Common use of Agreement of Lenders To Purchase Proportionate Share of Letters of Credit Clause in Contracts

Agreement of Lenders To Purchase Proportionate Share of Letters of Credit. In order to induce the Issuing Lender to issue Letters of Credit for the account of the Borrower in accordance with the terms of this Agreement, each Lender unconditionally and irrevocably agrees to accept and purchase and hereby accepts and purchases from the Issuing Lender, on the terms and conditions hereinafter stated, for such Lender’s own account and risk an undivided interest equal to such Lender’s Revolving Credit Commitment Percentage in the Issuing Lender’s obligations and rights under each Letter of Credit issued hereunder and the amount of each LC Disbursement of the Issuing Lender. Each Lender unconditionally and irrevocably covenants to the Issuing Lender that, if an LC Disbursement is made by the Issuing Lender with respect to any Letter of Credit for which the Issuing Lender is not immediately reimbursed in full by the Borrower, such Lender shall pay to the Agent, for the account of the Issuing Lender, upon the demand by the Agent, an amount equal to such Lender’s Revolving Credit Commitment Percentage of the unreimbursed amount of such LC Disbursement not later than 1:00 p.m. on the Business Day specified by the Agent in its demand for payment. Any payment made by a Lender pursuant to this paragraph to reimburse the Issuing Lender for any LC Disbursement shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.

Agreement of Lenders To Purchase Proportionate Share of Letters of Credit. In order to induce the Issuing Lender to issue Letters of Credit for the account of the Borrower in accordance with the terms of this Agreement, each Lender unconditionally and irrevocably agrees to accept and purchase and hereby accepts and purchases from the Issuing Lender, on the terms and conditions hereinafter stated, for such Lender’s own account and risk an undivided interest equal to such Lender’s Revolving Credit Commitment Percentage in the Issuing Lender’s obligations and rights under each Letter of Credit issued hereunder and the amount of each LC Disbursement of the Issuing Lender. Each Lender unconditionally and irrevocably covenants to the Issuing Lender that, if an LC Disbursement is made by the Issuing Lender with respect to any Letter of Credit for which the Issuing Lender is not immediately reimbursed in full by the Borrower, such Lender shall pay to the Agent, for the account of the Issuing Lender, upon the demand by the Agent, an amount equal to such Lender’s Revolving Credit Commitment Percentage of the unreimbursed amount of such LC Disbursement not later than 1:00 p.m. on the Business Day specified by the Agent in its demand for payment. Any payment made by a Lender pursuant to this paragraph to reimburse the Issuing Lender for any LC Disbursement shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.

Agreement of Lenders To Purchase Proportionate Share of Letters of Credit. In order to induce the Issuing Lender Bank to issue Letters of Credit for the account accounts of the Borrower Borrowers in accordance with the terms of this Agreement, each Lender unconditionally and irrevocably agrees to accept and purchase and hereby accepts and purchases from the Issuing LenderBank, on the terms and conditions hereinafter stated, for such Lender’s own account and risk an undivided interest equal to such Lender’s Revolving Credit Commitment Percentage in the Issuing LenderBank’s obligations and rights under each Letter of Credit issued hereunder and the amount of each LC L/C Disbursement of the Issuing LenderBank. Each Lender unconditionally and irrevocably covenants to the Issuing Lender Bank that, if an LC L/C Disbursement is made by the Issuing Lender Bank with respect to any Letter of Credit for which the Issuing Lender Bank is not immediately reimbursed in full by the BorrowerBorrowers, such Lender shall pay to the Administrative Agent, for the account of the Issuing LenderBank, upon the demand by the Administrative Agent, an amount equal to such Lender’s Revolving Credit Commitment Percentage of the unreimbursed amount of such LC L/C Disbursement not later than 1:00 p.m. Eastern Time on the Business Day specified by the Administrative Agent in its demand for payment. Any payment made by a Lender pursuant to this paragraph Section 2.05.3 to reimburse the Issuing Lender Bank for any LC L/C Disbursement shall not constitute a Loan and shall not relieve the Borrower Borrowers of its obligation their joint and several obligations to reimburse such LC L/C Disbursement.

Agreement of Lenders To Purchase Proportionate Share of Letters of Credit. In order to induce the Issuing Lender to issue Letters of Credit for the account of the Borrower in accordance with the terms of this Agreement, each Lender unconditionally and irrevocably agrees to accept and purchase and hereby accepts and purchases from the Issuing Lender, on the terms and conditions hereinafter stated, for such Lender’s own account and risk an undivided interest equal to such Lender’s Revolving Credit Commitment Percentage in the Issuing Lender’s obligations and rights under each Letter of Credit issued hereunder and the amount of each LC Disbursement of the Issuing Lender. Each Lender unconditionally and irrevocably covenants to the Issuing Lender that, if an LC Disbursement is made by the Issuing Lender with respect to any Letter of Credit for which the Issuing Lender is not immediately reimbursed in full by the Borrower, such Lender shall pay to the Agent, for the account of the Issuing Lender, upon the demand by the Agent, an amount equal to such Lender’s Revolving Credit Commitment Percentage of the unreimbursed amount of such LC Disbursement not later than 1:00 p.m. on the Business Day specified by the Agent in its demand for payment. Any payment made by a Lender pursuant to this paragraph to reimburse the Issuing Lender for any LC Disbursement shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement.