Common use of Credit Commitment Clause in Contracts

Credit Commitment. Each Revolving Credit Lender shall, to the extent of its Revolving Credit Percentage of the Revolving I Credit Commitment, be deemed irrevocably to have participated in the issuance of such Revolving Credit Letter of Credit and shall be responsible to reimburse promptly the Issuer thereof for Reimbursement Obligations which have not been reimbursed by the Revolving Credit Borrowers in accordance with Section 4.5, or which have been reimbursed by the Revolving Credit Borrowers but must be returned, restored or disgorged by such Issuer for any reason, and each Revolving Credit Lender shall, to the extent of its Revolving Credit Percentage of the Revolving I Credit Commitment Amount, be entitled to receive from the Administrative Agent a ratable portion of the Revolving Credit Letter of Credit fees received by the Administrative Agent pursuant to Section 3.3.3, with respect to each Revolving Credit Letter of Credit. In the event that the Revolving Credit Borrowers shall fail to reimburse any Issuer, or if for any reason Revolving I Credit Loans shall not be made to fund any Reimbursement Obligation, all as provided in Section 4.5 and in an amount equal to the amount of any drawing honored by such Issuer under a Revolving Credit Letter of Credit issued by it, or in the event such Issuer must for any reason return or disgorge such reimbursement, such Issuer shall promptly notify each Revolving Credit Lender with a Revolving I Credit Commitment of the unreimbursed amount of such drawing and of such Revolving Credit Lender's respective participation therein. Each Revolving Credit Lender shall make available to such Issuer, whether or not any Default shall have occurred and be continuing, an amount equal to its respective participation in same day or immediately available funds at the office of such Issuer specified in such notice not later than 11:00 a.m., New York City time, on the Business Day (under the laws of the jurisdiction of such Issuer) after the date notified by such Issuer. In the event that any Revolving Credit Lender fails to make available to such Issuer the amount of such Revolving Credit Lender's participation in such Revolving Credit Letter of Credit as provided herein, such Issuer shall be entitled to recover such amount on demand from such Revolving Credit Lender together with interest at the daily average Federal Funds Rate for three Business Days (together with such other compensatory amounts as may be required to be paid by such Revolving Credit Lender to the Administrative Agent pursuant to the Rules for Interbank Compensation of the council on International Banking or the Clearinghouse Compensation Committee, as the case may be, as in effect from time to time) and thereafter at the Alternate Base Rate plus the Applicable Revolving Loan Margin for Base Rate Loans. Nothing in this Section shall be deemed to prejudice the right of any Revolving Credit Lender to recover from any Issuer any amounts made available by such Revolving Credit Lender to such Issuer pursuant to this Section in the event that it is determined by a court of competent jurisdiction that the payment with respect to a Revolving Credit Letter of Credit by such Issuer in respect of which payment was made by such Revolving Credit Lender constituted gross negligence or wilful misconduct on the part of such Issuer. Each Issuer shall distribute to each other Revolving Credit Lender which has paid all amounts payable by it under this Section with respect to any Revolving Credit Letter of Credit issued by such Issuer such other Revolving Credit Lender's Revolving Credit Percentage of the Revolving I Credit Commitment Amount of all payments received by such Issuer from the Revolving Credit Borrowers in reimbursement of drawings honored by such Issuer under such Revolving Credit Letter of Credit when such payments are received.

Credit Commitment. Each Revolving Credit Lender shallLoans may consist of Base Rate Loans, Term SOFR Loans, Alternative Currency Daily Rate Loans or Alternative Currency Term Rate Loans, or a combination thereof, as the Borrower may request, and may be repaid and reborrowed in accordance with the provisions hereof. Letters of Credit. During the Commitment Period, (i) the L/C Issuer(c) agrees (A) to issue Letters of Credit denominated in Dollars or in one or more Alternative Currencies for the extent account of the Borrower or any of its Revolving Credit Percentage of the Revolving I Credit CommitmentRestricted Subsidiaries on any Business Day, be deemed irrevocably (B) to have participated in the issuance of such Revolving Credit Letter amend or extend Letters of Credit previously issued hereunder, and shall be responsible (C) to reimburse promptly the Issuer thereof for Reimbursement Obligations which have not been reimbursed by honor drawings under Letters of Credit; and (ii) the Revolving Credit Borrowers in accordance with Section 4.5, or which have been reimbursed by the Revolving Credit Borrowers but must be returned, restored or disgorged by such Issuer for any reason, and each Revolving Credit Lender shall, Lenders severally agree to the extent of its Revolving Credit Percentage of the Revolving I Credit Commitment Amount, be entitled to receive purchase from the Administrative Agent L/C Issuer a ratable portion of participation interest in the Revolving Credit Letter Letters of Credit fees received by the Administrative Agent pursuant to Section 3.3.3, with respect to each Revolving Credit Letter of Credit. In the event that the Revolving Credit Borrowers shall fail to reimburse any Issuer, or if for any reason Revolving I Credit Loans shall not be made to fund any Reimbursement Obligation, all as provided in Section 4.5 and issued hereunder in an amount equal to the amount of any drawing honored by such Issuer under a Revolving Credit Letter Lender’s Aggregate Commitment Percentage thereof; provided that (x) the Outstanding Amount of L/C Obligations shall not exceed $50,000,000 (as such amount may be decreased in accordance with the provisions hereof, the “L/C Sublimit”), (y) the Outstanding Amount of Revolving Credit issued by itObligations shall not exceed the Aggregate Revolving Credit Committed Amount, or in the event such Issuer must for any reason return or disgorge such reimbursement, such Issuer shall promptly notify and (z) with regard to each Revolving Credit Lender with a Revolving I Credit Commitment of the unreimbursed amount of such drawing and of individually, such Revolving Credit Lender's respective participation therein. Each Revolving Credit Lender shall make available to such Issuer, whether or not any Default shall have occurred and be continuing, an amount equal to its respective participation in same day or immediately available funds at the office of such Issuer specified in such notice not later than 11:00 a.m., New York City time, on the Business Day (under the laws of the jurisdiction of such Issuer) after the date notified by such Issuer. In the event that any Revolving Credit Lender fails to make available to such Issuer the amount of such Revolving Credit Lender's participation in such Revolving Credit Letter of Credit as provided herein, such Issuer shall be entitled to recover such amount on demand from such Revolving Credit Lender together with interest at the daily average Federal Funds Rate for three Business Days (together with such other compensatory amounts as may be required to be paid by such Revolving Credit Lender to the Administrative Agent pursuant to the Rules for Interbank Compensation of the council on International Banking or the Clearinghouse Compensation Committee, as the case may be, as in effect from time to time) and thereafter at the Alternate Base Rate plus the Applicable Revolving Loan Margin for Base Rate Loans. Nothing in this Section shall be deemed to prejudice the right of any Revolving Credit Lender to recover from any Issuer any amounts made available by such Revolving Credit Lender to such Issuer pursuant to this Section in the event that it is determined by a court of competent jurisdiction that the payment with respect to a Revolving Credit Letter of Credit by such Issuer in respect of which payment was made by such Revolving Credit Lender constituted gross negligence or wilful misconduct on the part of such Issuer. Each Issuer shall distribute to each other Revolving Credit Lender which has paid all amounts payable by it under this Section with respect to any Revolving Credit Letter of Credit issued by such Issuer such other Revolving Credit Lender's Revolving Credit ’s Aggregate Commitment Percentage of the Revolving I Credit Commitment Outstanding Amount of all payments received by such Issuer from the Revolving Credit Borrowers in reimbursement of drawings honored by such Issuer under such Obligations shall not exceed its Revolving Credit Letter Commitment. Subject to the terms and conditions hereof, the Borrower’s ability to obtain Letters of Credit when such payments are receivedshall be fully revolving, and accordingly the Borrower may obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon and reimbursed.