Common use of Multicurrency L/C Participations Clause in Contracts

Multicurrency L/C Participations. (a) Each Multicurrency Issuing Lender irrevocably agrees to grant and hereby grants to each Multicurrency L/C Participant, and, to induce each Multicurrency Issuing Lender to issue Multicurrency Letters of Credit hereunder, each Multicurrency L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from each Multicurrency Issuing Lender, on the terms and conditions hereinafter stated, for such Multicurrency L/C Participant’s own account and risk, an undivided interest equal to such Multicurrency L/C Participant’s Multicurrency Revolving Credit Percentage in each Multicurrency Issuing Lender’s obligations and rights under each Multicurrency Letter of Credit issued by such Multicurrency Issuing Lender hereunder and the amount of each draft paid by such Multicurrency Issuing Lender thereunder. Each Multicurrency L/C Participant unconditionally and irrevocably agrees with each Multicurrency Issuing Lender that, if (i) a draft is paid under any Multicurrency Letter of Credit issued by such Multicurrency Issuing Lender for which such Multicurrency Issuing Lender is not reimbursed in full by the Borrower or any Foreign Borrower, as applicable, in accordance with the terms of this Agreement, or (ii) if such Multicurrency Letter of Credit remains outstanding on the Revolving Credit Termination Date, such Multicurrency L/C Participant shall pay to such Multicurrency Issuing Lender, regardless of the occurrence or continuance of a Default or Event of Default or the failure to satisfy any of the other conditions specified in Section 5, upon demand at the Administrative Agent’s address for notices specified herein (and thereafter, the Administrative Agent shall promptly pay to the Multicurrency Issuing Lender) the amount equal to such Multicurrency L/C Participant’s Multicurrency Revolving Credit Percentage of the amount of such draft, or any part thereof, that is not so reimbursed in the currency of such draft or of the amount of such outstanding Multicurrency Letter of Credit.

Multicurrency L/C Participations. (a) Each Multicurrency Issuing Lender irrevocably agrees to grant and hereby grants to each Multicurrency L/C Participant, and, to induce each Multicurrency Issuing Lender to issue (or renew, amend or extend) Multicurrency Letters of Credit hereunder, each Multicurrency L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from each Multicurrency Issuing Lender, on the terms and conditions hereinafter stated, for such Multicurrency L/C Participant’s own account and risk, an undivided interest equal to such Multicurrency L/C Participant’s Multicurrency Revolving Credit Percentage in each Multicurrency Issuing Lender’s obligations and rights under each Multicurrency Letter of Credit issued by such Multicurrency Issuing Lender hereunder and the amount of each draft paid by such Multicurrency Issuing Lender thereunder. Each If the Borrower or any Foreign Borrower fails to make the payment required under Section 3B.5 when due, the Administrative Agent shall notify each Multicurrency L/C Participant of the applicable draft presented under any Multicurrency Letter of Credit, the payment then due from the Borrower or such Foreign Borrower in respect thereof and Multicurrency L/C Participant’s Multicurrency Revolving Credit Percentage thereof. Promptly following receipt of such notice, each Multicurrency L/C Participant unconditionally and irrevocably agrees that it shall pay to the Administrative Agent its Multicurrency Revolving Credit Percentage of the payment then due from the Borrower or such Foreign Borrower, in the same manner as provided in Section 2.5 with each respect to Multicurrency Issuing Lender that, if (i) a draft is paid under any Multicurrency Letter of Revolving Credit issued Loans made by such Multicurrency Issuing Lender for which such Multicurrency Issuing Lender is not reimbursed in full by the Borrower or any Foreign Borrower, as applicable, in accordance with the terms of this Agreement, or (ii) if such Multicurrency Letter of Credit remains outstanding on the Revolving Credit Termination DateLender (and Section 2.5 shall apply, such mutatis mutandis, to the payment obligations of the Multicurrency L/C Participant shall pay to such Multicurrency Issuing Lender, Revolving Credit Lenders regardless of the occurrence or continuance of a Default or Event of Default or the failure to satisfy any of the other conditions specified in Section 5), upon demand at the Administrative Agent’s address for notices specified herein (and thereafter, the Administrative Agent shall promptly pay to the applicable Multicurrency Issuing Lender) Lender the amount equal to such Multicurrency L/C Participant’s amounts so received by it from the Multicurrency Revolving Credit Percentage of Lenders. Any payment made by a Multicurrency Revolving Credit Lender pursuant to this paragraph to reimburse the amount of such draft, or applicable Multicurrency Issuing Lender for any part thereof, that is not so reimbursed in the currency of such draft or of the amount of such outstanding presented under any Multicurrency Letter of CreditCredit (other than the funding of Multicurrency Revolving Credit Loans that are Base Rate Loans or a Euro Swing Line Loan as contemplated above) shall not constitute a Multicurrency Revolving Credit Loan and shall not relieve the Borrower or such Foreign Borrower of its obligation to reimburse such draft so paid.

Multicurrency L/C Participations. (a) Each Multicurrency Issuing Lender irrevocably agrees to grant and hereby grants to each Multicurrency L/C Participant, and, to induce each Multicurrency Issuing Lender to issue Multicurrency Letters of Credit hereunder, each Multicurrency L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from each Multicurrency Issuing Lender, on the terms and conditions hereinafter stated, for such Multicurrency L/C Participant’s own account and risk, an undivided interest equal to such Multicurrency L/C Participant’s Multicurrency Revolving Credit Percentage in each Multicurrency Issuing Lender’s obligations and rights under each Multicurrency Letter of Credit issued by such Multicurrency Issuing Lender hereunder and the amount of each draft paid by such Multicurrency Issuing Lender thereunder. Each Multicurrency L/C Participant unconditionally and irrevocably agrees with each Multicurrency Issuing Lender that, if (i) a draft is paid under any Multicurrency Letter of Credit issued by such Multicurrency Issuing Lender for which such Multicurrency Issuing Lender is not reimbursed in full by the Borrower or any Foreign Borrower, as applicable, in accordance with the terms of this Agreement, or (ii) if such Multicurrency Letter of Credit remains outstanding on the Revolving Credit Termination Date, such Multicurrency L/C Participant shall pay to such Multicurrency Issuing Lender, regardless of the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Section 5, upon demand demand, at the Administrative Agentsuch Multicurrency Issuing Lender’s address for notices specified herein (and thereafter, the Administrative Agent shall promptly pay to the Multicurrency Issuing Lender) the amount equal to such Multicurrency L/C Participant’s Multicurrency Revolving Credit Percentage of the amount of such draft, or any part thereof, that is not so reimbursed in the currency of such draft or of the amount of such outstanding Multicurrency Letter of Credit.