Common use of Payment of Reimbursement Obligations Clause in Contracts

Payment of Reimbursement Obligations. (a) The Borrower agrees to pay to each Issuing Bank the amount of all Reimbursement Obligations, interest, and other amounts payable to such Issuing Bank under or in connection with any Facility Letter of Credit immediately when due, irrespective of any claim, set off, defense, or other right which the Borrower may have at any time against any Issuing Bank or any other Person. (b) In the event any payment by the Borrower received by an Issuing Bank with respect to a Facility Letter of Credit and distributed to Banks on account of their respective participation is thereafter set aside, avoided, or recovered from such Issuing Bank in connection with any Debtor Laws, each Bank which received such distribution shall, upon demand by such Issuing Bank, contribute each Bank's Pro Rata Percentage of the amount set aside, avoided, or recovered together with interest at the rate required to be paid by the Issuing Bank upon the amount required to be repaid by it.

Payment of Reimbursement Obligations. (a) The Borrower agrees to pay to each the Issuing Bank the amount of all Reimbursement Obligations, interest, and other amounts payable to such the Issuing Bank under or in connection with any Facility Letter of Credit immediately when due, irrespective of any claim, set off, defense, or other right which the Borrower may have at any time against any the Issuing Bank or any other Person. (b) In the event any payment by the Borrower received by an the Issuing Bank with respect to a Facility Letter of Credit and distributed to Banks on account of their respective participation is thereafter set aside, avoided, or recovered from such Issuing Bank in connection with any Debtor Laws, each Bank which received such distribution shall, upon demand by such the Issuing Bank, contribute each Bank's ’s Pro Rata Percentage of the amount set aside, avoided, or recovered together with interest at the rate required to be paid by the Issuing Bank upon the amount required to be repaid by it.

Payment of Reimbursement Obligations. (a) The Borrower agrees to pay to each Issuing Bank the amount of all Reimbursement Obligations, interest, and other amounts payable to such Issuing Bank under or in connection with any Facility Letter of Credit immediately when due, irrespective of any claim, set off, defense, or other right which the Borrower may have at any time against any Issuing Bank or any other Person. (b) In the event any payment by the Borrower received by an Issuing Bank with respect to a Facility Letter of Credit and distributed to Banks on account of their respective participation partici- pation is thereafter set aside, avoided, or recovered from such Issuing Bank in connection with any Debtor Laws, each Bank which received such distribution shall, upon demand by such Issuing Bank, contribute each Bank's Pro Rata Percentage of the amount set aside, avoided, or recovered together with interest at the rate required to be paid by the Issuing Bank upon the amount required to be repaid by it.