Common use of Outstanding Letters of Credit; Repayment of Outstanding Loans; Borrowing of New Loans Clause in Contracts

Outstanding Letters of Credit; Repayment of Outstanding Loans; Borrowing of New Loans. On the effective date of any such increase to the Revolving Credit Commitments, each Increasing Lender and each New Lender with a Revolving Credit Commitment (A) will be deemed to have purchased a participation in each then outstanding Letter of Credit equal to its Ratable Share of such Letter of Credit and the participation of each other Lender in such Letter of Credit shall be adjusted accordingly and (B) will acquire (and will pay to the Administrative Agent, for the account of each Lender, in immediately available funds, an amount equal to) its Ratable Share of all outstanding Participation Advances.

Appears in 2 contracts

Samples: Credit Agreement and Security Agreement (Paylocity Holding Corp), Credit Agreement (Paylocity Holding Corp)

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Outstanding Letters of Credit; Repayment of Outstanding Loans; Borrowing of New Loans. On the effective date of any such increase to the Revolving Credit Commitmentsincrease, each Increasing Lender and each New Lender with a Revolving Credit Commitment (Ai) will be deemed to have purchased a participation in each then outstanding Letter of Credit equal to its Dollar Equivalent amount of its Ratable Share of such Letter of Credit and the participation of each other Lender in such Letter of Credit shall be adjusted accordingly and (Bii) will acquire acquire, (and will pay to the Administrative Agent, for the account of each Lender, in immediately available funds, an amount equal to) its Dollar Equivalent amount of its Ratable Share of all outstanding Participation Advances.

Appears in 1 contract

Samples: Refinancing Credit Agreement (Westinghouse Air Brake Technologies Corp)

Outstanding Letters of Credit; Repayment of Outstanding Loans; Borrowing of New Loans. On the effective date of any such increase to the Revolving Credit Commitmentsincrease, each Increasing Lender and each New Lender with a Revolving Credit Commitment (Ai) will be deemed to have purchased a participation in each then outstanding Letter of Credit equal to its Dollar Equivalent amount of its Ratable Share of such Letter of Credit and the participation of each other Lender in such Letter of Credit shall be adjusted accordingly and (Bii) will acquire acquire, (and will pay to the Administrative Agent, for the account of each Lender, in immediately available funds, an amount equal to) its Dollar Equivalent amount of its Ratable Share of all outstanding Participation Advances.”

Appears in 1 contract

Samples: Refinancing Credit Agreement (Westinghouse Air Brake Technologies Corp)

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Outstanding Letters of Credit; Repayment of Outstanding Loans; Borrowing of New Loans. On the effective date of any such increase to in the Revolving Credit CommitmentsCommitments pursuant to Section 3.1 [Increasing Lenders and New Lenders], each Increasing Lender and each New Lender with a Revolving Credit Commitment (Ai) will be deemed to have purchased a participation in each then outstanding Letter of Credit equal to its Ratable Share of such Letter of Credit and the participation of each other Lender in such Letter of Credit shall be adjusted accordingly and (Bii) will acquire acquire, (and will pay to the Administrative Agent, for the account of each Lender, in immediately available funds, an amount equal to) its Ratable Share of all outstanding Participation Advances.

Appears in 1 contract

Samples: Credit Agreement (Ferroglobe PLC)

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