Common use of Sharing of Letter of Credit Payments Clause in Contracts

Sharing of Letter of Credit Payments. In the event that the Agent makes any payment under any Letter of Credit for which the Borrower shall not have repaid such amount to the Agent pursuant to Section 3.07 hereof or which cannot be paid by a Loan pursuant to subsection (iii) of Section 3.05, the Agent shall promptly notify each Bank of such failure, and each Bank shall promptly and unconditionally pay to the Agent such Bank's Commitment Share of the amount of such payment in Dollars and in same day funds. If the Agent so notifies such Bank prior to 10:00 A.M. (Atlanta, Georgia time) on any Domestic Business Day, such Bank shall make available to the Agent its Commitment Share of the amount of such payment on such Domestic Business Day in same day funds. If and to the extent such Bank shall not have so made its Commitment Share of the amount of such payment available to the Agent, such Bank agrees to pay to the Agent forthwith on demand such amount together with interest thereon, for each day from the date such payment was first due until the date such amount is paid to the Agent at the Base Rate for the first 3 days and thereafter at the Default Rate. The failure of any Bank to make available to the Agent its Commitment Share of any such payment shall neither relieve nor increase the obligation of any other Bank hereunder to make available to the Agent its Commitment Share of any payment on the date such payment is to be made.

Sharing of Letter of Credit Payments. In the event that the Agent makes any payment under any Letter of Credit for which the Borrower shall not have repaid such amount to the Agent pursuant to Section 3.07 hereof 3.05 or which cannot be paid by a Loan pursuant to subsection (iii) of Section 3.05Tender Advance, the Agent shall promptly notify each Bank of such failure, and each Bank shall promptly and unconditionally pay to the Agent such Bank's Commitment Share Percentage of the amount of such payment in Dollars and in same day funds. If the Agent so notifies such Bank prior to 10:00 A.M. (Atlanta, Georgia time) on any Domestic Business Day, such Bank shall make available to the Agent its Commitment Share Percentage of the amount of such payment on such Domestic Business Day in same day funds. If and to the extent such Bank shall not have so made its Commitment Share Percentage of the amount of such payment available to the Agent, such Bank agrees to pay to the Agent forthwith on demand such amount together with interest thereon, for each day from the date such payment was first due until the date such amount is paid to the Agent at the Base Rate for the first 3 days and thereafter at the Default Rate. The failure of any Bank to make available to the Agent its Commitment Share Percentage of any such payment shall neither relieve nor increase the obligation of any other Bank hereunder to make available to the Agent its Commitment Share Percentage of any payment on the date such payment is to be made.

Sharing of Letter of Credit Payments. In the event that the Agent makes any payment under any Letter of Credit for which the relevant Borrower shall not have repaid such amount to the Agent pursuant to Section 3.07 hereof or which cannot be paid by a Loan pursuant to subsection (iii) of Section 3.05, the Agent shall promptly notify each Bank of such failure, and each Bank shall promptly and unconditionally pay to the Agent such Bank's Commitment Share share of the Aggregate Commitments of the amount of such payment in Dollars and in same day funds. If the Agent so notifies such Bank prior to 10:00 A.M. (Atlanta, Georgia time) on any Domestic Business Day, such Bank shall make available to the Agent its Commitment Share ratable share of the amount of such payment on such Domestic Business Day in same day funds. If and to the extent such Bank shall not have so made its Commitment Share ratable share of the amount of such payment available to the Agent, such Bank agrees to pay to the Agent forthwith on demand such amount together with interest thereon, for each day from the date such payment was first due until the date such amount is paid to the Agent at the Base Rate for the first 3 days and thereafter at the Default Rate. The failure of any Bank to make available to the Agent its Commitment Share ratable share of any such payment shall neither relieve nor increase the obligation of any other Bank hereunder to make available to the Agent its Commitment Share ratable share of any payment on the date such payment is to be made.