Common use of Limitation on Certain Payment Obligations Clause in Contracts

Limitation on Certain Payment Obligations. (a) Each Bank or the Administrative Agent shall make written demand on any Borrower for indemnification or compensation pursuant to Section 8.05 no later than 90 after the event giving rise to the claim for indemnification or compensation occurs. (b) In the event that any Bank or the Administrative Agent fails to give any Borrower notice within the applicable time limitation prescribed in (a) above, neither such Borrower nor any other Borrower shall have any obligation to pay such claim for compensation or indemnification hereunder. No Borrower shall have any obligation to pay any amount to any Bank with respect to claims accruing under Section 8.05 prior to the 90th day preceding written demand therefor from such Bank.

Limitation on Certain Payment Obligations. (a) Each Bank or the Administrative Agent shall make written demand on any Borrower for indemnification or compensation pursuant to Section 8.05 or 8.06 hereof no later than 90 after the event giving rise to the claim for indemnification or compensation occurs. (b) In the event that any Bank or the Administrative Agent fails to give any Borrower notice within the applicable time limitation prescribed in (a) above, neither such Borrower nor any other Borrower shall have any obligation to pay such claim for compensation or indemnification hereunder. No Borrower shall have any obligation to pay any amount to any Bank with respect to claims accruing under Section 8.05 8.02 or 8.03 prior to the 90th day preceding written demand therefor from such Bank.