Common use of Participations in Letters of Credit Clause in Contracts

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s reimbursement obligations with respect thereto. If the Company does not pay any reimbursement obligation when due, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 13 contracts

Samples: Credit Agreement (Continental Materials Corp), Credit Agreement, Credit Agreement (Continental Materials Corp)

AutoNDA by SimpleDocs

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s 's Pro Rata Share, in such Letter of Credit and the Company’s 's reimbursement obligations with respect thereto. If the Company does not pay any reimbursement obligation when due, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “'s "participation" therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 4 contracts

Samples: Credit Agreement (Proquest Co), Credit Agreement (Titan International Inc), Credit Agreement (Ennis, Inc.)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the applicable Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the such Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s reimbursement obligations with respect thereto. If the Company does not pay any reimbursement obligation when due, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without subject to satisfaction or waiver of the necessity of compliance with the requirements of conditions satisfied in Section 2.2.212.3, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the applicable Issuing Lender for the account of the Company in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the applicable Issuing Lender’s “participation” therein. The Each Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the such Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 3 contracts

Samples: Credit Agreement (Centene Corp), Credit Agreement (Centene Corp), Credit Agreement (Centene Corp)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s reimbursement obligations with respect thereto. If the Company does not pay any reimbursement obligation when due, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 3 contracts

Samples: Credit Agreement (Fresh Brands Inc), Credit Agreement (World Fuel Services Corp), Credit Agreement (Ennis, Inc.)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s reimbursement obligations with respect thereto. If the Company does not pay any reimbursement obligation when due, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise otherwise, such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 3 contracts

Samples: Credit Agreement (Huron Consulting Group Inc.), Credit Agreement (Huron Consulting Group Inc.), Credit Agreement (Huron Consulting Group Inc.)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the applicable Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the such Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the CompanyBorrower’s reimbursement obligations with respect thereto. If the Company Borrower does not pay any reimbursement obligation when due, the Company Borrower shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the applicable Issuing Lender for the account of the Company Borrower in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the applicable Issuing Lender’s “participation” therein. The Each Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the such Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 3 contracts

Samples: Credit Agreement (Infrastructure & Energy Alternatives, Inc.), Credit Agreement (Primoris Services Corp), Credit Agreement (Primoris Services Corp)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s Borrowers’ reimbursement obligations with respect thereto. If the Company does Borrowers do not pay any reimbursement obligation when due, the Company Borrowers shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company Borrowers in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 2 contracts

Samples: Credit Agreement (MPW Industrial Services Group Inc), Credit Agreement (Celadon Group Inc)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the applicable Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the such Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s reimbursement obligations with respect thereto. If the Company does not pay any reimbursement obligation when due, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without subject to satisfaction or waiver of the necessity of compliance with the requirements of conditions satisfied in Section 2.2.212.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the applicable Issuing Lender for the account of the Company in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the applicable Issuing Lender’s “participation” therein. The Each Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the such Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 2 contracts

Samples: Credit Agreement (Centene Corp), Assignment Agreement (Centene Corp)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s reimbursement obligations with respect theretoL/C Obligation. If the Company does not pay any reimbursement obligation L/C Obligation when due, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligationsL/C Obligation. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit L/C Obligation shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 2 contracts

Samples: Credit Agreement (Titan International Inc), Credit Agreement (Titan International Inc)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the applicable Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the such Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the CompanyBorrower’s reimbursement obligations with respect thereto. If the Company Borrower does not pay any reimbursement obligation when due, the Company Borrower shall be deemed to have immediately requested that the Lenders with Revolving Commitments make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent applicable Issuing Lender its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company Borrower in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the applicable Issuing Lender’s “participation” therein. The Each Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the such Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 2 contracts

Samples: Credit Agreement (Xponential Fitness, Inc.), Credit Agreement (Cyalume Technologies Holdings, Inc.)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s reimbursement obligations with respect thereto. If the Company does not pay any reimbursement obligation when due, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 2 contracts

Samples: Credit Agreement (Centene Corp), Credit Agreement (Epiq Systems Inc)

Participations in Letters of Credit. Concurrently with Upon the issuance of each a Letter of CreditCredit by any Issuing Bank under Section 2.03(a), the such Issuing Lender Bank shall be deemed deemed, without further action by any party hereto, to have sold and transferred to each Lender with a Revolving Loan CommitmentLender, and each such Lender shall be deemed irrevocably deemed, Second Amended and unconditionally Restated Alliance Credit Agreement without further action by any party hereto, to have purchased and received from the such Issuing LenderBank, without recourse or warranty, a participation in such Letter of Credit in an undivided interest and participation, amount for each Lender equal to the extent of such Lender’s Pro Rata Share, in Share of the Available Amount of such Letter of Credit Credit, effective upon the issuance of such Letter of Credit. In consideration and in furtherance of the Companyforegoing, each Lender hereby absolutely and unconditionally agrees to pay such Lender’s reimbursement obligations with respect thereto. If Pro Rata Share of each L/C Disbursement made by such Issuing Bank and not reimbursed by the Company does not pay any reimbursement obligation when dueBorrower forthwith on the date due as provided in Section 2.04(c) on demand by the Paying Agent by making available for the account of its Applicable Lending Office to the Paying Agent for the account of such Issuing Bank by deposit to the Paying Agent’s Account, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal same day funds, an amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Lender’s Pro Rata Share of such LoanL/C Disbursement. The proceeds of such Loan shall Paying Agent will promptly thereafter cause like funds to be paid over by the Administrative Agent distributed to the applicable Issuing Lender Bank for the account of its Applicable Lending Office. Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this Section 2.03(c) in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the Company in satisfaction occurrence and continuance of a Default or an Event of Default or the termination of the Commitments, and that each such payment shall be made without any off-set, abatement, withholding or reduction whatsoever. If and to the extent that any Lender shall not have so made the amount of such reimbursement obligationsL/C Disbursement available to the Paying Agent, such Lender agrees to pay to the Paying Agent forthwith on demand such amount together with interest thereon, for each day from the date such L/C Disbursement is due pursuant to Section 2.04(c) until the date such amount is paid to the Paying Agent, at the Federal Funds Rate for its account or the account of such Issuing Bank, as applicable. For If such Lender shall pay to the Paying Agent such amount for the account of such Issuing Bank on any Business Day, such amount so paid in respect of principal shall constitute a Letter of Credit Advance made by such Lender on such Business Day for purposes of this Agreement, and the unparticipated portion outstanding principal amount of each the Letter of Credit Advance made by such Issuing Bank shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or reduced by such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with amount on such information related thereto as the Administrative Agent or such Lender may reasonably requestBusiness Day.

Appears in 2 contracts

Samples: Credit Agreement (Alliance Resource Partners Lp), Credit Agreement (Alliance Holdings GP, L.P.)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender applicable L/C Issuer shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lendersuch L/C Issuer, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the CompanyBorrower’s reimbursement obligations with respect thereto. If the Company Borrower does not pay any reimbursement obligation when due, the Company Borrower shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligationsobligations in accordance with Section 3.1. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.22.5.2, Section 12.2 16.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender applicable L/C Issuer for the account of the Company Borrower in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lenderapplicable L/C Issuer’s “participation” therein. The Issuing Lender Each L/C Issuer hereby agreesagrees to notify Administrative Agent of the issuance of any Letter of Credit and, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lendersuch L/C Issuer, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 2 contracts

Samples: Loan and Security Agreement (TPG Pace Holdings Corp.), Loan and Security Agreement (TPG Pace Holdings Corp.)

Participations in Letters of Credit. Concurrently with Upon the issuance of each a Letter of CreditCredit by the Issuing Bank under Section 2.03(a), the Issuing Lender Bank shall be deemed deemed, without further action by any party hereto, to have sold and transferred to each Lender with a Revolving Loan CommitmentCredit Lender, and each such Revolving Credit Lender shall be deemed irrevocably and unconditionally deemed, without further action by any party hereto, to have purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, a participation in such Letter of Credit in an amount for each Revolving Credit Lender equal to such Lender's Pro Rata Share of the Available Amount of such Letter of Credit, effective upon the issuance of such Letter of Credit. In consideration and in furtherance of the Company’s reimbursement obligations with respect thereto. If foregoing, each Revolving Credit Lender hereby absolutely and unconditionally agrees to pay such Lender's Pro Rata Share of each L/C Disbursement made by the Company does Issuing Bank and not pay any reimbursement obligation when duereimbursed by the Borrower forthwith on the date due as provided in Section 2.04(e) (or which has been so reimbursed but must be returned or restored by the Issuing Bank because of the occurrence of an event specified in Section 6.01(f) or otherwise) by making available for the account of its Applicable Lending Office to the Administrative Agent for the account of the Issuing Bank by deposit to the Administrative Agent's Account, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal same day funds, an amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Lender's Pro Rata Share of such LoanL/C Disbursement. The proceeds Each Revolving Credit Lender acknowledges and agrees that its obligation to acquire participations pursuant to this Section 2.03(c) in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or an Event of Default or the termination of the Commitments, and that each such payment shall be made without any off-set, abatement, withholding or reduction whatsoever. If and to the extent that any Revolving Credit Lender shall not have so made the amount of such Loan shall be paid over by L/C Disbursement available to the Administrative Agent, such Revolving Credit Lender agrees to pay to the Administrative Agent forthwith on demand such amount together with interest thereon, for each day from the date such L/C Disbursement is due pursuant to Section 2.04(e) until the date such amount is paid to the Administrative Agent, at the Federal Funds Rate for its account or the account of the Issuing Bank. If such Lender shall pay to the Administrative Agent such amount for the account of the Company Issuing Bank on any Business Day, such amount so paid in satisfaction respect of principal shall constitute a Letter of Credit Advance made by such reimbursement obligations. For the Lender on such Business Day for purposes of this Agreement, and the unparticipated portion outstanding principal amount of each the Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued Advance made by the Issuing Lender, together with Bank shall be reduced by such information related thereto as the Administrative Agent or amount on such Lender may reasonably requestBusiness Day.

Appears in 2 contracts

Samples: Credit Agreement (Esterline Technologies Corp), Credit Agreement (Esterline Technologies Corp)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the applicable Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan CommitmentLender, and each such Revolving Lender shall be deemed irrevocably and unconditionally to have purchased and received from the such Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Revolving Lender’s Pro Rata Share, in such Letter of Credit and the Company’s reimbursement obligations with respect thereto. If the Company does not pay any reimbursement obligation when due, the Company shall be deemed to have immediately requested that the Revolving Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Revolving Lenders of such deemed request and, without subject to satisfaction or waiver of the necessity of compliance with the requirements of conditions satisfied in Section 2.2.212.3, Section 12.2 or otherwise such Revolving Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the applicable Issuing Lender for the account of the Company in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the applicable Issuing Lender’s “participation” therein. The Each Issuing Lender hereby agrees, upon request of the Administrative Agent or any Revolving Lender, to deliver to the Administrative Agent or such Revolving Lender a list of all outstanding Letters of Credit issued by the such Issuing Lender, together with such information related thereto as the Administrative Agent or such Revolving Lender may reasonably request.

Appears in 2 contracts

Samples: Credit Agreement (Centene Corp), Credit Agreement (Centene Corp)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan CommitmentLender, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s Co-Borrowers’ reimbursement obligations with respect thereto. If the Company does Co-Borrowers do not pay any reimbursement obligation when due, the Company Co-Borrowers shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company Co-Borrowers in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 2 contracts

Samples: Credit Agreement (FreightCar America, Inc.), Credit Agreement (FreightCar America, Inc.)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s reimbursement obligations with respect thereto. If the Company does not pay any reimbursement obligation when duedue in accordance with Section 2.3.3, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such LoanLoan in accordance with Section 2.3.4. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 2 contracts

Samples: Credit Agreement (Lecg Corp), Credit Agreement (Lecg Corp)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender applicable L/C Issuer shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lendersuch L/C Issuer, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Xxxxxx's Pro Rata Share, in such Letter of Credit and the Company’s Borrowers’ reimbursement obligations with respect thereto. If the Company does Borrowers do not pay any reimbursement obligation when due, the Company Borrowers shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligationsobligations in accordance with Section 3.1. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 17.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender applicable L/C Issuer for the account of the Company Borrowers in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “applicable L/C Issuer's "participation" therein. The Issuing Lender Each L/C Issuer hereby agreesagrees to notify the Administrative Agent of the issuance of any Letter of Credit and, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lendersuch L/C Issuer, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 2 contracts

Samples: Loan and Security Agreement (S&W Seed Co), Loan and Security Agreement (S&W Seed Co)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s Borrowers’ reimbursement obligations with respect thereto. If the Company does Borrowers do not pay any reimbursement obligation when due, the Company Borrowers shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company Borrowers in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 2 contracts

Samples: Credit Agreement (Landauer Inc), Credit Agreement (Clark Holdings Inc.)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender Bank shall be deemed to have sold and transferred to each Facility A Lender with a Revolving Loan Commitment, and each such Facility A Lender (which term shall not, for purposes of this Section 2.3.2, include the Issuing Bank) shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation, to the extent of such Facility A Lender’s Pro Rata ShareShare (aggregating to 100% as among all such Facility A Lenders), in such Letter of Credit and the Company’s Borrowers’ reimbursement obligations with respect thereto. If Upon the Company does not pay incurrence of any reimbursement obligation when dueunder any Letter of Credit, the Company Borrowers shall be deemed to have immediately requested that the Facility A Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Facility A Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Facility A Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender Bank for the account of the Company Borrowers in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender Bank hereby agrees, upon request of the Administrative Agent or any LenderAgent, to deliver to the Administrative Agent or such Facility A Lender a list of all outstanding Letters of Credit issued by the Issuing LenderBank, together with such information related thereto as the Administrative Agent or such any Facility A Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Russ Berrie & Co Inc)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of CreditCredit and in connection with each Letter of Credit described on Schedule 2.3 and any extensions and renewals thereof and amendments thereto, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s reimbursement obligations with respect thereto. If the Company does not pay any reimbursement obligation when due, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Westinghouse Air Brake Technologies Corp)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the CompanyBorrower’s reimbursement obligations with respect thereto. If the Company Borrower does not pay any reimbursement obligation when due, the Company Borrower shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company Borrower in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (American Railcar Industries, Inc.)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the applicable Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the such Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the CompanyBorrower’s reimbursement obligations with respect thereto. If the Company Borrower does not pay any reimbursement obligation when due, the Company Borrower shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the applicable Issuing Lender for the account of the Company Borrower in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the applicable Issuing Lender’s “participation” therein. The Each Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the such Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Primoris Services Corp)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender applicable L/C Issuer shall be deemed to have sold and transferred to each Lender with a Revolving Loan CommitmentLender, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lendersuch L/C Issuer, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s Borrowers’ reimbursement obligations with respect thereto, which in each case shall be determined in US Dollars. If the Company does Borrowers do not pay any reimbursement obligation when due, the Company Borrowers shall be deemed to have immediately requested that the Lenders make a Revolving Loan under the applicable Revolving Loan Commitment under which such Letter of Credit was issued which is a Base Rate Loan in a principal amount of US Dollars equal to such reimbursement obligationsobligations in accordance with Section 3.1. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.22.6.2, Section 12.2 17.2 or otherwise otherwise, each such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender applicable L/C Issuer for the account of the Company Borrowers in satisfaction of the US Dollar Equivalent of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lenderapplicable L/C Issuer’s “participation” therein. The Issuing Lender hereby agreesEach L/C Issuer shall (i) notify Administrative Agent of the issuance of any Letter of Credit and, upon request of the Administrative Agent or any Lender, to and (ii) deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lendersuch L/C Issuer, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Loan and Security Agreement (WESTMORELAND COAL Co)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s 's Pro Rata Share, in such Letter of Credit and the Company’s Borrowers' reimbursement obligations with respect thereto. If the Company does Borrowers do not pay any reimbursement obligation when due, the Company Borrowers shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company Borrowers in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “'s "participation" therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Reinhold Industries Inc/De/)

Participations in Letters of Credit. Concurrently with Upon the issuance of each a Letter of CreditCredit by the Issuing Bank under Section 2.03(a), the Issuing Lender Bank shall be deemed deemed, without further action by any party hereto, to have sold and transferred to each Lender with a Revolving Loan CommitmentCredit Lender, and each such Revolving Credit Lender shall be deemed irrevocably and unconditionally deemed, without further action by any party hereto, to have purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, a participation in such Letter of Credit in an amount for each Revolving Credit Lender equal to such Lender's Pro Rata Share of the Available Amount of such Letter of Credit, effective upon the issuance of such Letter of Credit. In consideration and in furtherance of the Company’s reimbursement obligations with respect thereto. If foregoing, each Revolving Credit Lender hereby absolutely and unconditionally agrees to pay such Lender's Pro Rata Share of each Letter of Credit Advance made by the Company does Issuing Bank and not pay any reimbursement obligation when duereimbursed by the Borrower forthwith on the date due as provided in Section 2.04(c) (or which has been so reimbursed but must be returned or restored by the Issuing Bank because of the occurrence of an event specified in Section 6.01(f) or otherwise) by making available for the account of its Applicable Lending Office to the Administrative Agent for the account of the Issuing Bank by deposit to the Administrative Agent's Account, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal same day funds and in U.S. dollars, an amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Lender's Pro Rata Share of such LoanLetter of Credit Advance. The proceeds Each Revolving Credit Lender acknowledges and agrees that its obligation to acquire participations pursuant to this Section 2.03(c) in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or an Event of Default or the termination of the Commitments, and that each such payment shall be made without any off-set, abatement, withholding or reduction whatsoever. If and to the extent that any Revolving Credit Lender shall not have so made the amount of such Loan shall be paid over by Letter of Credit Advance available to the Administrative Agent, such Revolving Credit Lender agrees to pay to the Administrative Agent forthwith on demand such amount together with interest thereon, for each day from the date such Letter of Credit Advance is due pursuant to Section 2.04(c) until the date such amount is paid to the Administrative Agent, at the Federal Funds Rate for its account or the account of the Issuing Bank. If such Lender shall pay to the Administrative Agent such amount for the account of the Company Issuing Bank on any Business Day, such amount so paid in satisfaction respect of principal shall constitute a Letter of Credit Advance made by such reimbursement obligations. For the Lender on such Business Day for purposes of this Agreement, and the unparticipated portion outstanding principal amount of each the Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued Advance made by the Issuing Lender, together with Bank shall be reduced by such information related thereto as the Administrative Agent or amount on such Lender may reasonably requestBusiness Day.

Appears in 1 contract

Samples: Credit Agreement (Esterline Technologies Corp)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the applicable Issuing Lender shall will be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall will be deemed irrevocably and unconditionally to have purchased and received from the that Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such that Lender’s Pro Rata Share, in such that Letter of Credit and the Company’s Borrowers’ reimbursement obligations with respect thereto. If the Company does Borrowers do not pay any reimbursement obligation obligations when due, the Company shall Borrowers will be deemed to have immediately requested that the Lenders with Revolving Commitments make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such those reimbursement obligations. The Administrative Agent shall promptly notify such the applicable Lenders of any such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 12.2, or otherwise otherwise, each such Lender shall make available to the Administrative Agent applicable Issuing Lender its Pro Rata Share of such Loan. The proceeds of such that Revolving Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company Borrowers in satisfaction of such those reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall will be deemed to be the applicable Issuing Lender’s “participation” therein. The Each Issuing Lender hereby agreesshall, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such that Lender a list of all outstanding Letters of Credit issued by the that Issuing Lender, together with such all information related thereto as the Administrative Agent or such that Lender may reasonably requestrequests.

Appears in 1 contract

Samples: Credit Agreement (LIV Capital Acquisition Corp.)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s reimbursement obligations with respect thereto. If the Company does not pay any reimbursement obligation when due, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Multi Color Corp)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s US Borrowers’ reimbursement obligations with respect thereto. If the Company does Borrowers do not pay any reimbursement obligation when due, the Company Borrowers shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company Borrowers in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Landauer Inc)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender applicable L/C Issuer shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lendersuch L/C Issuer, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s 's Pro Rata Share, in such Letter of Credit and the Company’s Borrower's reimbursement obligations with respect thereto. If the Company Borrower does not pay any reimbursement obligation when due, the Company Borrower shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligationsobligations in accordance with Section 3.1. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 17.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender applicable L/C Issuer for the account of the Company Borrower in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “applicable L/C Issuer's "participation" therein. The Issuing Lender Each L/C Issuer hereby agreesagrees to notify the Administrative Agent of the issuance of any Letter of Credit and, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lendersuch L/C Issuer, together with such information related thereto as the Administrative Agent or such Lender may reasonably request. SECTION 4INTEREST, FEES AND CHARGES.

Appears in 1 contract

Samples: Loan and Security Agreement (Broadwind Energy, Inc.)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender Bank shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata ShareShare (aggregating to 100% as among all such Lenders), in such Letter of Credit and the CompanyBorrower’s reimbursement obligations with respect thereto. If Upon the Company does not pay incurrence of any reimbursement obligation when dueunder any Letter of Credit, the Company Borrower shall be deemed to have immediately requested that the Lenders make (i) a Revolving Loan which is a Base Rate Loan if such Letter of Credit was issued in US Dollars; or (ii) a Revolving Loan which is a Canadian Base Rate Loan if such Letter of Credit was issued in Canadian Dollars, each in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender Bank for the account of the Company Borrower in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender Bank hereby agrees, upon request of the Administrative Agent or any LenderAgent, to deliver to the Administrative Agent or such Lender Lenders a list of all outstanding Letters of Credit issued by the Issuing LenderBank, together with such information related thereto as the Administrative Agent or such any Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Russ Berrie & Co Inc)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s Borrowers’ reimbursement obligations with respect thereto. If the Company does Borrowers do not pay any reimbursement obligation when due, the Company Borrowers shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company Borrowers in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Roadrunner Transportation Services Holdings, Inc.)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the applicable Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the such Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such LenderLxxxxx’s Pro Rata Share, in such Letter of Credit and the Company’s reimbursement obligations with respect thereto. If the Company does not pay any reimbursement obligation when due, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the applicable Issuing Lender for the account of the Company in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the applicable Issuing Lender’s “participation” therein. The Each Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lendersuch Ixxxxxx Xxxxxx, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Andalusian Credit Company, LLC)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the applicable Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the such Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such LenderLxxxxx’s Pro Rata Share, in such Letter of Credit and the CompanyBxxxxxxx’s reimbursement obligations with respect thereto. If the Company Borrower does not pay any reimbursement obligation when due, the Company Borrower shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.22.2(b), Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the applicable Issuing Lender for the account of the Company Borrower in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the applicable Issuing Lender’s “participation” therein. The Each Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lendersuch Ixxxxxx Xxxxxx, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (A-Mark Precious Metals, Inc.)

Participations in Letters of Credit. (a) Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each other Lender with a Revolving Loan Commitment, and each such other Lender with a Revolving Loan Commitment shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Revolving Share, in such Letter of Credit and the CompanyBorrower’s reimbursement obligations with respect thereto. To the knowledge of Agent and Lenders, either (i) no portion of any interest in such Letter of Credit shall be held with “plan assets” of any “benefit plan investor” within the meaning of Section (3)(42) of ERISA or (ii) the interest in such Letter of Credit will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the IRC. If the Company Borrower does not pay any reimbursement obligation when due, the Company then Borrower shall be deemed to have immediately requested that the Lenders with a Revolving Loan Commitment make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligationsobligation. The Administrative Agent shall promptly notify such Lenders that have a Revolving Loan Commitment of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.22.2.2 or 4.2 or, Section 12.2 or otherwise each such Lender shall make available to the Administrative Agent its Pro Rata Revolving Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company Borrower in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Performant Financial Corp)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata ShareRevolving Percentage, in such Letter of Credit and the Company’s reimbursement obligations with respect thereto. If the Company does not pay any reimbursement obligation when due, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Loans that are Base Rate Loan Loans in a an aggregate principal amount equal to such reimbursement obligationsobligation. The Administrative Agent shall promptly notify such Lenders each Lender of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.22.2.2 or Section 12.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent an amount equal to its Pro Rata Share Revolving Percentage of the applicable reimbursement obligation (which shall constitute a Revolving Loan by such LoanLender). The proceeds of such Loan Revolving Loans shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Kanbay International Inc)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan CommitmentCredit Lender, and each such Revolving Credit Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the CompanyBorrower’s reimbursement obligations with respect thereto. (For purposes of clarification, to the extent the Issuing Lender is also a Revolving Credit Lender, Letters of Credit issued by the Issuing Lender shall not be included in the calculation of such Revolving Credit Lender’s Commitment Percentage of the Revolving Credit Commitment (other than any participation obligations as a Revolving Credit Lender).) If the Company Borrower does not pay any reimbursement obligation when due, the Company Borrower shall be deemed to have immediately requested that the Revolving Credit Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly shall, on each Settlement Date, notify such the Revolving Credit Lenders of each such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such LoanRevolving Loans in accordance with Section 2.6 hereof. The proceeds of such Revolving Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company Borrower in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Revolving Credit Lender, to deliver to the Administrative Agent or such Revolving Credit Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Revolving Credit Lender may reasonably request.

Appears in 1 contract

Samples: And Temporary Waiver Agreement (Stamford Industrial Group, Inc.)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the each Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the such Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s reimbursement obligations with respect thereto. If the Company does not pay any reimbursement obligation when due, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the applicable Issuing Lender for the account of the Company in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the applicable Issuing Lender’s “participation” therein. The Each Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the such Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Semco Energy Inc)

AutoNDA by SimpleDocs

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s reimbursement obligations with respect thereto. If the Company does not pay fails to so reimburse the Issuing Lender by 11:00 a.m., Chicago time, on the date of any reimbursement obligation when duepayment by the Issuing Lender under a Letter of Credit to be reimbursed in Dollars, or the Applicable Time on the date of any payment by the Issuing Lender under a Letter of Credit to be reimbursed in an Alternative Currency, the Administrative Agent shall promptly notify each Lender of the date and amount of the unreimbursed drawing (expressed in Dollars in the amount of the Dollar Equivalent thereof in the case of a Letter of Credit denominated in an Alternative Currency), and the amount of such Lender’s Pro Rata Share thereof, and the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to the Dollar Equivalent of such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise otherwise, such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Huron Consulting Group Inc.)

Participations in Letters of Credit. Concurrently with Upon the issuance of each a Letter of CreditCredit by the Issuing Bank under Section 2.03(a), the Issuing Bank shall be deemed, without further action by any party hereto, to have sold to each Revolving Credit Lender, and each Revolving Credit Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitmentdeemed, and each such Lender shall be deemed irrevocably and unconditionally without further action by any party hereto, to have purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, a participation in such Letter of Credit in an amount for each Revolving Credit Lender equal to such Lender's Pro Rata Share of the Available Amount of such Letter of Credit, effective upon the issuance of such Letter of Credit. In consideration and in furtherance of the Company’s reimbursement obligations with respect thereto. If foregoing, each Revolving Credit Lender hereby absolutely and unconditionally agrees to pay such Lender's Pro Rata Share of each L/C Disbursement made by the Company does Issuing Bank and not pay any reimbursement obligation when duereimbursed by the Borrower forthwith on the date due as provided in Section 2.04(d) (or which has been so reimbursed but must be returned or restored by the Issuing Bank because of the occurrence of an event specified in Section 6.01(f) or otherwise) by making available for the account of its Applicable Lending Office to the Administrative Agent for the account of the Issuing Bank by deposit to the Administrative Agent's Account, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal same day funds, an amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Lender's Pro Rata Share of such LoanL/C Disbursement. The proceeds Each Revolving Credit Lender acknowledges and agrees that its obligation to acquire and pay for participations pursuant to this Section 2.03(c) in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or the termination of the Commitments, and that each such payment shall be made without any off-set, abatement, withholding or reduction whatsoever. If and to the extent that any Revolving Credit Lender shall not have so made the amount of such Loan shall be paid over by L/C Disbursement available to the Administrative Agent, such Revolving Credit Lender agrees to pay to the Administrative Agent forthwith on demand such amount together with interest thereon, for each day from the date such L/C Disbursement is due pursuant to Section 2.04(d) until the date such amount is paid to the Administrative Agent, at the Federal Funds Rate for its account or the account of the Issuing Bank, as applicable. If such Lender shall pay to the Administrative Agent such amount for the account of the Company Issuing Bank on any Business Day, such amount so paid in satisfaction respect of principal shall constitute a Letter of Credit Advance made by such reimbursement obligations. For the Lender on such Business Day for purposes of this Agreement, and the unparticipated portion outstanding principal amount of each the Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued Advance made by the Issuing Lender, together with Bank shall be reduced by such information related thereto as the Administrative Agent or amount on such Lender may reasonably requestBusiness Day.

Appears in 1 contract

Samples: Open Solutions Inc

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the applicable Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the such Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the CompanyBorrower’s reimbursement obligations with respect thereto. If the Company Borrower does not pay any reimbursement obligation when due, the Company Borrower shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.22.2(b), Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the applicable Issuing Lender for the account of the Company Borrower in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the applicable Issuing Lender’s “participation” therein. The Each Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the such Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Primoris Services Corp)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the applicable Issuing Lender shall will be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such 44 Lender shall will be deemed irrevocably and unconditionally to have purchased and received from the that Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lenderthat Xxxxxx’s Pro Rata Share, in such that Letter of Credit and the Company’s Borrowers’ reimbursement obligations with respect thereto. If the Company does Borrowers do not pay any reimbursement obligation obligations when due, the Company shall Borrowers will be deemed to have immediately requested that the Lenders with Revolving Commitments make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such those reimbursement obligations. The Administrative Agent shall promptly notify such the applicable Lenders of any such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 12.2, or otherwise otherwise, each such Lender shall make available to the Administrative Agent applicable Issuing Lender its Pro Rata Share of such Loan. The proceeds of such that Revolving Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company Borrowers in satisfaction of such those reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall will be deemed to be the applicable Issuing Lender’s “participation” therein. The Each Issuing Lender hereby agreesshall, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such that Lender a list of all outstanding Letters of Credit issued by the Issuing Lenderthat Xxxxxxx Xxxxxx, together with such all information related thereto as the Administrative Agent or such that Lender may reasonably requestrequests.

Appears in 1 contract

Samples: Credit Agreement (AgileThought, Inc.)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan CommitmentLender, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s reimbursement obligations with respect thereto. If the Company does not pay any reimbursement obligation when due, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 13.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Loan and Security Agreement (Material Sciences Corp)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan CommitmentLender, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s 's Pro Rata Share, in such Letter of Credit and the Company’s Companies' reimbursement obligations with respect thereto. If the Company does Companies do not pay any reimbursement obligation when due, then the Company Representative shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Revolving Loan. The proceeds of such Revolving Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company Companies in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “'s "participation" therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Uti Worldwide Inc)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s reimbursement obligations of the Loan Parties with respect thereto. If the Company does Loan Parties do not pay any reimbursement obligation when due, the Company Loan Parties shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company Loan Parties in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Option Care Inc/De)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s Borrowers’ reimbursement obligations with respect thereto. If the Company does Borrowers do not pay any reimbursement obligation when due, the Company Borrowers shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company Borrowers in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.any

Appears in 1 contract

Samples: Credit Agreement (Landauer Inc)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender (which term shall not, for purposes of this Section 2.3.2, include the Issuing Lender) with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s Borrowers’ reimbursement obligations with respect thereto. If the Company does Borrowers do not pay any reimbursement obligation when duedue under any Letter of Credit, the Company Borrowers shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company Borrowers in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any LenderAgent, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such any Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Russ Berrie & Co Inc)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the applicable Issuing Lender shall will be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall will be deemed irrevocably and unconditionally to have purchased and received from the that Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lenderthat Xxxxxx’s Pro Rata Share, in such that Letter of Credit and the Company’s Xxxxxxxxx’ reimbursement obligations with respect thereto. If the Company does Borrowers do not pay any reimbursement obligation obligations when due, the Company shall Borrowers will be deemed to have immediately requested that the Lenders with Revolving Commitments make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such those reimbursement obligations. The Administrative Agent shall promptly notify such the applicable Lenders of any such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 12.2, or otherwise otherwise, each such Lender shall make available to the Administrative Agent applicable Issuing Lender its Pro Rata Share of such Loan. The proceeds of such that Revolving Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company Borrowers in satisfaction of such those reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall will be deemed to be the applicable Issuing Lender’s “participation” therein. The Each Issuing Lender hereby agreesshall, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such that Lender a list of all outstanding Letters of Credit issued by the Issuing Lenderthat Xxxxxxx Xxxxxx, together with such all information related thereto as the Administrative Agent or such that Lender may reasonably requestrequests.

Appears in 1 contract

Samples: Credit Agreement (AgileThought, Inc.)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s 's Pro Rata Share, in such Letter of Credit and the Company’s Borrower's reimbursement obligations with respect thereto. If the Company Borrower does not pay any reimbursement obligation when due, the Company Borrower shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company Borrower in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “'s "participation" therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Ohio Casualty Corp)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender Bank shall be deemed to have sold and transferred to each Lender with a Revolving Loan CommitmentLender, and each such Lender (which term shall not, for purposes of this Section 2.3.2, include the Issuing Bank) shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata ShareShare (aggregating to 100% as among all such Lenders), in such Letter of Credit and the Company’s Borrowers’ reimbursement obligations with respect thereto. If Upon the Company does not pay incurrence of any reimbursement obligation when dueunder any Letter of Credit, the Company Borrowers shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Revolving Loan. The proceeds of such Revolving Loan shall be paid over by the Administrative Agent to the Issuing Lender Bank for the account of the Company Borrowers in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender Bank hereby agrees, upon request of the Administrative Agent or any LenderAgent, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing LenderBank, together with such information related thereto as the Administrative Agent or such any Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Russ Berrie & Co Inc)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender applicable L/C Issuer shall be deemed to have sold and transferred to each Lender with a Revolving Loan CommitmentLender, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lendersuch L/C Issuer, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s Borrowers’ reimbursement obligations with respect thereto, which in each case shall be determined in US Dollars. If the Company does Borrowers do not pay any reimbursement obligation when due, the Company Borrowers shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount of US Dollars equal to such reimbursement obligationsobligations in accordance with Section 3.1. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.22.6.2, Section 12.2 17.2 or otherwise otherwise, each such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender applicable L/C Issuer for the account of the Company Borrowers in satisfaction of the US Dollar Equivalent of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lenderapplicable L/C Issuer’s “participation” therein. The Issuing Lender hereby agreesEach L/C Issuer shall (i) notify Administrative Agent of the issuance of any Letter of Credit and, upon request of the Administrative Agent or any Lender, to and (ii) deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lendersuch L/C Issuer, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Loan and Security Agreement (WESTMORELAND COAL Co)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the applicable Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the such Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s reimbursement obligations with respect thereto. If the Company does not pay any reimbursement obligation when due, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the applicable Issuing Lender for the account of the Company in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the applicable Issuing Lender’s “participation” therein. The Each Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the such Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Morgan Stanley Direct Lending Fund)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender applicable L/C Issuer shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lendersuch L/C Issuer, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s Borrowers’ reimbursement obligations with respect thereto. If the Company a Borrower does not pay any reimbursement obligation when due, the Company such Borrower shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligationsobligations in accordance with Section 3.1. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.22.4.2, Section 12.2 17.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender applicable L/C Issuer for the account of the Company Borrowers in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lenderapplicable L/C Issuer’s “participation” therein. The Issuing Lender Each L/C Issuer hereby agreesagrees to notify the Administrative Agent of the issuance of any Letter of Credit and, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lendersuch L/C Issuer, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Loan and Security Agreement (Manitex International, Inc.)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s Companies’ reimbursement obligations with respect thereto. If the Company does Companies do not pay any reimbursement obligation when due, the Company Companies shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations; provided, however, that WFS Europe and WFS Singapore shall have no repayment obligations in connection with such Base Rate Loans resulting from unpaid reimbursement obligations in connection with Letters of Credit issued solely for the account of WFS. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company Companies in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (World Fuel Services Corp)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the applicable Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the such Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the CompanyBorrower’s reimbursement obligations with respect thereto. If the Company Borrower does not pay any reimbursement obligation when due, the Company Borrower shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.22.2(b), Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the applicable Issuing Lender for the account of the Company Borrower in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the applicable Issuing Lender’s “participation” therein. The Each Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the such Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (A-Mark Precious Metals, Inc.)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s 's Pro Rata Share, in such Letter of Credit and the applicable Company’s 's reimbursement obligations with respect thereto. If the such Company does not pay any reimbursement obligation when due, the such Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the applicable Company in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “'s "participation" therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Akorn Inc)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan CommitmentLender, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s Companies’ reimbursement obligations with respect thereto. If the Company Companies does not pay any reimbursement obligation when due, the Company Representative shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company Companies in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Westell Technologies Inc)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender Fronting Bank shall be deemed to have sold and transferred to each Lender (which term shall not, for purposes of this Section 2.3.2, include the Fronting Bank) with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing LenderFronting Bank, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s Borrowers’ reimbursement obligations with respect thereto. If the Company does Borrowers do not pay any reimbursement obligation when duedue under any Letter of Credit, the Company Borrowers shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender Fronting Bank for the account of the Company Borrowers in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing LenderFronting Bank’s “participation” therein. The Issuing Lender Fronting Bank hereby agrees, upon request of the Administrative Agent or any LenderAgent, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing LenderFronting Bank, together with such information related thereto as the Administrative Agent or such any Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Russ Berrie & Co Inc)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender Bank shall be deemed to have sold and transferred to each Lender with a Revolving Loan Credit Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing LenderBank, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s 's Pro Rata SharePercentage, in such Letter of Credit and the Company’s Borrowers' reimbursement obligations with respect thereto. If the Company does Borrowers do not pay any reimbursement obligation when due, the Company Borrowers shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Collateral Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.22, Section 12.2 4 or otherwise such Lender shall make available to the Administrative Collateral Agent its Pro Rata Share Percentage of such Loan. The proceeds of such Loan shall be paid over by the Administrative Collateral Agent to the Issuing Lender Bank for the account of the Company Borrowers in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “Bank's "participation" therein. The Issuing Lender Bank hereby agrees, upon request of the Administrative any Agent or any Lender, to deliver to the Administrative such Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing LenderBank, together with such information related thereto as the Administrative such Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Revolving Credit Agreement (Maxxam Inc)

Participations in Letters of Credit. Concurrently with the ----------------------------------- issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s 's Pro Rata Share, in such Letter of Credit and the Company’s Loan Parties' reimbursement obligations with respect thereto. If the Company does Loan Parties do not pay any reimbursement obligation when due, the Company Loan Parties shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise such Lender shall ------------- ------------ make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company Loan Parties in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “'s "participation" therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any Lender, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Kv Pharmaceutical Co /De/)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender shall be deemed to have sold and transferred to each Lender with a Revolving Loan Commitment, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata ShareApplicable Percentage, in such Letter of Credit and the Company’s reimbursement obligations with respect thereto. If the Company does not pay any reimbursement obligation when due, the Company shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligations. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.2, Section 12.2 or otherwise otherwise, each such Lender shall make available to the Administrative Agent its Pro Rata Share Applicable Percentage of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender for the account of the Company in satisfaction of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lender’s “participation” therein. The Issuing Lender hereby agrees, upon request of the Administrative Agent or any LenderLender with a Revolving Commitment, to deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lender, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Cpi Corp)

Participations in Letters of Credit. Concurrently with the issuance of each Letter of Credit, the Issuing Lender applicable L/C Issuer shall be deemed to have sold and transferred to each Lender with a Revolving Loan CommitmentLender, and each such Lender shall be deemed irrevocably and unconditionally to have purchased and received from the Issuing Lendersuch L/C Issuer, without recourse or warranty, an undivided interest and participation, to the extent of such Lender’s Pro Rata Share, in such Letter of Credit and the Company’s Borrowers’ reimbursement obligations with respect thereto. If the Company does Borrowers do not pay any reimbursement obligation when due, the Company Borrowers shall be deemed to have immediately requested that the Lenders make a Revolving Loan which is a Base Rate Loan in a principal amount equal to such reimbursement obligationsobligations in accordance with Section 3.1. The Administrative Agent shall promptly notify such Lenders of such deemed request and, without the necessity of compliance with the requirements of Section 2.2.22.3.2, Section 12.2 17.2 or otherwise otherwise, each such Lender shall make available to the Administrative Agent its Pro Rata Share of such Loan. The proceeds of such Loan shall be paid over by the Administrative Agent to the Issuing Lender applicable L/C Issuer for the account of the Company Borrowers in satisfaction of the US Dollar Equivalent of such reimbursement obligations. For the purposes of this Agreement, the unparticipated portion of each Letter of Credit shall be deemed to be the Issuing Lenderapplicable L/C Issuer’s “participation” therein. The Issuing Lender hereby agreesEach L/C Issuer shall (i) notify Administrative Agent of the issuance of any Letter of Credit and, upon request of the Administrative Agent or any Lender, to and (ii) deliver to the Administrative Agent or such Lender a list of all outstanding Letters of Credit issued by the Issuing Lendersuch L/C Issuer, together with such information related thereto as the Administrative Agent or such Lender may reasonably request.. 40 CHICAGO/#2647830.13

Appears in 1 contract

Samples: Loan and Security Agreement (Westmoreland Resource Partners, LP)

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