OBLIGATIONS OF THE BANKS. (a) Each Bank and the Borrower hereby acknowledge that each Letter of Credit issued by the Letter of Credit Bank pursuant to this Agreement is issued by the Letter of Credit Bank on behalf of all of the Banks. In the event that the Letter of Credit Bank is not reimbursed on the date of a drawing under a Letter of Credit, each Bank (other than the Letter of Credit Bank) absolutely, unconditionally and irrevocably agrees to reimburse the Letter of Credit Bank in an amount equal to such Bank's Commitment Percentage of such Unpaid Reimbursement Obligation and to be responsible for its Commitment Percentage of all liabilities incurred by the Letter of Credit Bank in respect of each Letter of Credit opened or extended by the Letter of Credit Bank for the account of the Borrower pursuant to this Agreement. In the event that for any reason (including without limitation as a result of the commencement of any proceedings under any bankruptcy, reorganization, insolvency or other similar law with respect to the Borrower) it is impracticable for any Bank to reimburse the Letter of Credit Bank in an amount equal to such Bank's Commitment Percentage of any drawing under any Letter of Credit, then each such Bank agrees that at the option of the Letter of Credit Bank it shall purchase a participation in, or take an assignment from the Letter of Credit Bank of, the Borrower's obligation to repay the Letter of Credit Bank in respect of such drawing under such Letter of Credit in an amount equal to such Bank's Commitment Percentage of such Unpaid Reimbursement Obligation. The obligations of the Banks hereunder are several and the failure of any Bank to fulfill its obligations shall not result in any Bank becoming obligated to advance more than its Commitment Percentage of such Unpaid Reimbursement Obligation.
OBLIGATIONS OF THE BANKS. Each bank must:
OBLIGATIONS OF THE BANKS. The obligations of the Banks are joint but not several. Consequently:
