Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender of any Letter of Credit each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Lender with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender to pay and discharge when due, such Lender’s Commitment Percentage of the Issuing Lender’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Agent for the account of the Issuing Lender in respect of any Letter of Credit pursuant to Section 2.3(j), such Lender shall, automatically and without any further action on the part of the Agent, the Issuing Lender or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender pursuant to Section 3.6(b)(ii)).
Appears in 6 contracts
Samples: Credit Agreement (Columbia Property Trust, Inc.), Credit Agreement (Columbia Property Trust, Inc.), Credit Agreement (Wells Real Estate Investment Trust Ii Inc)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage of the Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5.(c)).
Appears in 6 contracts
Samples: Credit Agreement (DiamondRock Hospitality Co), Credit Agreement (Chambers Street Properties), Credit Agreement (Parkway Properties Inc)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, to the extent and in the manner set forth in the immediately following subsection (j) below, such Lender’s Commitment Percentage of the Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5.(c)).
Appears in 6 contracts
Samples: Pledge Agreement (Select Income REIT), Credit Agreement (Select Income REIT), Franchise Agreement (Hospitality Properties Trust)
Lenders’ Participation in Letters of Credit. Immediately upon (i) the Effective Date with respect to all Existing Letters of Credit and (ii) the issuance by the an Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the applicable Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the such Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the such Issuing Lender Bank to pay and discharge when due, to the extent and in the manner set forth in the immediately following subsection (j) below, such Lender’s Commitment Percentage of the such Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the an Issuing Lender Bank in respect of any Letter of Credit issued by it pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agentsuch Issuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the such Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the such Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5.(c)).
Appears in 5 contracts
Samples: Signature (Diversified Healthcare Trust), Credit Agreement (Diversified Healthcare Trust), Signature (Diversified Healthcare Trust)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage of the Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.6.(c)).
Appears in 4 contracts
Samples: Credit Agreement (Realty Income Corp), Credit Agreement (Realty Income Corp), Credit Agreement (National Retail Properties, Inc.)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Administrative Agent of any Letter of Credit each Revolving Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing LenderAdministrative Agent, without recourse or warranty, an undivided interest and participation to the extent of such Revolving Lender’s Commitment Percentage of the liability of the Issuing Lender Administrative Agent with respect to such Letter of Credit Credit, and each Revolving Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Administrative Agent to pay and discharge when due, such Revolving Lender’s Commitment Percentage of the Issuing LenderAdministrative Agent’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 the Issuing Lender in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Revolving Lender shall, automatically and without any further action on the part of the Agent, the Issuing Lender Administrative Agent or such Revolving Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Administrative Agent by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Revolving Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Administrative Agent pursuant to the last sentence of Section 3.6(b)(ii3.6(c)).
Appears in 4 contracts
Samples: Credit Agreement (National Storage Affiliates Trust), Credit Agreement (National Storage Affiliates Trust), Credit Agreement (National Storage Affiliates Trust)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Bank of any Letter of Credit Credit, including the deemed issuance of the Existing Letters of Credit, each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage pro rata percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit Credit, and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage pro rata percentage of the Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage pro rata percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees fees payable to the Issuing Lender Bank pursuant to the third and last sentences of Section 3.6(b)(ii2.08(b)).
Appears in 4 contracts
Samples: Credit Agreement (Scana Corp), Credit Agreement (Scana Corp), Credit Agreement (Scana Corp)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s 's Revolving Commitment Percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s 's Revolving Commitment Percentage of the Issuing Lender’s Bank's liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s 's Revolving Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5.(c)).
Appears in 3 contracts
Samples: Credit Agreement (CBL & Associates Properties Inc), Credit Agreement (CBL & Associates Properties Inc), Credit Agreement (CBL & Associates Properties Inc)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the any Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the such Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Revolving Commitment Percentage of the liability of the such Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the such Issuing Lender Bank to pay and discharge when due, such Lender’s Revolving Commitment Percentage of the such Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the an Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(j)subsection (j) below, such Lender shall, automatically and without any further action on the part of the Agentsuch Issuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the such Issuing Lender Bank by the Borrower Borrowers in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Revolving Commitment Percentage in any interest or other amounts payable by the Borrower Borrowers in respect of such Reimbursement Obligation (other than the Fees payable to the such Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.05(c)).
Appears in 3 contracts
Samples: Credit Agreement (General Growth Properties, Inc.), Credit Agreement (General Growth Properties, Inc.), Credit Agreement (General Growth Properties, Inc.)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have irrevocably absolutely, irrevocably, and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage Pro Rata Share of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally unconditionally, and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage Pro Rata Share of the Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Issuing Bank, the Administrative Agent, the Issuing Lender or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit Credit, and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage Pro Rata Share in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5(c)).
Appears in 3 contracts
Samples: Credit Agreement (Equity One, Inc.), Credit Agreement (Equity One, Inc.), Credit Agreement (Equity One, Inc.)
Lenders’ Participation in Letters of Credit. Immediately upon (i) the Effective Date with respect to all Existing Letters of Credit and (ii) the date of issuance by the an Issuing Lender Bank of any Letter of Credit Credit, each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the applicable Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Revolving Commitment Percentage of the liability of the such Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the such Issuing Lender Bank to pay and discharge when due, such Lender’s Revolving Commitment Percentage of the such Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the an Issuing Lender Bank in respect of any Letter of Credit issued by it pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agentsuch Issuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the such Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Revolving Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the such Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5.(c)).
Appears in 2 contracts
Samples: Credit Agreement (Federal Realty Investment Trust), Credit Agreement (Federal Realty Investment Trust)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage of the Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower Borrowers in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower Borrowers in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5(c)).
Appears in 2 contracts
Samples: Credit Agreement (American Realty Capital Properties, Inc.), Option and Subordination Agreement (CapLease, Inc.)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender of any Letter of Credit each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Lender with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender to pay and discharge when due, such Lender’s Commitment Percentage of the Issuing Lender’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Agent for the account of the Issuing Lender in respect of any Letter of Credit pursuant to Section 2.3(j), such Lender shall, automatically and without any further action on the part of the Agent, the Issuing Lender or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender pursuant to Section 3.6(b)(ii3.6(b)(i) and (iii)).
Appears in 2 contracts
Samples: Credit Agreement (Wells Core Office Income Reit Inc), Credit Agreement (Wells Core Office Income Reit Inc)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Revolving Commitment Percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Revolving Commitment Percentage of the Issuing LenderBank’s liability under such Letter of Credit, whether before the Termination Date or after. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Revolving Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5.(c)).
Appears in 2 contracts
Samples: Assignment and Assumption Agreement (Excel Trust, Inc.), Credit Agreement (Excel Trust, Inc.)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the an Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the such Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the such Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the such Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage of the such Issuing LenderBank’s liability under such Letter of Credit, whether before the Termination Date or after. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the an Issuing Lender Bank in respect of any Letter of Credit issued by it pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agentsuch Issuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the such Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the such Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.6.(c)).
Appears in 2 contracts
Samples: Credit Agreement (National Retail Properties, Inc.), Credit Agreement (National Retail Properties, Inc.)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the any Issuing Lender Bank of any Letter of Credit Credit, including the deemed issuance of the Existing Letters of Credit, each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the such Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage pro rata percentage of the liability of the such Issuing Lender Bank with respect to such Letter of Credit Credit, and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the such Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage pro rata percentage of the such Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Agent for the account of the any Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agentsuch Issuing Bank, the Issuing Lender Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the such Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage pro rata percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees fees payable to the such Issuing Lender Bank pursuant to the third and last sentences of Section 3.6(b)(ii2.08(b)).
Appears in 2 contracts
Samples: Credit Agreement (South Carolina Electric & Gas Co), Credit Agreement (South Carolina Electric & Gas Co)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender of any Letter of Credit each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s 's Commitment Percentage of the liability of the Issuing Lender with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender to pay and discharge when due, such Lender’s 's Commitment Percentage of the Issuing Lender’s 's liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Agent for the account of the Issuing Lender in respect of any Letter of Credit pursuant to Section 2.3(j2.4(j), such Lender shall, automatically and without any further action on the part of the Agent, the Issuing Lender or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender by the Borrower Borrowers in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s 's Commitment Percentage in any interest or other amounts payable by the Borrower Borrowers in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender pursuant to Section 3.6(b)(ii3.6(b)).. (j)
Appears in 2 contracts
Samples: Credit Agreement (Gables Residential Trust), Credit Agreement (Gables Realty Limited Partnership)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage of the Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to Section 3.6(b)(ii3.5(c)).
Appears in 2 contracts
Samples: Revolving Credit Agreement (Ps Business Parks Inc/Ca), Revolving Credit Agreement (Ps Business Parks Inc/Ca)
Lenders’ Participation in Letters of Credit. Immediately upon (i) the Effective Date with respect to all Existing Letters of Credit and (ii) the date of issuance by the Issuing Lender Bank of any Letter all other Letters of Credit Credit, each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage Pro Rata Share of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage Pro Rata Share of the Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender Bank, in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage Pro Rata Share in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to the last sentence of Section 3.6(b)(ii)3.6.(c).
Appears in 2 contracts
Samples: Amended And (Washington Real Estate Investment Trust), Designation Agreement (Washington Real Estate Investment Trust)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Bank of any a Letter of Credit Credit, each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage of the Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to the last sentence of Section 3.6(b)(ii3.5.(c)).
Appears in 1 contract
Samples: Credit Agreement (Pennsylvania Real Estate Investment Trust)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Bank of any Letter of Credit Credit, each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage pro rata percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit Credit, and each Lender thereby shall absolutely, LEGAL02/33559407v8 unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage pro rata percentage of the Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage pro rata percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees fees payable to the Issuing Lender Bank pursuant to the third and last sentences of Section 3.6(b)(ii2.08(b)).
Appears in 1 contract
Samples: Credit Agreement (Scana Corp)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage of the Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5.(c)).
Appears in 1 contract
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage of the Issuing LenderBank’s liability under such Letter of Credit, whether before the Termination Date or after. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.6.(c)).
Appears in 1 contract
Samples: Credit Agreement (National Retail Properties, Inc.)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage of the Issuing LenderBank’s liability under such Letter of CreditCredit for which the Issuing Bank is not reimbursed in full by the Borrower through a Base Rate Loan or otherwise in accordance with the terms of this Agreement. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to the last two sentences of Section 3.6(b)(ii3.5.(c)). Upon receipt by the Issuing Bank of any payment in respect of any Reimbursement Obligation, the Issuing Bank shall promptly pay to each Lender that has acquired a participation therein under the second sentence of this subsection (i), such Lender’s Commitment Percentage of such payment.
Appears in 1 contract
Samples: Credit Agreement (RLJ Lodging Trust)
Lenders’ Participation in Letters of Credit. Immediately upon (i) the Effective Date with respect to all Existing Letters of Credit and (ii) the issuance by the Issuing Lender Bank of any Letter all other Letters of Credit Credit, each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage of the Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5.(c)).
Appears in 1 contract
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit Credit, and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay to the Agent, for the account of the Issuing Bank, and discharge when due, such Lender’s Commitment Percentage of the Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Agent Agent, for the account of the Issuing Lender Bank, in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agent, the Issuing Lender Bank or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to the third and last sentences of Section 3.6(b)(ii3.6(b)).
Appears in 1 contract
Samples: Revolving Credit Agreement (Piedmont Office Realty Trust, Inc.)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the an Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the such Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such LenderXxxxxx’s Commitment Percentage of the liability of the such Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the such Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage of the such Issuing LenderBank’s liability under such Letter of Credit, whether before the Termination Date or after. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the an Issuing Lender Bank in respect of any Letter of Credit issued by it pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agentsuch Issuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the such Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such LenderXxxxxx’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the such Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.6.(c)).
Appears in 1 contract
Samples: Credit Agreement (National Retail Properties, Inc.)
Lenders’ Participation in Letters of Credit. Immediately upon (i) the Effective Date with respect to all Existing Letters of Credit and (ii) the issuance by the an Issuing Lender Bank of any Letter all other Letters of Credit Credit, each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the such Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the such Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage of the Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the an Issuing Lender Bank in respect of any Letter of Credit issued by it pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agentsuch Issuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the such Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the such Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5.(c)).
Appears in 1 contract
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender of any Letter of Credit each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s 's Commitment Percentage of the liability of the Issuing Lender with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender to pay and discharge when due, such Lender’s 's Commitment Percentage of the Issuing Lender’s 's liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Agent for the account of the Issuing Lender in respect of any Letter of Credit pursuant to Section 2.3(j2.4(j), such Lender shall, automatically and without any further action on the part of the Agent, the Issuing Lender or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s 's Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender pursuant to Section 3.6(b)(ii3.6(c)(ii)).
Appears in 1 contract
Lenders’ Participation in Letters of Credit. Immediately Each Revolving Lender, immediately upon the issuance by the applicable Issuing Lender Bank of any Letter of Credit each Lender (or in the case of Existing Letters of Credit, upon the Agreement Date), shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the such Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Revolving Lender’s Revolving Commitment Percentage of the liability of the such Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the such Issuing Lender Bank to pay and discharge when due, such Revolving Lender’s Revolving Commitment Percentage of the such Issuing LenderBank’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 the such Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agentsuch Issuing Bank, the Issuing Lender Administrative Agent or such Revolving Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the such Issuing Lender by the Borrower Bank in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Revolving Lender’s Revolving Commitment Percentage in any interest or other amounts payable by the any Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the such Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5.(e)).
Appears in 1 contract
Samples: Assignment and Assumption Agreement (Sl Green Operating Partnership, L.P.)
Lenders’ Participation in Letters of Credit. Immediately upon (i) the Effective Date with respect to all Existing Letters of Credit and (ii) the issuance by the an Issuing Lender Bank of any Letter of Credit Credit, each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the such Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the such Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the such Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage of the such Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the an Issuing Lender Bank in respect of any Letter of Credit issued by it pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agentsuch Issuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the such Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the such Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5.(c)).
Appears in 1 contract
Samples: Credit Agreement (Washington Real Estate Investment Trust)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender L/C Issuer of any Letter of Credit each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing LenderL/C Issuer, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Lender L/C Issuer with respect to such Letter of Credit Credit, and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender L/C Issuer to pay and discharge when due, such Lender’s Commitment Percentage of the Issuing LenderL/C Issuer’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Agent for the account of the Issuing Lender L/C Issuer in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agent, the Issuing Lender L/C Issuer or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender L/C Issuer by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender L/C Issuer pursuant to the last sentence of Section 3.6(b)(ii3.6(b)).
Appears in 1 contract
Samples: Management Agreement (HC Government Realty Trust, Inc.)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender L/C Issuer of any Letter of Credit each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing LenderL/C Issuer, without recourse or warranty, an undivided interest and participation to the extent of such LenderXxxxxx’s Commitment Percentage of the liability of the Issuing Lender L/C Issuer with respect to such Letter of Credit Credit, and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender L/C Issuer to pay and discharge when due, such LenderXxxxxx’s Commitment Percentage of the Issuing LenderL/C Issuer’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Agent for the account of the Issuing Lender L/C Issuer in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agent, the Issuing Lender L/C Issuer or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender L/C Issuer by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such LenderXxxxxx’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender L/C Issuer pursuant to the last sentence of Section 3.6(b)(ii3.6(b)).
Appears in 1 contract
Samples: Credit Agreement (HC Government Realty Trust, Inc.)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Bank of any Letter of Credit Credit, including the deemed issuance of the Existing Letters of Credit, each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage pro rata percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit Credit, and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage pro rata percentage of the Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such 30 LEGAL02/33546501v8 Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage pro rata percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees fees payable to the Issuing Lender Bank pursuant to the third and last sentences of Section 3.6(b)(ii2.08(b)).
Appears in 1 contract
Samples: Credit Agreement (Scana Corp)
Lenders’ Participation in Letters of Credit. Immediately upon (i) the Effective Date with respect to all Existing Letters of Credit and (ii) the date of issuance by the an Issuing Lender Bank of any Letter of Credit Credit, each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the applicable Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such LenderXxxxxx’s Revolving Commitment Percentage of the liability of the such Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the such Issuing Lender Bank to pay and discharge when due, such LenderXxxxxx’s Revolving Commitment Percentage of the such Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the an Issuing Lender Bank in respect of any Letter of Credit issued by it pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agentsuch Issuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the such Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such LenderXxxxxx’s Revolving Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the such Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5.(c)).
Appears in 1 contract
Lenders’ Participation in Letters of Credit. Immediately upon the date of issuance by the Issuing Lender Bank of any Letter all Letters of Credit Credit, each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage of the Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to Section 3.6(b)(ii)the terms of this Agreement, if any).
Appears in 1 contract
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the applicable Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the such Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Revolving Commitment Percentage of the liability of the such Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the such Issuing Lender Bank to pay and discharge when due, such Lender’s Revolving Commitment Percentage of the such Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the applicable Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agentsuch Issuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the such Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Revolving Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the such Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5.(c)).
Appears in 1 contract
Samples: Credit Agreement (Saul Centers Inc)
Lenders’ Participation in Letters of Credit. Immediately Each Lender, immediately upon the issuance by the Issuing Lender Bank of any Letter of Credit each Lender (or in the case of Existing Letters of Credit, upon the Agreement Date), shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage of the Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender by the Borrower Bank in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the any Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5.(c)).
Appears in 1 contract
Samples: Credit Agreement (Sl Green Operating Partnership, L.P.)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender of any Letter of Credit each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s 's Commitment Percentage based on its Revolving Commitment of the liability of the Issuing Lender with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender to pay and discharge when due, such Lender’s 's Commitment Percentage based on its Revolving Commitment of the Issuing Lender’s 's liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender in respect of any Letter of Credit pursuant to Section 2.3(j), such Lender shall, automatically and without any further action on the part of the Administrative Agent, the Issuing Lender or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s 's Commitment Percentage based on its Revolving Commitment in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender pursuant to Section 3.6(b)(ii3.6(b)(i) and (b)(iii)).
Appears in 1 contract
Samples: Credit Agreement (Wells Core Office Income Reit Inc)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the any Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the such Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the such Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the such Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage of the such Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the any Issuing Lender Bank in respect of any Letter of Credit issued by it pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agentsuch Issuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the such Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the each Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5(c)). Upon receipt by the applicable Issuing Bank of any payment in respect of any Reimbursement Obligation, such Issuing Bank shall promptly pay to each Lender that has acquired a participation therein under the second sentence of this subsection (i), such Lender’s Commitment Percentage of such payment.
Appears in 1 contract
Lenders’ Participation in Letters of Credit. Immediately Each Revolving Lender, immediately upon the issuance by the Issuing Lender Bank of any Letter of Credit each Lender (or in the case of Existing Letters of Credit, upon the Agreement Date), shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Revolving Lender’s Revolving Commitment Percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Revolving Lender’s Revolving Commitment Percentage of the Issuing LenderBank’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 the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Administrative Agent or such Revolving Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender by the Borrower Bank in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Revolving Lender’s Revolving Commitment Percentage in any interest or other amounts payable by the any Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5.(d)).
Appears in 1 contract
Samples: Credit Agreement (Sl Green Operating Partnership, L.P.)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender of any Letter of Credit each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Lender with respect to such Letter of Credit Credit, and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender to pay and discharge when due, such Lender’s Commitment Percentage of the Issuing Lender’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Agent for the account of the Issuing Lender in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agent, the Issuing Lender or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender pursuant to the third and last sentences of Section 3.6(b)(ii3.6.(b)).
Appears in 1 contract
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Agent of any Letter of Credit each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing LenderAgent, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Lender Agent with respect to such Letter of Credit Credit, and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Agent to pay and discharge when due, such Lender’s Commitment Percentage of the Issuing LenderAgent’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Agent for the account of the Issuing Lender in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agent, the Issuing Lender Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Agent by the Borrower Borrowers in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower Borrowers in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Agent pursuant to the third and last sentences of Section 3.6(b)(ii3.6(b)).. Notwithstanding the foregoing, in the event of a default in any Lender’s obligations to fund under this Agreement exists or any Lender is at such time a Defaulting Lender, the Agent shall have the right, but not the obligation, to refuse to issue any Letter of Credit unless the Agent has entered into satisfactory arrangements with the Borrowers and/or such Defaulting Lender to eliminate the Agent’s risk with respect to such Defaulting Lender
Appears in 1 contract
Samples: Credit Agreement (Epr Properties)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Revolving Commitment Percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Revolving Commitment Percentage of the Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Revolving Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5.(c)).
Appears in 1 contract
Samples: Credit Agreement (Pacific Office Properties Trust, Inc.)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Revolving Commitment Percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Revolving Commitment Percentage of the Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Revolving Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5.(c)).
Appears in 1 contract
Lenders’ Participation in Letters of Credit. Immediately upon (i) the Closing Date with respect to all Existing Letters of Credit and (ii) the date of issuance by the Issuing Lender an L/C Issuer of any Letter of Credit Credit, each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing Lenderapplicable L/C Issuer, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Revolving Commitment Percentage of the liability of the Issuing Lender such L/C Issuer with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender such L/C Issuer to pay and discharge when due, to the extent and in the manner set forth in the immediately following subsection (j) below, such Lender’s Revolving Commitment Percentage of the Issuing Lendersuch L/C Issuer’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender an L/C Issuer in respect of any Letter of Credit issued by it pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agentsuch L/C Issuer, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender such L/C Issuer by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Revolving Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender such L/C Issuer pursuant to Section 3.6(b)(ii2.09(c)(ii)).
Appears in 1 contract
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the an Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the such Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the such Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the such Issuing Lender Bank to pay and discharge when due, to the extent and in the manner set forth in the immediately following subsection (j) below, such Lender’s Commitment Percentage of the such Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the an Issuing Lender Bank in respect of any Letter of Credit issued by it pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agentsuch Issuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the such Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the such Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5(c)).
Appears in 1 contract
Lenders’ Participation in Letters of Credit. Immediately Each Lender, immediately upon the issuance by the an Issuing Lender Bank of any a Letter of Credit each Lender (or in the case of Existing Letters of Credit, upon the Agreement Date) shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the such Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the such Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the such Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage of the such Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the an Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agentsuch Issuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the such Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the an Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5.(c)).
Appears in 1 contract
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Agent of any Letter of Credit each Revolving Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing LenderAgent, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Revolving Loan Commitment Percentage of the liability of the Issuing Lender Agent with respect to such Letter of Credit Credit, and each Revolving Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Agent to pay and discharge when due, such Lender’s Revolving Loan Commitment Percentage of the Issuing LenderAgent’s liability under such Letter of Credit. In addition, upon the making of each payment by a Revolving Lender to the Agent for the account of the Issuing Lender in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agent, the Issuing Lender Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Agent by the Borrower Borrowers in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Revolving Loan Commitment Percentage in any interest or other amounts payable by the Borrower Borrowers in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Agent pursuant to the third and last sentences of Section 3.6(b)(ii3.6(a)). Notwithstanding the foregoing, in the event of a default in any Lender’s obligations to fund under this Agreement exists or any Lender is at such time an Impacted Lender, the Agent shall have the right, but not the obligation, to refuse to issue any Letter of Credit unless the Agent has entered into satisfactory arrangements with the Borrower and/or such Impacted Lender to eliminate the Agent’s risk with respect to such Impacted Lender.
Appears in 1 contract
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Bank of any Letter of Credit (or in the case of Existing Letters of Credit, upon the Agreement Date) each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s 's Revolving Commitment Percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s 's Revolving Commitment Percentage of the Issuing Lender’s Bank's liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s 's Revolving Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5.(c)).
Appears in 1 contract
Samples: Credit Agreement (Colonial Realty Limited Partnership)
Lenders’ Participation in Letters of Credit. Immediately upon (i) the Effective Date with respect to all Existing Letters of Credit and (ii) the date of issuance by the Issuing Lender Bank of any Letter all other Letters of Credit Credit, each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage 's Pro Rata Share of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage 's Pro Rata Share of the Issuing Lender’s Bank's liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender Bank, in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage 's Pro Rata Share in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to the last sentence of Section 3.6(b)(ii)3.6.(c).
Appears in 1 contract
Samples: Credit Agreement (Washington Real Estate Investment Trust)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Agent of any Letter of Credit (or in the case of the Existing LC, upon the Effective Date) each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing LenderAgent, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Lender Agent with respect to such Letter of Credit Credit, and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Agent to pay and discharge when due, such Lender’s Commitment Percentage of the Issuing LenderAgent’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Agent for the account of the Issuing Lender in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agent, the Issuing Lender Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Agent by the Borrower Borrowers in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower Borrowers in respect of such Reimbursement Obligation (other than the Fees payable solely to the Issuing Lender Agent pursuant to Section 3.6(b)(ii3.6(b)). Notwithstanding the foregoing, in the event of a default in any Lender's obligations to fund under this Agreement exists or any Lender is at such time a Defaulting Lender, the Agent shall have the right, but not the obligation, to refuse to issue any Letter of Credit unless the Agent has entered into satisfactory arrangements with the Borrower and/or such Defaulting Lender to eliminate the Agent’s risk with respect to such Defaulting Lender.
Appears in 1 contract
Lenders’ Participation in Letters of Credit. Immediately upon (i) the Effective Date with respect to all Existing Letters of Credit and (ii) the date of issuance by the Issuing Lender Bank of any Letter all other Letters of Credit Credit, each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage of the Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5.(c)).
Appears in 1 contract
Lenders’ Participation in Letters of Credit. Immediately upon (i) the Effective Date with respect to all Existing Letters of Credit and (ii) the issuance by the an Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the applicable Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such LenderLxxxxx’s Commitment Percentage of the liability of the such Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the such Issuing Lender Bank to pay and discharge when due, to the extent and in the manner set forth in the immediately following subsection (j) below, such LenderLxxxxx’s Commitment Percentage of the such Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the an Issuing Lender Bank in respect of any Letter of Credit issued by it pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agentsuch Issuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the such Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such LenderLxxxxx’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the such Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5.(c)).
Appears in 1 contract
Lenders’ Participation in Letters of Credit. Immediately upon (i) the Closing Date with respect to all Existing Letters of Credit and (ii) the date of issuance by the Issuing Lender an L/C Issuer of any Letter of Credit Credit, each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing Lenderapplicable L/C Issuer, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Credit Percentage in respect of its Revolving Committed Amount of the liability of the Issuing Lender such L/C Issuer with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender such L/C Issuer to pay and discharge when due, to the extent and in the manner set forth in the immediately following subsection (j) below, such Lender’s Commitment Credit Percentage in respect of the Issuing Lenderits Revolving Committed Amount of such L/C Issuer’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender an L/C Issuer in respect of any Letter of Credit issued by it pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agentsuch L/C Issuer, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender such L/C Issuer by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Credit Percentage in respect of its Revolving Committed Amount in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender such L/C Issuer pursuant to Section 3.6(b)(ii2.09(d)(ii)).
Appears in 1 contract
Samples: Revolving Credit and Term Loan Agreement (Healthcare Realty Holdings, L.P.)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Bank of any Letter of Credit Credit, each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage pro rata percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit Credit, and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage pro rata percentage of the Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage pro rata percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees fees payable to the Issuing Lender Bank pursuant to the third and last sentences of Section 3.6(b)(ii2.08(b)).
Appears in 1 contract
Samples: Credit Agreement (South Carolina Electric & Gas Co)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender of any Letter of Credit each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s 's Commitment Percentage of the liability of the Issuing Lender with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender to pay and discharge when due, such Lender’s 's Commitment Percentage of the Issuing Lender’s 's liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Agent for the account of the Issuing Lender in respect of any Letter of Credit pursuant to Section 2.3(j2.4(j), such Lender shall, automatically and without any further action on the part of the Agent, the Issuing Lender or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s 's Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender pursuant to Section 3.6(b)(ii3.6(b)).
Appears in 1 contract
Samples: Credit Agreement (Gables Realty Limited Partnership)
Lenders’ Participation in Letters of Credit. Immediately upon (i) the Effective Date with respect to all Existing Letters of Credit and (ii) the date of issuance by the Issuing Lender Bank of any other Letter of Credit Credit, each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage of the Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(j)the subsection (j) of this Section, such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to the third and the last sentences of Section 3.6(b)(ii3.5.(c)).
Appears in 1 contract
Samples: Revolving Credit Agreement (First Potomac Realty Trust)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Bank of any Letter of Credit Credit, each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage pro rata percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit Credit, and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage pro rata percentage of the Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the #PageNum# LEGAL02/33565081v8 making of each payment by a Lender to the Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage pro rata percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees fees payable to the Issuing Lender Bank pursuant to the third and last sentences of Section 3.6(b)(ii2.08(b)).
Appears in 1 contract
Samples: Credit Agreement (Scana Corp)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Revolving Commitment Percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Revolving Commitment Percentage of the Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Revolving Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5(c)).
Appears in 1 contract
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Revolving Commitment Percentage of the liability of the Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender Bank to pay and discharge when due, such Lender’s Revolving Commitment Percentage of the Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the Issuing Lender Bank in respect of any Letter of Credit pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the AgentIssuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Revolving Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender Bank pursuant to Section 3.6(b)(ii3.5.(b)).
Appears in 1 contract
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the an Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the such Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such LenderXxxxxx’s Commitment Percentage of the liability of the such Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the such Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage of the such Issuing LenderBank’s liability under such Letter of Credit, whether before the Termination Date or after. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the an Issuing Lender Bank in respect of any Letter of Credit issued by it pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agentsuch Issuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the such Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the such Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.6.(c)).
Appears in 1 contract
Samples: Credit Agreement (NNN Reit, Inc.)
Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the an Issuing Lender Bank of any Letter of Credit each Lender shall be deemed to have absolutely, irrevocably and unconditionally purchased and received from the such Issuing LenderBank, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the such Issuing Lender Bank with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the such Issuing Lender Bank to pay and discharge when due, such Lender’s Commitment Percentage of the such Issuing LenderBank’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Administrative Agent for the account of the an Issuing Lender Bank in respect of any Letter of Credit issued by such Issuing Bank pursuant to Section 2.3(jthe immediately following subsection (j), such Lender shall, automatically and without any further action on the part of the Agentsuch Issuing Bank, the Issuing Lender Administrative Agent or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the applicable Issuing Lender Bank by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the applicable Issuing Lender Bank pursuant to the second and the last sentences of Section 3.6(b)(ii3.5.(c)).
Appears in 1 contract
