Common use of Advances Automatic; Participations Clause in Contracts

Advances Automatic; Participations. (i) In the event that the Administrative Agent or any Issuing Bank shall make any payment on or pursuant to any Letter of Credit Obligation, such payment shall then be deemed automatically to constitute a Loan under Section 2.01 of this Agreement regardless of whether a Default or an Event of Default has occurred and is continuing and notwithstanding the Borrowers’ failure to satisfy the conditions precedent set forth in Section 4.02, and each Lender shall be obligated to pay its Applicable Percentage thereof in accordance with this Agreement. The failure of any Lender to make available to the Administrative Agent or Issuing Bank for Administrative Agent’s or Issuing Bank’s own account its Applicable Percentage of any such Loan or payment by Administrative Agent under or in respect of a Letter of Credit shall not relieve any other Lender of its obligation hereunder to make available to Administrative Agent or Issuing Bank its Applicable Percentage thereof, but no Lender shall be responsible for the failure of any other Lender to make available such other Lender’s Applicable Percentage of any such payment.

Advances Automatic; Participations. (ia) In the event that the Administrative Agent or any Issuing Bank Lender shall make any payment on or pursuant to any Letter of Credit Obligation, such payment shall then be deemed automatically to constitute a Loan an Advance under Section 2.01 2.2 of this the Agreement regardless of whether a Default or an Event of Default has shall have occurred and is be continuing and notwithstanding the Borrowers’ ' failure to satisfy the conditions precedent set forth in Section 4.02Article 5, and each Lender shall be obligated to pay its Applicable an amount calculated by applying such Lender's Commitment Percentage thereof in accordance with this Agreementto the aggregate amount of such payment. The failure of any Lender to make available to the Administrative Agent or Issuing Bank for Administrative Agent’s or Issuing Bank’s 's own account its Applicable an amount equivalent to a Lender's Commitment Percentage of as to any such Loan or payment by Administrative Agent under or in respect of a Letter of Credit shall not relieve any other Lender of its obligation hereunder to make available to Administrative Agent or Issuing Bank its Applicable an amount equivalent to such other Lender's Commitment Percentage thereofwith respect thereto, but no breach by a Lender shall be responsible for the failure of cause an increase in any other Lender to make available such other Lender’s Applicable Percentage of any such payment's Commitment Percentage.

Advances Automatic; Participations. (i) In the event that the Administrative Agent or any Issuing Bank Revolving Lender shall make any payment on or pursuant to any Letter of Credit Obligation, such payment shall then be deemed automatically to constitute a Revolving Loan to the applicable Borrower under Section 2.01 2.2 of this the Agreement regardless of whether a Default or an Event of Default has occurred and is continuing and notwithstanding the Borrowers’ any Borrower’s failure to satisfy the conditions precedent set forth in Section 4.02Article IV, and each Revolving Lender shall be obligated to pay its Applicable Percentage thereof in accordance with this the Agreement. The failure of any Revolving Lender to make available to the Administrative Agent or Issuing Bank for the Administrative Agent’s or Issuing Bank’s own account its Applicable Percentage of any such Revolving Loan or payment by the Administrative Agent under or in respect of a Letter of Credit shall not relieve any other Revolving Lender of its obligation hereunder to make available to the Administrative Agent or Issuing Bank its Applicable Percentage thereof, but no Revolving Lender shall be responsible for the failure of any other Revolving Lender to make available such other Revolving Lender’s Applicable Percentage of any such payment.

Advances Automatic; Participations. (i) In the event that the Administrative Agent or any Issuing Bank shall make any payment on or pursuant to any Letter of Credit Obligation, such payment shall then be deemed automatically to constitute a Revolving Loan under Section 2.01 of this Agreement regardless of whether a Default or an Event of Default has occurred and is continuing and notwithstanding the Borrowers’ failure to satisfy the conditions precedent set forth in Section 4.02, and each Revolving Lender shall be obligated to pay its Applicable Percentage thereof in accordance with this Agreement. The failure of any Revolving Lender to make available to the Administrative Agent or Issuing Bank for Administrative Agent’s or Issuing Bank’s own account its Applicable Percentage of any such Revolving Loan or payment by Administrative Agent under or in respect of a Letter of Credit shall not relieve any other Revolving Lender of its obligation hereunder to make available to Administrative Agent or Issuing Bank its Applicable Percentage thereof, but no Revolving Lender shall be responsible for the failure of any other Revolving Lender to make available such other Revolving Lender’s Applicable Percentage of any such payment.

Advances Automatic; Participations. (i) In the event that the Administrative Agent or any Issuing Bank shall make any payment on or pursuant to any Letter of Credit Obligation, such payment shall then be deemed automatically to constitute a Revolving Loan under Section 2.01 2.02 of this Agreement ------------ regardless of whether a Default or an Event of Default has occurred and is continuing and notwithstanding the Borrowers’ ' failure to satisfy the conditions precedent set forth in Section 4.02, and each Revolving Lender shall be ------------ obligated to pay its Applicable Percentage thereof in accordance with this Agreement. The failure of any Revolving Lender to make available to the Administrative Agent or Issuing Bank for Administrative Agent’s 's or Issuing Bank’s 's own account its Applicable Percentage of any such Revolving Loan or payment by Administrative Agent under or in respect of a Letter of Credit shall not relieve any other Revolving Lender of its obligation hereunder to make available to Administrative Agent or Issuing Bank its Applicable Percentage thereof, but no Revolving Lender shall be responsible for the failure of any other Revolving Lender to make available such other Revolving Lender’s 's Applicable Percentage of any such payment.

Advances Automatic; Participations. (i) In the event that the Administrative Agent or any Issuing Bank shall make any payment on or pursuant to any Letter of Credit Obligation, such payment shall then be deemed automatically to constitute a Loan under Section 2.01 of this Agreement regardless of whether a Default or an Event of Default has occurred and is continuing and notwithstanding the Borrowers’ failure to satisfy the conditions precedent set forth in Section 4.02, and each Lender shall be obligated to pay its Applicable Percentage thereof in accordance with this Agreement. The failure of any Lender to make available to the Administrative Agent or Issuing Bank for Exhibit A to FirstFourth Amendment Conformed Amended and Restated Credit Agreement – Independence Contract Drilling #37466145 Administrative Agent’s or Issuing Bank’s own account its Applicable Percentage of any such Loan or payment by Administrative Agent under or in respect of a Letter of Credit shall not relieve any other Lender of its obligation hereunder to make available to Administrative Agent or Issuing Bank its Applicable Percentage thereof, but no Lender shall be responsible for the failure of any other Lender to make available such other Lender’s Applicable Percentage of any such payment.

Advances Automatic; Participations. (ia) In the event that the Administrative Agent or any Issuing Bank shall make any payment on or pursuant to any Letter of Credit L/C Obligation, such payment shall then be deemed automatically to constitute a Revolving Credit Loan that is a Base Rate Loan to the applicable Borrower under Section 2.01 of this Agreement subsection 2.5 regardless of whether a Default or an Event of Default has shall have occurred and is be continuing and notwithstanding the Borrowers’ any Borrower's failure to satisfy the conditions precedent set forth in Section 4.028, and each Lender shall be obligated to pay its Applicable Commitment Percentage thereof in accordance with this Agreementto the Administrative Agent for the Administrative Agent's own account. The failure of any Lender to make available to the Administrative Agent or Issuing Bank for Administrative Agent’s or Issuing Bank’s own account its Applicable Commitment Percentage of any such Revolving Credit Loan or payment by the Administrative Agent under or in respect of a Letter of Credit shall not relieve any other Lender of its obligation hereunder to make available to the Administrative Agent or Issuing Bank its Applicable Commitment Percentage thereof, but no Lender shall be responsible for the failure of any other Lender to make available such other Lender’s Applicable 's Commitment Percentage of any such payment.

Advances Automatic; Participations. (ia) In the event that the Administrative Agent or any Issuing Bank Lender shall make any payment on or pursuant to any Letter of Credit L/C Obligation, such payment shall then be deemed automatically to constitute a Revolving Credit Loan that is a Base Rate Loan (dominated in the currency of such payment) to the applicable Borrower under Section 2.01 of this Agreement subsection 2.3 regardless of whether a Default or an Event of Default has shall have occurred and is be continuing and notwithstanding the Borrowers’ any Borrower's failure to satisfy the conditions precedent set forth in Section 4.028, and each Lender shall be obligated to pay its Applicable Commitment Percentage thereof in accordance with this Agreement. The failure of any Lender to make available to the Administrative Agent or Issuing Bank for the Administrative Agent’s or Issuing Bank’s 's own account its Applicable Commitment Percentage of any such Revolving Credit Loan or payment by the Administrative Agent under or in respect of a Letter of Credit shall not relieve any other Lender of its obligation hereunder to make available to the Administrative Agent or Issuing Bank its Applicable Commitment Percentage thereof, but no Lender shall be responsible for the failure of any other Lender to make available such other Lender’s Applicable 's Commitment Percentage of any such payment.

Advances Automatic; Participations. (i) In the event that the Administrative Agent Agent, any Lender or any Issuing Bank Affiliate of a Lender that is an L/C Issuer shall make any payment on or pursuant to any Letter of Credit Obligation, such payment shall then be deemed automatically to constitute a Loan Revolving Credit Advance under Section 2.01 1.1(a) of this the Agreement regardless of whether a Default or an Event of Default has shall have occurred and is be continuing and notwithstanding the Borrowers’ Borrower’s failure to satisfy the conditions precedent set forth in Section 4.022, and each Lender shall be obligated to pay its Applicable Percentage Proportionate Share thereof in accordance with this the Agreement. The failure of any Lender to make available to the Administrative Agent or Issuing Bank for Administrative Agent’s or Issuing Bank’s own account its Applicable Percentage Proportionate Share of any such Loan Revolving Credit Advance or payment by Administrative Agent Agent, any Lender or any Affiliate of a Lender that is an L/C Issuer under or in respect of a Letter of Credit Obligation shall not relieve any other Lender of its obligation hereunder to make available to Administrative Agent or Issuing Bank its Applicable Percentage Proportionate Share thereof, but no Lender shall be responsible for the failure of any other Lender to make available such other Lender’s Applicable Percentage Proportionate Share of any such payment.