Common use of Reimbursement on Demand Clause in Contracts

Reimbursement on Demand. On (or promptly after) each Disbursement Date, the Issuing Lender shall notify the Borrower of a drawing under a Letter of Credit, and the Issuing Lender will promptly thereafter furnish to the Borrower copies of (i) each draft drawn under such Letter of Credit and (ii) each certificate and each other document (if any) accompanying any such draft. The Borrower will, as reimbursement for such payment by the Issuing Lender either (i) immediately and unconditionally repay the amount drawn under a Letter of Credit to the Issuing Lender, or (ii) if the Borrower does not effect such repayment by 5:00 p.m., New York time, on the Disbursement Date, the amount drawn under such Letter of Credit shall automatically convert into a Revolving Loan (without regard to the minimum prior notice provisions of Section 2.01(d) and the Minimum Borrowing Amount) on the following day, provided that no Default or Event of Default shall have occurred and be continuing as of the Disbursement Date. If, however, a Default or an Event of Default shall have occurred and be continuing as of the Disbursement Date, the amount drawn under such Letter of Credit shall not convert into a Revolving Loan and, instead, shall be immediately due and payable hereunder, as of the Disbursement Date.

Reimbursement on Demand. On (or promptly after) each Disbursement Date, Date the Issuing Lender Bank shall notify the Borrower Company of a drawing under a Letter of Credit, and the Issuing Lender Bank will promptly thereafter furnish to the Borrower Company copies of (i) each draft drawn under such Letter of Credit and (ii) each certificate and each other document (if any) accompanying any such draft; provided, however, that the failure to give such notice or to provide such copies shall not affect the obligations of the Company hereunder. The Borrower Company will, as reimbursement for such payment by the Issuing Lender either (i) Bank, immediately and unconditionally repay pay to the Bank the amount drawn of each payment made under a each Letter of Credit Credit, provided that so long as no Default shall have occurred and be continuing, or would result therefrom, and subject to the Issuing Lenderprovisions of Section 2.01, or (ii) if the Borrower does not effect Reimbursement Obligations in respect of such repayment by 5:00 p.m., New York timeLetter of credit shall, on the Disbursement Date, the amount drawn under such Letter of Credit shall automatically convert into a Revolving Loan (without regard to the minimum prior notice provisions of Section 2.01(d) and 4.04, convert to a Base Rate Loan hereunder unless the Minimum Borrowing Amount) on the following day, provided that no Default or Event of Default Company shall have occurred and be continuing as notified the Bank on such date of the Disbursement DateCompany's intention directly to reimburse the Bank. If, however, Interest will accrue on any amount remaining unpaid by the Company to the Bank under this Section which has not been converted to a Default or an Event of Default shall have occurred and be continuing as Base Rate Loan pursuant to clause (ii) of the Disbursement Datepreceding sentence, from the date of demand until such amount drawn under such Letter of Credit shall not convert into a Revolving Loan and, instead, shall be immediately due and payable hereunder, as of is paid in full at an interest rate per annum equal to the Disbursement DateBase Rate in effect from time to time plus the Applicable Margin plus 2%.

Reimbursement on Demand. On (or promptly after) each Disbursement Date, the Issuing Lender shall notify the Borrower of a drawing under a Letter of Credit, and the Issuing Lender will promptly thereafter furnish to the Borrower copies of (i) each draft drawn under such Letter of Credit and (ii) each certificate and each other document (if any) accompanying any such draft. The Borrower will, as reimbursement for such payment by the Issuing Lender either (i) immediately and unconditionally repay the amount drawn under a Letter of Credit to the Issuing Lender, or (ii) if the Borrower does not effect such repayment by 5:00 p.m., New York time, on the Disbursement Date, the amount drawn under such Letter of Credit shall automatically convert into a Revolving Loan (without regard to the minimum prior notice provisions of Section 2.01(d) and the Minimum Borrowing Amount) on the following day, provided that no Default or Event of Default shall have occurred and be continuing as of the Disbursement Date. If, however, if a Default or an Event of Default shall have occurred and be continuing as of the Disbursement Date, the amount drawn under such Letter of Credit shall not convert into a Revolving Loan and, instead, shall be immediately due and payable hereunder, as of the Disbursement Date.

Reimbursement on Demand. On (or promptly after) each Disbursement Date, the Issuing Lender shall notify the Borrower of a drawing under a Letter of Credit, and the Issuing Lender will promptly thereafter furnish to the Borrower copies of (i) each draft drawn under such Letter of Credit Credit, and (ii) each certificate and each other document (if any) accompanying any such draft. The Borrower will, as reimbursement for such payment by the Issuing Lender Lender, either (i) immediately and unconditionally repay the amount drawn under a Letter of Credit to the Issuing Lender, or (ii) if the Borrower does not effect such repayment by 5:00 p.m., New York time, on the Disbursement Date, the amount drawn under such Letter of Credit shall automatically convert into a Revolving Loan an Advance (without regard to the minimum prior notice provisions of Section 2.01(d) and the Minimum Borrowing Amount3.2) on the following day, provided that no Default or Event of Default shall have occurred and be continuing as of the Disbursement DateDate and such conversion will comply with the provisions of Section 3.1. If, however, a Default or an Event of Default shall have occurred and be continuing as of the Disbursement DateDate or such conversion would not comply with the provisions of Section 3.1, the amount drawn under such Letter of Credit shall not convert into a Revolving Loan an Advance and, instead, shall be immediately due and payable hereunder, as of the Disbursement Date.