Common use of DEMANDS UNDER A LETTER OF CREDIT OR GUARANTEE Clause in Contracts

DEMANDS UNDER A LETTER OF CREDIT OR GUARANTEE. If a demand for payment is made under a Letter of Credit or Guarantee on the Issuer, the Issuer shall promptly notify the Agent of such demand and pay the sum demanded in accordance with the terms of the relevant Letter of Credit or Guarantee, whereupon: (a) the Agent shall not later than four hours after receipt of such demand, if such demand is made prior to 1.00 pm (London time) on any business day, or otherwise by 10.00 am (London time) on the next succeeding business day, notify each Lender of the amount of such demand and such Lender's proportion thereof which such Lender shall be obliged to pay; and (b) each Lender shall on the date of such notification make its share of the amount demanded available to the Agent for the benefit of the Issuer in immediately available funds. If any Lender is unable to make its share of such amount available on such date, it shall nevertheless do so as soon as possible thereafter and in any event by no later than two business days after the date notice of such requirement was given to it by the Agent, together with interest thereon from the date of such notice to the date of payment at the rate specified by the Agent as representing the Issuer's cost of funds.

DEMANDS UNDER A LETTER OF CREDIT OR GUARANTEE. If a demand for payment is made under a Letter of Credit or Guarantee on the Issuer, the Issuer shall promptly notify the Agent of such demand and pay the sum demanded in accordance with the terms of the relevant Letter of Credit or Guarantee, whereupon: (a) the Agent shall not later than four hours after receipt of such demand, if such demand is made prior to 1.00 pm p.m. (London time) on any business day, or otherwise by 10.00 am a.m. (London time) on the next succeeding business day, notify each Lender of the amount of such demand and such Lender's proportion ’s Participating Proportion thereof which such Lender shall be obliged to pay; and (b) each Lender shall on the date of such notification make its share of the amount demanded available to the Agent for the benefit of the Issuer in immediately available funds. If any Lender is unable to make its share of such amount available on such date, it shall nevertheless do so as soon as possible thereafter and in any event by no later than two business days after the date notice of such requirement was given to it by the Agent, together with interest thereon from the date of such notice to the date of payment at the rate specified by the Agent as representing the Issuer's ’s cost of funds.

DEMANDS UNDER A LETTER OF CREDIT OR GUARANTEE. If a demand for payment is made under a Letter of Credit or Guarantee on the Issuer, the Issuer shall promptly notify the Agent of such demand and pay the sum demanded in accordance with the terms of the relevant Letter of Credit or Guarantee, whereupon: (a) the Agent shall not later than four hours after receipt of such demand, if such demand is made prior to 1.00 pm (London time) on any business day, or otherwise by 10.00 am (London time) on the next succeeding business day, notify each Lender of the amount of such demand and such Lender's proportion thereof which such Lender shall be obliged to pay; and (b) each Lender shall on the date of such notification make its share of the amount demanded available to the Agent for the benefit of the Issuer in immediately available funds. If any Lender is unable to make its share of such amount available on such date, it shall nevertheless do so as soon as possible thereafter and in any event by no later than two business days after the date notice of such requirement was given to it by the Agent, together with interest thereon from the date of such notice to the date of payment at the rate specified by the Agent as representing the Issuer's cost of funds.