Participation by Banks. Upon the date of issue of any Letter of Credit, the Agent shall be deemed, without further action by any party hereto, to have sold to each other Bank, and each other Bank shall be deemed, without further action by any party hereto, to have purchased from the Agent a participation to the extent of such Bank's Commitment Percentage in such Letter of Credit and the related Letter of Credit Liabilities.
Participation by Banks. By the issuance of any Letter of Credit and without any further action on the part of the Issuing Bank or any of the Banks in respect thereof, the Issuing Bank hereby grants to each Bank and each Bank hereby agrees to acquire from the Issuing Bank a participation in each such Letter of Credit and the related Letter of Credit Liabilities, effective upon the issuance thereof without recourse or warranty, equal to such Bank's Percentage of such Letter of Credit and Letter of Credit Liabilities. The Issuing Bank shall provide a copy of each Letter of Credit to each other Bank promptly after issuance. This agreement to grant and acquire participations is an agreement between the Issuing Bank and the Banks, and neither the Borrower nor any beneficiary of a Letter of Credit or Bank Guaranty shall be entitled to rely thereon. The Borrower agrees that each Bank purchasing a participation from the Issuing Bank pursuant to this Section 4.13 may exercise all its rights to payment against the Borrower including the right of setoff, with respect to such participation as fully as if such Bank were the direct creditor of the Borrower in the amount of such participation.
Participation by Banks. By the issuance of any Letter of Credit and without any further action on the part of the applicable Issuing Bank or any of the Banks in respect thereof, each Issuing Bank hereby grants to each Bank and each Bank hereby irrevocably agrees to acquire from each Issuing Bank a participation in each such Letter of Credit and the related Letter of Credit Liabilities, effective upon the issuance thereof without recourse or warranty, equal to such Bank's pro rata part (based on the aggregate Commitments) of such Letter of Credit and Letter of Credit Liabilities. Each Issuing Bank shall provide a copy of each Letter of Credit to each other Bank promptly after issuance. This agreement to grant and acquire participations is an agreement between each Issuing Bank and the Banks, and neither Borrower nor any beneficiary of a Letter of Credit shall be entitled to rely thereon. Borrower agrees that each Bank purchasing a participation from any Issuing Bank pursuant to this Section 3.2 may exercise all its rights to payment against Borrower including the right of setoff, with respect to such participation as fully as if such Bank were the direct creditor of Borrower in the amount of such participation.
Participation by Banks. 47 Section 4.16.
Participation by Banks. 37 Section 3.4. Payments Constitute Advances.................................................. 37 Section 3.5. Letter of Credit Fee.......................................................... 38 Section 3.6. Administrative Agent's Responsibilities....................................... 38 Section 3.7. Letter of Credit Documents.................................................... 38
Participation by Banks. Immediately upon the Agent's issuance of any Letter of Credit, the Agent shall be deemed to have sold and transferred to each other Bank and each other Bank shall be deemed irrevocably and unconditionally to have purchased and received from the Agent, without recourse or warranty, an undivided interest and participation (to the extent of such Bank's Commitment Percentage) in such Letter of Credit and all applicable rights of the Agent in such Letter of Credit. The Agent shall provide to each other Bank a copy of each Letter of Credit issued on or after the date hereof, promptly after issuance.
Participation by Banks. ..23 Section 3.3 Procedure for Issuing Letters of Credit..........24 Section 3.4 Reimbursements; Payments Constitute Loans........24 Section 3.5 Letter of Credit Fees............................25 Section 3.6
Participation by Banks. By the issuance of any Letter of Credit or Bank Guaranty and without any further action on the part of the Issuing Bank or any of the Banks in respect thereof, the Issuing Bank (in the case of a Letter of Credit) or Bank Guarantor (in the case of a Bank Guaranty) hereby grants to each Bank and each Bank hereby agrees to acquire from the Issuing Bank or the Bank Guarantor a participation in each such Letter of Credit or Bank Guaranty and the related Letter of Credit Liabilities, effective upon the issuance thereof without recourse or warranty, equal to such Bank's Percentage of such Letter of Credit or Bank Guaranty and Letter of Credit Liabilities. The Issuing Bank shall provide a copy of each Letter of Credit and Bank Guaranty to each other Bank promptly after issuance. This agreement to grant and acquire participations is an agreement between the Issuing Bank, the Bank Guarantor and the Banks, and neither the Borrower nor any beneficiary of a Letter of Credit or Bank Guaranty shall be entitled to rely thereon. The Borrower agrees that each Bank purchasing a participation from the Issuing Bank pursuant to this Section 4.15 may exercise all its rights to payment against the Borrower including the right of setoff, with respect to such participation as fully as if such Bank were the direct creditor of the Borrower in the amount of such participation.
Participation by Banks. Upon the date of issue of a Commercial L/C, the Agent shall be deemed, without further action by any party hereto, to have sold to each other Bank, and each other Bank shall be deemed, without further action by any party hereto, to have purchased from the Agent a participation to the extent of such Bank's Commitment Percentage in such Commercial L/C and the related Commercial L/C Liabilities. The Banks other than Agent shall not participate in the Bond L/C.
Participation by Banks. By the issuance of any Letter of Credit or Bank Guaranty (except those issued to U.K. Borrower by U.K. Bank) and without any further action on the part of the Issuing Bank or any of the Banks in respect thereof, the Issuing Bank (in the case of a Letter of Credit) or Bank Guarantor (in the case of a Bank Guaranty) hereby grants to each applicable Bank and each applicable Bank hereby agrees to acquire from the Issuing Bank or the Bank Guarantor a participation in each such Letter of Credit or Bank Guaranty and the related Letter of Credit Liabilities, effective upon the issuance thereof without recourse or warranty, equal to such Bank's Percentage of such Letter of Credit or Bank Guaranty and Letter of Credit Liabilities. The Issuing Bank shall provide a copy of each Letter of Credit and Bank Guaranty to each other applicable Bank promptly after issuance. This agreement to grant and acquire participations is an agreement between the Issuing Bank, the Bank Guarantor and the Banks, and neither the Borrowers nor any beneficiary of a Letter of Credit or Bank Guaranty shall be entitled to rely thereon. The Borrowers agree that each Bank purchasing a participation from the Issuing Bank pursuant to this Section 4.15 may exercise all its rights to payment against the applicable Borrower including the right of setoff, with respect to such participation as fully as if such Bank were the direct creditor of the applicable Borrower in the amount of such participation.
