Documentary Credit Participation Sample Clauses

Documentary Credit Participation. (a) Each Lender shall acquire from the Documentary Credit Lender for the Lender’s own account and risk, an undivided interest equal to the Lender’s pro rata share of the Documentary Credit Lender’s obligations and rights under each Documentary Credit together with any amount paid by the Documentary Credit Lender under a Documentary Credit. If an amount is drawn under any Documentary Credit and the Documentary Credit Lender is not reimbursed in full by the Borrower in accordance with the terms of this Agreement or if the amount is converted to an Advance pursuant to Section 3.4(b), each of the Lenders shall pay to the Documentary Credit Lender, upon demand, an amount equal to such Lender’s pro rata share of the amount which is not so reimbursed or shall acquire its pro rata share of the Advance into which the amount is converted, as the case may be.
Sample 1Sample 2Sample 3See All (7)
AutoNDA by SimpleDocs
Documentary Credit Participation. (1) In relation to each Documentary Credit issued or deemed to be issued under the Operating Facilities, each Lender under the applicable Operating Facility shall acquire from the Domestic Issuing Lender or the Foreign Issuing Lender, as the case may be, for such Lender's own account and risk, an undivided interest equal to such Lender's pro rata share of the relevant Issuing Lender's obligations and rights under such Documentary Credit together with any amount paid by an Issuing Lender under such Documentary Credit. If an amount is drawn under any Documentary Credit issued or deemed to be issued under either of the Operating Facilities and an Issuing Lender is not reimbursed in full by the relevant Borrower in accordance with the terms of this Agreement or if the amount is converted to an Advance pursuant to Section 5.05, each of the Lenders under the relevant Operating Facility shall pay to the applicable Issuing Lender, upon demand, an amount equal to such Lender's pro rata share of the amount which is not so reimbursed or shall acquire its pro rata share of the Advance into which the amount is converted, as the case may be.
Sample 1Sample 2

Related to Documentary Credit Participation

  • Participations in Letters of Credit Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s reimbursement obligations with respect thereto. If the Company does not pay any reimbursement obligation when due, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Time is Money Join Law Insider Premium to draft better contracts faster.