Common use of Payment by Banks with Respect to Letters of Credit Clause in Contracts

Payment by Banks with Respect to Letters of Credit. In the event that the Borrower shall fail to reimburse PNC as provided in Section 2.7D hereof in an amount equal to the amount of any drawing honored by PNC under a Letter of Credit issued by PNC, PNC shall promptly notify each Bank of the unreimbursed amount of such drawing and of such Bank's respective participation therein, which participation shall be equal to such Bank's Pro Rata Share of the unreimbursed amount of such drawing. Each Bank shall make available to PNC an amount equal to its respective participation in same day funds, at the offices of PNC located at 500 Xxxx Xxxxxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxxx, not later than 1:00 P.M. (Louisville, Kentucky time) on the Business Day (under the laws of the Common- wealth of Kentucky) after the date notified by PNC, and each such amount so made available by each Bank will be deemed a Revolving Loan made by such Bank to the Borrower under this Loan Agreement as of the date such amount is so made available to PNC. In the event that any Bank fails to make available to PNC the amount of such Bank's participation in such Letter of Credit as provided in this Section 2.7E, PNC shall be entitled to recover such amount on demand from such Bank together with interest at the customary rate set by PNC for the correction of errors among banks for three Business Days and thereafter at the Federal Funds Rate. Nothing in this Section 2.7 shall be deemed to prejudice the right of any Bank to recover from PNC any amounts made available by such Bank to PNC pursuant to this Section 2.7E in the event that it is determined by a court of competent jurisdiction that the payment made by PNC with respect to a Letter of Credit in respect of which reimbursement was made by such Bank constituted gross negligence or willful miscon- duct on the part of PNC. PNC shall distribute to each other Bank which has paid all amounts payable by it under this Section 2.7E with respect to any Letter of Credit issued by PNC such other Banks Pro Rata Share of all payments received by PNC from the Borrower in reimbursement of drawings honored by PNC under such Letter of Credit, as the case may be, when such payments are received. Notwithstanding anything to the contrary herein, each Bank which has paid all amounts payable by it under this Section 2.7E shall have a direct right to reimbursement of such amounts from the Borrower, subject to the procedures for reimbursing Banks set forth in this Section 2.7.

Payment by Banks with Respect to Letters of Credit. In the event that the Borrower shall fail to reimburse PNC the Agent Bank as provided in Section 2.7D hereof in an amount equal to the amount of any drawing honored by PNC the Agent Bank under a Letter of Credit issued by PNCthe Agent Bank, PNC the Agent Bank shall promptly notify each Bank of the other Banks of the unreimbursed amount of such drawing and of such each Bank's respective participation therein, which participation shall be equal to such Bank's Revolving Credit Facility Pro Rata Share of the unreimbursed amount of such drawing. Each Bank shall make available to PNC the Agent Bank an amount equal to its respective participation in same day funds, at the offices of PNC the Agent Bank located at 500 000 Xxxx Xxxxxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxxx, Xxxxxxxx not later than 1:00 P.M. (Louisville, Kentucky time) on the Business Day (under the laws of the Common- wealth Commonwealth of Kentucky) after the date notified by PNCthe Agent Bank, and each such amount so made available by each Bank will be deemed a Revolving Credit Loan made by such Bank to the Borrower under this Loan Agreement as of the date such amount is so made available to PNCthe Agent Bank. In the event that any Bank fails to make available to PNC the Agent Bank the amount of such Bank's participation in such Letter of Credit as provided in this Section 2.7E, PNC the Agent Bank shall be entitled to recover such amount on demand from such Bank together with interest at the customary rate set by PNC the Agent Bank for the correction of errors among banks for three (3) Business Days and thereafter at the Federal Funds Effective Rate. Nothing in this Section 2.7 shall be deemed to prejudice the right of any Bank to recover from PNC the Agent Bank any amounts made available by such Bank to PNC the Agent Bank pursuant to this Section 2.7E in the event that it is determined by a court of competent jurisdiction that the payment made by PNC the Agent Bank with respect to a Letter of Credit in respect of which reimbursement was made by such Bank constituted gross negligence or willful miscon- duct misconduct on the part of PNCthe Agent Bank. PNC The Agent Bank shall distribute to each other Bank which Bank, to the extent that it has paid all amounts payable by it under this Section 2.7E with respect to any Letter of Credit issued by PNC the Agent Bank, such other Banks Bank's Revolving Credit Facility Pro Rata Share of all payments received by PNC the Agent Bank from the Borrower in reimbursement of drawings honored by PNC the Agent Bank under such Letter of Credit, as the case may be, when such payments are received. Notwithstanding anything to the contrary herein, each Bank which has paid all amounts payable by it under this Section 2.7E shall have a direct right to reimbursement of such amounts from the Borrower, subject to the procedures for reimbursing Banks such Bank set forth in this Section 2.7.

Payment by Banks with Respect to Letters of Credit. In the event that the Borrower shall fail to reimburse PNC as provided in Section 2.7D hereof in an amount equal to the amount of any drawing honored by PNC under a Letter of Credit issued by PNCCredit, PNC shall promptly notify each Bank of the unreimbursed amount of such drawing and of such Bank's respective participation therein, which participation shall be equal to such Bank's Pro Rata Share of the unreimbursed amount of such drawing. Each Bank shall make available to PNC an amount equal to its respective participation in such unreimbursed drawing in same day funds, funds at the offices of PNC located at 500 Xxxx Xxxxxxxxx XxxxxxCitizens Plaza, XxxxxxxxxxLouisville, XxxxxxxxKentucky, not later than 1:00 P.M. (Louisville, Kentucky time) time on the first Business Day (under the laws of the Common- wealth of Kentucky) after the date notified of notification thereof by PNC, and each such amount so made available by each Bank will be deemed a Revolving Loan made by such Bank to the Borrower under this Loan Agreement as of the date such amount is so made available to PNC. In the event that any Bank fails to make available to PNC the amount of such Bank's participation in such Letter of Credit unreimbursed drawing as provided in this Section 2.7E, PNC shall be entitled to recover such amount on demand from such Bank together with interest at the customary rate set by PNC for the correction of errors among banks for three Business Days and thereafter at the Federal Funds Effective Rate. Nothing in this Section 2.7 shall be deemed construed to prejudice the right of any Bank to recover from PNC any amounts made available by such Bank to PNC pursuant to this Section 2.7E in the event that it is determined by a court of competent jurisdiction that the payment made by PNC with respect to a Letter of Credit by PNC in respect of which reimbursement payment was made by such Bank constituted gross negligence or willful miscon- duct misconduct on the part of PNC. PNC shall distribute to each other Bank, to the extent such Bank which has paid all amounts payable by it under this Section 2.7E with respect to any Letter of Credit issued by PNC PNC, such other Banks Bank's Pro Rata Share of all payments received by PNC from the Borrower in reimbursement of drawings honored by PNC under such Letter of Credit, as the case may be, when such payments are received. Notwithstanding anything to the contrary herein, each Bank which has paid all amounts payable by it under this Section 2.7E shall have a direct right to reimbursement of such amounts from the Borrower, subject to the procedures for reimbursing Banks set forth in this Section 2.7.

Payment by Banks with Respect to Letters of Credit. In the event that the Borrower Borrowers shall fail to reimburse PNC the Agent Bank as provided in Section 2.7D hereof in an amount equal to the amount of any drawing honored by PNC the Agent Bank under a Letter of Credit issued by PNCthe Agent Bank, PNC the Agent Bank shall promptly notify each Bank of the other Banks of the unreimbursed amount of such drawing and of such each Bank's respective participation therein, which participation shall be equal to such Bank's Revolving Credit Facility Pro Rata Share of the unreimbursed amount of such drawing. Each Bank shall make available to PNC the Agent Bank an amount equal to its respective participation in same day funds, at the offices of PNC the Agent Bank located at 500 000 Xxxx Xxxxxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxxx, Xxxxxxxx not later than 1:00 P.M. (Louisville, Kentucky time) on the Business Day (under the laws of the Common- wealth Commonwealth of Kentucky) after the date notified by PNCthe Agent Bank, and each such amount so made available by each Bank will be deemed a Revolving Credit Loan made by such Bank to the Borrower Borrowers under this Loan Agreement as of the date such amount is so made available to PNCthe Agent Bank. In the event that any Bank fails to make available to PNC the Agent Bank the amount of such Bank's participation in such Letter of Credit as provided in this Section 2.7E, PNC the Agent Bank shall be entitled to recover such amount on demand from such Bank together with interest at the customary rate set by PNC the Agent Bank for the correction of errors among banks for three (3) Business Days and thereafter at the Federal Funds Effective Rate. Nothing in this Section 2.7 shall be deemed to prejudice the right of any Bank to recover from PNC the Agent Bank any amounts made available by such Bank to PNC the Agent Bank pursuant to this Section 2.7E in the event that it is determined by a court of competent jurisdiction that the payment made by PNC the Agent Bank with respect to a Letter of Credit in respect of which reimbursement was made by such Bank constituted gross negligence or willful miscon- duct misconduct on the part of PNCthe Agent Bank. PNC The Agent Bank shall distribute to each other Bank which Bank, to the extent that it has paid all amounts payable by it under this Section 2.7E with respect to any Letter of Credit issued by PNC the Agent Bank, such other Banks Bank's Revolving Credit Facility Pro Rata Share of all payments received by PNC the Agent Bank from the Borrower Borrowers in reimbursement of drawings honored by PNC the Agent Bank under such Letter of Credit, as the case may be, when such payments are received. Notwithstanding anything to the contrary herein, each Bank which has paid all amounts payable by it under this Section 2.7E shall have a direct right to reimbursement of such amounts from the BorrowerBorrowers, subject to the procedures for reimbursing Banks such Bank set forth in this Section 2.7.

Payment by Banks with Respect to Letters of Credit. In the event that the Borrower shall fail to reimburse PNC the Agent Bank as provided in Section 2.7D 2.6D hereof in an amount equal to the amount of any drawing honored by PNC the Agent Bank under a Letter of Credit issued by PNCthe Agent Bank, PNC the Agent Bank shall promptly notify each Bank of the other Banks of the unreimbursed amount of such drawing and of such each Bank's respective participation therein, which participation shall be equal to such Bank's Revolving Credit Facility Pro Rata Share of the unreimbursed amount of such drawing. Each Bank shall make available to PNC the Agent Bank an amount equal to its respective participation in same day funds, at the offices of PNC the Agent Bank located at 500 Xxxx Xxxxxxxxx Xxxxxx416 West Jefferson Street, XxxxxxxxxxLouisville, Xxxxxxxx, Kentucky not later than 1:00 P.M. X.X. (LouisvilleXxxxxxxxxx, Kentucky timeXxxxxxxx xxxx) on the Business xx xxx Xxxxxxss Day (under the laws of the Common- wealth Commonwealth of Kentucky) after the date notified by PNCthe Agent Bank, and each such amount so made available by each Bank will be deemed a Revolving Credit Loan made by such Bank to the Borrower under this Loan Agreement as of the date such amount is so made available to PNCthe Agent Bank. In the event that any Bank fails to make available to PNC the Agent Bank the amount of such Bank's participation in such Letter of Credit as provided in this Section 2.7E2.6E, PNC the Agent Bank shall be entitled to recover such amount on demand from such Bank together with interest at the customary rate set by PNC the Agent Bank for the correction of errors among banks for three (3) Business Days and thereafter at the Federal Funds Effective Rate. Nothing in this Section 2.7 2.6 shall be deemed to prejudice the right of any Bank to recover from PNC the Agent Bank any amounts made available by such Bank to PNC the Agent Bank pursuant to this Section 2.7E 2.6E in the event that it is determined by a court of competent jurisdiction that the payment made by PNC the Agent Bank with respect to a Letter of Credit in respect of which reimbursement was made by such Bank constituted gross negligence or willful miscon- duct misconduct on the part of PNCthe Agent Bank. PNC The Agent Bank shall distribute to each other Bank which Bank, to the extent that it has paid all amounts payable by it under this Section 2.7E 2.6E with respect to any Letter of Credit issued by PNC the Agent Bank, such other Banks Bank's Revolving Credit Facility Pro Rata Share of all payments received by PNC the Agent Bank from the Borrower in reimbursement of drawings honored by PNC the Agent Bank under such Letter of Credit, as the case may be, when such payments are received. Notwithstanding anything to the contrary herein, each Bank which has paid all amounts payable by it under this Section 2.7E shall have a direct right to reimbursement of such amounts from the Borrower, subject to the procedures for reimbursing Banks such Bank set forth in this Section 2.72.6.

Payment by Banks with Respect to Letters of Credit. In the event -------------------------------------------------- that the Borrower shall fail to reimburse PNC the Agent Bank as provided in Section 2.7D hereof in an amount equal to the amount of any drawing honored by PNC the Agent Bank under a Letter of Credit issued by PNCthe Agent Bank, PNC the Agent Bank shall promptly notify each Bank of the other Banks of the unreimbursed amount of such drawing and of such each Bank's respective participation therein, which participation shall be equal to such Bank's Revolving Credit Facility Pro Rata Share of the unreimbursed amount of such drawing. Each Bank shall make available to PNC the Agent Bank an amount equal to its respective participation in same day funds, at the offices of PNC the Agent Bank located at 500 000 Xxxx Xxxxxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxxx, Xxxxxxxx not later than 1:00 P.M. (Louisville, Kentucky time) on the Business Day (under the laws of the Common- wealth Commonwealth of Kentucky) after the date notified by PNCthe Agent Bank, and each such amount so made available by each Bank will be deemed a Revolving Credit Loan made by such Bank to the Borrower under this Loan Agreement as of the date such amount is so made available to PNCthe Agent Bank. In the event that any Bank fails to make available to PNC the Agent Bank the amount of such Bank's participation in such Letter of Credit as provided in this Section 2.7E, PNC the Agent Bank shall be entitled to recover such amount on demand from such Bank together with interest at the customary rate set by PNC the Agent Bank for the correction of errors among banks for three (3) Business Days and thereafter at the Federal Funds Effective Rate. Nothing in this Section 2.7 shall be deemed to prejudice the right of any Bank to recover from PNC the Agent Bank any amounts made available by such Bank to PNC the Agent Bank pursuant to this Section 2.7E in the event that it is determined by a court of competent jurisdiction that the payment made by PNC the Agent Bank with respect to a Letter of Credit in respect of which reimbursement was made by such Bank constituted gross negligence or willful miscon- duct misconduct on the part of PNCthe Agent Bank. PNC The Agent Bank shall distribute to each other Bank which Bank, to the extent that it has paid all amounts payable by it under this Section 2.7E with respect to any Letter of Credit issued by PNC the Agent Bank, such other Banks Bank's Revolving Credit Facility Pro Rata Share of all payments received by PNC the Agent Bank from the Borrower in reimbursement of drawings honored by PNC the Agent Bank under such Letter of Credit, as the case may be, when such payments are received. Notwithstanding anything to the contrary herein, each Bank which has paid all amounts payable by it under this Section 2.7E shall have a direct right to reimbursement of such amounts from the Borrower, subject to the procedures for reimbursing Banks such Bank set forth in this Section 2.7.

Payment by Banks with Respect to Letters of Credit. In the event that the Borrower Borrowers shall fail to reimburse PNC as provided in Section 2.7D hereof in an amount equal to the amount of any drawing honored by PNC under a Letter of Credit issued by PNC, PNC shall promptly notify each Bank of the other Banks of the unreimbursed amount of such drawing and of such each Bank's respective participation therein, which participation shall be equal to such Bank's Revolving Credit Facility Pro Rata Share of the unreimbursed amount of such drawing. Each Bank shall make available to PNC an amount equal to its respective participation in same day funds, at the offices of PNC located at 500 Xxxx Xxxxxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxxx, not Xxxxxxxx xxx later than 1:00 P.M. (Louisville, Kentucky time) on the Business Day (under the laws of the Common- wealth Commonwealth of Kentucky) after the date notified by PNC, and each such amount so made available by each Bank will be deemed a Revolving Credit Loan made by such Bank to the Borrower Borrowers under this Loan Agreement as of the date such amount is so made available to PNC. In the event that any Bank fails to make available to PNC the amount of such Bank's participation in such Letter of Credit as provided in this Section 2.7E, PNC shall be entitled to recover such amount on demand from such Bank together with interest at the customary rate set by PNC for the correction of errors among banks for three Business Days and thereafter at the Federal Funds Effective Rate. Nothing in this Section 2.7 shall be deemed to prejudice the right of any Bank to recover from PNC any amounts made available by such Bank to PNC pursuant to this Section 2.7E in the event that it is determined by a court of competent jurisdiction that the payment made by PNC with respect to a Letter of Credit in respect of which reimbursement was made by such Bank constituted gross negligence or willful miscon- duct misconduct on the part of PNC. PNC shall distribute to the each other Bank which Bank, to the extent that it has paid all amounts payable by it under this Section 2.7E with respect to any Letter of Credit issued by PNC PNC, such other Banks Bank's Revolving Credit Facility Pro Rata Share of all payments received by PNC from the Borrower Borrowers in reimbursement of drawings honored by PNC under such Letter of Credit, as the case may be, when such payments are received. Notwithstanding anything to the contrary herein, each Bank which has paid all amounts payable by it under this Section 2.7E shall have a direct right to reimbursement of such amounts from the BorrowerBorrowers, subject to the procedures for reimbursing Banks such Bank set forth in this Section 2.7.

Payment by Banks with Respect to Letters of Credit. In the event that the Borrower Borrowers shall fail to reimburse PNC as provided in Section 2.7D hereof in an amount equal to the amount of any drawing honored by PNC under a Letter of Credit issued by PNC, PNC shall promptly notify each Bank of the other Banks of the unreimbursed amount of such drawing and of such each Bank's respective participation therein, which participation shall be equal to such Bank's Revolving Credit Facility Pro Rata Share of the unreimbursed amount of such drawing. Each Bank shall make available to PNC an amount equal to its respective participation in same day funds, at the offices of PNC located at 500 Xxxx Xxxxxxxxx Xxxxxx, Xxxxxxxxxx, Xxxxxxxx, not Xxxxxxxx xxx later than 1:00 P.M. (Louisville, Kentucky time) on the Business Day (under the laws of the Common- wealth Commonwealth of Kentucky) after the date notified by PNC, and each such amount so made available by each Bank will be deemed a Revolving Credit Loan under Revolving Credit Facility A made by such Bank to the Borrower Borrowers under this Loan Agreement as of the date such amount is so made available to PNC. In the event that any Bank fails to make available to PNC the amount of such Bank's participation in such Letter of Credit as provided in this Section 2.7ESection 2. 7E, PNC shall be entitled to recover such amount on demand from such Bank together with interest at the customary rate set by PNC for the correction of errors among banks for three Business Days and thereafter at the Federal Funds Effective Rate. Nothing in this Section 2.7 shall be deemed to prejudice the right of any Bank to recover from PNC any amounts made available by such Bank to PNC pursuant to this Section 2.7E in the event that it is determined by a court of competent jurisdiction that the payment made by PNC with respect to a Letter of Credit in respect of which reimbursement was made by such Bank constituted gross negligence or willful miscon- duct misconduct on the part of PNC. PNC shall distribute to the each other Bank which Bank, to the extent that it has paid all amounts payable by it under this Section 2.7E with respect to any Letter of Credit issued by PNC PNC, such other Banks Bank's Revolving Credit Facility Pro Rata Share of all payments received by PNC from the Borrower Borrowers in reimbursement of drawings honored by PNC under such Letter of Credit, as the case may be, when such payments are received. Notwithstanding anything to the contrary herein, each Bank which has paid all amounts payable by it under this Section 2.7E shall have a direct right to reimbursement of such amounts from the BorrowerBorrowers, subject to the procedures for reimbursing Banks such Bank set forth in this Section 2.7.

Payment by Banks with Respect to Letters of Credit. In the event that the Borrower shall fail to reimburse PNC the Agent Bank as provided in Section 2.7D 2.6D hereof in an amount equal to the amount of any drawing honored by PNC the Agent Bank under a Letter of Credit issued by PNCthe Agent Bank, PNC the Agent Bank shall promptly notify each Bank of the other Banks of the unreimbursed amount of such drawing and of such each Bank's respective participation therein, which participation shall be equal to such Bank's Revolving Credit Facility Pro Rata Share of the unreimbursed amount of such drawing. Each Bank shall make available to PNC the Agent Bank an amount equal to its respective participation in same day funds, at the offices of PNC the Agent Bank located at 500 Xxxx Xxxxxxxxx Xxxxxx416 West Jefferson Street, XxxxxxxxxxLouisville, Xxxxxxxx, Kentucky not later than 1:00 P.M. X.X. (LouisvilleXxxxxxxxxx, Kentucky timeXxxxxxxx xxxx) on the Business xx xxx Xxxxness Day (under the laws of the Common- wealth Commonwealth of Kentucky) after the date notified by PNCthe Agent Bank, and each such amount so made available by each Bank will be deemed a Revolving Credit Loan made by such Bank to the Borrower under this Loan Agreement as of the date such amount is so made available to PNCthe Agent Bank. In the event that any Bank fails to make available to PNC the Agent Bank the amount of such Bank's participation in such Letter of Credit as provided in this Section 2.7E2.6E, PNC the Agent Bank shall be entitled to recover such amount on demand from such Bank together with interest at the customary rate set by PNC the Agent Bank for the correction of errors among banks for three (3) Business Days and thereafter at the Federal Funds Effective Rate. Nothing in this Section 2.7 2.6 shall be deemed to prejudice the right of any Bank to recover from PNC the Agent Bank any amounts made available by such Bank to PNC the Agent Bank pursuant to this Section 2.7E 2.6E in the event that it is determined by a court of competent jurisdiction that the payment made by PNC the Agent Bank with respect to a Letter of Credit in respect of which reimbursement was made by such Bank constituted gross negligence or willful miscon- duct misconduct on the part of PNCthe Agent Bank. PNC The Agent Bank shall distribute to each other Bank which Bank, to the extent that it has paid all amounts payable by it under this Section 2.7E 2.6E with respect to any Letter of Credit issued by PNC the Agent Bank, such other Banks Bank's Revolving Credit Facility Pro Rata Share of all payments received by PNC the Agent Bank from the Borrower in reimbursement of drawings honored by PNC the Agent Bank under such Letter of Credit, as the case may be, when such payments are received. Notwithstanding anything to the contrary herein, each Bank which has paid all amounts payable by it under this Section 2.7E shall have a direct right to reimbursement of such amounts from the Borrower, subject to the procedures for reimbursing Banks such Bank set forth in this Section 2.72.6.