Common use of Payment by Synthetic Letter of Credit Lenders Clause in Contracts

Payment by Synthetic Letter of Credit Lenders. In the event that Borrower shall fail for any reason to reimburse any Synthetic Letter of Credit Issuing Lender as provided in subsection 3.3B(iii) in an amount equal to the amount of any payment by such Synthetic Letter of Credit Issuing Lender under a Synthetic Letter of Credit issued by it, such Synthetic Letter of Credit Issuing Lender shall promptly notify Administrative Agent, who will, upon request by any Synthetic Letter of Credit Lender, notify such Synthetic Letter of Credit Lender of the unreimbursed amount of such honored drawing and of such Synthetic Letter of Credit Lender's respective participation therein based on such Synthetic Letter of Credit Lender's Pro Rata Share. Each Synthetic Letter of Credit Lender hereby irrevocably authorizes the Administrative Agent to make such payment available to such Synthetic Letter of Credit Issuing Lender in an amount equal to such Synthetic Letter of Credit Lender's respective participation from such Synthetic Letter of Credit Lender's Credit-Linked Deposit. In the event that the Administrative Agent reasonably determines that applicable law or the order of any court or other Government Authority stays or prohibits the Administrative Agent from making available to such Synthetic Letter of Credit Issuing Lender on such business day the full amount of each Synthetic Letter of Credit Lender's participation in such Synthetic Letter of Credit as provided in this subsection 3.3C(i)(c), such Synthetic Letter of Credit Issuing Lender shall, without further act, become the owner of, and succeed to the rights of such Synthetic Letter of Credit Lender with respect to, a portion of such Synthetic Letter of Credit Lender's Credit-Linked Deposit in an amount equal to the amount of the portion of such participation not so made available, together with all interest, fees, amounts payable pursuant to subsection 3.6D and all other amounts payable thereon. Nothing in this subsection 3.3C(i)(c) shall be deemed to prejudice the right of any Lender to recover from any Synthetic Letter of Credit Issuing Lender any amounts made available by such Synthetic Letter of Credit Lender to such Synthetic Letter of Credit Issuing Lender pursuant to this subsection 3.3C(i)(c) in the event that it is determined by the final judgment of a court of competent jurisdiction that the payment with respect to a Synthetic Letter of Credit by such Synthetic Letter of Credit Issuing Lender in respect of which payment was made by such Synthetic Letter of Credit Lender constituted gross negligence or willful misconduct on the part of such Synthetic Letter of Credit Issuing Lender.".

Payment by Synthetic Letter of Credit Lenders. In the event that Borrower shall fail for any reason to reimburse any Synthetic Letter of Credit Issuing Lender as provided in subsection 3.3B(iii3.3B(ii) in an amount equal to the amount of any payment by such Synthetic Letter of Credit Issuing Lender under a Synthetic Letter of Credit issued by it, such Synthetic Letter of Credit Issuing Lender shall promptly notify Administrative Agent, who will, upon request by any Synthetic Letter of Credit Lender, notify such each Synthetic Letter of Credit Lender of the unreimbursed amount of such honored drawing and of such Synthetic Letter of Credit Lender's ’s respective participation therein based on such Synthetic Letter of Credit Lender's ’s Pro Rata Share. Each Synthetic Letter of Credit Lender hereby irrevocably authorizes the Administrative Agent to make such payment available to such Synthetic Letter of Credit Issuing Lender on the first Business Day after the date notified by Administrative Agent in an amount equal to such Synthetic Letter of Credit Lender's ’s respective participation from such Synthetic Letter of Credit Lender's ’s Credit-Linked Deposit. In the event that the Administrative Agent reasonably determines that applicable law or the order of any court or other Government Authority stays or prohibits the Administrative Agent from making available to such Synthetic Letter of Credit Issuing Lender on such business day Business Day the full amount of each Synthetic Letter of Credit Lender's ’s participation in such Synthetic Letter of Credit as provided in this subsection 3.3C(i)(c3.3C(i)(b), such Synthetic Letter of Credit Issuing Lender shall, without further act, become the owner of, and succeed to the rights of such Synthetic Letter of Credit Lender with respect to, a portion of such Synthetic Letter of Credit Lender's ’s Credit-Linked Deposit in an amount equal to the amount of the portion of such participation not so made available, together with all interest, fees, amounts payable pursuant to subsection 3.6D and all other amounts payable thereon. Nothing in this subsection 3.3C(i)(c3.3C(i)(b) shall be deemed to prejudice the right of any Lender to recover from any Synthetic Letter of Credit Issuing Lender any amounts made available by such Synthetic Letter of Credit Lender to such Synthetic Letter of Credit Issuing Lender pursuant to this subsection 3.3C(i)(c3.3C(i)(b) in the event that it is determined by the final judgment of a court of competent jurisdiction that the payment with respect to a Synthetic Letter of Credit by such Synthetic Letter of Credit Issuing Lender in respect of which payment was made by such Synthetic Letter of Credit Lender constituted gross negligence or willful misconduct on the part of such Synthetic Letter of Credit Issuing Lender.".

Payment by Synthetic Letter of Credit Lenders. In the event that Borrower shall fail for any reason to reimburse any Synthetic Letter of Credit Issuing Lender as provided in subsection 3.3B(iii) in an amount equal to the amount of any payment by such Synthetic Letter of Credit Issuing Lender under a Synthetic Letter of Credit issued by it, such Synthetic Letter of Credit Issuing Lender shall promptly notify Administrative Agent, who will, upon request by any Synthetic Letter of Credit Lender, notify such each Synthetic Letter of Credit Lender of the unreimbursed amount of such honored drawing and of such Synthetic Letter of Credit Lender's ’s respective participation therein based on such Synthetic Letter of Credit Lender's ’s Pro Rata Share. Each Synthetic Letter of Credit Lender hereby irrevocably authorizes the Administrative Agent to make such payment available to such Synthetic Letter of Credit Issuing Lender on the first Business Day after the date notified by Administrative Agent in an amount equal to such Synthetic Letter of Credit Lender's ’s respective participation from such Synthetic Letter of Credit Lender's ’s Credit-Linked Deposit. In the event that the Administrative Agent reasonably determines that applicable law or the order of any court or other Government Authority stays or prohibits the Administrative Agent from making available to such Synthetic Letter of Credit Issuing Lender on such business day Business Day the full amount of each Synthetic Letter of Credit Lender's ’s participation in such Synthetic Letter of Credit as provided in this subsection 3.3C(i)(c), such Synthetic Letter of Credit Issuing Lender shall, without further act, become the owner of, and succeed to the rights of such Synthetic Letter of Credit Lender with respect to, a portion of such Synthetic Letter of Credit Lender's ’s Credit-Linked Deposit in an amount equal to the amount of the portion of such participation not so made available, together with all interest, fees, amounts payable pursuant to subsection 3.6D and all other amounts payable thereon. Nothing in this subsection 3.3C(i)(c) shall be deemed to prejudice the right of any Lender to recover from any Synthetic Letter of Credit Issuing Lender any amounts made available by such Synthetic Letter of Credit Lender to such Synthetic Letter of Credit Issuing Lender pursuant to this subsection 3.3C(i)(c) in the event that it is determined by the final judgment of a court of competent jurisdiction that the payment with respect to a Synthetic Letter of Credit by such Synthetic Letter of Credit Issuing Lender in respect of which payment was made by such Synthetic Letter of Credit Lender constituted gross negligence or willful misconduct on the part of such Synthetic Letter of Credit Issuing Lender.".

Payment by Synthetic Letter of Credit Lenders. In the event that Borrower shall fail for any reason to reimburse any Synthetic Letter of Credit Issuing Lender as provided in subsection 3.3B(iii) in an amount equal to the amount of any payment by such Synthetic Letter of Credit Issuing Lender under a Synthetic Letter of Credit issued by it, such Synthetic Letter of Credit Issuing Lender shall promptly notify Administrative Agent, who will, upon request by any Synthetic Letter of Credit Lender, notify such Synthetic Letter of Credit Lender of the unreimbursed amount of such honored drawing and of such Synthetic Letter of Credit Lender's ’s respective participation therein based on such Synthetic Letter of Credit Lender's ’s Pro Rata Share. Each Synthetic Letter of Credit Lender hereby irrevocably authorizes the Administrative Agent to make such payment available to such Synthetic Letter of Credit Issuing Lender in an amount equal to such Synthetic Letter of Credit Lender's ’s respective participation from such Synthetic Letter of Credit Lender's ’s Credit-Linked Deposit. In the event that the Administrative Agent reasonably determines that applicable law or the order of any court or other Government Authority stays or prohibits the Administrative Agent from making available to such Synthetic Letter of Credit Issuing Lender on such business day the full amount of each Synthetic Letter of Credit Lender's ’s participation in such Synthetic Letter of Credit as provided in this subsection 3.3C(i)(c), such Synthetic Letter of Credit Issuing Lender shall, without further act, become the owner of, and succeed to the rights of such Synthetic Letter of Credit Lender with respect to, a portion of such Synthetic Letter of Credit Lender's ’s Credit-Linked Deposit in an amount equal to the amount of the portion of such participation not so made available, together with all interest, fees, amounts payable pursuant to subsection 3.6D and all other amounts payable thereon. Nothing in this subsection 3.3C(i)(c) shall be deemed to prejudice the right of any Lender to recover from any Synthetic Letter of Credit Issuing Lender any amounts made available by such Synthetic Letter of Credit Lender to such Synthetic Letter of Credit Issuing Lender pursuant to this subsection 3.3C(i)(c) in the event that it is determined by the final judgment of a court of competent jurisdiction that the payment with respect to a Synthetic Letter of Credit by such Synthetic Letter of Credit Issuing Lender in respect of which payment was made by such Synthetic Letter of Credit Lender constituted gross negligence or willful misconduct on the part of such Synthetic Letter of Credit Issuing Lender.".