Payment by Banks. In the event that (i) the Borrower shall fail to reimburse an Issuing Bank as provided in Section 1.13(d) in an amount equal to the amount of any drawing honored by such Issuing Bank under a Letter of Credit issued by it, and (ii) the Revolving Loans are not made in payment of such reimbursement obligation as provided in Section 1.13(d), such Issuing Bank shall promptly notify each Bank of the unreimbursed amount of such drawing and of such Bank's respective participation therein. Each Bank shall make available to such Issuing Bank an amount equal to its respective participation in same day funds, at the office of such Issuing Bank specified in such notice, not later than 1:00 P.M. (New York time) on the Business Day (which shall be a business day under the laws of the jurisdiction of such Issuing Bank) after the date notified by such Issuing Bank. In the event that any Bank fails to make available to such Issuing Bank the amount of such Bank's participation in such Letter of Credit as provided in this Section 1.13(e), such Issuing Bank shall be entitled to recover such amount on demand from such Bank together with interest at the customary rate set by the Administrative Agent for the correction of errors among banks for three Business Days and thereafter at the Base Rate. Each Issuing Bank shall distribute to each other Bank which has paid all amounts payable by it under this Section 1.13(e) with respect to any Letter of Credit issued by such Issuing Bank such other Bank's PRO RATA share of all payments received by such Issuing Bank from the Borrower in reimbursement of drawings honored by such Issuing Bank under such Letter of Credit when such payments are received. Nothing in this Section 1.13(e) shall be deemed to relieve any Bank of its obligation to pay all amounts payable by it under this Section 1.13(e) with respect to any Letter of Credit issued by an Issuing Bank or to prejudice any rights that the Borrower or any other Bank may have against a Bank as a result of any default by such Bank hereunder and no Bank shall be responsible for the failure of any other Bank to pay its PRO RATA share payable under this Section 1.13(e).
Payment by Banks. If Loans are not made in an amount sufficient to reimburse the applicable Issuing Bank in full for the amount of any draw, the Administrative Agent shall promptly notify each Bank of the unreimbursed amount of such drawing and of such Bank's respective participation therein. Each Bank shall make available to the Administrative Agent for the benefit of the applicable Issuing Bank an amount equal to such Bank's respective participation in immediately available funds, not later than 1:00 p.m. (New York City time), on the Business Day (under the laws of the jurisdiction of the Issuing Bank) after the date notified by the Administrative Agent. In addition, in the event that any Bank fails to make available to the Administrative Agent the amount of any such Bank's participation in such L/C Obligation as provided in this Section 3.06, the Administrative Agent may, but shall not be obligated to, fund the amount of such Defaulting Bank's participation in such Letter of Credit and recover such amount on demand from such Defaulting Bank in accordance with Section 2.05 of this Agreement. In the event that any Bank fails to make available to the Administrative Agent the amount of such Bank's participation in such Letter of Credit as provided in this Section 3.06, and the Administrative Agent does not elect to fund to the Issuing Bank such Defaulting Bank's participation in such Letter of Credit, the Issuing Bank shall be entitled to recover such amount on demand from such Bank together with interest at the Federal Funds Rate for the first three Business Days while such amount remains unpaid and thereafter at the Prime Rate. The Administrative Agent shall distribute to each other Bank which has paid all amounts payable by it under this Section 3.06 with respect to any Letter of Credit Issued by the applicable Issuing Bank such other Bank's Pro Rata Share of all payments subsequently received by the Administrative Agent from the Company in reimbursement of drawings honored by the Issuing Bank under such Letter of Credit when such payments are received.
Payment by Banks. Following the issue of a Shortfall Notification each Bank shall pay to the Agent for the account of the Overdraft Bank or the Swingline Bank, as relevant, an amount equal to the proportion of the shortfall which that Bank's Commitment bears to the Total Commitments in respect of Facility A at that time. Such payments shall be made on the next Banking Day following the issuance of the Shortfall Notification and shall, subject to clause 7.3, satisfy the amount due from the relevant Borrower in respect of which such Shortfall arose to the extent of such payments.
Payment by Banks. 40 3.07 Nature of Issuing Bank's Duties................................. 40 3.08
Payment by Banks. If the Borrower fails to make payment on due date in respect of a L/C in accordance with clause 2.10.2 or clause 10.4.2, each Bank shall pay to the Agent for the account of the Issuing Bank on demand an amount in the currency payable by the Issuing Bank under such L/C equal to such Bank's Percentage of (a) the amount paid by the Issuing Bank under such UC and any interest thereon calculated in accordance with clause 3.1.2 less (b) any amount received by the Issuing Bank from the Borrower in respect of such UC less (c) any amount standing to the credit of the Cash Collateral Account in respect of the L/Cs.
Payment by Banks. If Borrowers shall fail to reimburse the Agent as and when required above for the amount of any drawing honored by the Agent under the Interim Letter of Credit, the Agent shall promptly notify each Bank of the unreimbursed amount of such drawing and of such Bank's respective Pro Rata Share thereof. Each Bank shall make available to the Agent an amount equal to its respective Pro Rata Share of such unreimbursed drawing, in immediately available funds, at the office of the Agent specified in such notice, not later than 12:00 P.M.
Payment by Banks. 47 7.3 Indemnity from Borrowers in relation to Swingline Advances and Utilisations.......................................................47 7.4 Counter-indemnity for Swingline Letters of Credit..................47 7.5 Rights of contribution and subrogation of Swingline Borrower.......48 7.6 Waiver of defences of Swingline Borrower...........................49 7.7 Continuing indemnity of Swingline Borrower.........................49 7.8 Additional security................................................49 7.9
Payment by Banks. If Company shall fail for any reason to reimburse Issuing Bank as provided in Section 2.21(e) in an amount equal to the amount of any drawing honored by Issuing Bank under a Letter of Credit, Issuing Bank shall promptly notify each other Bank of the unreimbursed amount of such drawing and of such other Bank's respective participation therein based on such Bank's Pro Rata Share. Each Bank shall make available to Issuing Bank an amount equal to its respective participation, in same day funds, at the office of Issuing Bank specified in such notice, not later than 11:00 a.m. (California time) on the first Business Day after the date notified by Issuing Bank or Agent. If any Bank fails to make available to Issuing Bank on such Business Day the amount of such Bank's participation in such Letter of Credit as provided in this Section 2.21(f), Issuing Bank shall be entitled to recover such amount on demand from such Bank together with interest thereon at the rate customarily used by Issuing Bank for the correction of errors among banks for three Business Days and thereafter at the Reference Rate. Nothing in this Section 2.21(f) shall be deemed to prejudice the right of any Bank to recover from Issuing Bank any amounts made available by such Bank to Issuing Bank pursuant to this Section 2.21(f) if it is determined by the final judgment of a court of competent jurisdiction that the payment with respect to a Letter of Credit by Issuing Bank in respect of which payment was made by such Bank constituted gross negligence or willful misconduct on the part of Issuing Bank.
Payment by Banks. In the event that the Borrowers shall fail to reimburse any Issuing Bank as provided in SECTION 2.15(e) in an amount equal to the amount required under SECTION 2.15(e), the Administrative Agent shall promptly notify each Bank of the unreimbursed amount of such drawing and of such Bank's respective participation therein in an amount equal to such Bank's pro rata share of such unreimbursed amount. Each Bank shall make available to the Administrative Agent for payment to such Issuing Bank an amount equal to its respective participation therein (including without limitation its pro rata share of accrued but unpaid interest thereon), in same day funds, at the office of the Administrative Agent specified in such notice, not later than 11:00 a.m., Philadelphia time, on the Business Day after the date the Administrative Agent notifies each Bank. In the event that any Bank fails to make available to the Administrative Agent the amount of such Bank's participation in such unreimbursed amount as provided herein, such Issuing Bank shall be entitled to recover such amount on demand from such Bank together with interest thereon at a rate per annum equal to the Alternate Base Rate for each day during the period between the Reimbursement Date and the date on which such Bank makes available its participation in such unreimbursed amount. The failure of any Bank to make available to the Administrative Agent its pro rata share of any such unreimbursed amount shall not relieve any other Bank of its obligations hereunder to make
Payment by Banks. 38 Section 2.26 Compensation..........................................38 Section 2.27
