Common use of Reimbursement or Conversion on Presentation Clause in Contracts

Reimbursement or Conversion on Presentation. On presentation of a Letter of Credit and payment thereunder by the Operating Lender the Borrower shall forthwith pay to and reimburse the Operating Lender for all amounts paid pursuant to such Letter of Credit; failing such payment, the Borrower shall be deemed to have effected a Conversion of such Letter of Credit into: (a) a Canadian Prime Rate Loan, in the case of a Letter of Credit denominated in Canadian Dollars, and (b) a U.S. Base Rate Loan, in the case of a Letter of Credit denominated in United States Dollars, in each case, under the Operating Facility and to the extent of the payment by the Operating Lender.

Reimbursement or Conversion on Presentation. On presentation of a Letter of Credit and payment thereunder by the Operating Lender Lender, the Borrower shall forthwith pay to and reimburse the Agent for the account of the Operating Lender for all amounts paid pursuant to such Letter of Credit; failing such payment, the Borrower shall be deemed to have effected a Conversion of such Letter of Credit into: (a) a Canadian Prime Rate Loan, in the case of a Letter of Credit denominated in Canadian Dollars, and (b) a U.S. Base Rate Loan, in the case of a Letter of Credit denominated in United States Dollars, in each case, under the Operating Facility and to the extent of the payment by the Operating LenderLender thereunder.

Reimbursement or Conversion on Presentation. On presentation of a Letter of Credit and payment thereunder by the Operating Lender Lender, the Borrower shall forthwith pay to and reimburse the Agent for the account of the Operating Lender for all amounts paid pursuant to such Letter of Credit; failing such payment, the Borrower shall be deemed to have effected a Conversion of such Letter of Credit into: (a) a Canadian Prime Rate Loan, in the case of a Letter of Credit denominated in Canadian Dollars, and (b) a U.S. Base Rate Loan, in the case of a Letter of Credit denominated in United States Dollars, in each case, under the Operating same Credit Facility as such Letter of Credit was issued and to the extent of the payment by the Operating LenderLender thereunder.

Reimbursement or Conversion on Presentation. On presentation of a Letter of Credit and payment thereunder by the Operating Lender Fronting Lender, the Borrower Borrowers shall forthwith pay to and reimburse the Operating Fronting Lender for all amounts paid pursuant to such Letter of Credit; failing . Failing such payment, the Borrower Borrowers shall be deemed to have effected a Conversion of such Letter of Credit into: (ai) a Canadian Prime Rate LoanAdvance, in the case of a Letter of Credit denominated in Canadian Dollars, and (bii) a U.S. US Base Rate LoanAdvance, in the case of a Letter of Credit denominated in United States Dollars, in each case, under the Operating Facility and to the extent of the payment by the Operating LenderLenders or the Fronting Lender (as applicable) thereunder.