Common use of Reimbursement or Conversion on Presentation of Letters Clause in Contracts

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 Borrowers 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 Borrowers 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 BorrowerKinross Canada), 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 either 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 RT Lender, the relevant RT Borrower shall forthwith pay to the Administrative Agent for the account of the Issuing RT Lender, and thereby reimburse the Issuing RT Lender for, all amounts paid by the Issuing RT Lender pursuant to such Letter; failing such payment, the relevant RT 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 RT 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. RT Borrower) or a Prime Rate Loan (if such Letter was denominated in Canadian dollars) to the extent of the payment of the Issuing RT Lender thereunder.