Participation by Lenders. Upon the date of issuance of a Letter of Credit, the Issuer shall be deemed to have granted to each Lender (other than the Issuer), and each Lender (other than the Issuer) shall be deemed to have acquired from the Issuer without further action by any party hereto, a participation in such Letter of Credit and any Drawings that may at any time be made thereunder, to the extent of such Lender's pro rata share of the Commitment.
Appears in 5 contracts
Samples: Credit Agreement (Genesis Eldercare Acquisition Corp), Credit Agreement (Nco Group Inc), Credit Agreement (Nco Group Inc)
