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

Payments by Banks with Respect to Letters of Credit. (i) Each Bank shall make available an amount equal to its ratable share of any drawing under a Letter of Credit, in Federal or other funds immediately available in New York City, to the Issuing Bank by 3:00 P.M. (New York City time) on the Domestic Business Day following such drawing, together with interest on such amount at the average rate charged to the Issuing Bank on overnight Federal funds transactions on the date of such drawing as determined by the Issuing Bank, at the Issuing Bank's address specified in or pursuant to Section 9.01; provided that each Bank's obligation shall be reduced by its pro rata share of any reimbursement theretofore paid by the Borrower in respect of such drawing pursuant to Section 2.07(d)(i). The Issuing Bank shall notify each Bank and the Agent of the amount of such Bank's obligation in respect of any drawing under a Letter of Credit not later than 1:00 P.M. (New York City time) on the day such payment by such Bank is due. Each Bank shall be subrogated to the rights of the Issuing Bank against the Borrower to the extent of all amounts due from such Bank to the Issuing Bank, plus interest thereon, for each day from and including the day such amount is due from such Bank to the Issuing Bank to but excluding the day the Borrower makes payment to the Issuing Bank pursuant to Section 2.07(d) above, whether before or after judgment, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day.

Payments by Banks with Respect to Letters of Credit. (i) Each Bank shall make available an amount equal to its ratable share of any drawing under a Letter of Credit, which is not repaid to the Issuing Bank by the Company as required by this Agreement in Federal or other funds immediately available in New York City, to the Issuing Bank by 3:00 P.M. p.m (New York City time) on the Domestic Business Day following the required date for payment of such drawingdrawing by the Company, together with interest on such amount drawing to but excluding the day such payment is due from such Bank at the average rate charged to the Issuing Bank on overnight Federal funds transactions on the date of Funds Rate for such drawing as determined by the Issuing Bankday, at the Issuing Bank's address specified in or pursuant to Section 9.0111.01; provided that PROVIDED each Bank's obligation shall be reduced by its pro rata share of any reimbursement theretofore paid by the Borrower Company in respect of such drawing pursuant to Section 2.07(d)(i2.01(b) or (c). The Issuing Bank shall notify each Bank and the Agent of the amount of such Bank's obligation in respect of any drawing under a Letter of Credit not later than 1:00 P.M. p.m. (New York City time) on the day such payment by such Bank is due. Each Upon payment in full thereof, each Bank shall be subrogated to the rights of the Issuing Bank against the Borrower Company to the extent of all amounts due from such Bank to Bank's pro rata share of the Issuing Bank, plus related Reimbursement Obligation (including interest accrued thereon, for each day from and including the day such amount is due from such Bank to the Issuing Bank to but excluding the day the Borrower makes payment to the Issuing Bank pursuant to Section 2.07(d) above, whether before or after judgment, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day).

Payments by Banks with Respect to Letters of Credit. (i) Each Bank shall make available an amount equal to its ratable share of any drawing under a Letter of Credit, in Federal or other funds immediately available in New York City, to the Issuing Bank by 3:00 P.M. (New York City time) on the Domestic Business Day following such drawing, together with interest on such amount at the average rate charged to the Issuing Bank on overnight Federal funds transactions on the date of such drawing as determined by the Issuing Bank, at the Issuing Bank's address specified in or pursuant to Section 9.01; provided that each Bank's obligation shall be reduced by its pro rata share of any reimbursement theretofore paid by the Borrower in respect of such drawing pursuant to Section 2.07(d)(i). The Issuing Bank shall notify each Bank and the Administrative Agent of the amount of such Bank's obligation in respect of any drawing under a Letter of Credit not later than 1:00 P.M. (New York City time) on the day such payment by such Bank is due. Each Bank shall be subrogated to the rights of the Issuing Bank against the Borrower to the extent of all amounts due from such Bank to the Issuing Bank, plus interest thereon, for each day from and including the day such amount is due from such Bank to the Issuing Bank to but excluding the day the Borrower makes payment to the Issuing Bank pursuant to Section 2.07(d) above, whether before or after judgment, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day.

Payments by Banks with Respect to Letters of Credit. (i) Each Bank shall make available an amount equal to its ratable share of any drawing under a Letter of Credit, in Federal or other funds immediately available in New York City, to the Issuing applicable Fronting Bank by 3:00 P.M. (New York City time) on the second Domestic Business Day following such drawing, together with interest on such amount for the period from and including the date of such drawing to but excluding the date upon which such amount is to be made available at the average rate charged to the Issuing Bank on overnight Federal funds transactions Funds Rate on the date of such drawing as determined by the Issuing Bankdrawing, at the Issuing such Fronting Bank's address specified referred to in or pursuant to Section 9.0110.01; provided that each Bank's obligation shall be reduced by its pro rata share of any reimbursement theretofore paid by the relevant Borrower in respect of such drawing pursuant to Section 2.07(d)(i2.03(f)(i). The Issuing applicable Fronting Bank shall notify each Bank and the Agent of the amount of such Bank's obligation in respect of any drawing under a Letter of Credit not later than 1:00 1:30 P.M. (New York City time) on the day such payment by such Bank is due. Each Bank shall be subrogated to the rights of the Issuing applicable Fronting Bank against the applicable Borrower to the extent of all amounts such payment due from such Bank to the Issuing Banksuch Fronting Bank is paid, plus interest thereon, for each day from and including the day such amount is due from such Bank to the Issuing such Fronting Bank to but excluding the day the such Borrower makes payment to the Issuing such Fronting Bank pursuant to Section 2.07(d) above2.03(f)(i), whether before or after judgment, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day.

Payments by Banks with Respect to Letters of Credit. (i) Each Bank shall make available an amount amount, in U.S. dollars (determined in accordance with the last sentence of Section 2.09(e)(i), in the case of drawings paid in a currency other than U.S. dollars) equal to its ratable share of any drawing under a Letter of Credit, in Federal or other funds immediately available in New York City, to the Agent for the account of the Issuing Bank by 3:00 2:00 P.M. (New York City time) on the later of (x) the second Domestic Business Day following such drawingdrawing and (y) the date the Company receives notification from the Issuing Bank, if such notification is given at or before 10:30 A.M. (New York City time), or the first Domestic Business Day succeeding the date the Company receives such notification, if such notification is given later than 10:30 A.M. (New York City time) (such later date, the "PAYMENT DATE"), together with interest from and including the Payment Date to but excluding the date such amount is so made available by such Bank on such amount at the average rate charged to the Issuing Bank on overnight Federal funds transactions on the date of such drawing as determined by the Issuing Bank, at the Issuing Bank's address specified referred to in or pursuant to Section 9.0111.01 hereof; provided that each Bank's obligation shall be reduced by its pro rata share of any reimbursement theretofore paid by the Borrower Company in respect of such drawing pursuant to Section 2.07(d)(i2.09(e). The Issuing Bank shall notify each Bank the Agent and the Agent shall notify each Bank of the amount of such Bank's obligation in respect of any drawing under a Letter of Credit not later than 1:00 P.M. (New York City time) on the day such payment by such Bank is due. Each Bank shall be subrogated to the rights of the Issuing Bank against the Borrower Company to the extent of all amounts due from such Bank to the Issuing Bank, plus interest thereon, for each day from and including the day such amount is due from such Bank to the Issuing Bank (i) to but excluding the day the Borrower Company makes payment to the Agent for the account of the Issuing Bank pursuant to Section 2.07(dsubsection (e) above, whether before or after judgment, at a rate per annum equal to the sum of 2% plus the rate applicable to Base Rate Loans for such day.