Common use of Confirming Letters of Credit Clause in Contracts

Confirming Letters of Credit. The full amount of each payment made to the Administrative Agent under any confirming letter of credit issued on behalf of any Liquidity Bank pursuant to the terms hereof, shall be applied to such Liquidity Bank’s obligation to make the Liquidity Loans in respect of which such drawing is made to the same extent as if the amount thereof had been paid directly to the Administrative Agent by such Liquidity Bank. Each such payment shall be deemed to satisfy such Liquidity Bank’s obligation to fund hereunder to the extent of such payment.

Confirming Letters of Credit. The full amount of each payment made to the Administrative Agent under any confirming letter of credit issued on behalf of any Liquidity Bank pursuant to the terms hereof, shall be applied to such Liquidity Bank’s 's obligation to make the Liquidity Loans in respect of which such drawing is made to the same extent as if the amount thereof had been paid directly to the Administrative Agent by such Liquidity Bank. Each such payment shall be deemed to satisfy such Liquidity Bank’s 's obligation to fund hereunder to the extent of such payment.