Common use of Revolving Lenders’ Participation in Letters of Credit Clause in Contracts

Revolving Lenders’ Participation in Letters of Credit. Immediately upon the issuance by an Issuing Bank of (i) any Revolving USD Tranche Letter of Credit, each Revolving USD Tranche Lender and (ii) any Revolving Multicurrency Tranche Letter of Credit, each Revolving Multicurrency Tranche Lender, in each case, shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from such Issuing Bank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Revolving Multicurrency Tranche Commitment Percentage or Revolving USD Tranche Commitment Percentage, as applicable, of the liability of such Issuing Bank with respect to such Letter of Credit and each Revolving Lender of the same Class as such Letter of Credit thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to such Issuing Bank to pay and discharge when due, such Lender’s Revolving Multicurrency Tranche Commitment Percentage or Revolving USD Tranche Commitment Percentage, as applicable, of such Issuing Bank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Revolving Lender to the Administrative Agent for the account of any Issuing Bank in respect of any Letter of Credit pursuant to the immediately following subsection (j), such Revolving Lender shall, automatically and without any further action on the part of the applicable Issuing Bank, Administrative Agent or such Revolving Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to such Issuing Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Revolving Lender’s Revolving Multicurrency Tranche Commitment Percentage or Revolving USD Tranche Commitment Percentage, as applicable, in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to such Issuing Bank pursuant to the second and the last sentences of Section 3.5(c)).