Common use of Participation by Other Banks Clause in Contracts

Participation by Other Banks. (a) Upon the issuance of a Letter of Credit, each Bank shall share the obligation represented by each such Letter of Credit so issued, in an amount equal to such Bank's Pro Rata Share. The participation of each Bank in each Letter of Credit shall be automatic. Each Bank shall make available to the Issuer, regardless of whether any Default or Event of Default shall have occurred and is continuing, an amount equal to its respective Pro Rata Share of each drawing on each Letter of Credit in same day or immediately available funds not later than 11:00 a.m. New Orleans time on each Disbursement Date (as hereinafter defined) for each such drawing. In the event that any Bank fails to make available to the Issuer the amount of such Bank's Pro Rata Share of any drawing on a Letter of Credit as provided herein, the Issuer shall be entitled to recover such amount on demand from such Bank together with interest at the daily average Federal Funds Rate for the first two Business Days after the Disbursement Date and thereafter at the Base Rate. (b) The Issuer shall distribute to each Bank that has paid all amounts payable by it under this Section 4.2 with respect to any Letter of Credit issued by the Issuer such Bank's Pro Rata Share of all payments received by the Issuer from the Borrower in reimbursement of drawings honored by Issuer under such Letter of Credit when such payments are received (to the extent that such Bank has not already received such amounts).

Participation by Other Banks. (a) Upon the issuance of a Letter of Credit, each Bank shall share the obligation represented by each such Letter of Credit so issued, in an amount equal to such Bank's Pro Rata Share. The participation of each Bank in each Letter of Credit shall be automatic. Each other Bank shall make available to the IssuerWhitney, regardless of whether any Default or Event of Default shall have occurred and is continuing, an amount equal to its respective Pro Rata Share of each drawing on each Letter of Credit in same day or immediately available funds not later than 11:00 a.m. New Orleans time on each Disbursement Date (as hereinafter defined) for each such drawing. In the event that any Bank fails to make available to the Issuer Whitney the amount of such Bank's Pro Rata Share of any drawing on a Letter of Credit as provided herein, the Issuer Whitney shall be entitled to recover such amount on demand from such Bank together with interest at the daily average Federal Funds Rate for the first two Business Days after the Disbursement Date and thereafter at the Base Rate. (b) The Issuer Whitney shall distribute to each Bank that has paid all amounts payable by it under this Section 4.2 with respect to any Letter of Credit issued by the Issuer Whitney such Bank's Pro Rata Share of all payments received by the Issuer Whitney from the Borrower in reimbursement of drawings honored by Issuer Whitney under such Letter of Credit when such payments are received (to the extent that such Bank has not already received such amounts).

Participation by Other Banks. (a) Upon the issuance of a Letter of Credit, each Bank shall share the obligation represented by each such Letter of Credit so issued, in an amount equal to such Bank's Pro Rata Share. The participation of each Bank in each Letter of Credit shall be automatic. Each Bank shall make available to the Issuer, regardless of whether any Default or Event of Default shall have occurred and is continuing, an amount equal to its respective Pro Rata Share of each drawing on each Letter of Credit in same day or immediately available funds not later than 11:00 a.m. New Orleans time on each Disbursement Date (as hereinafter defined) for each such drawing. In the event that any Bank fails to make available to the Issuer the amount of such Bank's Pro Rata Share of any drawing on a Letter of Credit as provided herein, the Issuer shall be entitled to recover such amount on demand from such Bank together with interest at the daily average Federal Funds Rate for the first two Business Days after the Disbursement Date and thereafter at the Base Rate. (b) The Issuer shall distribute to each Bank that has paid all amounts payable by it under this Section 4.2 with respect to any Letter of Credit issued by the Issuer such Bank's Pro Rata Share of all payments received by the Issuer from the Borrower in reimbursement of drawings honored by Issuer under such Letter of Credit when such payments are received (to the extent that such Bank has not already received such amounts)received.