Common use of Drawing and Reimbursement Clause in Contracts

Drawing and Reimbursement. The payment by the Issuing Bank of a Drawing shall constitute the making by the Issuing Bank of a loan in the amount of such payment. In the event that a Drawing is not repaid by the Borrower by 12:00 noon, New York City time, on the day of such Drawing, the Agent shall promptly notify each other Bank. Each such Bank shall deliver to the Agent for the Issuing Bank's account, on the day of such notification and in immediately available funds, an amount equal to such Bank's Ratable Share of the payment made by the Issuing Bank and not reimbursed or paid by the Borrower pursuant to this Section 2.4. In the event that any Bank fails to make available to the Agent for the account of the Issuing Bank the amount of such loan, the Issuing Bank shall be entitled to recover such amount on demand from such Bank together with interest thereon at (i) for the first three (3) days of nonpayment, the Federal Funds Rate and (ii) thereafter, the Federal Funds Rate plus 2.50%. Each payment by a Bank pursuant to this Section 2.4 shall constitute a "DSR Loan" under this Agreement.

Drawing and Reimbursement. The payment by the Issuing Bank of a Drawing shall constitute the making by the Issuing Bank of a loan in the amount of such payment. In the event that a Drawing is not repaid by the Borrower by 12:00 noon, New York City time, on the day of such Drawing, the Agent shall promptly notify each other Bank. Each such Bank shall deliver to the Agent for the Issuing Bank's account, on the day of such notification and in immediately available funds, an amount equal to such Bank's Ratable Share of the payment made by the Issuing Bank and not reimbursed or paid by the Borrower pursuant to this Section SECTION 2.4. In the event that any Bank fails to make available to the Agent for the account of the Issuing Bank the amount of such loan, the Issuing Bank shall be entitled to recover such amount on demand from such Bank together with interest thereon at (i) for the first three (3) days of nonpayment, the Federal Funds Rate and (ii) thereafter, the Federal Funds Rate plus 2.50%. Each payment by a Bank pursuant to this Section SECTION 2.4 shall constitute a "DSR Loan" under this Agreement.

Drawing and Reimbursement. The payment by the Issuing Bank LOC Issuer of a Drawing shall constitute the making by the Issuing Bank LOC Issuer of a loan in the amount of such payment. In the event that a Drawing is not repaid by the Borrower by 12:00 noon1:00 p.m., New York City time, on the day of such Drawing, the Agent shall promptly notify each other Bank. Each such Bank shall deliver to the Agent for the Issuing Bank's accountshall, on the day of such notification and notification, pay to the Agent for the account of the LOC Issuer, in immediately available funds, an amount equal to such Bank's Ratable Share Commitment Percentage of such Drawing which payment shall be deemed a loan to the payment made by the Issuing Bank and not reimbursed or paid by the Borrower pursuant to this Section 2.4Borrower. In the event that any Bank fails to make available to the Agent for the account of the Issuing Bank LOC Issuer the amount of such loanBank's Commitment Percentage of such payment, the Issuing Bank LOC Issuer shall be entitled to recover such amount on demand from such Bank together with interest thereon at (i) for the first three (3) days Business Days of nonpayment, the Federal Funds Rate and (ii) thereafter, the Federal Funds Rate plus 2.503.00%. Each payment by a Bank pursuant to this Section 2.4 shall constitute be deemed a "DSR Loan" to the Borrower under this Agreement.