Payment by Banks. In the event that (i) the Borrower shall fail to reimburse an Issuing Bank as provided in Section 1.13(d) in an amount equal to the amount of any drawing honored by such Issuing Bank under a Letter of Credit issued by it, and (ii) the Revolving Loans are not made in payment of such reimbursement obligation as provided in Section 1.13(d), such Issuing Bank shall promptly notify each Bank of the unreimbursed amount of such drawing and of such Bank's respective participation therein. Each Bank shall make available to such Issuing Bank an amount equal to its respective participation in same day funds, at the office of such Issuing Bank specified in such notice, not later than 1:00 P.M. (New York time) on the Business Day (which shall be a business day under the laws of the jurisdiction of such Issuing Bank) after the date notified by such Issuing Bank. In the event that any Bank fails to make available to such Issuing Bank the amount of such Bank's participation in such Letter of Credit as provided in this Section 1.13(e), such Issuing Bank shall be entitled to recover such amount on demand from such Bank together with interest at the customary rate set by the Administrative Agent for the correction of errors among banks for three Business Days and thereafter at the Base Rate. Each Issuing Bank shall distribute to each other Bank which has paid all amounts payable by it under this Section 1.13(e) with respect to any Letter of Credit issued by such Issuing Bank such other Bank's PRO RATA share of all payments received by such Issuing Bank from the Borrower in reimbursement of drawings honored by such Issuing Bank under such Letter of Credit when such payments are received. Nothing in this Section 1.13(e) shall be deemed to relieve any Bank of its obligation to pay all amounts payable by it under this Section 1.13(e) with respect to any Letter of Credit issued by an Issuing Bank or to prejudice any rights that the Borrower or any other Bank may have against a Bank as a result of any default by such Bank hereunder and no Bank shall be responsible for the failure of any other Bank to pay its PRO RATA share payable under this Section 1.13(e).
Appears in 3 contracts
Samples: Credit Agreement (Color Spot Nurseries Inc), Credit Agreement (Color Spot Nurseries Inc), Credit Agreement (Color Spot Nurseries Inc)
Payment by Banks. In the event that (i) the Applicable Borrower shall fail to reimburse an Issuing Bank as provided in Section 1.13(d) in an amount equal to the Dollar Equivalent amount of any drawing honored by such Issuing Bank under a Letter of Credit issued by it, and (ii) the Revolving Loans are not made in payment of such reimbursement obligation as provided in Section 1.13(d), such Issuing Bank shall promptly notify each Bank having a Revolving Loan Commitment of the unreimbursed Dollar Equivalent amount of such drawing and of such Bank's respective participation therein. Each Bank having a Revolving Loan Commitment shall make available to such Issuing Bank an amount equal to the Dollar Equivalent amount of its respective participation in same day funds, funds at the office of such Issuing Bank specified in such notice, not later than 1:00 P.M. (New York time) on the Business Day (which shall be a business day under the laws of the jurisdiction of such Issuing Bank) after the date notified by such Issuing Bank. In the event that any Bank having a Revolving Loan Commitment fails to make available to such Issuing Bank the Dollar Equivalent amount of such Bank's participation in such Letter of Credit as provided in this Section 1.13(e), such Issuing Bank shall be entitled to recover such amount on demand from such Bank together with interest at the customary rate set by the Administrative Agent for the correction of errors among banks for three Business Days and thereafter at the Base Rate. Each Issuing Bank shall distribute to each other Bank having a Revolving Loan Commitment which has paid all amounts payable by it under this Section 1.13(e) with respect to any Letter of Credit issued by such Issuing Bank such other Bank's PRO RATA pro rata share of all payments received by such Issuing Bank from the Applicable Borrower in reimbursement of drawings honored by such Issuing Bank under such Letter of Credit when such payments are received. Nothing in this Section 1.13(e) shall be deemed to relieve any Bank of from its obligation to pay all amounts payable by it under this Section 1.13(e) with respect to any Letter of Credit issued by an Issuing Bank or to prejudice any rights that the Applicable Borrower or any other Bank may have against a Bank as a result of any default by such Bank hereunder and no Bank shall be responsible for the failure of any other Bank to pay its PRO RATA share payable under this Section 1.13(e)hereunder.
Appears in 3 contracts
Samples: Credit Agreement (MMH Holdings Inc), Assignment and Assumption Agreement (MMH Holdings Inc), Credit Agreement (Morris Material Handling Inc)
Payment by Banks. In the event that (i) the Borrower shall fail to reimburse an Issuing Bank as provided in Section 1.13(d) in an amount equal to the amount of any drawing honored by such Issuing Bank under a Letter of Credit issued by it, and (ii) the Revolving If Loans are not made in payment of such reimbursement obligation as provided in Section 1.13(d), such an amount sufficient to reimburse the applicable Issuing Bank in full for the amount of any draw, the Administrative Agent shall promptly notify each Bank of the unreimbursed amount of such drawing and of such Bank's respective participation therein. Each Bank shall make available to such the Administrative Agent for the benefit of the applicable Issuing Bank an amount equal to its such Bank's respective participation in same day immediately available funds, at the office of such Issuing Bank specified in such notice, not later than 1:00 P.M. p.m. (New York City time) ), on the Business Day (which shall be a business day under the laws of the jurisdiction of such the Issuing Bank) after the date notified by the Administrative Agent. In addition, in the event that any Bank fails to make available to the Administrative Agent the amount of any such Issuing Bank's participation in such L/C Obligation as provided in this Section 3.06, the Administrative Agent may, but shall not be obligated to, fund the amount of such Defaulting Bank's participation in such Letter of Credit and recover such amount on demand from such Defaulting Bank in accordance with Section 2.05 of this Agreement. In the event that any Bank fails to make available to such Issuing Bank the Administrative Agent the amount of such Bank's participation in such Letter of Credit as provided in this Section 1.13(e)3.06, and the Administrative Agent does not elect to fund to the Issuing Bank such Defaulting Bank's participation in such Letter of Credit, the Issuing Bank shall be entitled to recover such amount on demand from such Bank together with interest at the customary rate set by the Administrative Agent Federal Funds Rate for the correction of errors among banks for first three Business Days while such amount remains unpaid and thereafter at the Base Prime Rate. Each Issuing Bank The Administrative Agent shall distribute to each other Bank which has paid all amounts payable by it under this Section 1.13(e) 3.06 with respect to any Letter of Credit issued Issued by such the applicable Issuing Bank such other Bank's PRO RATA share Pro Rata Share of all payments subsequently received by such Issuing Bank the Administrative Agent from the Borrower Company in reimbursement of drawings honored by such the Issuing Bank under such Letter of Credit when such payments are received. Nothing in this Section 1.13(e) shall be deemed to relieve any Bank of its obligation to pay all amounts payable by it under this Section 1.13(e) with respect to any Letter of Credit issued by an Issuing Bank or to prejudice any rights that the Borrower or any other Bank may have against a Bank as a result of any default by such Bank hereunder and no Bank shall be responsible for the failure of any other Bank to pay its PRO RATA share payable under this Section 1.13(e).
Appears in 2 contracts
Samples: Credit Agreement (Premcor Inc), Credit Agreement (Premcor Refining Group Inc)
Payment by Banks. In the event that (i) the Borrower shall fail to reimburse an Issuing Bank as provided in Section 1.13(d1.10(d) in an amount equal to the amount of any drawing honored by such Issuing Bank under a Letter of Credit issued by it, and (ii) the Revolving Loans are not made in payment of such reimbursement obligation as provided in Section 1.13(d), such Issuing Bank shall promptly notify each Bank of the unreimbursed amount of such drawing and of such Bank's respective participation therein. Each Bank shall make available to such Issuing Bank an amount equal to its respective participation in same day funds, at the office of such Issuing Bank specified in such notice, not later than 1:00 P.M. (New York time) on the Business Day (which shall be a business day under the laws of the jurisdiction of such Issuing Bank) after the date notified by such Issuing Bank. In the event that any Bank fails to make available to such Issuing Bank the amount of such Bank's participation in such Letter of Credit as provided in this Section 1.13(e1.10(e), such Issuing Bank shall be entitled to recover such amount on demand from such Bank together with interest at the customary rate set by the Administrative Agent for the correction of errors among banks for three Business Days and thereafter at the Base Federal Funds Rate. Each Issuing Bank shall distribute to each other Bank which has paid all amounts payable by it under this Section 1.13(e1.10(e) with respect to any Letter of Credit issued by such Issuing Bank such other Bank's PRO RATA pro rata share of all payments received by such Issuing Bank from the Borrower in reimbursement of drawings honored by such Issuing Bank under such Letter of Credit when such payments are received. Nothing in this Section 1.13(e1.10(e) shall be deemed to relieve any Bank of from its obligation to pay all amounts payable by it under this Section 1.13(e1.10(e) with respect to any Letter of Credit issued by an Issuing Bank or to prejudice any rights that the Borrower or any other Bank may have against a Bank as a result of any default by such Bank hereunder and no Bank shall be responsible for the failure of any other Bank to pay its PRO RATA share payable under this Section 1.13(e)hereunder.
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Payment by Banks. In the event that (i) the Borrower shall fail to ---------------- reimburse an Issuing Bank as provided in Section 1.13(d1.13(D) in an amount equal to the amount of any drawing honored by such Issuing Bank under a Letter of Credit issued by it, and (ii) the Revolving Loans are not made in payment of such reimbursement obligation as provided in Section 1.13(d), such Issuing Bank shall promptly notify each Bank of the unreimbursed amount of such drawing and of such Bank's respective participation therein. Each Bank shall make available to such Issuing Bank an amount equal to its respective participation in same day funds, at the office of such Issuing Bank specified in such notice, not later than 1:00 P.M. (New York time) on the Business Day (which shall be a business day under the laws of the jurisdiction of such Issuing Bank) after the date notified by such Issuing Bank. In the event that any Bank fails to make available to such Issuing Bank the amount of such Bank's participation in such Letter of Credit as provided in this Section 1.13(e1.13(E), such Issuing Bank shall be entitled to recover such amount on demand from such Bank together with interest at the customary rate set by the Administrative Agent for the correction of errors among banks for three Business Days and thereafter at the Base Rate. Each Issuing Bank shall distribute to each other Bank which has paid all amounts payable by it under this Section 1.13(e1.13(E) with respect to any Letter of Credit issued by such Issuing Bank such other Bank's PRO RATA pro rata share of -------- all payments received by such Issuing Bank from the Borrower in reimbursement of drawings honored by such Issuing Bank under such Letter of Credit when such payments are received. Nothing in this Section 1.13(e1.13(E) shall be deemed to relieve any Bank of from its obligation to pay all amounts payable by it under this Section 1.13(e1.13(E) with respect to any Letter of Credit issued by an Issuing Bank or to prejudice any rights that the Borrower or any other Bank may have against a Bank as a result of any default by such Bank hereunder and no Bank shall be responsible for the failure of any other Bank to pay its PRO RATA pro rata share payable -------- under this Section 1.13(e1.13(E).
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Payment by Banks. In the event that (i) the Borrower shall fail to reimburse an Issuing Bank as provided in Section 1.13(d1.13(D) in an amount equal to the amount of any drawing honored by such Issuing Bank under a Letter of Credit issued by it, and (ii) the Revolving Loans are not made in payment of such reimbursement obligation as provided in Section 1.13(d), such Issuing Bank shall promptly notify each Bank of the unreimbursed amount of such drawing and of such Bank's respective participation therein. Each Bank shall make available to such Issuing Bank an amount equal to its respective participation in same day funds, at the office of such Issuing Bank specified in such notice, not later than 1:00 P.M. (New York time) on the Business Day (which shall be a business day under the laws of the jurisdiction of such Issuing Bank) after the date notified by such Issuing Bank. In the event that any Bank fails to make available to such Issuing Bank the amount of such Bank's participation in such Letter of Credit as provided in this Section 1.13(e1.13(E), such Issuing Bank shall be entitled to recover such amount on demand from such Bank together with interest at the customary rate set by the Administrative Agent for the correction of errors among banks for three Business Days and thereafter at the Base Rate. Each Issuing Bank shall distribute to each other Bank which has paid all amounts payable by it under this Section 1.13(e1.13(E) with respect to any Letter of Credit issued by such Issuing Bank such other Bank's PRO RATA pro rata share of all payments received by such Issuing Bank from the Borrower in reimbursement of drawings honored by such Issuing Bank under such Letter of Credit DRAFT: March 21, 1997 H:\WPCDOCS\1186\141151 when such payments are received. Nothing in this Section 1.13(e1.13(E) shall be deemed to relieve any Bank of from its obligation to pay all amounts payable by it under this Section 1.13(e1.13(E) with respect to any Letter of Credit issued by an Issuing Bank or to prejudice any rights that the Borrower or any other Bank may have against a Bank as a result of any default by such Bank hereunder and no Bank shall be responsible for the failure of any other Bank to pay its PRO RATA pro rata share payable under this Section 1.13(e1.13(E).
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Payment by Banks. In the event that (i) the Borrower shall fail to reimburse an Issuing Bank as provided in Section 1.13(d1.13(D) in an amount equal to the amount of any drawing honored by such Issuing Bank under a Letter of Credit issued by it, and (ii) the Revolving Loans are not made in payment of such reimbursement obligation as provided in Section 1.13(d), such Issuing Bank shall promptly notify each Bank of the unreimbursed amount of such drawing and of such Bank's respective participation therein. Each Bank shall make available to such Issuing Bank an amount equal to its respective participation in same day funds, at the office of such Issuing Bank specified in such notice, not later than 1:00 P.M. (New York time) on the Business Day (which shall be a business day under the laws of the jurisdiction of such Issuing Bank) after the date notified by such Issuing Bank. In the event that any Bank fails to make available to such Issuing Bank the amount of such Bank's participation in such Letter of Credit as provided in this Section 1.13(e1.13(E), such Issuing Bank shall be entitled to recover such amount on demand from such Bank together with interest at the customary rate set by the Administrative Agent for the correction of errors among banks for three Business Days and thereafter at the Base Rate. Each Issuing Bank shall distribute to each other Bank which has paid all amounts payable by it under this Section 1.13(e1.13(E) with respect to any Letter of Credit issued by such Issuing Bank such other Bank's PRO RATA pro rata share of all payments received by such Issuing Bank from the Borrower in reimbursement of drawings honored by such Issuing Bank under such Letter of Credit when such payments are received. Nothing in this Section 1.13(e1.13(E) shall be deemed to relieve any Bank of from its obligation to pay all amounts payable by it under this Section 1.13(e1.13(E) with respect to any Letter of Credit issued by an Issuing Bank or to prejudice any rights that the Borrower or any other Bank may have against a Bank as a result of any default by such Bank hereunder and no Bank shall be responsible for the failure of any other Bank to pay its PRO RATA pro rata share payable under this Section 1.13(e1.13(E).
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Payment by Banks. In the event that (i) the Borrower shall fail to reimburse an Issuing L/C Bank as provided in Section 1.13(d) in an amount equal to 2.24 by borrowing Revolving Loans or otherwise for all or any portion, as the amount case may be, of any drawing honored by such Issuing L/C Bank under a Letter of Credit issued by it, and (ii) the Revolving Loans are not made in payment of such reimbursement obligation as provided in Section 1.13(d), such Issuing L/C Bank shall promptly notify the Administrative Agent which shall thereupon promptly notify each Participating Bank of the unreimbursed amount of such drawing and the amount of such Participating Bank's respective participation thereinPro Rata Share thereof. Each Whether or not a Default or an Event of Default shall then exist, each Participating Bank shall make available to such Issuing Bank the Administrative Agent an amount equal to its respective participation Pro Rata Share of such unreimbursed payment in same day dollars and immediately available funds, at the office of such Issuing Bank the Administrative Agent specified in such notice, not later than 1:00 P.M. 12:00 p.m. (New York City time) on the Business Day (which shall be a business day under the laws of the jurisdiction of such Issuing Bank) after the date notified by such Issuing Bankthe Administrative Agent. In the event that any such Participating Bank fails to make available to such Issuing Bank the Administrative Agent the amount of such Participating Bank's participation in Pro Rata Share of such Letter of Credit unreimbursed payment as provided in this Section 1.13(e)2.25, such Issuing Bank the Administrative Agent shall be entitled to recover such amount on demand from such Participating Bank together with interest at the customary rate set Federal Funds Effective Rate. Nothing in Section 2.24 or this Section 2.25 shall be deemed to prejudice the right of any Participating Bank to recover any amounts made available by such Participating Bank pursuant to Section 2.24 or this Section 2.25 in the event that the payment with respect to a Letter of Credit by such L/C Bank in respect of which payment was made by such Participating Bank constituted gross negligence or willful misconduct on the part of such L/C Bank. The Administrative Agent for the correction of errors among banks for three Business Days and thereafter at the Base Rate. Each Issuing Bank shall distribute to each other Participating Bank which has paid all amounts payable by it under this Section 1.13(e) 2.25 with respect to any Letter of Credit issued by such Issuing L/C Bank such other Participating Bank's PRO RATA share (based on the proportionate aggregate amount funded by such Participating Bank to the aggregate amount funded by all Participating Banks) of all payments received by such Issuing Bank the Administrative Agent from the Borrower in reimbursement of drawings honored by such Issuing L/C Bank under such Letter of Credit when such payments are received. Nothing in this received (including interest payable under Section 1.13(e) shall be deemed to relieve any Bank of its obligation to pay all amounts payable by it under this Section 1.13(e) 2.6 with respect to any Letter the period commencing on the date of Credit issued by an Issuing Bank or to prejudice any rights that the Borrower or any other Bank may have against a Bank as a result funding of any default by such Bank hereunder and no Bank shall be responsible for the failure of any other Bank to pay its PRO RATA share payable under this Section 1.13(eparticipation).
Appears in 1 contract
Samples: Credit Agreement (Stage Stores Inc)
Payment by Banks. In the event that (i) the Borrower shall fail to reimburse an Issuing Bank as provided in Section 1.13(d) in an amount equal to the amount of any drawing honored by such Issuing Bank under a Letter of Credit issued by it, and (ii) the Revolving If Loans are not made in payment of such reimbursement obligation as provided in Section 1.13(d), such an amount sufficient ---------------- to reimburse the applicable Issuing Bank in full for the amount of any draw, the Administrative Agent shall promptly notify each Bank of the unreimbursed amount of such drawing and of such Bank's respective participation therein. Each Bank shall make available to such the Administrative Agent for the benefit of the applicable Issuing Bank an amount equal to its such Bank's respective participation in same day immediately available funds, at the office of such Issuing Bank specified in such notice, not later than 1:00 P.M. (P.M., New York City time) , on the Business Day (which shall be a business day under the laws of the jurisdiction of such the Issuing Bank) after the date notified by the Administrative Agent. In addition, in the event that any Bank fails to make available to the Administrative Agent the amount of any such Issuing Bank's participation in such L/C Obligation as provided in this Section 3.06, the Administrative Agent may, but shall not be obligated to, fund the amount of such Defaulting Bank's participation in such Letter of Credit and recover such amount on demand from such Defaulting Bank in accordance with Section 2.05 of this Agreement. In the event that any Bank fails to make available to such Issuing Bank the Administrative Agent the amount of such Bank's participation in such Letter of Credit as provided in this Section 1.13(e)3.06, and the Administrative Agent does not elect to fund to the Issuing Bank such Defaulting Bank's participation in such Letter of Credit, the Issuing Bank shall be entitled to recover such amount on demand from such Bank together with interest at the customary rate set by the Administrative Agent Federal Funds Rate for the correction of errors among banks for first three Business Days while such amount remains unpaid and thereafter at the Base Prime Rate. Each Issuing Bank The Administrative Agent shall distribute to each other Bank which has paid all amounts payable by it under this Section 1.13(e) 3.06 with respect to any Letter of Credit issued Issued by such the applicable Issuing Bank such other Bank's PRO RATA share Pro Rata Share of all payments subsequently received by such Issuing Bank the Administrative Agent from the Borrower Company in reimbursement of drawings honored by such the Issuing Bank under such Letter of Credit when such payments are received. Nothing in this Section 1.13(e) shall be deemed to relieve any Bank of its obligation to pay all amounts payable by it under this Section 1.13(e) with respect to any Letter of Credit issued by an Issuing Bank or to prejudice any rights that the Borrower or any other Bank may have against a Bank as a result of any default by such Bank hereunder and no Bank shall be responsible for the failure of any other Bank to pay its PRO RATA share payable under this Section 1.13(e).
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Payment by Banks. In the event that (i) the Borrower If Company shall fail for any reason to reimburse an Issuing Bank as provided in Section 1.13(d2.21(e) in an amount equal to the amount of any drawing honored by such Issuing Bank under a Letter of Credit issued by itCredit, and (ii) the Revolving Loans are not made in payment of such reimbursement obligation as provided in Section 1.13(d), such Issuing Bank shall promptly notify each other Bank of the unreimbursed amount of such drawing and of such other Bank's respective participation thereintherein based on such Bank's Pro Rata Share. Each Bank shall make available to such Issuing Bank an amount equal to its respective participation participation, in same day funds, at the office of such Issuing Bank specified in such notice, not later than 1:00 P.M. 11:00 a.m. (New York California time) on the first Business Day (which shall be a business day under the laws of the jurisdiction of such Issuing Bank) after the date notified by such Issuing BankBank or Agent. In the event that If any Bank fails to make available to such Issuing Bank on such Business Day the amount of such Bank's participation in such Letter of Credit as provided in this Section 1.13(e2.21(f), such Issuing Bank shall be entitled to recover such amount on demand from such Bank together with interest thereon at the customary rate set customarily used by the Administrative Agent Issuing Bank for the correction of errors among banks for three Business Days and thereafter at the Base Reference Rate. Each Issuing Bank shall distribute to each other Bank which has paid all amounts payable by it under this Section 1.13(e) with respect to any Letter of Credit issued by such Issuing Bank such other Bank's PRO RATA share of all payments received by such Issuing Bank from the Borrower in reimbursement of drawings honored by such Issuing Bank under such Letter of Credit when such payments are received. Nothing in this Section 1.13(e2.21(f) shall be deemed to relieve prejudice the right of any Bank of its obligation to pay all recover from Issuing Bank any amounts payable made available by it under such Bank to Issuing Bank pursuant to this Section 1.13(e2.21(f) if it is determined by the final judgment of a court of competent jurisdiction that the payment with respect to any a Letter of Credit issued by an Issuing Bank or to prejudice any rights that the Borrower or any other Bank may have against a Bank as a result in respect of any default which payment was made by such Bank hereunder and no Bank shall be responsible for constituted gross negligence or willful misconduct on the failure part of any other Bank to pay its PRO RATA share payable under this Section 1.13(e)Issuing Bank.
Appears in 1 contract
Samples: Revolving Loan Agreement (Atlantic Gulf Communities Corp)
Payment by Banks. In the event that (i) the Borrower shall fail to reimburse an Issuing Bank as provided in Section 1.13(d) in an amount equal to the amount of any drawing honored by such Issuing Bank under a Letter of Credit issued by it, and (ii) the Revolving Loans are not made in payment of such reimbursement obligation as provided in Section 1.13(d), such Issuing Bank shall promptly notify each Bank of the unreimbursed amount of such drawing and of such Bank's respective participation therein. Each Bank shall make available to such Issuing Bank an amount equal to its respective participation in same day funds, at the office of such Issuing Bank specified in such notice, not later than 1:00 P.M. (New York time) on the Business Day (which shall be a business day under the laws of the jurisdiction of such Issuing Bank) after the date notified by such Issuing Bank. In the event that any Bank fails to make available to such Issuing Bank the amount of such Bank's participation in such Letter of Credit as provided in this Section 1.13(e), such Issuing Bank shall be entitled to recover such amount on demand from such Bank together with interest at the customary rate set by the Administrative Agent for the correction of errors among banks for three Business Days and thereafter at the Base Rate. Each Issuing Bank shall distribute to each other Bank which has paid all amounts payable by it under this Section 1.13(e) with respect to any Letter of Credit issued by such Issuing Bank such other Bank's PRO RATA pro rata share of all payments received by such Issuing Bank from the Borrower in reimbursement of drawings honored by such Issuing Bank under such Letter of Credit when such payments are received. Nothing in this Section 1.13(e) shall be deemed to relieve any Bank of from its obligation to pay all amounts payable by it under this Section 1.13(e) with respect to any Letter of Credit issued by an Issuing Bank or to prejudice any rights that the Borrower or any other Bank may have against a Bank as a result of any default by such Bank hereunder and no Bank shall be responsible for the failure of any other Bank to pay its PRO RATA share payable under this Section 1.13(e)hereunder.
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Payment by Banks. In the event that (i) the Borrower shall fail to reimburse an Issuing Bank as provided in Section 1.13(d1.13(D) in an amount equal to the amount of any drawing honored by such Issuing Bank under a Letter of Credit issued by it, and (ii) the Revolving Loans are not made in payment of such reimbursement obligation as provided in Section 1.13(d), such Issuing Bank shall promptly notify each Bank of the unreimbursed amount of such drawing and of such Bank's respective participation therein. Each Bank shall make available to such Issuing Bank an amount equal to its respective participation in same day funds, at the office of such Issuing Bank specified in such notice, not later than 1:00 P.M. (New York time) on the Business Day (which shall be a business day Business Day under the laws of the jurisdiction of such Issuing Bank) after the date notified by such Issuing Bank. In the event that any Bank fails to make available to such Issuing Bank the amount of such Bank's participation in such Letter of Credit as provided in this Section 1.13(e1.13(E), such Issuing Bank shall be entitled to recover such amount on demand from such Bank together with interest at the customary rate set by the Administrative Agent for the correction of errors among banks for three Business Days and thereafter at the Base Rate. Each Issuing Bank shall distribute to each other Bank which has paid all amounts payable by it under this Section 1.13(e1.13(E) with respect to any Letter Let- ter of Credit issued by such Issuing Bank such other Bank's PRO RATA pro rata share of all payments received by such Issuing Bank from the Borrower in reimbursement of drawings honored by such Issuing Bank under such Letter of Credit when such payments are received. Nothing in this Section 1.13(e1.13(E) shall be deemed to relieve any Bank of from its obligation to pay all amounts payable by it under this Section 1.13(e1.13(E) with respect to any Letter of Credit issued by an Issuing Bank or to prejudice any rights that the Borrower or any other Bank may have against a Bank as a result of any default by such Bank hereunder and no Bank shall be responsible for the failure of any other Bank to pay its PRO RATA pro rata share payable under this Section 1.13(e1.13(E).
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Payment by Banks. In the event that (i) the Borrower shall fail to reimburse an Issuing Bank as provided in Section 1.13(d) in an amount equal to the amount of any drawing honored by such Issuing Bank under a Letter of Credit issued by it, and (ii) the Revolving If Loans are not made in payment of such reimbursement obligation as provided in Section 1.13(d), such an amount sufficient to reimburse the applicable Issuing Bank in full for the amount of any draw, the Administrative Agent shall promptly notify each Bank of the unreimbursed amount of such drawing and of such Bank's respective participation therein. Each Bank shall make available to such the Administrative Agent for the benefit of the applicable Issuing Bank an amount equal to its such Bank's respective participation in same day immediately available funds, at the office of such Issuing Bank specified in such notice, not later than 1:00 P.M. (P.M., New York City time) , on the Business Day (which shall be a business day under the laws of the jurisdiction of such the Issuing Bank) after the date notified by the Administrative Agent. In addition, in the event that any Bank fails to make available to the Administrative Agent the amount of any such Issuing Bank's participation in such L/C Obligation as provided in this Section 3.06, the Administrative Agent may, but shall not be obligated to, fund the amount of such Defaulting Bank's participation in such Letter of Credit and recover such amount on demand from such Defaulting Bank in accordance with Section 2.05 of this Agreement. In the event that any Bank fails to make available to such Issuing Bank the Administrative Agent the amount of such Bank's participation in such Letter of Credit as provided in this Section 1.13(e)3.06, and the Administrative Agent does not elect to fund to the Issuing Bank such Defaulting Bank's participation in such Letter of Credit, the Issuing Bank shall be entitled to recover such amount on demand from such Bank together with interest at the customary rate set by the Administrative Agent Federal Funds Rate for the correction of errors among banks for first three Business Days while such amount remains unpaid and thereafter at the Base Prime Rate. Each Issuing Bank The Administrative Agent shall distribute to each other Bank which has paid all amounts payable by it under this Section 1.13(e) 3.06 with respect to any Letter of Credit issued Issued by such the applicable Issuing Bank such other Bank's PRO RATA share Pro Rata Share of all payments subsequently received by such Issuing Bank the Administrative Agent from the Borrower Company in reimbursement of drawings honored by such the Issuing Bank under such Letter of Credit when such payments are received. Nothing in this Section 1.13(e) shall be deemed to relieve any Bank of its obligation to pay all amounts payable by it under this Section 1.13(e) with respect to any Letter of Credit issued by an Issuing Bank or to prejudice any rights that the Borrower or any other Bank may have against a Bank as a result of any default by such Bank hereunder and no Bank shall be responsible for the failure of any other Bank to pay its PRO RATA share payable under this Section 1.13(e).
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Payment by Banks. In the event that (i) the Borrower shall fail to reimburse an Issuing Bank as provided in Section 1.13(d) 3.3 by borrowing Revolving Loans or otherwise in an amount equal to the amount of any drawing honored by such Issuing Bank under a Letter of Credit issued by it, and (ii) the Revolving Loans are not made in payment of such reimbursement obligation as provided in Section 1.13(d), such Issuing Bank shall promptly notify each Bank of the unreimbursed amount of such drawing and of such Bank's respective participation therein. Each Bank shall make available to such Issuing Bank an amount equal to its respective participation in same day Dollars and immediately available funds, at the office of such Issuing Bank specified in such notice, not later than 1:00 P.M. p.m. (New York City time) on the Business Day (which shall be a business day (under the laws of the jurisdiction of such Issuing BankBank and a Business Day) after the date notified by such Issuing Bank. In the event that any Bank fails to make available to such Issuing Bank the amount of such Bank's participation in such Letter of Credit as provided in this Section 1.13(e)3.4, such Issuing Bank shall be entitled to recover such amount on demand from such Bank together with interest at the customary interbank compensation rate set by the Administrative Agent for the correction of errors among banks for three Business Days and thereafter at the Base Rate. Nothing in this Section 3.4 shall be deemed to prejudice the right of any Bank to recover from such Issuing Bank any amounts made available by such Bank to such Issuing Bank pursuant to this Section 3.4 in the event that the payment with respect to a Letter of Credit by such Issuing Bank in respect of which payment was made by such Bank constituted gross negligence or willful misconduct on the part of such Issuing Bank. Each Issuing Bank shall distribute to each other Bank which has paid all amounts payable by it under this Section 1.13(e) 3.4 with respect to any Letter of Credit issued by such Issuing Bank such other Bank's PRO RATA share Pro Rata Share of all payments received by such Issuing Bank from the Borrower in reimbursement of drawings honored by such Issuing Bank under such Letter of Credit when such payments are received. Nothing in this received (including interest payable under Section 1.13(e) shall be deemed to relieve any Bank of its obligation to pay all amounts payable by it under this Section 1.13(e3.5(a)(i) with respect to any Letter the period commencing on the date of Credit issued by an Issuing Bank or to prejudice any rights that the Borrower or any other Bank may have against a Bank as a result funding of any default by such Bank hereunder and no Bank shall be responsible for the failure of any other Bank to pay its PRO RATA share payable under this Section 1.13(eparticipation).
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Payment by Banks. In The Administrative Agent agrees to notify the Banks in the event that (i) the Borrower Companies shall fail to reimburse an Issuing Bank the Administrative Agent as provided in Section 1.13(dsubsection 2.18(d) above in an amount equal to the face amount of any drawing honored by such Issuing Bank under a Letter of Credit issued by it, and (ii) the Revolving Loans are not made in payment of such reimbursement obligation each Draft as provided in Section 1.13(d), such Issuing Bank to which an Acceptance was created. The Administrative Agent shall promptly notify each Bank of the such unreimbursed amount of such drawing face amounts and of such Bank's ’s respective participation therein. Each Bank shall then make available to such Issuing Bank the Administrative Agent (regardless of noncompliance with subsections 4.5 through 4.9) an amount equal to its respective participation that Bank’s Pro Rata Share of the unreimbursed amount, in same day funds, at the office of such Issuing Bank the Administrative Agent specified in such notice, not later than 1:00 P.M. (New York Minneapolis, Minnesota time) on the Business Day (which shall be a business day under the laws of the jurisdiction of such Issuing Bank) after the date that Bank was notified by such Issuing Bankthe Administrative Agent. In the event that any Bank fails to make available to such Issuing Bank the Administrative Agent the amount of such Bank's ’s participation in such Letter of Credit unreimbursed face amounts as provided in this Section 1.13(esubsection 2.18(f)(3), such Issuing Bank the Administrative Agent shall be entitled to recover such amount on demand from such Bank together with interest at the customary rate set by the Administrative Agent for the correction of errors among banks for three Business Days and thereafter at the Base Prime Rate. Each Issuing Bank The Administrative Agent shall distribute to each other Bank which has paid all amounts payable by it under this Section 1.13(esubsection 2.18(f)(3) with respect to any Letter unreimbursed amount of Credit issued any Draft honored by the Administrative Agent such Issuing Bank such other Bank's PRO RATA share ’s Pro Rata Share of all payments subsequently received by such Issuing Bank the Administrative Agent from the Borrower Companies in reimbursement of drawings honored by such Issuing Bank under such Letter of Credit the previously unreimbursed amounts when such payments are received. Nothing in this Section 1.13(e) shall be deemed If any portion of any amount paid to relieve any Bank of its obligation to pay all amounts payable by it under this Section 1.13(e) the Administrative Agent with respect to any Letter Acceptance should be recovered by or on behalf of Credit issued the Companies from the Administrative Agent in bankruptcy, by an Issuing Bank assignment for the benefit of creditors or to prejudice any rights that otherwise, the Borrower or any other Bank may have against a Bank as a result loss of any default by such Bank hereunder and no Bank the amount so recovered shall be responsible for ratably shared among all the failure of any other Bank to pay its PRO RATA share payable under this Banks in the manner contemplated by Section 1.13(e)9.13 hereof.
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Payment by Banks. In the event that (i) the Borrower shall fail to reimburse an Issuing Bank as provided in Section 1.13(d1.10(d) in an amount equal to the amount of any drawing honored by such Issuing Bank under a Letter of Credit issued by it, and (ii) the Revolving Loans are not made in payment of such reimbursement obligation as provided in Section 1.13(d), such Issuing Bank shall promptly notify each Bank of the unreimbursed amount of such drawing and of such Bank's respective participation therein. Each Bank shall make available to such Issuing Bank an amount equal to its respective participation in same day funds, at the office of such Issuing Bank specified in such notice, not later than 1:00 P.M. (New York time) on the Business Day (which shall be a business day under the laws of the jurisdiction of such Issuing Bank) after the date notified by such Issuing Bank. In the event that any Bank fails to make available to such Issuing Bank the amount of such Bank's participation in such Letter of Credit as provided in this Section 1.13(e1.10(e), such Issuing Bank shall be entitled to recover such amount on demand from such Bank together with interest at the customary rate set by the Administrative Agent for the correction of errors among banks for three Business Days and thereafter at the Base Federal Funds Rate. Each Issuing Bank shall distribute to each other Bank which has paid all amounts payable by it under this Section 1.13(e1.10(e) with respect to any Letter of Credit issued by such Issuing Bank such other Bank's PRO RATA share of all payments received by such Issuing Bank from the Borrower in reimbursement of drawings honored by such Issuing Bank under such Letter of Credit when such payments are received. Nothing in this Section 1.13(e1.10(e) shall be deemed to relieve any Bank of from its obligation to pay all amounts payable by it under this Section 1.13(e1.10(e) with respect to any Letter of Credit issued by an Issuing Bank or to prejudice any rights that the Borrower or any other Bank may have against a Bank as a result of any default by such Bank hereunder and no Bank shall be responsible for the failure of any other Bank to pay its PRO RATA share payable under this Section 1.13(e)hereunder.
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Payment by Banks. In the event that (i) the Borrower shall fail to reimburse an Issuing Bank as provided in Section 1.13(d) in an amount equal to the amount of any drawing honored by such Issuing Bank under a Letter of Credit issued by it, and (ii) the Revolving Loans are not made in payment of such reimbursement obligation as provided in Section 1.13(d), such Issuing Bank shall promptly notify each Bank of the unreimbursed amount of such drawing and of such Bank's respective participation therein. Each Bank shall make available to such Issuing Bank an amount equal to its respective participation in same day funds, at the office of such Issuing Bank specified in such notice, not later than 1:00 P.M. (New York time) on the Business Day (which shall be a business day under the laws of the jurisdiction of such Issuing Bank) after the date notified by such Issuing Bank. In the event that any Bank fails to make available to such Issuing Bank the amount of such Bank's participation in such Letter of Credit as provided in this Section 1.13(e), such Issuing Bank shall be entitled to recover such amount on demand from such Bank together with interest at the customary rate set by the Administrative Agent for the correction of errors among banks for three Business Days and thereafter at the Base Rate. Each Issuing Bank shall distribute to each other Bank which has paid all amounts payable by it under this Section 1.13(e) with respect to any Letter of Credit issued by such Issuing Bank such other Bank's PRO RATA pro rata share of all payments received by such Issuing Bank from the Borrower in reimbursement of drawings honored by such Issuing Bank under such Letter of Credit when such payments are received. Nothing in this Section 1.13(e) shall be deemed to relieve any Bank of from its obligation to pay all amounts payable by it under this Section 1.13(e) with respect to any Letter of Credit issued by an Issuing Bank or to prejudice any rights that the Borrower or any other Bank may have against a Bank as a result of any default by such Bank hereunder and no Bank shall be responsible for the failure of any other Bank to pay its PRO RATA share payable under this Section 1.13(e)hereunder.
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Payment by Banks. In the event that (i) the Borrower Borrowers shall fail to reimburse an the Issuing Bank as provided in Section 1.13(d2.19(E) in an amount equal to the amount of any drawing honored by such Issuing Bank it under a Letter of Credit issued by it, and (ii) the Revolving Loans are not made in payment of such reimbursement obligation as provided in Section 1.13(d), such Issuing Bank Agent shall promptly notify each Bank of the unreimbursed amount of such drawing and of such Bank's respective participation thereintherein in an amount equal to such Bank's Pro Rata Share of such unreimbursed amount. Each Bank shall make available to such the Agent for payment to the Issuing Bank an amount equal to its respective participation therein (including without limitation its Pro Rata Share of accrued but unpaid interest thereon), in same day funds, at the office of such Issuing Bank the Agent specified in such notice, not later than 1:00 P.M. (New York time) 11:00 A.M. on the Business Day (which shall be a business day under the laws of the jurisdiction of such Issuing Bank) after the date notified by such Issuing the Agent notifies each Bank. In the event that any Bank fails to make available to such Issuing Bank the Agent the amount of such Bank's participation in such Letter of Credit unreimbursed amount as provided in this Section 1.13(e)herein, such the Issuing Bank shall be entitled to recover such amount on demand from such Bank together with interest thereon at a rate per annum equal to the customary rate set by Adjusted Base Rate for each day during the Administrative period between the Reimbursement Date and the date on which such Bank makes available its participation in such unreimbursed amount. The failure of any Bank to make available to the Agent for its Pro Rata Share of any such unreimbursed amount shall not relieve any other Bank of its obligations hereunder to make available to the correction Agent its Pro Rata Share of errors among banks for three Business Days and thereafter at such unreimbursed amount on the Base Ratedate such unreimbursed amount is to be reimbursed. Each Issuing Bank The Agent shall distribute to each other Bank which has paid all amounts payable by it under this Section 1.13(e2.19(F) with respect to the unreimbursed amount of any drawing under any Letter of Credit issued by such Issuing Bank the Agent, such other Bank's PRO RATA share Pro Rata Share of all payments received by such Issuing Bank the Agent from the Borrower Borrowers in reimbursement of drawings honored by such the Issuing Bank under such Letter of Credit when such payments are received. Nothing in this Section 1.13(e) shall be deemed Notwithstanding anything to relieve any the contrary herein, each Bank of its obligation to pay which has paid all amounts payable by it under this Section 1.13(e2.19(F) with respect shall have a direct right to any Letter reimbursement of Credit issued by an Issuing Bank or such amounts from the Borrowers subject to prejudice any rights that the Borrower or any other Bank may have against a Bank as a result of any default by such Bank hereunder and no Bank shall be responsible procedures for the failure of any other Bank to pay its PRO RATA share payable under reimbursing Banks set forth in this Section 1.13(e)2.19.
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Samples: Loan Agreement (NCC Industries Inc)