Canadian and ROW Revolving Participations. Notwithstanding anything to the contrary contained herein, all Canadian Revolving Loans and ROW Revolving Loans shall be made solely by the Pro Rata Revolving Credit Lenders (other than, in the case of Canadian Revolving Loans, the Participating Canadian Lenders and, in the case of ROW Revolving Loans, the Participating ROW Lenders), in accordance with their Pro Rata Shares of the aggregate Pro Rata Revolving Credit Commitments. For the avoidance of doubt, each Pro Rata Revolving Credit Lender (other than, in the case of Canadian Revolving Loans, the Participating Canadian Lenders and, in the case of ROW Revolving Loans, the Participating ROW Lenders) shall be required to fund its Pro Rata Share of all Canadian Revolving Loans and ROW Revolving Loans in the applicable currency. Each Pro Rata Revolving Credit Lender that is a Participating Canadian Lender or a Participating ROW Lender, as the case may be, shall irrevocably and unconditionally purchase and acquire and shall be deemed to irrevocably and unconditionally purchase and acquire from Bank of America, and Bank of America shall sell and be deemed to sell to each such Participating Canadian Lender or Participating ROW Lender, as applicable, without recourse or any representation or warranty whatsoever, an undivided interest and participation (a “Foreign Borrowing Participation”) in each Canadian Revolving Loan or ROW Revolving Loan, as applicable, funded by Bank of America in an amount equal to such Participating Canadian Lender’s or Participating ROW Lender’s Pro Rata Share of the Borrowing that includes such Canadian Revolving Loan or ROW Revolving Loan. Such purchase and sale of a Foreign Borrowing Participation shall be deemed to occur automatically upon the making of the applicable Canadian Revolving Loan or ROW Revolving Loan by Bank of America, without any further notice to any Participating Canadian Lender or Participating ROW Lender. The purchase price payable by each Participating Canadian Lender or Participating ROW Lender, as the case may be, to Bank of America for each Foreign Borrowing Participation purchased by it from Bank of America shall be equal to 100% of the principal amount of such Foreign Borrowing Participation (i.e., the product of (i) the amount of the Borrowing that includes the relevant Canadian Revolving Loan or ROW Revolving Loan and (ii) such Participating Canadian Lender’s or Participating ROW Lender’s Pro Rata Share thereof), and such purchase price shall be payable by each Participating Canadian Lender or Participating ROW Lender, as the case may be, to Bank of America in accordance with the settlement procedure set forth in Section 2.10(b) below. Bank of America and the Agent shall record on their books the amount of the Canadian Revolving Loans and ROW Revolving Loans made by Bank of America that are subject to the provisions of this Section 2.10 and each Participating Canadian Lender’s or Participating ROW Lender’s Foreign Borrowing Participation and Funded Foreign Borrowing Participation therein, all payments in respect thereof and interest accrued thereon and all payments made by and to each Participating Canadian Lender and each Participating ROW Lender pursuant to this Section 2.10.
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Samples: Credit Agreement (United Rentals North America Inc), Credit Agreement (United Rentals North America Inc)
Canadian and ROW Revolving Participations. Notwithstanding anything to the contrary contained herein, all Canadian Revolving Loans and ROW Revolving Loans shall be made solely by the Pro Rata Revolving Credit Lenders (other than, in the case of Canadian Revolving Loans, the Participating Canadian Lenders and, in the case of ROW Revolving Loans, the Participating ROW Lenders), in accordance with their Pro Rata Shares of the aggregate Pro Rata Revolving Credit Commitments. For the avoidance of doubt, each Pro Rata Revolving Credit Lender (other than, in the case of Canadian Revolving Loans, the Participating Canadian Lenders and, in the case of ROW Revolving Loans, the Participating ROW Lenders) shall be required to fund its Pro Rata Share of all Canadian Revolving Loans and ROW Revolving Loans in the applicable currency. Each Pro Rata Revolving Credit Lender that is a Participating Canadian Lender or a Participating ROW Lender, as the case may be, shall irrevocably and unconditionally purchase and acquire and shall be deemed to irrevocably and unconditionally purchase and acquire from Bank of America, and Bank of America shall sell and be deemed to sell to each such Participating Canadian Lender or Participating ROW Lender, as applicable, without recourse or any representation or warranty whatsoever, an undivided interest and participation (a “Foreign Borrowing Participation”) in each Canadian Revolving Loan or ROW Revolving Loan, as applicable, funded by Bank of America in an amount equal to such Participating Canadian Lender’s or Participating ROW Lender’s Pro Rata Share of the Borrowing that includes such Canadian Revolving Loan or ROW Revolving Loan. Such purchase and sale of a Foreign Borrowing Participation shall be deemed to occur automatically upon the making of the applicable Canadian Revolving Loan or ROW Revolving Loan by Bank of America, without any further notice to any Participating Canadian Lender or Participating ROW Lender. The purchase price payable by each Participating Canadian Lender or Participating ROW Lender, as the case may be, to Bank of America for each Foreign Borrowing Participation purchased by it from Bank of America shall be equal to 100% of the principal amount of such Foreign Borrowing Participation (i.e., the product of (i) the amount of the Borrowing that includes the relevant Canadian Revolving Loan or ROW Revolving Loan and (ii) such Participating Canadian Lender’s or Participating ROW Lender’s Pro Rata Share thereof), and such purchase price shall be payable by each Participating Canadian Lender or Participating ROW Lender, as the case may be, to Bank of America in accordance with the settlement procedure set forth in Section 2.10(b) below. Bank of America and the Agent shall record on their books the amount of the Canadian Revolving Loans and ROW Revolving Loans made by Bank of America that are subject to the provisions of this Section 2.10 and each Participating Canadian Lender’s or Participating ROW Lender’s Foreign Borrowing Participation and Funded Foreign Borrowing Participation therein, all payments in respect thereof and interest accrued thereon and all payments made by and to each Participating Canadian Lender and each Participating ROW Lender pursuant to this Section 2.10.. (b)
Appears in 1 contract
Samples: Credit Agreement (United Rentals North America Inc)
Canadian and ROW Revolving Participations. Notwithstanding anything to the contrary contained herein, all Canadian Revolving Loans and ROW Revolving Loans shall be made solely by the Pro Rata Revolving Credit Lenders (other than, in the case of Canadian Revolving Loans, the Participating Canadian Lenders and, in the case of ROW Revolving Loans, the Participating ROW Lenders), in accordance with their Pro Rata Shares of the aggregate Pro Rata Revolving Credit Commitments. For the avoidance of doubt, each Pro Rata Revolving Credit Lender (other than, in the case of Canadian Revolving Loans, the Participating Canadian Lenders and, in the case of ROW Revolving Loans, the Participating ROW Lenders) shall be required to fund its Pro Rata Share of all Canadian Revolving Loans and ROW Revolving Loans in the applicable currency. Each Pro Rata Revolving Credit Lender that is a Participating Canadian Lender or a Participating ROW Lender, as the case may be, shall irrevocably and unconditionally purchase and acquire and shall be deemed to irrevocably and unconditionally purchase and acquire from Bank of America, and Bank of America shall sell and be deemed to sell to each such Participating Canadian Lender or Participating ROW Lender, as applicable, without recourse or any representation or warranty whatsoever, an undivided interest and participation (a “Foreign Borrowing Participation”) in each Canadian Revolving Loan or ROW Revolving Loan, as applicable, funded by Bank of America in an amount equal to such Participating Canadian Lender’s or Participating ROW Lender’s Pro Rata Share of the Borrowing that includes such Canadian Revolving Loan or ROW Revolving Loan. Such purchase and sale of a Foreign Borrowing Participation shall be deemed to occur automatically upon the making of the applicable Canadian Revolving Loan or ROW Revolving Loan by Bank of America, without any further notice to any Participating Canadian Lender or Participating ROW Lender. The purchase price payable by each Participating Canadian Lender or Participating ROW Lender, as the case may be, to Bank of America for each Foreign Borrowing Participation purchased by it from Bank of America shall be equal to 100% of the principal amount of such Foreign Borrowing Participation (i.e., the product of (i) the amount of the Borrowing that includes the relevant Canadian Revolving Loan or ROW Revolving Loan and (ii) such Participating Canadian Lender’s or Participating ROW Lender’s Pro Rata Share thereof), and such purchase price shall be payable by each Participating Canadian Lender or Participating ROW Lender, as the case may be, to Bank of America in accordance with the settlement procedure set forth in Section 2.10(b) below. Bank of America and the Agent shall record on their books the amount of the Canadian Revolving Loans and ROW Revolving Loans made by Bank of America that are subject to the provisions of this Section 2.10 and each Participating Canadian Lender’s or Participating ROW Lender’s Foreign Borrowing Participation and Funded Foreign Borrowing Participation therein, all payments in respect thereof and interest accrued thereon and all payments made by and to each Participating Canadian Lender and each Participating ROW Lender pursuant to this Section 2.10.
Appears in 1 contract
Samples: Credit Agreement (United Rentals North America Inc)