Common use of Reimbursement Obligation of the Company Clause in Contracts

Reimbursement Obligation of the Company. If any draft shall be presented for payment under any Letter of Credit issued by any Issuing Lender, such Issuing Lender shall promptly notify the Company of the date and amount thereof. If any Issuing Lender notifies the Company prior to 10:00 a.m., New York City time, on any Business Day, of any drawing under any Letter of Credit issued by it, the Company shall reimburse such Issuing Lender with respect to such drawing on the next succeeding Business Day. If any Issuing Lender notifies the Company after 10:00 a.m., New York City time, on any Business Day of any drawing under any Letter of Credit issued by it, the Company shall reimburse such Issuing Lender with respect to such drawing on the second succeeding Business Day. Interest shall be payable on any and all amounts drawn under Letters of Credit from the date of such drawing until the date on which reimbursement of such amount is due pursuant to the two immediately preceding sentences at the interest rate then applicable to Base Rate Loans made under the Revolving Credit Facility. In addition, the Company agrees to reimburse each Issuing Lender for any taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with any payment under any Letter of Credit issued by such Issuing Lender. Each payment by the Company pursuant to this Section 3.5 shall be made to the relevant Issuing Lender at its address for notices specified herein in U.S. Dollars and in immediately available funds.