Risk Participations, Drawings and Reimbursements. (a) Immediately upon the Issuance of each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the LC Issuer a participation in such Letter of Credit and each drawing thereunder in an amount equal to the product of (i) such Lender's Pro Rata share times (ii) the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively.
Appears in 2 contracts
Samples: Credit Agreement (Foster Wheeler Corp), Pledge Agreement (Foster Wheeler Corp)
Risk Participations, Drawings and Reimbursements. (a) Immediately upon the Issuance of each Letter of Credit, each Letter of Credit Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the LC Issuer a participation in such Letter of Credit and each drawing thereunder in an amount equal to the product of (i) such Lender's Pro Rata share Letter of Credit Percentage times (ii) the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively.
Appears in 1 contract
Risk Participations, Drawings and Reimbursements. (a) Immediately upon the Issuance of each Letter of Credit, each a. Each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the LC Issuer Issuing Bank a participation in each such Letter of Credit and each drawing thereunder in an amount equal to the product of (i) such Lender's Pro Rata share Commitment Percentage at such time, times (ii) the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively.
Appears in 1 contract
Samples: Credit Facility Agreement (CCC Information Services Group Inc)
