Common use of PAYMENT BY WORKING CAPITAL LENDERS Clause in Contracts

PAYMENT BY WORKING CAPITAL LENDERS. In the event that Company shall fail for any reason to reimburse any Issuing Lender as provided in subsection 3.3B in an amount equal to the amount of any drawing honored by such Issuing Lender under a Letter of Credit issued by it, such Issuing Lender shall promptly notify each other Working Capital Lender of the unreimbursed amount of such honored drawing and of such other Working Capital Lender's respective participation therein based on such Working Capital Lender's Pro Rata Share. Each Working Capital Lender shall make available to such Issuing Lender an amount equal to its respective participation, in Dollars and in same day funds, at the office of such Issuing Lender specified in such notice, not later than 11:00 A.M. (Chicago time) on the first business day (under the laws of the jurisdiction in which such office of such Issuing Lender is located) after the date notified by such Issuing Lender. In the event that any Working Capital Lender fails to make available to such Issuing Lender on such business day the amount of such Working Capital Lender's participation in such Letter of Credit as provided in this subsection 3.3C, such Issuing Lender shall be entitled to recover such amount on demand from such Working Capital Lender together with interest thereon at the Federal Funds Effective Rate for three Business Days and thereafter at the Base Rate. Nothing in this subsection 3.3C shall be deemed to prejudice the right of any Working Capital Lender to recover from any Issuing Lender any amounts made available by such Working Capital Lender to such Issuing Lender pursuant to this subsection 3.3C in the event that it is determined by the final judgment of a court of competent jurisdiction that the payment with respect to a Letter of Credit by such Issuing Lender in respect of which payment was made by such Working Capital Lender constituted gross negligence or willful misconduct on the part of such Issuing Lender.