Common use of Payments of Amounts Drawn Clause in Contracts

Payments of Amounts Drawn. (1) On the Business Day of a drawing, the Documentary Credit Lender shall notify the Documentary Credit Borrower and the Administrative Agent of such drawing. Within one Business Day following the date of such drawing under a Documentary Credit, the applicable Documentary Credit Borrower shall pay to such Documentary Credit Lender an amount in same day funds equal to the amount so drawn in the currency in which such Documentary Credit is payable.

Payments of Amounts Drawn. (1) On the Business Day of a drawing, the Documentary Credit Lender shall notify the Documentary Credit Borrower and the Administrative Agent of such drawing. Within one Business Day following the date of such any drawing under a Documentary Credit, the applicable Documentary Credit Borrower shall pay to such Documentary Credit Lender an amount in same day funds equal to the amount so drawn in the currency in which such Documentary Credit is payable.