Repayment with Revolving Loans. On any day on which CBI shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of a drawing under a Letter of Credit, the Agent shall give notice to the 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 advance shall be immediately made to CBI by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.2) pro rata based on the respective Pro Rata Shares of such Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank for application to the respective Letter of Credit Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding with respect to CBI), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI on or after such date and prior to such purchase) from the Issuing Bank such participation in the outstanding Letter of Credit Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit Obligations ratably (based upon the respective Pro Rata Shares of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to
Appears in 1 contract
Samples: Credit Agreement (Chiquita Brands International Inc)
Repayment with Revolving Loans. On any day on which CBI the Company shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Agent shall give notice to the 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 advance borrowing comprised entirely of Base Rate Loans (each such borrowing, a “Mandatory LOC Borrowing”) shall be immediately made (without giving effect to CBI by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.27.2) pro rata based on the each Lender’s respective Pro Rata Shares of such Existing Lenders Revolving Commitment Percentage (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.27.2) and the proceeds thereof shall be paid directly by to the Agent to for the account of the applicable Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share of each such Revolving Loan immediately upon any Loans on the day such request notice is received by the Lenders from the Agent if such notice is received at or deemed request in before 2:00 P.M. (Charlotte, North Carolina time), otherwise such payment shall be made at or before 12:00 Noon (Charlotte, North Carolina time) on the amountBusiness Day next succeeding the day such notice is received, in the manner and on the date specified in the preceding sentence each case notwithstanding (i) the amount of such borrowing Mandatory LOC Borrowing may not comply with the minimum amount for advances borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V 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 hereunderin Section 2.1(b), (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder Mandatory LOC Borrowing, or (vi) any termination reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon; provided, however, that in the Existing Commitments relating thereto immediately prior event any such Mandatory LOC Borrowing should be less than the minimum amount for borrowings of Loans otherwise provided in Section 2.1(b), the Company shall pay to or contemporaneously with such borrowingthe Agent for its own account an administrative fee of $500. In the event that any Revolving Loan Mandatory LOC Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement occurrence of a bankruptcy or insolvency proceeding with respect to CBIBankruptcy Event), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI on or after such date and prior to such purchase) from the Issuing Bank such participation fund its Participation Interests in the outstanding Letter of Credit LOC Obligations as on the Business Day such notice to fund is received by such Lender from the Agent if such notice is received at or before 2:00 P.M. (Charlotte, North Carolina time), otherwise such payment shall be necessary made at or before 12:00 Noon (Charlotte, North Carolina time) on the Business Day next succeeding the Business Day such notice is received; provided, further, that in the event any Lender shall fail to cause each fund its Participation Interest as required herein, then the amount of such Existing Lender’s unfunded Participation Interest therein shall automatically bear interest payable by such Lender to share in such Letter of Credit Obligations ratably (based upon the respective Pro Rata Shares Agent for the account of the Existing Lenders applicable Issuing Lender upon demand, at the rate equal to, if paid within two (determined before giving effect 2) Business Days of such date, the Federal Funds Effective Rate, and thereafter at a rate equal to any termination of the Existing Commitments pursuant toBase Rate.
Appears in 1 contract
Samples: Credit Agreement (Universal Health Realty Income Trust)
Repayment with Revolving Loans. On any day on which CBI the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of a drawing under a Letter of Credit, the Agent shall give notice to the Existing Lenders that a Revolving Loan has been requested or deemed requested by CBI the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance shall be immediately made to CBI the Borrower by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section SECTION 11.2) pro rata based on the respective Pro Rata Shares of such Existing the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section SECTION 11.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank for application to the respective Letter of Credit Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding with respect to CBIthe Borrower), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank such participation in the outstanding Letter of Credit Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit Obligations ratably (based upon the respective Pro Rata Shares of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to SECTION 11.2)), PROVIDED that at 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 principal amount of participation purchased for each day from and including the day upon which such borrowing would 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 the date of the Revolving Loan advance, the Federal Funds Rate, and thereafter at a rate equal to the Prime Rate.
Appears in 1 contract
Samples: Credit Agreement (Chiquita Brands International Inc)
Repayment with Revolving Loans. On any day on which CBI the Borrower shall ------------------------------ have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Existing Lenders that a Revolving Loan has been requested or deemed requested by CBI the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans (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 CBI the Borrower by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.29.2) pro rata based on the respective Pro Rata Shares Commitment Percentages --- ---- of such Existing the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.29.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share pro rata share of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with --------------- the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower or any Credit Party), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank Lender such participation in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit LOC Obligations ratably (based upon the respective Pro Rata Shares Commitment Percentages of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 9.2)), provided that in the event such -------- payment is not made on the day of drawing, such Lender shall pay in addition to the Issuing Lender interest on the amount of its unfunded Participation Interest at a rate equal to, if paid within two (2) Business Days of the date of drawing, the Federal Funds Rate, and thereafter at the Base Rate.
Appears in 1 contract
Samples: Credit Agreement (Just for Feet Inc)
Repayment with Revolving Loans. On any day on which CBI the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Existing Revolving Lenders that a Revolving Loan has been requested or deemed requested by CBI the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans (or Eurodollar Loans to the extent the Borrower has complied with the procedures of Section 2.2(a)(i) with respect thereto) shall be immediately promptly made to CBI the Borrower by all such Existing Revolving Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.29.2) pro rata based on the respective Pro Rata Shares Revolving Commitment Percentages of such Existing the Revolving Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.29.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Revolving Lender hereby irrevocably agrees to make its Pro Rata Share Revolving Commitment Percentage of each such Revolving Loan immediately promptly upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIany Credit Party), then each such Existing Revolving Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank Lender such participation in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Revolving Lender to share in such Letter of Credit LOC Obligations ratably (based upon the respective Pro Rata Shares Revolving Commitment Percentages of the Existing Revolving Lenders (determined before giving effect to any termination of the Existing 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 interest on the amount of its unfunded Participation Interest at a rate equal to, if paid within two Business Days of the date of drawing, the Federal Funds Rate, and thereafter at the Base Rate.
Appears in 1 contract
Repayment with Revolving Loans. On any day on which CBI 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 make a payment as a result of reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Existing Lenders that a Revolving Loan has been requested or deemed requested by CBI the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans (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 CBI the Borrower by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.29.2) pro rata based on the respective Pro Rata Shares --- ---- Commitment Percentages of such Existing the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.29.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share pro rata share of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not --------------- comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower or any Credit Party), then each such Existing Lender hereby agrees that it shall forthwith shall, upon written notice of the unavailability of Revolving Loans and request for participation, purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank Lender such participation in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit LOC Obligations ratably (based upon the respective Pro Rata Shares Commitment Percentages of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 9.2)), provided that in the event such payment is not made -------- on the day of such purchase, such Lender shall pay in addition to the Issuing Lender interest on the amount of its unfunded Participation Interest at a rate equal to, if paid within two (2) Business Days of the date of drawing, the Federal Funds Rate, and thereafter at the Base Rate.
Appears in 1 contract
Samples: Credit Agreement (Pediatric Services of America Inc)
Repayment with Revolving Loans. On any day on which CBI the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Agent shall give notice to the Existing affected Lenders that a Revolving Loan has been requested or deemed requested by CBI the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans (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 CBI the Borrower by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.28.2) pro rata based on the respective Pro Rata Shares Revolving Commitment Percentages of such Existing the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.28.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit related LOC Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share Revolving Commitment Percentage of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 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 a Revolving Loan to be made by the time otherwise required hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, including as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower or any other Credit Party), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank Lender such participation Participation Interests in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit LOC Obligations ratably (based upon the respective Pro Rata Shares Revolving Commitment Percentages of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 8.2), PROVIDED that at 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 principal amount of Participation Interests purchased for each day from and including the day upon which 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 the date on which the Revolving Loan advance was required, the Federal Funds Rate, and, if paid thereafter, the Base Rate.
Appears in 1 contract
Repayment with Revolving Loans. On any day on which CBI Xxxx shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Domestic Letter of Credit, the Agent shall give notice to the Existing Lenders that a Revolving Loan has been requested or deemed requested by CBI Xxxx to be made in connection with a drawing under a Domestic Letter of Credit, in which case a Revolving Loan advance comprised solely of Base Rate Loans shall be immediately made to CBI Xxxx by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.29.2) pro rata based on the respective Pro Rata Shares Commitment Percentages of such Existing the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.29.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit Domestic LOC Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share pro rata share of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunderunder the Credit Agreement, (ii) whether any conditions specified in Article V Section 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 hereunderunder the Credit Agreement, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder under the Credit Agreement or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIXxxx or any other Credit Party), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI Xxxx on or after such date and prior to such purchase) from the Issuing Bank Lender in Dollars such participation in the outstanding Letter of Credit Domestic LOC Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit Domestic LOC Obligations ratably (based upon the respective Pro Rata Shares Commitment Percentages of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 9.2)), provided that at 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 principal amount of participation purchased for each day from and including the day upon which such borrowing would 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 the date of the Revolving Loan advance, the Federal Funds Rate, and thereafter at a rate equal to the Base Rate.
Appears in 1 contract
Samples: Credit Agreement (Hunt Corp)
Repayment with Revolving Loans. On any day on which CBI the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Agent shall give notice to the Existing Lenders that a Revolving Loan has been requested or deemed requested by CBI the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised solely of Base Rate Loans shall be immediately made to CBI the Borrower by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.29.2) pro rata based on the respective Pro Rata Shares Commitment Percentages of such Existing the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.29.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share pro rata share of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower or any other Credit Party), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrowers on or after such date and prior to such purchase) from the Issuing Bank Lender such participation in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit LOC Obligations ratably (based upon the respective Pro Rata Shares Commitment Percentages of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 9.2)), provided that at 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 principal amount of participation purchased for each day from and including the day upon which such borrowing would 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 the date of the Revolving Loan advance, the Federal Funds Rate, and thereafter at a rate equal to the Base Rate.
Appears in 1 contract
Repayment with Revolving Loans. On any day on which CBI any Borrower ------------------------------ shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Existing Lenders that a Revolving Loan has been requested or deemed requested by CBI such Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans (or Eurodollar Loans to the extent such Borrower has complied with the procedures of Section 2.1(b)(i) with respect thereto) shall be immediately made to CBI such Borrower by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.29.2) pro rata based on the respective Pro Rata Shares Commitment Percentages of such Existing the Lenders --- ---- (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.29.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share pro rata share of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply --------------- with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIany one of the Borrowers or any Credit Party), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrowers on or after such date and prior to such purchase) from the Issuing Bank Lender such participation Participation Interests in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit LOC Obligations ratably (based upon the respective Pro Rata Shares Commitment Percentages of the Existing Lenders (determined before giving effect to any termination of the Existing 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 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) above, interest on the principal amount of Participation Interests purchased for each day from and including the day upon which 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 the date of the Revolving Loan advance, the Federal Funds Rate, and thereafter at a rate equal to the Base Rate.
Appears in 1 contract
Samples: Credit Agreement (Highwoods Realty LTD Partnership)
Repayment with Revolving Loans. On any day on which CBI the Borrowers shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Agent shall give notice to the Existing Revolving Lenders that a Revolving Loan advance has been requested or deemed requested by CBI the Borrowers to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised solely of Base Rate Loans shall be immediately made to CBI the Borrower by all such Existing Revolving Lenders (notwithstanding any termination of the Existing Revolving Commitments pursuant to Section 11.29.2) pro rata based on the respective Pro Rata Shares Revolving Commitment Percentages of such Existing the Revolving Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.29.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Revolving Lender hereby irrevocably agrees to make its Pro Rata Share pro rata share of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing 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. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIeither of the Borrowers or any other Credit Party), then each such Existing Revolving Lender hereby agrees that it shall forthwith shall, upon written notice of the unavailability of Revolving Loans and request for participation, purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrowers on or after such date and prior to such purchase) from the Issuing Bank Lender such participation in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Revolving Lender to share in such Letter of Credit LOC Obligations ratably (based upon the respective Pro Rata Shares Revolving Commitment Percentages of the Existing Revolving Lenders (determined before giving effect to any termination of the Existing 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 which 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 the date of the Revolving Loan advance, the Federal Funds Rate, and thereafter at a rate equal to the Base Rate.
Appears in 1 contract
Repayment with Revolving Loans. On any day on which CBI the ------------------------------ Borrower shall have requested, or been deemed to have requestedrequested in accordance with the terms of Section 2.2(d), a Revolving Loan advance borrowing to make a payment as a result of reimburse a drawing under a Letter of CreditCredit (as set forth in clause (d) above), the Agent shall give notice to the Existing applicable 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 advance borrowing comprised solely of Base Rate Loans (each such borrowing, a "Mandatory Borrowing") shall be immediately made to CBI by from all such Existing applicable ------------------- Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.2) pro rata based on the respective Pro Rata Shares of such Existing Lenders (determined before without giving effect to any termination of the Existing Commitments pursuant to Section 11.29.2) pro rata based on each Lender's respective --- ---- Revolving Loan Commitment Percentage and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share of each such Revolving Loan Loans immediately upon any such request or deemed request on account of each such Mandatory Borrowing in the amount, amount and in the manner and on the date specified in the preceding sentence and on the same such date notwithstanding (i) the amount of such borrowing Mandatory Borrowing may not --------------- comply with the minimum amount for advances borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder Mandatory Borrowing, or (vi) any reduction in the Revolving Committed Amount or any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowingCommitments. In the event that any Revolving Loan Mandatory Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower or any other Credit Party), then each such Existing Lender hereby agrees that it shall forthwith purchase fund (as of the date such borrowing the Mandatory Borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank such participation its Participation Interest in the outstanding Letter LOC Obligations; provided, further, that in -------- ------- the event any Lender shall fail to fund its Participation Interest on the day the Mandatory Borrowing would otherwise have occurred, then the amount of Credit Obligations as such Lender's unfunded Participation Interest therein shall be necessary bear interest payable to cause each the Issuing Lender upon demand, at the rate equal to, if paid within two Business Days of such Existing Lender date, the Federal Funds Rate, and thereafter at a rate equal to share in such Letter of Credit Obligations ratably (based upon the respective Pro Rata Shares of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant toBase Rate.
Appears in 1 contract
Repayment with Revolving Loans. On any day on which CBI the Borrower ------------------------------ shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Existing Lenders that a Revolving Loan has been requested or deemed requested by CBI the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans (or Eurodollar Loans to the extent the Borrower has complied with the procedures of Section 2.2(a)(i) with respect thereto) shall be immediately made to CBI the Borrower by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.29.2) pro rata based on the respective Pro Rata Shares Revolving Commitment Percentages of such Existing -------- the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.29.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share pro rata share of each such Revolving Loan advance immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such --------------- borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan advance cannot for any reason be so made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower or any Credit Party), then each such Existing Lender hereby agrees that it shall forthwith fund its purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank 36 Lender such participation Participation Interest in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit LOC Obligations ratably (based upon the respective Pro Rata Shares Commitment Percentages of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 9.2)), provided that in the event such -------- payment is not made when required by subsection (c), such Lender shall pay in addition to the Issuing Lender interest on the amount of its unfunded Participation Interest at a rate equal to, if paid within two (2) Business Days of the date of drawing, the Federal Funds Rate, and thereafter at the Base Rate.
Appears in 1 contract
Samples: Credit Agreement (Friedmans Inc)
Repayment with Revolving Loans. On any day on which CBI the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Existing Lenders that a Revolving Loan has been requested or deemed requested by CBI the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans (or Eurodollar Loans to the extent the Borrower has complied with the procedures of Section 2.2(a)(i) with respect thereto) shall be immediately promptly made to CBI the Borrower by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.29.2) pro rata based on the respective Pro Rata Shares Revolving Commitment Percentages of such Existing the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.29.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share Revolving Commitment Percentage of each such Revolving Loan immediately promptly upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 5.2 are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) 33 failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower or any Credit Party), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank Lender such participation in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit LOC Obligations ratably (based upon the respective Pro Rata Shares Commitment Percentages of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 9.2)), provided that in the event such payment is not made on the day of drawing, such Lender shall pay in addition to the Issuing Lender interest on the amount of its unfunded Participation Interest at a rate equal to, if paid within two Business Days of the date of drawing, the Federal Funds Rate, and thereafter at the Base Rate.
Appears in 1 contract
Samples: Credit Agreement (Rockford Corp)
Repayment with Revolving Loans. On any day on which CBI the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Existing Lenders that a Revolving Loan has been requested or deemed requested by CBI the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans (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 CBI the Borrower by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.2) pro rata based on the respective Pro Rata Shares Revolving Credit Commitment Percentages of such Existing the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.2) and the proceeds thereof shall be paid directly by the Administrative Agent to the Issuing Bank for application to the respective Letter of Credit Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share Revolving Credit Commitment Percentage of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding with respect to CBIany Borrower), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank such participation in the outstanding Letter of Credit Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit Obligations ratably (based upon the respective Pro Rata Shares Revolving Credit Commitment Percentages of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.2)), provided that at 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 principal amount of participation purchased for each day from and including the day upon which such borrowing would 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 the date of the Revolving Loan advance, the Federal Funds Rate, and thereafter at a rate equal to the Base Rate.
Appears in 1 contract
Samples: Credit Agreement (Industrial Distribution Group Inc)
Repayment with Revolving Loans. On any day on which CBI the Borrowers shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a standby Letter of Credit, the Agent shall give notice to the Existing Lenders that a Revolving Loan has been requested or deemed requested by CBI the Borrowers to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans (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 CBI the Borrowers by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.2) pro rata based on the respective Pro Rata Proportionate Shares of such Existing the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank for application to the respective Letter of Credit Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Proportionate Share of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V 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 Revolving Loan to be made by the time otherwise required hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding with respect to CBIany Borrower), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrowers on or after such date and prior to such purchase) from the Issuing Bank such participation in the outstanding Letter of Credit Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit Obligations ratably (based upon the respective Pro Rata Proportionate Shares of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.2)), provided, that at 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 principal amount of participation purchased for each day from and including the day upon which such borrowing would 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 the date of the Revolving Loan advance, the Federal Funds Rate, and thereafter at a rate equal to the Base Rate.
Appears in 1 contract
Repayment with Revolving Loans. On any day on which CBI the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Agent shall give notice to the Existing Lenders that a Revolving Loan has been requested or deemed requested by CBI the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans (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 CBI the Borrower by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.29.2) pro rata based on the respective Pro Rata Shares Commitment Percentages of such Existing the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.29.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share pro rata share of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower or any Credit Party), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank Lender such participation Participation Interests in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit LOC Obligations ratably (based upon the respective Pro Rata Shares Commitment Percentages of the Existing Lenders (determined before giving effect to any termination of the Existing 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 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 principal amount of Participation Interests purchased for each day from and including the day upon which 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 the date of the Revolving Loan advance, the Federal Funds Rate, and thereafter at a rate equal to the Base Rate.
Appears in 1 contract
Repayment with Revolving Loans. On any day on which CBI the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Agent shall give notice to the Existing Lenders that a Revolving Loan has been requested or deemed requested by CBI the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans (or Eurodollar Loans to the extent the Borrower has complied with the procedures of Section 3.2(a)(i) with respect thereto) shall be immediately made to CBI the Borrower by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.29.2) pro rata PRO RATA based on the respective Pro Rata Shares Revolving Commitment Percentages of such Existing the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.29.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share pro rata share of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding NOTWITHSTANDING (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower or any Credit Party), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank Lender such participation Participation Interests in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit LOC Obligations ratably (based upon the respective Pro Rata Shares Revolving Commitment Percentages of the Existing Lenders (determined before giving effect to any termination of the Existing 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 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 principal amount of Participation Interests purchased for each day from and including the day upon which 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 the date of the Revolving Loan advance, the Federal Funds Rate, and thereafter at a rate equal to the Base Rate.
Appears in 1 contract
Samples: Credit Agreement (Tripoint Global Communications Inc)
Repayment with Revolving Loans. On any day on which CBI the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Existing Revolving Lenders that a Revolving Loan has been requested or deemed requested by CBI the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans (or Eurocurrency Loans to the extent the Borrower has complied with the procedures of Section 2.2(a)(i) with respect thereto) shall be immediately made to CBI the Borrower by all such Existing Revolving Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.29.2) pro rata based on the respective Pro Rata Shares Revolving Commitment Percentages of such Existing the Revolving Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.29.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Revolving Lender hereby irrevocably agrees to make its Pro Rata Share pro rata share of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower or any Credit Party), then each such Existing Revolving Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank Lender such participation in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Revolving Lender to share in such Letter of Credit LOC Obligations ratably (based upon the respective Pro Rata Shares Commitment Percentages of the Existing Revolving Lenders (determined before giving effect to any termination of the Existing 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 interest on the amount of its unfunded Participation Interest at a rate equal to, if paid within two (2) Business Days of the date of drawing, the Federal Funds Rate, and thereafter at the Base Rate.
Appears in 1 contract
Repayment with Revolving Loans. On any day on which CBI the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Agent shall give notice to the Existing affected Lenders that a Revolving Loan has been requested or deemed requested by CBI the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans (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 CBI the Borrower by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.28.2) pro rata based on the respective Pro Rata Shares Revolving Commitment Percentages of such Existing the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.28.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit related LOC Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share Revolving Commitment Percentage of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 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 a Revolving Loan to be made by the time otherwise required hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, including as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower or any other Credit Party), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank Lender such participation Participation Interests in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit LOC Obligations ratably (based upon the respective Pro Rata Shares Revolving Commitment Percentages of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 8.2), PROVIDED that at 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 principal amount of Participation Interests purchased for each day from and including the day upon which 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 the date on which the Revolving Loan advance was required, the Federal Funds Rate, and, if paid thereafter, the Base Rate.
Appears in 1 contract
Repayment with Revolving Loans. On any day on which CBI the Borrower shall have requested, or been deemed to have requested, (i) a Revolving Swingline Loan advance borrowing to make a payment as a result of 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 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 advance borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a “LOC Mandatory Borrowing”) shall be immediately made (without giving effect to CBI by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.27.2) pro rata based on the each Lender’s respective Pro Rata Shares of such Existing Lenders Commitment Percentage (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.27.2) and in the case of both clauses (i) and (ii) the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share of each such Revolving Loan Loans immediately upon any such request or deemed request on account of each LOC Mandatory Borrowing in the amount, amount and in the manner and on the date specified in the preceding sentence and on the same such date notwithstanding (i) the amount of such borrowing LOC Mandatory Borrowing may not comply with the minimum amount for advances borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V 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 hereunderin Section 2.1(b), (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder LOC Mandatory Borrowing, or (vi) any termination reduction in the Revolving Committed Amount after any such Letter of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowingCredit may have been drawn upon. In the event that any Revolving Loan LOC Mandatory Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower), then each such Existing Lender hereby agrees that it shall forthwith purchase fund (as of the date such borrowing the LOC Mandatory Borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank such participation its Participation Interests in the outstanding Letter LOC Obligations; provided, further, that in the event any Lender shall fail to fund its Participation Interest on the day the LOC Mandatory Borrowing would otherwise have occurred, then the amount of Credit Obligations as such Lender’s unfunded Participation Interest therein shall be necessary bear interest payable to cause each the Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such Existing Lender date, the Federal Funds Effective Rate, and thereafter at a rate equal to share in such Letter of Credit Obligations ratably (based upon the respective Pro Rata Shares of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant toAlternate Base Rate.
Appears in 1 contract
Repayment with Revolving Loans. On any day on which CBI the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Existing Lenders Banks that a Revolving Loan has been requested or deemed requested by CBI the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans shall be immediately made to CBI the Borrower by all such Existing Lenders Banks (notwithstanding any termination of the Existing Commitments pursuant to Section 11.28.02) pro rata based on the respective Pro Rata Shares Percentages of such Existing Lenders the Banks (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.28.02) and the proceeds thereof shall be paid made directly by the Agent to the Issuing Bank for application to the respective Letter of Credit LOC Obligations. Each such Existing Lender Bank hereby irrevocably agrees to make its Pro Rata Share of pro rata share for each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 3.02 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower), then each such Existing Lender Bank hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank such participation in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Lender Bank to share in such Letter of Credit LOC Obligations ratably (based upon the respective Pro Rata Shares Percentages of the Existing Lenders Banks (determined before giving effect to any termination of the Existing Commitments pursuant toto Section 8.02), provided that in the event such payment is not made on the day of drawing, such Bank shall pay in addition to the Issuing Bank interest on the amount of its
Appears in 1 contract
Samples: Credit Agreement (Florida East Coast Industries Inc)
Repayment with Revolving Loans. On any day on which CBI the Borrower shall ------------------------------ have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Existing Lenders that a Revolving Loan has been requested or deemed requested by CBI the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans (or Eurodollar Loans to the extent the Borrower has complied with the procedures of Section 2.2(a)(i) with respect thereto) shall be immediately promptly made to CBI the Borrower by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.29.2) pro rata based on the respective Pro Rata Shares Revolving Commitment Percentages of such Existing the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.29.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share Revolving Commitment Percentage of each such Revolving Loan immediately promptly upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower or any Credit Party), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank Lender such participation in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit LOC Obligations ratably (based upon the respective Pro Rata Shares Commitment Percentages of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 9.2)), provided that in the event such payment is not made on the day of drawing, such Lender shall pay in addition to the Issuing Lender interest on the amount of its unfunded Participation Interest at a rate equal to, if paid within two Business Days of the date of drawing, the Federal Funds Rate, and thereafter at the Base Rate.
Appears in 1 contract
Samples: Credit Agreement (Ameripath Inc)
Repayment with Revolving Loans. On any day on which CBI the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Agent shall give notice to the Existing Lenders that a Revolving Loan has been requested or deemed requested by CBI the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised solely of Base Rate Loans shall be immediately made to CBI the Borrower by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.29.2) pro rata based on the respective Pro Rata Shares Revolving Commitment Percentages of such Existing the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.29.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share pro rata share of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower or any other Credit Party), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrowers on or after such date and prior to such purchase) from the Issuing Bank Lender such participation in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit LOC Obligations ratably (based upon the respective Pro Rata Shares Revolving Commitment Percentages of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 9.2)), provided that at 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 principal amount of participation purchased for each day from the day upon which such borrowing would otherwise have occurred to the date of payment for such participation, at the rate equal to, if paid within two (2) Business Days of the date of the Revolving Loan advance, the Federal Funds Rate, and thereafter at a rate equal to the Base Rate.
Appears in 1 contract
Samples: Credit Agreement (Genicom Corp)
Repayment with Revolving Loans. On any day on which CBI the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the 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 advance borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a "MANDATORY BORROWING") shall be immediately made (without giving effect to CBI by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.27.2) pro rata PRO RATA based on the each Lender's respective Pro Rata Shares of such Existing Lenders Revolving Commitment Percentage (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.27.2) and in the case of both clauses (i) and (ii) the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share of each such Revolving Loan Loans immediately upon any such request or deemed request on account of each Mandatory Borrowing in the amount, amount and in the manner and on the date specified in the preceding sentence notwithstanding and on the same such date NOTWITHSTANDING (i) the amount of such borrowing Mandatory Borrowing may not comply with the minimum amount for advances borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V 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 hereunderin Section 2.1(b), (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder Mandatory Borrowing, or (vi) any termination reduction in the Revolving Committed Amount after any such Letter of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowingCredit may have been drawn upon. In the event that any Revolving Loan Mandatory Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower), then each such Existing Lender hereby agrees that it shall forthwith purchase fund (as of the date such borrowing the Mandatory Borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank such participation its Participation Interests in the outstanding Letter LOC Obligations; PROVIDED, FURTHER, that in the event any Lender shall fail to fund its Participation Interest on the day the Mandatory Borrowing would otherwise have occurred, then the amount of Credit Obligations as such Lender's unfunded Participation Interest therein shall be necessary bear interest payable to cause each the Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such Existing Lender date, the Federal Funds Effective Rate, and thereafter at a rate equal to share in such Letter of Credit Obligations ratably (based upon the respective Pro Rata Shares of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant toAlternate Base Rate.
Appears in 1 contract
Repayment with Revolving Loans. On any day on which CBI the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Existing Revolving Lenders that a Revolving Loan has been requested or deemed requested by CBI to be made the Borrower in connection with a drawing under a Letter of Creditsuch drawing, in which case a and each Revolving Loan advance Lender shall be immediately made to CBI by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.2) pro rata based on the respective Pro Rata Shares of such Existing Lenders make its Revolving Commitment Percentage (determined before giving effect to any termination of the Existing 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 11.22.2 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 by the Agent to the Issuing Bank for application to the respective Letter of Credit applicable LOC Obligations. Each such Existing Revolving Lender hereby irrevocably agrees to make its Pro Rata Share Revolving Commitment Percentage of each such Revolving Loan immediately promptly upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) that the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Revolving Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIany Credit Party), then each such Existing Revolving Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank such participation a Participation Interest in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Revolving Lender to share in such Letter of Credit LOC Obligations ratably (based upon the its respective Pro Rata Shares of the Existing Lenders Revolving Commitment Percentages (determined before giving effect to any termination of the Existing Revolving Commitments pursuant to Article 7)); provided that in the event such purchase is not made on the day of such drawing, such Revolving Lender shall pay in addition to the Issuing Bank interest on the amount of its unfunded Participation Interest at a rate equal to, if paid within two Business Days of the date of such drawing, the Federal Funds Rate, and thereafter at the Base Rate.
Appears in 1 contract
Samples: Credit, Security and Guaranty Agreement (Ventas Inc)
Repayment with Revolving Loans. On any day on which CBI the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Existing Lenders that a Revolving Loan has been requested or deemed requested by CBI the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans (or Eurocurrency Loans to the extent the Borrower has complied with the procedures of Section 2.2(a)(i) with respect thereto) shall be immediately promptly made to CBI the Borrower by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.29.2) pro rata based on the respective Pro Rata Shares Revolving Commitment Percentages of such Existing the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.29.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share Revolving Commitment Percentage of each such Revolving Loan immediately promptly upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower or any Credit Party), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank Lender such participation in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit LOC Obligations ratably (based upon the respective Pro Rata Shares Commitment Percentages of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 9.2)), provided that in the event such payment is not made on the day of drawing, such Lender shall pay in addition to the Issuing Lender interest on the amount of its unfunded Participation Interest at a rate equal to, if paid within two (2) Business Days of the date of drawing, the Federal Funds Rate, and thereafter at the Base Rate.
Appears in 1 contract
Samples: Credit Agreement (Ict Group Inc)
Repayment with Revolving Loans. On any day on which CBI the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Existing Lenders LOC Participants 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 advance borrowing (each such borrowing, a “Mandatory Borrowing”) shall be immediately made (without giving effect to CBI by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.27.2) pro rata based on the each LOC Participant’s respective Pro Rata Shares of such Existing Lenders Revolving Commitment Percentage (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.27.2) and in the case of both clauses (i) and (ii) the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Lender LOC Participant hereby irrevocably agrees to make its Pro Rata Share of each such Revolving Loan Loans immediately upon any such request or deemed request on account of each Mandatory Borrowing in the amount, amount and in the manner and on the date specified in the preceding sentence and on the same such date notwithstanding (i) the amount of such borrowing Mandatory Borrowing may not comply with the minimum amount for advances borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V 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 hereunderin Section 2.1(b), (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder Mandatory Borrowing, or (vi) any termination reduction in the Revolving Committed Amount after any such Letter of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowingCredit may have been drawn upon. In the event that any Revolving Loan Mandatory Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower), then each such Existing Lender LOC Participant hereby agrees that it shall forthwith purchase fund (as of the date such borrowing the Mandatory Borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank such participation its Participation Interests in the outstanding Letter LOC Obligations; provided, further, that in the event any LOC Participant shall fail to fund its Participation Interest on the day the Mandatory Borrowing would otherwise have occurred, then the amount of Credit Obligations as such LOC Participant’s unfunded Participation Interest therein shall be necessary bear interest payable by such LOC Participant to cause each the Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such Existing Lender date, the Federal Funds Rate, and thereafter at a rate equal to share in such Letter of Credit Obligations ratably (based upon the respective Pro Rata Shares of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant toFloating LIBOR Rate.
Appears in 1 contract
Repayment with Revolving Loans. On any day on which CBI the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Agent shall give notice to the Existing Lenders that a Sweep Plus Revolving Loan has been requested or deemed requested by CBI the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Sweep Plus Revolving Loan advance comprised of Base Rate Loans (or Eurodollar Loans to the extent the Borrower has complied with the procedures of Section 2.2(b)(i) with respect thereto) shall be immediately made to CBI the Borrower by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.29.2) pro rata based on the respective Pro Rata Shares Revolving Commitment Percentages of such Existing the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.29.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share pro rata share of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 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 a Sweep Plus Revolving Loan to be made by the time otherwise required hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Sweep Plus Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower or any Credit Party), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank Lender such participation Participation Interests in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit LOC Obligations ratably (based upon the respective Pro Rata Shares Revolving Commitment Percentages of the Existing Lenders (determined before giving effect to any termination of the Existing 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 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) above, interest on the principal amount of Participation Interests purchased for each day from and including the day upon which 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 the date of the Sweep Plus Revolving Loan advance, the Federal Funds Rate, and thereafter at a rate equal to the Base Rate.
Appears in 1 contract
Samples: Credit Agreement (Benihana Inc)
Repayment with Revolving Loans. On any day on which CBI the Borrowers shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Existing Lenders that a Revolving Loan has been requested or deemed requested by CBI the Borrowers to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans (or LIBOR 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 CBI the Borrowers by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.2) pro rata based on the respective Pro Rata Shares Applicable Percentages of such Existing the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.2) and the proceeds thereof shall be paid directly by the Administrative Agent to the Issuing Bank Banks for application to the respective Letter of Credit Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share Applicable Percentage of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V 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 Revolving Loan to be made by the time otherwise required hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, including as a result of the commencement of a bankruptcy or insolvency proceeding with respect to CBIany Borrower), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrowers on or after such date and prior to such purchase) from the Issuing Bank Banks such participation participations in the outstanding Letter of Credit Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit Obligations ratably (based upon the respective Pro Rata Shares Applicable Percentages of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.2)); provided that at the time any purchase of participation pursuant to this sentence is actually made, the purchasing Lender shall be required to pay to the applicable Issuing Bank, to the extent not paid to such Issuing Bank by the Borrowers in accordance with the terms of Section 3.4, interest on the principal amount of participation purchased for each day from and including the day upon which such borrowing would 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 the date of the Revolving Loan advance, the Federal Funds Effective Rate, and thereafter at a rate equal to the Adjusted Base Rate.
Appears in 1 contract
Samples: Credit Agreement (Industrial Distribution Group Inc)
Repayment with Revolving Loans. On any day on which CBI 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 advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Agent shall give notice to the 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 advance borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a "Mandatory Borrowing") shall be immediately made ------------------- (without giving effect to CBI by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.27.2) pro rata based on the each Lender's respective Pro Rata Shares of such Existing Lenders Revolving --- ---- Commitment Percentage (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.27.2) and in the case of both clauses (i) and (ii) the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share of each such Revolving Loan Loans immediately upon any such request or deemed request on account of each Mandatory Borrowing in the amount, amount and in the manner and on the date specified in the preceding sentence and on the same such date notwithstanding (i) the amount of such borrowing Mandatory Borrowing may --------------- not comply with the minimum amount for advances borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V 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 hereunderin Section 2.1(b), (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder Mandatory Borrowing, or (vi) any termination reduction in the Revolving Committed Amount after any such Letter of Credit may have been drawn upon; provided, however, that -------- ------- in the Existing Commitments relating thereto immediately prior 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 or contemporaneously with such borrowingthe Agent for its own account an administrative fee of $500. In the event that any Revolving Loan Mandatory Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower), then each such Existing Lender hereby agrees that it shall forthwith purchase fund (as of the date such borrowing the Mandatory Borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank such participation its Participation Interests in the outstanding Letter LOC Obligations; provided, further, that in the event any Lender shall fail to fund its -------- ------- Participation Interest on the day the Mandatory Borrowing would otherwise have occurred, then the amount of Credit Obligations as such Lender's unfunded Participation Interest therein shall be necessary bear interest payable to cause each the Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such Existing Lender date, the Federal Funds Effective Rate, and thereafter at a rate equal to share in such Letter of Credit Obligations ratably (based upon the respective Pro Rata Shares of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant toAlternate Base Rate.
Appears in 1 contract
Repayment with Revolving Loans. On any day on which CBI the Borrower shall have requested, or been deemed to have requested, (i) a Revolving Swingline Loan advance borrowing to make a payment as a result of 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 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 advance borrowing comprised entirely of Alternate Base Rate Loans (each such borrowing, a "MANDATORY BORROWING") shall be immediately made (without giving effect to CBI by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.27.2) pro rata PRO RATA based on the each Lender's respective Pro Rata Shares of such Existing Lenders Revolving Commitment Percentage (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.27.2) and in the case of both clauses (i) and (ii) the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share of each such Revolving Loan Loans immediately upon any such request or deemed request on account of each Mandatory Borrowing in the amount, amount and in the manner and on the date specified in the preceding sentence notwithstanding and on the same such date NOTWITHSTANDING (i) the amount of such borrowing Mandatory Borrowing may not comply with the minimum amount for advances borrowings of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V 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 hereunderin Section 2.1(b), (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder Mandatory Borrowing, or (vi) any termination reduction in the Revolving Committed Amount after any such Letter of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowingCredit may have been drawn upon. In the event that any Revolving Loan Mandatory Borrowing cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower), then each such Existing Lender hereby agrees that it shall forthwith purchase fund (as of the date such borrowing the Mandatory Borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank such participation its Participation Interests in the outstanding Letter LOC Obligations; PROVIDED, FURTHER, that in the event any Lender shall fail to fund its Participation Interest on the day the Mandatory Borrowing would otherwise have occurred, then the amount of Credit Obligations as such Lender's unfunded Participation Interest therein shall be necessary bear interest payable to cause each the Issuing Lender upon demand, at the rate equal to, if paid within two (2) Business Days of such Existing Lender date, the Federal Funds Effective Rate, and thereafter at a rate equal to share in such Letter of Credit Obligations ratably (based upon the respective Pro Rata Shares of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant toAlternate Base Rate.
Appears in 1 contract
Samples: Credit Agreement (Suiza Foods Corp)
Repayment with Revolving Loans. On any day on which CBI 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 advance to make in connection with a payment as a result of a drawing under a Letter of Creditgiven Derivative Exposure Reserve, the Agent shall give notice to the Existing Lenders that a Revolving Loan has been requested or deemed requested by CBI to be made 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 advance comprised of Base Rate Loans (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 CBI the Borrower by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.29.2) pro rata based on the respective Pro Rata Shares Revolving Commitment Percentages of such Existing the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.29.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank applicable Derivative Counterparty for application to the respective Letter of Credit Obligationsapplicable BOA Derivative Instrument or as cash collateral therefor, as applicable. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share pro rata share of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding with respect to CBI), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI on or after such date and prior to such purchase) from the Issuing Bank such participation in the outstanding Letter of Credit Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit Obligations ratably (based upon the respective Pro Rata Shares of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant tosuch
Appears in 1 contract
Repayment with Revolving Loans. On any day on which CBI any Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Agent shall give notice to the Existing Lenders that a Revolving Loan has been requested or deemed requested by CBI such Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans or LMIR Loans (or Eurodollar Loans to the extent such Borrower has complied with the procedures of Section 2.1(d)(i) with respect thereto) shall be immediately made to CBI such Borrower by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.2) pro rata based on the respective Pro Rata Shares Revolving Credit Commitment Percentages of such Existing the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank for application to the respective Letter of Credit Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share Revolving Credit Commitment Percentage of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency case or proceeding with respect to CBIany Borrower), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrowers on or after such date and prior to such purchase) from the Issuing Bank such participation in the outstanding Letter of Credit Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit Obligations ratably (based upon the respective Pro Rata Shares Revolving Credit Commitment Percentages of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.2)), provided that at 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 principal amount of participation purchased for each day from and including the day upon which such borrowing would 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 the date of the Revolving Loan advance, the Federal Funds Rate, and thereafter at a rate equal to the Base Rate.
Appears in 1 contract
Repayment with Revolving Loans. On any day on which CBI the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Existing Lenders Banks that a Revolving Loan has been requested or deemed requested by CBI the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans shall be immediately made to CBI the Borrower by all such Existing Lenders Banks (notwithstanding any termination of the Existing Commitments pursuant to Section 11.28.02) pro rata based on the respective Pro Rata Shares Percentages of such Existing Lenders the Banks (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.28.02) and the proceeds thereof shall be paid made directly by the Agent to the Issuing Bank for application to the respective Letter of Credit LOC Obligations. Each such Existing Lender Bank hereby irrevocably agrees to make its Pro Rata Share of pro rata share for each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 3.02 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower), then each such Existing Lender Bank hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank such participation in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit Obligations ratably (based upon the respective Pro Rata Shares of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant tonecessary
Appears in 1 contract
Samples: Credit Agreement (Florida East Coast Industries Inc)
Repayment with Revolving Loans. On any day on which CBI 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 advance to make in connection with a payment as a result of a drawing under a Letter of Creditgiven Derivative Exposure Reserve, the Agent shall give notice to the Existing Lenders that a Revolving Loan has been requested or deemed requested by CBI to be made 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 advance comprised of Base Rate Loans (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 CBI the Borrower by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.29.2) pro rata based on the respective Pro Rata Shares Revolving Commitment Percentages of such Existing the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.29.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank applicable Derivative Counterparty for application to the respective Letter of Credit Obligationsapplicable BOA Derivative Instrument or as cash collateral therefor, as applicable. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share pro rata share of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower or any other Credit Party), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank Derivative Counterparty (to the extent expressly permitted by such participation Derivative Counterparty) such interests in the outstanding Letter of Credit Obligations applicable BOA Derivative Instrument as shall be necessary to cause each such Existing Lender to share in such Letter of Credit Obligations the obligations secured by the applicable Derivative Exposure Reserve ratably (based upon the respective Pro Rata Shares Revolving Commitment Percentages of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant toto Section 9.2)).
Appears in 1 contract
Repayment with Revolving Loans. On any day on which CBI the Borrowers shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Agent shall give notice to the Existing Lenders that a Revolving Loan has been requested or deemed requested by CBI the Borrowers to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans (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 CBI the Borrowers by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section SECTION 11.2) pro rata PRO RATA based on the respective Pro Rata Shares Revolving Credit Commitment Percentages of such Existing the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section SECTION 11.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank for application to the respective Letter of Credit Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share Revolving Credit Commitment Percentage of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding NOTWITHSTANDING (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding with respect to CBIany Borrower), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrowers on or after such date and prior to such purchase) from the Issuing Bank such participation in the outstanding Letter of Credit Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit Obligations ratably (based upon the respective Pro Rata Shares Revolving Credit Commitment Percentages of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to SECTION 11.2)), PROVIDED that at 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 principal amount of participation purchased for each day from and including the day upon which such borrowing would 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 the date of the Revolving Loan advance, the Federal Funds Rate, and thereafter at a rate equal to the Base Rate.
Appears in 1 contract
Samples: Credit Agreement (Chiquita Brands International Inc)
Repayment with Revolving Loans. On any day on which CBI the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Agent shall give notice to the Existing Lenders that a Revolving Loan has been requested or deemed requested by CBI the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans shall be immediately made to CBI the Borrower by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.29.2) pro rata based on the respective Pro Rata Shares Commitment Percentages of such Existing the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.29.2) and the proceeds thereof shall be paid directly by to the Agent to for the account of the applicable Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share pro rata share of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required 31 37 hereunder, (ii) whether any conditions specified in Article V Section 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower or any other Credit Party), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the applicable Issuing Bank Lender such participation Participation Interests in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit LOC Obligations ratably (based upon the respective Pro Rata Shares Commitment Percentages of the Existing Lenders (determined before giving effect to any termination of the Existing 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 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 which 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 the date of the Revolving Loan advance, the Federal Funds Rate, and thereafter at a rate equal to the Base Rate.
Appears in 1 contract
Repayment with Revolving Loans. On any day on which CBI the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Agent shall give notice to the Existing Lenders that a Revolving Loan has been requested or deemed requested by CBI the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans (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 CBI the Borrower by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.29.2) pro rata PRO RATA based on the respective Pro Rata Shares Revolving Commitment Percentages of such Existing the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.29.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share pro rata share of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding NOTWITHSTANDING (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower or any Credit Party), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank Lender such participation Participation Interests in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit LOC Obligations ratably (based upon the respective Pro Rata Shares Revolving Commitment Percentages of the Existing Lenders (determined before giving effect to any termination of the Existing 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 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) above, interest on the principal amount of Participation Interests purchased for each day from and including the day upon which 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 the date of the Revolving Loan advance, the Federal Funds Rate, and thereafter at a rate equal to the Base Rate.
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Repayment with Revolving Loans. On any day on which CBI the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Agent shall give notice to the Existing Revolving Lenders that a Revolving Loan has been requested or deemed requested by CBI the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans (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 CBI the Borrower by all such Existing Revolving Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.29.2) pro rata based on the respective Pro Rata Shares Revolving Commitment Percentages of such Existing the Revolving Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.29.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Revolving Lender hereby irrevocably agrees to make its Pro Rata Share pro rata share of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower or any other Credit Party), then each such Existing Revolving Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank Lender such participation Participation Interests in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Revolving Lender to share in such Letter of Credit LOC Obligations ratably (based upon the respective Pro Rata Shares Revolving Commitment Percentages of the Existing Revolving Lenders (determined before giving effect to any termination of the Existing 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 Issuing Lender, to the extent not paid to the Issuer 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 which 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 the date of the Revolving Loan advance, the Federal Funds Rate, and thereafter at a rate equal to the Base Rate.
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Repayment with Revolving Loans. On any day on which CBI the Borrower ------------------------------ shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Agent shall give notice to the Existing Lenders that a Revolving Loan has been requested or deemed requested by CBI the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans (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 CBI the Borrower by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.29.2) pro rata based --- ---- on the respective Pro Rata Shares Revolving Commitment Percentages of such Existing the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.29.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share pro rata share of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the --------------- minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower or any other Credit Party), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank Lender such participation Participation Interests in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit LOC Obligations ratably (based upon the respective Pro Rata Shares Revolving Commitment Percentages of the Existing Lenders (determined before giving effect to any termination of the Existing 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 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) above, interest on the principal amount of Participation Interests purchased for each day from and including the day upon which 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 the date of the Revolving Loan advance, the Federal Funds Rate, and thereafter at a rate equal to the Base Rate. In the event that the Borrower pays any such interest on its reimbursement obligations to the Issuing Lender following the payment by a Lender of interest on the principal amount of the Participation Interest purchased by such Lender in accordance with the foregoing, then the Issuing Lender shall rebate to such Lender its pro rata share of the interest so paid by the Borrower.
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Repayment with Revolving Loans. On any day on which CBI the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Agent shall give notice to the Existing Lenders that a Revolving Loan has been requested or deemed requested by CBI the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans (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 CBI the Borrower by all such Existing Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.29.2) pro rata PRO RATA based on the respective Pro Rata Shares Revolving Commitment Percentages of such Existing the Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.29.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Lender hereby irrevocably agrees to make its Pro Rata Share pro rata share of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding NOTWITHSTANDING (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V Section 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 hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower), then each such Existing Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank Lender such participation in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Lender to share in such Letter of Credit LOC Obligations ratably (based upon the respective Pro Rata Shares Revolving Commitment Percentages of the Existing Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 9.2)), PROVIDED that in the event such payment is not made on the day of drawing, such Lender shall pay in addition to the Issuing Lender interest on the Dollar Amount of its unfunded Participation Interest at a rate equal to, if paid within two (2) Business Days of the date of drawing, the Federal Funds Rate, and thereafter at the Base Rate.
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Samples: Credit Agreement (Worldtex Inc)
Repayment with Revolving Loans. On any day on which CBI the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to make a payment as a result of reimburse a drawing under a Letter of Credit, the Administrative Agent shall give notice to the Existing Revolving Lenders that a Revolving Loan has been requested or deemed requested by CBI the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans (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 CBI the Borrower by all such Existing Revolving Lenders (notwithstanding any termination of the Existing Commitments pursuant to Section 11.23.4 or Section 9.2) pro rata PRO RATA based on the respective Pro Rata Shares Revolving Commitment Percentages of such Existing the Revolving Lenders (determined before giving effect to any termination of the Existing Commitments pursuant to Section 11.23.4 or Section 9.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank Lender for application to the respective Letter of Credit LOC Obligations. Each such Existing Revolving Lender hereby irrevocably agrees to make its Pro Rata Share pro rata share of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding NOTWITHSTANDING (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunderhereunder (except in the case of Eurodollar Loans), (ii) whether any conditions specified in Article V Section 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 a Revolving Loan to be made by the time otherwise required hereunderhereunder (except in the case of Eurodollar Loans), (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Existing Commitments relating thereto immediately prior to or contemporaneously with such borrowing. In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency proceeding under the Bankruptcy Code with respect to CBIthe Borrower or any Credit Party), then each such Existing Revolving Lender hereby agrees that it shall forthwith purchase (as of the date such borrowing would otherwise have occurred, but adjusted for any payments received from CBI the Borrower on or after such date and prior to such purchase) from the Issuing Bank Lender such participation in the outstanding Letter of Credit LOC Obligations as shall be necessary to cause each such Existing Revolving Lender to share in such Letter of Credit LOC Obligations ratably (based upon the respective Pro Rata Shares Commitment Percentages of the Existing Revolving Lenders (determined before giving effect to any termination of the Existing 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 interest on the amount of its unfunded Participation Interest at a rate equal to, if paid within two (2) Business Days of the date such Revolving Lender is required to pay its pro rata share of such drawing in accordance with Section 2.2(d), the Federal Funds Rate, and thereafter at the Base Rate.
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