Payments by Banks Sample Clauses

Payments by Banks. In the event that the Borrowers shall fail to reimburse the Issuing Bank as provided in subsection 3.03 in an amount equal to the amount of any drawing honored by the Issuing Bank under a Letter of Credit issued by it, the 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 the Issuing Bank an amount equal to its respective participation in same day funds, at the office of the Issuing Bank specified in such notice, not later than 1:00 P.M. in the time zone of the Issuing Bank on the Business Day after the date notified by the Issuing Bank. In the event that any Bank fails to make available to the Issuing Bank the amount of such Bank's participation in such Letter of Credit as provided in this subsection 3.04, 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 Issuing Bank for the correction of errors among banks. Nothing in this subsection 3.04 shall be deemed to prejudice the right of any Bank to recover from the Issuing Bank any amounts made available by such Bank to the Issuing Bank pursuant to this subsection 3.04 in the event that it is determined by a court of competent jurisdiction that the payment with respect to a Letter of Credit by the Issuing Bank in respect of which payment was made by such Bank constituted gross negligence or willful misconduct on the part of the Issuing Bank. The Issuing Bank shall distribute to each other Bank which has paid all amounts payable by it under this subsection 3.04 with respect to any Letter of Credit issued by the Issuing Bank such other Bank's pro rata share (determined based on the Bank's Percentage) of all payments received by the Issuing Bank from the Borrowers in reimbursement of drawings honored by the Issuing Bank under such Letter of Credit when such payments are received.

Payments by Banks. Unless the Administrative Agent shall have ----------------- received notice from a Bank at least one Business Day prior to the date of any proposed Borrowing (or, with respect to Borrowings comprised of Base Rate Loans, prior to the Administrative Agent funding such Borrowing on such Borrowing Date) that such Bank will not make available to the Administrative Agent for the account of the Company the amount of that Bank's Pro Rata Share of the Loan, the Administrative Agent may assume that each Bank has made such amount available to the Administrative Agent on the Borrowing Date and the Administrative Agent may (but shall not be so required), in reliance upon such assumption, make available to the Company on such date a corresponding amount. If and to the extent any Bank shall not have made its full amount available to the Administrative Agent and the Administrative Agent in such circumstances has made available to the Company such amount, that Bank shall within two Business Days following the date of such Borrowing make such amount available to the Administrative Agent, together with interest at the Federal Funds Rate for each day during such period. A certificate of the Administrative Agent submitted to any Bank with respect to amounts owing under this Section 3.8 shall be conclusive, absent manifest error. If such amount is so made available, such payment to the Administrative Agent shall constitute such Bank's Loan on the date of Borrowing for all purposes of this Agreement. If such amount is not made available to the Administrative Agent within two Business Days following the date of such Borrowing, the Administrative Agent shall notify the Company of such failure to fund and, upon demand by the Administrative Agent, the Company shall pay such amount to the Administrative Agent for the Administrative Agent's account, together with interest thereon for each day elapsed since the date of such Borrowing, at a rate per annum equal to the interest rate applicable at the time to such Loan.

Payments by Banks. Unless Agent shall have been notified in writing by any Bank having a Commitment prior to a Loan Borrowing Date that such Bank will not make the amount that would constitute its Pro Rata Share of the Working Capital Loan borrowing or Reducing Revolving Loan borrowing, as the case may be, on such date available to Agent, Agent may assume that such Bank has made such amount available to Agent on such Loan Borrowing Date, and Agent may, it its sole discretion, but shall not be obligated to, in reliance upon such assumption, to make available to Company a corresponding amount. If such corresponding amount is not made available to Agent on the Loan Borrowing Date, Agent shall be entitled to recover such corresponding amount from such Bank, together with interest thereon, for each day from such Loan Borrowing Date until the date such amount is paid to Agent, at the customary rate set by Agent for correction of errors among banks for three Business Days and thereafter at the Reference Rate. A certificate of Agent submitted to any Bank with respect to any amounts owing under this Section shall be conclusive in the absence of manifest error. If such Bank does not pay such corresponding amount to Agent forthwith upon demand, Agent shall promptly notify Company and Company shall immediately pay such corresponding amount to Agent with interest thereon, for each day from the Loan Borrowing Date until the date such amount is paid to Agent, at the rate payable under this Agreement for Working Capital Loans or Reducing Revolving Loans, as the case may be.

Payments by Banks. Each Bank hereby agrees that it shall pay to any Letter of Credit Bank prior to 2:00 p.m. (Chicago time) on the date each Letter of Credit Bank honors each drawing under such Letter of Credit Bank's Letter of Credit such Bank's Proportionate Share of such Letter of Credit drawing; provided, that, if the Borrowers should pay in full or in part any Letter of Credit drawing on the date thereof, the obligation of each Bank to pay to such Letter of Credit Bank pursuant to this Section its Proportionate Share of such drawing shall be reduced by an amount equal to such Bank's Proportionate Share of such payment. Amounts paid in excess of the net amount so owed shall promptly be refunded by such Letter of Credit Bank to such Bank.

Payments by Banks. 28 Section 4. CONDITIONS TO EFFECTIVENESS OF AGREEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29

Payments by Banks. Unless the Agent shall have received notice from a Bank at least one Business Day prior to the date of any proposed Borrowing (or, with respect to Borrowings comprised of Base Rate Loans, prior to the Agent funding such Borrowing on such Borrowing Date) that such Bank will not make available to the Agent for the account of the Company the amount of that Bank's Loan, the Agent may assume that each Bank has made such amount available to the Agent on the Borrowing date and the Agent may (but shall not be so required), in reliance upon such assumption, make available to the Company on such date a corresponding amount. If and to the extent any Bank shall not have made its full amount available to the Agent and the Agent in such circumstances has made available to the Company such amount, that Bank shall within two Business Days following the date of such Borrowing make such amount available to the Agent, together with interest at the Federal Funds Rate for each day during such period. A certificate of the Agent submitted to any Bank with respect to amounts owing under this

Payments by Banks. 21 Subsection 3.05

Payments by Banks. If any Bank shall fail to make any payment required to be made by it pursuant to Section 2.17(e) or (f) or Section 10.05, then Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply any amounts thereafter received by Administrative Agent for the account of such Bank for the benefit of Administrative Agent or the Fronting Banks to satisfy such Bank’s obligations to it under such Section until all such unsatisfied obligations are fully paid, and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations of such Bank under any such Section, in the case of each of clauses (i) and (ii) above, in any order as determined by Administrative Agent in its discretion.

Payments by Banks. 31 Section 4. CONDITIONS TO EFFECTIVENESS OF AGREEMENT AND EXTENSIONS OF CREDIT....... 31 4.1