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Common use of Repayment with Revolving Loans Clause in Contracts

Repayment with Revolving Loans. On any day on which a Borrower shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Revolving Lender’s respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at or before 12:00 Noon on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence of a Bankruptcy Event), then each such Revolving Lender hereby agrees that it shall forthwith fund, in Dollars, the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required herein, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 2 contracts

Samples: Credit Agreement (Itron Inc /Wa/), Credit Agreement (Itron Inc /Wa/)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, Borrowing comprised entirely of Alternate Base Rate ABR Loans (each such borrowing, a “Mandatory LOC Borrowing”"MANDATORY BORROWING") shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.27.01) pro rata PRO RATA based on each Revolving Lender’s 's respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.27.01) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case notwithstanding same such date NOTWITHSTANDING (iI) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (iiII) whether any conditions specified in Section 4.2 4.02 are then satisfied, (iiiIII) whether a Default or an Event of Default then exists, (ivIV) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)2.03, (vV) the date of such Mandatory LOC Borrowing, or (viVI) any reduction in the aggregate amount of Revolving Committed Amount Commitments after any such Letter of Credit may have been drawn upon. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a Bankruptcy Eventproceeding under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law with respect to the Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; providedPROVIDED, furtherFURTHER, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 2 contracts

Samples: Credit Agreement (Velocita Corp), Credit Agreement (Velocita Corp)

Repayment with Revolving Loans. On any day on which a the Canadian Borrower shall have requested, or been deemed to have requested, a Canadian Revolving Loan borrowing to reimburse a drawing under a Canadian Letter of Credit, the Administrative Agent shall give notice to the Revolving Canadian Lenders that a Canadian Revolving Loan has been requested or deemed requested in connection with a drawing under a Canadian Letter of Credit, in which case a Canadian Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made from all Canadian Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Canadian Lender's respective Canadian Revolving Lender’s respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Canadian Lender hereby irrevocably agrees to make such Canadian Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each 41 47 such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Canadian Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Canadian Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Canadian Revolving Committed Amount after Loan Commitment or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Canadian Borrower or any other member of the Consolidated Shorewood Group), then each such Revolving Canadian Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Canadian Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding Canadian LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Canadian Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Canadian Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 2 contracts

Samples: Credit Agreement (Shorewood Packaging Corp), Credit Agreement (Shorewood Packaging Corp)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving applicable Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans in Dollars (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made from all applicable Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s 's respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, provided that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 2 contracts

Samples: Credit Agreement (Covance Inc), Credit Agreement (Covance Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, requested a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, borrowing comprised entirely of Alternate Base LIBOR Market Index Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Revolving Lender’s respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 2 contracts

Samples: Credit Agreement (Ruddick Corp), Credit Agreement (Ruddick Corp)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders Banks that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) advance comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made from all Banks (without giving effect to any termination of the Commitments pursuant to Section 7.28.2) pro rata based on each Revolving Lender’s of the Banks' respective Revolving Commitment Percentage of the Revolving Committed Amount (determined before giving effect to any termination of the Commitments pursuant to Section 7.28.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable appropriate Issuing Lender Bank(s) for application to the respective LOC Obligations. Each Revolving Lender such Bank hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 2.5 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for a Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b)(ii), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon; provided, however, that in the event any such Mandatory Borrowing should be less than the minimum amount for advances of Revolving Loans otherwise provided in Section 2.1(b)(ii), the Borrower shall pay to the Agent for its own account an administrative fee of $500. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender Bank hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing LenderBank(s) of its Participation Interests such participations in the outstanding LOC Obligations as shall be necessary to cause each such Bank to share in such LOC Obligations ratably based upon its respective Commitment Percentage of the Revolving Committed Amount (determined before giving effect to any termination of the Commitments pursuant to Section 8.2), provided that at or before 12:00 Noon the time any funding of participations pursuant to this sentence is actually made, the purchasing Bank shall be required to pay to the Issuing Bank interest on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required herein, then the principal amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by participation for each day from and including the day upon which the Mandatory Borrowing would otherwise have occurred to but excluding the date of payment for such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demandparticipation, at the rate equal to, if paid within with two (2) Business Days of such datethe date of the Revolving Loan advance, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 2 contracts

Samples: Credit Agreement (Cottontops Inc), Credit Agreement (Anvil Holdings Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been be deemed to have requested, (i) a Swingline Loan borrowing to reimburse a drawing under a Letter of Credit, the Swingline Lender shall make the Swingline Loan advance pursuant to the terms of the request or deemed request in accordance with the provisions for Swingline Loan advances hereunder, or (ii) a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.29) pro rata based on each Revolving Lender’s 's respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.29) and in the case of both clauses (i) and (ii) the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon; provided, however, that in the event any such Mandatory Borrowing should be less than the minimum amount for borrowings of Revolving Loans otherwise provided in Section 2.1(b)(ii), the Borrower shall pay to the Agent for its own account an administrative fee of $500. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or the Company), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of any such daterequest, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 2 contracts

Samples: Credit Agreement (Manitowoc Co Inc), Credit Agreement (Manitowoc Co Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) advance comprised of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made to the Borrower by all Lenders (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s the respective Revolving Commitment Percentage Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.29.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make its pro rata share of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Lender such Participation Interests in the outstanding LOC Obligations as shall be necessary to cause each such Lender to share in such LOC Obligations ratably (based upon the respective Commitment Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 9.2)), provided that at or before 12:00 Noon on the Business Day next succeeding time any purchase of Participation Interests pursuant to this sentence is actually made, the Business Day notice is received by the Revolving Lenders from the Administrative Agent; provided, further, that in the event any purchasing Lender shall fail be required to fund its Participation Interest as required herein, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender pay to the Administrative Agent for the account of the applicable Issuing Lender, to the extent not paid to the applicable Issuing Lender by the Borrower in accordance with the terms of subsection (d) above, interest on the principal amount of Participation Interests purchased for each day from and including the day upon demandwhich such borrowing would otherwise have occurred to but excluding the date of payment for such Participation Interests, at the rate equal to, if paid within two (2) Business Days of such datethe date of the Revolving Loan advance, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 2 contracts

Samples: Credit Agreement (Amn Healthcare Services Inc), Credit Agreement (Condor Systems Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.28.2) pro rata based on each Revolving Lender’s respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.28.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Aggregate Revolving Committed Amount after any such Letter of Credit may have been drawn upon. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the United States Bankruptcy EventCode), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 2 contracts

Samples: Multi Year Revolving Credit Agreement (Nucor Corp), 364 Day Revolving Credit Agreement (Nucor Corp)

Repayment with Revolving Loans. On any day on which a Borrower the Borrowers shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made from all Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s 's respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) the failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after Loan Commitment or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the U.S. Bankruptcy EventCode with respect to the Borrowers or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrowers on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 2 contracts

Samples: Credit Agreement (Wolverine Tube Inc), Credit Agreement (Wolverine Tube Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Letter of CreditCredit pursuant to clause (d) above, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal shall be immediately made to the Dollar Equivalent Borrower by all such Lenders (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be made (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.210.2) pro rata based on each Revolving Lender’s their respective Revolving Commitment Percentage Percentages (determined before giving effect to any termination of the Commitments pursuant to Section 7.210.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make its pro rata share of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for such Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence of a Bankruptcy Event)above, then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Participation Interests Lender such participation in the outstanding LOC Obligations at or related to the applicable Letter of Credit as shall be necessary to cause each Lender to share in such LOC Obligations ratably (based upon their respective Revolving Commitment Percentages (determined before 12:00 Noon on giving effect to any termination of the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentCommitments pursuant to Section 10.2)); provided, further, provided that in the event such payment is not made by any Lender on the day of drawing, such Lender shall fail pay to fund its Participation Interest as required herein, then the Issuing Lender interest on the amount of such Revolving Lender’s its unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the a rate equal to, if paid within two (2) Business Days of such datethe date of drawing, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Prime Rate.

Appears in 2 contracts

Samples: Debtor in Possession Financing Agreement (Railworks Corp), Debtor in Possession Financing Agreement (Railworks Corp)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving applicable Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made from all applicable Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2 or otherwise) pro rata based on each Revolving Lender’s 's respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 2 contracts

Samples: Credit Agreement (Knoll Inc), Credit Agreement (Knoll Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) comprised of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made to the Borrower by all Lenders (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s the respective Revolving Commitment Percentage Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.29.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make its pro rata share of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Participation Interests Lender such participation in the outstanding LOC Obligations at or as shall be necessary to cause each such Lender to share in such LOC Obligations ratably (based upon the respective Commitment Percentages of the Lenders (determined before 12:00 Noon on giving effect to any termination of the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; providedCommitments pursuant to Section 9.2)), further, provided that in the event any such payment is not made on the day of drawing, such Lender shall fail pay in addition to fund its Participation Interest as required herein, then the Issuing Lender interest on the amount of such Revolving Lender’s its unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the a rate equal to, if paid within two (2) Business Days of such datethe date of drawing, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 2 contracts

Samples: Credit Agreement (Pca International Inc), Credit Agreement (Pca International Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Revolving Lender’s 's respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the ). The proceeds thereof of such Mandatory Borrowing shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount (or integral amount in excess thereof) for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon; provided, however, that in the event any such Mandatory Borrowing should be less than the minimum amount for borrowings of Revolving Loans otherwise provided in Section 2.1(b)(ii), the Borrower shall pay to the Administrative Agent for its own account an administrative fee of $500. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 2 contracts

Samples: Credit Agreement (Red Robin Gourmet Burgers Inc), Credit Agreement (Red Robin Gourmet Burgers Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, requested a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Revolving Lender’s respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and in the case of both clauses (i) and (ii) the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon; provided, however, that in the event any such Mandatory Borrowing should be less than the minimum amount for borrowings of Revolving Loans otherwise provided in Section 2.1(b)(ii), the Borrower shall pay to the Administrative Agent for its own account an administrative fee of $500. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 2 contracts

Samples: Credit Agreement (Dollar Tree Inc), Credit Agreement (Dollar Tree Stores Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan Borrowing to reimburse a drawing under a Letter of Creditan LC Disbursement, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan Borrowing has been requested or deemed requested in connection with a drawing under a Letter of Creditan LC Disbursement, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, Borrowing comprised entirely of Alternate Base Rate ABR Loans (each such borrowingBorrowing, a “Mandatory LOC Borrowing”) shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.2hereunder) pro rata ratably by the Lenders based on each Revolving Lender’s respective Revolving Commitment Applicable Percentage of the total Commitments (determined before giving effect to any termination of the Commitments pursuant to Section 7.2hereunder) and the proceeds thereof shall be paid directly to the Administrative Agent Agent, for the account benefit of the applicable Issuing Lender Bank, for application to the respective LOC Obligationsapplicable LC Disbursement. Each Revolving Lender hereby irrevocably agrees to make its Revolving Loan immediately upon any such Revolving Loans at request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same date notwithstanding (i) the amount of the Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans ABR Borrowings otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 4.02 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan an ABR Borrowing to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such the Mandatory LOC Borrowing, Borrowing or (vi) any reduction in the Revolving Committed Amount total Commitments after any such Letter of Credit may have been drawn upon. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence of a Bankruptcy Event), then each such Revolving Lender hereby agrees that it shall forthwith fund, in Dollars, the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required herein, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 2 contracts

Samples: Credit Agreement (Medtronic Inc), Credit Agreement (Medtronic Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) advance comprised of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made to the Borrower by all Lenders (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s the respective Revolving Commitment Percentage Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.29.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make its pro rata share of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required 31 37 hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Lender such Participation Interests in the outstanding LOC Obligations as shall be necessary to cause each such Lender to share in such LOC Obligations ratably (based upon the respective Commitment Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 9.2)), provided that at or before 12:00 Noon on the Business Day next succeeding time any purchase of Participation Interests pursuant to this sentence is actually made, the Business Day notice is received by the Revolving Lenders from the Administrative Agent; provided, further, that in the event any purchasing Lender shall fail be required to fund its Participation Interest as required herein, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender pay to the Administrative Agent for the account of the applicable Issuing Lender, to the extent not paid to the applicable Issuing Lender by the Borrower in accordance with the terms of subsection (d) above, interest on the principal amount of Participation Interests purchased for each day from and including the day upon demandwhich such borrowing would otherwise have occurred to but excluding the date of payment for such Participation Interests, at the rate equal to, if paid within two (2) Business Days of such datethe date of the Revolving Loan advance, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Amn Healthcare Services Inc)

Repayment with Revolving Loans. On any day on which a Borrower the Borrowers shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a drawing under a Letter of CreditCredit (as set forth in clause (d) above), the Administrative Agent shall give notice to the Revolving applicable Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made from all applicable Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s 's respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrowers or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrowers on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Gerber Childrenswear Inc)

Repayment with Revolving Loans. On any day on which a Borrower shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.210.2) pro rata based on each Revolving Lender’s 's respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.210.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective applicable LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 4.4 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to a Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, the Dollar Equivalent (provided that, but adjusted for any payments received from a Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Horizon Personal Communications Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall ------------------------------ have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) advance comprised of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”or Eurodollar Loans to the extent the Borrower has complied with the procedures of Section 2.1(b) (i) with respect thereto) shall be immediately made to the Borrower by all Revolving Lenders (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s the respective Revolving --- ---- Commitment Percentage Percentages of the Revolving Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.29.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each such Revolving Lender hereby irrevocably agrees to make its pro rata share of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such --------------- borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Participation Interests Lender such participation in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; provided, further, that in the event any Lender as shall fail be necessary to fund its Participation Interest as required herein, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by cause each such Revolving Lender to share in such LOC Obligations ratably (based upon the Administrative Agent for the account respective Commitment Percentages of the applicable Revolving Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 9.2)), provided that -------- in the event such payment is not made on the day of drawing, such Revolving Lender shall pay in addition to the Issuing Lender upon demand, interest on the amount of its unfunded Participation Interest at the a rate equal to, if paid within two (2) Business Days of such datethe date of drawing, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Access Worldwide Communications Inc)

Repayment with Revolving Loans. On any day on which a Borrower the Canadian Borrowers shall have requested, or been deemed to have requested, a Canadian Revolving Loan borrowing to reimburse a drawing under a Canadian Letter of Credit, the Administrative Canadian Agent shall give notice to the Revolving Canadian Lenders that a Canadian Revolving Loan has been requested or deemed requested in connection with a drawing under a Canadian Letter of Credit, in which case a Canadian Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Canadian Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made from all Canadian Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Canadian Lender's respective Canadian Revolving Lender’s respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective Canadian LOC Obligations. Each Revolving such Canadian Lender hereby irrevocably agrees to make such Canadian Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Canadian Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) the failure for of any such request or deemed request for Canadian Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Canadian Revolving Committed Amount after Loan Commitment or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the U.S. Bankruptcy Event), then each such Revolving Lender hereby agrees that it shall forthwith fund, in Dollars, the Dollar Equivalent Code (provided that, such Dollar Equivalent will be determined in consultation or applicable Canadian bankruptcy law) with the applicable Issuing Lender) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required herein, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal respect to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Cott Corp /Cn/)

Repayment with Revolving Loans. On any day on which a Borrower the Co-Borrowers shall have requested, or been deemed to have requestedrequested as provided in clause (d) above, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Co-Borrowers to be made in connection with a drawing under a Letter of Credit, in which case Lenders shall severally make Revolving Loans to the Co-Borrowers jointly and severally in a principal amount for each Lender equal to such Lender's Commitment Percentage of such Revolving Loan borrowingrequested or deemed to be requested by the Co-Borrowers. Each Lender shall make available to the Administrative Agent, at the office of the Administrative Agent in Dollars or, in Dollarsthe case of any Letter of Credit drawing made in a Foreign Currency, the applicable Foreign Currency, in an amount equal funds immediately available to the Dollar Equivalent (provided thatAdministrative Agent, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be made (without giving effect to any termination 's Commitment Percentage of the Commitments pursuant to Section 7.2) pro rata based on each Revolving Lender’s respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) Loans requested, and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender Bank for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make its Commitment Percentage of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to any Co-Borrower or any other Person obligated upon the Obligations), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Co-Borrowers on or after such Dollar Equivalent will be determined in consultation with the applicable date and prior to such purchase) from Issuing Lender) of its Participation Interests Bank such participation in the outstanding LOC Obligations as shall be necessary to cause each such Lender to share in such LOC Obligations ratably (based upon the respective Commitment Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 2.6)), provided that at or before 12:00 Noon the time any such purchase of a participation is actually made, the purchasing Lender shall be required to pay to Issuing Bank, to the extent not paid to the Issuing Bank by the Co-Borrowers in accordance with the terms of subsection (d) hereof, interest on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required herein, then the principal amount of participation purchased for each day from and including the day upon which such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by borrowing would otherwise have occurred to but excluding the date of payment for such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal toparticipation, if paid within two (2) Business Days of such datethe date of the Revolving Loan, at the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Domestic Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Scientific Games Holdings Corp)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requestedbeen deemed, pursuant to subsections (e) or been deemed (g) of this Section 2.3, to have requested, requested a Revolving Loan to reimburse advance in connection with a drawing under a Letter of Creditgiven Derivative Exposure Reserve, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Borrower in connection with a drawing under a Letter of Creditsuch Derivative Exposure Reserve. Concurrently with such notice, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) advance comprised of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”or Eurodollar Loans to the extent the Borrower has complied with the procedures of Section 2.1(b)(i) with respect thereto) shall be immediately made to the Borrower by all Lenders (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s the respective Revolving Commitment Percentage Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.29.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender Derivative Counterparty for application to the respective LOC Obligationsapplicable BOA Derivative Instrument or as cash collateral therefor, as applicable. Each Revolving Lender hereby irrevocably agrees to make its pro rata share of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from the Borrower on or after such date and prior to such purchase) from the Derivative Counterparty (to the extent expressly permitted by such Derivative Counterparty) such interests in Dollars, the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of its Participation Interests BOA Derivative Instrument as shall be necessary to cause each such Lender to share in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received obligations secured by the applicable Derivative Exposure Reserve ratably (based upon the respective Revolving Lenders from the Administrative Agent; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required herein, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account Commitment Percentages of the applicable Issuing Lender upon demand, at Lenders (determined before giving effect to any termination of the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal Commitments pursuant to the Alternate Base RateSection 9.2)).

Appears in 1 contract

Samples: Credit Agreement (U S Restaurant Properties Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, requested a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Revolving Lender’s 's respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and in the case of both clauses (i) and (ii) the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon; provided, however, that in the event any such Mandatory Borrowing should be less than the minimum amount for borrowings of Revolving Loans otherwise provided in Section 2.1(b)(ii), the Borrower shall pay to the Administrative Agent for its own account an administrative fee of $500. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Dollar Tree Stores Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Revolving Lender’s respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the ). The proceeds thereof of such LOC Mandatory Borrowing shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each LOC Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of LOC Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such LOC Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon. In the event that any LOC Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the LOC Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Revolving Lender shall fail to fund its Participation Interest as required hereinon the date the LOC Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Pantry Inc)

Repayment with Revolving Loans. On any day on which a Borrower the Borrowers shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a drawing under a Letter of CreditCredit (as set forth in clause (d) above), the Administrative Agent shall give notice to the Revolving applicable Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made from all applicable Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s 's respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to a Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrowers on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Brandywine Realty Trust)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) comprised of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”or Eurodollar Loans to the extent the Borrower has complied with the procedures of Section 2.1(b)(i) with respect thereto) shall be immediately made to the Borrower by all Lenders (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s the respective Revolving Commitment Percentage Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.29.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make its pro rata share of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Participation Interests Lender such participation in the outstanding LOC Obligations at or as shall be necessary to cause each such Lender to share in such LOC Obligations ratably (based upon the respective Commitment Percentages of the Lenders (determined before 12:00 Noon on giving effect to any termination of the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; providedCommitments pursuant to Section 9.2)), further, provided that in the event any such payment is not made on the day of drawing, such Lender shall fail pay in addition to fund its Participation Interest as required herein, then the Issuing Lender interest on the amount of such Revolving Lender’s its unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the a rate equal to, if paid within two three (23) Business Days of such datethe date of drawing, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Pca International Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made from all Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2 or otherwise) pro rata based on each Revolving Lender’s 's respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i), hereunder or (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn uponAmount. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above above, whether because the Commitments have terminated or for any other reason (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as on the day it is required hereinto do so, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (DCP Midstream Partners, LP)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) advance comprised of such drawing, comprised entirely of Alternate Base Floating Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”or Eurodollar Loans to the extent the Borrower has complied with the procedures of Section 2.2.3 with respect thereto) shall be immediately made to the Borrower by all Lenders (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.28.1) pro rata prorata based on each Revolving Lender’s the respective Revolving Commitment Percentage Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.28.1) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make its pro rata share of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Unmatured Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Participation Interests Lender such participation in the outstanding LOC Obligations at or as shall be necessary to cause each such Lender to share in such LOC Obligations ratably (based upon the respective Commitment Percentages of the Lenders (determined before 12:00 Noon on giving effect to any termination of the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; providedCommitments pursuant to Section 8.1)), further, provided that in the event any such payment is not made on the day of drawing (or such later date as specified in Section 2.4.4), such Lender shall fail pay in addition to fund its Participation Interest as required herein, then the Issuing Lender interest on the amount of such Revolving Lender’s its unfunded Participation Interest therein shall automatically bear participation interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the a rate equal to, if paid within two (2) Business Days of such datethe date of drawing, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Brown Shoe Co Inc/)

Repayment with Revolving Loans. On any day on which a the Borrower ------------------------------ shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving applicable Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC --------- Borrowing") shall be immediately made from all applicable Lenders (without --------- giving effect to any termination of the Commitments pursuant to Section 7.28.2) pro rata based on each Revolving Lender’s 's respective Revolving Loan Commitment --- ---- Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing --------------- may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 4 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any -------- ------- Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Knoll Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a drawing under a Revolving Letter of CreditCredit (as set forth in clause (d) above), the Administrative Agent shall give notice to the Revolving applicable Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Revolving Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made from all applicable Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s 's respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective Revolving LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding Revolving LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Maxim Group Inc /)

Repayment with Revolving Loans. On any day on which a Borrower the Borrowers shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Revolving Lender’s 's respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the ). The proceeds thereof of such Mandatory Borrowing shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount (or integral amount in excess thereof) for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrowers on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Si International Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) advance comprised of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”or Eurodollar Loans to the extent the Borrower has complied with the procedures of Section 2.1(b)(i) with respect thereto) shall be immediately made to the Borrower by all Lenders (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.28.2) pro rata based on each Revolving Lender’s the respective Revolving Commitment Percentage Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.28.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make its pro rata share of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Participation Interests Lender such participation in the outstanding LOC Obligations as shall be necessary to cause each such Lender to share in such LOC Obligations ratably (based upon the respective Commitment Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 8.2)), provided that at or before 12:00 Noon the time any purchase of participation pursuant to this sentence is actually made, the purchasing Lender shall be required to pay to the Issuing Lender, to the extent not paid to the Issuer by the Borrower in accordance with the terms of subsection (d) hereof, interest on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required herein, then the principal amount of participation purchased for each day from and including the day upon which such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by borrowing would otherwise have occurred to but excluding the date of payment for such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demandparticipation, at the rate equal to, if paid within two (2) Business Days of such datethe date of the Revolving Loan advance, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Airgas Inc)

Repayment with Revolving Loans. On any day on which a Borrower Xxxx shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Domestic Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by Xxxx to be made in connection with a drawing under a Domestic Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) advance comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made to Xxxx by all Lenders (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s the respective Revolving Commitment Percentage Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.29.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective Domestic LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make its pro rata share of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise othewise required hereunderunder the Credit Agreement, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)under the Credit Agreement, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made under the Credit Agreement or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to Xxxx or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from Xxxx on or after such date and prior to such purchase) from the Issuing Lender in Dollars, the Dollar Equivalent (provided that, Dollars such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of its Participation Interests participation in the outstanding Domestic LOC Obligations as shall be necessary to cause each such Lender to share in such Domestic LOC Obligations ratably (based upon the respective Commitment Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 9.2)), provided that at or before 12:00 Noon the time any purchase of participation pursuant to this sentence is actually made, the purchasing Lender shall be required to pay to the Issuing Lender, to the extent not paid to the Issuer by Xxxx in accordance with the terms of subsection (d) above, interest on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required herein, then the principal amount of participation purchased for each day from and including the day upon which such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by borrowing would otherwise have occurred to but excluding the date of payment for such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demandparticipation, at the rate equal to, if paid within two (2) Business Days of such datethe date of the Revolving Loan advance, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Hunt Corp)

Repayment with Revolving Loans. On any day on which a Borrower the Borrowers shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan advance has been requested or deemed requested by the Borrowers to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made to the Borrower by all Revolving Lenders (without giving effect to notwithstanding any termination of the Revolving Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s the respective Revolving Commitment Percentage Percentages of the Revolving Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.29.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each such Revolving Lender hereby irrevocably agrees to make its pro rata share of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Commitments relating thereto immediately prior to or contemporaneously with such borrowing; provided, however, in no event shall a Revolving Lender be required to make an advance in excess of such Revolving Lender's Revolving Committed Amount after any such Letter of Credit may have been drawn uponAmount. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to either of the Borrowers or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundshall, in Dollarsupon written notice of the unavailability of Revolving Loans and request for participation, purchase (as of the Dollar Equivalent (provided thatdate such borrowing would otherwise have occurred, but adjusted for any payments received from the Borrowers on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Participation Interests Lender such participation in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; provided, further, that in the event any Lender as shall fail be necessary to fund its Participation Interest as required herein, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by cause each such Revolving Lender to share in such LOC Obligations ratably (based upon the Administrative Agent for the account respective Revolving Commitment Percentages of the applicable Revolving Lenders (determined before giving effect to any termination of the Revolving Commitments pursuant to Section 9.2)), provided that at the time any purchase of participation pursuant to this sentence is actually made, the purchasing Revolving Lender shall be required to pay to the Issuing Lender, to the extent not paid to the Issuing Lender by the Borrowers in accordance with the terms of subsection (d) hereof, interest on the amount of its unfunded Participation Interest purchased for each day from and including the day upon demandwhich such purchase should otherwise have occurred to but excluding the date of payment for such participation, at the rate equal to, if paid within two (2) Business Days of such datethe date of the Revolving Loan advance, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Speedway Motorsports Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been be deemed to have requested, requested a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.2) 8) pro rata based on each Revolving Lender’s 's respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.28) and in the case of both clauses (i) and (ii) the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of any such daterequest, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Senior Secured Revolving Credit Agreement (Midwest Express Holdings Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving applicable Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”"MANDATORY BORROWING") shall be immediately made from all applicable Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2) pro rata PRO RATA based on each Revolving Lender’s 's respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case notwithstanding same such date NOTWITHSTANDING (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; providedPROVIDED, furtherFURTHER, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Jumbosports Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will borrowing shall be determined in consultation with the applicable Issuing Lender) of such drawing, immediately made comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Revolving Lender’s respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory LOC Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding that (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 3.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory LOC Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory LOC Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Capitalsource Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall ------------------------------ have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.22.7) pro rata based on each Revolving Lender’s 's respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.22.7) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon; provided, however, that in the event any such Mandatory Borrowing should be less than the minimum amount for borrowings of Revolving Loans otherwise provided in Section 2.1(b)(ii), the Borrower shall pay to the Agent for its own account an administrative fee of $500. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing woul otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Cybex International Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, requested a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will borrowing shall be determined in consultation with the applicable Issuing Lender) of such drawing, immediately made comprised entirely of Revolving Loans in Dollars and bearing interest at the Alternate Base Rate Loans Rate, (each such borrowing, a "Mandatory LOC Borrowing”) shall be made (without giving effect to any termination of the Commitments pursuant to Section 7.2") pro rata based on each Revolving Lender’s 's respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory LOC Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding that (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 3.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory LOC Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory LOC Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (American Capital Strategies LTD)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Revolving Lender’s respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the ). The proceeds thereof of such Mandatory Borrowing shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after or termination of the Revolving Commitments immediately prior to such Mandatory Borrowing or contemporaneously therewith; provided, however, that in the event any such Letter Mandatory Borrowing should be less than the minimum amount for borrowings of Credit may have been drawn uponRevolving Loans otherwise provided in Section 2.1(b)(ii), the Borrower shall pay to the Administrative Agent for its own account an administrative fee of $500. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Revolving Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Vycom Corp.)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, requested a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will borrowing shall be determined in consultation with the applicable Issuing Lender) of such drawing, immediately made comprised entirely of Alternate Revolving Loans in Dollars and bearing interest at the U.S. Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing”) shall be made (without giving effect to any termination of the Commitments pursuant to Section 7.2") pro rata based on each Revolving Lender’s 's respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory LOC Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding that (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory LOC Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory LOC Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate U.S. Base Rate.

Appears in 1 contract

Samples: Credit Agreement (American Capital Strategies LTD)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) advance comprised of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”or Eurodollar Loans to the extent the Borrower has complied with the procedures of Section 2.2(a)(i) with respect thereto) shall be promptly made to the Borrower by all Lenders (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.29.2) pro rata prorata based on each Revolving Lender’s the respective Revolving Commitment Percentage Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.29.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make its Revolving Commitment Percentage of each such Revolving Loans at Loan promptly upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to any Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Participation Interests Lender such participation in the outstanding LOC Obligations at or as shall be necessary to cause each such Lender to share in such LOC Obligations ratably (based upon the respective Commitment Percentages of the Lenders (determined before 12:00 Noon on giving effect to any termination of the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; providedCommitments pursuant to Section 9.2)), further, provided that in the event any such payment is not made on the day of drawing, such Lender shall fail pay in addition to fund its Participation Interest as required herein, then the Issuing Lender interest on the amount of such Revolving Lender’s its unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the a rate equal to, if paid within two (2) Business Days of such datethe date of drawing, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Amerigroup Corp)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving applicable Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans in Dollars (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made from all applicable Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s 's respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, provided that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within during the period to but excluding the date two (2) Business Days of after such date, the Federal Funds Effective Rate, and thereafter at a rate equal to and, thereafter, the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Covance Inc)

Repayment with Revolving Loans. On any day on which a Borrower CBI shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse make a payment as a result of a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Existing Lenders that a Revolving Loan has been requested or deemed requested by CBI to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) advance shall be immediately made to CBI by all such Existing Lenders (without giving effect to notwithstanding any termination of the Existing Commitments pursuant to Section 7.211.2) pro rata based on each Revolving Lender’s the respective Revolving Commitment Percentage Pro Rata Shares of such Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 7.211.2) and the proceeds thereof shall be paid directly by the Agent to the Administrative Agent for the account of the applicable Issuing Lender Bank for application to the respective LOC Letter of Credit Obligations. Each Revolving such Existing Lender hereby irrevocably agrees to make its Pro Rata Share of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 Article V are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Existing Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a Bankruptcy Eventbankruptcy or insolvency proceeding with respect to CBI), then each such Revolving Existing Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from CBI on or after such date and prior to such purchase) from the Dollar Equivalent (provided that, Issuing Bank such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of its Participation Interests participation in the outstanding LOC Letter of Credit Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; provided, further, that in the event any Lender as shall fail be necessary to fund its Participation Interest as required herein, then the amount of cause each such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Existing Lender to share in such Letter of Credit Obligations ratably (based upon the Administrative Agent for the account respective Pro Rata Shares of the applicable Issuing Lender upon demand, at Existing Lenders (determined before giving effect to any termination of the rate equal Existing Commitments pursuant to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Chiquita Brands International Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving applicable Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made from all applicable Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s 's respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Delta Woodside Industries Inc /Sc/)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving applicable Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made from all applicable Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s 's respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Integrated Living Communities Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made from all Lenders (without giving effect to any termination of the Revolving Loan Commitments pursuant to Section 7.29.1) 30 pro rata based on each Revolving Lender’s respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Letter of Credit Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iviii) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (viv) the date of such Mandatory LOC Borrowing, or (viv) any reduction in or any termination of the Revolving Committed Amount after any Loan Commitments. Such funding of Revolving Loans shall be made on the day notice of such Letter of Credit may have been drawn uponMandatory Borrowing is received by each Lender from the Agent if such notice is received at or before 3:00 p.m. (New York, New York time), otherwise such payment shall be made at or before 1:00 p.m. (New York, New York time) on the Business Day next succeeding the day such notice is received. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a Bankruptcy Eventproceeding under any applicable bankruptcy law with respect to the Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Commitment Percentage in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentLetter of Credit Obligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinCommitment Percentage on the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s unfunded Participation Interest Commitment Percentage therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender L/C Issuer upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate. No such Extension of Credit shall relieve or otherwise impair the obligation of the Borrower to reimburse an L/C Issuer for the amount of any payment made by such L/C Issuer under any Letter of Credit, together with interest as provided herein. Until each Lender funds its Revolving Loan pursuant to this Section 2.9(g) to reimburse an L/C Issuer for any amount drawn under any Letter of Credit, interest in respect of such Lender’s Commitment Percentage of such amount shall be solely for the account of such L/C Issuer.

Appears in 1 contract

Samples: Credit Agreement (Integrys Energy Group, Inc.)

Repayment with Revolving Loans. On any day on which a Borrower shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Revolving Lender’s 's respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at or before 12:00 Noon on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence of a Bankruptcy Event), then each such Revolving Lender hereby agrees that it shall forthwith fund, in Dollars, the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required herein, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Itron Inc /Wa/)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) advance comprised of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”or Eurodollar Loans to the extent the Borrower has complied with the procedures of Section 2.1(b)(i) with respect thereto) shall be immediately made to the Borrower by all Lenders (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s the respective Revolving Commitment Percentage Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.29.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make its pro rata share of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.3 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Lender such Participation Interests in the outstanding LOC Obligations as shall be necessary to cause each such Lender to share in such LOC Obligations ratably (based upon the respective Commitment Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 9.2)), provided that at or before 12:00 Noon the time any purchase of Participation Interests pursuant to this sentence is actually made, the purchasing Lender shall be required to pay to the Issuing Lender, to the extent not paid to the Issuing Lender by the Borrower in accordance with the terms of subsection (d) above, interest on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required herein, then the principal amount of Participation Interests purchased for each day from and including the day upon which such Revolving Lender’s unfunded borrowing would otherwise have occurred to but excluding the date of payment for such Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demandInterests, at the rate equal to, if paid within two (2) Business Days of such datethe date of the Revolving Loan advance, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (American Medical Systems Holdings Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a drawing under a Letter of CreditCredit (as set forth in clause (d) above), the Administrative Agent shall give notice to the Revolving applicable Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made from all applicable Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s 's respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: 364 Day Credit Agreement (Maxim Group Inc /)

Repayment with Revolving Loans. On any day on which a Borrower the Borrowers shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a standby Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Borrowers to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) advance comprised of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”or Eurodollar Loans to the extent the Borrowers have complied with the procedures of Section 2.1(d)(i) with respect thereto) shall be immediately made to the Borrowers by all Lenders (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.211.2) pro rata based on each Revolving Lender’s the respective Revolving Credit Commitment Percentage Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.211.2) and the proceeds thereof shall be paid directly by the Agent to the Administrative Agent for the account of the applicable Issuing Lender Bank for application to the respective LOC Letter of Credit Obligations. Each Revolving such Lender hereby irrevocably agrees to make its Revolving Credit Commitment Percentage of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 Article V are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a Bankruptcy Eventbankruptcy or insolvency proceeding with respect to any Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrowers on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Participation Interests Bank such participation in the outstanding LOC Letter of Credit Obligations as shall be necessary to cause each such Lender to share in such Letter of Credit Obligations ratably (based upon the respective Revolving Credit Commitment Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 11.2)), provided, that at or before 12:00 Noon the time any purchase of participation pursuant to this sentence is actually made, the purchasing Lender shall be required to pay to the Issuing Bank, to the extent not paid to the Issuing Bank by the Borrowers in accordance with the terms of Section 3.4 hereof, interest on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required herein, then the principal amount of participation purchased for each day from and including the day upon which such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by borrowing would otherwise have occurred to but excluding the date of payment for such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demandparticipation, at the rate equal to, if paid within two (2) Business Days of such datethe date of the Revolving Loan advance, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (MST Enterprises Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, requested a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, borrowing comprised entirely of Alternate Base LIBOR Market Index Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Revolving Lender’s respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Revolving Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Ruddick Corp)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, (i) a Swingline Loan borrowing to reimburse a drawing under a Letter of Credit, the Swingline Lender shall make the Swingline Loan Advance pursuant to the terms of the request or deemed request in accordance with the provisions for Swingline Loan advances hereunder, or (ii) a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Lenders which have a Revolving Lenders Commitment that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Revolving Lender’s 's respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at promptly upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) the failure for of any such request or deemed request for a Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, Borrowing or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon; provided, however, that in the event any such Mandatory Borrowing should be less than the minimum amount for borrowings of Revolving Loans otherwise provided in Section 2.1(b)(ii), the Borrower shall pay to the Administrative Agent for its own account an administrative fee of $500. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agentunreimbursed drawings under Letters of Credit; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Right Management Consultants Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a drawing under a Letter of CreditCredit (as set forth in clause (d) above), the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made from all Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s 's respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Dispatch Management Services Corp)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) advance comprised of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made to the Borrower by all Revolving Lenders (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each the respective Commitment Percentages of the Revolving Lender’s respective Revolving Commitment Percentage Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.29.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each such Revolving Lender hereby irrevocably agrees to make its pro rata share of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Lender such Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; provided, further, that in the event any Lender as shall fail be necessary to fund its Participation Interest as required herein, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by cause each such Revolving Lender to share in such LOC Obligations ratably (based upon the Administrative respective Commitment Percentages of the Revolving Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 9.2)), provided that at the time any purchase of Participation Interests pursuant to this sentence is actually made, the purchasing Revolving Lender shall be required to pay to the Agent for the account of the applicable Issuing Lender, to the extent not paid to the applicable Issuing Lender by the Borrower in accordance with the terms of subsection (d) above, interest on the principal amount of Participation Interests purchased for each day from and including the day upon demandwhich such borrowing would otherwise have occurred to but excluding the date of payment for such Participation Interests, at the rate equal to, if paid within two (2) Business Days of such datethe date of the Revolving Loan advance, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Amn Healthcare Services Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) advance comprised of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”or Eurodollar Loans to the extent the Borrower has complied with the procedures of Section 2.1(b)(i) with respect thereto) shall be immediately made to the Borrower by all Lenders (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.29) pro rata based on each Revolving Lender’s the respective Revolving Commitment Percentage Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.29) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make its pro rata share of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a Bankruptcy Eventbankruptcy or insolvency proceeding with respect to the Borrower or any guarantor), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Lender such Participation Interests in the outstanding LOC Obligations at or as shall be necessary to cause each such Lender to share in such LOC Obligations ratably (based upon the respective Commitment Percentages of the Lenders (determined before 12:00 Noon on giving effect to any termination of the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; providedCommitments pursuant to Section 9)), further, provided that in the event any such payment is not made on the day of drawing, such Lender shall fail pay in addition to fund its Participation Interest as required herein, then the Issuing Lender interest on the amount of such Revolving Lender’s its unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the a rate equal to, if paid within two (2) Business Days of such datethe date of drawing, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Heilig Meyers Co)

Repayment with Revolving Loans. On any day on which a Borrower the Borrowers shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a drawing under a Letter of CreditCredit (as set forth in clause (d) above), the Administrative Agent shall give notice to the Revolving applicable Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Prime Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made from all applicable Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s 's respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to a Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrowers on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Prime Rate.

Appears in 1 contract

Samples: Credit Agreement (Brandywine Realty Trust)

Repayment with Revolving Loans. On any day on which a the Borrower ------------------------------ shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving applicable Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be ------------------- immediately made from all applicable Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2) pro rata based on --- ---- each Revolving Lender’s 's respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may --------------- not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, -------- further, that in the event any Lender shall fail to fund its Participation ------- Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Gorges Quik to Fix Foods Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requestedrequested pursuant to Section 2.02(d), a Revolving Loan Borrowing to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving applicable Lenders that a Revolving Loan Borrowing has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) Borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made from all Revolving Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.28.02 or otherwise) pro rata based on each Revolving Lender’s respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory LOC Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 4.03 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, Borrowing or (vi) any reduction in the Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory LOC Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, provided further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory LOC Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (American Seafoods Group LLC)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) advance comprised of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”or Eurodollar Loans to the extent the Borrower has complied with the procedures of Section 2.01(b) (i) with respect thereto) shall be immediately made to the Borrower by all Lenders (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.29.02) pro rata based on each Revolving Lender’s the respective Revolving Commitment Percentage Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.29.02) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make its pro rata share of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.02 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence of a any Bankruptcy Event), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Participation Interests Lender such participation in the outstanding LOC Obligations as shall be necessary to cause each such Lender to share in such LOC Obligations ratably (based upon the respective Commitment Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 9.02)), provided that at or before 12:00 Noon the time any purchase of participation pursuant to this sentence is actually made, the purchasing Lender shall be required to pay to the Issuing Lender, to the extent not paid to the Issuer by the Borrower in accordance with the terms of subsection (d) hereof, interest on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required herein, then the principal amount of participation purchased for each day from and including the day upon which such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by borrowing would otherwise have occurred to but excluding the date of payment for such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demandparticipation, at the rate equal to, if paid within two (2) Business Days of such datethe date of the Revolving Loan advance, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Ralcorp Holdings Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving applicable Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made from all applicable Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s 's respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Delta Woodside Industries Inc /Sc/)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Revolving Lender’s respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at promptly upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Aggregate Revolving Committed Amount after any such Letter of Credit may have been drawn upon. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Borrower on or after such date and prior to such purchase) the Dollar Equivalent Amount (provided that, such Dollar Equivalent will be determined in consultation with as of the applicable Issuing Lendermost recent Revaluation Date) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Revolving Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Glenayre Technologies Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) advance comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made to the Borrower by all Lenders (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s the respective Revolving Commitment Percentage Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.29.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make its pro rata share of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrowers on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Participation Interests Lender such participation in the outstanding LOC Obligations as shall be necessary to cause each such Lender to share in such LOC Obligations ratably (based upon the respective Commitment Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 9.2)), provided that at or before 12:00 Noon the time any purchase of participation pursuant to this sentence is actually made, the purchasing Lender shall be required to pay to the Issuing Lender, to the extent not paid to the Issuer by the Borrowers in accordance with the terms of subsection (d) hereof, interest on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required herein, then the principal amount of participation purchased for each day from and including the day upon which such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by borrowing would otherwise have occurred to but excluding the date of payment for such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demandparticipation, at the rate equal to, if paid within two (2) Business Days of such datethe date of the Revolving Loan advance, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Hunt Manufacturing Co)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse reimburse -33- 37 a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving applicable Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made from all applicable Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s 's respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, provided further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Steel Heddle International Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Revolving Lender’s respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and in the case of both clauses (i) and (ii) the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Aggregate Revolving Committed Amount after any such Letter of Credit may have been drawn upon; provided, however, that in the event any such Mandatory Borrowing should be less than the minimum amount for borrowings of Revolving Loans otherwise provided in Section 2.1(b)(ii), the Borrower shall pay to the Administrative Agent for its own account an administrative fee of $500. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (West Corp)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a drawing under a Letter of CreditCredit (as set forth in clause (d) above), the Administrative Agent shall give notice to the Revolving applicable Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made from all applicable Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s 's respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Davel Communications Inc)

Repayment with Revolving Loans. On any day on which a Borrower the Borrowers shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Borrowers to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) advance comprised of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”or Eurodollar Loans to the extent the Borrower has complied with the procedures of SECTION 2.1(D)(I) with respect thereto) shall be immediately made to the Borrowers by all Lenders (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.2SECTION 11.2) pro rata PRO RATA based on each Revolving Lender’s the respective Revolving Credit Commitment Percentage Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.2SECTION 11.2) and the proceeds thereof shall be paid directly by the Agent to the Administrative Agent for the account of the applicable Issuing Lender Bank for application to the respective LOC Letter of Credit Obligations. Each Revolving such Lender hereby irrevocably agrees to make its Revolving Credit Commitment Percentage of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case notwithstanding preceding sentence NOTWITHSTANDING (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 ARTICLE V are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a Bankruptcy Eventbankruptcy or insolvency proceeding with respect to any Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrowers on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Participation Interests Bank such participation in the outstanding LOC Letter of Credit Obligations as shall be necessary to cause each such Lender to share in such Letter of Credit Obligations ratably (based upon the respective Revolving Credit Commitment Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to SECTION 11.2)), PROVIDED that at or before 12:00 Noon the time any purchase of participation pursuant to this sentence is actually made, the purchasing Lender shall be required to pay to the Issuing Bank, to the extent not paid to the Issuing Bank by the Borrowers in accordance with the terms of SECTION 3.4, interest on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required herein, then the principal amount of participation purchased for each day from and including the day upon which such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by borrowing would otherwise have occurred to but excluding the date of payment for such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demandparticipation, at the rate equal to, if paid within two (2) Business Days of such datethe date of the Revolving Loan advance, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Chiquita Brands International Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) advance comprised of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”or Eurodollar Loans to the extent the Borrower has complied with the procedures of Section 2.1(b)(i) with respect thereto) shall be immediately made to the Borrower by all Lenders (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s the respective Revolving Commitment Percentage Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.29.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make its pro rata share of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Lender such Participation Interests in the outstanding LOC Obligations as shall be necessary to cause each such Lender to share in such LOC Obligations ratably (based upon the respective Commitment Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 9.2)), provided that at or before 12:00 Noon the time any purchase of Participation Interests pursuant to this sentence is actually made, the purchasing Lender shall be required to pay to the Issuing Lender, to the extent not paid to the Issuing Lender by the Borrower in accordance with the terms of subsection (d) above, interest on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required herein, then the principal amount of Participation Interests purchased for each day from and including the day upon which such Revolving Lender’s unfunded borrowing would otherwise have occurred to but excluding the date of payment for such Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demandInterests, at the rate equal to, if paid within two (2) Business Days of such datethe date of the Revolving Loan advance, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Lincare Holdings Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders LOC Participants that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, comprised entirely of Alternate Base Rate Loans borrowing (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Revolving LenderLOC Participant’s respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and in the case of both clauses (i) and (ii) the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender LOC Participant hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower), then each such Revolving Lender LOC Participant hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender LOC Participant shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving LenderLOC Participant’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender LOC Participant to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Floating LIBOR Rate.

Appears in 1 contract

Samples: Credit Agreement (Sunair Electronics Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been be deemed to have requested, requested a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, borrowing comprised entirely of Alternate Base Prime Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.29) pro rata based on each Revolving Lender’s 's respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.29) and in the case of both clauses (i) and (ii) the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective its LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i3.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of any such daterequest, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Prime Rate.

Appears in 1 contract

Samples: Credit Agreement (Lacrosse Footwear Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been be deemed to have requested, requested a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, borrowing comprised entirely of Alternate Base Prime Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.210) pro rata based on each Revolving Lender’s 's respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.210) and in the case of both clauses (i) and (ii) the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i3.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon; provided, however, that in the event any such Mandatory Borrowing should be less than the minimum amount for borrowings of Revolving Loans otherwise provided in Section 3.1(b)(ii), the Borrower shall pay to the Agent for its own account an administrative fee of $500. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of any such daterequest, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Prime Rate.

Appears in 1 contract

Samples: Credit Agreement (C2 Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving applicable Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”"MANDATORY BORROWING") shall be immediately made from all applicable Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2 or otherwise) pro rata based on each Revolving Lender’s 's respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; providedPROVIDED, furtherFURTHER, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Medical Staffing Network Holdings Inc)

Repayment with Revolving Loans. On any day on which a the Canadian Borrower shall have requested, or been deemed to have requested, a Canadian Revolving Loan borrowing to reimburse a drawing under a Canadian Letter of CreditCredit (as set forth in clause (d) above), the Canadian Administrative Agent shall give notice to the Revolving Canadian Lenders that a Canadian Revolving Loan has been requested or deemed requested in connection with a drawing under a Canadian Letter of Credit, in which case a Canadian Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Canadian Prime Rate Loans (each such borrowing, a "Mandatory LOC Canadian Borrowing") shall be immediately made from all Canadian Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.210.2) pro rata based on each Canadian Lender's respective Canadian Revolving Lender’s respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Canadian Issuing Lender for application to the respective Canadian LOC Obligations. Each Revolving Canadian Lender hereby irrevocably agrees to make such Canadian Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Canadian Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Canadian Borrowing may not comply with the minimum amount for borrowings of Canadian Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 6.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Canadian Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Canadian Borrowing, or (vi) any reduction in the Canadian Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Canadian Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Canadian Borrower or any other Credit Party), then each such Revolving Canadian Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Canadian Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Canadian Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding Canadian LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Canadian Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Canadian Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Canadian Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective RateCDOR Rate determined as at such date, and thereafter at a rate equal to the Alternate Base Canadian Prime Rate.

Appears in 1 contract

Samples: Credit Agreement (Wesco International Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) advance comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made to the Borrower by all Lenders (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s the respective Revolving Commitment Percentage Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.29.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make its pro rata share of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.3 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrowers on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Participation Interests Lender such participation in the outstanding LOC Obligations as shall be necessary to cause each such Lender to share in such LOC Obligations ratably (based upon the respective Revolving Commitment Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 9.2)), provided that at or before 12:00 Noon the time any purchase of participation pursuant to this sentence is actually made, the purchasing Lender shall be required to pay to the Issuing Lender, to the extent not paid to the Issuing Lender by the Borrowers in accordance with the terms of subsection (d) hereof, interest on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders principal amount of participation purchased for each day from the Administrative Agent; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required herein, then the amount of day upon which such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender borrowing would otherwise have occurred to the Administrative Agent date of payment for the account of the applicable Issuing Lender upon demandsuch participation, at the rate equal to, if paid within two (2) Business Days of such datethe date of the Revolving Loan advance, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Genicom Corp)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Revolving Lender’s 's respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and in the case of both clauses (i) and (ii) the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Aggregate Revolving Committed Amount after any such Letter of Credit may have been drawn upon; provided, however, that in the event any such Mandatory Borrowing should be less than the minimum amount for borrowings of Revolving Loans otherwise provided in Section 2.1(b)(ii), the Borrower shall pay to the Administrative Agent for its own account an administrative fee of $500. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (West Corp)

Repayment with Revolving Loans. On any day on which a Borrower Deltic or Del- ------------------------------ Tin, as the case may be, shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving applicable Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be ------------------- immediately made from all applicable Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2(a)) pro rata based --- ---- on each Revolving Lender’s 's respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding --------------- (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i), hereunder or (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to Deltic or Del-Tin, as the case may be, or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollarsbut adjusted for any payments received from Deltic or Del-Tin, as the Dollar Equivalent (provided thatcase may be, on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such funding) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to -------- ------- fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Deltic Timber Corp)

Repayment with Revolving Loans. On any day on which a the Borrower shall ------------------------------ have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Administrative Agent shall promptly give notice to the Banks with Revolving Lenders Commitments that a Revolving Loan has been requested or deemed requested by the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) advance comprised of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”or Eurodollar Loans to the extent the Borrower has complied with the procedures of Section 2.2(a)(i) with respect thereto) shall be promptly made to the Borrower by all Banks with Revolving Commitments (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.29.1) pro rata based on each Revolving Lender’s their respective Revolving Commitment Percentage Commitments --- ---- (determined before giving effect to any termination of the Commitments pursuant to Section 7.29.1) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender Bank for application to the respective LOC Obligations. Each such Bank with a Revolving Lender Commitment hereby irrevocably agrees to make its pro rata share of each such Revolving Loans at Loan promptly upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum --------------- amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.3 are then satisfied, (iii) whether a an Event of Default or an Unmatured Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any Credit Party), then each such Bank with a Revolving Lender Commitment hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Participation Interests Bank such participation in the outstanding LOC Obligations at or as shall be necessary to cause each such Bank with a Revolving Commitment to share in such LOC Obligations ratably (based upon the respective Revolving Commitments (determined before 12:00 Noon on giving effect to any termination of the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; providedCommitments pursuant to Section 9.1)), further, provided that in the -------- event any Lender such payment is not made on the day of drawing, such Bank shall fail pay in addition to fund its Participation Interest as required herein, then the Issuing Bank interest on the amount of such Revolving Lender’s its unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the a rate equal to, if paid within two (2) Business Days of such datethe date of drawing, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Hughes Electronics Corp)

Repayment with Revolving Loans. On any day on which a Borrower the Borrowers shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a drawing under a Letter of CreditCredit (as set forth in clause (d) above), the Administrative Agent shall give notice to the Revolving applicable Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”"MANDATORY BORROWING") shall be immediately made from all applicable Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s 's respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of such Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to a Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date such Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrowers on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day such Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the a rate per annum equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate per annum equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Brandywine Realty Trust)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) advance comprised of such drawing, comprised entirely of Alternate Base Floating Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”or Eurodollar Loans to the extent the Borrower has complied with the procedures of Section 2.2.3 with respect thereto) shall be immediately made to the Borrower by all Lenders (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.28.1) pro rata based on each Revolving Lender’s the respective Revolving Commitment Percentage Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.28.1) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make its pro rata share of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Unmatured Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Participation Interests Lender such participation in the outstanding LOC Obligations at or as shall be necessary to cause each such Lender to share in such LOC Obligations ratably (based upon the respective Commitment Percentages of the Lenders (determined before 12:00 Noon on giving effect to any termination of the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; providedCommitments pursuant to Section 8.1)), further, provided that in the event any such payment is not made on the day of drawing (or such later date as specified in subsection 2.3.4), such Lender shall fail pay in addition to fund its Participation Interest as required herein, then the Issuing Lender interest on the amount of such Revolving Lender’s its unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the a rate equal to, if paid within two (2) Business Days of such datethe date of drawing, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Brown Group Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Lenders that have a Revolving Lenders Commitment that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Revolving Lender’s respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount (or integral amount in excess thereof) for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Fisher Communications Inc)

Repayment with Revolving Loans. On any day on which a any Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders Banks that a Revolving Loan has been requested or deemed requested by such Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) advance comprised of such drawing, comprised entirely of Alternate Base Rate Loans (each or Eurodollar Loans to the extent such borrowing, a “Mandatory LOC Borrowing”Borrower has complied with the procedures of Section 2.2 with respect thereto) shall be immediately made to such Borrower by all Banks (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s the respective Revolving Commitment Percentage Percentages of the Banks (determined before giving effect to any termination of the Commitments pursuant to Section 7.29.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender Bank for application to the respective LOC Obligations. Each Revolving Lender such Bank hereby irrevocably agrees to make its pro rata share of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to any Credit Party), then each such Revolving Lender Bank hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrowers on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Participation Interests Bank such participation in the outstanding LOC Obligations at or as shall be necessary to cause each such Bank to share in such LOC Obligations ratably (based upon the respective Commitment Percentages of the Banks (determined before 12:00 Noon on giving effect to any termination of the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; providedCommitments pursuant to Section 9.2)), further, provided that in the event any Lender such payment is not made on the date due, such Bank shall fail pay in addition to fund its Participation Interest as required herein, then the Issuing Bank interest on the amount of such Revolving Lender’s its unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the a rate equal to, if paid within two (2) Business Days of such datethe date due, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Owens & Minor Inc/Va/)

Repayment with Revolving Loans. On any day on which a the ------------------------------ Borrower shall have requested, or been deemed to have requestedrequested in accordance with the terms of Section 2.2(d), a Revolving Loan borrowing to reimburse a drawing under a Letter of CreditCredit (as set forth in clause (d) above), the Administrative Agent shall give notice to the Revolving applicable Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made from all applicable ------------------- Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Lender's respective --- ---- Revolving Lender’s respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not --------------- comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in -------- ------- the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Packaging Dynamics Corp)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.27) pro rata based on each Revolving Lender’s 's respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.27) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon; provided, however, that in the event any such Mandatory Borrowing should be less than the minimum amount for borrowings of Revolving Loans otherwise provided in Section 2.1(b)(ii), the Borrower shall pay to the Administrative Agent for its own account an administrative fee of $500. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agentunreimbursed drawings under Letters of Credit; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest from such day payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Official Information Co)

Repayment with Revolving Loans. On any day on which a Borrower the Borrowers shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a drawing under a Letter of CreditCredit (as set forth in clause (d) above), the Administrative Agent shall give notice to the Revolving applicable Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made from all applicable Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of such Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to a Borrower), then each such Revolving Loan Lender hereby agrees that it shall forthwith fundfund (as of the date such Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrowers on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Revolving Loan Lender shall fail to fund its Participation Interest as required hereinon the day such Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the a rate per annum equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate per annum equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Revolving Credit Agreement (Brandywine Operating Partnership, L.P.)

Repayment with Revolving Loans. On any day on which a Borrower the Borrowers shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan advance has been requested or deemed requested by the Borrowers to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made to the Borrower by all Lenders (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s the respective Revolving Commitment Percentage Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.29.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make its pro rata share of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction termination of the Commitments relating thereto immediately prior to or contemporaneously with such borrowing; provided, however, in the Revolving no event shall a Lender be required to make an advance in excess of such Lender's Committed Amount after any such Letter of Credit may have been drawn uponAmount. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to either of the Borrowers or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundshall, in Dollarsupon written notice of the unavailability of Revolving Loans and request for participation, purchase (as of the Dollar Equivalent (provided thatdate such borrowing would otherwise have occurred, but adjusted for any payments received from the Borrowers on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Participation Interests Lender such participation in the outstanding LOC Obligations as shall be necessary to cause each such Lender to share in such LOC Obligations ratably (based upon the respective Revolving Commitment Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 9.2)), provided that at or before 12:00 Noon on the Business Day next succeeding time any purchase of participation pursuant to this sentence is actually made, the Business Day notice is received purchasing Lender shall be required to pay to the Issuing Lender, to the extent not paid to the Issuing Lender by the Revolving Lenders from Borrowers in accordance with the Administrative Agent; providedterms of subsection (d) hereof, further, that in the event any Lender shall fail to fund its Participation Interest as required herein, then interest on the amount of such Revolving Lender’s its unfunded Participation Interest therein shall automatically bear interest payable by purchased for each day from and including the day upon which such Revolving Lender purchase should otherwise have occurred to but excluding the Administrative Agent date of payment for the account of the applicable Issuing Lender upon demandsuch participation, at the rate equal to, if paid within two (2) Business Days of such datethe date of the Revolving Loan advance, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Inex Corp)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a drawing under a Revolving Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has Loans have been requested or deemed requested in connection with a drawing under a Revolving Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made from all Revolving Loan Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.210.2 hereof) pro rata based on each Revolving Lender’s 's respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective Revolving LOC Obligations. Each such Revolving Loan Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 6 hereof are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)2.1 hereof, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon; provided that if a Mandatory Borrowing occurs during or causes an Event of Default a default rate of interest may be charged in accordance with Section 3.1(b) hereof. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Loan Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding Revolving LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Loan Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Ivex Packaging Corp /De/)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving applicable Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made from all applicable Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2 or otherwise) pro rata based on each Revolving Lender’s 's respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required herein, then on the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to day the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.Mandatory

Appears in 1 contract

Samples: Credit Agreement (Us Can Corp)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Borrower in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on and each Revolving Lender’s respective Lender shall make its Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Article 7) of such Revolving Loan as a Base Rate Loan (or Eurodollar Rate Loan, to the extent the Borrower has complied with the procedures of Section 7.22.2 with respect thereto) to the Administrative Agent in the manner and by such time and date as specified in Section 2.2 (notwithstanding any termination of the Revolving Commitments pursuant to Article 7) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender Bank for application to the respective applicable LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make its Revolving Commitment Percentage of each such Revolving Loans at Loan promptly upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) that the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for a Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to any Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Bank a Participation Interests Interest in the outstanding LOC Obligations at or as shall be necessary to cause such Revolving Lender to share in such LOC Obligations ratably (based upon its respective Revolving Commitment Percentages (determined before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by giving effect to any termination of the Revolving Lenders from the Administrative AgentCommitments pursuant to Article 7)); provided, further, provided that in the event any such purchase is not made on the day of such drawing, such Revolving Lender shall fail pay in addition to fund its Participation Interest as required herein, then the Issuing Bank interest on the amount of such Revolving Lender’s its unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the a rate equal to, if paid within two (2) Business Days of the date of such datedrawing, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit, Security and Guaranty Agreement (Ventas Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan borrowing to reimburse a drawing under a Letter of CreditCredit (as set forth in subsection (d) above), the Administrative Agent shall give notice to the Revolving applicable Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) borrowing comprised solely of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made from all applicable Lenders (without giving effect to any termination of the Commitments pursuant to Section 7.29.2 or otherwise) pro rata based on each Revolving Lender’s 's respective Revolving Loan Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each such Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for of any such request or deemed request for Revolving Loan Loans to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after or any such Letter termination of Credit may have been drawn uponthe Commitments. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests Interest in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Ryans Family Steakhouses Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Revolving Lender’s respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the ). The proceeds thereof of such LOC Mandatory Borrowing shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each LOC Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of LOC Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such LOC Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon. In the event that any LOC Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the LOC Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Revolving Lender shall fail to fund its Participation Interest as required hereinon the date the LOC Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Pantry Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Revolving Lender’s 's respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Aggregate Revolving Committed Amount after any such Letter of Credit may have been drawn upon; provided, however, that in the event any such Mandatory Borrowing should be less than the minimum amount for borrowings of Revolving Loans otherwise provided in Section 2.1(b)(ii), the Borrower shall pay to the Administrative Agent for its own account an administrative fee of $500. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Revolving Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s 's unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Medsource Technologies Inc)

Repayment with Revolving Loans. On any day on which a Borrower the Borrowers shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Borrowers to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) advance comprised of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”or Eurodollar Loans to the extent the Borrower has complied with the procedures of Section 2.1(d)(i) with respect thereto) shall be immediately made to the Borrowers by all Lenders (without giving effect to notwithstanding any termination of the Revolving Credit Commitments pursuant to Section 7.211.2) pro rata based on each Revolving Lender’s the respective Revolving Credit Commitment Percentage Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.211.2) and the proceeds thereof shall be paid directly by the Agent to the Administrative Agent for the account of the applicable Issuing Lender Bank for application to the respective LOC Letter of Credit Obligations. Each Revolving such Lender hereby irrevocably agrees to make its Revolving Credit Commitment Percentage of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 Article V are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Credit Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a Bankruptcy Eventbankruptcy or insolvency proceeding with respect to any Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrowers on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Participation Interests Bank such participation in the outstanding LOC Letter of Credit Obligations as shall be necessary to cause each such Lender to share in such Letter of Credit Obligations ratably (based upon the respective Revolving Credit Commitment Percentages of the Lenders (determined before giving effect to any termination of the Revolving Credit Commitments pursuant to Section 11.2)), provided that at or before 12:00 Noon the time any purchase of participation pursuant to this sentence is actually made, the purchasing Lender shall be required to pay to the Issuing Bank, to the extent not paid to the Issuing Bank by the Borrowers in accordance with the terms of Section 3.4, interest on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required herein, then the principal amount of participation purchased for each day from and including the day upon which such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by borrowing would otherwise have occurred to but excluding the date of payment for such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demandparticipation, at the rate equal to, if paid within two (2) Business Days of such datethe date of the Revolving Loan advance, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Fresh Foods Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall ------------------------------ have requested, or been deemed to have requested, first, a Swingline Loan advance, and then, to the extent a Swingline Loan advance is not available, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) advance comprised of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”or Eurodollar Loans to the extent the Borrower has complied with the procedures of Section 2.1(b)(i) with respect thereto) shall be immediately made to the Borrower by all Lenders (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s the respective Revolving --- ---- Commitment Percentage Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.29.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make its pro rata share of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not --------------- comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundshall, in Dollarsupon written notice of the unavailability of Revolving Loans and request for participation, purchase (as of the Dollar Equivalent (provided thatdate such borrowing would otherwise have occurred, but adjusted for any payments received from the Borrower on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Participation Interests Lender such participation in the outstanding LOC Obligations at or as shall be necessary to cause each such Lender to share in such LOC Obligations ratably (based upon the respective Commitment Percentages of the Lenders (determined before 12:00 Noon on giving effect to any termination of the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; providedCommitments pursuant to Section 9.2)), further, provided that in the event any such payment is not made -------- on the day of such purchase, such Lender shall fail pay in addition to fund its Participation Interest as required herein, then the Issuing Lender interest on the amount of such Revolving Lender’s its unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the a rate equal to, if paid within two (2) Business Days of such datethe date of drawing, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Pediatric Services of America Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse make a payment as a result of a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal advance shall be immediately made to the Dollar Equivalent Borrower by all Lenders (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be made (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.2SECTION 11.2) pro rata based on each Revolving Lender’s the respective Revolving Commitment Percentage Pro Rata Shares of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.2SECTION 11.2) and the proceeds thereof shall be paid directly by the Agent to the Administrative Agent for the account of the applicable Issuing Lender Bank for application to the respective LOC Letter of Credit Obligations. Each Revolving such Lender hereby irrevocably agrees to make its Pro Rata Share of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 ARTICLE V are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a Bankruptcy Eventbankruptcy or insolvency proceeding with respect to the Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Participation Interests Bank such participation in the outstanding LOC Letter of Credit Obligations as shall be necessary to cause each such Lender to share in such Letter of Credit Obligations ratably (based upon the respective Pro Rata Shares of the Lenders (determined before giving effect to any termination of the Commitments pursuant to SECTION 11.2)), PROVIDED that at or before 12:00 Noon the time any purchase of participation pursuant to this sentence is actually made, the purchasing Lender shall be required to pay to the Issuing Bank, to the extent not paid to the Issuing Bank by the Borrower in accordance with the terms of SECTION 3.4, interest on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required herein, then the principal amount of participation purchased for each day from and including the day upon which such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by borrowing would otherwise have occurred to but excluding the date of payment for such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demandparticipation, at the rate equal to, if paid within two (2) Business Days of such datethe date of the Revolving Loan advance, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Prime Rate.

Appears in 1 contract

Samples: Credit Agreement (Chiquita Brands International Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) advance comprised of such drawing, comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”or LIBOR Loans to the extent the Borrower has complied with the procedures of Section 2.1(b)(i) with respect thereto) shall be immediately (but in no case prior to notice as set forth in clause (d) above) made to the Borrower by all Lenders (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.29.2) pro rata based on each Revolving Lender’s the respective Revolving Commitment Percentage Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.29.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving such Lender hereby irrevocably agrees to make its pro rata share of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower or any other Credit Party), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Lender such Participation Interests in the outstanding LOC Obligations as shall be necessary to cause each such Lender to share in such LOC Obligations ratably (based upon the respective Revolving Commitment Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 9.2)), provided that at or before 12:00 Noon on the Business Day next succeeding time any purchase of Participation Interests pursuant to this sentence is actually made, the Business Day notice is received by the Revolving Lenders from the Administrative Agent; provided, further, that in the event any purchasing Lender shall fail be required to fund its Participation Interest as required herein, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender pay to the Administrative Agent for the account of the applicable Issuing Lender, to the extent not paid to the Issuing Lender by the Borrower in accordance with the terms of subsection (d) above, interest on the principal amount of Participation Interests purchased for each day from and including the day upon demandwhich such borrowing would otherwise have occurred to but excluding the date of payment for such Participation Interests, at the rate equal to, if paid within two (2) Business Days of such datethe date of the Revolving Loan advance, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Healthtronics Surgical Services Inc)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, (i) a Swingline Loan borrowing to reimburse a drawing under a Letter of Credit, the Swingline Lender shall make the Swingline Loan advance pursuant to the terms of the request or deemed request in accordance with the provisions for Swingline Loan advances hereunder or (ii) a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory LOC Borrowing") shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Revolving Lender’s 's respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for a Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon; provided, however, that in the event any such Mandatory Borrowing should be less than the minimum amount for borrowings of Revolving Loans otherwise provided in Section 2.1(b)(ii), the Borrower shall pay to the Administrative Agent for its own account an administrative fee of $500. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.of

Appears in 1 contract

Samples: Credit Agreement (Sleepmaster LLC)

Repayment with Revolving Loans. On any day on which a any Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested by such Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) advance comprised of such drawing, comprised entirely of Alternate Base Rate Loans or LMIR Loans (each or Eurodollar Loans to the extent such borrowing, a “Mandatory LOC Borrowing”Borrower has complied with the procedures of Section 2.1(d)(i) with respect thereto) shall be immediately made to such Borrower by all Lenders (without giving effect to notwithstanding any termination of the Commitments pursuant to Section 7.211.2) pro rata based on each Revolving Lender’s the respective Revolving Credit Commitment Percentage Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 7.211.2) and the proceeds thereof shall be paid directly by the Agent to the Administrative Agent for the account of the applicable Issuing Lender Bank for application to the respective LOC Letter of Credit Obligations. Each Revolving such Lender hereby irrevocably agrees to make its Revolving Credit Commitment Percentage of each such Revolving Loans at Loan immediately upon any such request or before 12:00 Noon deemed request in the amount, in the manner and on the Business Day next succeeding date specified in the day notice is received by the Revolving Lenders from the Administrative Agent, in each case preceding sentence notwithstanding (i) the amount of Mandatory LOC Borrowing such borrowing may not comply with the minimum amount for borrowings advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 Article V are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i)hereunder, (v) whether the date of such Mandatory LOC Borrowing, borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any reduction in termination of the Revolving Committed Amount after any Commitments relating thereto immediately prior to or contemporaneously with such Letter of Credit may have been drawn uponborrowing. In the event that any Mandatory LOC Borrowing Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a Bankruptcy Eventbankruptcy or insolvency case or proceeding with respect to any Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundpurchase (as of the date such borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrowers on or after such Dollar Equivalent will be determined in consultation with date and prior to such purchase) from the applicable Issuing Lender) of its Participation Interests Bank such participation in the outstanding LOC Letter of Credit Obligations as shall be necessary to cause each such Lender to share in such Letter of Credit Obligations ratably (based upon the respective Revolving Credit Commitment Percentages of the Lenders (determined before giving effect to any termination of the Commitments pursuant to Section 11.2)), provided that at or before 12:00 Noon the time any purchase of participation pursuant to this sentence is actually made, the purchasing Lender shall be required to pay to the Issuing Bank, to the extent not paid to the Issuing Bank by the applicable Borrower in accordance with the terms of Section 3.4, interest on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative Agent; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required herein, then the principal amount of participation purchased for each day from and including the day upon which such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by borrowing would otherwise have occurred to but excluding the date of payment for such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demandparticipation, at the rate equal to, if paid within two (2) Business Days of such datethe date of the Revolving Loan advance, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (World Air Holdings, Inc.)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowingborrowing shall be immediately made comprised entirely of Revolving Loans in the Currency of such drawing and bearing interest at the Alternate Base Rate, in the case of a drawing in Dollars, or at the LIBOR Rate plus the Applicable Percentage, in the case of a drawing in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, comprised entirely of Alternate Base Rate Loans Alternative Currency (each such borrowing, a “Mandatory LOC Borrowing”) shall be made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Revolving Lender’s respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the proceeds thereof shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory LOC Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agentsame such date (or, in each the case of Mandatory LOC Borrowings in Alternative Currency on the next Business Day) notwithstanding that (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 3.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode with respect to the Borrower), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory LOC Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory LOC Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (American Capital Strategies LTD)

Repayment with Revolving Loans. On any day on which a the Borrower shall have requested, or been deemed to have requested, a Revolving Loan to reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Revolving Lenders that a Revolving Loan has been requested or deemed requested in connection with a drawing under a Letter of Credit, in which case a Revolving Loan borrowing, in Dollars, in an amount equal to the Dollar Equivalent (provided that, such Dollar Equivalent will be determined in consultation with the applicable Issuing Lender) of such drawing, borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made (without giving effect to any termination of the Commitments pursuant to Section 7.2) pro rata based on each Revolving Lender’s respective Revolving Commitment Percentage (determined before giving effect to any termination of the Commitments pursuant to Section 7.2) and the ). The proceeds thereof of such Mandatory LOC Borrowing shall be paid directly to the Administrative Agent for the account of the applicable Issuing Lender for application to the respective LOC Obligations. Each Revolving Lender hereby irrevocably agrees to make such Revolving Loans at immediately upon any such request or before 12:00 Noon deemed request on account of each Mandatory LOC Borrowing in the amount and in the manner specified in the preceding sentence and on the Business Day next succeeding the day notice is received by the Revolving Lenders from the Administrative Agent, in each case same such date notwithstanding (i) the amount of Mandatory LOC Borrowing may not comply with the minimum amount (or integral amount in excess thereof) for borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Section 4.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required in Section 2.1(b)(i2.1(b), (v) the date of such Mandatory LOC Borrowing, or (vi) any reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon; provided, however, that in the event any such Mandatory LOC Borrowing should be less than the minimum amount for borrowings of Revolving Loans otherwise provided in Section 2.1(b)(ii), the Borrower shall pay to the Administrative Agent for its own account an administrative fee of $500. In the event that any Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the occurrence commencement of a proceeding under the Bankruptcy EventCode), then each such Revolving Lender hereby agrees that it shall forthwith fundfund (as of the date the Mandatory LOC Borrowing would otherwise have occurred, in Dollars, but adjusted for any payments received from the Dollar Equivalent (provided that, Borrower on or after such Dollar Equivalent will be determined in consultation with the applicable Issuing Lenderdate and prior to such purchase) of its Participation Interests in the outstanding LOC Obligations at or before 12:00 Noon on the Business Day next succeeding the Business Day notice is received by the Revolving Lenders from the Administrative AgentObligations; provided, further, that in the event any Revolving Lender shall fail to fund its Participation Interest as required hereinon the day the Mandatory LOC Borrowing would otherwise have occurred, then the amount of such Revolving Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Revolving Lender to the Administrative Agent for the account of the applicable Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to the Alternate Base Rate.

Appears in 1 contract

Samples: Credit Agreement (Red Robin Gourmet Burgers Inc)