Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the Borrower shall forthwith pay (and in any event no later than 11:00 a.m. (Toronto time) on the date of any payment by the Issuing Lender under a Letter) to the Administrative Agent for the account of the Issuing Lender, and thereby reimburse the Issuing Lender for, all amounts paid by Issuing Lender pursuant to such Letter. Failing such payment, the Borrower shall be deemed to have effected, notwithstanding any other provision hereof, a conversion of such Letter into a Base Rate Loan to the extent of the payment of the Issuing Lender thereunder.
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by an Issuing Lender, the Borrower shall be deemed to have effected, notwithstanding any other provision hereof, a conversion of such Letter into a Base Rate Canada Loan (if such Letter is denominated in any currency other than Canadian dollars) or into a Prime Rate Loan (if such Letter is denominated in Canadian dollars) to the extent of the payment of the relevant Issuing Lender thereunder.
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the relevant Borrower shall forthwith pay to the Administrative Agent for the account of the Issuing Lender, and thereby reimburse the Issuing Lender for, all amounts paid by the Issuing Lender pursuant to such Letter; failing such payment, the relevant Borrower shall be deemed to have effected a conversion of such Letter into a Base Rate Canada Loan (if such Letter was denominated in U.S. dollars and issued on behalf of and at the request of a Canadian Borrower), a Base Rate New York Loan (if such Letter was denominated in U.S. dollars and issued on behalf of and at the request of a U.S. Borrower) or a Prime Rate Loan (if such Letter was denominated in Canadian dollars) to the extent of the payment of the Issuing Lender thereunder.
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the relevant Borrower shall forthwith pay to the Administrative Agent for the account of the Issuing Lender, and thereby reimburse the Issuing Lender for, all amounts paid by the Issuing Lender pursuant to such Letter; failing such payment, such Borrower shall be deemed to have effected a conversion of such Letter into a Base Rate Canada Loan to the extent of the payment of the Issuing Lender thereunder.
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the Borrowers shall forthwith pay to the Agent for the account of the Issuing Lender, and thereby reimburse the Issuing Lender for, all amounts paid by the Issuing Lender pursuant to such Letter; failing such payment, the Borrowers shall be deemed to have effected a conversion of such Letter into: (i) a Prime Rate Loan in the case of a Letter denominated in Canadian dollars or (ii) a Base Rate Canada Loan, in the case of a Letter denominated in United States dollars, in each case to the extent of the payment of the Issuing Lender thereunder.
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the Borrower shall forthwith pay and in any event no later than 10:00 a.m. (Reno, Nevada time) on the date of any payment by the Issuing Lender under a Letter to Credit Agreement the Administrative Agent for the account of the Issuing Lender, and thereby reimburse Issuing Lender for, all amounts paid by Issuing Lender pursuant to such Letter. Failing such payment, the Borrower shall be deemed to have effected, notwithstanding any other provision hereof, a conversion of such Letter into a Base Rate Loan to the extent of the payment of the Issuing Lender thereunder.
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter issued by a particular Issuing Lender and payment thereunder by such Issuing Lender, the applicable Borrower shall forthwith pay to the Administrative Agent for the account of such Issuing Lender, and thereby reimburse such Issuing Lender for, all amounts paid by such Issuing Lender pursuant to such Letter; failing such payment, such Borrower shall be deemed to have effected a conversion of such Letter into (x) a Prime Rate Loan (if such Letter is denominated in Canadian dollars) or (y) a Base Rate Canada Loan (if such Letter is denominated in United States dollars or any other currency (other than Canadian dollars), the amount paid under such Letter being the Exchange Equivalent United States dollars of the amount so paid), in each case to the extent of the payment of such Issuing Lender thereunder.
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the Borrowers shall forthwith pay to the Agent for the account of the Issuing Lender, and thereby reimburse the Issuing Lender for, all amounts paid by the Issuing Lender pursuant to such Letter; failing such payment, the Borrowers shall be deemed to have effected a conversion of such Letter into: (i) a Prime Rate Loan in the case of a Letter denominated in Canadian dollars or (ii) a Base Rate New York Loan, in the case of a Letter denominated in United States dollars, in each case to the extent of the payment of the Issuing Lender thereunder.
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the Borrower shall forthwith pay to the Administrative Agent for the account of the Issuing Lender, and thereby reimburse the Issuing Lender for, all amounts paid by the Issuing Lender pursuant to such Letter; failing such payment, the Borrower shall be deemed to have effected a conversion of such Letter into a Base Rate Canada Loan (with respect to a Letter denominated in a currency other than Canadian dollars) or a Prime Rate Loan (with respect to a Canadian dollar denominated Letter) to the extent of the payment of the Issuing Lender thereunder.
Reimbursement or Conversion on Presentation of Letters. (a) On presentation of a Letter and payment thereunder by the Issuing Lender, the Borrower shall forthwith pay to the Issuing Lender, and thereby reimburse the Issuing Lender for, all amounts paid by the Issuing Lender pursuant to such Letter. Failing such payment, the Borrower shall be deemed to have effected a conversion of such Letter into a Prime Rate Loan (in the case of a Letter denominated in Canadian dollars) or into a Base Rate Loan (in the case of a Letter denominated in United States dollars) to the extent of the payment of the Issuing Lender thereunder.
