Common use of Participations in Letters of Credit Clause in Contracts

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Bank shall be deemed to have sold and transferred to each other Bank, and each other Bank shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Bank, without recourse or warranty, an undivided interest and participation, to the extent of such other Bank's Pro Rata Share, in such Letter of Credit and the Company's reimbursement obligations with respect thereto. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Bank's "participation" therein. The Issuing Bank hereby agrees, upon request of the Agent or any Bank, to deliver to the Agent or such Bank a list of all outstanding Letters of Credit issued by the Issuing Bank, together with such information related thereto as the Agent or such Bank may reasonably request.

Appears in 11 contracts

Samples: Credit Agreement (Fargo Electronics Inc), Credit Agreement (Fargo Electronics Inc), Credit Agreement (Energy West Inc)

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Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Bank Lender shall be deemed to have sold and transferred to each other BankLender, and each other Bank Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing BankLender, without recourse or warranty, an undivided interest and participation, to the extent of such other BankLender's Pro Rata Share, in such Letter of Credit and the Company's reimbursement obligations with respect thereto. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing BankLender's "participation" therein. The Issuing Bank Lender hereby agrees, upon request of the Agent or any BankLender, to deliver to the Agent or such Bank Lender a list of all outstanding Letters of Credit issued by the Issuing BankLender, together with such information related thereto as the Agent or such Bank Lender may reasonably request.

Appears in 4 contracts

Samples: Credit Agreement (Lithia Motors Inc), Credit Agreement (Global Technovations Inc), Pledge Agreement (United Auto Group Inc)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the applicable Issuing Bank shall be deemed to have sold and transferred to each other Bank, and each other Bank shall be deemed irrevocably and unconditionally to have purchased and received from the such Issuing Bank, without recourse or warranty, an undivided interest and participation, to the extent of such other Bank's Pro Rata ShareRevolving Percentage, in such Letter of Credit and the Company's reimbursement obligations with respect thereto. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the applicable Issuing Bank's "participation" therein. The Each Issuing Bank hereby agrees, upon request of the Administrative Agent or any Bank, to deliver to the Agent or such Bank a list of all outstanding Letters of Credit issued by the such Issuing Bank, together with such information related thereto as the Agent or such Bank may reasonably request.

Appears in 3 contracts

Samples: Credit Agreement (Synagro Technologies Inc), Credit Agreement (U S Plastic Lumber Corp), Credit Agreement (Synagro Technologies Inc)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Bank shall be deemed to have sold and transferred to each other Bank, and each other Bank shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Bank, without recourse or warranty, an undivided interest and participation, to the extent of such other Bank's Pro Rata Share, in such Letter of Credit and the Company's reimbursement obligations with respect thereto. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Bank's "participation" therein. The Issuing Bank hereby agrees, upon request of the Administrative Agent or any Bank, to deliver to the Administrative Agent or such Bank a list of all outstanding Letters of Credit issued by the Issuing Bank, together with such information related thereto as the Administrative Agent or such Bank may reasonably request.

Appears in 2 contracts

Samples: Credit Agreement (Cabot Microelectronics Corp), Credit Agreement (Cabot Microelectronics Corp)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Bank shall be deemed to have sold and transferred to each other Bank, and each other Bank shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Bank, without recourse or warranty, an undivided interest and participation, to the extent of such other Bank's ’s Pro Rata Share, in such Letter of Credit and the Company's applicable Loan Party’s reimbursement obligations with respect thereto. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Bank's "’s “participation" therein. The Issuing Bank hereby agrees, upon request of the Agent or any Bank, to deliver to the Agent or such Bank a list of all outstanding Letters of Credit issued by the Issuing Bank, together with such information related thereto as the Agent or such Bank may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Clarion Technologies Inc/De/)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Bank shall be deemed to have sold and transferred to each other Bank, and each other Bank shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Bank, without recourse or warranty, an undivided interest and participation, to the extent of such other Bank's Pro Rata SharePercentage, in such Letter of Credit and the Company's reimbursement obligations with respect thereto. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Bank's "participation" therein. The Issuing Bank hereby agrees, upon request of the Agent or any Bank, to deliver to such Bank and the Agent or such Bank a list of all outstanding Letters of Credit issued by the such Issuing Bank, together with such information related thereto as the Agent or such other Bank may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Wyle Electronics)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the applicable Issuing Bank shall be deemed to have sold and transferred to each other Bank, and each other Bank shall be deemed irrevocably and unconditionally to have purchased and received from the such Issuing Bank, without recourse or warranty, an undivided interest and participation, to the extent of such other Bank's Pro Rata SharePercentage, in such Letter of Credit and the Company's reimbursement obligations with respect thereto. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the applicable Issuing Bank's "participation" therein. The Each Issuing Bank hereby agrees, upon request of the Agent or any Bank, to deliver to the Agent or such Bank a list of all outstanding Letters of Credit issued by the such Issuing Bank, together with such information related thereto as the Agent or such Bank may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Santi Group Inc /Ga)

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Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the applicable Issuing Bank shall be deemed to have sold and transferred to each other Bank, and each other Bank shall be deemed irrevocably and unconditionally to have purchased and received from the such Issuing Bank, without recourse or warranty, an undivided interest and participation, to the extent of such other Bank's Pro Rata SharePercentage, in such Letter of Credit and the Company's reimbursement obligations with respect thereto. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the applicable Issuing Bank's "participation" therein. The Each Issuing Bank hereby agrees, upon request of the Administrative Agent or any Bank, to deliver to the Agent or such Bank a list of all outstanding Letters of Credit issued by the such Issuing Bank, together with such information related thereto as the Agent or such Bank may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Earthcare Co)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Bank shall be deemed to have sold and transferred to each other BankBank with a Revolving Loan Commitment, and each other Bank shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Bank, without recourse or warranty, an undivided interest and participation, to the extent of such other Bank's Pro Rata Share, in such Letter of Credit and the Company's reimbursement obligations with respect thereto. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Bank's "participation" therein. The Issuing Bank hereby agrees, upon request of the Agent or any Bank, to deliver to the Agent or such Bank a list of all outstanding Letters of Credit issued by the Issuing Bank, together with such information related thereto as the Agent or such Bank may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Nashua Corp)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Bank shall be deemed to have sold and transferred to each other Bank, and each other Bank shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Bank, without recourse or warranty, an undivided interest and participation, to the extent of such other Bank's ’s Pro Rata Share, in such Letter of Credit and the Company's ’s reimbursement obligations with respect thereto. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Bank's "’s “participation" therein. The Issuing Bank hereby agrees, upon request of the Agent or any Bank, to deliver to the Agent or such Bank a list of all outstanding Letters of Credit issued by the Issuing Bank, together with such information related thereto as the Agent or such Bank may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Energy West Inc)

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