Coach 2006 Annual Report Download - page 91

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(d) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect thereto or to
the beneficiary thereof, the Issuing Lender will also deliver to the Borrower and the Administrative Agent a true and complete copy of such Letter of
Credit or amendment.
4.1.3 Drawings and Reimbursements; Funding of Participations . (a) Upon payment by the Issuing Lender of a drawing
under any Letter of Credit, the Issuing Lender shall notify the Borrower and the Administrative Agent thereof not later than 11:00 a.m. (New
York time) on the date of such payment (each such date, an “Honor Date”). Not later than 1:00 p.m. (New York time) on the Honor Date,
the Borrower shall reimburse the Issuing Lender through the Administrative Agent in an amount equal to the amount of such payment. If the
Borrower fails to so reimburse the Issuing Lender by such time, the Administrative Agent shall promptly notify each Lender of the Honor
Date, the amount of the Unpaid Reimbursement Obligations, and the amount of such Lender’s pro rata share thereof. In such event, the
Borrower shall be deemed to have made a Loan Request which shall be for a Base Rate Loan to be disbursed on the Honor Date in an
amount equal to the Unpaid Reimbursement Obligation, without regard to the minimum and multiples specified herein for the principal
amount of Base Rate Loans, but subject to the amount of the unutilized portion of the Total Commitment and the conditions set forth in
Section 12. Any notice given by the Issuing Lender or the Administrative Agent pursuant to this Section 4.1.3(a) must be given in writing to
such Persons as may from time to time be designated by the Borrower in accordance with Section 16.6.
(b) Each Lender shall upon any notice pursuant to Section 4.1.3(a) make funds available to the Administrative Agent for the account of the
Issuing Lender at the Administrative Agent’s Office in an amount equal to its Commitment Percentage of the Unpaid Reimbursement Obligations not
later than 3:00 p.m. (New York time) on the Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions
of Section 4.1.3(c), each Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the Borrower in such amount. The
Administrative Agent shall remit the funds so received to the Issuing Lender.
(c) With respect to any Unpaid Reimbursement Obligation that is not fully refinanced by a Loan which is a Base Rate Loan because the
conditions set forth in Section 12 cannot be satisfied or for any other reason, the Borrower shall be deemed to have incurred from the Issuing Lender
a Letter of Credit Advance in the amount of the Unpaid Reimbursement Obligation that is not so refinanced, which Letter of Credit Advance shall be
due and payable on demand (together with interest) and shall bear interest at the rate set forth in Section 5.11. In such event, each Lender’s payment
to the Administrative Agent for the account of the Issuing Lender pursuant to Section 4.1.3(b) shall be deemed payment in respect of its participation
in such Letter of Credit Advance and shall constitute a Letter of Credit Advance from such Lender in satisfaction of its participation obligation under
this Section 4.1.3.
(d) Until each Lender funds its Letter of Credit Advance pursuant to this Section 4.1.3 to reimburse the Issuing Lender for any amount
drawn under any Letter of Credit, interest in respect of such Lender’s pro rata share of such amount shall be solely for the account of the Issuing
Lender.
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