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 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. 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. 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 on or after the date hereof, 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 pro rata share of the Commitments) 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 standby Letter of Credit issued on or after the date hereof, promptly after issuance.
Participation by Banks. Section 3.3 Procedure for Issuing Letters of Credit........
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. (i) On the date of issuance of each L/C the Issuing Bank shall be deemed irrevocably and unconditionally to have sold and transferred to each Bank (excluding, for all purposes of this subsection (e), the Issuing Bank, which shall retain a portion equal to its pro rata share of the Total Commitment) without recourse or warranty, and each Bank shall be deemed to have irrevocably and unconditionally purchased and received from the Issuing Bank (in each case subject to subsection 2.33(i) hereof), an undivided interest and participation, to the extent of such Bank's pro rata share of the Total Commitment in effect on the date of such issuance, in such L/C, the related Application Documents and all L/C Obligations relating to such L/C and all Loan Documents securing, guaranteeing, supporting, or otherwise benefitting the payment of such L/C Obligation. The Issuing Bank shall furnish to any Bank, upon request, copies of any L/C and any Application Documents as may be requested by such Bank.
(ii) In the event that any reimbursement obligation under subsection 2.33(c) hereof is not paid when due to the Issuing Bank with respect to any L/C, the Issuing Bank shall promptly notify the Agent to that effect, and the Agent shall promptly notify the Banks of the amount of such reimbursement obligation and each such Bank shall immediately pay to the Agent, for immediate payment to the Issuing Bank, in lawful money of the United States and in immediately available funds, an amount equal to such Bank's ratable portion of the amount of such unpaid reimbursement obligation. The obligation of each Bank to make payments hereunder shall be absolute and unconditional and irrevocable and shall be made under all circumstances (except as otherwise expressly provided in subsection (i) above), including, without limitation, any of the circumstances referred to in Section 2.33(i)(B) and shall not be subject to any conditions set forth in Article 4 hereof or otherwise affected by any circumstance including, without limitation, (A) the occurrence or continuance of a Default or Event of Default (unless, during any period while the Issuing Bank continues to be the same entity as the Agent, a new L/C is issued while the Agent has knowledge of the existence of a Default not theretofore communicated in writing to all of the Banks and not cured or waived, "knowledge" being deemed exclusively to mean the receipt by the Agent of a notice from a Bank or any of the Borrowers specifying such Default...
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.
