Common use of Nature of Lenders' Funding Clause in Contracts

Nature of Lenders' Funding. If the conditions precedent set forth in Section 4.02 can be satisfied (except for the giving of a Request for Extension ------------ of Credit) on any date Borrower is obligated to, but fails to, reimburse Issuing Lender for a drawing under a Letter of Credit, the funding by Lenders pursuant to the previous subsection shall be deemed to be a Borrowing of Base Rate Loans (without regard to the Minimum Amount therefor) deemed requested by Borrower. If the conditions precedent set forth in Section 4.02 cannot be satisfied on the ------------ date Borrower is obligated to, but fails to, reimburse Issuing Lender for a drawing under a Letter of Credit, the funding by Lenders pursuant to the previous subsection shall be deemed to be a funding by each Lender of its risk participation in such Letter of Credit, and each Lender making such funding shall thereupon acquire a pro rata participation, to the extent of its reimbursement, in the claim of Issuing Lender against Borrower in respect of such payment and shall share, in accordance with that pro rata participation, in any payment made by Borrower with respect to such claim. Any amounts made available by a Lender under its risk participation shall be payable by Borrower upon demand of Administrative Agent, and shall bear interest at a rate per annum equal to the Default Rate.

Nature of Lenders' Funding. If the conditions precedent set forth in Section 4.02 5 can be satisfied (except for the giving of a Request for Extension ------------ Letter of CreditCredit Notice) on any date Borrower that Trendwest is obligated to, but fails to, reimburse the Issuing Lender for a drawing under a Letter of Credit, the funding by Lenders pursuant to the previous subsection shall be deemed to be a Borrowing of Base Rate Loans (without regard to the Minimum Amount thereforrequired minimum amount) deemed requested by BorrowerTrendwest. If the conditions precedent set forth in Section 4.02 5 cannot be satisfied on the ------------ date Borrower that Trendwest is obligated to, but fails to, reimburse the Issuing Lender for a drawing under a Letter of Credit, the funding by Lenders Each Lender's payment pursuant to the previous immediately preceding subsection shall shall, to the extent of such payment, be deemed to be a funding by each such Lender of its risk participation in such Letter of Credit, and each Lender making such funding shall thereupon acquire a pro rata participationparticipation interest, to the extent of its reimbursementin accordance with such Lender's Ratable Share, in the claim of the Issuing Lender against Borrower Trendwest in respect of such payment and shall share, in accordance with that pro rata participationRatable Share, in any payment made by Borrower Trendwest with respect to such claim. Any amounts made available by a Lender under its risk participation shall be payable by Borrower Trendwest upon demand of the Administrative Agent, and shall bear interest at a rate per annum equal to the Default Rate.

Nature of Lenders' Funding. If the conditions precedent set forth in Section 4.02 can be satisfied (except for the giving of a Request for Extension ------------ of Credit) on any date a Borrower is obligated to, but fails to, reimburse Issuing Lender for a drawing under a Letter of Credit, the funding by Lenders pursuant to the previous subsection shall be deemed to be a Borrowing of Base Rate Loans (without regard to the Minimum Amount therefor) deemed requested by such Borrower. If the conditions precedent set forth in Section 4.02 cannot be satisfied on the ------------ date a Borrower is obligated to, but fails to, reimburse Issuing Lender for a drawing under a Letter of Credit, the funding by Lenders pursuant to the previous subsection shall be deemed to be a funding by each Lender of its risk participation in such Letter of Credit, and each Lender making such funding shall thereupon acquire a pro rata participation, to the extent of its reimbursement, in the claim of Issuing Lender against such Borrower in respect of such payment and shall share, in accordance with that pro rata participation, in any payment made by such Borrower with respect to such claim. Any amounts made available by a Lender under its risk participation shall be payable by a Borrower upon demand of Administrative Agent, and shall bear interest at a rate per annum equal to the Default Rate.. (f)

Nature of Lenders' Funding. If the conditions precedent set forth in Section SECTION 4.02 can be satisfied (except for the giving of a Request for Extension ------------ of Credit) on any date Borrower is obligated to, but fails to, reimburse Issuing Lender for a drawing under a Letter of Credit, the funding by Lenders pursuant to the previous subsection shall be deemed to be a Borrowing of Base Rate Loans (without regard to the Minimum Amount therefor) deemed requested by Borrower. If the conditions precedent set forth in Section SECTION 4.02 cannot be satisfied on the ------------ date Borrower is obligated to, but fails to, reimburse Issuing Lender for a drawing under a Letter of Credit, the funding by Lenders pursuant to the previous subsection shall be deemed to be a funding by each Lender of its risk participation in such Letter of Credit, and each Lender making such funding shall thereupon acquire a pro rata participation, to the extent of its reimbursement, in the claim of Issuing Lender against Borrower in respect of such payment and shall share, in accordance with that pro rata participation, in any payment made by Borrower with respect to such claim. Any amounts made available by a Lender under its risk participation shall be payable by Borrower upon demand of Administrative Agent, and shall bear interest at a rate per annum equal to the Default Rate.