Banks’ Pro Rata Shares. Upon the date of issue of a Letter of Credit, the Issuer shall be deemed, without further action by any party hereto, to have sold to each other Bank, and each other Bank shall be deemed, without further action by any party hereto, to have purchased from the Issuer a participation to the extent of such Bank’s Pro Rata Share in such Letter of Credit and the related Letter of Credit Liabilities.
Appears in 3 contracts
Samples: Credit Agreement (Highwater Ethanol LLC), Credit Agreement (Green Plains Renewable Energy, Inc.), Credit Agreement (Green Plains Renewable Energy, Inc.)
Banks’ Pro Rata Shares. Upon the date of issue of a Letter of Credit, the Issuer shall be deemed, without further action by any party hereto, to have sold to each other Bank, and each other Bank shall be deemed, without further action by any party hereto, to have purchased from the Issuer a participation to the extent of such Bank’s 's Pro Rata Share in such Letter of Credit and the related Letter of Credit Liabilities.
Appears in 2 contracts
Samples: Credit Agreement (Highwater Ethanol LLC), Credit Agreement (Highwater Ethanol LLC)
