Common use of Fronted L/C Participations Clause in Contracts

Fronted L/C Participations. (i) The Fronting Bank irrevocably agrees to grant and hereby grants to each Fronted L/C Participant, and, to induce the Fronting Bank to issue Fronted Letters of Credit hereunder, each Fronted L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from the Fronting Bank, on the terms and conditions hereinafter stated, for such Fronted L/C Participant’s own account and risk an undivided interest equal to such Fronted L/C Participant’s Revolving Credit Commitment Percentage in the Fronting Bank’s obligations and rights under and in respect of each Fronted Letter of Credit issued hereunder and the amount of each draft paid by the Fronting Bank thereunder. Each Fronted L/C Participant unconditionally and irrevocably agrees with the Fronting Bank that, if a draft is paid under any Fronted Letter of Credit for which the Fronting Bank is not reimbursed in full by the Borrower through a Revolving Credit Loan or otherwise in accordance with the terms of this Agreement, such Fronted L/C Participant shall pay to the Fronting Bank upon demand at the Fronting Bank’s address for notices specified herein an amount equal to such Fronted L/C Participant’s Revolving Credit Commitment Percentage of the amount of such draft, or any part thereof, which is not so reimbursed.

Fronted L/C Participations. (i) The Fronting Bank irrevocably agrees to grant and hereby grants to each Fronted L/C Participant, and, to induce the Fronting Bank to issue Fronted Letters of Credit hereunder, each Fronted L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from the Fronting Bank, on the terms and conditions hereinafter stated, for such Fronted L/C Participant’s own account and risk an undivided interest equal to such Fronted L/C Participant’s Revolving Credit Commitment Percentage in the Fronting Bank’s obligations and rights under and in respect of each Fronted Letter of Credit issued hereunder and the amount of each draft paid by the Fronting Bank thereunder. Each Fronted L/C Participant unconditionally and irrevocably agrees with the Fronting Bank that, if a draft is paid under any Fronted Letter of Credit for which the Fronting Bank is not reimbursed in full by the Borrower Borrowers through a Revolving Credit Loan or otherwise in accordance with the terms of this Agreement, such Fronted L/C Participant shall pay to the Fronting Bank upon demand at the Fronting Bank’s address for notices specified herein an amount equal to such Fronted L/C Participant’s Revolving Credit Commitment Percentage of the amount of such draft, or any part thereof, which is not so reimbursed.