Common use of Advances Automatic; Participations Clause in Contracts

Advances Automatic; Participations. In the event that Agent or ---------------------------------- any Lender shall make any payment on or pursuant to any Letter of Credit Obligation, such payment shall then be deemed, unless reimbursed on demand by Borrowers, automatically to constitute a Revolving Credit Advance under Section ------- 1.1 (a) of the Agreement regardless of whether a Default or Event of Default ------ shall have occurred and be continuing and notwithstanding any Borrower's failure to satisfy the conditions precedent set forth in Section 2, and each Lender --------- shall be obligated to pay its Pro Rata Share thereof in accordance with the Agreement. The failure of any Lender to make available to Agent for Agent's own account its Pro Rata Share of any such Revolving Credit Advance or payment by Agent under or in respect of a Letter of Credit shall not 108 relieve any other Lender of its obligation hereunder to make available to Agent its Pro Rata Share thereof, but no Lender shall be responsible for the failure of any other Lender to make available such other Lender's Pro Rata Share of any such payment.

Appears in 1 contract

Sources: Post Petition Loan and Guaranty Agreement (Montgomery Ward Holding Corp)

Advances Automatic; Participations. In the event that Agent or ---------------------------------- any Tranche A Revolving Lender shall make any payment on or pursuant to any Letter of Credit Obligation, such payment shall then be deemed, unless reimbursed on demand by Borrowers, deemed automatically to constitute a Tranche A Revolving Credit Advance under Section ------- 1.1 (a1.1(a) of the Agreement regardless of whether a Default or Event of Default ------ shall have has occurred and be is continuing and notwithstanding any Borrower's failure to satisfy the conditions precedent set forth in Section 2, and each Tranche A Revolving Lender --------- shall be obligated to pay its Pro Rata Share thereof in accordance with the Agreement. The failure of any Tranche A Revolving Lender to make available to Agent for Agent's own account its Pro Rata Share of any such Tranche A Revolving Credit Advance or payment by Agent under or in respect of a Letter of Credit shall not 108 relieve any other Tranche A Revolving Lender of its obligation hereunder to make available to Agent its Pro Rata Share thereof, but no Tranche A Revolving Lender shall be responsible for the failure of any other Tranche A Revolving Lender to make available such other Tranche A Revolving Lender's Pro Rata Share of any such payment.

Appears in 1 contract

Sources: Debtor in Possession Credit Agreement (Ames Department Stores Inc)

Advances Automatic; Participations. In the event that When Agent or ---------------------------------- any Lender shall make makes any payment on or pursuant to any Letter of Credit Obligation or Eligible Trade L/C Obligation, such payment shall then be deemed, unless reimbursed on demand by Borrowers, deemed automatically to constitute a Swing Line Advance to the extent of Swing Line Availability (and if Swing Line Availability is zero, a Revolving Credit Advance Advance) to Borrower under Section ------- 1.1 (a) of the Agreement regardless of whether a Default or Event of Default ------ shall have occurred and be continuing and notwithstanding any Borrower's failure to satisfy the conditions precedent set forth in Section 2SECTION 2 of the Agreement, and and, in the case of a Revolving Credit Advance, each Lender --------- shall be obligated to pay its Pro Rata Share thereof in accordance with the Agreement. The failure of any Lender to make available to Agent for Agent's own account its Pro Rata Share of any such Revolving Credit Advance or payment by Agent under or in respect of a Letter of Credit or Eligible Trade L/C shall not 108 relieve any other Lender of its obligation hereunder to make available to Agent its Pro Rata Share thereof, but no Lender shall be responsible for the failure of any other Lender to make available such other Lender's Pro Rata Share of any such payment.

Appears in 1 contract

Sources: Credit Agreement (Wilsons the Leather Experts Inc)

Advances Automatic; Participations. In the event that Agent or ---------------------------------- any Revolving Lender shall make any payment on or pursuant to any Letter of Credit Obligation, such payment shall then be deemed, unless reimbursed on demand by Borrowers, deemed automatically to constitute a Revolving Credit Advance (which would extinguish the corresponding Letter of Credit Obligations) to Borrower under Section ------- 1.1 (aSECTION 1.1(a) of the Agreement regardless of whether a Default or Event of Default ------ shall have occurred and be continuing and notwithstanding any Borrower's failure to satisfy the conditions precedent set forth in Section SECTION 2, and each Revolving Lender --------- shall be obligated to pay its Pro Rata Share thereof in accordance with the Agreement. The failure of any Revolving Lender to make available to Agent for Agent's own account its Pro Rata Share of any such Revolving Credit Advance or payment by Agent under or in respect of a Letter of Credit shall not 108 relieve any other Revolving Lender of its obligation hereunder to make available to Agent its Pro Rata Share thereof, but no Revolving Lender shall be responsible for the failure of any other Revolving Lender to make available such other Revolving Lender's Pro Rata Share of any such payment.

Appears in 1 contract

Sources: Credit Agreement (Morton Industrial Group Inc)

Advances Automatic; Participations. In the event that Agent or ---------------------------------- any Tranche A Revolving Lender shall make any payment on or pursuant to any Letter of Credit Obligation, such payment shall then be deemed, unless reimbursed on demand by Borrowers, deemed automatically to constitute a Tranche A Revolving Credit Advance to the applicable Borrower under Section ------- 1.1 (a1.1(a) of the Agreement regardless of whether a Default or Event of Default ------ shall have has occurred and be is continuing and notwithstanding any Borrower's ’s failure to satisfy the conditions precedent set forth in Section 2, and each Tranche A Revolving Lender --------- shall be obligated to pay its Pro Rata Share thereof in accordance with the Agreement. The failure of any Tranche A Revolving Lender to make available to Agent for Agent's ’s own account its Pro Rata Share of any such Tranche A Revolving Credit Advance or payment by Agent under or in respect of a Letter of Credit shall not 108 relieve any other Tranche A Revolving Lender of its obligation hereunder to make available to Agent its Pro Rata Share thereof, but no Tranche A Revolving Lender shall be responsible for the failure of any other Tranche A Revolving Lender to make available such other Tranche A Revolving Lender's ’s Pro Rata Share of any such payment.

Appears in 1 contract

Sources: Credit Agreement (Finlay Fine Jewelry Corp)

Advances Automatic; Participations. In the event that Agent or ---------------------------------- any Tranche A Revolving Lender shall make any payment on or pursuant to any Letter of Credit Obligation, such payment shall then be deemed, unless reimbursed on demand by Borrowers, deemed automatically to constitute a Tranche A Revolving Credit Advance under Section ------- 1.1 (a1.1(a) of the Agreement regardless of whether a Default or Event of Default ------ shall have occurred and be continuing and notwithstanding any Borrower's failure to satisfy the conditions precedent set forth in Section 2, and each Tranche A Revolving Lender --------- shall be obligated to pay its Pro Rata Share thereof in accordance with the Agreement. The failure of any Tranche A Revolving Lender to make available to Agent for Agent's own account its Pro Rata Share of any such Tranche A Revolving Credit Advance or payment by Agent under or in respect of a Letter of Credit shall not 108 relieve any other Tranche A Revolving Lender of its obligation hereunder to make available to Agent its Pro Rata Share thereof, but no Tranche A Revolving Lender shall be responsible for the failure of any other Tranche A Revolving Lender to make available such other Tranche A Revolving Lender's Pro Rata Share of any such payment.

Appears in 1 contract

Sources: Credit Agreement (Filenes Basement Corp)

Advances Automatic; Participations. In the event that Agent or ---------------------------------- any Revolving Lender shall make any payment on or pursuant to any Letter of Credit Obligation, such payment shall then be deemed, unless reimbursed on demand by Borrowers, deemed automatically to constitute a Revolving Credit Advance under Section ------- 1.1 (aSECTION 1.1(a) of the Agreement regardless of whether a Default or Event of Default ------ shall have has occurred and be is continuing and notwithstanding any Borrower's failure to satisfy the conditions precedent set forth in Section SECTION 2, and each Revolving Lender --------- shall be obligated to pay its Pro Rata Share thereof in accordance with the Agreement. The failure of any Revolving Lender to make available to Agent for Agent's own account its Pro Rata Share of any such Revolving Credit Advance or payment by Agent under or in respect of a Letter of Credit shall not 108 relieve any other Revolving Lender of its obligation hereunder to make available to Agent its Pro Rata Share thereof, but no Revolving Lender shall be responsible for the failure of any other Revolving Lender to make available such other Revolving Lender's Pro Rata Share of any such payment.

Appears in 1 contract

Sources: Credit Agreement (Roller Bearing Co of America Inc)

Advances Automatic; Participations. In the event that Agent or ---------------------------------- any Revolving Lender shall make any payment on or pursuant to any Letter of Credit Obligation, such payment shall then be deemed, unless reimbursed on demand by Borrowers, deemed automatically to constitute a Revolving Credit Advance (which would extinguish the corresponding Letter of Credit Obligations) to the applicable Borrower under Section ------- 1.1 (aSECTION 1.1(a) of the Agreement regardless of whether a Default or Event of Default ------ shall have occurred and be continuing and notwithstanding any Borrower's failure to satisfy the conditions precedent set forth in Section SECTION 2, and each Revolving Lender --------- shall be obligated to pay its Pro Rata Share thereof in accordance with the Agreement. The failure of any Revolving Lender to make available to Agent for Agent's own account its Pro Rata Share of any such Revolving Credit Advance or payment by Agent under or in respect of a Letter of Credit shall not 108 relieve any other Revolving Lender of its obligation hereunder to make available to Agent its Pro Rata Share thereof, but no Revolving Lender shall be responsible for the failure of any other Revolving Lender to make available such other Revolving Lender's Pro Rata Share of any such payment.

Appears in 1 contract

Sources: Credit Agreement (Morton Industrial Group Inc)

Advances Automatic; Participations. In the event that Revolving Credit Agent or ---------------------------------- any Revolving Lender shall make any payment on or pursuant to any Letter of Credit Obligation, the Revolving Credit Agent shall give the Borrower notice thereof and if Borrower shall fail to make payment to the Revolving Credit Agent for such Letter of Credit Obligations within one Business Day after demand, such payment shall then be deemed, unless reimbursed on demand by Borrowers, deemed automatically to constitute a Revolving Credit Advance to Borrower under Section ------- 1.1 (a1.1(a) of the Agreement regardless of whether a Default or an Event of Default ------ shall have has occurred and be is continuing and notwithstanding any Borrower's failure to satisfy the conditions precedent set forth in Section 2, and each Revolving Lender --------- shall be obligated to pay its Pro Rata Share thereof in accordance with the Agreement. The failure of any Revolving Lender to make available to Revolving Credit Agent for Revolving Credit Agent's own account its Pro Rata Share of any such Revolving Credit Advance or payment by Revolving Credit Agent under or in respect of a Letter of Credit shall not 108 relieve any other Revolving Lender of its obligation hereunder to make available to Revolving Credit Agent its Pro Rata Share thereof, but no Revolving Lender shall be responsible for the failure of any other Revolving Lender to make available such other Revolving Lender's Pro Rata Share of any such payment.

Appears in 1 contract

Sources: Credit Agreement (Darling International Inc)

Advances Automatic; Participations. In the event that Agent or ---------------------------------- any Revolving Lender shall make any payment on or pursuant to any Letter of Credit Obligation, such payment shall then be deemed, unless reimbursed on demand by Borrowers, deemed automatically to constitute a European Revolving Credit Advance to the European Borrower under Section ------- 1.1 (aSECTION 1.1(a) of the Agreement regardless of whether a Default or Event of Default ------ shall have has occurred and be is continuing and notwithstanding any Borrower's failure to satisfy the conditions precedent set forth in Section SECTION 2, and each Revolving Lender --------- shall be obligated to pay its Pro Rata Share thereof in accordance with the Agreement. The failure of any Revolving Lender to make available to Agent for Agent's own account its Pro Rata Share of any such European Revolving Credit Advance or payment by Agent under or in respect of a Letter of Credit shall not 108 relieve any other Revolving Lender of its obligation hereunder to make available to Agent its Pro Rata Share thereof, but no Revolving Lender shall be responsible for the failure of any other Revolving Lender to make available such other Revolving Lender's Pro Rata Share of any such payment.

Appears in 1 contract

Sources: Credit Agreement (Inverness Medical Innovations Inc)

Advances Automatic; Participations. In the event that Agent or ---------------------------------- any Revolving Lender shall make any payment on or pursuant to any Letter of Credit Obligation, such payment shall then be deemed, unless reimbursed on demand by Borrowers, deemed automatically to constitute a Revolving Credit Advance (which would extinguish the corresponding Letter of Credit Obligations) to the Borrower under Section ------- 1.1 (aSECTION 1.1(a) of the Agreement regardless of whether a Default or Event of Default ------ shall have occurred and be continuing and notwithstanding any Borrower's failure to satisfy the conditions precedent set forth in Section SECTION 2, and each Revolving Lender --------- shall be obligated to pay its Pro Rata Share thereof in accordance with the Agreement. The failure of any Revolving Lender to make available to Agent for Agent's own account its Pro Rata Share of any such Revolving Credit Advance or payment by Agent under or in respect of a Letter of Credit shall not 108 relieve any other Revolving Lender of its obligation hereunder to make available to Agent its Pro Rata Share thereof, but no Revolving Lender shall be responsible for the failure of any other Revolving Lender to make available such other Revolving Lender's Pro Rata Share of any such payment.

Appears in 1 contract

Sources: Credit Agreement (Morton Industrial Group Inc)

Advances Automatic; Participations. In the event that Agent or ---------------------------------- any Revolving Lender shall make any payment on or pursuant to any Letter of Credit Obligation, such payment shall then be deemed, unless reimbursed on demand by Borrowers, deemed automatically to constitute a Revolving Credit Advance to the applicable Borrower under Section ------- 1.1 (aSECTION 1.1(a) of the Agreement regardless of whether a Default or Event of Default ------ shall have occurred and be continuing and notwithstanding any Borrower's failure to satisfy the conditions precedent set forth in Section SECTION 2, and each Revolving Lender --------- shall be obligated to pay its Pro Rata Share thereof in accordance with the Agreement. The failure of any Revolving Lender to make available to Agent for Agent's own account its Pro Rata Share of any such Revolving Credit Advance or payment by Agent under or in respect of a Letter of Credit shall not 108 relieve any other Revolving Lender of its obligation hereunder to make available to Agent its Pro Rata Share thereof, but no Revolving Lender shall be responsible for the failure of any other Revolving Lender to make available such other Revolving Lender's Pro Rata Share of any such payment.

Appears in 1 contract

Sources: Credit Agreement (Recycling Industries Inc)

Advances Automatic; Participations. In the event that Agent or ---------------------------------- any First Lien Lender with a Revolving Loan Commitment shall make any payment on or pursuant to any Letter of Credit Obligation, such payment shall then be deemed, unless reimbursed on demand by Borrowers, deemed automatically to constitute a Revolving Credit Advance under Section ------- 1.1 (a1.1(a)(i) of the Agreement regardless of whether a Default or Event of Default ------ shall have has occurred and be is continuing and notwithstanding any US Borrower's ’s failure to satisfy the conditions precedent set forth in Section 2, and each First Lien Lender --------- with a Revolving Loan Commitment shall be obligated to pay its US Pro Rata Share thereof in accordance with the Agreement. The failure of any First Lien Lender with a Revolving Loan Commitment to make available to Agent for Agent's ’s own account its Pro Rata Share of any such Revolving Credit Advance or payment by Agent under or in respect of a Letter of Credit shall not 108 relieve any other First Lien Lender with a Revolving Loan Commitment of its obligation hereunder to make available to Agent its Pro Rata Share thereof, but no First Lien Lender with a Revolving Loan Commitment shall be responsible for the failure of any other First Lien Lender with a Revolving Loan Commitment to make available such other First Lien Lender's ’s US Pro Rata Share of any such payment.

Appears in 1 contract

Sources: Credit Agreement (Blount International Inc)