Common use of Payment by Banks Clause in Contracts

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. 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 the Revolving Credit 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.