Reimbursement of Drawings Sample Clauses

Reimbursement of Drawings. In the event of any request for drawing under any Letter of Credit by the beneficiary thereof, the Facing Agent shall notify the Borrower, the Agent and the Revolving Lenders prior to the date on which the Facing Agent intends to honor such drawing, and the Borrower shall reimburse the Facing Agent on the day on which such drawing is honored in an amount in same day funds equal to the amount of such drawing, provided that, anything contained in this Agreement to the contrary notwithstanding, (i) unless the Borrower shall have notified the Facing Agent and the Agent prior to 1:00 p.m. (New York City time) one Business Day prior to such drawing that the Borrower intends to reimburse the Facing Agent for the amount of such drawing with funds other than the proceeds of Revolving Loans, the Borrower shall be deemed to have timely given a Notice of Borrowing to the Agent requesting the Revolving Lenders to make a Prime Rate Revolving Loan on the date on which such drawing is honored in an amount equal to the amount of such drawing, and (ii) subject to satisfaction or waiver of the conditions specified in Section 6.2, the Revolving Lenders shall, on the date of such drawing, make a Prime Rate Revolving Loan in the amount of such drawing, the proceeds of which shall be made available to the Facing Agent by the Agent and applied directly by the Facing Agent for the amount of such drawing; and provided further, that, if for any reason, proceeds of Revolving Loans are not received by the Facing Agent on such date in an amount equal to the amount of such drawing, the Borrower shall reimburse the Facing Agent, on the Business Day immediately following the date of such drawing, in an amount in same day funds equal to the excess of the amount of such drawing over the amount of such Revolving Loans, if any, which are so received, plus accrued interest on such amount at the rate set forth in Section 2.12(f)(iii).

Reimbursement of Drawings. In the event of any drawing under any Letter of Credit, the LC Agent will promptly and on the same day notify the Borrower. The Borrower shall reimburse the LC Agent on the date of drawing under any Letter of Credit for the full amount of the related LC Reimbursement Obligation (with proceeds of a Revolving Credit Loan as provided above, or otherwise) in accordance with Section 5.07 hereof. Unless the Borrower shall immediately notify the LC Agent of its intent to otherwise reimburse the LC Agent any drawing under a Letter of Credit shall be considered a request by the Borrower for a Revolving Credit Loan in an amount equal to such drawing pursuant to the terms hereof. Each Revolving Credit Loan made pursuant to the foregoing sentence shall be a Base Rate Loan (unless and until later converted to a Revolving Credit Loan of a different type pursuant to the terms hereof) and shall be applied to satisfy the related LC Reimbursement Obligation. If the Borrower shall fail to reimburse the LC Agent as provided hereinabove, the related LC Reimbursement Obligation shall bear interest at a per annum rate equal to the Base Rate plus two percent (2%). The Borrower's reimbursement obligations hereunder shall be absolute and unconditional under all circumstances irrespective of any rights of set-off, counterclaim or defense to payment the Borrower (or any other applicable account party as permitted by Section 3.03 hereof) may claim or have against the LC Agent, the Agent, the Banks, the beneficiary of the Letter of Credit drawn upon or any other Person, including without limitation any defense based on any failure of the Borrower (or any other applicable account party as permitted by Section 3.03 hereof) to receive consideration or the legality, validity, regularity or unenforceability of the Letter of Credit or any related LC Documents. The LC Agent will promptly notify the other Banks of the amount of any unpaid LC Reimbursement Obligation, and each Bank shall promptly pay to the Agent for the account of the LC Agent the amount of such Bank's pro rata share of such unpaid LC Reimbursement Obligation by means of a Revolving Credit Loan made pursuant to this Section 3.01(d) or otherwise. Such payment shall be made on the day such notice is received by such Bank from the LC Agent if such notice is received at or before 2:00 p.m., Charlotte, North Carolina time, otherwise such payment shall be made at or before 5:00 p.m., Charlotte, North Carolina time, on the Business D...

Reimbursement of Drawings. The Borrower shall, on the Business Day following the day it receives notice of each Drawing, if such notice is received at or prior to 3:00 p.m. (New York time) on such day, and on the second Business Day following the day it receives such notice, if such notice is received after 3:00 p.m. (New York time) on such day, reimburse such Drawing by paying to the Issuing Bank in immediately available funds the amount of the payment made by the Issuing Bank with respect to such Drawing, together with, if such Drawing is not reimbursed on the date made, interest thereon, from (and including) the date of drawing to (but excluding) the date reimbursement is due (or, if earlier, the date reimbursement is made), at a rate per annum equal to the Base Rate as in effect from time to time.

Reimbursement of Drawings. Drafts drawn under each Letter of Credit shall be reimbursed by the Account Parties by paying to the Issuing Bank an amount equal to such drawing not later than 4:00 p.m., Boston time, on (i) the date that SRAC shall have received notice of such drawing, if such notice is received prior to 12:00 noon, Boston time, on such date, or (ii) the Business Day immediately following the day that SRAC receives such notice, if such notice is received after 12:00 noon, Boston time, on the day of drawing. Without in any way limiting any of the Issuing Bank’s rights under the other Credit Documents, the Account Parties hereby authorize the Issuing Bank to, in its sole discretion from time to time, without notice or demand (except as may otherwise be expressly required herein), withdraw from the Cash Collateral Account any amounts necessary to fully pay or reimburse the Issuing Bank for any L/C Disbursements not paid in accordance with the immediately preceding sentence.

Reimbursement of Drawings. Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the Issuing Bank shall notify the Administrative Agent and the Administrative Agent shall promptly notify the Borrower and each other Lender as to the amount to be paid as a result of such demand or drawing and the payment date. The Borrower shall be irrevocably and unconditionally obligated to reimburse the Issuing Bank on such payment date (or, if the drawing occurs after 1:00 p.m. (Chicago time), on the next Business Day) for any amounts paid by the Issuing Bank upon any drawing under any Letter of Credit, without presentment, demand, protest or other formalities of any kind. All such amounts paid by the Issuing Bank and remaining unpaid by the Borrower shall bear interest, payable on demand, for each day from the date of payment by the Issuing Bank until paid in full by the Obligors at the rate per annum specified in Section 2.05(e) for the relevant currency. In addition, in the event that the Borrower shall fail to reimburse the Issuing Bank on the due date set forth above, each Lender will pay to the Administrative Agent, for the account of the Issuing Bank, immediately upon the Issuing Bank's demand at any time during the period from the date of payment by the Issuing Bank until reimbursement therefor in full by the Obligors, an amount equal to such Lender's ratable share of such drawing (in proportion to its participation therein), together with interest on such amount for each day from the date of the Issuing Bank's demand for such payment (or, if such demand is made less than two hours prior to the funding deadline for the relevant currency on such date specified pursuant to Section 2.05(g), from the next succeeding Business Day) to the date of payment by such Lender of such amount at the applicable rate per annum specified in Section 2.05

Reimbursement of Drawings. Drafts drawn under each Letter of Credit shall be reimbursed by Petsmart or the applicable Subsidiary Credit Party in dollars by paying to the Issuing Bank an amount equal to such drawing not later than 4:00 p.m., Boston time, on the Business Day immediately following the date that Petsmart shall have received notice of such payment.

Reimbursement of Drawings. The Company shall reimburse ------------------------- each drawing under each Letter of Credit as provided in the Letter of Credit Agreement related thereto.

Reimbursement of Drawings. Each payment by the Bank of a drawing under a Letter of Credit shall give rise to an obligation on the part of the Borrower to reimburse the Bank for the amount thereof in accordance with the terms of the Continuing Letter of Credit Agreement (a "Letter of Credit Reimbursement Obligation" and sometimes, a "matured Letter of Credit Reimbursement Obligation.")

Reimbursement of Drawings. Immediately after the Drawing Date for each Drawing (the "Drawing Payment Date"), the Participating Bank shall reimburse the Bank for all amounts advanced by the Bank in respect of such Drawing or shall cause such reimbursement to be paid by the Trustee to the Bank pursuant to the Indenture. The Bank agrees to give telephonic notice to the Participating Bank on the day that the Bank receives notice from the Trustee for each Drawing.

Reimbursement of Drawings. The Borrowers hereby agree to reimburse the Agent on demand for each Letter of Credit Payment on the related Drawing Date after such draw has been honored by the Agent under the Letter of Credit, in accordance with Article IV below.