Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable Issuing Bank for the amount of each demand for payment under such Letter of Credit at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Issuing Bank, such Issuing Bank shall promptly pay to each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such Lender’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 3 contracts
Samples: Credit Agreement (Realty Income Corp), Credit Agreement (Realty Income Corp), Credit Agreement (Realty Income Corp)
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable Issuing Bank for the amount of each demand for payment under such Letter of Credit at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Issuing Bank, such Issuing Bank shall promptly pay to each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such LenderXxxxxx’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 2 contracts
Samples: Credit Agreement (UDR, Inc.), Credit Agreement (UDR, Inc.)
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable Issuing Bank for the amount of each demand for payment under such each Letter of Credit issued by such Issuing Bank at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in owing with respect of to a Letter of Credit issued by such Issuing Bank, such Issuing Bank shall promptly pay to the Administrative Agent for the account of each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such LenderXxxxxx’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 2 contracts
Samples: Credit Agreement (NETSTREIT Corp.), Credit Agreement (NETSTREIT Corp.)
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an such Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each the applicable Issuing Bank for the amount of each demand for payment under such Letter of Credit at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in owing with respect of to a Letter of Credit issued by such Issuing Bank, such Issuing Bank shall promptly pay to the Administrative Agent for the account of each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) of this Section such LenderRevolving Xxxxxx’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 2 contracts
Samples: First Lien Credit Agreement (Pennsylvania Real Estate Investment Trust), First Lien Credit Agreement (Pennsylvania Real Estate Investment Trust)
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable Issuing Bank for the amount of each demand for payment under such each Letter of Credit issued by such Issuing Bank at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in owing with respect of to a Letter of Credit issued by such Issuing Bank, such Issuing Bank shall promptly pay to the Administrative Agent for the account of each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) of this Section such LenderXxxxxx’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 2 contracts
Samples: Credit Agreement (Elme Communities), Credit Agreement (Elme Communities)
Reimbursement Obligations. Upon Following receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable such Issuing Bank for the amount of each demand for payment under such Letter of Credit at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Issuing Bank, such Issuing Bank shall promptly pay to each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such Lender’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 2 contracts
Samples: Credit Agreement (Equity Commonwealth), Credit Agreement (Equity Commonwealth)
Reimbursement Obligations. Upon receipt by an the Issuing Bank Lender from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such the Issuing Bank Lender shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such the Issuing Bank Lender as a result of such demand and the date on which payment is to be made by such the Issuing Bank Lender to such beneficiary in respect of such demand; provided, however, that an the Issuing Bank’s Lender's failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable the Agent for the account of the Issuing Bank Lender for the amount of each demand for payment under such Letter of Credit at on or prior to the date on which payment is to be made by such the Issuing Bank Lender to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an the Issuing Bank Lender of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Obligation, the Issuing Bank, such Issuing Bank Lender shall promptly pay to each Tranche 1 Revolving Loan Lender that has acquired and funded a participation therein under the second sentence of the immediately following subsection (iSection 2.4(i) such Revolving Loan Lender’s Tranche 1 's Revolving Loan Commitment Percentage of such payment; provided, however, that in the event that such payment received by the Issuing Lender is required to be returned, such Revolving Loan Lender will return to the Issuing Lender any portion thereof previously distributed by the Issuing Lender to it.
Appears in 2 contracts
Samples: Credit Agreement (Parkway Properties Inc), Credit Agreement (Colonial Properties Trust)
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an such Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each the applicable Issuing Bank for the amount of each demand for payment under such Letter of Credit at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in owing with respect of to a Letter of Credit issued by such Issuing Bank, such Issuing Bank shall promptly pay to the Administrative Agent for the account of each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) of this Section such Revolving Lender’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 2 contracts
Samples: First Lien Credit Agreement (Pennsylvania Real Estate Investment Trust), Credit Agreement (Pennsylvania Real Estate Investment Trust)
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable Issuing Bank for the amount of each demand for payment under such each Letter of Credit issued by such Issuing Bank at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kindkind (other than notice of such payment as expressly provided in this subsection). Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Issuing BankObligation, such Issuing Bank shall promptly pay to the Administrative Agent for the account of each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such Lender’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 2 contracts
Samples: Credit Agreement (Federal Realty Investment Trust), Credit Agreement (Federal Realty Investment Trust)
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent in writing (or by telephone, promptly confirmed in writing) of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable an Issuing Bank for the amount of each demand for payment under such each Letter of Credit issued by such Issuing Bank at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Issuing BankObligation, such Issuing Bank shall promptly pay to each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such Lender’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 2 contracts
Samples: Credit Agreement (Rouse Properties, Inc.), Credit Agreement (Rouse Properties, Inc.)
Reimbursement Obligations. Upon receipt by an the Issuing Bank Lender from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such (but subject to the terms of Section 2.4(l)), the Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank Lender shall promptly notify the Borrower Borrowers and the Administrative Agent of the amount to be paid by such the Issuing Bank Lender as a result of such demand and the date on which payment is to be made by such the Issuing Bank Lender to such beneficiary in respect of such demand; provided, however, that an the Issuing Bank’s Lender's failure to give, or delay in giving, such notice shall not discharge the Borrower Borrowers in any respect from the applicable Reimbursement Obligation. The Borrower Borrowers hereby absolutely, unconditionally and irrevocably agrees agree to pay and reimburse each applicable the Agent for the account of the Issuing Bank Lender for the amount of each demand for payment under such Letter of Credit at on or prior to the date on which payment is to be made by such the Issuing Bank Lender to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an the Issuing Bank Lender of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Obligation, the Issuing Bank, such Issuing Bank Lender shall promptly pay to each Tranche 1 Revolving Lender that has acquired and funded a participation therein under the second sentence of the immediately following subsection (iSection 2.4(i) such Lender’s Tranche 1 Revolving 's Commitment Percentage of such payment; provided, however, that in the event that such payment received by the Issuing Lender is required to be returned, such Lender will return to the Issuing Lender any portion thereof previously distributed by the Issuing Lender to it.
Appears in 2 contracts
Samples: Credit Agreement (Gables Realty Limited Partnership), Credit Agreement (Gables Residential Trust)
Reimbursement Obligations. Upon receipt by an the Issuing Bank Lender from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such the Issuing Bank Lender shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such the Issuing Bank Lender as a result of such demand and the date on which payment is to be made by such the Issuing Bank Lender to such beneficiary in respect of such demand; provided, however, that an the Issuing BankLender’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable the Agent for the account of the Issuing Bank Lender for the amount of each demand for payment under such Letter of Credit at on or prior to the date on which payment is to be made by such the Issuing Bank Lender to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an the Issuing Bank Lender of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Obligation, the Issuing Bank, such Issuing Bank Lender shall promptly pay to each Tranche 1 Revolving Lender that has acquired and funded a participation therein under the second sentence of the immediately following subsection (iSection 2.3(i) such Revolving Lender’s Tranche 1 Revolving Commitment Percentage of such payment; provided, however, that in the event that such payment received by the Issuing Lender is required to be returned, such Revolving Lender will return to the Issuing Lender any portion thereof previously distributed by the Issuing Lender to it.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Columbia Property Trust, Inc.)
Reimbursement Obligations. Upon receipt by an the applicable Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each the applicable Issuing Bank for on or prior to each date on which such Issuing Bank notifies the Borrower that a draw has been paid under a Letter of Credit in an amount equal to the amount of each demand for such draw paid. The Borrower’s Reimbursement Obligations shall be absolute, unconditional and irrevocable and irrespective of any setoff, counterclaim or defense to payment under such the Borrower may have at any time against any Issuing Bank, the Administrative Agent or any Lender, any beneficiary of a Letter of Credit at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or any other formalities of any kindPerson. Upon receipt by an the applicable Issuing Bank of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Issuing BankObligation, such Issuing Bank shall promptly pay to each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such Lender’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 1 contract
Samples: Credit Agreement (Saul Centers Inc)
Reimbursement Obligations. Upon receipt by an the applicable Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower Representative and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an such Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the any Borrower in any respect from the applicable Reimbursement Obligation. The Each Borrower hereby absolutely, unconditionally and irrevocably irrevocably, and jointly and severally, agrees to pay and reimburse each applicable such Issuing Bank for the amount of each demand for payment under any such Letter of Credit at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Each Borrower confirms that it shall be obligated to reimburse such Issuing Bank hereunder for any and all drawings under any Letter of Credit issued or outstanding hereunder in support of any obligations of, or for the account of, a Subsidiary. Upon receipt by an the applicable Issuing Bank of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Issuing BankObligation, such Issuing Bank shall promptly pay to each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such Lender’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 1 contract
Samples: Credit Agreement (Sl Green Operating Partnership, L.P.)
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable Issuing Bank for the amount of each demand for payment under such Letter of Credit at or prior to together with interest thereon from the date payment was made by the Issuing Bank, no later than one (1) Business Day after the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Issuing Bank, such Issuing Bank shall promptly pay to each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such LenderXxxxxx’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 1 contract
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing BankBanks’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an such Issuing BankBanks’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable the Issuing Bank Banks for the amount of each demand for payment under such a Letter of Credit at on or prior to the date on which payment is to be made by such the applicable Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kindkind (other than notice as provided in this subsection). Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Issuing BankObligation, such Issuing Bank shall promptly pay to each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such LenderXxxxxx’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 1 contract
Reimbursement Obligations. Upon receipt by an the Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such the Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such the Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such the Issuing Bank as a result of such demand and the date on which payment is to be made by such the Issuing Bank to such beneficiary in respect of such demand; provided, however, that an the Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable the Issuing Bank for the amount of each demand for payment under such Letter of Credit at or prior to the date on which payment is to be made by such the Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind; provided, however, if the Issuing Bank does not notify the Borrower of the amount to be paid prior to 11:00 a.m. on the date on which payment is to be made, then the Borrower may make such payment no later than 11:00 a.m. on the first Business Day following the date such notice is received. Upon receipt by an the Issuing Bank of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Issuing BankObligation, such the Issuing Bank shall promptly pay to each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such Lender’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 1 contract
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable Issuing Bank for the amount of each demand for payment under such each Letter of Credit issued by such Issuing Bank at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in owing with respect of to a Letter of Credit issued by such Issuing Bank, such Issuing Bank shall promptly pay to the Administrative Agent for the account of each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such LenderXxxxxx’s Tranche 1 Revolving Commitment Percentage of such payment.. LEGAL 4867-4266-3982v.3
Appears in 1 contract
Samples: Credit Agreement (NETSTREIT Corp.)
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and Company, the Administrative Agent and, with respect to any Letter of Credit issued for the account of any other Borrower, such Borrower, of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the applicable Borrower in any respect from the applicable Reimbursement Obligation. The Each Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable Issuing Bank for the amount of each demand for payment under such each Letter of Credit issued by such Issuing Bank at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in owing with respect of to a Letter of Credit issued by such Issuing Bank, such Issuing Bank shall promptly pay to the Administrative Agent for the account of each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such LenderLxxxxx’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 1 contract
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be LEGAL02/42113124v8 made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable Issuing Bank for the amount of each demand for payment under such each Letter of Credit issued by such Issuing Bank at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kindkind (other than notice as provided in this subsection). Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in owing with respect of to a Letter of Credit issued by such Issuing Bank, such Issuing Bank shall promptly pay to the Administrative Agent for the account of each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (iSection 2.4.(i) such LenderXxxxxx’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 1 contract
Samples: Credit Agreement (CubeSmart, L.P.)
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable Issuing Bank for the amount of each demand for payment under such each Letter of Credit issued by such Issuing Bank at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Issuing BankObligation, such Issuing Bank shall promptly pay to the Administrative Agent for the account of each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such LenderLxxxxx’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 1 contract
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, provided that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable Issuing Bank for the amount of each demand for payment under such Letter of Credit at Credit, such payment to be made on or prior before the later of (i) the Business Day following receipt by the Borrower from the applicable Issuing Bank of notice of such demand for payment, and (ii) to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kindkind (such date, the “Honor Date”); provided that if the Borrower does not make such payment on the applicable Honor Date, such unreimbursed drawing shall be deemed to be a Revolving Loan under this Agreement, with each Lender funding its portion of such Revolving Loan pursuant to clause (e) below. Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Issuing Bank, such Issuing Bank shall promptly pay to each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such Revolving Lender’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 1 contract
Reimbursement Obligations. Upon receipt by an the Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such the Issuing Bank shall promptly notify the Borrower Representative and the Administrative Agent of the amount to be paid by such the Issuing Bank as a result of such demand and the date on which payment is to be made by such the Issuing Bank to such beneficiary in respect of such demand; provided, however, that an the Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the any Borrower in any respect from the applicable Reimbursement Obligation. The Each Borrower hereby absolutely, unconditionally and irrevocably irrevocably, and jointly and severally, agrees to pay and reimburse each applicable the Issuing Bank for the amount of each demand for payment under any such Letter of Credit at or prior to the date on which payment is to be made by such the Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Each Borrower confirms that it shall be obligated to reimburse the Issuing Bank hereunder for any and all drawings under any Letter of Credit issued or outstanding hereunder in support of any obligations of, or for the account of, a Subsidiary. Upon receipt by an the Issuing Bank of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Issuing BankObligation, such the Issuing Bank shall promptly pay to each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such Lender’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 1 contract
Samples: Credit Agreement (Sl Green Operating Partnership, L.P.)
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable Issuing Bank for the amount of each demand for payment under such each Letter of Credit issued by such Issuing Bank at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kindkind (other than as provided in this subsection). Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Issuing BankObligation, such Issuing Bank shall promptly pay to the Administrative Agent for the account of each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such Lender’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 1 contract
Reimbursement Obligations. Upon receipt by an the applicable Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each the applicable Issuing Bank for on or prior to each date on which such Issuing Bank notifies the Borrower that a draw has been paid under a Letter of Credit in an amount equal to the amount of each demand for such draw paid. The Borrower’s Reimbursement Obligations shall be absolute, unconditional and irrevocable and irrespective of any setoff, counterclaim or defense to payment under such the Borrower may have at any time against any Issuing Bank, the Administrative Agent or any Lender, any beneficiary of a Letter of Credit at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or any other formalities of any kindPerson. Upon receipt by an the applicable Issuing Bank of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Issuing BankObligation, such Issuing Bank shall promptly pay to each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such Lender’s Tranche 1 Revolving Commitment Percentage of such payment.pay
Appears in 1 contract
Samples: Credit Agreement (Saul Centers Inc)
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable Issuing Bank for the amount of each demand for payment under such each Letter of Credit issued by such Issuing Bank at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Issuing BankObligation, such Issuing Bank shall promptly pay to the Administrative Agent for the account of each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such LenderXxxxxx’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 1 contract
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable Issuing Bank for the amount of each demand for payment under such each Letter of Credit issued by such Issuing Bank at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kindkind (other than notice as provided in this subsection). Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in owing with respect of to a Letter of Credit issued by such Issuing Bank, such Issuing Bank shall promptly pay to the Administrative Agent for the account of each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (iSection 2.4.(i) such Lender’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 1 contract
Samples: Credit Agreement (CubeSmart, L.P.)
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing BankBanks’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an such Issuing BankBanks’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable the Issuing Bank Banks for the amount of each demand for payment under such a Letter of Credit at on or prior to the date on which payment is to be made by such the applicable Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kindkind (other than notice as provided in this subsection). Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Issuing BankObligation, such Issuing Bank shall promptly pay to each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such Lender’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 1 contract
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable Issuing Bank for the amount of each demand for payment under such each Letter of Credit issued by such Issuing Bank at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kindkind (other than notice of such payment as expressly provided in this subsection). Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Issuing BankObligation, such Issuing Bank shall promptly pay to the Administrative Agent for the account of each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such LenderXxxxxx’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 1 contract
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable Issuing Bank for the amount of each demand for payment under such each Letter of Credit issued by such Issuing Bank at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Issuing BankObligation, such Issuing Bank shall promptly pay to the Administrative Agent for the account of each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such LenderLxxxxx’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 1 contract
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and Company, the Administrative Agent and, with respect to any Letter of Credit issued for the account of any other Borrower, such Borrower, of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the applicable Borrower in any respect from the applicable Reimbursement Obligation. The Each Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable Issuing Bank for the amount of each demand for payment under such each Letter of Credit issued by such Issuing Bank at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in owing with respect of to a Letter of Credit issued by such Issuing Bank, such Issuing Bank shall promptly pay to the Administrative Agent for the account of each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such LenderXxxxxx’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 1 contract
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, provided that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable Issuing Bank for the amount of each demand for payment under such Letter of Credit at Credit, such payment to be made on or prior before the later of (i) the Business Day following receipt by the Borrower from the applicable Issuing Bank of notice of such demand for payment, and (ii) to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kindkind (such date, the “Honor Date”); provided that if the Borrower does not make such payment on the applicable Honor Date, such unreimbursed drawing shall be deemed to be a Revolving Loan under this Agreement, with each Revolving Lender funding its portion of such Revolving Loan pursuant to clause (e) below. Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Issuing Bank, such Issuing Bank shall promptly pay to each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such Revolving Lender’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Spirit Realty, L.P.)
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable Issuing Bank for the amount of each demand for payment under such each Letter of Credit issued by such Issuing Bank at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in owing with respect of to a Letter of Credit issued by such Issuing Bank, such Issuing Bank shall promptly pay to the Administrative Agent for the account of each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such LenderLxxxxx’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 1 contract
Samples: Credit Agreement (NETSTREIT Corp.)
Reimbursement Obligations. Upon receipt by an any Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an such Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable such Issuing Bank for the amount of each demand for payment under such each Letter of Credit issued by such Issuing Bank at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an any Issuing Bank of any payment in respect of any Reimbursement Obligation in owing with respect of to a Letter of Credit issued by such Issuing Bank, such Issuing Bank shall promptly pay to the Administrative Agent for the account of each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such Lender’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 1 contract
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such the applicable Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable Issuing Bank for the amount of each demand for payment under such Letter of Credit at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Issuing Bank, such Issuing Bank shall promptly pay such amounts to Administrative Agent and Administrative Agent shall pay to each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such Revolving Lender’s Revolving Multicurrency Tranche 1 Revolving Commitment Percentage or Revolving USD Tranche Commitment Percentage, as applicable, of such payment.
Appears in 1 contract
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable Issuing Bank for the amount of each demand for payment under such each Letter of Credit issued by such Issuing Bank at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kindkind (other than notice as provided in this subsection). Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in respect of a Letter of Credit issued by such Issuing BankObligation, such Issuing Bank shall promptly pay to the Administrative Agent for the account of each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (iSection 2.4.(i) such Lender’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 1 contract
Samples: Credit Agreement (CubeSmart, L.P.)
Reimbursement Obligations. Upon receipt by an the Issuing Bank from the beneficiary of a Letter of Credit issued by such the Issuing Bank of any demand for payment under such Letter of Credit and such the Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such the Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such the Issuing Bank as a result of such demand and the date on which payment is to be made by such the Issuing Bank to such beneficiary in respect of such demand; provided, however, that an the Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable the Issuing Bank for the amount of each demand for payment under such each Letter of Credit issued by the Issuing Bank at or prior to the date on which payment is to be made by such the Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an the Issuing Bank of any payment in respect of any Reimbursement Obligation in owing with respect of to a Letter of Credit issued by such the Issuing Bank, such the Issuing Bank shall promptly pay to the Administrative Agent for the account of each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) such Lender’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 1 contract
Samples: Credit Agreement (NETSTREIT Corp.)
Reimbursement Obligations. Upon receipt by an Issuing Bank from the beneficiary of a Letter of Credit issued by such Issuing Bank of any demand for payment under such Letter of Credit and such Issuing Bank’s determination that such demand for payment complies with the requirements of such Letter of Credit, such Issuing Bank shall promptly notify the Borrower and the Administrative Agent of the amount to be paid by such Issuing Bank as a result of such demand and the date on which payment is to be made by such Issuing Bank to such beneficiary in respect of such demand; provided, however, that an Issuing Bank’s failure to give, or delay in giving, such notice shall not discharge the Borrower in any respect from the applicable Reimbursement Obligation. The Borrower hereby absolutely, unconditionally and irrevocably agrees to pay and reimburse each applicable Issuing Bank for the amount of each demand for payment under such each Letter of Credit issued by such Issuing Bank at or prior to the date on which payment is to be made by such Issuing Bank to the beneficiary thereunder, without presentment, demand, protest or other formalities of any kind. Upon receipt by an Issuing Bank of any payment in respect of any Reimbursement Obligation in owing with respect of to a Letter of Credit issued by such Issuing Bank, such Issuing Bank shall promptly pay to the Administrative Agent for the account of each Tranche 1 Revolving Lender that has acquired a participation therein under the second sentence of the immediately following subsection (i) of this Section such Lender’s Tranche 1 Revolving Commitment Percentage of such payment.
Appears in 1 contract
Samples: Credit Agreement (Washington Real Estate Investment Trust)