Common use of PAYMENT UNDERTAKING Clause in Contracts

PAYMENT UNDERTAKING. The Sponsors hereby jointly and severally and unconditionally and irrevocably undertake to the Borrower and as a separate and independent obligation to the Security Agent that in the event that in any calendar month the Monthly Opex Amount exceeds the Monthly Outgoings for that calendar month they will, within 7 Banking Days of first written demand from the Facility Agent, pay to the Borrower in accordance with Clause 9 such amount as is determined by the Facility Agent to be equal to the amount of such excess for that calendar month.