Common use of Funding of Drawings Clause in Contracts

Funding of Drawings. Upon receipt from the beneficiary of any Letter of Credit of any demand for payment or other drawing under such Letter of Credit, the Agent shall promptly notify the Borrower and each Revolving Bank as to the amount to be paid as a result of such demand or drawing and the respective payment date. Not later than 11:00 a.m. on the applicable payment date (or 11:00 a.m. on the next Business Day after notice of such drawing is given, if later), each Revolving Bank will make available to the Agent, at the Principal Office, in Immediately available funds, an amount equal to such Revolving Bank's Revolving Commitment Percentage of the amount to be paid as a result of such demand or drawing even if the conditions to a Loan under Article 7 have not been satisfied.

Funding of Drawings. Upon receipt from the beneficiary of any Letter of Credit of any demand for payment or other drawing under such Letter of Credit, the Agent shall promptly notify the Borrower and each Revolving Bank as to the amount to be paid as a result of such demand or drawing and the respective payment date. Not later than 11:00 a.m. on the applicable payment date (or 11:00 a.m. on the next Business Day after notice of such drawing is given, if later), each Revolving Bank will make available to the Agent, at the Principal Office, in Immediately immediately available funds, an amount equal to such Revolving Bank's Revolving Commitment Percentage of the amount to be paid as a result of such demand or drawing even if the conditions to a Loan under Article 7 have not been satisfied.