The Borrower hereby agrees to reimburse (or cause any LC Obligor for whose account a Letter of Credit was issued to reimburse) each LC Issuer, by making payment directly to such LC Issuer in immediately available funds at the payment office of such LC Issuer, for any Unreimbursed Drawing with respect to any Letter of Credit immediately after, and in any event on the date on which, such LC Issuer notifies the Borrower (or any such other LC Obligor for whose account such Letter of Credit was issued) of such payment or disbursement (which notice to the Borrower (or such other LC Obligor) shall be delivered reasonably promptly after any such payment or disbursement), such payment to be made in Dollars or in the applicable Designated Foreign Currency in which such Letter of Credit is denominated, with interest on the amount so paid or disbursed by such LC Issuer. The Borrower will be deemed to have given a Notice of Borrowing for Revolving Loans that are Base Rate Loans in an aggregate Dollar Equivalent principal amount
TheUpon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the relevant L/C Issuer shall notify promptly the Borrower hereby agrees to reimburse (or cause any LC Obligor for whose accountand the Administrative Agent thereof. In the case of a Letter of Credit was issued to reimburse) each LC Issuer, by making payment directly to such LCdenominated in an Approved Foreign Currency, the Borrower shall reimburse the L/C Issuer in immediately available funds atsuch Approved Foreign Currency, unless the payment officeL/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars. In the case of any such LC Issuer, for any Unreimbursed Drawing with respect to anyreimbursement in Dollars of a drawing under a Letter of Credit immediately after, and in any event on the date on which, such LC Issuer notifies the Borrower (or any such other LC Obligor for whose account such Letter of Credit was issued) of such payment or disbursement (which notice to the Borrower (or such other LC Obligor) shall be delivered reasonably promptly after any such payment or disbursement), such payment to be made in Dollars or in the applicable Designated Foreign Currency in which such Letter of Credit is denominated, with interest on the amount so paid or disbursed by such LC Issuer. The Borrower will be deemed to have given a Notice of Borrowing for Revolving Loans that are Base Rate Loansdenominated in an aggregate Dollar Equivalent principal amountApproved Foreign Currency, the L/C Issuer shall
The Borrower hereby agrees to reimburse (or causeUpon receipt from the beneficiary of any LC Obligor for whose accountLetter of Credit of any notice of a drawing under such Letter of Credit, the applicable L/C Issuer shall notify the Borrowers and the Administrative Agent thereof. In the case of a Letter of Credit was issued to reimburse) each LC Issuer, by making payment directly to such LCdenominated in an Alternative Currency, the applicable Borrower shall reimburse applicable L/C Issuer in immediately available funds atsuch Alternative Currency, unless # such L/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars and the relevant Borrower shall have agreed to make such payment officein Dollars, or # in the absence of any such LC Issuer,requirement for reimbursement in Dollars, the Borrowers shall have notified such L/C Issuer promptly following receipt of the notice of drawing that the Borrowers will reimburse such L/C Issuer in Dollars. In the case of any Unreimbursed Drawing with respect to anysuch reimbursement in Dollars of a drawing under a Letter of Credit immediately after, anddenominated in any eventan Alternative Currency, the applicable L/C Issuer shall notify the Borrowers of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than EST on the date of any payment by the applicable L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the applicable Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to the amount of such drawing and in the applicable currency, provided that if notice of such drawing is not provided to the relevant Borrower prior to EST on which,the Honor Date, then such LCBorrower shall reimburse such L/C Issuer notifiesthrough the Borrower (orAdministrative Agent in an amount equal to the amount of such drawing in the next succeeding Business Day and such extension of time shall be reflected in computing fees in respect of any such other LC Obligor for whose account such Letter of Credit was issued)plus interest. If the applicable Borrower fails to so reimburse the applicable L/C Issuer by such time, the Administrative Agent shall promptly notify each Lender of such payment or disbursement (which notice to the Borrower (or such other LC Obligor) shall be delivered reasonably promptly after any such payment or disbursement), such payment to be madeHonor Date, the amount of the unreimbursed drawing (expressed in Dollars or in the applicable Designated Foreign Currencyamount of the Dollar Equivalent thereof in which suchthe case of a Letter of Credit is denominated, with interest ondenominated in an Alternative Currency) (the “Unreimbursed Amount”), and the amount so paid or disbursed byof such LC Issuer. TheLender’s Applicable Percentage thereof. In such event, the applicable Borrower willshall be deemed to have givenrequested a NoticeCommitted Borrowing of Borrowing for Revolving Loans that are Base Rate Loans to be disbursed on the Honor Date in an aggregate Dollar Equivalentamount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in [Section 2.02] for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Commitments and the
The Borrower hereby agrees to reimburse (or causeUpon receipt from the beneficiary of any LC Obligor for whose accountLetter of Credit of any notice of a drawing under such Letter of Credit, the L/C Issuer shall notify the Company and the Administrative Agent thereof. In the case of a Letter of Credit was issued to reimburse) each LC Issuer, by making payment directly to such LCdenominated in an Alternative Currency, the Company shall reimburse the L/C Issuer in immediately available funds atsuch Alternative Currency, unless # the payment officeL/C Issuer (at its option) shall have specified in such notice that it will require reimbursement in Dollars, or # in the absence of any such LC Issuer,requirement for reimbursement in Dollars, the Company shall have notified the L/C Issuer promptly following receipt of the notice of drawing that the Company will reimburse the L/C Issuer in Dollars. In the case of any Unreimbursed Drawing with respect to anysuch reimbursement in Dollars of a drawing under a Letter of Credit immediately after, anddenominated in any eventan Alternative Currency, the L/C Issuer shall notify the Company of the Dollar Equivalent of the amount of the drawing promptly following the determination thereof. Not later than 2:00 p.m. on the date on which, such LCof any payment by the L/C Issuer notifies the Borrower (or any such other LC Obligor for whose account suchunder a Letter of Credit was issued)to be reimbursed in Dollars, or the Applicable Time on the date of any payment by the L/C Issuer under a Letter of Credit to be reimbursed in an Alternative Currency (each such date, an “Honor Date”), the Borrowers shall reimburse the L/C Issuer through the Administrative Agent in an amount equal to the amount of such payment or disbursement (which notice to the Borrower (or such other LC Obligor) shall be delivered reasonably promptly after any such payment or disbursement), such payment to be made in Dollars ordrawing and in the applicable Designated Foreign Currencycurrency. If the Borrowers fail to so reimburse the L/C Issuer by such time the Administrative Agent shall promptly notify each Lender of the Honor Date, the amount of the unreimbursed drawing (expressed in which suchDollars in the amount of the Dollar Equivalent thereof in the case of a Letter of Credit is denominated, with interest ondenominated in an Alternative Currency) (the “Unreimbursed Amount”), and the amount so paid or disbursed byof such LC Issuer. The Borrower willLender’s Applicable Percentage thereof. In such event, the Company shall be deemed to have givenrequested a NoticeRevolving Borrowing of Borrowing for Revolving Loans that are Base Rate Loans to be disbursed on the Honor Date in an aggregate Dollar Equivalentamount equal to the Unreimbursed Amount, without regard to the minimum and multiples specified in Section 2.02 for the principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Aggregate Commitments and the conditions set forth in Section 4.02 (other than the delivery of a Revolving Loan Notice). Any notice given by the L/C Issuer or the Administrative Agent pursuant to this [Section 2.03(c)(i)] may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation shall not affect the conclusiveness or binding effect of such notice.
Drawings and Reimbursements; Funding of Participations. (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the applicable L/C Issuer shall notify the Borrower hereby agrees to reimburse (or causeand the Administrative Agent thereof. Each L/C Issuer shall notify the Borrower on the date of any LC Obligor for whose accountpayment by such L/C Issuer under a Letter of Credit was issued(each such date, an “Honor Date”), and the Borrower shall reimburse such L/C Issuer through the Administrative Agent in an amount equal to reimburse) each LC Issuer, by making payment directly to such LC Issuer in immediately available funds at the payment officeamount of such LC Issuer, for any Unreimbursed Drawing with respect to any Letter of Credit immediately after, anddrawing (and in any eventthe same currency in which such drawing was made) no later than on the datenext succeeding Business Day (and any reimbursement made on which, such LC Issuer notifies the Borrower (ornext Business Day shall be taken into account in computing interest and fees in respect of any such other LC Obligor for whose account such Letter of Credit was issued)Credit) after the Borrower shall have received notice of such payment or disbursement (which notice to the Borrower (or such other LC Obligor) shall be delivered reasonably promptly after any such payment or disbursement), such payment to be made in Dollars or in the applicable Designated Foreign Currency in which such Letter of Credit is denominated, with interest on the amount so paid or disbursed by such LC Issuer. TheL/C Issuer, to the extent not reimbursed prior to (New York City time) on the respective Honor Date, from and including the date paid or disbursed to but excluding the date such L/C Issuer was reimbursed by the Borrower willtherefor at a rate per annum equal to the Base Rate as in effect from time to time plus the Applicable Rate as in effect from time to time for Revolving Credit Loans that are maintained as Base Rate Loans. If the Borrower fails to so reimburse such L/C Issuer on such next Business Day, the Administrative Agent shall promptly notify each Revolving Credit Lender of the applicable Revolving Facility of the Honor Date, the amount of the unreimbursed drawing (expressed in the Dollar Amount thereof in the case of an Alternative Currency) (the “Unreimbursed Amount”), and the amount of such Revolving Credit Lender’s Pro Rata Share thereof. In such event, # in the case of an Unreimbursed Amount denominated in Dollars, the Borrower shall be deemed to have givenrequested a NoticeRevolving Credit Borrowing of Borrowing for Revolving Loans that are Base Rate Loans and # in the case of an Unreimbursed Amount denominated in an aggregateAlternative Currency (but expressed in its Dollar Equivalent principalAmount), the Borrower shall be deemed to have requested a Revolving Credit Borrowing of Eurocurrency Rate Loans denominated in Dollars, in each case, under the applicable Revolving Facility and to be disbursed on such date in an amount equal to # the Dollar Amount of the Unreimbursed Amount plus # in the case of any Unreimbursed Amount denominated in any Alternative Currency (but expressed in its Dollar Amount), an additional amount equal to the amount 83894470_5
Reimbursement by the Lenders. Unless the Borrower hereby agreesshall immediately notify such Issuing Lender that the Borrower intends to reimburse (or cause any LC Obligorsuch Issuing Lender for whose account a Letter of Credit was issued to reimburse) each LC Issuer, by making payment directly to such LC Issuer in immediately available funds at the payment office of such LC Issuer, for any Unreimbursed Drawing with respect to any Letter of Credit immediately after, and in any event on the date on which, such LC Issuer notifiesdrawing from other sources or funds, the Borrower (or any such other LC Obligor for whose account such Letter of Credit was issued) of such payment or disbursement (which notice to the Borrower (or such other LC Obligor) shall be delivered reasonably promptly after any such payment or disbursement), such payment to be made in Dollars or in the applicable Designated Foreign Currency in which such Letter of Credit is denominated, with interest on the amount so paid or disbursed by such LC Issuer. The Borrower will be deemed to have timely given a Notice of Borrowing to the Administrative Agent requesting that the Revolving Credit Lenders make a Revolving Credit Loan funded in Dollars as a Base Rate Loan on the applicable repayment date in the Dollar Equivalent of # such draft so paid and # any amounts referred to in Section 3.3(c) incurred by such Issuing Lender in connection with such payment (including, without limitation, any and all costs, fees and other expenses incurred by the Issuing Lender in effecting the payment of any Letter of Credit denominated in an Alternative L/C Currency), and the Revolving Credit Lenders shall make a Revolving Credit Loan funded in Dollars as a Base Rate Loan in such amount, the proceeds of which shall be applied to reimburse such Issuing Lender for the amount of the related drawing and such fees and expenses. Each Revolving LoansCredit Lender acknowledges and agrees that areits obligation to fund a Revolving Credit Loan in accordance with this Section to reimburse such Issuing Lender for any draft paid under a Letter of Credit issued by it is absolute and unconditional and shall not be affected by any circumstance whatsoever, including, without limitation, non-satisfaction of the conditions set forth in [Section 2.3(a)] or Article VI. If the Borrower has elected to pay the amount of such drawing with funds from other sources and shall fail to reimburse such Issuing Lender as provided above, or if the amount of such drawing is not fully refunded through a Base Rate Loan as provided above, the unreimbursed amount of such drawing shall bear interest at the rate which would be payable on any outstanding Base Rate Loans which were then overdue from the date such amounts become payable (whether at stated maturity, by acceleration or otherwise) until payment in an aggregate Dollar Equivalent principal amountfull.
AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.
And AllDrafts generates clean Word and PDF files from any draft.