Common use of Revolving Credit Advances Automatic; Participations Clause in Contracts

Revolving Credit Advances Automatic; Participations. In the event that any L/C Guarantor or any Cdn. Revolving Lender shall make any payment on or pursuant to any Letter of Credit Obligation, such payment shall then be deemed automatically to constitute a Cdn. Revolving Credit Advance under Section 1.1(a) of the Agreement regardless of whether a Default or Event of Default has occurred and is continuing and notwithstanding Lower Lakes' failure to satisfy the conditions precedent set forth in Section 2, and each Cdn. Revolving Lender shall be obligated to pay its Pro Rata Share thereof in accordance with the Agreement. The failure of any Cdn. Revolving Lender to make available to Agent for Agent's own account its Pro Rata Share of any such Cdn. Revolving Credit Advance or payment by Agent under or in respect of a Letter of Credit shall not relieve any other Cdn. Revolving Lender of its obligation hereunder to make available to Agent its Pro Rata Share thereof, but no Cdn. Revolving Lender shall be responsible for the failure of any other Cdn. Revolving Lender to make available such other Cdn. Revolving Lender's Pro Rata Share of any such payment.

Revolving Credit Advances Automatic; Participations. (a) In the event that any L/C Guarantor Agent or any Cdn. Revolving Lender shall make any payment on or pursuant to any Letter of Credit Obligation, such payment shall then be deemed automatically to constitute a Cdn. Revolving Credit Advance to the applicable Borrower by way of a Cdn Index Rate Loan with respect to Letter of Credit Obligations for which payment was made in Canadian Dollars and a Revolving Credit Advance by way of a US Index Rate Loan with respect to Letter of Credit Obligations for which payment was made in US Dollars under Section 1.1(a1.1(1) of the Agreement regardless of whether a Default or Event of Default has shall have occurred and is be continuing and notwithstanding Lower Lakes' either Borrower's failure to satisfy the conditions precedent set forth in Section 2, and each Cdn. Revolving Lender shall be obligated to pay its Pro Rata Share thereof in accordance with the Agreement. The failure of any Cdn. Revolving Lender to make available to Agent for Agent's own account its Pro Rata Share of any such Cdn. Revolving Credit Advance or payment by Agent under or in respect of a Letter of Credit shall not relieve any other Cdn. Revolving Lender of its obligation hereunder to make available to Agent its Pro Rata Share thereof, but no Cdn. Revolving Lender shall be responsible for the failure of any other Cdn. Revolving Lender to make available such other Cdn. Revolving Lender's Pro Rata Share of any such payment.

Revolving Credit Advances Automatic; Participations. (i) In the event that Administrative Agent or any L/C Guarantor or any Cdn. Revolving Issuing Lender shall make any payment on or pursuant to any Letter of Credit L/C Obligation, such payment shall then be deemed automatically to constitute a Cdn. Revolving Credit Advance to the applicable Borrower under Section SECTION 1.1(a) of the Agreement regardless of whether a Default or Event of Default has shall have occurred and is be continuing and notwithstanding Lower Lakes' any Borrower's failure to satisfy the conditions precedent set forth in Section SECTION 2, and each Cdn. Revolving Lender shall be obligated to pay its Pro Rata Share thereof in accordance with the Agreement. The failure of any Cdn. Revolving Lender to make available to Administrative Agent for Agent's own account its Pro Rata Share of any such Cdn. Revolving Credit Advance or payment by Administrative Agent or L/C Issuing Lender, as the case may be, under or in respect of a Letter of Credit shall not relieve any other Cdn. Revolving Lender of its obligation hereunder to make available to Administrative Agent its Pro Rata Share thereof, but no Cdn. Revolving Lender shall be responsible for the failure of any other Cdn. Revolving Lender to make available such other Cdn. Revolving Lender's Pro Rata Share of any such payment.