Lender, or the Administrative Agent Issuing Lender otherwise makes a payment with respect thereto, (i) the amount paid by the Administrative Agent Issuing Lender under or with respect to such Letter of Credit, and (ii) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent Issuing Lender or any Revolving Credit Lender in connection with any payment made by the Administrative Agent Issuing Lender or any Revolving Credit Lender under, or with respect to, such Letter of Credit (it being understood that such payment to Credit; provided however, if the Borrowers do not reimburse the Administrative Agent on the Drawdown Date, such amount shall, subject to the satisfaction provided that no Event of the conditions set forth hereinDefault under §§11.1(g) or 11.1(h) has occurred, be made from the proceeds of become automatically a Revolving Credit Loan made which is a Base Rate Loan advanced hereunder in an amount equal to the Borrowers pursuant to §2.4);such sum; and
(b) upon the reduction (but not termination) of the Total Revolving Credit Commitment to an amount less than the Maximum Drawing Amount on all Letters of CreditAmount, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Revolving Credit Lenders and the Administrative Agent Issuing Lender as cash collateral for all L/C Reimbursement Obligations; and
(c) upon the Revolving Credit Maturity Date, or upon the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §1311, an amount equal to the then Maximum Drawing Amount on of all Letters of Credit, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent Issuing Lender as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head ’s Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agentfunds. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 3.2 at any time from the date such amounts become due and payable (whether as stated in this §5.63.2, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then specified in effect §4.6 for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 1 contract
Samples: Revolving Credit Agreement (Waste Connections Inc/De)
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent to issue, extend and renew each Letter of Credit and the Revolving Credit Lenders to participate therein, the Borrowers hereby agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or (as the case may be) the Lenders, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent hereunder,hereunder as follows:
(a) except as otherwise expressly provided in §5.6(b), on each date that any draft presented under such any Letter of Credit is honored by the Administrative Agent, Agent or the Administrative Agent otherwise makes a payment with respect thereto, (i) the amount paid by the Administrative Agent under or with respect to such Letter of Credit, and (ii) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent or any Revolving Credit Lender in connection with any payment made by the Administrative Agent or any Revolving Credit Lender under, or with respect to, such Letter of Credit (it being understood that such payment to Credit; provided however, if the Borrowers do not reimburse the Administrative Agent on the Drawdown Date, such amount shall, subject to the satisfaction provided that no Event of the conditions set forth hereinDefault under ss. 13.1(h) or 13.1(i) has occurred, be made from the proceeds of become automatically a Revolving Credit Loan made which is a Base Rate Loan advanced hereunder in an amount equal to the Borrowers pursuant to §2.4);such sum; and
(b) upon the reduction (but not termination) of the Total Revolving Credit Commitment to an amount less than the Maximum Drawing Amount on all Letters of CreditMaturity Date, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent as cash collateral for all L/C Obligations; and
(c) upon or the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §s. 13, an amount equal to the then Maximum Drawing Amount on all Letters of CreditAmount, which amount shall be held by the Administrative Agent for the ratable benefit of the Revolving Credit Lenders and the Administrative Agent as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agent. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 at any time from the date such amounts become due and payable (whether as stated in this §5.6, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then in effect for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Waste Connections Inc/De)
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent Issuing Bank to issue, extend and renew each Letter of Credit Credit, the Administrative Agent to enter into the LC Guaranty, and the Lenders to participate therein, the Borrowers hereby jointly and severally agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent Issuing Bank or (as the case may be) the Lenders, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent Issuing Bank hereunder,
(a) except as otherwise expressly provided in §5.6(b4.2(b) and (c), on each date that any draft presented under such Letter of Credit is honored by the Administrative AgentIssuing Bank, or the Administrative Agent Issuing Bank otherwise makes a payment with respect theretothereto or the Administrative Agent shall make any payment under the LC Guaranty, (i) the amount paid by the Issuing Bank or the Administrative Agent Agent, as the case may be, under or with respect to such Letter of Credit, and (ii) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent Issuing Bank or any Lender in connection with any payment made by the Administrative Agent Issuing Bank or any Lender under, or with respect to, such Letter of Credit (it being understood that such payment to the Administrative Agent shall, subject to the satisfaction of the conditions set forth herein, be made from the proceeds of a Revolving Credit Loan made to the Borrowers pursuant to §2.4);Credit,
(b) upon the reduction (but not termination) of the Total Revolving Credit Commitment to an amount less than the Maximum Drawing Amount on all Letters of CreditAmount, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent as cash collateral for all L/C Reimbursement Obligations; , and
(c) upon the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §13, an amount equal to the then Maximum Drawing Amount on all Letters of Credit, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent Issuing Bank as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head ’s Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agentfunds. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 4.2 at any time from the date such amounts become due and payable (whether as stated in this §5.64.2, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then specified in effect §5.10 for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 1 contract
Samples: Revolving Credit Agreement (Seneca Foods Corp /Ny/)
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent to issue, extend and renew each Letter of Credit and the Revolving Credit Lenders to participate therein, the Borrowers hereby agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or (as the case may be) the Lenders, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent hereunder,hereunder as follows:
(a) except as otherwise expressly provided in §5.6(b), on each date that any draft or other form of demand for payment presented under such any Letter of Credit is honored by the Administrative Agent, Agent or the Administrative Agent otherwise makes a payment with respect thereto, (i) the amount paid by the Administrative Agent under or with respect to such Letter of Credit, and (ii) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent or any Revolving Credit Lender in connection with any payment made by the Administrative Agent or any Revolving Credit Lender under, or with respect to, such Letter of Credit (it being understood that such payment to Credit; provided however, if the Borrowers do not reimburse the Administrative Agent on the Drawdown Date, such amount shall, subject to the satisfaction provided that no Event of the conditions set forth hereinDefault under ss.ss.13(g) or 13(h) has occurred, be made from the proceeds of become automatically a Revolving Credit Loan made which is a Base Rate Loan advanced hereunder in an amount equal to the Borrowers pursuant to §2.4);such sum; and
(b) upon the reduction (but not termination) Revolving Credit Maturity Date or the termination of the Total Revolving Credit Commitment to an amount less than Commitment, or the Maximum Drawing Amount on all Letters acceleration of Creditthe Reimbursement Obligations in accordance with ss.13, an amount equal to such differencethe Maximum Drawing Amount, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent as cash collateral for all L/C Obligations; and
(c) upon the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §13, an amount equal to the then Maximum Drawing Amount on all Letters of Credit, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agentfunds. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 ss.4.2 at any time from the date such amounts become due and payable (whether as stated in this §5.6ss.4.2, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then specified in effect ss.5.6 for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Nationsrent Inc)
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent to issue, extend and renew each Letter of Credit and the Lenders to participate therein, each of the Borrowers hereby agree jointly and severally agrees to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or (as the case may be) the Lenders, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent hereunder,
(a) except as otherwise expressly provided in §5.6(bSection 4.2(b) and (c), on no later than the Business Day following each date that any draft presented under such Letter of Credit is honored by the Administrative AgentAgent (or, if later, one day after the Agent has notified the Borrowers of its intention to honor such draft), or the Administrative Agent otherwise makes a payment with respect thereto, (i) the amount paid by the Administrative Agent under or with respect to such Letter of Credit, and (ii) the amount of any taxes, fees, charges or other reasonable costs and expenses whatsoever incurred by the Administrative Agent or any Lender in connection with any payment made by the Administrative Agent or any Lender under, or with respect to, such Letter of Credit (it being understood that such payment to the Administrative Agent shall, subject to the satisfaction of the conditions set forth herein, be made from the proceeds of a Revolving Credit Loan made to the Borrowers pursuant to §2.4);Credit,
(b) upon the reduction (but not termination) of the Total Revolving Credit Commitment to an amount less than the Maximum Drawing Amount on all Letters of CreditAmount, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent as cash collateral for all L/C Reimbursement Obligations; , and
(c) upon the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §Section 13, an amount equal to the then Maximum Drawing Amount on all Letters of Credit, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agentfunds. Interest on any and all amounts remaining unpaid by 39 -33- the Borrowers under this §5.6 Section 4.2 at any time from the date such amounts become due and payable (whether as stated in this §5.6Section 4.2, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then specified in effect Section 5.11 for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 1 contract
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent to issue, extend and renew each Letter of Credit and the Revolving Credit Lenders to participate therein, the Borrowers hereby jointly and severally agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or (as the case may be) the Revolving Credit Lenders, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent hereunder,
(a) except as otherwise expressly provided in §5.6(bss.4.2(b) and (c), on each date that any draft presented under such Letter of Credit is honored by the Administrative Agent, or the Administrative Agent otherwise makes a payment with respect thereto, (i) the amount paid by the Administrative Agent under or with respect to such Letter of Credit, and (ii) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent or any Revolving Credit Lender in connection with any payment made by the Administrative Agent or any Revolving Credit Lender under, or with respect to, such Letter of Credit Credit; provided, however, that if the
13.1 (it being understood that such payment to the Administrative Agent shalli) has not occurred, subject to the satisfaction of the conditions set forth herein, be made from the proceeds of automatically become a Revolving Credit Loan made to the Borrowers pursuant to §2.4);which is a Base Rate Loan,
(b) upon the reduction (but not termination) of the Total Revolving Credit Commitment to an amount less than the Maximum Drawing Amount on all Letters of CreditAmount, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Revolving Credit Lenders and the Administrative Agent as cash collateral for all L/C Reimbursement Obligations; , and
(c) upon the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §13ss.13, an amount equal to the then Maximum Drawing Amount on all Letters of Credit, which amount shall be held by the Administrative Agent for the ratable benefit of the Revolving Credit Lenders and the Administrative Agent as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agent. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 at any time from the date such amounts become due and payable (whether as stated in this §5.6, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then in effect for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Iesi Corp)
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent to issue, extend and renew each Letter of Credit and the Lenders Banks to participate therein, the Borrowers hereby jointly and severally agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or (as the case may be) the LendersBanks, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent hereunder,
(a) except as otherwise expressly provided in §5.6(bSection 3.2(b) and (c), on each date that any draft presented under such Letter of Credit is honored by the Administrative Agent, or the Administrative Agent otherwise makes a payment with respect thereto, (i) the amount paid by the Administrative Agent under or with respect to such Letter of Credit, and (ii) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent or any Lender Bank in connection with any payment made by the Administrative Agent or any Lender Bank under, or with respect to, such Letter of Credit (it being understood that such payment to the Administrative Agent shall, subject to the satisfaction of the conditions set forth herein, be made from the proceeds of a Revolving Credit Loan made to the Borrowers pursuant to §2.4);Credit,
(b) upon the reduction (but not termination) of the Total Revolving Credit Commitment to an amount less than the Maximum Drawing Amount on all Letters of CreditAmount, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders Banks and the Administrative Agent as cash collateral for all L/C Reimbursement Obligations; , and
(c) upon the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §13Section 10, an amount equal to 105% of the then Maximum Drawing Amount on all Letters of CreditAmount, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent Banks as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agent. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 at any time from the date such amounts become due and payable (whether as stated in this §5.6, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then in effect for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 1 contract
Samples: Loan Agreement (Metallurg Inc)
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent to issue, extend and renew each Letter of Credit and the Lenders Banks to participate therein, the Borrowers hereby agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or (as the case may be) the LendersBanks, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent hereunder,
(a) except as otherwise expressly provided in §5.6(b), on each date that any draft presented under such Letter of Credit is honored by the Administrative Agent, or the Administrative Agent otherwise makes a payment with respect theretounder or pursuant to such Letter of Credit, (i) the amount paid by the Administrative Agent under or with respect pursuant to such Letter of Credit, and (ii) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent or any Lender in connection with any payment made by the Administrative Agent or any Lender under, or with respect to, such Letter of Credit (it being understood that such payment to the Administrative Agent shallmay, subject to the satisfaction of the conditions set forth hereintherein, be made from the proceeds of a Revolving Credit Loan made to the Borrowers pursuant to §2.42.6A);, and (ii) the amount of any customary taxes, fees, charges or other reasonable costs and expenses whatsoever incurred by the Agent or any Bank in connection with any payment made by the Agent or any Bank under, or pursuant to, such Letter of Credit (to the extent the reimbursement and payment of such taxes, fees, charges, costs, or expenses are not otherwise provided for elsewhere in this Agreement and excluding therefrom any amount payable to the Agent by a Bank pursuant to Section 4.3),
(b) upon the reduction (but not termination) of the Total Revolving Credit Commitment to an amount less than the Maximum Drawing Amount on all Letters of CreditAmount, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders Banks and the Administrative Agent as cash collateral for all L/C the Obligations; , and
(c) upon the termination of the Total Revolving Credit Commitment, Commitment or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §Section 13, an amount equal to the then Maximum Drawing Amount on of all Letters of Credit, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent as cash collateral for all Reimbursement the Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head Office in immediately 100 Federal Streex, Xxxxxx, Xxxxxxxxxxxxx 00000, xx xxxxxxxxely available funds or (in the case of clause (a) of this §5.6)) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 2.6A hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agent. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 4.2 at any time from the date such amounts become due and payable (whether as stated in this §5.64.2, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then specified in effect Section 5.8 for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other PersonLoans.
Appears in 1 contract
Samples: Revolving Credit Agreement (Trico Marine Services Inc)
Reimbursement Obligation of the Borrowers. In order to induce the ----------------------------------------- Administrative Agent to cause the Issuing Bank to issue, amend, extend and renew each Letter of Credit and the Lenders to participate therein, the Borrowers hereby jointly and severally agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent and/or the Issuing Bank or (as the case may be) the Lenders, with respect to each Letter of Credit issued, amended, extended or renewed by the Administrative Agent Issuing Bank hereunder,
(a) except as otherwise expressly provided in §5.6(bSection 4.2(b) and (c), on each date that any draft presented under such Letter of Credit is honored by the Administrative AgentIssuing Bank, or the Administrative Agent or the Issuing Bank otherwise makes a payment with respect theretothereto or the Administrative Agent makes any payment under a Letter of Credit Guaranty, (i) the amount paid by the Administrative Agent or the Issuing Bank (as the case may be) under or with respect to such Letter of Credit, and (ii) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent Agent, the Issuing Bank or any Lender in connection with any payment made by the Administrative Agent Agent, the Issuing Bank or any Lender under, or with respect to, such Letter of Credit (it being understood that such payment to the Administrative Agent shall, subject to the satisfaction of the conditions set forth herein, be made from the proceeds of a Revolving Credit Loan made to the Borrowers pursuant to §2.4);Credit,
(b) upon the reduction (but not termination) of the Total Revolving Credit Commitment to an amount less than the Maximum Drawing Amount on all Letters of CreditAmount, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent as cash collateral for all L/C Reimbursement Obligations; , and
(c) upon the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §Section 13, an amount equal to the then Maximum Drawing Amount on all Letters of Credit, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agentfunds. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 Section 4.2 at any time from the date such amounts become due and payable (whether as stated in this §5.6Section 4.2, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then specified in effect Section 5.11 for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 1 contract
Samples: Revolving Credit Agreement (Us Xpress Enterprises Inc)
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent to issue, extend and renew each Letter of Credit and the Lenders Revolving A Banks to participate therein, the Borrowers each Borrower hereby agree agrees to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or (as the case may be) the LendersRevolving A Banks, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent hereunderhereunder for the account of such Borrower (and the Domestic Borrowers, jointly and severally agree to reimburse as provided herein all such payments on Letters of Credit),
(a) except as otherwise expressly provided in §5.6(bss.4.2(b) and (c), on each date that any draft presented under such Letter of Credit is honored by the Administrative Agent, or the Administrative Agent otherwise makes a payment with respect thereto, (i) the amount paid by the Administrative Agent under or with respect to such Letter of Credit, and (ii) the amount of any taxestaxes (other than taxes based upon or measured by the income or profits of a Revolving A Bank or the Agent), fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent or any Lender Revolving A Bank in connection with any payment made by the Administrative Agent or any Lender Revolving A Bank under, or with respect to, such Letter of Credit (it being understood that such payment to the Administrative Agent shall, subject to the satisfaction of the conditions set forth herein, be made from the proceeds of a Revolving Credit Loan made to the Borrowers pursuant to §2.4);Credit,
(b) upon the reduction (but not termination) of the Total Revolving Credit A Commitment to an amount less than the Maximum Drawing Amount on all Letters of CreditAmount, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders Revolving A Banks and the Administrative Agent as cash collateral for all L/C Reimbursement Obligations; , and
(c) upon the termination of the Total Revolving Credit A Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §13ss.13, an amount equal to the then Maximum Drawing Amount on of all Letters of Credit, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders Revolving A Banks and the Administrative Agent as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agent. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 at any time from the date such amounts become due and payable (whether as stated in this §5.6, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then in effect for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Holmes Group Inc)
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent to issue, extend and renew each Letter of Credit Instrument and the Lenders to participate therein, the Borrowers hereby jointly and severally agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or (as the case may be) the Lenders, with respect to each Letter of Credit Instrument issued, extended or renewed by the Administrative Agent hereunder,
(a) except as otherwise expressly provided in §5.6(bss.4.3(b) and (c), on each date that any draft presented under such any Letter of Credit is honored by the Administrative Agent, or the Administrative Agent otherwise makes a payment with respect thereto, or, in the case of Bankers' Acceptances, on the maturity date of such Bankers' Acceptances, (i) the amount paid by the Administrative Agent under or with respect to such Letter of Credit, and, with respect to the Bankers' Acceptances, the amount of such Bankers' Acceptance then maturing, and (ii) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent or any Lender in connection with any payment made by the Administrative Agent or any Lender under, or with respect to, such Letter of Credit (it being understood that such payment to the Administrative Agent shall, subject to the satisfaction of the conditions set forth herein, be made from the proceeds of a Revolving Credit Loan made to the Borrowers pursuant to §2.4);Instrument.
(b) upon the reduction (but not termination) of the Total Revolving Credit Commitment to an amount less than the sum of the Maximum Drawing Amount on plus the Acceptance Face Amount, plus all Letters of CreditUnpaid Reimbursement Obligations, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent as cash collateral for all L/C Reimbursement Obligations; , and
(c) upon the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit Instruments in accordance with §13ss.13, an amount equal to the then Maximum Drawing Amount on all Letters of Creditplus the Acceptance Face Amount, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agentfunds. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 ss.4.3 at any time from the date such amounts become due and payable (whether as stated in this §5.6ss.4.3, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then specified in effect ss.5.10 for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 1 contract
Samples: Credit Agreement (Starter Corp)
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent to issue, extend and renew each Letter of Credit and the Lenders Banks to participate therein, the Borrowers hereby agree agrees to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or (as the case may be) the LendersBanks, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent hereunder,
(a) except as otherwise expressly provided in §5.6(b[section]3.2(b) and (c), on each date that any draft presented under such Letter of Credit is honored by the Administrative Agent, or the Administrative Agent otherwise makes a payment with respect thereto, (i) the amount paid by the Administrative Agent under or with respect to such Letter of Credit, and (ii) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent or any Lender Bank in connection with any payment made by the Administrative Agent or any Lender Bank under, or with respect to, such Letter of Credit (it being understood that such payment to the Administrative Agent shall, subject to the satisfaction of the conditions set forth herein, be made from the proceeds of a Revolving Credit Loan made to the Borrowers pursuant to §2.4);Credit,
(b) upon the reduction (but not termination) of the Total Revolving Credit Commitment to an amount less than the Maximum Drawing Amount on all Letters of CreditAmount, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders Banks and the Administrative Agent as cash collateral for all L/C Reimbursement Obligations; , and
(c) upon the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §13[section]11, an amount equal to the then Maximum Drawing Amount on all Letters of Credit, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders Banks and the Administrative Agent as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agentfunds. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 [section]3.2 at any time from the date such amounts become due and payable (whether as stated in this §5.6[section]3.2, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then specified in effect [section]4.11 for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 1 contract
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent to issue, extend and renew each Letter of Credit and the Lenders Banks to participate therein, each of the Borrowers hereby agree jointly and severally agrees to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or (as the case may be) the LendersBanks, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent hereunder,
(a) except as otherwise expressly provided in §5.6(b)Section 4.2(b) and (c) hereof, on each date that any draft presented under such Letter of Credit is honored by the Administrative Agent, or the Administrative Agent otherwise makes a payment with respect thereto, (i) the amount paid by the Administrative Agent under or with respect to such Letter of Credit, and (ii) the amount of any taxes, reasonable fees, reasonable charges or other reasonable costs and expenses whatsoever incurred by the Administrative Agent or any Lender Bank in connection with any payment made by the Administrative Agent or any Lender Bank under, or with respect to, such Letter of Credit (it being understood that such payment to the Administrative Agent shall, subject to the satisfaction of the conditions set forth herein, be made from the proceeds of a Revolving Credit Loan made to the Borrowers pursuant to §2.4);Credit,
(b) upon the reduction of the Total Commitment (but not termination) the termination of the Total Revolving Credit Commitment Commitments) to an amount less than the Maximum Drawing Amount on all Letters of CreditAmount, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders Banks and the Administrative Agent as cash collateral for all L/C Reimbursement Obligations; , and
(c) upon the termination of the Total Revolving Credit CommitmentCommitments, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §13Section 13 hereof, an amount equal to the then Maximum Drawing Amount on all Letters of Credit, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders Banks and the Administrative Agent as cash collateral in an interest-bearing account for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agentfunds. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 Section 4.2 at any time from the date such amounts become due and payable (whether as stated in this §5.6Section 4.2, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then specified in effect Section 5.11 hereof for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document Each payment to the contrary, all amounts payable be made by the Borrowers under this §5.6 as Section 4.2 may be made with the proceeds of a result of the occurrence of an Event of Default under §13.1(gLoan made pursuant to Section 2.6(b) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Personhereof.
Appears in 1 contract
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent to issue, extend and renew each Letter of Credit and the Revolving Credit Lenders to participate therein, the Borrowers hereby agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or (as the case may be) the Lenders, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent hereunder,hereunder as follows:
(a) except as otherwise expressly provided in §5.6(b), on each date that any draft or other form of demand for payment presented under such any Letter of Credit is honored by the Administrative Agent, Agent or the Administrative Agent otherwise makes a payment with respect thereto, (i) the amount paid by the Administrative Agent under or with respect to such Letter of Credit, and (ii) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent or any Revolving Credit Lender in connection with any payment made by the Administrative Agent or any Revolving Credit Lender under, or with respect to, such Letter of Credit (it being understood that such payment to Credit; PROVIDED HOWEVER, if the Borrowers do not reimburse the Administrative Agent on the Drawdown Date, such amount shall, subject to the satisfaction provided that no Event of the conditions set forth hereinDefault under SECTION SECTION 13(g) or 13(h) has occurred, be made from the proceeds of become automatically a Revolving Credit Loan made which is a Base Rate Loan advanced hereunder in an amount equal to the Borrowers pursuant to §2.4);such sum; and
(b) upon the reduction (but not termination) Revolving Credit Maturity Date or the termination of the Total Revolving Credit Commitment to an amount less than Commitment, or the Maximum Drawing Amount on all Letters acceleration of Creditthe Reimbursement Obligations in accordance with SECTION 13, an amount equal to such differencethe Maximum Drawing Amount, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent as cash collateral for all L/C Obligations; and
(c) upon the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §13, an amount equal to the then Maximum Drawing Amount on all Letters of Credit, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agentfunds. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 SECTION 4.2 at any time from the date such amounts become due and payable (whether as stated in this §5.6SECTION 4.2, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then specified in effect SECTION 5.6 for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Nationsrent Inc)
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent each Issuing Bank to issue, extend and renew each Letter of Credit and the Lenders to participate therein, the Borrowers hereby jointly and severally agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent applicable Issuing Bank or (as the case may be) the Lenders, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent hereunder,Issuing Bank hereunder at the request of any Borrower:
(ai) except as otherwise expressly provided in §5.6(b)4.2(ii) and (iii) or §4.3, on each the Business Day next following the date that any draft presented under such Letter of Credit is honored by the Administrative Agentapplicable Issuing Bank, or the Administrative Agent applicable Issuing Bank otherwise makes a payment with respect thereto, (iA) the amount paid by the Administrative Agent such Issuing Bank under or with respect to such Letter of Credit, (B) interest thereon at a rate per annum equal to the Base Rate plus the Applicable Margin with respect to Base Rate Loans as in effect from time to time, and (iiC) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent applicable Issuing Bank or any Lender in connection with any payment made by the Administrative Agent Issuing Bank or any Lender under, or with respect to, such Letter of Credit (it being understood that such payment to the Administrative Agent shall, subject to the satisfaction of the conditions set forth herein, be made from the proceeds of a Revolving Credit Loan made to the Borrowers pursuant to §2.4);Credit,
(bii) upon the reduction (but not termination) of the lesser of (x) the Total Revolving Credit Commitment or (y) the Aggregate Borrowing Base to an amount less than the Maximum Drawing Amount on all Letters of CreditAmount, an the amount equal to 103% of such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent Issuing Banks as cash collateral Cash Collateral for all L/C Reimbursement Obligations; , and
(ciii) upon the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §13, an amount equal to 103% of the then Maximum Drawing Amount on all Letters of Credit, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent Issuing Banks entitled to such amounts as cash collateral Cash Collateral for all Reimbursement Obligations. Each such payment shall be made by the applicable Borrower(s) to the Administrative Agent at the Administrative Agent's Head ’s Office in immediately available funds or (funds. Except as otherwise provided in the case of clause (a) of this §5.6) from the direct application of the proceeds of a 4.3 with respect to Unpaid Reimbursement Obligations which are converted to Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can notLoans, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agent. Interest interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 4.2 at any time from the date such amounts become due and payable (whether as stated in this §5.64.2, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then specified in effect §5.11 for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 1 contract
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent Issuing Lender to issue, issue and extend and renew each Letter of Credit and the Revolving Credit Lenders to participate therein, the Borrowers hereby agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or (as the case may be) the LendersIssuing Lender, with respect to each Letter of Credit issued, issued or extended or renewed by the Administrative Agent Issuing Lender hereunder,:
(a) except as otherwise expressly provided in §5.6(b3.2(b) and (c), on each date that any draft presented under such any Letter of Credit is honored by the Administrative AgentIssuing Lender, or the Administrative Agent Issuing Lender otherwise makes a payment with respect thereto, (i) the amount paid by the Administrative Agent Issuing Lender under or with respect to such Letter of Credit, and (ii) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent Issuing Lender or any Revolving Credit Lender in connection with any payment made by the Administrative Agent Issuing Lender or any Revolving Credit Lender under, or with respect to, such Letter of Credit (it being understood that such payment to Credit; provided however, if the Borrowers do not reimburse the Administrative Agent on the Drawdown Date, such amount shall, subject to the satisfaction provided that no Event of the conditions set forth hereinDefault under §§13.1(h) or 13.1(i) has occurred, be made from the proceeds of become automatically a Revolving Credit Loan made which is a Base Rate Loan advanced hereunder in an amount equal to the Borrowers pursuant to §2.4);such sum; and
(b) upon the reduction (but not termination) of the Total Revolving Credit Commitment to an amount less than the Maximum Drawing Amount on all Letters of CreditAmount, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Revolving Credit Lenders and the Administrative Agent Issuing Lender as cash collateral for all L/C Reimbursement Obligations; and
(c) upon the Revolving Credit Maturity Date, or upon the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §13, an amount equal to the then Maximum Drawing Amount on of all Letters of Credit, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent Issuing Lender as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head ’s Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agentfunds. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 3.2 at any time from the date such amounts become due and payable (whether as stated in this §5.63.2, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then specified in effect §5.6 for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 1 contract
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent to issue, extend and renew each Letter of Credit and the Revolving Credit Lenders to participate therein, the Borrowers hereby agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or (as the case may be) the Lenders, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent hereunder,
(a) except as otherwise expressly provided in §5.6(b), on each date that any draft presented under such Letter of Credit is honored by the Administrative Agent, or the Administrative Agent otherwise makes a payment with respect thereto, (i) the amount paid by the Administrative Agent under or with respect to such Letter of Credit, and (ii) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent or any Revolving Credit Lender in connection with any payment made by the Administrative Agent or any such Lender under, or with respect to, such Letter of Credit (it being understood that such payment to the Administrative Agent shall, subject to the satisfaction of the conditions set forth herein, be made from the proceeds of a Revolving Credit Loan made to the Borrowers pursuant to §2.4);
(b) upon the reduction (but not termination) of the Total Revolving Credit Commitment to an amount less than the Maximum Drawing Amount on all Letters of Credit, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Revolving Credit Lenders and the Administrative Agent as cash collateral for all L/C Obligations; and
(c) upon the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §13, an amount equal to the then Maximum Drawing Amount on all Letters of Credit, which amount shall be held by the Administrative Agent for the ratable benefit of the Revolving Credit Lenders and the Administrative Agent as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agent. Interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 at any time from the date such amounts become due and payable (whether as stated in this §5.6, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then in effect for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Sovran Self Storage Inc)
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent to issue, extend and renew each Letter of Credit and the Lenders to participate therein, the Borrowers hereby jointly and severally agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or (as the case may be) the Lenders, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent hereunder,
(a) except as otherwise expressly provided in §5.6(b)ss.5.2(b) and (c) or ss.5.3, on each date that any draft drAft presented under such Letter of Credit is honored by the Administrative Agent, or the Administrative Agent otherwise makes a payment with respect thereto, (i) the amount paid by the Administrative Agent under or with respect to such Letter of Credit, and (ii) the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent or any Lender in connection with any payment made by the Administrative Agent or any Lender under, or with respect to, such Letter of Credit (it being understood that such payment to the Administrative Agent shall, subject to the satisfaction of the conditions set forth herein, be made from the proceeds of a Revolving Credit Loan made to the Borrowers pursuant to §2.4);Credit,
(b) upon the reduction (but not termination) of the Total Revolving Credit Commitment to an amount less than the Maximum Drawing Amount on all Letters of CreditAmount, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent as cash collateral for all L/C Reimbursement Obligations; , and
(c) upon the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §13ss.14, an amount equal to the thE then Maximum Drawing Amount on all Letters of Credit, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders and the Administrative Agent as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head Office in immediately available funds or (funds. Except as otherwise provided in the case of clause (a) of this §5.6) from the direct application of the proceeds of a ss.5.3 with respect to Unpaid Reimbursement Obligations which are converted tO Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can notLoans, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative Agent. Interest interest on any and all amounts remaining unpaid by the Borrowers under this §5.6 ss.5.2 at any time from froM the date such amounts become due and payable (whether as stated in this §5.6ss.5.2, by acceleration or otherwise) until payment paymenT in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then specified in effect ss.6.10 for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Furrs Restaurant Group Inc)
Reimbursement Obligation of the Borrowers. In order to induce the Administrative Agent to issue, extend and renew each Letter of Credit and the Lenders Banks to participate therein, the Borrowers hereby jointly and severally agree to reimburse or pay to the Administrative Agent, for the account of the Administrative Agent or (as the case may be) the LendersBanks, with respect to each Letter of Credit issued, extended or renewed by the Administrative Agent hereunder,
(a) except as otherwise expressly provided in §5.6(bSection 5.2(b) and (c), on each date that any draft presented under such Letter of Credit is honored by the Administrative Agent, or the Administrative Agent otherwise makes a payment with respect thereto, (i) the amount paid by the Administrative Agent under or with respect to such Letter of Credit, and (ii) without duplication for any amounts owing pursuant to Section 6.7 and Section 17 hereof, the amount of any taxes, fees, charges or other costs and expenses whatsoever incurred by the Administrative Agent or any Lender Bank in connection with any payment made by the Administrative Agent or any Lender Bank under, or with respect to, such Letter of Credit (it being understood that such payment to the Administrative Agent shall, subject to the satisfaction of the conditions set forth herein, be made from the proceeds of a Revolving Credit Loan made to the Borrowers pursuant to §2.4);Credit,
(b) upon the reduction (but not termination) of the Total Revolving Credit Commitment to an amount less than the Maximum Drawing Amount on all Letters of CreditAmount, an amount equal to such difference, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders Banks and the Administrative Agent as cash collateral for all L/C Reimbursement Obligations; , and
(c) upon the termination of the Total Revolving Credit Commitment, or the acceleration of the Reimbursement Obligations with respect to all Letters of Credit in accordance with §13Section 14, an amount equal to the then Maximum Drawing Amount on all Letters of Credit, which amount shall be held by the Administrative Agent for the ratable benefit of the Lenders Banks and the Administrative Agent as cash collateral for all Reimbursement Obligations. Each such payment shall be made to the Administrative Agent at the Administrative Agent's Head Office in immediately available funds or (in the case of clause (a) of this §5.6) from the direct application of the proceeds of a Revolving Credit Loan made pursuant to §2.4 hereof. In the event that the obligations of the Borrowers under §5.6(a) can not, in compliance with the provisions of this Credit Agreement, be satisfied in full by the making of a Revolving Credit Loan pursuant to §2.4, the Administrative Agent shall so notify the Borrowers, in which case the obligations of the Borrowers under §5.6(a) shall be immediately due and payable to the Administrative AgentSame Day Funds. Interest on any and all amounts remaining unpaid by the Borrowers applicable Borrower under this §5.6 at any time from Section 5.2 one day after the date Agent shall have provided such Borrower with notice that such amounts have become due and payable (whether as stated in this §5.6Section 5.2, by acceleration or otherwise) until payment in full (whether before or after judgment) shall be payable to the Administrative Agent on demand at the rate then specified in effect Section 6.10 for overdue principal on the Revolving Credit Loans. Notwithstanding anything contained in this Credit Agreement or any other Loan Document to the contrary, all amounts payable by the Borrowers under this §5.6 as a result of the occurrence of an Event of Default under §13.1(g) or (h) shall automatically become due and payable by the Borrowers without any notice or demand by the Administrative Agent, any Lender or any other Person.
Appears in 1 contract
Samples: Revolving Credit Agreement (Flextronics International LTD)
