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

Lenders’ Participation in Letters of Credit. Upon the issuance of any Letter of Credit, a participation therein, in an amount equal to each Lender's Percentage Interest in the Revolving Loan, shall automatically be deemed granted by the Letter of Credit Issuer to each such Lender on the date of such issuance and such Lenders shall automatically be obligated, as set forth in Section 10.4, to reimburse the Letter of Credit Issuer to the extent of their respective Percentage Interests in the Revolving Loan for all obligations incurred by the Letter of Credit Issuer to third parties in respect of such Letter of Credit not reimbursed by the Borrower. The Letter of Credit Issuer will send to each Lender (and the Agent if the Letter of Credit Issuer is not the Agent) a confirmation regarding the participations in Letters of Credit outstanding during such month.

Appears in 4 contracts

Samples: Credit Agreement (Racing Champions Corp), Credit Agreement (American Biltrite Inc), Credit Agreement (Racing Champions Corp)

AutoNDA by SimpleDocs

Lenders’ Participation in Letters of Credit. Upon the issuance of any Letter of Credit, a participation therein, in an amount equal to each Lender's Percentage Interest in the Revolving Loan, shall automatically be deemed granted by the Letter of Credit Issuer to each such Lender on the date of such issuance and such Lenders shall automatically be obligated, as set forth in Section 10.4, to reimburse the Letter of Credit Issuer to the extent of their respective Percentage Interests in the Revolving Loan for all obligations incurred by the Letter of Credit Issuer to third parties in respect of such Letter of Credit not reimbursed by the BorrowerCompany. The Letter of Credit Issuer will send to each Lender (and the Agent if the Letter of Credit Issuer is not the Agent) a confirmation regarding the participations in Letters of Credit outstanding during such month.

Appears in 2 contracts

Samples: Credit Agreement (Element K Corp), Credit Agreement (Nextera Enterprises Inc)

Lenders’ Participation in Letters of Credit. Upon the issuance of any Letter of Credit, a participation therein, in an amount equal to each Lender's Percentage Interest in the Revolving Loan, shall automatically be deemed granted by the Letter of Credit Issuer to each such Lender on the date of such issuance and such Lenders shall automatically be obligated, as set forth in Section 10.410.3, to reimburse the Letter of Credit Issuer to the extent of their respective Percentage Interests in the Revolving Loan for all obligations incurred by the Letter of Credit Issuer to third parties in respect of such Letter of Credit not reimbursed by the Borrower. The Letter of Credit Issuer will send to each Lender (and the Agent if the Letter of Credit Issuer is not the Agent) a confirmation regarding the participations in Letters of Credit outstanding during such month.

Appears in 2 contracts

Samples: Credit Agreement (Pediatrix Medical Group Inc), Credit Agreement (Pediatrix Medical Group Inc)

Lenders’ Participation in Letters of Credit. Upon the issuance of any Letter of Credit, a participation therein, in an amount equal to each Revolving Loan Lender's Percentage Interest in the Revolving Loan, shall automatically be deemed granted by the Letter of Credit Issuer to each such Lender on the date of such issuance and such the Revolving Loan Lenders shall automatically be obligated, as set forth in Section 10.411.4.2, to reimburse the Letter of Credit Issuer to the extent of their respective Percentage Interests in the Revolving Loan for all obligations incurred by the Letter of Credit Issuer to third parties in respect of such Letter of Credit not reimbursed by the BorrowerCompany. The Letter of Credit Issuer will send to each Revolving Loan Lender (and to the Agent if the Letter of Credit Issuer is not the Agent) a confirmation regarding the participations in Letters of Credit outstanding during such month.

Appears in 1 contract

Samples: Credit Agreement (Buckeye Technologies Inc)

Lenders’ Participation in Letters of Credit. Upon the issuance of any Letter of Credit, a participation therein, in an amount equal to each Lender's Percentage Interest in the Revolving Loan, shall automatically be deemed granted by the Letter of Credit Issuer to each such Lender on the date of such issuance and such Lenders shall automatically be obligated, as set forth in Section 10.4, to reimburse the Letter of Credit Issuer to the extent of their respective Percentage Interests in the Revolving Loan for all obligations incurred by the Letter of Credit Issuer to third parties in respect of such Letter of Credit not reimbursed by the BorrowerCompany. The Letter of Credit Issuer will send to each Lender (and the Managing Agent if the Letter of Credit Issuer is not the Managing Agent) a confirmation regarding the participations in Letters of Credit outstanding during such month.

Appears in 1 contract

Samples: Credit Agreement (American Tower Corp)

Lenders’ Participation in Letters of Credit. Upon the issuance of any Letter of Credit, a participation therein, in an amount equal to each Working Capital Lender's ’s Percentage Interest in the Revolving LoanInterest, shall automatically be deemed granted by the Letter of Credit Issuer to each such Working Capital Lender on the date of such issuance and such Lenders Working Capital Lender shall automatically be obligated, as set forth in Section 10.412.4, to reimburse the Letter of Credit Issuer to the extent of their respective Percentage Interests in the Revolving Loan for all obligations incurred by the Letter of Credit Issuer to third parties in respect of such Letter of Credit not reimbursed by the BorrowerCompany. The Letter of Credit Issuer will send to each Working Capital Lender (and the Administrative Agent if the Letter of Credit Issuer is not the Administrative Agent) a confirmation regarding the participations in Letters of Credit outstanding during such month.

Appears in 1 contract

Samples: Credit Agreement (Transmontaigne Inc)

Lenders’ Participation in Letters of Credit. Upon the issuance of any Letter of Credit, a participation therein, in an amount equal to each Lender's Percentage Interest in the Revolving Loan, shall automatically be deemed granted by the Letter of Credit Issuer to each such Lender on the date of such issuance and such Lenders shall automatically be obligated, as set forth in Section 10.4, to reimburse the Letter of Credit Issuer to the extent of their respective Percentage Interests in the Revolving Loan for all obligations incurred by the Letter of Credit Issuer to third parties in respect of such Letter of Credit not reimbursed by the BorrowerCompany. The Letter of Credit Issuer will send to each Lender (and the Agent if the Letter of Credit Issuer is not the Agent) a confirmation regarding the participations in Letters of Credit outstanding during such month.

Appears in 1 contract

Samples: Credit Agreement (Marquee Group Inc)

AutoNDA by SimpleDocs

Lenders’ Participation in Letters of Credit. Upon the issuance of any Letter of Credit, a participation therein, in an amount equal to each Revolving Lender's ’s Percentage Interest in the Revolving LoanInterest, shall automatically be deemed granted by the Letter of Credit Issuer to each such Revolving Lender on the date of such issuance and such Revolving Lenders shall automatically be obligated, as set forth in Section 10.412.4, to reimburse the Letter of Credit Issuer to the extent of their respective Percentage Interests in the Revolving Loan for all obligations incurred by the Letter of Credit Issuer to third parties in respect of such Letter of Credit not reimbursed by the BorrowerCompany. The Letter of Credit Issuer will send to each Revolving Lender (and the Administrative Agent if the Letter of Credit Issuer is not the Administrative Agent) a confirmation regarding the participations in Letters of Credit outstanding during such month.

Appears in 1 contract

Samples: Credit Agreement (Transmontaigne Inc)

Lenders’ Participation in Letters of Credit. Upon the issuance of any Letter of Credit, a participation therein, in an amount equal to each Lender's ’s Percentage Interest in multiplied by the Revolving Loanface amount of such Letter of Credit, shall will automatically be deemed granted by the Letter of Credit Issuer Issuing Bank to each such Lender on the date of such issuance and such the Lenders shall will automatically be obligated, as set forth in Section 10.413.4, to reimburse the Letter of Credit Issuer Issuing Bank to the extent of their respective Percentage Interests in the Revolving Loan such Letter of Credit for all obligations incurred by the Letter of Credit Issuer Issuing Bank to third parties in respect of such Letter of Credit not reimbursed by the BorrowerBorrowers. The Letter of Credit Issuer Agent will send to each Lender (and the Agent if the Letter of Credit Issuer is not the Agent) a confirmation regarding the participations in Letters of Credit outstanding during such each month.

Appears in 1 contract

Samples: Agreement (Ch2m Hill Companies LTD)

Lenders’ Participation in Letters of Credit. Upon the issuance of any Letter of Credit, a participation therein, in an amount equal to each Lender's Revolving Loan Percentage Interest in the Revolving LoanInterest, shall automatically be deemed granted by the Letter of Credit Issuer to each such Lender on the date of such issuance and such Lenders shall automatically be obligated, as set forth in Section 10.412.4, to reimburse the Letter of Credit Issuer to the extent of their respective Revolving Loan Percentage Interests in the Revolving Loan for all obligations incurred by the Letter of Credit Issuer to third parties in respect of such Letter of Credit not reimbursed by the BorrowerCompany. The Letter of Credit Issuer will send to each Lender (and the Agent if the Letter of Credit Issuer is not the Agent) a confirmation regarding the participations in Letters of Credit outstanding during such month.

Appears in 1 contract

Samples: Credit Agreement (Transmontaigne Inc)

Lenders’ Participation in Letters of Credit. Upon the ------------------------------------------- issuance of any Letter of Credit, a participation therein, in an amount equal to each Lender's Revolving Loan Percentage Interest in the Revolving LoanInterest, shall automatically be deemed granted by the Letter of Credit Issuer to each such Lender on the date of such issuance and such the Lenders shall automatically be obligated, as set forth in Section 10.412.4, to reimburse the Letter of Credit Issuer to the extent of their respective Revolving Loan Percentage Interests in the Revolving Loan for all obligations incurred by the Letter of Credit Issuer to third parties in respect of such Letter of Credit not reimbursed by the BorrowerCompany. The Letter of Credit Issuer will send to each Lender (and the Agent if the Letter of Credit Issuer is not the Agent) a confirmation regarding the participations in Letters of Credit outstanding during such month.

Appears in 1 contract

Samples: Credit Agreement (Transmontaigne Inc)

Time is Money Join Law Insider Premium to draft better contracts faster.