Sharing of Letter of Credit Payments. In the event that the Letter of Credit Issuer makes any payment under any Letter of Credit for which the Borrower shall not have repaid such amount to the Letter of Credit Issuer pursuant to Section 11.07 or which cannot be paid by an Advance pursuant to Subsection (iii) of Section 11.05(a), the Letter of Credit Issuer shall promptly notify each Lender of such failure, and each Lender shall promptly and unconditionally pay to the Letter of Credit Issuer such Lender’s ratable share of the amount of such payment in Dollars and in same day funds. If the Letter of Credit Issuer so notifies such Lender prior to 11:00 A.M. (Winston-Salem, North Carolina time) on any Domestic Business Day, such Lender shall make available to the Letter of Credit Issuer its ratable share of the amount of such payment on such Domestic Business Day in same day funds. If and to the extent such Lender shall not have so made its ratable share of the amount of such payment available to the Letter of Credit Issuer, such Lender agrees to pay to the Letter of Credit Issuer forthwith on demand such amount together with interest thereon, for each day from the date such payment was first due until the date such amount is paid to the Letter of Credit Issuer at the Base Rate. The failure of any Lender to make available to the Letter of Credit Issuer its ratable share of any such payment shall neither relieve nor increase the obligation of any other Lender hereunder to make available to the Letter of Credit Issuer its ratable share of any payment on the date such payment is to be made.
Sharing of Letter of Credit Payments. In the event that CIT makes any payment in respect of the Letter of Credit Guaranty and the Borrower shall not have repaid such amount to the Agent for the account of CIT, the Agent shall charge the Loan Account in the amount of the Reimbursement Obligation, in accordance with Section 3.01(a)(ii) hereof.
Sharing of Letter of Credit Payments. In the event that NationsBank makes a payment under any Letter of Credit and NationsBank shall not have been repaid such amount pursuant to SECTION 2A.6, then NationsBank shall be deemed to have made a Non-Ratable Loan in the amount of such payment, and notwithstanding the occurrence or continuance of a Default or Event of Default at the time of such payment, such Non-Ratable Loan shall be subject to the provisions of SECTION 3.8(b) and the absolute obligations of the Lenders to pay for their respective participation interests therein.
Sharing of Letter of Credit Payments. In the event that the Issuing Bank makes a payment under any Letter of Credit and the Issuing Bank shall not have been repaid such amount pursuant to SECTION 3.6, then the Issuing Bank shall be deemed to have made a Non-Ratable Loan in the amount of such payment, and notwithstanding the occurrence or continuance of a Default or Event of Default at the time of such payment, such Non-Ratable Loan shall be subject to the provisions of SECTION 4.8 and the absolute obligations of the Lenders to pay for their respective participation interests therein.
Sharing of Letter of Credit Payments. In the event that the Agent makes any payment under any Letter of Credit for which the Borrower shall not have repaid such amount to the Agent pursuant to Section 3.05 or which cannot be paid by a Tender Advance, the Agent shall promptly notify each Bank of such failure, and each Bank shall promptly and unconditionally pay to the Agent such Bank's Commitment Percentage of the amount of such payment in Dollars and in same day funds. If the Agent so notifies such Bank prior to 10:00 A.M. (Atlanta, Georgia time) on any Domestic Business Day, such Bank shall make available to the Agent its Commitment Percentage of the amount of such payment on such Domestic Business Day in same day funds. If and to the extent such Bank shall not have so made its Commitment Percentage of the amount of such payment available to the Agent, such Bank agrees to pay to the Agent forthwith on demand such amount together with interest thereon, for each day from the date such payment was first due until the date such amount is paid to the Agent at the Base Rate for the first 3 days and thereafter at the Default Rate. The failure of any Bank to make available to the Agent its Commitment Percentage of any such payment shall neither relieve nor increase the obligation of any other Bank hereunder to make available to the Agent its Commitment Percentage of any payment on the date such payment is to be made.
Sharing of Letter of Credit Payments. In the event that FCC makes a payment under any Letter of Credit Guarantee and shall not have been repaid such amount pursuant to Section 2A, then the Borrowers shall be deemed to have requested a Base Rate Revolving Credit Loan in the amount of such payment and, notwithstanding the occurrence or continuance of a Default or Event of Default at the time of such payment, each Lender shall be absolutely obligated to make its ratable portion of such Loan available to the Administrative Agent for disbursement as provided by Section 2.2(b) or to purchase a participation in the payment made by FCC under any such Letter of Credit Guarantee.
Sharing of Letter of Credit Payments. In the event that BankBoston makes a payment under any Letter of Credit and BankBoston shall not have been repaid such amount pursuant to Section 3.6, then BankBoston shall be deemed to have made a non-ratable Revolving Credit Loan in the amount of such payment, and notwithstanding the occurrence or continuance of a Default or Event of Default at the time of such payment, such non-ratable Loan shall be subject to the provisions of Section 3.7(c) and the absolute obligations of the Lenders to pay for their respective participation interests therein.
Sharing of Letter of Credit Payments. In the event that BankBoston makes a payment under any Letter of Credit and BankBoston shall not have been repaid such amount pursuant to SECTION 3.6, then the Borrowers shall be deemed to have requested a Base Rate Revolving Credit Loan in the amount of such payment, and notwithstanding the occurrence or continuance of a Default or Event of Default at the time of such payment, each Revolving Credit
Sharing of Letter of Credit Payments. In the event that an Issuer makes any payment under any Letter of Credit for which the Borrower shall not have repaid such amount to the Issuer pursuant to SECTION 2.15(a) or which cannot be paid by a Revolving Loan pursuant to subsection (iii) of SECTION 2.14(a), excluding however, the Prudential Notes Letter of Credit and each Commercial Letter of Credit, the Issuer shall notify the Administrative Agent and the Administrative Agent shall promptly notify each Lender of such failure, and each Lender shall promptly and unconditionally pay to the Issuer such Lender's pro rata share of the amount of such payment in Dollars and in same day funds. If the Administrative Agent so notifies such Lender prior to 10:00 A.M. (Atlanta, Georgia time) on any Domestic Business Day, such Lender shall make available to the Administrative Agent its pro rata share of the amount of such payment on such Domestic Business Day in same day funds. If and to the extent such Lender shall not have so made its pro rata share of the amount of such payment available to the Issuer, such Lender agrees to pay to the Administrative Agent forthwith on demand such amount together with interest thereon, for each day from the date such payment was first due until the date such amount is paid to Issuer at the Federal Funds Rate for the three (3) days and thereafter at the Base Rate. The failure of any Lender to make available to the Issuer its pro rata share of any such payment shall neither relieve nor increase the obligation of any other Lender hereunder to make available to the Issuer its pro rata share of any payment on the date such payment is to be made.
Sharing of Letter of Credit Payments. In the event that the Issuing Bank makes a payment under any Letter of Credit and the Issuing Bank shall not have been repaid such amount pursuant to Section 2A.07 hereof, the Agent shall notify each Bank, and each Bank shall unconditionally pay to the Agent at its principal office for the account of the Issuing Bank, as and when provided hereinbelow, an amount equal to such Bank's Commitment Proportion of the amount of such payment in Dollars and in immediately available funds. If the Agent so notifies the Banks by not later than 11:00 a.m. (New York time) on any Banking Day, each Bank shall make available to the Agent the amount of such payment, as provided in the immediately preceding sentence, on such Banking Day. If the Agent so notifies the Banks after 11:00 a.m. (New York time) on any Banking Day, each Bank shall make available to the Agent the amount of such payment, as provided in the second preceding sentence, together with interest thereon at the Federal Funds Rate, by not later than 11:00 a.m. (New York time) on the next Banking Day. Such amounts paid by the Banks to the Agent shall constitute Loans which shall be deemed to have been requested by the Borrower pursuant to Article 2 hereof.
