Reimbursement. If the Issuing Lender shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursement, if such notice is received prior to 10:00 a.m., New York City time, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, provided that, if such LC Disbursement is not less than $500,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing Lender, then to such Lenders and the Issuing Lender as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender for any LC Disbursement shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 4 contracts
Samples: Credit Agreement (Lamar Advertising Co/New), Credit Agreement (Lamar Advertising Co), Credit Agreement (Ohio Logos Inc)
Reimbursement. If the any Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of CreditCredit issued by such Issuing Bank, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a Revolving Credit Base Rate an ABR Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate ABR Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable Percentage ’s Ratable Portion thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage Ratable Portion of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank that issued such Letter of Credit the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank that issued such Letter of Credit or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the an Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 4 contracts
Samples: Credit Agreement, Credit Agreement (Genesis Energy Lp), Credit Agreement (Genesis Energy Lp)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 4 contracts
Samples: Credit Agreement (Natural Resource Partners Lp), Credit Agreement (Natural Resource Partners Lp), Credit Agreement (Magellan Midstream Partners Lp)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable ’s Participation Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Participation Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.06 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.06 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 4 contracts
Samples: Credit Agreement (Belo Corp), Amendment and Restatement Agreement (Belo Corp), Five Year Competitive Advance and Revolving Credit Facility Agreement (Belo Corp)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an in Dollars the amount equal to such LC Disbursement, calculated as of the date the Issuing Bank made such LC Disbursement not later than 12:00 noon, New York City time, on (i) the Business Day date that such LC Disbursement is made, if the Borrower receives shall have received notice of such LC Disbursement, if such notice is received Disbursement prior to 10:00 a.m., New York City time, or (ii) on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,0001,000,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount of such LC Disbursement and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 4 contracts
Samples: Limited Waiver and Fourth Amendment to Third Amended and Restated Credit Agreement (Eagle Pharmaceuticals, Inc.), Credit Agreement (Eagle Pharmaceuticals, Inc.), Credit Agreement (Eagle Pharmaceuticals, Inc.)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon11:00 a.m., New York City Denver, Colorado time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., Denver, Colorado time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 11:00 a.m., Denver, Colorado time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City Denver, Colorado time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if that unless the Borrower has notified the Administrative Agent that it intends to reimburse all or part of such LC Disbursement is not less than $500,000without using Loan proceeds or has submitted a Borrowing Request with respect thereto, the Borrower mayshall, subject to the conditions to borrowing Borrowing set forth herein, be deemed to have requested, and the Borrower does hereby request in accordance with Section 2.03 under such circumstances, that such payment be financed with a Revolving Credit Base Rate an ABR Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate ABR Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraphSection 2.08(e), the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph Section 2.08(e) to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph Section 2.08(e) to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 4 contracts
Samples: Credit Agreement (Centennial Resource Development, Inc.), Credit Agreement (Centennial Resource Development, Inc.), Credit Agreement (Centennial Resource Development, Inc.)
Reimbursement. If the Issuing Lender Bank that issued a Letter of Credit shall make any LC Disbursement in respect of a such Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Lender’s Revolving Credit Lender's Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Revolving Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank that issued such Letter of Credit the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank that issued a Letter of Credit or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Revolving Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank that issued a Letter of Credit for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 3 contracts
Samples: Revolving Credit Agreement (Brixmor Operating Partnership LP), Revolving Credit and Term Loan Agreement (Brixmor Operating Partnership LP), Revolving Credit and Term Loan Agreement (Brixmor Operating Partnership LP)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate BorrowingBorrowing or Swingline Loan. If the Applicable Borrower fails to make such payment when due, such amount, if denominated in Foreign Currency, shall be converted to Dollars and shall bear interest as provided in Section 2.06(h) and the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Applicable Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Revolver Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Revolver Percentage of the payment then due from the Applicable Borrower, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Applicable Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Applicable Borrower of its obligation to reimburse such LC Disbursement.
Appears in 3 contracts
Samples: Credit Agreement (Manitowoc Co Inc), Credit Agreement (Manitowoc Co Inc), Credit Agreement (Manitowoc Co Inc)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the applicable Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on (i) the Business Day date that the such LC Disbursement is made, if such Borrower receives shall have received notice of such LC Disbursement, if such notice is received Disbursement prior to 10:00 a.m., New York City time, or (ii) on such date, or, if such notice has not been received by such Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on the Business Day immediately following the day that the such Borrower receives such notice, if ; provided that such notice is not received prior to such time, provided that, if such LC Disbursement is not less than $500,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the such Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the such Borrower fails to make such payment when due, the Administrative Agent shall notify each applicable Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the such Borrower in respect thereof and such Revolving Credit Lender's Applicable ’s applicable Revolving Commitment Percentage thereof. Promptly following receipt of such notice, each such Revolving Credit Lender shall pay to the Administrative Agent its Applicable such Revolving Commitment Percentage of the payment then due from the such Borrower, in the same manner as provided in Section 2.05 2.04 with respect to Revolving Credit Loans made by such Revolving Lender (and Section 2.05 2.04 shall apply, mutatis mutandis, to the such payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the applicable Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Revolving Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the applicable Borrower of its obligation to reimburse such LC Disbursement.
Appears in 3 contracts
Samples: Credit Agreement (QVC Inc), Credit Agreement (QVC Inc), Credit Agreement (Liberty Interactive Corp)
Reimbursement. If the Issuing Lender Bank that issued a Letter of Credit shall make any LC Disbursement in respect of a such Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower mayBorrower, subject to the conditions to borrowing set forth herein, request hereby requests in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If an ABR Revolving Borrowing cannot be made pursuant to Section 2.03 and unless the Borrower fails notifies the Administrative Agent of its intent to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable ’s Revolving Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Revolving Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Revolving Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank that issued such Letter of Credit the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Revolving Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank that issued such Letter of Credit for any LC Disbursement shall be deemed a Revolving Loan hereunder that was requested by the Borrower (and the Borrower is deemed to have authorized the Administrative Agent to request such Revolving Borrowing on its behalf and the Borrower shall be deemed to represent and warrant as to the matters specified in paragraphs (a) and (b) of Section 4.02) unless a Revolving Loan is not permitted to be made pursuant to Section 4.02, in which case such payment shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 3 contracts
Samples: Revolving Credit and Term Loan Agreement (Taubman Centers Inc), Revolving Credit and Term Loan Agreement (Taubman Centers Inc), Revolving Credit and Term Loan Agreement (Taubman Centers Inc)
Reimbursement. If the an Issuing Lender shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon2:00 p.m., New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 2:00 p.m., New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a Revolving Credit Base Rate Borrowing Loan in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate BorrowingLoan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 5.01 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 5.01 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit LendersLenders under this Section 4.01(e)), and the Administrative Agent shall promptly pay to the such Issuing Lender the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraphSection 4.01(e), the Administrative Agent shall distribute such payment to the such Issuing Lender or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph Section 4.01(e) to reimburse the such Issuing Lender, then to such Lenders and the such Issuing Lender as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph Section 4.01(e) to reimburse the any Issuing Lender for any LC Disbursement (other than the funding of Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 3 contracts
Samples: Five Year Revolving Credit Agreement (Zimmer Biomet Holdings, Inc.), Revolving Credit Agreement (Zimmer Biomet Holdings, Inc.), Revolving Credit Agreement (Zimmer Biomet Holdings, Inc.)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on (i) the Business Day date that such LC Disbursement is made, if the Borrower receives shall have received notice of such LC Disbursement, if such notice is received Disbursement prior to 10:00 a.m., New York City time, or (ii) on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, ; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.06 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.06 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Credit Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 3 contracts
Samples: Revolving Credit Facility (Williams Randa Duncan), Revolving Credit Facility (Williams Randa Duncan), Revolving Credit Facility (Williams Randa Duncan)
Reimbursement. If the an Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower Company shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Company shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Company prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower Company receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower Company receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,00010,000,000, the Borrower Company may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 2.01 that such payment be financed with a Revolving Credit Borrowing consisting of Alternate Base Rate Borrowing Loans in an equivalent amount and, to the extent so financed, the Borrower's Company’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate Borrowing. If the Borrower Company fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender Bank of the applicable LC Disbursement, the payment then due from the Borrower Company in respect thereof and such Revolving Credit Lender's Applicable Percentage Bank’s Proportional Share thereof. Promptly following receipt of such notice, each Revolving Credit Lender Bank shall pay to the Administrative Agent its Applicable Percentage Proportional Share of the payment then due from the BorrowerCompany, in the same manner as provided in Section 2.05 2.04 with respect to Revolving Credit Loans made by such Lender Bank (and Section 2.05 2.04 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit LendersBanks), and the Administrative Agent shall promptly pay to the applicable Issuing Lender Bank the amounts so received by it from the Revolving Credit LendersBanks. Promptly following receipt by the Administrative Agent of any payment from the Borrower Company pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Lender Bank or, to the extent that the Revolving Credit Lenders Banks have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Lenders Banks and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender Bank pursuant to this paragraph to reimburse the an Issuing Lender Bank for any LC Disbursement (other than the funding of Alternate Base Rate Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower Company of its obligation to reimburse such LC Disbursement.
Appears in 3 contracts
Samples: Credit Agreement (Occidental Petroleum Corp /De/), Credit Agreement (Occidental Petroleum Corp /De/), Credit Agreement (Occidental Petroleum Corp /De/)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 2:00 p.m., New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 12:00 noon, New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 2:00 p.m., New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m.12:00 noon, New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 2.02 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower's obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate BorrowingBorrowing or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable Commitment Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Commitment Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.02 with respect to Revolving Credit Loans made by such Revolving Lender (and Section 2.05 2.02 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Revolving Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 3 contracts
Samples: Credit Agreement (Seminis Inc), Credit Agreement (Seminis Inc), Credit Agreement (Seminis Inc)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on (i) the Business Day date that such LC Disbursement is made, if the Borrower receives shall have received notice of such LC Disbursement, if such notice is received Disbursement prior to 10:00 a.m., New York City time, or (ii) on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, ; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.04 with respect to Revolving Credit Loans made by such Revolving Lender (and Section 2.05 2.04 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Revolving Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 3 contracts
Samples: Credit Agreement (MSG Entertainment Spinco, Inc.), Credit Agreement (MSG Entertainment Spinco, Inc.), Credit Agreement (Madison Square Garden Co)
Reimbursement. If the applicable Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the applicable Issuing LenderBank, then to such Lenders and the applicable Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the applicable Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 3 contracts
Samples: Credit Agreement (Erie Indemnity Co), Credit Agreement (Erie Indemnity Co), Credit Agreement (Erie Indemnity Co)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon2:00 p.m., New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 2:00 p.m., New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such timetime on the day of receipt, provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.04 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower's obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate BorrowingBorrowing or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.06 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.06 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 3 contracts
Samples: Credit Agreement (SCG Holding Corp), Credit Agreement (Semiconductor Components Industries LLC), Amendment and Restatement Agreement (On Semiconductor Corp)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 3 contracts
Samples: Credit Agreement (Alamosa Holdings Inc), Credit Agreement (Alamosa Properties Lp), Credit Agreement (Alamosa Properties Lp)
Reimbursement. If the any Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent in Dollars an amount equal to such LC Disbursement not later than 12:00 noon5:00 p.m., New York City time, on (i) the Business Day date that such LC Disbursement is made, if the Borrower receives shall have received notice of such LC Disbursement, if such notice is received Disbursement prior to 10:00 a.m., New York City time, or (ii) on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 5:00 p.m., New York City time, on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, ; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, at its election and subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 2.02 or 2.21 that such payment be financed with a Revolving Credit Base Rate an ABR Borrowing or Swingline Loan in an equivalent amount of such LC Disbursement and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate BorrowingABR Borrowing or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the any Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 3 contracts
Samples: Credit Agreement (Chesapeake Energy Corp), Credit Agreement (Southwestern Energy Co), Credit Agreement
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an in Dollars the amount equal to such LC Disbursement, calculated as of the date the Issuing Bank made such LC Disbursement not later than 12:00 noon1:00 p.m., New York City time, on (i) the Business Day date that such LC Disbursement is made, if the Borrower receives shall have received notice of such LC Disbursement, if such notice is received Disbursement prior to 10:00 a.m., New York City time, or (ii) on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 1:00 p.m., New York City time, on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,0001,000,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing or Swingline Loan in an equivalent amount of such LC Disbursement and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate BorrowingBorrowing or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 3 contracts
Samples: Credit Agreement (Informatica Corp), Credit Agreement (Taleo Corp), Credit Agreement (Informatica Corp)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City Chicago time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., Chicago time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, Chicago time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City Chicago time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate BorrowingBorrowing or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 3 contracts
Samples: Credit Agreement (Industrial Property Trust Inc.), Credit Agreement (Industrial Property Trust Inc.), Credit Agreement (Industrial Property Trust Inc.)
Reimbursement. If the an Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City Toronto time, on (i) the Business Day date that the such LC Disbursement is made, if Borrower receives shall have received notice of such LC Disbursement, if such notice is received Disbursement prior to 10:00 a.m., New York City Toronto time, or (ii) on such date; or, if such notice has not been received by Borrower prior to such time on such date, then not later than 12:00 p.m., Toronto time, on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, ; provided that, if unless such LC Disbursement is not less than $500,000C$1,000,000, the as applicable, Borrower may, subject to the conditions to borrowing Borrowing set forth herein, request in accordance with Section 2.03 2.3 that such payment be financed with a Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment (if applicable) when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.5 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.5 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraphparagraph (or promptly following the Administrative Agent’s receipt from the Lenders of proceeds from a requested Borrowing), the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 3 contracts
Samples: Credit Agreement (Lone Pine Resources Inc.), Credit Agreement (Lone Pine Resources Inc.), Credit Agreement (Forest Oil Corp)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement disbursement in respect of a Letter of Credit, the Borrower shall Borrowers jointly and severally agree to reimburse the Issuing Lender in respect of such LC Disbursement disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement disbursement not later than 12:00 noon, New York City time, on the date that such disbursement is made, if the Borrowers shall have received notice of such disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrowers prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of Borrowers receive such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives Borrowers receive such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower mayBorrowers shall conclusively be deemed, subject to the conditions to borrowing set forth hereinherein (including the conditions stated in Section 3.02), request in accordance with Section 2.03 to have requested that such payment be financed with a Revolving Credit an Base Rate Borrowing Advance in an equivalent amount and, to the extent so financed, the Borrower's Borrowers’ obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate BorrowingAdvance. If the Borrower fails Borrowers fail to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursementdisbursement, the payment then due from the Borrower Borrowers in respect thereof and such Revolving Credit Lender's Applicable Percentage ’s Revolving Pro Rata Share thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage Revolving Pro Rata Share of the payment then due from the BorrowerBorrowers, in the same manner as provided in Section 2.05 2.02 with respect to Revolving Credit Loans Advances made by such Revolving Lender (and Section 2.05 2.02 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt If such reimbursement is not made by any Revolving Lender to the Issuing Bank on the same day on which the Issuing Bank shall have made payment on any such draw, such Revolving Lender shall pay interest thereon to the Issuing Bank at a rate per annum equal to the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing Lender, then to such Lenders and the Issuing Lender as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender for any LC Disbursement shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursementin accordance with banking industry rules on interbank compensation.
Appears in 2 contracts
Samples: Credit Agreement (MxEnergy Holdings Inc), Credit Agreement (MxEnergy Holdings Inc)
Reimbursement. If the Issuing Lender shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse (each a "Reimbursement Obligation" the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City Boston, Massachusetts time, on (i) the Business Day that the Borrower receives notice of such LC Disbursement, if such notice is received prior to 10:00 a.m., New York City Boston, Massachusetts time, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 2.3 that such payment be financed with a Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.5 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.5 shall apply, mutatis mutandis, apply to the payment obligations of the Revolving Credit Lenders, treating each such payment as a Loan for this purpose), and the Administrative Agent shall promptly pay to the Issuing Lender the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing Lender, then to such Lenders and the Issuing Lender as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender for any LC Disbursement shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Affinity Group Holding, Inc.), Credit Agreement (Affinity Group Inc)
Reimbursement. If the Issuing Lender shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon3:00 p.m., New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 11:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 3:00 p.m., New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 11:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a Revolving Credit Base Rate an ABR Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate ABR Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing Lender, then to such Lenders and the Issuing Lender as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender for any LC Disbursement (other than the funding of ABR Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Kindred Healthcare, Inc), Credit Agreement (Kindred Healthcare Inc)
Reimbursement. If the an Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the Business Day next following the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate BorrowingBorrowing or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the an Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Citrix Systems Inc), Credit Agreement (Citrix Systems Inc)
Reimbursement. If the an Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon2:00 p.m., New York City Houston, Texas time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., Houston, Texas time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 2:00 p.m., Houston, Texas time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City Houston, Texas time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 this Agreement that such payment be financed with a Revolving Credit Base Rate an ABR Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate ABR Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the such Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Lubys Inc), Credit Agreement (Lubys Inc)
Reimbursement. If the an Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.06 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.06 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the an Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Macy's, Inc.), Credit Agreement (Macy's, Inc.)
Reimbursement. If the any Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of CreditCredit issued by such Issuing Bank, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, in Dollars, in the case of any Letter of Credit denominated in Dollars, and in Euros, in the case of any Letter of Credit denominated in Euros, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii)) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such in the case of any LC Disbursement is not less than $500,000in respect of any Letter of Credit denominated in Dollars, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with an ABR Revolving Borrowing or a Revolving Credit Base Rate Borrowing Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank that issued such Letter of Credit the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank that issued such Letter of Credit or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the an Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: 5 Year Revolving Credit Agreement (NuStar Energy L.P.), 5 Year Revolving Credit Agreement (NuStar GP Holdings, LLC)
Reimbursement. If the an Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the BC Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on (i) the Business Day date that such LC Disbursement is made, if the BC Borrower receives shall have received notice of such LC Disbursement, if such notice is received Disbursement prior to 10:00 a.m., New York City time, on the Business Day immediately preceding the date that such LC Disbursement is made or (ii) otherwise, the Business Day immediately following the day later of the date that such LC Disbursement is made or the date of receipt by the BC Borrower receives of notice of such notice, if such notice is not received prior to such time, provided LC Disbursement; PROVIDED that, if such LC Disbursement is not less than $500,000the applicable minimum borrowing amount, the BC Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.04 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the BC Borrower's obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate BorrowingBorrowing or Swingline Loan. If the BC Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the BC Borrower in respect thereof and such Revolving Credit Lender's Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the BC Borrower, in the same manner as provided in Section 2.05 2.06 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.06 shall apply, mutatis mutandisMUTATIS MUTANDIS, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the BC Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the an Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the BC Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Amendment and Restatement Agreement (Boise Cascade Holdings, L.L.C.), Credit Agreement (Boise Cascade Holdings, L.L.C.)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on (i) the Business Day date that such LC Disbursement is made, if the Borrower receives shall have received notice of such LC Disbursement, if such notice is received Disbursement prior to 10:00 a.m., New York City time, or (ii) on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, ; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Credit Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Williams Randa Duncan), Credit Agreement (Williams Randa Duncan)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon1:00 p.m., New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 1:00 p.m., New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 2.3 or 2.5 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate BorrowingBorrowing or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.7 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.7 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Healthcare Trust of America, Inc.), Credit Agreement (Healthcare Trust of America, Inc.)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City timeon the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City timeon the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, that if such LC Disbursement is not less than $500,0001,000,000, the Borrower mayshall, subject to the conditions to borrowing Borrowing set forth herein, be deemed to have requested, and the Borrower does hereby request in accordance with Section 2.03 under such circumstances, that such payment be financed with a Revolving Credit Base Rate an ABR Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate ABR Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraphSection 2.08(e), the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph Section 2.08(e) to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph Section 2.08(e) to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Lonestar Resources US Inc.), Credit Agreement (Lonestar Resources US Inc.)
Reimbursement. If the any Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of CreditCredit issued by such Issuing Bank, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a Revolving Credit Base Rate an ABR Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate ABR Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable Percentage Xxxxxx’s Ratable Portion thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage Ratable Portion of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank that issued such Letter of Credit the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank that issued such Letter of Credit or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the an Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Genesis Energy Lp), Credit Agreement (Genesis Energy Lp)
Reimbursement. If the an Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the applicable Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount in the currency of such LC Disbursement equal to such LC Disbursement not later than 12:00 noon, New York City time, on (i) the Business Day date that such LC Disbursement is made, if the applicable Borrower receives shall have received notice of such LC Disbursement, if such notice is received Disbursement prior to 10:00 a.m., New York City time, or (ii) on such date, or, if such notice has not been received by the applicable Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on the Business Day immediately following the day that the applicable Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the applicable Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 1 that such payment be financed with a Revolving Credit Base Rate Borrowing an ABR Loan in an equivalent amount amount, and, to the extent so financed, the applicable Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate BorrowingABR Loan. If the applicable Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the applicable Borrower in respect thereof and such Revolving Credit Lender's Applicable ’s Commitment Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Commitment Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.01 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.01 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the respective Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the applicable Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the respective Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the an Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Loans as contemplated above) shall not constitute a Loan and shall not relieve the applicable Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Avangrid, Inc.), Revolving Credit Agreement (Avangrid, Inc.)
Reimbursement. If the any Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the applicable Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent Agent, in the currency in which the applicable Letter of Credit was issued, an amount equal to such LC Disbursement not later than 12:00 noon1:00 p.m., New York City time, on (i) the Business Day date that such LC Disbursement is made, if the Borrower receives Representative or the applicable Borrower shall have received notice of such LC Disbursement, if such notice is received Disbursement prior to 10:00 9:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower Representative or (ii) the applicable Borrower prior to such time on such date, then not later than 11:00 a.m., New York City time, on the Business Day immediately following the day that the Borrower Representative or the applicable Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower Representative on behalf of the applicable Borrower (or the applicable Borrower) may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment payment, if to be made in dollars, be financed with a Borrowing of Revolving Credit Base Rate Borrowing Loans or Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting Borrowing of Revolving Credit Base Rate Loans or Swingline Loan; provided further that no such payment shall be permitted to be financed with a Eurocurrency Borrowing. If the any Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower Borrowers in respect thereof (expressed in dollars in the amount of the Dollar Equivalent thereof in the case of a Letter of Credit denominated in an Alternative Currency) (the “Unreimbursed Amount”) and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent Agent, in the same currency as the applicable LC Disbursement, its Applicable Percentage of the payment then due from the applicable Borrower, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the a Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the applicable Issuing LenderBank, then the Administrative Agent shall distribute such payment to such Lenders and the applicable Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the applicable Issuing Lender Bank for any LC Disbursement (other than the funding of Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower Borrowers or the Subsidiary Guarantors of its obligation their respective obligations to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Term Loan Credit Agreement, Term Loan Credit Agreement (Staples Inc)
Reimbursement. If the applicable Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the applicable Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent such Issuing Bank an amount equal to such LC Disbursement not later than 12:00 noon2:00 p.m., New York City time, on the date that such LC Disbursement is made, if such Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by such Borrower prior to such time on such date, then not later than 2:00 p.m., New York City time, on (i) the Business Day that the such Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt or (ii) the Business Day immediately following the day that the such Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if that such LC Disbursement is not less than $500,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 2.02 that such payment be financed with a Revolving Credit Base Rate Borrowing Advance in an equivalent amount and, to the extent so financed, the such Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate BorrowingAdvance. If the such Borrower fails to make such payment when due, the applicable Issuing Bank shall notify the Administrative Agent and the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the such Borrower in respect thereof and such Revolving Credit Lender's Applicable ’s Commitment Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Commitment Percentage of the payment then due from the such Borrower, in the same manner as provided in Section 2.05 2.02 with respect to Revolving Credit Loans Advances made by such Lender (and Section 2.05 2.02 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders; provided that such Borrower shall remain obligated to pay interest on such LC Disbursement until the applicable Issuing Bank is reimbursed for such LC Disbursement in accordance with subsection (g) of this Section 2.03. Promptly following receipt by the Administrative Agent of any payment from the such Borrower pursuant to this paragraphsubsection, the Administrative Agent shall distribute such payment to the applicable Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph subsection to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph subsection to reimburse the applicable Issuing Lender Bank for any LC Disbursement (including the funding of Revolving Credit Advances as contemplated above) shall not constitute a Loan Revolving Credit Advance and the applicable Borrower shall be deemed to have reimbursed the applicable Issuing Bank as of date of such payment and the Lenders shall be deemed to have extended, and such Borrower shall be deemed to have accepted, a Revolving Credit Advance in the aggregate principal amount of such payment without any further action on the part of any party, provided that if any such payment is not relieve deemed to be the Borrower funding of its obligation to reimburse a Revolving Credit Advance for any reason, such payment shall constitute the funding of such Lender’s participation in the applicable LC Disbursement.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Rayonier Inc), Revolving Credit Agreement (Rayonier Inc)
Reimbursement. If the Issuing Lender any Letter of Credit Issuer shall make any LC Disbursement in respect of a Letter of Credit, the Borrower applicable Borrowers shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement in the same currency as that LC Disbursement (i) not later than 12:00 noon11:00 a.m., New York City London time, on the date that such LC Disbursement is made, if the Administrative Borrower shall have received notice of such LC Disbursement prior to 9:00 a.m., London time, on such date, or, (ii) if such notice has not been received by the Administrative Borrower prior to such time on such date, then not later than 11:00 a.m., London time, on (iA) the Business Day that the Administrative Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 9:00 a.m., New York City London time, on the day of receipt, or (iiB) the Business Day immediately following the day that the Administrative Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less greater than $500,000or equal to €500,000 (or its equivalent in another currency or currencies), the Borrower relevant Borrowers may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 Sections 2.3 or 2.5 that such payment be financed with a Revolving Credit Base Rate Borrowing Swingline Loan under the relevant Facility in an equivalent amount and, to the extent so financed, the Borrower's relevant Borrowers’ obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate BorrowingSwingline Loan. If the relevant Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender under the relevant Facility of the applicable LC Disbursement, the payment then due from the relevant Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender under the relevant Facility shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the BorrowerBorrowers, in the same manner as provided in Section 2.05 2.7 with respect to Revolving Credit Loans made by such Lender under the relevant Facility (and Section 2.05 2.7 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender relevant Letter of Credit Issuer the amounts so received by it from the Revolving Credit relevant Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower Borrowers pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender relevant Letter of Credit Issuer or, to the extent that the Revolving Credit relevant Lenders have made payments pursuant to this paragraph to reimburse the Issuing Lenderrelevant Letter of Credit Issuer, then to such Lenders and the Issuing Lender Letter of Credit Issuer as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender a Letter of Credit Issuer for any LC Disbursement (other than the funding of Swingline Loan as contemplated above) shall not constitute a Loan but shall constitute Secured Obligations and shall not relieve the Borrower relevant Borrowers of its their obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Abl Credit Agreement (Univar Inc.), Abl Credit Agreement (Univar Inc.)
Reimbursement. If the any Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of CreditCredit issued by such Issuing Bank, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such in the case of any LC Disbursement is not less than $500,000Disbursement, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof Disbursement and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank that issued such Letter of Credit the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank that issued such Letter of Credit or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the an Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: 5 Year Revolving Credit Agreement (NuStar Energy L.P.), 5 Year Revolving Credit Agreement (NuStar Energy L.P.)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 2.02 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate BorrowingBorrowing or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable ’s Commitment Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Commitment Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.02 with respect to Revolving Credit Loans made by such Revolving Lender (and Section 2.05 2.02 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Revolving Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Polymer Group Inc), Credit Agreement (Polymer Group Inc)
Reimbursement. (i) If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent Issuing Bank an amount equal to such LC Disbursement not later than 12:00 noon3:00 p.m., New York City time, on (i) the Business Day date that the such LC Disbursement is made if Borrower receives shall have received notice of such LC Disbursement, if such notice is received Disbursement prior to 10:00 11:00 a.m., New York City time, or (ii) on such date, or, if such notice has not been received by Borrower prior to such time on such date, then not later than 3:00 p.m., New York City time, on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, ; provided that, if such LC Disbursement is not less than $500,000, the that Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a ABR Revolving Credit Base Rate Borrowing Loans in an equivalent amount and, to the extent so financed, the Borrower's obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. Loans.
(ii) If the Borrower fails to make such payment when due, the Issuing Bank shall notify the Administrative Agent and the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable Pro Rata Percentage thereof. Promptly following receipt of such notice, each Each Revolving Credit Lender shall pay by wire transfer of immediately available funds to the Administrative Agent its Applicable not later than 2:00 p.m., New York City time, on such date (or, if such Revolving Lender shall have received such notice later than 12:00 noon, New York City time, on any day, not later than 11:00 a.m., New York City time, on the immediately following Business Day), an amount equal to such Revolving Lender's Pro Rata Percentage of the payment then due from the Borrower, unreimbursed LC Disbursement in the same manner as provided in Section 2.05 2.02(c) with respect to Revolving Credit Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders)Lender, and the Administrative Agent shall will promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt The Administrative Agent will promptly pay to the Issuing Bank any amounts received by it from Borrower pursuant to the above paragraph prior to the time that any Revolving Lender makes any payment pursuant to the preceding sentence and any such amounts received by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, thereafter will be promptly remitted by the Administrative Agent to the Revolving Lenders that shall distribute have made such payment payments and to the Issuing Bank, as appropriate.
(iii) If any Revolving Lender orshall not have made its Pro Rata Percentage of such LC Disbursement available to the Administrative Agent as provided above, each of such Revolving Lender and Borrower severally agrees to pay interest on such amount, for each day from and including the date such amount is required to be paid in accordance with the foregoing to but excluding the date such amount is paid, to the extent that Administrative Agent for the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse account of the Issuing Bank at (i) in the case of Borrower, the rate per annum set forth in Section 2.18(h) and (ii) in the case of such Lender, then to such Lenders and at a rate determined by the Issuing Lender as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender for any LC Disbursement shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC DisbursementAdministrative Agent in accordance with banking industry rules or practices on interbank compensation.
Appears in 2 contracts
Samples: Credit Agreement (Adesa Inc), Credit Agreement (Adesa Inc)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement (i) not later than 12:00 noon, New York City Chicago time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., Chicago time, on such date, or, (ii) if such notice has not been received by the Borrower prior to such time on such date, then not later than noon, Chicago time, on (ia) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City Chicago time, on the day of receipt, or (iib) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with a an CBFR Revolving Credit Base Rate Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting CBFR Revolving Credit Base Rate BorrowingBorrowing or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of CBFR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (A.S.V., LLC), Credit Agreement (Manitex International, Inc.)
Reimbursement. If the any Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of CreditCredit issued by such Issuing Bank, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 2:00 p.m., New York, New York time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 12:00 noon, New York, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementdate, or, if such notice is has not been received by the Borrower prior to 10:00 a.m.such time on such date, then not later than 2:00 p.m., New York, New York City time, or (ii) on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, ; provided that, that if such LC Disbursement is not less than $500,000paid by such time, the Borrower mayshall, subject to the conditions to borrowing Borrowing set forth herein, be deemed to have requested, and the Borrower does hereby request in accordance with Section 2.03 under such circumstances, that such payment be financed with an ABR Borrowing (or, if such amount is less than $1,000,000, a Revolving Credit Base Rate Borrowing Swingline Loan) in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate BorrowingABR Borrowing (or Swingline Loan). If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank that issued such Letter of Credit the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraphSection 2.08(e), the Administrative Agent shall distribute such payment to the Issuing Lender Bank that issued such Letter of Credit or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph Section 2.08(e) to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph Section 2.08(e) to reimburse the any Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Loans or Swingline Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Resolute Energy Corp), Credit Agreement (Resolute Energy Corp)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon1:00 p.m., New York City time, on the Business Day that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 11:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 1:00 p.m., New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 11:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall promptly notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.06 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.06 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Weingarten Realty Investors /Tx/), Credit Agreement (Weingarten Realty Investors /Tx/)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an in Dollars the amount equal to such LC Disbursement, calculated as of the date the Issuing Bank made such LC Disbursement not later than 12:00 noon, New York City time, on (i) the Business Day date that such LC Disbursement is made, if the Borrower receives shall have received notice of such LC Disbursement, if such notice is received Disbursement prior to 10:00 a.m., New York City time, or (ii) on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, ; provided that, if such LC Disbursement is not less than $500,0001,000,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing or Swingline Loan in an equivalent amount of such LC Disbursement and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate BorrowingBorrowing or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Symmetry Medical Inc.), Credit Agreement (Symmetry Medical Inc.)
Reimbursement. If the any Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of CreditCredit issued by such Issuing Bank, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an in Dollars the amount equal to such LC Disbursement, calculated as of the date such Issuing Bank made such LC Disbursement not later than 12:00 noon, New York City time, on (i) the Business Day date that such LC Disbursement is made, if the Borrower receives shall have received notice of such LC Disbursement, if such notice is received Disbursement prior to 10:00 a.m., New York City time, or (ii) on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing or Swingline Loan in an equivalent amount of such LC Disbursement and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate BorrowingBorrowing or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the such Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the such Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the such Issuing Lender Bank for any LC Disbursement (other than the funding of an ABR Revolving Loan or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Northwest Natural Gas Co), Credit Agreement (Northwest Natural Gas Co)
Reimbursement. If the an Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower Borrowers shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement (i) not later than 1:00 p.m., New York time, on the date that such LC Disbursement is made, if the Borrower Representative shall have received notice of such LC Disbursement prior to 10:00 a.m., New York time, on such date, or, (ii) if such notice has not been received by the Borrower Representative prior to such time on such date, then not later than 12:00 noon, New York City time, on (iA) the Business Day that the Borrower Representative receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (iiB) the Business Day immediately following the day that the Borrower Representative receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower Representative may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or Section 2.05 that such payment be financed with a Revolving Credit Base Rate an ABR Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower's Borrowers’ obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate BorrowingABR Borrowing or Swingline Loan. If the Borrower fails Borrowers fail to make such payment when due, such amount, if denominated in Canadian Dollars or other Designated Currencies, shall be converted to U.S. Dollars and shall bear interest at the Alternate Base Rate and the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower Borrowers in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the BorrowerBorrowers, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower Borrowers pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the an Issuing Lender Bank for any LC Disbursement (other than the funding of Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower Borrowers of its their obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Urban Outfitters Inc), Credit Agreement (Urban Outfitters Inc)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City Minneapolis time, on the Business Day that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., Minneapolis time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, Minneapolis time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City Minneapolis time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Revolving Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Revolving Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Indus Realty Trust, Inc.), Credit Agreement (Indus Realty Trust, Inc.)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the US Borrower and each other applicable LC Obligor shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City Chicago time, on the date that such LC Disbursement is made, if the US Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., Chicago time, on such date, or, if such notice has not been received by the US Borrower prior to such time on such date, then not later than 12:00 noon, Chicago time, on (i) the Business Day that the US Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City Chicago time, on the day of receipt, or (ii) the Business Day immediately following the day that the US Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the US Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the US Borrower's ’s and any other applicable LC Obligor’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate BorrowingBorrowing or Swingline Loan. If the Borrower any LC Obligor fails to make such payment when due, (x) such payment obligation outstanding in any currency other than Dollars shall be immediately and automatically converted to and redenominated in Dollars equal to the Dollar Equivalent thereof and shall bear interest at the Alternate Base Rate and (y) the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower any LC Obligor in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrowerany LC Obligor, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower any LC Obligor pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower any LC Obligor of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Tesco Corp), Credit Agreement (Tesco Corp)
Reimbursement. If the an Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower Company shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Company shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Company prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower Company receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower Company receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,0002,000,000, the Borrower Company may, subject to the conditions to borrowing set forth herein, request (and if the Company fails to reimburse such LC Disbursement when due the Company shall be deemed to have requested) in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing (and the time for reimbursement of such LC Disbursement shall automatically be extended to the Business Day following such request or deemed request) in an equivalent amount and, to the extent so financed, the BorrowerCompany's obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the Borrower Company fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower Company in respect thereof and such Revolving Credit Lender's Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the BorrowerCompany, in the same manner as provided in Section 2.05 2.06 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.06 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower Company pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Lender Banks or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Lenders and the Issuing Lender Banks as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the an Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower Company of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Labone Inc/), Credit Agreement (Labone Inc/)
Reimbursement. If the any Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the next Business Day after the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereofthereof (subject to any LC Exposure Reallocation). Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage (subject to any LC Exposure Reallocation) of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.06 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.06 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the such Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the such Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the such Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Amendment and Restatement Agreement (Limited Brands Inc), Amendment and Restatement Agreement (Limited Brands Inc)
Reimbursement. If the any Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of CreditCredit issued by such Issuing Bank, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable Percentage ’s Ratable Portion thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage Ratable Portion of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank that issued such Letter of Credit the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank that issued such Letter of Credit or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the an Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Genesis Energy Lp), Credit Agreement (Genesis Energy Lp)
Reimbursement. If the Issuing Lender any Fronting Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower Borrowers shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrowers shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrowers prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of Borrowers receive such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives Borrowers receive such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower Borrowers may, subject to the conditions to borrowing the Borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower's Borrowers’ obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate BorrowingBorrowing or Swingline Loan. If the Borrower fails Borrowers fail to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower Borrowers in respect thereof and such Lender’s Revolving Credit Lender's Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Revolving Percentage of the payment then due from the BorrowerBorrowers, in the same manner as provided in Section 2.05 2.02 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.02 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender relevant Fronting Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower Borrowers pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender relevant Fronting Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing Lendersuch Fronting Bank, then to such Lenders and the Issuing Lender such Fronting Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender a Fronting Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower Borrowers of its their obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Equistar Chemicals Lp), Credit Agreement (Lyondell Chemical Co)
Reimbursement. If the applicable Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the applicable Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent such Issuing Bank an amount equal to such LC Disbursement (i) not later than 12:00 noon, 2:00 p.m. (New York City time) on the date that such LC Disbursement is made, if such Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m. (New York City time) on such date, or (ii) if such notice has not been received by such Borrower prior to 10:00 a.m. (New York City time) on such LC Disbursement date, then not later than 2:00 p.m. (New York City time) on (ix) the Business Day that the on which such Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., a.m. (New York City time) on such day of receipt, or (iiy) the Business Day immediately following the day that the on which such Borrower receives such notice, if such notice is not received prior to 10:00 a.m. (New York City time) on such time, day of receipt; provided that, if that such LC Disbursement is not less than $500,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 2.02 that such payment be financed with a Revolving Credit Base Rate Borrowing Advance in an equivalent amount and, to the extent so financed, the such Borrower's obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate BorrowingAdvance. If the such Borrower fails to make such payment when due, the applicable Issuing Bank shall notify the Administrative Agent and the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the such Borrower in respect thereof and such Revolving Credit Lender's Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the such Borrower, in the same manner as provided in Section 2.05 2.02 with respect to Revolving Credit Loans Advances made by such Lender (and Section 2.05 2.02 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders; provided that such Borrower shall remain obligated to pay interest on such LC Disbursement until the applicable Issuing Bank is reimbursed for such LC Disbursement in accordance with clause (h) of this Section 2.03. Promptly following receipt by the Administrative Agent of any payment from the such Borrower pursuant to this paragraphsubsection, the Administrative Agent shall distribute such payment to the applicable Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph subsection to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph subsection to reimburse the applicable Issuing Lender Bank for any LC Disbursement (including the funding of Revolving Credit Advances as contemplated above) shall not constitute a Loan Revolving Credit Advance and the applicable Borrower shall be deemed to have reimbursed the applicable Issuing Bank as of date of such payment and the Lenders shall be deemed to have extended, and such Borrower shall be deemed to have accepted, a Revolving Credit Advance in the aggregate principal amount of such payment without any further action on the part of any party, provided that if any such payment is not relieve deemed to be the Borrower funding of its obligation to reimburse a Revolving Credit Advance for any reason, such payment shall constitute the funding of such Lender's participation in the applicable LC Disbursement.
Appears in 2 contracts
Samples: Five Year Revolving Credit Agreement (Rayonier Inc), First Amendment and Restatement Agreement (Rayonier Inc)
Reimbursement. If the any Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of CreditCredit issued by such Issuing Bank, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, that if such LC Disbursement is not less than $500,0001,000,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment reimbursement shall be financed with a Revolving Credit Base Rate automatically made as an ABR Borrowing in an equivalent amount and, to the extent so financedpermitted by this Agreement at that time. For purposes of the first sentence of Section 2.01, the Borrower's obligation to make such payment amount of the ABR Borrowing shall be discharged and replaced by considered, but the resulting Revolving Credit Base Rate Borrowingamount of the LC Disbursement to be concurrently reimbursed shall not be considered. If the Borrower fails to make such payment when duehas not made the relevant reimbursement, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank that issued such Letter of Credit the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraphSection 2.08(e), the Administrative Agent shall distribute such payment to the Issuing Lender Bank that issued such Letter of Credit or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph Section 2.08(e) to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender for any LC Disbursement shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Plains Resources Inc), Credit Agreement (Plains Exploration & Production Co L P)
Reimbursement. If the any Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an in Dollars the amount equal to such LC Disbursement, calculated as of the date the Issuing Bank made such LC Disbursement not later than 12:00 noon, New York City time, on (i) the Business Day date that such LC Disbursement is made, if the Borrower receives shall have received notice of such LC Disbursement, if such notice is received Disbursement prior to 10:00 a.m., New York City time, or (ii) on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,0001,000,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount of such LC Disbursement and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the applicable Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Puget Sound Energy Inc), Credit Agreement (Puget Sound Energy Inc)
Reimbursement. If the any Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon2:30 p.m., New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 1:00 p.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 2:30 p.m., New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m.1:00 p.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,0001,000,000, the Borrower may, subject to the conditions to borrowing set forth herein, may request in accordance with Section 2.03 2.8 that such payment be financed with a Revolving Credit Base Floating Rate Borrowing Advance in an equivalent amount and, to the extent so financed, the Borrower's obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Floating Rate BorrowingAdvance. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.12 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.12 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Lenders and the applicable Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the any Issuing Lender Bank for any LC Disbursement (other than the funding of Floating Rate Advances as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Pinnacle West Capital Corp), Credit Agreement (Pinnacle West Capital Corp)
Reimbursement. If the any Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the next Business Day after the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.06 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.06 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the such Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the such Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the such Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Revolving Credit Agreement (Limited Brands Inc), Revolving Credit Agreement (Limited Brands Inc)
Reimbursement. If the LC Issuing Lender shall make Bank makes any LC Disbursement in respect of under a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement to the Administrative Agent not later than 12:00 noon2:00 P.M. (Prevailing Eastern Time) on the day that such LC Disbursement is made, New York City timeif the Borrower receives notice of such LC Disbursement before 10:00 A.M., Prevailing Eastern Time, on such day, or, if such notice has not been received by the Borrower before such time on such day, then not later than Noon (Prevailing Eastern Time) on (i) the Business Day that the Borrower receives notice of such LC Disbursement, if such notice is received prior to 10:00 a.m., New York City time, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is received before 10:00 A.M. (Prevailing Eastern Time) on the day of receipt, or (ii) the next Business Day, if such notice is not received prior to before such time, time on the day of receipt; provided that, if such LC Disbursement is not less than at least $500,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed made with the proceeds of a Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable ’s Percentage thereof. Promptly following receipt of after it receives such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as is provided in Section 2.05 2.04 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.04(d) shall apply, mutatis mutandis, to the such payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the LC Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any If a Lender makes a payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph subsection to reimburse the LC Issuing Lender, then to such Lenders and the Issuing Lender as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement shall (other than by funding Base Rate Loans as heretofore contemplated), (i) such payment will not constitute a Loan and shall will not relieve the Borrower of its obligation to reimburse such LC DisbursementDisbursement and (ii) such Lender will be subrogated to its pro rata share of the LC Issuing Bank’s claim against the Borrower for such reimbursement. Promptly after the Administrative Agent receives any payment from the Borrower pursuant to this subsection, the Administrative Agent will distribute such payment to the LC Issuing Bank or, if Lenders have made payments pursuant to this subsection to reimburse the LC Issuing Bank, then to such Lenders and the LC Issuing Bank as their interests may appear.
Appears in 2 contracts
Samples: Credit Agreement (United States Steel Corp), Credit Agreement (United States Steel Corp)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an in Dollars the amount equal to such LC Disbursement, calculated as of the date the Issuing Bank made such LC Disbursement not later than 12:00 noon2:00 p.m., New York City time, on (i) the Business Day date that such LC Disbursement is made, if the Borrower receives shall have received notice of such LC Disbursement, if such notice is received Disbursement prior to 10:00 a.m., New York City time, or (ii) on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 2:00 p.m., New York City time, on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,0001,000,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing or Swingline Loan in an equivalent amount of such LC Disbursement and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate BorrowingBorrowing or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Ugi Corp /Pa/), Credit Agreement (Ugi Corp /Pa/)
Reimbursement. (i) If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent Issuing Bank an amount equal to such LC Disbursement not later than 12:00 noon2:00 p.m., New York City time, on (i) the Business Day date that the such LC Disbursement is made if Borrower receives shall have received notice of such LC Disbursement, if such notice is received Disbursement prior to 10:00 11:00 a.m., New York City time, or (ii) on such date, or, if such notice has not been received by Borrower prior to such time on such date, then not later than 2:00 p.m., New York City time, on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, ; provided that, if such LC Disbursement is not less than $500,000, the that Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a ABR Revolving Credit Base Rate Borrowing Loans in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. Loans.
(ii) If the Borrower fails to make such payment when due, the Issuing Bank shall notify the Administrative Agent and the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable ’s Pro Rata Percentage thereof. Promptly following receipt of such notice, each Each Revolving Credit Lender shall pay by wire transfer of immediately available funds to the Administrative Agent its Applicable not later than 2:00 p.m., New York City time, on such date (or, if such Revolving Lender shall have received such notice later than 12:00 noon, New York City time, on any day, not later than 11:00 a.m., New York City time, on the immediately following Business Day), an amount equal to such Revolving Lender’s Pro Rata Percentage of the payment then due from the Borrower, unreimbursed LC Disbursement in the same manner as provided in Section 2.05 2.02(c) with respect to Revolving Credit Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders)Lender, and the Administrative Agent shall will promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt The Administrative Agent will promptly pay to the Issuing Bank any amounts received by it from Borrower pursuant to the above paragraph prior to the time that any Revolving Lender makes any payment pursuant to the preceding sentence and any such amounts received by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, thereafter will be promptly remitted by the Administrative Agent to the Revolving Lenders that shall distribute have made such payment payments and to the Issuing Bank, as appropriate.
(iii) If any Revolving Lender orshall not have made its Pro Rata Percentage of such LC Disbursement available to the Administrative Agent as provided above, each of such Revolving Lender and Borrower severally agrees to pay interest on such amount, for each day from and including the date such amount is required to be paid in accordance with the foregoing to but excluding the date such amount is paid, to the extent that Administrative Agent for the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse account of the Issuing Bank at (i) in the case of Borrower, the rate per annum set forth in Section 2.17(h) and (ii) in the case of such Lender, then to such Lenders and at a rate determined by the Issuing Lender as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender for any LC Disbursement shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC DisbursementAdministrative Agent in accordance with banking industry rules or practices on interbank compensation.
Appears in 2 contracts
Samples: Credit Agreement (Navisite Inc), Credit Agreement (Navisite Inc)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on (i) the Business Day date that such LC Disbursement is made, if the Borrower receives shall have received notice of such LC Disbursement, if such notice is received Disbursement prior to 10:00 a.m., New York City time, or (ii) on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, ; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07) shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Credit Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Duncan Dan L), Credit Agreement (Duncan Dan L)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon11:00 a.m., New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 9:00 a.m., New York time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 11:00 a.m., New York time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 9:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a CBFR Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting CBFR Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of CBFR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 2 contracts
Samples: Credit Agreement (Shake Shack Inc.), Credit Agreement (Shake Shack Inc.)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower Company shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Company shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Company prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower Company receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower Company receives such notice, if such notice is not received prior to such time, provided time on the day of receipt; PROVIDED that, if such LC Disbursement is not less than $500,00010,000,000, the Borrower Company may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 2.01 that such payment be financed with a Revolving Credit Borrowing consisting of Alternate Base Rate Borrowing Loans in an equivalent amount and, to the extent so financed, the BorrowerCompany's obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate Borrowing. If the Borrower Company fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender Bank of the applicable LC Disbursement, the payment then due from the Borrower Company in respect thereof and such Revolving Credit LenderBank's Applicable Percentage Proportional Share thereof. Promptly following receipt of such notice, each Revolving Credit Lender Bank shall pay to the Administrative Agent its Applicable Percentage Proportional Share of the payment then due from the BorrowerCompany, in the same manner as provided in Section 2.05 2.04 with respect to Revolving Credit Loans made by such Lender Bank (and Section 2.05 2.04 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit LendersBanks), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit LendersBanks. Promptly following receipt by the Administrative Agent of any payment from the Borrower Company pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders Banks have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders Banks and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender Bank pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of Alternate Base Rate Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower Company of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
Samples: Five Year Credit Agreement (Occidental Petroleum Corp /De/)
Reimbursement. If (i) the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of CreditCredit and (ii) there is insufficient cash collateral held pursuant to paragraph (j) of this Section to be applied to make the portion of such payment not made by the Borrower without leaving the requirements of such paragraph (j) unsatisfied after making such payment, then the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon2:00 p.m., New York City time, on (i) the Business Day date that the Borrower receives shall have received notice of such LC Disbursement, if the Borrower shall have received such notice is received prior to 10:00 a.m., New York City time, on such date, or (ii) on the Business Day immediately following the day date that the Borrower receives such notice, if such notice is not received prior to such after 10:00 a.m., New York City time, ; provided that, if such LC Disbursement is not less than $500,0005,000,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.04 that such payment be financed with a Revolving Credit Base Rate an ABR Borrowing in an equivalent amount and, to the extent so financed, the Borrower's obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate ABR Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.04 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.04 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders; provided, that the amount required to be funded by any Lender under this paragraph in respect of such LC Disbursement, together with the amount of any ABR Loan made by such Lender as contemplated by this clause (e), shall not exceed such Lender's Applicable Percentage of the amount by which such LC Disbursement exceeds portion of such LC Disbursement reimbursed by the Borrower. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
Samples: Credit Agreement (Gartner Inc)
Reimbursement. If the LC Issuing Lender shall make Bank makes any LC Disbursement in respect of under a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement to the Administrative Agent not later than 12:00 noon, New York City time, on the day that such LC Disbursement is made, if the Borrower receives notice of such LC Disbursement before 10:00 a.m., New York City time, on such day, or, if such notice has not been received by the Borrower before such time on such day, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to before 10:00 a.m., New York City time, on the day of receipt, or (ii) the next Business Day immediately following the day that the Borrower receives such noticeDay, if such notice is not received prior to before such time, time on the day of receipt; provided that, if such LC Disbursement is not less than at least $500,000250,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.04 that such payment be financed made with the proceeds of a Revolving Credit Base Rate Borrowing Revolving Loan or a Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower's obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate BorrowingRevolving Loan or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable Percentage thereof. Promptly following receipt of after it receives such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as is provided in Section 2.05 2.06 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.06(b) shall apply, mutatis mutandis, to the such payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the LC Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any If a Lender makes a payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph subsection to reimburse the LC Issuing Lender, then to such Lenders and the Issuing Lender as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement shall (other than by funding Base Rate Revolving Loans as contemplated above), (i) such payment will not constitute a Loan and shall will not relieve the Borrower of its obligation to reimburse such LC DisbursementDisbursement and (ii) such Lender will be subrogated to its pro rata share of the LC Issuing Bank's claim against the Borrower for such reimbursement. Promptly after the Administrative Agent receives any payment from the Borrower pursuant to this subsection, the Administrative Agent will distribute such payment to the LC Issuing Bank or, if Lenders have made payments pursuant to this subsection to reimburse the LC Issuing Bank, then to such Lenders and the LC Issuing Bank as their interests may appear.
Appears in 1 contract
Reimbursement. If the Issuing Lender Bank shall make any LC -------------- Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such timetime on the day of receipt, provided that, if such LC Disbursement is not less than $500,000, that -------- the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a Revolving Credit Base Rate an ABR Borrowing in an equivalent amount and, to the extent so financed, the Borrower's obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate ABR Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), ------- -------- and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noonnoon on the date that such LC Disbursement is made, New York City timeif the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m. on such date, or, if such notice has not been received by the Borrower prior to 10:00 a.m. on such date, then not later than 12:00 noon on (ia) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City timea.m. on the day of receipt, or (iib) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, 10:00 a.m. on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth out herein, request in accordance with Section 2.03 2.3 that such payment be financed with a Revolving Credit Canadian Prime Borrowing, a Base Rate Borrowing or a Swingline Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Canadian Prime Borrowing, Base Rate Borrowing or Swingline Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraphSection 2.19(5), the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph Section 2.19(5) to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph Section 2.19(5) to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of Canadian Prime Borrowings, Base Rate Borrowings, or Swingline Borrowings as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
Samples: Credit Agreement (SSR Mining Inc.)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 3:00 p.m., New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.06 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.06 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the US Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City Chicago time, on the date that such LC Disbursement is made, if the US Borrower shall have received notice of such LC Disbursement prior to 9:00 a.m., Chicago time, on such date, or, if such notice has not been received by the US Borrower prior to such time on such date, then not later than noon, Chicago time, on (i) the Business Day that the US Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 9:00 a.m., New York City Chicago time, on the day of receipt, or (ii) the Business Day immediately following the day that the US Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, the US Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the US Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the US Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the US Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the US Borrower, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the US Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the US Borrower of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
Samples: Credit Agreement (Libbey Inc)
Reimbursement. If the any Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of CreditCredit issued by such Issuing Bank, the applicable Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Company shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Company prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower Company receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower Company receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower Company may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the applicable Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate BorrowingBorrowing or Swingline Loan. If the applicable Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the applicable Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the applicable Borrower, in the same manner as provided in Section 2.05 2.06 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.06 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank that issued such Letter of Credit the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the applicable Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank that issued such Letter of Credit or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the an Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the applicable Borrower of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
Samples: 5 Year Revolving Credit Agreement (Murphy Oil Corp /De)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an in Dollars the amount equal to such LC Disbursement, calculated as of the date the Issuing Bank made such LC Disbursement not later than 12:00 noon, New York City time, on (i) the Business Day date that such LC Disbursement is made, if the Borrower receives shall have received notice of such LC Disbursement, if such notice is received Disbursement prior to 10:00 a.m., New York City time, or (ii) on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, ; provided that, if such LC Disbursement is not less than $500,0001,000,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing or Swingline Loan in an equivalent amount of such LC Disbursement and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate BorrowingBorrowing or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower Company shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Company shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Company prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower Company receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower Company receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000the minimum borrowing amount, the Borrower Company may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a Revolving Credit an Alternate Base Rate Borrowing Loan or Federal Funds Rate Loan in an equivalent amount and, to the extent so financed, the BorrowerCompany's obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Alternate Base Rate BorrowingLoan or Federal Funds Rate Loan. If the Borrower Company fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender Bank of the applicable LC Disbursement, the payment then due from the Borrower Company in respect thereof and such Revolving Credit LenderBank's Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender Bank shall pay to the Administrative Agent its Applicable Percentage of the payment then due from LC Disbursement not reimbursed by the BorrowerCompany, in the same manner as provided in Section 2.05 2.01 with respect to Revolving Credit Loans made by such Lender Bank (and Section 2.05 2.01 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit LendersBanks), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit LendersBanks. Promptly following receipt by the Administrative Agent of any payment from the Borrower Company pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders Banks have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders Banks and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender Bank pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of Alternate Base Rate Loans or Federal Funds Rate Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower Company of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
Reimbursement. If the Issuing Lender Bank shall make any LC Letter of Credit Disbursement in respect of a Letter of Credit, the Borrower Borrowers shall reimburse the Issuing Lender in respect such Letter of such LC Credit Disbursement by paying to the Administrative Agent an amount equal to such LC Letter of Credit Disbursement not later than 12:00 noon3:00 p.m., New York City Central time, on the date that such Letter of Credit Disbursement is made, if the Borrowers’ Agent shall have received notice of such Letter of Credit Disbursement prior to 1:00 p.m., Central time, on such date, or, if such notice has not been received by the Borrowers’ Agent prior to such time on such date, then not later than 1:00 p.m., Central time, on (i) the Business Day that the Borrower Borrowers’ Agent receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City Central time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower Borrowers’ Agent receives such notice, if such notice is not received prior to such time, provided that, if such LC Disbursement is not less than $500,000, time on the Borrower day of receipt. The Borrowers may, subject to the conditions to of borrowing set forth herein, request in accordance with Section 2.03 Sections 2.04 or 2.06 that such payment be financed with a Revolving Credit Base Rate an ABR Borrowing or Swingline Loan in an equivalent amount andamount. Unless the Borrowers otherwise specify, each such payment automatically will be financed with a Swingline Loan in an equivalent amount, subject to the satisfaction of the conditions set forth in Section 4.02. To the extent so financedany such payment is financed with an ABR Loan or a Swingline Loan, the Borrower's Borrowers’ obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate BorrowingABR Loan or Swingline Loan. If the Borrower Borrowers are ineligible to finance such payment with an ABR Loan or a Swingline Loan due to its inability to satisfy the conditions set forth in Section 4.02 or otherwise fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Letter of Credit Disbursement, the payment then due from the Borrower Borrowers in respect thereof and such Revolving Credit Lender's Applicable Lxxxxx’s Commitment Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Commitment Percentage of the payment then due from the BorrowerBorrowers, in the same manner as provided in Section 2.05 2.08 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.08 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower Borrowers pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Letter of Credit Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower Borrowers of its their obligation to reimburse such LC Letter of Credit Disbursement.
Appears in 1 contract
Samples: Senior Secured Revolving Credit Agreement (Kaiser Aluminum Corp)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City timeon the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City timeon the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, that if such LC Disbursement is not less than $500,0001,000,000, the Borrower mayshall, subject to the conditions to borrowing Borrowing set forth herein, be deemed to have requested, and the Borrower does hereby request in accordance with Section 2.03 under such circumstances, that such payment be financed with a Revolving Credit Base Rate an ABR Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate ABR Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Lender’s Revolving Credit Lender's Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Revolving Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraphSection 2.08(e), the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph Section 2.08(e) to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph Section 2.08(e) to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
Reimbursement. If the Issuing Lender Bank shall make any LC L/C Disbursement in respect of a Letter of CreditCredit or Letter of Credit Participation Agreement, the Borrower shall reimburse the Issuing Lender in respect of such LC L/C Disbursement by paying to the Administrative Agent Agent, for the account of the Issuing Bank, an amount equal to such LC L/C Disbursement not later than 12:00 noon, New York City time, on the date that such L/C Disbursement is made, if the Borrower shall have received notice of such L/C Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, provided that, if such LC Disbursement is not less than $500,000, time on the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate Borrowingdate of receipt. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC L/C Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable Percentage ’s Pro Rata Share thereof. Promptly following receipt of such notice, each Revolving Credit such Lender shall pay to the Administrative Agent its Applicable Percentage Agent, for the account of the Issuing Bank, such Lender’s Pro Rata Share of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.02 with respect to Revolving Credit Loans Advances made by such Lender (and Section 2.05 2.02 shall apply, mutatis mutandismutandi, to the payment obligations of the Revolving Credit such Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit such Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit such Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit such Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC L/C Disbursement shall not constitute a Loan an Advance and shall not relieve the Borrower of its obligation to reimburse such LC L/C Disbursement.
Appears in 1 contract
Samples: Credit Agreement (TLC Vision Corp)
Reimbursement. If the an Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the applicable Borrower(s) shall, following notice of such LC Disbursement to the Borrower shall Representative, reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Applicable Administrative Agent in Dollars an amount equal to the Dollar Amount of such LC Disbursement not later than 12:00 noon2:00 p.m., New York City time, on the date that such LC Disbursement is made, if the Borrower Representative shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower Representative prior to such time on such date, then not later than 2:00 p.m., New York City time, on (i) the Business Day that the Borrower Representative receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day Business Day that the Borrower Representative receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower Borrowers may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's applicable Borrower(s)’ obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing, or, if the applicable Swingline Lender shall have elected to apply the terms of Section 2.05(a) to such requested Borrowing, the resulting Swingline Loan. If the Borrower fails applicable Borrower(s) fail to make such payment when due, the Applicable Administrative Agent shall notify each Revolving Credit applicable Lender of the Dollar Amount of the applicable LC Disbursement, the payment then due from the Borrower applicable Borrower(s) in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each applicable Revolving Credit Lender shall pay to the Applicable Administrative Agent in Dollars its Applicable Percentage of the payment then due from the Borrowerapplicable Borrower(s), in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Applicable Administrative Agent shall promptly pay to the such Issuing Lender Bank the amounts so received by it from the applicable Revolving Credit Lenders. Promptly following receipt by the Applicable Administrative Agent of any payment from the Borrower Borrower(s) pursuant to this paragraph, the Applicable Administrative Agent shall distribute such payment to the applicable Issuing Lender Bank or, to the extent that the any Revolving Credit Lenders have Lender has made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to each such Lenders Revolving Lender and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the an Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower applicable Borrower(s) of its their obligation to reimburse such LC Disbursement.
Appears in 1 contract
Reimbursement. If the applicable LC Issuing Lender shall make Bank makes any LC Disbursement in respect of under a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement to the Administrative Agent not later than 12:00 noon2:00 P.M. (Prevailing Eastern Time) on the day that such LC Disbursement is made, New York City timeif the Borrower receives notice of such LC Disbursement before 10:00 A.M., Prevailing Eastern Time, on such day, or, if such notice has not been received by the Borrower before such time on such day, then not later than Noon (Prevailing Eastern Time) on (i) the Business Day that the Borrower receives notice of such LC Disbursement, if such notice is received prior to 10:00 a.m., New York City time, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is received before 10:00 A.M. (Prevailing Eastern Time) on the day of receipt, or (ii) the next Business Day, if such notice is not received prior to before such time, time on the day of receipt; provided that, if such LC Disbursement is not less than at least $500,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed made with the proceeds of a Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable ’s Percentage thereof. Promptly following receipt of after it receives such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as is provided in Section 2.05 2.04 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.04(d) shall apply, mutatis mutandis, to the such payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the applicable LC Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any If a Lender makes a payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph subsection to reimburse the applicable LC Issuing Lender, then to such Lenders and the Issuing Lender as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement shall (other than by funding Base Rate Loans as heretofore contemplated), (i) such payment will not constitute a Loan and shall will not relieve the Borrower of its obligation to reimburse such LC DisbursementDisbursement and (ii) such Lender will be subrogated to its pro rata share of the applicable LC Issuing Bank’s claim against the Borrower for such reimbursement. Promptly after the Administrative Agent receives any payment from the Borrower pursuant to this subsection, the Administrative Agent will distribute such payment to the applicable LC Issuing Bank or, if Lenders have made payments pursuant to this subsection to reimburse such LC Issuing Bank, then to such Lenders and such LC Issuing Bank as their interests may appear.
Appears in 1 contract
Reimbursement. If the an Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount in the currency of such LC Disbursement equal to such LC Disbursement not later than 12:00 noon, New York City time, on (i) the Business Day date that such LC Disbursement is made, if the Borrower receives shall have received notice of such LC Disbursement, if such notice is received Disbursement prior to 10:00 a.m., New York City time, or (ii) on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, that (x) if such LC Disbursement is not less than $500,000denominated in Dollars, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 2.2 that such payment be financed with a Revolving Credit Base Rate Borrowing an ABR Loan in an equivalent amount or (y) if such LC Disbursement is denominated in an Alternative Currency, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.2 that such payment be converted into an equivalent amount of an ABR Loan denominated in Dollars in an amount equal to the Dollar Amount of such Alternative Currency, and, in each case, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate BorrowingABR Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable ’s Commitment Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Commitment Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.2 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.2 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the respective Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the respective Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the an Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
Samples: Revolving Credit Agreement (Kyndryl Holdings, Inc.)
Reimbursement. If the LC Issuing Lender shall make Bank makes any LC Disbursement in respect of under a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement to the Administrative Agent not later than 12:00 noon, New York City time, on the day that such LC Disbursement is made, if the Borrower receives notice of such LC Disbursement before 10:00 a.m., New York City time, on such day, or, if such notice has not been received by the Borrower before such time on such day, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to before 10:00 a.m., New York City time, on the day of receipt, or (ii) the next Business Day immediately following the day that the Borrower receives such noticeDay, if such notice is not received prior to before such time, time on the day of receipt; provided that, if such LC Disbursement is not less than at least $500,000250,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.04 that such payment be financed made with the proceeds of a Revolving Credit Base Rate Borrowing Revolving Loan or a Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate BorrowingRevolving Loan or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable ’s Percentage thereof. Promptly following receipt of after it receives such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as is provided in Section 2.05 2.06 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.06(b) shall apply, mutatis mutandis, to the such payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the LC Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any If a Lender makes a payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph subsection to reimburse the LC Issuing Lender, then to such Lenders and the Issuing Lender as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement shall (other than by funding Base Rate Revolving Loans as contemplated above), (i) such payment will not constitute a Loan and shall will not relieve the Borrower of its obligation to reimburse such LC DisbursementDisbursement and (ii) such Lender will be subrogated to its pro rata share of the LC Issuing Bank’s claim against the Borrower for such reimbursement. Promptly after the Administrative Agent receives any payment from the Borrower pursuant to this subsection, the Administrative Agent will distribute such payment to the LC Issuing Bank or, if Lenders have made payments pursuant to this subsection to reimburse the LC Issuing Bank, then to such Lenders and the LC Issuing Bank as their interests may appear.
Appears in 1 contract
Reimbursement. If the Issuing Lender shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 10:00 a.m., New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.04 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.06 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.06 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing Lender, then to such Lenders and the Issuing Lender as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
Samples: Credit Agreement (Atari Inc)
Reimbursement. If the an Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of CreditCredit issued by it, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on (i) the Business Day date that such LC Disbursement is made, if the Borrower receives shall have received notice of such LC Disbursement, if such notice is received Disbursement prior to 10:00 a.m., New York City time, or (ii) on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, ; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its such Lender’s Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.06 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.06 shall apply, mutatis mutandismutandis , to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the relevant Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the relevant Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the relevant Issuing LenderBank, then to such Lenders and the relevant Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the an Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noonxxxx, New York City Xxxxxx, Xxxxxxxxxxxxx time, on (i) the Business Day that such LC Disbursement is made, if the Borrower receives shall have received notice of such LC Disbursement, if such notice is received Disbursement prior to 10:00 a.m., New York City Boston, Massachusetts time, or (ii) on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a Revolving Credit Base Rate an ABR Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower's obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate BorrowingABR Borrowing or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.06 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.06 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
Samples: Credit Agreement (Griffin Capital Essential Asset REIT II, Inc.)
Reimbursement. If the applicable Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the applicable Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on (i) the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the such Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, the such Borrower may, subject to the conditions to borrowing set forth herein, request (and, if such Borrower fails to reimburse such LC Disbursement when due, such Borrower shall be deemed to have requested) in accordance with Section 2.03 2.18 or 2.19 that such payment LC Disbursement be financed with an ABR Borrowing of Tranche A Revolving Loans or a Revolving Credit Base Rate Borrowing Swingline Loan in an equivalent amount and, to the extent so financed, the such Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Borrowing of Tranche A Revolving Credit Base Rate BorrowingLoans or a Swingline Loan (and the time for reimbursement of such LC Disbursement shall automatically be extended to the Business Day following such request or deemed request). If the such Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Tranche A Lender of the that an Issuing Bank has made such applicable LC Disbursement, the payment then due from the such Borrower in respect thereof and such Revolving Credit Tranche A Lender's ’s Applicable Percentage thereof. For purposes of calculating such Applicable Percentage (but only for purposes of this Section 2.19(e)), the Tranche A Revolving Commitment of the Issuing Bank in its capacity as a Tranche A Lender shall be such amount as its Tranche A Revolving Commitment would be immediately after giving effect to the full reimbursements contemplated in this Section 2.19(e) in respect of the applicable Letter of Credit. Promptly following receipt of such notice, each Revolving Credit Tranche A Lender (including the Issuing Bank (and for the avoidance of doubt including each Revolving-Only Lender)) shall pay to the Administrative Agent its Applicable Percentage (as calculated in the preceding sentence) of the payment then due from the such Borrower, with each such payment to be made in immediately available funds to the same manner as provided Administrative Agent at its New York office specified in Section 2.05 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders)11.01, and the Administrative Agent shall promptly pay to the applicable Issuing Lender Bank the amounts so received by it from the Revolving Credit Tranche A Lenders. Promptly following receipt by the Administrative Agent of any payment from the such Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Lender Bank or, to the extent that the Revolving Credit Tranche A Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Tranche A Lenders and the Issuing Lender Bank as their interests may appear. Any payment If any Tranche A Lender shall not have made its Applicable Percentage of such LC Disbursement available to the Administrative Agent as provided above, each of such Tranche A Lender and such Borrower severally agrees to pay interest on such amount, for each day from and including the date such amount is required to be paid in accordance with the foregoing to but excluding the date such amount is paid, to the Administrative Agent for the account of the applicable Issuing Bank at (i) in the case of such Borrower, the rate per annum set forth in Section 2.19(h) and (ii) in the case of such Tranche A Lender, at a rate determined by a Revolving Credit Lender the Administrative Agent in accordance with banking industry rules or practices on interbank compensation. All payments made pursuant to this paragraph to reimburse Section 2.19(e) shall be in the Issuing Lender for any Approved Currency in which the LC Disbursement shall not constitute a Loan and shall not relieve the Borrower of its obligation giving rise to reimburse such LC Disbursementpayment is denominated.
Appears in 1 contract
Samples: Senior Unsecured Revolving Credit Agreement (Teva Pharmaceutical Industries LTD)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noonnoon on the date that such LC Disbursement is made, New York City timeif the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m. on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City timea.m. on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that notwithstanding the foregoing the Borrower may, subject to the conditions to borrowing set forth herein, request on the same date that Borrower receives notice of such LC Disbursement, in accordance with Section 2.03 this Agreement that such payment be financed with a Revolving Credit Base Rate Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate BorrowingBorrowing or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable Percentage ’s Pro Rata Share thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage Pro Rata Share of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.3 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.3 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of Base Rate Borrowing or a Swingline Loan as contemplated above) shall not constitute a Loan Borrowing and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
Reimbursement. If the any Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of CreditCredit issued by such Issuing Bank, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a Revolving Credit Base Rate an ABR Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate ABR Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank that issued such Letter of Credit the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank that issued such Letter of Credit or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the an Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
Samples: Revolving Credit Agreement (Valero Gp Holdings LLC)
Reimbursement. If the an Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount in the currency of such LC Disbursement equal to such LC Disbursement not later than 12:00 noon, New York City time, on (i) the Business Day date that such LC Disbursement is made, if the Borrower receives shall have received notice of such LC Disbursement, if such notice is received Disbursement prior to 10:00 a.m., New York City time, or (ii) on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, that (x) if such LC Disbursement is not less than $500,000denominated in Dollars, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 2.2 that such payment be financed with a Revolving Credit Base Rate Borrowing an ABR Loan in an equivalent amount or (y) if such LC Disbursement is denominated in an Alternative Currency, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.2 that such payment be converted into an equivalent amount of an ABR Loan denominated in Dollars in an amount equal to the Dollar Amount of such Alternative Currency, and, in each case, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate BorrowingABR Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable Lxxxxx’s Commitment Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Commitment Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.2 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.2 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the respective Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the respective Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the an Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
Samples: Five Year Revolving Credit Agreement (Kyndryl Holdings, Inc.)
Reimbursement. If the an Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of CreditCredit prior to 11:00 a.m., New York time, then the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 4:00 p.m., New York City time, on the same Business Day, if the Borrower shall have received notice of such LC Disbursement prior to 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementdate, or, if such notice is has not been received by the Borrower prior to 10:00 a.m.such time on such date, then not later than 12:00 noon, New York City time, or (ii) on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, that if such LC Disbursement is not less than $500,0001,000,000, the Borrower mayshall, subject to the conditions to borrowing Borrowing set forth herein, be deemed to have requested, and the Borrower does hereby request in accordance with Section 2.03 under such circumstances, that such payment be financed with a Revolving Credit Base Rate an ABR Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate ABR Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Revolving Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Revolving Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraphSection 2.08(e), the Administrative Agent shall distribute such payment to the applicable Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph Section 2.08(e) to reimburse the such Issuing LenderBank, then to such Revolving Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph Section 2.08(e) to reimburse the applicable Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City timeon the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City timeon the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, that if such LC Disbursement is not less than $500,0001,000,000, the Borrower mayshall, subject to the conditions to borrowing Borrowing set forth herein, be deemed to have requested, and the Borrower does hereby request in accordance with Section 2.03 under such circumstances, that such payment be financed with a Revolving Credit Base Rate an ABR Borrowing in an equivalent amount and, to the extent so financed, the Borrower's obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate ABR Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraphSection 2.08(e), the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph Section 2.08(e) to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph Section 2.08(e) to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower Borrowers shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon2:00 p.m., New York City time, on the date that such LC Disbursement is made, if the Borrowers shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrowers prior to such time on such date, then not later than (i) 2:00 p.m., New York City time, on the Business Day that the Borrower receives notice of Borrowers receive such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) 12:00 noon, New York City time, on the Business Day immediately following the day that the Borrower receives Borrowers receive such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower Borrowers may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's Borrowers’ obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate Borrowing. If the Borrower fails Borrowers fail to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower Borrowers in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the BorrowerBorrowers, in the same manner as provided in Section 2.05 2.04 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.04 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the a Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower Borrowers of its their obligation to reimburse such LC Disbursement.
Appears in 1 contract
Samples: Credit Agreement (Freeport McMoran Copper & Gold Inc)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement ------------- in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, the Borrower may, -------- ---- subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with a Revolving Credit Base Rate an ABR Borrowing in an equivalent amount and, to the extent so financed, the Borrower's obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate ABR Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to ------- -------- the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
Samples: Credit Agreement (Center Trust Inc)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon2:00 p.m., New York City Houston, Texas time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., Houston, Texas time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 2:00 p.m., Houston, Texas time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City Houston, Texas time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 this Agreement that such payment be financed with a Revolving Credit an Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraphSection 2.04(e), the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph Section 2.04(e) to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph Section 2.04(e) to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of Base Rate Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
Reimbursement. If the any Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an in Dollars the amount equal to such LC Disbursement, calculated as of the date such Issuing Bank made such LC Disbursement not later than 3:30 p.m., New York City Time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City Time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City timeTime, on (i) the Business Day that the Borrower receives notice of such LC Disbursement, if such notice is received prior to 10:00 a.m., New York City time, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing or Swingline Loan in an equivalent amount of such LC Disbursement and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate BorrowingBorrowing or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the relevant Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the relevant Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the an Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
Samples: Credit Agreement (Par Pharmaceutical Companies, Inc.)
Reimbursement. If the an Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the applicable Borrower(s) shall, following notice of such LC Disbursement to the Borrower shall Representative, reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Applicable Administrative Agent in Dollars an amount equal to the Dollar Equivalent of such LC Disbursement not later than 12:00 noon2:00 p.m., New York City time, on the date that such LC Disbursement is made, if the Borrower Representative shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower Representative prior to such time on such date, then not later than 2:00 p.m., New York City time, on (i) the Business Day that the Borrower Representative receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day Business Day that the Borrower Representative receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower Borrowers may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's applicable Borrower(s)’ obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing, or, if the applicable Swingline Lender shall have elected to apply the terms of Section 2.05(a) to such requested Borrowing, the resulting Swingline Loan. If the Borrower fails applicable Borrower(s) fail to make such payment when due, the Applicable Administrative Agent shall notify each Revolving Credit applicable Lender of the Dollar Equivalent of the applicable LC Disbursement, the payment then due from the Borrower applicable Borrower(s) in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each applicable Revolving Credit Lender shall pay to the Applicable Administrative Agent in Dollars its Applicable Percentage of the payment then due from the Borrowerapplicable Borrower(s), in the same manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Applicable Administrative Agent shall promptly pay to the such Issuing Lender Bank the amounts so received by it from the applicable Revolving Credit Lenders. Promptly following receipt by the Applicable Administrative Agent of any payment from the Borrower Borrower(s) pursuant to this paragraph, the Applicable Administrative Agent shall distribute such payment to the applicable Issuing Lender Bank or, to the extent that the any Revolving Credit Lenders have Lender has made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to each such Lenders Revolving Lender and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the an Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower applicable Borrower(s) of its their obligation to reimburse such LC Disbursement.
Appears in 1 contract
Samples: Senior Secured Super Priority Debtor in Possession Credit Agreement (Tailored Brands Inc)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower Borrowers shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrowers shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrowers prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of Borrowers receive such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives Borrowers receive such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,000, that the Borrower Borrowers may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 SECTION 2.3 or SECTION 2.5 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower's Borrowers’ obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate BorrowingBorrowing or Swingline Loan. If the Borrower fails Borrowers fail to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower Borrowers in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the BorrowerBorrowers, in the same manner as provided in Section 2.05 SECTION 2.7 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 SECTION 2.7 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower Borrowers pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower Borrowers of its their obligation to reimburse such LC Disbursement.
Appears in 1 contract
Reimbursement. If the an Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of CreditCredit issued by it, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on (i) the Business Day date that such LC Disbursement is made, if the Borrower receives shall have received notice of such LC Disbursement, if such notice is received Disbursement prior to 10:00 a.m., New York City time, or (ii) on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, ; provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate Borrowing. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.06 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.06 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the relevant Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the relevant Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the relevant Issuing LenderBank, then to such Lenders and the relevant Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the an Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
Samples: Credit Agreement (CSX Corp)
Reimbursement. If the Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of CreditCredit issued at the request of a Borrower, the such Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if such Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by such Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the such Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the such Borrower receives such notice, if such notice is not received prior to such time, time on such date; provided that, if such LC Disbursement is not less than $500,000, that the applicable Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 2.02 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the such Borrower's obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate BorrowingBorrowing or Swingline Loan. If the such Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the such Borrower in respect thereof and such Revolving Credit Lender's Applicable Commitment Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Commitment Percentage of the payment then due from the such Borrower, in the same manner as provided in Section 2.05 2.02 with respect to Revolving Credit Loans made by such Revolving Lender (and Section 2.05 2.02 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the such Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing LenderBank, then to such Revolving Lenders and the Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the applicable Borrower of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
Samples: Credit Agreement (Consolidated Communications Texas Holdings, Inc.)
Reimbursement. If the any Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an in Dollars the amount equal to such LC Disbursement, calculated as of the date such Issuing Bank made such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, time on the day of receipt; provided that, if such LC Disbursement is not less than $500,0001,000,000, (or $500,000 in the case of financing by a Swingline Loan), the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.05 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing or Swingline Loan in an equivalent amount of such LC Disbursement and, to the extent so financed, the Borrower's obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate BorrowingBorrowing or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same 22 manner as provided in Section 2.05 2.07 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.07 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the such Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the an Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
Reimbursement. If the an Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse the such Issuing Lender Bank in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement in the Currency in which such Letter of Credit is denominated not later than 12:00 noon3:00 p.m., New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursement, if such notice is received prior to 10:00 a.m., New York City time, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such time, ; provided that, if such LC Disbursement is not less than $500,0001,000,000 (or such smaller amount as may be agreed to by the Administrative Agent) and is denominated in Dollars, the Borrower may, subject to the conditions to borrowing set forth hereinherein (other than any minimum amounts, including as set forth in Section 2.02(c)), request in accordance with Section 2.03 or 2.04 that such payment be financed with an ABR Borrowing or a Revolving Credit Base Rate Borrowing Swingline Loan of the respective Class in an equivalent amount and, to the extent so financed, the Borrower's ’s obligation to make such payment shall be discharged and replaced by the resulting Revolving Credit Base Rate BorrowingABR Borrowing or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit affected Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's ’s Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the BorrowerPercentage, in the same manner as provided case of a Letter of Credit denominated in Section 2.05 with respect to Revolving Dollars, or such Multicurrency Lender’s Applicable Multicurrency Percentage, in the case of a Letter of Credit Loans made by such Lender (and Section 2.05 shall applydenominated in an Agreed Foreign Currency, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the Issuing Lender the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the Issuing Lender or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the Issuing Lender, then to such Lenders and the Issuing Lender as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the Issuing Lender for any LC Disbursement shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursementthereof.
Appears in 1 contract
Samples: Senior Secured Revolving Credit Agreement (Nuveen Churchill Direct Lending Corp.)
Reimbursement. If the an Issuing Lender Bank shall make any LC Disbursement in respect of a Letter of CreditCredit issued by such Issuing Bank, the Borrower shall reimburse the Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon, New York City time, on the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such date, then not later than 12:00 noon, New York City time, on (i) the Business Day that the Borrower receives notice of such LC Disbursementnotice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately following the day that the Borrower receives such notice, if such notice is not received prior to such timetime on the day of receipt, provided that, if such LC Disbursement is not less than $500,000, that the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or 2.04 that such payment be financed with a an ABR Revolving Credit Base Rate Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower's obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Credit Base Rate BorrowingBorrowing or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Revolving Credit Lender of the applicable LC Disbursement, the payment then due from the Borrower in respect thereof and such Revolving Credit Lender's Applicable Percentage thereof. Promptly following receipt of such notice, each Revolving Credit Lender shall pay to the Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 2.06 with respect to Revolving Credit Loans made by such Lender (and Section 2.05 2.06 shall apply, mutatis mutandis, to the payment obligations of the Revolving Credit Lenders), and the Administrative Agent shall promptly pay to the applicable Issuing Lender Bank the amounts so received by it from the Revolving Credit Lenders. Promptly following receipt by the Administrative Agent of any payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to the applicable Issuing Lender Bank or, to the extent that the Revolving Credit Lenders have made payments pursuant to this paragraph to reimburse the such Issuing LenderBank, then to such Lenders and the such Issuing Lender Bank as their interests may appear. Any payment made by a Revolving Credit Lender pursuant to this paragraph to reimburse the any Issuing Lender Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.
Appears in 1 contract
