Common use of Revolving Loans to Satisfy Reimbursement Obligations Clause in Contracts

Revolving Loans to Satisfy Reimbursement Obligations. In the ------------------------------------------------------ event that the Letter of Credit Issuer of any Letter of Credit honors a draw under such Letter of Credit or the Agent shall have made any payment pursuant to any Credit Support and the Borrower shall not have repaid such amount to the Letter of Credit Issuer of such Letter of Credit or the Agent, as applicable, pursuant to Section 2.4(e)(1), the Agent shall, upon receiving notice of such ---------------- failure, notify each Lender of such failure, and each Lender shall unconditionally pay to the Agent, for the account of the Letter of Credit Issuer or the Agent, as applicable, as and when provided hereinbelow, an amount equal to such Lender's Pro Rata Share of the amount of such payment in Dollars and in same day funds. If the Agent so notifies the Lenders prior to 12:00 noon (Pasadena, California time) on any Business Day, each Lender shall make available to the Agent the amount of such payment, as provided in the immediately preceding sentence, on such Business Day. Such amounts paid by the Lenders to the Agent shall constitute Revolving Loans which shall be deemed to have been requested by the Borrower pursuant to Section 2.2 as set forth in ----------- Section 4.7.

Appears in 1 contract

Samples: Loan and Security Agreement (Advanced Micro Devices Inc)

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Revolving Loans to Satisfy Reimbursement Obligations. In the ------------------------------------------------------ event that the Letter of Credit Issuer issuer of any Letter of Credit for the account of a Borrower honors a draw under such Letter of Credit or the Agent shall have made any payment pursuant to any Credit Support for the account of a Borrower and the such Borrower shall not have repaid such amount to the Letter of Credit Issuer issuer of such Letter of Credit or the Agent, as applicable, pursuant to Section 2.4(e)(1), the Agent shall, upon receiving notice of such ---------------- failure, notify each Lender of such failure, and each Lender shall unconditionally pay to the Agent, for the account of the Letter of Credit Issuer such issuer or the Agent, as applicable, as and when provided hereinbelow, an amount equal to such Lender's Pro Rata Share of the amount of such payment in Dollars and in same day funds. If the Agent so notifies the Lenders prior to 12:00 noon 11:00 a.m. (Pasadena, California Chicago time) on any Business Day, each Lender shall make available to the Agent the amount of such payment, as provided in the immediately preceding sentence, on such Business Day. Such amounts paid by the Lenders to the Agent shall constitute Revolving Loans for the account of such Borrower which shall be deemed to have been requested by the such Borrower pursuant to Section 2.2 as set forth in ----------- Section 4.7.

Appears in 1 contract

Samples: Loan and Security Agreement (Strategic Distribution Inc)

Revolving Loans to Satisfy Reimbursement Obligations. In the ------------------------------------------------------ ---------------------------------------------------- event that the Letter of Credit Issuer issuer of any Letter of Credit honors a draw under such Letter of Credit or the Agent shall have made any payment pursuant to any Credit Support and the Borrower shall not have repaid such amount to the Letter of Credit Issuer issuer of such Letter of Credit or the Agent, as applicable, pursuant to Section 2.4(e)(1), the Agent ----------------- shall, upon receiving notice of such ---------------- failure, notify each Lender of such failure, and each Lender shall unconditionally pay to the Agent, for the account of the Letter of Credit Issuer such issuer or the Agent, as applicable, as and when provided hereinbelow, an amount equal to such Lender's Pro Rata Share of the amount of such payment in Dollars and in same day funds. If the Agent so notifies the Lenders prior to 12:00 noon (PasadenaLos Angeles, California time) on any Business Day, each Lender shall make available to the Agent the amount of such payment, as provided in the immediately preceding sentence, on such Business Day. Such amounts paid by the Lenders to the Agent shall constitute Revolving Loans which shall be deemed to have been requested by the Borrower Borrowers pursuant to Section 2.2 ----------- as set forth in ----------- Section 4.7.. -----------

Appears in 1 contract

Samples: Loan and Security Agreement (Agribiotech Inc)

Revolving Loans to Satisfy Reimbursement Obligations. In the ------------------------------------------------------ event ---------------------------------------------------- that the Letter of Credit Issuer of any Letter of Credit Administrative Agent honors a draw under such Letter of Credit or the Agent shall have made any payment pursuant to any Credit Support Credit, and the Borrower Borrowers shall not have repaid such amount to the Letter of Credit Issuer of such Letter of Credit or the Agent, as applicable, Administrative Agent pursuant to Section 2.4(e)(12.10(e)(1), the Administrative Agent shall, upon ------------------ receiving notice of such ---------------- failure, notify each Revolving Lender of such failure, and each Revolving Lender shall unconditionally pay to the Administrative Agent, for the account of the Letter of Credit Issuer or the Administrative Agent, as applicable, as and when provided hereinbelow, an amount equal to such LenderRevolving Le nder's Pro Rata Share of the amount of such payment in Dollars and in same day funds. If the Administrative Agent so notifies the Revolving Lenders prior to 12:00 noon p.m. (Pasadena, California New York time) on any Business Day, each Revolving Lender shall make available to the Administrative Agent the amount of such payment, as provided in the immediately preceding sentence, on such Business Day. Such amounts paid by the Revolving Lenders to the Administrative Agent shall constitute Revolving Loans which shall be deemed to have been requested by the applicable Borrower pursuant to Section 2.2 as set forth in ----------- Section 4.7.2.03. ------------ (f) Participations. --------------

Appears in 1 contract

Samples: Loan and Security Agreement (Paetec Corp)

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Revolving Loans to Satisfy Reimbursement Obligations. In the ------------------------------------------------------ event that the Letter of Credit Issuer of any Letter of Credit honors a draw under such Letter of Credit or the Agent shall have made any payment pursuant to any Credit Support and the Borrower shall not have repaid such amount to the Letter of Credit Issuer of such Letter of Credit or the Agent, as applicable, pursuant to Section 2.4(e)(1), the Agent shall, upon receiving notice of such ---------------- failure, notify each Lender of such failure, and each Lender shall unconditionally pay to the Agent, for the account of the Letter of Credit Issuer or the Agent, as applicable, as and when provided hereinbelow, an amount equal to such Lender's ’s Pro Rata Share of the amount of such payment in Dollars and in same day funds. If the Agent so notifies the Lenders prior to 12:00 noon (Pasadena, California time) on any Business Day, each Lender shall make available to the Agent the amount of such payment, as provided in the immediately preceding sentence, on such Business Day. Such amounts paid by the Lenders to the Agent shall constitute Revolving Loans which shall be deemed to have been requested by the Borrower pursuant to Section 2.2 as set forth in ----------- Section 4.7.

Appears in 1 contract

Samples: Loan and Security Agreement (Advanced Micro Devices Inc)

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