Other Banks' Participation Sample Clauses

Other Banks' Participation. 10 (3) Disbursements.......................... 11 (4) Reimbursement.......................... 11 (5)
Sample 1
AutoNDA by SimpleDocs
Other Banks' Participation. Automatically, and without further action, upon the issuance of each Letter of Credit, each Bank (other than the Issuer) shall be deemed to have irrevocably purchased from the Issuer, to the extent of such Bank's Percentage, a participation interest in such Letter of Credit (including any Reimbursement Obligation and any other contingent liability with respect thereto), and such Bank shall, to the extent of its Percentage, be responsible for reimbursing promptly (and in any event within one (1) Business Day after receipt of demand for payment from the Issuer, together with accrued interest from the day following such demand at the Federal Funds Rate) the Issuer for any Reimbursement Obligation which has not been reimbursed by the Borrower in accordance with subdivision 2(E)(3). In addition, such Bank shall, to the extent of its Percentage, be entitled to receive a ratable portion of the Letter of Credit participation fee payable pursuant to subparagraph 2(D) with respect to each Letter of Credit and a ratable portion of the interest payable pursuant to subparagraph 2(A).
Sample 1
Other Banks' Participation. Effective upon the issuance of each Letter of Credit and without further action, each Letter of Credit shall be deemed to be issued (and to have been issued, if already issued) on behalf of all Banks (including the Issuer) pro rata based on their respective Revolving Credit Loan Commitments and each Bank shall be deemed to have irrevocably purchased from the Issuer a participation in such Letter of Credit equal to such Bank's pro rata share (based on their respective Revolving Credit Loan Commitments) of the Stated Amount. Each Bank shall, to the extent of such pro rata share, promptly reimburse the Issuer (by payment to the Agent at its Designated Office for the account of the Issuer) for any Reimbursement Obligation which has not been promptly reimbursed by the Borrower in accordance with Section 2A.4(b) (and, after such reimbursement, shall be entitled to receive its pro rata share of any payments received by the Issuer or the Agent for the account of the Issuer with respect to the principal of, and interest on such Reimbursement Obligation); such reimbursements by the Banks shall be made in the same currency in which the Issuer made or is to make disbursements under the applicable Letter of Credit. Promptly after issuance of each Letter of Credit, the Issuer (or the Agent upon the request of the Issuer) shall in writing notify the Agent and each Bank with a Revolving Credit Loan Commitment of the initial Stated Amount of such Letter of Credit, the date that it was issued and its Stated Expiry Date, but the failure to give such a notice shall not affect the obligations of the Banks with respect to such Letter of Credit.
Sample 1
Other Banks' Participation. Upon the issuance of each Letter of Credit, and without further action, each Bank (other than the Issuer) shall be deemed to have irrevocably and unconditionally purchased, to the extent of its Commitment Proportion, a participation interest in such Letter of Credit. Each Bank shall, to the extent of its Commitment Proportion, be responsible for reimbursing promptly (and in any event within one (1) Business Day), without setoff, deduction or counterclaim, the Issuer for Reimbursement Obligations which have not been reimbursed by the Company in accordance with Section 2.10.2. Without limiting the foregoing, the Issuer will promptly notify the Banks of the issuance of each Letter of Credit. Section 2.10.2 Company's Agreement to Repay Letter of Credit Drawings. The Company hereby irrevocably and unconditionally agrees to reimburse the Issuer, forthwith, for each payment or disbursement made by the Issuer to settle its obligations under any draft drawn under any Letter of Credit, with interest on the amount so paid or disbursed by the Issuer from and including the date of payment or disbursement to but not including the date the Issuer is reimbursed therefor, at a fluctuating rate per annum equal to (i) for each day in the period commencing on and including the day such payment or disbursement is made to and including the date three (3) Business Days after the Issuer gives notice of such payment or disbursement to the Company, the Reference Rate from time to time in effect or such other higher interest rate, if any, then applicable to Reference Rate Advances, and (ii) for any day thereafter to but not including the day of payment in full, the sum of the Reference Rate from time to time in effect plus two percent (2%). The Issuer shall promptly give notice to the Company by telephone, confirmed by telecopy to the Company's treasury department, of each receipt by the Issuer of a drawing under a Letter of Credit that appears on its face to conform to the requirements of such Letter of Credit. No later than 11:00 a.m., New York time, on the day which is three (3) Business Days after the date on which a payment to a beneficiary of a Letter of Credit occurs pursuant to a draw thereunder, the Company shall pay to the Issuer in immediately available funds for its account at the Payment Office the amount of such draw plus accrued interest at the rate set forth above. The foregoing notwithstanding, the obligation of the Company to reimburse the Issuer is not subject to ...
Sample 1
Other Banks' Participation. Each Letter of Credit issued PURSUANT TO SECTION 2.9 shall, effective upon its issuance and without further action, be issued on behalf of all Banks (including the Issuing BANK THEREOF) PRO RATA according to their respective Pro Rata Shares. Each Bank shall, to the extent of its Pro Rata Share, be deemed irrevocably to have participated in the issuance of such Letter of Credit and shall be responsible to reimburse promptly the Issuing Bank for reimbursement obligations which have not been reimbursed by the Company. In the event that the Company shall fail to reimburse, or if for any reason Loans shall not be made to fund any reimbursement obligation, or in the event the Issuing Bank must for any reason return or disgorge such reimbursement, the Issuing Bank shall promptly notify each Bank of the unreimbursed amount of such drawing and of such Bank's respective participation therein. Each Bank shall make available to such Issuing Bank, whether or not any Default or Event of Default shall have occurred an amount equal to its participation in same day or immediately available funds at the office of the Issuing Bank specified in such notice not later than 11:00 a.m., Chicago time, on the Banking Day after the date notified by the Issuing Bank. In the event that any Bank fails to make available to the Issuing Bank the amount of such Bank's participation in such Letter of Credit as provided herein, the Issuing Bank shall be entitled to recover such amount on demand from such Bank together with interest at the daily average Federal Funds Effective Rate for three Banking Days (together with such other compensatory amounts as may be required to be paid by such Bank 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 ABR. The Issuing Bank shall distribute to each other Bank which has paid all amounts payable by it under this Section with respect to any Letter of Credit issued by the Issuing Bank such other Bank's Pro Rata Share of all payments received by the Issuing Bank from the Company in reimbursement of drawings honored by the Issuing Bank under such Letter of Credit when such payments are received.
Sample 1
Other Banks' Participation. Upon the issuance of the Letter --------------------------- of Credit, and without further action, each Bank (other than the Issuer) shall be deemed to have irrevocably purchased, to the extent of its Percentage, a participation interest in the Letter of Credit (including the contingent liability and any Reimbursement Obligation with respect thereto), and such Bank shall, to the extent of its Percentage, be responsible for reimbursing promptly (and in any event within one Business Day) the Issuer for Reimbursement Obligations which have not been reimbursed by the Obligors in accordance with Section 2.8. In addition, each Bank shall, to the extent of its Percentage, be ----------- entitled to receive a ratable portion of the Letter of Credit fees payable pursuant to Section 2.14(b) (other than the issuance fees payable to the Issuer --------------- pursuant to the last sentence of such clause) and of interest payable pursuant to Section 2.12(b) with respect to any Reimbursement Obligation. To the extent --------------- that any Bank has reimbursed the Issuer for a Disbursement, such Bank shall be entitled to receive its ratable portion of any amounts subsequently received (from an Obligor or otherwise) in respect of such Disbursement.
Sample 1
Other Banks' Participation. Upon the issuance of each Letter of Credit issued by an Issuer under this Agreement (including each Existing Letter of Credit) or upon any extension of any Stated Expiry Date of any Letter of Credit, and without further action, each Bank (other than the Issuer) shall be deemed to have irrevocably purchased, to the extent of its pro rata Commitment to make Revolving Credit Loans, a participation interest in such Letter of Credit (including any Reimbursement Obligation with respect thereto), and such Bank shall, to the extent of its Commitment, be responsible for reimbursing promptly (and in any event within one (1) Business Day) the Issuer for Reimbursement Obligations which have not been reimbursed by the Company in accordance with Section 1.9.3. In addition, such Bank shall, to the extent of its pro rata Commitment to make Revolving Credit Loans, be entitled to receive a ratable portion of the Letter of Credit Fees payable pursuant to Section 1.13(c) with respect to each Letter of Credit and of interest payable pursuant to Section 1.7 with respect to any Reimbursement Obligation. To the extent that any Bank has reimbursed any Issuer for a Disbursement as required by this Section, such Bank shall be entitled to receive its ratable portion of any amounts subsequently received (from the Company or otherwise) in respect of such Disbursement.
Sample 1
AutoNDA by SimpleDocs
Other Banks' Participation 
Sample 1

Related to Other Banks' Participation

  • Lenders’ Participation in Letters of Credit Immediately upon the issuance by the Issuing Lender of any Letter of Credit each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing Lender, without recourse or warranty, an undivided interest and participation to the extent of such Lender’s Commitment Percentage of the liability of the Issuing Lender with respect to such Letter of Credit and each Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and shall be unconditionally obligated to the Issuing Lender to pay and discharge when due, such Lender’s Commitment Percentage of the Issuing Lender’s liability under such Letter of Credit. In addition, upon the making of each payment by a Lender to the Agent for the account of the Issuing Lender in respect of any Letter of Credit pursuant to Section 2.3(j), such Lender shall, automatically and without any further action on the part of the Agent, the Issuing Lender or such Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Issuing Lender by the Borrower in respect of such Letter of Credit and (ii) a participation in a percentage equal to such Lender’s Commitment Percentage in any interest or other amounts payable by the Borrower in respect of such Reimbursement Obligation (other than the Fees payable to the Issuing Lender pursuant to Section 3.6(b)(ii)).

  • Other Lenders' Participation Upon the issuance of each Letter of Credit issued by the Issuer pursuant hereto, and without further action, each Lender (other than the Issuer) that has a Revolving Loan Commitment shall be deemed to have irrevocably purchased from the Issuer, to the extent of its Percentage in respect of Revolving Loans, and the Issuer shall be deemed to have irrevocably granted and sold to such Lender a participation interest in such Letter of Credit (including the Contingent Liability and any Reimbursement Obligation and all rights with respect thereto), and such Lender shall, to the extent of its Percentage in respect of Revolving Loans, be responsible for reimbursing promptly (and in any event within one Business Day) the Issuer for Reimbursement Obligations which have not been reimbursed by the Borrower in accordance with Section 2.6.3. In addition, such Lender shall, to the extent of its Percentage in respect of Revolving Loans, be entitled to receive a ratable portion of the Letter of Credit fees payable pursuant to Section 3.3.3 with respect to each Letter of Credit and of interest payable pursuant to Section 3.2 with respect to any Reimbursement Obligation. To the extent that any Lender has reimbursed the Issuer for a Disbursement as required by this Section, such Lender shall be entitled to receive its ratable portion of any amounts subsequently received (from the Borrower or otherwise) in respect of such Disbursement.

  • Lenders’ participation (a) If the conditions set out in this Agreement have been met, each Lender shall make its participation in each Loan available by the Utilisation Date through its Facility Office.

  • Joint Participation The parties hereto participated jointly in the negotiation and preparation of this Release, and each party has had the opportunity to obtain the advice of legal counsel and to review and comment upon the Release. Accordingly, it is agreed that no rule of construction shall apply against any party or in favor of any party. This Release shall be construed as if the parties jointly prepared this Release, and any uncertainty or ambiguity shall not be interpreted against one party and in favor of the other.

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

  • Lender Participations (a) Although any Lender may grant participations in its rights hereunder, such Lender shall remain a “Lender” for all purposes hereunder (and may not transfer by novation its rights and obligations or assign its rights under all or any portion of its Commitments hereunder except as provided in Sections 2.12 and 13.01) and the participant shall not constitute a “Lender” hereunder; and

  • Sub-participation A Lender may sub-participate all or any part of its rights and/or obligations under the Security Documents at its own expense without the consent of, consultation with or notice to, the Borrowers.

  • No Participation in Management No Limited Partner (other than a General Partner if it has acquired an interest of a Limited Partner) shall take part in the management of the Partnership’s business, transact any business in the Partnership’s name or have the power to sign documents for or otherwise bind the Partnership.

  • Letter of Credit Participations (a) Immediately upon the issuance by the Letter of Credit Issuer of any Letter of Credit, the Letter of Credit Issuer shall be deemed to have sold and transferred to each Revolving Credit Lender (each such Revolving Credit Lender, in its capacity under this Section 3.3, an “L/C Participant”), and each such L/C Participant shall be deemed irrevocably and unconditionally to have purchased and received from the Letter of Credit Issuer, without recourse or warranty, an undivided interest and participation (each an “L/C Participation”), to the extent of such L/C Participant’s Revolving Credit Commitment Percentage in each Letter of Credit, each substitute therefor, each drawing made thereunder and the obligations of the Borrower under this Agreement with respect thereto, and any security therefor or guaranty pertaining thereto; provided that the Letter of Credit Fees will be paid directly to the Administrative Agent for the ratable account of the L/C Participants as provided in Section 4.1(b) and the L/C Participants shall have no right to receive any portion of any Fronting Fees.

  • Reimbursement and Participations (a) The Borrower hereby unconditionally agrees to pay to the Issuing Bank immediately on demand at the Principal Office all amounts required to pay all drafts drawn or purporting to be drawn under the Letters of Credit and all reasonable expenses incurred by the Issuing Bank in connection with the Letters of Credit, and in any event and without demand to place in possession of the Issuing Bank (which shall include Advances under the Revolving Credit Facility if permitted by SECTION 2.1 and Swing Line Loans if permitted by SECTION 2.4) sufficient funds to pay all debts and liabilities arising under any Letter of Credit. The Issuing Bank agrees to give the Borrower prompt notice of any request for a draw under a Letter of Credit. The Issuing Bank may charge any account the Borrower may have with it for any and all amounts the Issuing Bank pays under a Letter of Credit, plus charges and reasonable expenses as from time to time agreed to by the Issuing Bank and the Borrower; provided that to the extent permitted by SECTION 2.1(c)(iii) and SECTION 2.4, amounts shall be paid pursuant to Advances under the Revolving Credit Facility or, if the Borrower shall elect, by Swing Line Loans. The Borrower agrees to pay the Issuing Bank interest on any Reimbursement Obligations not paid when due hereunder at the Default Rate.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!