Common use of Participation by Lenders Clause in Contracts

Participation by Lenders. (i) Effective immediately upon the issuance of each Letter of Credit and without further action on the part of the Issuer, the Issuer shall be deemed to have granted to each Lender, and each Lender shall be deemed to have irrevocably purchased and received from the Issuer, without recourse or warranty, an undivided interest and participation in such Letter of Credit to the extent of each Lender’s percentage of the Revolving Credit Limit. Further, each Lender acknowledges and agrees that it shall be absolutely liable, to the extent of its percentage of the Revolving Credit Limit, to fund on demand or reimburse the Issuer on demand for the amount of each draft paid by the Issuer under each Letter of Credit to the extent that such amount is not immediately reimbursed by the Borrower.

Participation by Lenders. (ia) Effective immediately upon the issuance of each Letter of Credit and without further action on the part of the IssuerIssuing Bank, the Issuer Issuing Bank shall be deemed to have granted to each Lender, and each Lender shall be deemed to have irrevocably purchased and received from the IssuerIssuing Bank, without recourse or warranty, an undivided interest and participation in such Letter of Credit to the extent of each Lender’s 's percentage of the Revolving Credit LimitCommitment. Further, each Lender acknowledges and agrees that it shall be absolutely liable, to the extent of its percentage of the Revolving Credit LimitCommitment, to fund on demand or reimburse the Issuer Issuing Bank on demand for the amount of each draft paid by the Issuer Issuing Bank under each Letter of Credit to the extent that such amount is not immediately reimbursed by the Borrower.

Participation by Lenders. (ia) Effective immediately upon the issuance of each Letter of Credit and without further action on the part of the IssuerIssuing Bank, the Issuer Issuing Bank shall be deemed to have granted to each Lender, and each Lender shall be deemed to have irrevocably purchased and received from the IssuerIssuing Bank, without recourse or warranty, an undivided interest and participation in such Letter of Credit to the extent of each Lender’s percentage of the Revolving Credit LimitCommitment. Further, each Lender acknowledges and agrees that it shall be absolutely liable, to the extent of its percentage of the Revolving Credit LimitCommitment, to fund on demand or reimburse the Issuer Issuing Bank on demand for the amount of each draft paid by the Issuer Issuing Bank under each Letter of Credit to the extent that such amount is not immediately reimbursed by the Borrower.

Participation by Lenders. (i) Effective immediately upon the issuance of each Letter of Credit and without further action on the part of the Issuer, the Issuer shall be deemed to have granted to each Lender, and each Lender shall be deemed to have irrevocably purchased and received from the Issuer, without recourse or warranty, an undivided interest and participation in such Letter of Credit to the extent of each Lender’s 's percentage of the Revolving Credit Limit. Further, each Lender acknowledges and agrees that it shall be absolutely liable, to the extent of its percentage of the Revolving Credit Limit, to fund on demand or reimburse the Issuer on demand for the amount of each draft paid by the Issuer under each Letter of Credit to the extent that such amount is not immediately reimbursed by the Borrower.

Participation by Lenders. (i) Effective immediately upon the issuance of each Letter of Credit and without further action on the part of the Issuer, the Issuer shall be deemed to have granted to each Lender, and each Lender shall be deemed to have irrevocably purchased and received from the Issuer, without recourse or warranty, an undivided interest and participation in such Letter of Credit to the extent of each Lender’s percentage Percentage of the Revolving Credit LimitCommitment. Further, each Lender acknowledges and agrees that it shall be absolutely liable, to the extent of its percentage Percentage of the Revolving Credit LimitCommitment, to fund on demand or reimburse the Issuer on demand for the amount of each draft paid by the Issuer under each Letter of Credit to the extent that such amount is not immediately reimbursed by the BorrowerBorrowers.