Common use of Nature of Banks' Funding Clause in Contracts

Nature of Banks' Funding. If the conditions precedent set forth in Section 4 can be satisfied on the date the Borrower is obligated to make, but fails to make, a reimbursement of a payment under a Letter of Credit, the funding by Banks pursuant to subsection (d) above shall be deemed to be an advance under the Revolving Line (without regard to the minimum amount therefor) requested by the Borrower. If the conditions precedent set forth in Section 4 cannot be satisfied on the date the Borrower is obligated to make, but fails to make, a reimbursement of a payment under a Letter of Credit, the funding by Banks pursuant to subsection (d) above shall be deemed to be a funding by each Bank of its participation in such Letter of Credit, and such funds shall be payable by the Borrower upon demand and shall bear interest at a rate which is equal to the Note Rate plus 2% per annum, and each Bank making such funding shall thereupon acquire a pro rata participation, to the extent of such reimbursement, in the claim of Issuing Bank against the Borrower in respect of such payment and shall share, in accordance with that pro rata participation, in any payment made by the Borrower with respect to such claim.

Nature of Banks' Funding. If the conditions precedent set forth in Section 4 can be satisfied (except for the giving of a Request for Extension of Credit) on the date the Borrower Company is obligated to make, but fails to make, a reimbursement of a payment under a Letter of Credit, the funding by Banks pursuant to subsection (d) above shall be deemed to be an advance under the Revolving Line part of a Borrowing of Loans which are Base Rate Loans (without regard to the minimum amount therefor) requested by the BorrowerCompany. If the conditions precedent set forth in Section 4 cannot be satisfied on the date the Borrower Company is obligated to make, but fails to make, a reimbursement of a payment under a Letter of Credit, the funding by Banks pursuant to subsection (d) above shall be deemed to be a funding by each Bank of its participation in such Letter of Credit, and such funds shall be payable by the Borrower Company upon demand and shall bear interest at a rate which is equal to the Note Base Rate plus the Applicable Amount, if any, plus 2% per annum, and each Bank making such funding shall thereupon acquire a pro rata participation, to the extent of such reimbursement, in the claim of Issuing Bank against the Borrower Company in respect of such payment and shall share, in accordance with that pro rata participation, in any payment made by the Borrower Company with respect to such claim.

Nature of Banks' Funding. If the conditions precedent set ------------------------ forth in Section 4 can be satisfied (except for the giving of a Request for --------- Extension of Credit) on the date the Borrower Company is obligated to make, but fails to make, a reimbursement of a payment under a Letter of Credit, the funding by Banks pursuant to subsection (d) above shall be deemed to be an advance under the Revolving Line part of a Borrowing of Loans which are Base Rate Loans (without regard to the minimum amount therefor) requested by the BorrowerCompany. If the conditions precedent set forth in Section 4 cannot be satisfied on the date the Borrower Company is obligated to make, but --------- fails to make, a reimbursement of a payment under a Letter of Credit, the funding by Banks pursuant to subsection (d) above shall be deemed to be a funding by each Bank of its participation in such Letter of Credit, and such funds shall be payable by the Borrower Company upon demand and shall bear interest at a rate which is equal to the Note Base Rate plus the Applicable Amount, if any, plus 2% ---- per annum, and each Bank making such funding shall thereupon acquire a pro rata participation, to the extent of such reimbursement, in the claim of Issuing Bank against the Borrower Company in respect of such payment and shall share, in accordance with that pro rata participation, in any payment made by the Borrower Company with respect to such claim.

Nature of Banks' Funding. If the conditions precedent set forth ------------------------ in Section 4 4.2 can be satisfied (except for the giving of a Notice of Borrowing) on the any date the Borrower Company is obligated to maketo, but fails to maketo, reimburse any Issuing Bridge Lender for a reimbursement of a payment drawing under a Lender Bridge Letter of Credit, the funding by Banks pursuant to the previous subsection (d) above shall be deemed to be an advance under the Revolving Line (without regard to the minimum amount therefor) a Borrowing of Base Rate Loans deemed requested by the BorrowerCompany. If the conditions precedent set forth in Section 4 4.2 cannot be satisfied on the date the Borrower Company is obligated to maketo, but fails to maketo, reimburse any Issuing Bridge Lender for a reimbursement of a payment drawing under a Lender Bridge Letter of Credit, the funding by Banks pursuant to the previous subsection (d) above shall be deemed to be a funding by each Bank of its risk participation in such Lender Bridge Letter of Credit, and such funds shall be payable by the Borrower upon demand and shall bear interest at a rate which is equal to the Note Rate plus 2% per annum, and each Bank making such funding shall thereupon acquire a pro rata participation, to the extent of such its reimbursement, in the claim of such Issuing Bank Bridge Lender against the Borrower Company in respect of such payment and shall share, in accordance with that pro rata participation, in any payment made by the Borrower Company with respect to such claim. Any amounts made available by a Bank under its risk participation shall be payable by Company upon demand of Administrative Agent, and shall bear interest at a rate per annum equal to the Default Rate.

Nature of Banks' Funding. If the conditions precedent set forth in Section 4 5.2 can be satisfied on the any date the Borrower is obligated to maketo, but fails to maketo, reimburse the Issuing Bank for a reimbursement of a payment drawing under a Letter of Credit, the funding by Banks pursuant to the previous subsection (d) above shall be deemed to be an advance under the Revolving Line a Borrowing of Base Rate Loans (without regard to the any minimum amount therefor) deemed requested by the BorrowerBorrower in the amount of such drawing or the Dollar Equivalent of such drawing. If the conditions precedent set forth in Section 4 5.2 cannot be satisfied on the date the Borrower is obligated to maketo, but fails to maketo, reimburse the Issuing Bank for a reimbursement of a payment drawing under a Letter of Credit, the funding by Banks pursuant to the previous subsection (d) above shall be deemed to be a funding by each Bank of its risk participation in such Letter of Credit, and in Dollars in the Dollar Equivalent Amount of such funds shall be payable by the Borrower upon demand and shall bear interest at a rate which is equal to the Note Rate plus 2% per annumfunding, and each Bank making such funding shall thereupon acquire a pro rata participation, to the extent of such its reimbursement, in the claim of the Issuing Bank against the Borrower in respect of such payment and shall share, in accordance with that pro rata participation, in any payment made by the Borrower with respect to such claim. Any amounts made available by a Bank under its risk participation shall be payable by the Borrower upon demand of Administrative Agent, and shall bear interest at a rate per annum equal to the Base Rate plus the Applicable Margin plus 2% per annum.

Nature of Banks' Funding. If the conditions precedent set forth ------------------------ in Section 4 5.2 can be satisfied on the any date the Borrower is obligated to maketo, ----------- but fails to maketo, reimburse the Issuing Bank for a reimbursement of a payment drawing under a Letter of Credit, the funding by Banks pursuant to the previous subsection (d) above shall be deemed to be an advance under the Revolving Line a Borrowing of Base Rate Loans (without regard to the any minimum amount therefor) deemed requested by the BorrowerBorrower in the amount of such drawing or the Dollar Equivalent of such drawing. If the conditions precedent set forth in Section 4 5.2 cannot be satisfied on the date the ----------- Borrower is obligated to maketo, but fails to maketo, reimburse the Issuing Bank for a reimbursement of a payment drawing under a Letter of Credit, the funding by Banks pursuant to the previous subsection (d) above shall be deemed to be a funding by each Bank of its risk participation in such Letter of Credit, and in Dollars in the Dollar Equivalent Amount of such funds shall be payable by the Borrower upon demand and shall bear interest at a rate which is equal to the Note Rate plus 2% per annumfunding, and each Bank making such funding shall thereupon acquire a pro rata participation, to the extent of such its reimbursement, in the claim of the Issuing Bank against the Borrower in respect of such payment and shall share, in accordance with that pro rata participation, in any payment made by the Borrower with respect to such claim. Any amounts made available by a Bank under its risk participation shall be payable by the Borrower upon demand of Administrative Agent, and shall bear interest at a rate per annum equal to the Base Rate plus the Applicable Margin plus 2% per annum.

Nature of Banks' Funding. If the conditions precedent set forth ------------------------ in Section 4 5.2 can be satisfied on the any date the Borrower Parent is obligated to maketo, but ----------- fails to maketo, reimburse the Issuing Bank for a reimbursement of a payment drawing under a Letter of Credit, the funding by Banks pursuant to the previous subsection (d) above shall be deemed to be an advance under the Revolving Line a Borrowing of Base Rate Loans (without regard to the any minimum amount therefor) deemed requested by the BorrowerParent in the amount of such drawing or the Dollar Equivalent of such drawing. If the conditions precedent set forth in Section 4 5.2 cannot be satisfied on the date the Borrower ----------- Parent is obligated to maketo, but fails to maketo, reimburse the Issuing Bank for a reimbursement of a payment drawing under a Letter of Credit, the funding by Banks pursuant to the previous subsection (d) above shall be deemed to be a funding by each Bank of its risk participation in such Letter of Credit, and in Dollars in the Dollar Equivalent Amount of such funds shall be payable by the Borrower upon demand and shall bear interest at a rate which is equal to the Note Rate plus 2% per annumfunding, and each Bank making such funding shall thereupon acquire a pro rata participation, to the extent of such its reimbursement, in the claim of the Issuing Bank against the Borrower Parent in respect of such payment and shall share, in accordance with that pro rata participation, in any payment made by the Borrower Parent with respect to such claim. Any amounts made available by a Bank under its risk participation shall be payable by the Parent upon demand of Administrative Agent, and shall bear interest at a rate per annum equal to the Base Rate plus the Applicable Margin plus 2% per annum.

Nature of Banks' Funding. If the conditions precedent set forth in Section 4 SECTION 4.02 can be satisfied (except for the execution and delivery of a Letter of Credit Application) on the any date the Borrower Company is obligated to maketo, but fails to maketo, reimburse the Issuing Bank for a reimbursement of a payment drawing under a Letter of Credit, the funding by the Banks pursuant to subsection (d) above SECTION 11.04 shall be deemed to be an advance under the Revolving Line a Borrowing of Base Rate Committed Loans (without regard to the minimum amount Minimum Amount therefor) deemed requested by the BorrowerCompany. If the conditions precedent set forth in Section 4 SECTION 4.02 cannot be satisfied on the date the Borrower Company is obligated to maketo, but fails to maketo, reimburse the Administrative Agent for the account of the Issuing Bank for a reimbursement of a payment drawing under a Letter of Credit, the funding by the Banks pursuant to subsection (d) above SECTION 11.04 shall be deemed to be a funding by each Bank of its risk participation in such Letter of Credit, and such funds shall be payable by the Borrower upon demand and shall bear interest at a rate which is equal to the Note Rate plus 2% per annum, and each Bank making such funding shall thereupon acquire a pro rata participation, to the extent of such its reimbursement, in the claim of the Issuing Bank against the Borrower Company in respect of such payment and shall share, in accordance with that pro rata participation, in any payment made by the Borrower Company with respect to such claim. Any amounts made available by a Bank under its risk participation shall be payable by the Company upon demand of Administrative Agent, and shall bear interest at a rate per annum equal to the Base Rate plus the Applicable Margin.