Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 6 contracts
Samples: Credit Agreement (Insight Health Services Corp), Credit Agreement (Pluma Inc), Credit Agreement (Insight Health Services Corp)
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender Bank in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share Revolving Credit Commitment Percentage of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) Credit, and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender Bank therefor and discharge when due, its pro rata share Revolving Credit Commitment Percentage of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender Bank its pro rata share Revolving Credit Commitment Percentage of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowSection 3.4. The obligation of each Lender to so reimburse the Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower Borrowers to reimburse the Issuing Lender Bank under any Letter of Credit, together with interest as hereinafter provided.
Appears in 5 contracts
Samples: Credit Agreement (Nationsrent Companies Inc), Credit Agreement (Nationsrent Companies Inc), Credit Agreement (World Air Holdings, Inc.)
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse from the Issuing Lender a Participation Interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share Revolving Commitment Percentage of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, due its pro rata share Revolving Commitment Percentage of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share Revolving Commitment Percentage of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 4 contracts
Samples: Credit Agreement (Kendle International Inc), Credit Agreement (Kendle International Inc), Credit Agreement (Flo Fill Co Inc)
Participation. Each Lender, upon By the issuance of a Letter of CreditCredit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the Issuing Bank that is the issuer thereof or the Lenders, shall be deemed such Issuing Bank hereby grants to have purchased without recourse each Revolving Lender, and each Revolving Lender hereby acquires from such Issuing Bank, a Participation Interest from the applicable Issuing Lender participation in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share such Revolving Lender’s Applicable Percentage of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and aggregate amount available to be obligated to pay to the Issuing Lender and discharge when due, its pro rata share of the obligations arising drawn under such Letter of Credit. Without limiting In consideration and in furtherance of the scope and nature of each Lender's Participation Interest in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Creditforegoing, each such Revolving Lender shall hereby absolutely and unconditionally agrees to pay to the Issuing Lender its pro rata share Administrative Agent, for the account of such unreimbursed drawing in same day funds Issuing Bank, such Revolving Lender’s Applicable Percentage of each LC Disbursement made by such Issuing Bank and not reimbursed by the Borrowers on the day date due as provided in paragraph (e) of notification by this Section in the Issuing currency of such LC Disbursement, or of any reimbursement payment required to be refunded to the Borrowers for any reason. Each Revolving Lender of an unreimbursed drawing acknowledges and agrees that its obligation to acquire participations pursuant to the provisions this paragraph in respect of subsection (d) below. The obligation Letters of each Lender to so reimburse the Issuing Lender shall be Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default, an Event of Default or any other occurrence reduction or event. Any such reimbursement shall not relieve or otherwise impair the obligation termination of the Borrower to reimburse the Issuing Lender under Revolving Commitments, and that each such payment shall be made without any Letter of Creditoffset, together with interest as hereinafter providedabatement, withholding or reduction whatsoever.
Appears in 4 contracts
Samples: Collateral Agreement (SMART Global Holdings, Inc.), Collateral Agreement (SMART Global Holdings, Inc.), Credit Agreement (SMART Global Holdings, Inc.)
Participation. Each Lender, with respect to the Existing Letters of Credit, hereby purchases a participation interest in such Existing Letters of Credit, and with respect to Letters of Credit issued after the Closing Date, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 3 contracts
Samples: Credit Agreement (Navigant International Inc), Credit Agreement (School Specialty Inc), Credit Agreement (School Specialty Inc)
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the Issuing Bank in the applicable L/C Undertaking and the Issuing Lender in Bank's rights with respect to such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share Pro Rata Share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) Credit, and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender Bank therefor and discharge when due, its pro rata share Pro Rata Share of the obligations arising under such Letter of CreditL/C Undertaking. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of CreditL/C Undertaking, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credithereunder, each such Lender shall pay to the Issuing Lender Bank its pro rata share Pro Rata Share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowSection 3.4. The obligation of each Lender to so reimburse the ----------- Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse make a payment to the Issuing Lender Bank as a result of drawings under any Letter of Credit, together with interest as hereinafter provided.
Appears in 3 contracts
Samples: Credit Agreement (Chiquita Brands International Inc), Credit Agreement (Chiquita Brands International Inc), Credit Agreement (Chiquita Brands International Inc)
Participation. Each Lender, upon issuance of a Letter of Credit (or, in the case of each Existing Letter of Credit, on the Closing Date), shall be deemed to have purchased without recourse a Participation Interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Agent for the account of the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender Agent of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 3 contracts
Samples: Credit Agreement (Michael Foods Inc /Mn), Credit Agreement (Mg Waldbaum Co), Credit Agreement (Mg Waldbaum Co)
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender Bank in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share Commitment Percentage of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) Credit, and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender Bank therefor and discharge when due, its pro rata share Commitment Percentage of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest ’s participation in any Letter of Credit, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender Bank its pro rata share Commitment Percentage of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowSection 2.2.4(c). The obligation of each Lender to so reimburse the Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender Bank under any Letter of Credit, together with interest as hereinafter provided.
Appears in 3 contracts
Samples: Revolving Credit Loan Agreement (Hersha Hospitality Trust), Revolving Credit Loan and Security Agreement (Hersha Hospitality Trust), Revolving Credit Loan and Security Agreement (Hersha Hospitality Trust)
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender Bank in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share Revolving Credit Commitment Percentage of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) Credit, and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender Bank therefor and discharge when due, its pro rata share Revolving Credit Commitment Percentage of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest ’s participation in any Letter of Credit, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender Bank its pro rata share Revolving Credit Commitment Percentage of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowSection 3.4. The obligation of each Lender to so reimburse the Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender Bank under any Letter of Credit, together with interest as hereinafter provided.
Appears in 3 contracts
Samples: Credit Agreement (TransMontaigne Partners L.P.), Credit Agreement (TransMontaigne Partners L.P.), Pledge Agreement (Transmontaigne Inc)
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 3 contracts
Samples: Credit Agreement (Simcala Inc), Credit Agreement (American Medical Systems Holdings Inc), Credit Agreement (Vestar Sheridan Inc)
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the applicable Issuing Lender and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest in any Letter of Credit, to the extent that the applicable Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Agent for the account of the applicable Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender Agent of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Lender to so reimburse the applicable Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the applicable Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 3 contracts
Samples: Credit Agreement (Condor Systems Inc), Credit Agreement (Amn Healthcare Services Inc), Credit Agreement (Amn Healthcare Services Inc)
Participation. Each Lender, with respect to the Existing Letters of ------------- Credit, hereby purchases a participation interest in such Existing Letters of Credit, and with respect to Letters of Credit issued on or after the Closing Date, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 2 contracts
Samples: Credit Agreement (Snyder Communications Inc), Credit Agreement (Ventiv Health Inc)
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 2 contracts
Samples: Credit Agreement (Genicom Corp), Credit Agreement (Genicom Corp)
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on ratably in proportion to the ratio that its respective Revolving Commitment Percentages of bears to the LendersAggregate Commitment) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Administrative Agent for the account of the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender Administrative Agent of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a an Unmatured Default, an Event of a Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the applicable Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 2 contracts
Samples: Term Credit Agreement (Whirlpool Corp /De/), Credit Agreement (Whirlpool Corp /De/)
Participation. Each LenderLOC Participant, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and each LOC Document related thereto and the rights and obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share Revolving Loan Commitment Percentage of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) Credit, and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share Revolving Loan Commitment Percentage of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each LenderLOC Participant's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender LOC Participant shall pay to the Issuing Lender its pro rata share Revolving Loan Commitment Percentage of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender LOC Participant to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower or any other Credit Party to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 2 contracts
Samples: Credit Agreement (Highwoods Properties Inc), Credit Agreement (Highwoods Properties Inc)
Participation. Each Lender, upon issuance of a Letter of Credit (or, in the case of each Existing Letter of Credit, on the Closing Date), shall be deemed to have purchased without recourse a Participation Interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the applicable Issuing Lender and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's ’s Participation Interest in any Letter of Credit, to the extent that the applicable Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the applicable Issuing Lender through the Agent its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender Agent of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Lender to so reimburse the applicable Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the applicable Issuing Lender through the Agent under any Letter of Credit, together with interest as hereinafter provided.
Appears in 2 contracts
Samples: Pledge Agreement (Lincare Holdings Inc), Credit Agreement (Lincare Holdings Inc)
Participation. Each Existing Lender, shall be deemed, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the Issuing Bank in the applicable L/C Undertaking and the Issuing Lender in Bank's rights with respect to such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share Pro Rata Share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) Credit, and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender Bank therefor and discharge when due, its pro rata share Pro Rata Share of the obligations arising under such Letter of CreditL/C Undertaking. Without limiting the scope and nature of each such Existing Lender's Participation Interest participation in any Letter of CreditL/C Undertaking, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credithereunder, each such Existing Lender shall pay to the Issuing Lender Bank its pro rata share Pro Rata Share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowSection 3.4. The obligation of each such Existing Lender to so reimburse the Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower CBI to reimburse make a payment to the Issuing Lender Bank as a result of drawings under any Letter of Credit, together with interest as hereinafter provided.
Appears in 2 contracts
Samples: Credit Agreement (Chiquita Brands International Inc), Credit Agreement (Chiquita Brands International Inc)
Participation. Each Lender, with respect to the Existing Letters of Credit, hereby purchases a participation interest in such Existing Letters of Credit, and with respect to Letters of Credit issued on or after the Closing Date, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its such Lender's pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenderssuch Lender) and shall absolutely, unconditionally unconditionally, and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its such Lender's pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection clause (dc) belowfollowing. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower Borrowers to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 2 contracts
Samples: Credit Agreement (Friedmans Inc), Credit Agreement (Friedmans Inc)
Participation. Each Existing Lender, shall be deemed, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the Issuing Bank in the applicable L/C Undertaking and the Issuing Lender in Bank’s rights with respect to such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share Pro Rata Share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) Credit, and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender Bank therefor and discharge when due, its pro rata share Pro Rata Share of the obligations arising under such Letter of CreditL/C Undertaking. Without limiting the scope and nature of each such Existing Lender's Participation Interest ’s participation in any Letter of CreditL/C Undertaking, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credithereunder, each such Existing Lender shall pay to the Issuing Lender Bank its pro rata share Pro Rata Share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowSection 3.4. The obligation of each such Existing Lender to so reimburse the Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower CBI to reimburse make a payment to the Issuing Lender Bank as a result of drawings under any Letter of Credit, together with interest as hereinafter provided.
Appears in 2 contracts
Samples: Credit Agreement (Chiquita Brands International Inc), Credit Agreement (Chiquita Brands International Inc)
Participation. Each LenderLender with a Revolving Commitment, upon issuance of a Letter of Credit (or, in the case of each Existing Letter of Credit, on the Closing Date), shall be deemed to have purchased without recourse a Participation Interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed by the Borrower as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection clause (d) below. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 2 contracts
Samples: Credit Agreement (Apria Healthcare Group Inc), Credit Agreement (Apria Healthcare Group Inc)
Participation. Each Lender, upon Upon issuance of a Letter of Credit, each Lender shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share Revolving Commitment Percentage of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share Revolving Commitment Percentage of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 2 contracts
Samples: Possession Financing Agreement (Railworks Corp), Possession Financing Agreement (Railworks Corp)
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender Bank in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share Revolving Credit Commitment Percentage of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) Credit, and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender Bank therefor and discharge when due, its pro rata share Revolving Credit Commitment Percentage of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender Bank its pro rata share Revolving Credit Commitment Percentage of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowSection 3.4. The obligation of each Lender to so reimburse the Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender Bank under any Letter of Credit, together with interest as hereinafter provided.
Appears in 2 contracts
Samples: Pledge Agreement (TransMontaigne Partners L.P.), Transmontaigne Inc
Participation. Each Revolving Lender, with respect to the Existing ------------- Letters of Credit, hereby purchases a participation interest in such Existing Letters of Credit, and with respect to Letters of Credit issued on or after the Closing Date, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Revolving Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Revolving Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Revolving Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Revolving Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 2 contracts
Samples: Credit Agreement (Triad Hospitals Inc), Credit Agreement (Triad Hospitals Inc)
Participation. Each LenderBank, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender Bank in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the LendersBanks) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender Bank therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each LenderBank's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender Bank shall pay to the Issuing Lender Bank its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender Bank of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender Bank to so reimburse the Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender Bank under any Letter of Credit, together with interest as hereinafter providedprovided herein.
Appears in 2 contracts
Samples: Credit Agreement (Florida East Coast Industries Inc), Credit Agreement (Florida East Coast Industries Inc)
Participation. Each LenderLender with a Revolving Commitment, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and (subject to clause (iii) of the initial proviso to Section 2.1(a)) shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Administrative Agent for the account of the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender Administrative Agent of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 2 contracts
Samples: Credit Agreement (Signal Medical Services), Credit Agreement (Jw Childs Equity Partners Ii Lp)
Participation. Each LenderBank, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender Bank in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages Ratable Shares of the LendersBanks) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender Bank therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each LenderBank's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender Bank shall pay to the Issuing Lender Bank its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender Bank of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender Bank to so reimburse the Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a an Incipient Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender Bank under any Letter of Credit, together with interest as hereinafter provided.
Appears in 2 contracts
Samples: Credit Agreement (Watson Wyatt & Co), Credit Agreement (Watson Wyatt & Co Holdings)
Participation. Each Lender, Immediately upon the Closing Date with respect to Existing Letters of Credit and upon issuance of a each other Letter of Credit, each Lender shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification (or such later date as set forth under Section 2.4.4) by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowSection 2.4.4 hereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Unmatured Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, upon issuance of a Letter of Credit, ------------- shall be deemed to have purchased without recourse a Participation Interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share of the obligations arising under in connection with such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Revolving Lender, with respect to the Existing Letters of Credit, hereby purchases a participation interest in such Existing Letters of Credit, and with respect to Letters of Credit issued on or after the Closing Date, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Revolving Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Revolving Lender's Participation Interest ’s participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Revolving Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (dc) belowhereof. The obligation of each Revolving Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, upon Upon issuance of a Letter of Credit, each Revolving Lender shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Revolving Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Revolving Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Revolving Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Revolving Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, with respect to the Existing Letters of Credit, hereby purchases a Participation Interest in Existing Letters of Credit, and with respect to Letters of Credit issued on or after the Closing Date, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower Company to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, with respect to the Existing Letters of ------------- Credit, hereby purchases a participation interest in such Existing Letters of Credit, and with respect to Letters of Credit issued after the Closing Date, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, upon issuance of a Letter of CreditCredit in accordance with the terms hereof, shall be deemed to have purchased without recourse a Participation Interest participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, the related LOC Documents in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share (based upon the Revolving Commitment Percentage of the obligations arising such Lender) of any unreimbursed drawing under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed for any drawing as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower Borrowers to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Inex Corp)
Participation. Each Existing Lender, shall be deemed, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the Issuing Bank in the applicable L/C Undertaking and the Issuing Lender in Bank’s rights with respect to such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share Pro Rata Share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) Credit, and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender Bank therefor and discharge when due, its pro rata share Pro Rata Share of the obligations arising under such Letter of CreditL/C Undertaking. Without limiting the scope and nature of each such Existing Lender's Participation Interest ’s participation in any Letter of CreditL/C Undertaking, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credithereunder, each such Existing Lender shall pay to the Issuing Lender Bank its pro rata share Pro Rata Share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowSection 3.4. The obligation of each such Existing Lender to so reimburse the Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower CBI to reimburse make a payment to the Issuing Lender Bank as a result of drawings under any Letter of Credit, together with interest as hereinafter provided. Notwithstanding anything to the contrary stated herein or otherwise, upon the Borrowers’ funding of a cash collateral account for any Letter of Credit having an expiry date after the Maturity Date in accordance with the provisions of Section 3.1, the obligations of the Existing Lenders to participate in the L/C Undertaking and related obligations applicable to such Letter of Credit shall terminate unconditionally.
Appears in 1 contract
Samples: Credit Agreement (Chiquita Brands International Inc)
Participation. Each Revolving Lender, upon issuance of a Letter of Credit (or, in the case of each Existing Letter of Credit, on the Closing Date), shall be deemed to have purchased without recourse a Participation Interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Revolving Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Revolving Lender's Participation Interest in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Revolving Lender shall pay to the Administrative Agent for the account of the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender Administrative Agent of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Revolving Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, upon Upon issuance of a Letter of Credit, each Bank shall be ------------- deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender Bank in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective its Revolving Commitment Percentages of the LendersPercentage) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender Bank therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each LenderBank's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender Bank shall pay to the Issuing Lender Bank its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender Bank of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender Bank to so reimburse the Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender Bank under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, upon Upon issuance of a Letter of Credit, each Bank shall ------------- be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender Bank in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective its Revolving Commitment Percentages of the LendersPercentage) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender Bank therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each LenderBank's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender Bank shall pay to the Issuing Lender Bank its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender Bank of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender Bank to so reimburse the Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender Bank under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, with respect to the Existing Letters of Credit, hereby purchases a participation interest in Existing Letters of Credit, and with respect to Letters of Credit issued on or after the Closing Date, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Rockford Corp)
Participation. Each Lender, upon issuance of a Foreign Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Foreign Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Foreign Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay in the same Available Foreign Currency as such Foreign Letter of Credit to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Foreign Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Foreign Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder under the Credit Agreement or under any such Foreign Letter of Credit, each such Lender shall pay to the Issuing Lender in the same Available Foreign Currency as such Foreign Letter of Credit its pro rata share of such unreimbursed drawing in same day funds on the day of date five (5) Business Days after notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower Xxxx Europe or Xxxx BV to reimburse the Issuing Lender under any applicable Foreign Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Hunt Corp)
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest participation interest from the applicable Issuing Lender Bank in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share Pro Rata Share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender Bank and discharge when due, due its pro rata share Pro Rata Share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation interest in any Letter of Credit, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender Bank its pro rata share Pro Rata Share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender Bank of an unreimbursed drawing pursuant to the provisions of subsection (d) Section ------- 2.2.D. below. The obligation of each Lender to so reimburse the Issuing Lender Bank ------ shall be absolute and unconditional and shall not be affected by the occurrence of a Potential Event of Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender Bank under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's ’s Participation Interest in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share (based on the respective Commitment Percentages of the Lenders) of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Hines Real Estate Investment Trust Inc)
Participation. Each Lender, upon issuance of a Letter of Credit, ------------- shall be deemed to have purchased without recourse a Participation Interest participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share Revolving Commitment Percentage of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share Revolving Commitment Percentage of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Worldtex Inc)
Participation. Each Lender, with respect to the Existing Letters of Credit, hereby purchases a participation interest in such Existing Letters of Credit, and with respect to Letters of Credit issued on or after the Closing Date, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender through the Agent and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's ’s Participation Interest in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender Agent of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, with respect to Letters of Credit issued on or after the Closing Date, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Credit Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender Bank in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share Revolving Credit Commitment Percentage of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) Credit, and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender Bank therefor and discharge when due, its pro rata share Revolving Credit Commitment Percentage of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender Bank its pro rata share Revolving Credit Commitment Percentage of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender Bank of an unreimbursed drawing pursuant to the provisions of subsection (d) belowSection 3.4 hereof. The obligation of each Lender to so reimburse the Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower Borrowers to reimburse the Issuing Lender Bank under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest from the applicable Issuing Lender in such Letter of Credit (including each Existing Letter of Credit) and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share of the obligations arising under such Letter of Credit (including each Existing Letter of Credit). Without limiting the scope and nature of each Lender's Participation Interest in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Aaipharma Inc)
Participation. Each Lender, with respect to the Existing Letters of Credit, hereby purchases a participation interest in the Existing Letters of Credit, and with respect to Letters of Credit issued on or after the Closing Date, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Take Two Interactive Software Inc)
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender Agent of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, upon issuance of a Letter of Credit ------------- (or, in the case of each Existing Letter of Credit, on the Closing Date), shall be deemed to have purchased without recourse a Participation Interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, upon Upon issuance of a Letter of Credit, each Bank shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender Bank in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective its Revolving Commitment Percentages of the LendersPercentage) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender Bank therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest Bank’s participation in any Letter of Credit, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender Bank shall pay to the Issuing Lender Bank its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender Bank of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender Bank to so reimburse the Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower Representative to reimburse the Issuing Lender Bank under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each LenderBank, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest from the applicable Issuing Lender Bank in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages Pro Rata Shares of the LendersBanks) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender Bank and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each LenderBank's Participation Interest in any Letter of Credit, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender Bank shall pay to the Issuing Lender Bank its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender Bank of an unreimbursed drawing pursuant to the provisions of subsection (div) below. The obligation of each Lender Bank to so reimburse the Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender Bank under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, upon issuance of a Domestic Letter of Credit (or, in the case of each Existing Letter of Credit, on the Closing Date), shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Domestic Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Domestic Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay in Dollars to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Domestic Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Domestic Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder under the Credit Agreement or under any such Domestic Letter of Credit, each such Lender shall pay to the Issuing Lender in Dollars its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower Xxxx to reimburse the Issuing Lender under any Domestic Letter of Credit, together with interest as hereinafter provided. As of the Amendment Effective Date, each Existing Letter of Credit shall be deemed for all purposes of the Credit Agreement and the other Credit Documents to be a Domestic Letter of Credit.
Appears in 1 contract
Samples: Credit Agreement (Hunt Corp)
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender Bank in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share Revolving Credit Commitment Percentage of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) Credit, and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender Bank therefor and discharge when due, its pro rata share Revolving Credit Commitment Percentage of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest ’s participation in any Letter of Credit, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender Bank its pro rata share Revolving Credit Commitment Percentage of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowSection 3.4. The obligation of each Lender to so reimburse the Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender Bank under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Revolving Lender, with respect to the Existing Letters of Credit, hereby purchases a participation interest in the Existing Letters of Credit, and with respect to Letters of Credit issued on or after the Closing Date, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the its respective Revolving Commitment Percentages of the LendersPercentage) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Revolving Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Revolving Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (dc) belowhereof. The obligation of each Revolving Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Railworks Corp)
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender Bank in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share Revolving Credit Commitment Percentage of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) Credit, and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender Bank therefor and discharge when due, its pro rata share Revolving Credit Commitment Percentage of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender Bank its pro rata share Revolving Credit Commitment Percentage of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowSection 3.4. The obligation of each Lender to so reimburse the ----------- Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower Borrowers to reimburse the Issuing Lender Bank under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Chiquita Brands International Inc)
Participation. Each Revolving Lender, with respect to the Existing Letter of Credit, hereby purchases a Participation Interest in the Existing Letter of Credit, and with respect to each Letter of Credit issued on or after the Closing Date, upon issuance of a such Letter of Credit, each Revolving Lender shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender Bank in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share Revolving Commitment Percentage of the obligations under such Letter of Credit (based on the respective and such Revolving Commitment Percentages of the Lenders) and Lender shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender Bank therefor and discharge when due, its pro rata share Revolving Commitment Percentage of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Revolving Lender's ’s Participation Interest in any Letter of Credit, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credit, each such Revolving Lender shall pay to the Issuing Lender Bank through the Administrative Agent its pro rata share Revolving Commitment Percentage of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender Bank of an such unreimbursed drawing pursuant to the provisions of subsection subsections (c) and (d) below. The obligation of each Revolving Lender to so reimburse the Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence occurrence, event or eventcondition. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender Bank through the Administrative Agent under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Agreement (Ventas Inc)
Participation. Each LenderBank with a Revolving Commitment, with respect to ------------- the Existing Letters of Credit, hereby purchases a participation interest in Existing Letters of Credit, and with respect to Letters of Credit issued on or after the Closing Date, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender Bank in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages pro rata share of the LendersBanks with Revolving Commitments) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender Bank therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each LenderBank with a Revolving Commitment's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender Bank with a Revolving Commitment shall pay to the Issuing Lender Bank its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender Bank of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender Bank with a Revolving Commitment to so reimburse the Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a an Unmatured Event of Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender Bank under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Revolving Credit Agreement (Hughes Electronics Corp)
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's ’s Participation Interest in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Benihana Inc)
Participation. Each Lender, upon issuance of a Letter of Credit (or, in the case of each Existing Letter of Credit, on the Closing Date), shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Airgas Inc)
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased from the respective Issuing Bank that issued such Letter of Credit without recourse a Participation Interest from the applicable Issuing Lender risk participation in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share Applicable Percentage of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) Credit, and shall absolutely, unconditionally and irrevocably assume assume, as primary Credit Party and not as surety, and be obligated to pay to the such Issuing Lender Bank therefor and discharge when due, its pro rata share such Lender's Applicable Percentage of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the respective Issuing Lender Bank that issued such Letter of Credit, has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the such Issuing Lender Bank its pro rata share Applicable Percentage of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowSection 3.4. The obligation of each Lender to so reimburse the Issuing Lender Banks shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower Borrowers to reimburse the Issuing Lender Banks under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Industrial Distribution Group Inc)
Participation. Each Revolving Lender, upon issuance of a Letter of CreditCredit in accordance with the terms hereof, shall be deemed to have purchased without recourse a Participation Interest participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, the related LOC Documents in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the y Revolving Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share (based upon the Revolving Commitment Percentage of the obligations arising such Revolving Lender) of any unreimbursed drawing under such Letter of Credit. Without limiting the scope and nature of each Revolving Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed for any drawing as required hereunder or under any such Letter of Credit, each such Revolving Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Revolving Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower Borrowers to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, with respect to the Existing Letters of ------------- Credit, hereby purchases a participation interest in such Existing Letters of Credit, and with respect to Letters of Credit issued after the Closing Date, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, upon issuance of a Letter of Credit ------------- (or, in the case of each Existing Letter of Credit, on the Closing Date), shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on ratably in proportion to the ratio that its respective Revolving Commitment Percentages of bears to the LendersAggregate Commitment) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's ’s Participation Interest in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Administrative Agent for the account of the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender Administrative Agent of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a an Unmatured Default, an Event of a Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the applicable Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, with respect to the Existing Letters ------------- of Credit, hereby purchases a participation interest in such Existing Letters of Credit, and with respect to Letters of Credit issued on or after the Closing Date, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (dc) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Friedmans Inc)
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the Issuing Bank in the applicable L/C Undertaking and the Issuing Lender in Bank's rights with respect to such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share Pro Rata Share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) Credit, and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender Bank therefor and discharge when due, its pro rata share Pro Rata Share of the obligations arising under such Letter of CreditL/C Undertaking. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of CreditL/C Undertaking, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credithereunder, each such Lender shall pay to the Issuing Lender Bank its pro rata share Pro Rata Share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowSECTION 3.4. The obligation of each Lender to so reimburse the Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse make a payment to the Issuing Lender Bank as a result of drawings under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Chiquita Brands International Inc)
Participation. Each Lender, upon issuance of a Letter of Credit (or, in the case of each Existing Letter of Credit, on the Closing Date), shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender Bank in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) Proportionate Share, and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender Bank therefor and discharge when due, its pro rata share Proportionate Share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender Bank its pro rata share Proportionate Share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender Bank of an unreimbursed drawing pursuant to the provisions of subsection (d) belowSection 3.4 hereof. The obligation of each Lender to so reimburse the Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower Borrowers to reimburse the Issuing Lender Bank under any Letter of Credit, together with interest as hereinafter provided. As of the Closing Date, each Existing Letter of Credit shall be deemed for all purposes of the Credit Agreement and the other Credit Documents to be a Letter of Credit.
Appears in 1 contract
Participation. Each Lender, with respect to the Existing Letters of Credit, hereby purchases a participation interest in the Existing Letters of Credit, and with respect to Letters of Credit issued on or after the Closing Date, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share Revolving Commitment Percentage of the obligations under such Letter of Credit (based on and the respective Revolving Commitment Percentages of the Lenders) obligations arising thereunder and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share Revolving Commitment Percentage of such Letter of Credit and the obligations arising under such Letter of Creditthereunder. Without limiting the scope and nature of each Lender's Participation Interest ’s participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Advance America, Cash Advance Centers, Inc.)
Participation. Each Lender, with respect to the Existing Letters of ------------- Credit, hereby purchases a Participation Interest in Existing Letters of Credit, and with respect to Letters of Credit issued on or after the Closing Date, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Ameripath Inc)
Participation. Each Lender, with respect to the Existing Letters of Credit, hereby purchases a participation interest in such Existing Letters of Credit, and with respect to Letters of Credit issued on or after the Closing Date, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Working Capital Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Avteam Inc)
Participation. Each Lender, with respect to the Existing Letters of ------------- Credit, hereby purchases a participation interest in such Existing Letters of Credit, and with respect to Letters of Credit issued on or after the Closing Date, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (dc) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Friedmans Inc)
Participation. Each Revolving Lender, upon issuance of a Letter of Credit (or, in the case of each Existing Letter of Credit, on the Closing Date), shall be deemed to have purchased without recourse a Participation Interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Revolving Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Revolving Lender's ’s Participation Interest in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Revolving Lender shall pay to the Administrative Agent for the account of the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender Administrative Agent of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Revolving Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender Bank in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share Revolving Credit Commitment Percentage of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) Credit, and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender Bank therefor and discharge when due, its pro rata share Revolving Credit Commitment Percentage of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender Bank its pro rata share Revolving Credit Commitment Percentage of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowSECTION 3.4. The obligation of each Lender to so reimburse the Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower Borrowers to reimburse the Issuing Lender Bank under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Chiquita Brands International Inc)
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the Issuing Bank in the applicable L/C Undertaking and the Issuing Lender in Bank's rights with respect to such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share Pro Rata Share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) Credit, and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender Bank therefor and discharge when due, its pro rata share Pro Rata Share of the obligations arising under such Letter of CreditL/C Undertaking. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of CreditL/C Undertaking, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credithereunder, each such Lender shall pay to the Issuing Lender Bank its pro rata share Pro Rata Share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowSection 3.4. The obligation of each Lender to so reimburse the Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse make a payment to the Issuing Lender Bank as a result of drawings under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Chiquita Brands International Inc)
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share Pro Rata Share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share Pro Rata Share of the obligations arising under such Letter of CreditCredit in accordance with Section 2.14(d) below. Without limiting the scope and nature of each Lender's Participation Interest in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share Pro Rata Share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower Company to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Hercules Inc)
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest participation interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Heilig Meyers Co
Participation. Each LenderLender with a Revolving Commitment, upon issuance of a Letter of Credit (or, in the case of each Existing Letter of Credit, on the Closing Date), shall be deemed to have purchased without recourse a Participation Interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's ’s Participation Interest in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed by the Borrower as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection clause (d) below. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification (or such later date as set forth under subsection 2.3.4) by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) below2.3.4 hereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Unmatured Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, with respect to Letters of Credit issued on or after the Closing Date, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Credit Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest ’s participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Northwestern Corp)
Participation. Each Lender, with respect to the Existing Letters of Credit, hereby purchases a Participation Interest in Existing Letters of Credit, and with respect to Letters of Credit issued on or after the Closing Date, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest ’s participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's ’s Participation Interest in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, upon issuance of a Letter of Credit, shall ------------- be deemed to have purchased without recourse from the Issuing Lender a Participation Interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share Revolving Commitment Percentage of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, due its pro rata share Revolving Commitment Percentage of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share Revolving Commitment Percentage of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, upon issuance of a Letter of Credit (or, in the case of each Existing Letter of Credit, on the Closing Date), shall be deemed to have purchased without recourse a Participation Interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Revolving Lender, with respect to the Existing Letters of Credit, hereby purchases a participation interest in such Existing Letters of Credit, and with respect to Letters of Credit issued on or after the Closing Date, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Revolving Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Revolving Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credithereunder, each such Revolving Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Revolving Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credithereunder, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, upon issuance of a Letter of Credit (or, in the case of each Existing Letter of Credit, on the Closing Date),, shall be deemed to have purchased without recourse a Participation Interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Revolving Lender, with respect to the Existing ------------- Letters of Credit, hereby purchases a Participation Interest in each Existing Letter of Credit, and with respect to each Letter of Credit issued on or after the Closing Date, upon issuance of a such Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender Bank in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share Revolving Commitment Percentage of the obligations under such Letter of Credit (based on the respective and such Revolving Commitment Percentages of the Lenders) and Lender shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender Bank therefor and discharge when due, its pro rata share Revolving Commitment Percentage of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Revolving Lender's Participation Interest in any Letter of Credit, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credit, each such Revolving Lender shall pay to the Issuing Lender Bank its pro rata share Revolving Commitment Percentage of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender Bank of an such unreimbursed drawing pursuant to the provisions of subsection subsections (c) and (d) below. The obligation of each Revolving Lender to so reimburse the Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence occurrence, event or eventcondition. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender Bank under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit, Security and Guaranty Agreement (Ventas Inc)
Participation. Each Lender, upon Upon the issuance of a Letter of Credit, each Lender shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Ict Group Inc)
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Loan Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (dc) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Chattem Inc)
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest participation interest from the applicable Issuing Lender Bank in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share Pro Rata Share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender Bank and discharge when due, due its pro rata share Pro Rata Share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Revolving Loan Lender's Participation Interest participation interest in any Letter of Credit, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credit, each such Revolving Loan Lender shall pay to the Issuing Lender Bank its pro rata share Pro Rata Share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender Bank of an unreimbursed drawing pursuant to the provisions of subsection (d) Section 2.2.D. below. The obligation of each Revolving Loan -------------- Lender to so reimburse the Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Potential Event of Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the applicable Borrower to reimburse the Issuing Lender Bank under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, upon issuance of a Foreign Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Foreign Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Foreign Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay in Pounds Sterling to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Foreign Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Foreign Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder under the Credit Agreement or under any such Foreign Letter of Credit, each such Lender shall pay to the Issuing Lender in Pounds Sterling its pro rata share of such unreimbursed drawing in same day funds on the day of date five (5) Business Days after notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower Xxxx Europe to reimburse the Issuing Lender under any Foreign Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Hunt Corp)
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender Bank in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share Revolving Credit Commitment Percentage of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) Credit, and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender Bank therefor and discharge when due, its pro rata share Revolving Credit Commitment Percentage of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest ’s participation in any Letter of Credit, to the extent that the Issuing Lender Bank has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender Bank its pro rata share Revolving Credit Commitment Percentage of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowSection 3.4. The obligation of each Lender to so reimburse the Issuing Lender Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower Borrowers to reimburse the Issuing Lender Bank under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Revolving Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating thereto, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Revolving Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the applicable Issuing Lender and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Revolving Lender's ’s Participation Interest in any Letter of Credit, to the extent that the applicable Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Revolving Lender shall pay to the Agent for the account of the applicable Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender Agent of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Revolving Lender to so reimburse the applicable Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the applicable Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Participation. Each Lender, with respect to the Existing Letters of ------------- Credit, hereby purchases a participation interest in such Existing Letters of Credit, and with respect to Letters of Credit issued on or after the Closing Date, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder (and any collateral relating theretothe related LOC Documents), in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume and be obligated to pay to the Issuing Lender and discharge when due, its pro rata share (based upon the Revolving Commitment Percentages of the obligations arising such Lender) under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
Samples: Credit Agreement (Pediatric Services of America Inc)
Participation. Each Lender, upon issuance of a Domestic Letter of Credit (or, in the case of each Existing Letter of Credit, on the Closing Date), shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Domestic Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Domestic Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay in Dollars to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Domestic Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Domestic Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder under the Credit Agreement or under any such Domestic Letter of Credit, each such Lender shall pay to the Issuing Lender in Dollars its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) below. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower Xxxx to reimburse the Issuing Lender under any Domestic Letter of Credit, together with interest as hereinafter provided. As of the Closing Date, each Existing Letter of Credit shall be deemed for all purposes of the Credit Agreement and the other Credit Documents to be a Domestic Letter of Credit.
Appears in 1 contract
Samples: Credit Agreement (Hunt Corp)
Participation. Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a Participation Interest risk participation from the applicable Issuing Lender in such Letter of Credit and the obligations arising thereunder and any collateral relating theretothereunder, in each case in an amount equal to its pro rata share of the obligations under such Letter of Credit (based on the respective Revolving Commitment Percentages of the Lenders) and shall absolutely, unconditionally and irrevocably assume assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Lender therefor and discharge when due, its pro rata share of the obligations arising under such Letter of Credit. Without limiting the scope and nature of each Lender's Participation Interest participation in any Letter of Credit, to the extent that the Issuing Lender has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Lender its pro rata share of such unreimbursed drawing in same day funds on the day of notification by the Issuing Lender of an unreimbursed drawing pursuant to the provisions of subsection (d) belowhereof. The obligation of each Lender to so reimburse the Issuing Lender shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event. Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Lender under any Letter of Credit, together with interest as hereinafter provided.
Appears in 1 contract
