Participations of Banks. Each such payment made by a Bank shall be treated as the purchase by such Bank of a participating interest in the Borrower's Reimbursement Obligation under Section 4.2 in an amount equal to such payment. Each Bank shall share in accordance with its participating interest in any interest which accrues pursuant to Section 4.2.
Participations of Banks. Each such payment made by a Bank shall be treated as the purchase by such Bank of a participating interest in the Borrower's Reimbursement Obligation under ss.
Participations of Banks. Each such payment made by a Bank in respect of a Letter of Credit Participation shall be treated as the purchase by such Bank of a participating interest in the Borrower's Reimbursement Obligation under (S)
Participations of Banks. (a) Immediately upon the issuance of each Letter of Credit, each Bank shall be deemed to, and hereby irrevocably unconditionally agrees to, purchase from the Issuing Bank a participation in such Letter of Credit and each drawing thereunder in any amount equal in each case to the product of (i) the Pro Rata Share of such Bank, times (ii) the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. Each issuance of a Letter of Credit shall be deemed to utilize the Commitment of each Bank by an amount equal to the amount of such Pro Rata Share.
(b) The Issuing Bank will promptly notify the Borrower of any drawing under a Letter of Credit. The Borrower shall reimburse the Issuing Bank on each date that any amount is paid by the Issuing Bank under any Letter of Credit (each such date, an "Honor Date") at such time(s) as are agreed upon by the Borrower and the Issuing Bank, in an amount equal to the amount so paid by the Issuing Bank. If the Borrower fails to reimburse the Issuing Bank for the full amount of any drawing under any Letter of Credit at such agreed upon time on the Honor Date, the Issuing Bank will promptly notify the Agent and the Agent will promptly notify each Bank thereof. The Honor Date shall, in every case, be not later than five (5) Business Days prior to the Maturity Date.
(c) Upon receipt of any notice from the Agent of any failure by the Borrower to reimburse the Issuing Bank, each Bank shall make available to the Agent for the account of the Issuing Bank such Bank's Pro Rata Share of the amount of such reimbursement. If, after receipt of such notice, any Bank fails to transfer its Pro Rata Share of the amount of such reimbursement to the Agent, interest shall accrue on such Bank's obligation to make such payment from the Honor Date to the date such Bank makes such payment, at a rate per annum equal to the Federal Funds Effective Rate in effect from time to time during such period. Any failure of the Agent to give notice to the Banks on an Honor Date or in sufficient time to enable any Bank to effect such payment on such date shall not relieve such Bank from its obligations under this subsection (c).
(d) Each Bank's payment to the Issuing Bank pursuant to Section 2A.03(c) hereof shall be deemed payment in respect of and in satisfaction of its participation in such Letter of Credit.
(e) Each Bank's obligation to make payment in respect of its participation in Letters of Credit shall be a...
Participations of Banks. 2. Reimbursement Obligation of the Borrower. ............
Participations of Banks. Reimbursement Obligation of the Borrower. 4.3.
Participations of Banks. Each such payment made by a Bank shall be treated as the purchase by such Bank of a participating
Participations of Banks. Each Bank shall share in accordance with its participating interest in any interest which accrues pursuant to Section 4.2.
Participations of Banks. 24 5.2. Reimbursement Obligations of Borrower; Effects of Drawing. 24 5.3. Letter of Credit Payments. 25 5.4. Obligations Absolute. 25 5.5. Reliance by Issuer. 26 5.6. Letter of Credit Fee. 26
Participations of Banks. 31- Section 4.2 Reimbursement Obligation of the Borrowers. . . . . . . . . . . . . . . . -32- Section 4.3 Letter of Credit Payments. . . . . . . . -32- Section 4.4 Obligations Absolute . . . . . . . . . . -33- Section 4.5 Reliance by Issuer . . . . . . . . . . . -33- Section 4.6 Letter of Credit Fees. . . . . . . . . . -34-
