Common use of Participation in L/Cs Clause in Contracts

Participation in L/Cs. Each of the Banks will acquire a risk participation in each L/C upon the issuance thereof, ratably in accordance with its Commitment Percentage. In the event any Reimbursement Obligation is not immediately paid by the Company pursuant to Section 1.7 hereof, or if any L/C Issuer is required at any time to return to the Company or to a trustee, receiver, liquidator, custodian or other Person any portion of any payment of any Reimbursement Obligation, each Bank will pay to such L/C Issuer funds in an amount equal to such Bank’s Commitment Percentage of such Reimbursement Obligation. At the election of all of the Banks, such funding by the Banks of the unpaid Reimbursement Obligations shall be treated as additional Revolving Credit Loans to the Company hereunder rather than a purchase of participations by the Banks in the related L/C held by the applicable L/C Issuer. The obligation of the Banks to the L/C Issuers under this Section 1.8 shall be absolute and unconditional and shall not be affected or impaired by any Event of Default or Potential Default which may then be continuing hereunder. The Agent shall notify each Bank by telephone of its Commitment Percentage of such unpaid Reimbursement Obligation. If such notice has been given to each Bank by 12:00 Noon, Chicago time, each Bank agrees to pay the relevant L/C Issuer in immediately available and freely transferable funds on the same Business Day its Commitment Percentage of such Reimbursement Obligation. Funds shall be so made available at the account designated by the Agent in such notice to the Banks. Upon the election by the Banks to treat such funding as additional Revolving Credit Loans hereunder and payment by each Bank, such Loans shall bear interest in accordance with Section 1.4(a) hereof. The Agent shall share with each Bank on a pro rata basis relative to its Commitment Percentage a portion of each payment of a Reimbursement Obligation (whether of principal or interest) and any L/C Participation Fee payable by the Company. Any such amount shall be promptly remitted to the Banks when and as received by the Agent from the Company.

Participation in L/Cs. Each of the Banks will acquire a risk participation for its own account, without recourse to or representation or warranty from each L/C Issuer, in each L/C upon the issuance thereof, thereof ratably in accordance with its Commitment Percentage. In the event any Reimbursement Obligation is not immediately paid by the Company pursuant to Section 1.7 1.6 hereof, or if any L/C Issuer is required at any time to return to the Company or to a trustee, receiver, liquidator, custodian or other Person any portion of any payment of any Reimbursement Obligation, each Bank will pay to such the Agent for the account of the relevant L/C Issuer funds in an amount equal to such Bank’s Commitment Percentage of the unpaid amount of such Reimbursement Obligation. At the election of all of the Banks, such funding by the Banks of the unpaid Reimbursement Obligations shall be treated as additional Revolving Credit Loans to the Company hereunder rather than a purchase of participations by the Banks in the related L/C Cs held by the applicable relevant L/C Issuer. The availability of funds to the Company under the Revolving Credit shall be reduced in an amount equal to any such L/C. The obligation of the Banks to the L/C Issuers under this Section 1.8 shall be absolute and unconditional and shall not be affected or impaired by any Event of Default or Potential Default which may then be continuing hereunder. The Each L/C Issuer shall notify the Agent and thereupon the Agent shall notify each Bank by telephone of its Commitment Percentage of such unpaid Reimbursement Obligation. If such notice has been given to each Bank by 12:00 Noon, Chicago time, each Bank agrees to pay the relevant L/C Issuer Agent in immediately available and freely transferable funds on the same Business Day its Commitment Percentage of Day. If such Reimbursement Obligationnotice is received after 12:00 noon, Chicago time, each Bank agrees to pay the Agent in immediately available and freely transferable funds no later than the following Business Day. Funds shall be so made available at the account designated by the Agent in such notice to the Banks. Upon the election by the Banks to treat such funding as additional Revolving Credit Loans hereunder and payment by each Bank, such Loans shall bear interest in accordance with Section 1.4(a1.3(a) hereof. The Agent Each L/C Issuer shall share with each Bank on a pro rata basis relative to its Commitment Percentage a portion of each payment of a Reimbursement Obligation (whether of principal or interest) and any L/C Participation Fee (but not any L/C Administrative Fee or L/C Fronting Fee) payable by the Company. Any such amount shall be promptly remitted to the Banks when and as received by the Agent from the Company.

Participation in L/Cs. (a) Each of the Banks will acquire acquire, without recourse, representation or warranty, a risk participation in each L/C upon the issuance thereof, thereof ratably in accordance with its Commitment Percentage. In the event any Reimbursement Obligation is not immediately paid by the Company Borrower pursuant to Section 1.7 1.6 hereof, or if any L/C Issuer is required at any time to return to the Company or to a trustee, receiver, liquidator, custodian or other Person any portion of any payment of any Reimbursement Obligation, each Bank will pay to such L/C Issuer Xxxxxx funds in an amount equal to such Bank’s 's Commitment Percentage of the unpaid amount of such Reimbursement Obligation. At If the election of Banks fund Xxxxxx with respect to any Reimbursement Obligation that is not paid when due by the Borrower as described above, all of the Banks, Banks may elect to treat such funding by the Banks of the unpaid Reimbursement Obligations shall be treated as additional Revolving Credit Loans to the Company Borrower hereunder rather than a purchase of participations by the Banks in the related L/C Cs held by the applicable L/C IssuerXxxxxx. The obligation of the Banks to the L/C Issuers Xxxxxx under this Section 1.8 shall be absolute and unconditional and shall not be affected or impaired by any Event of Default or Potential Default which may then be continuing hereunder. The Agent Xxxxxx shall notify each Bank by telephone of its Commitment Percentage of such unpaid Reimbursement Obligation. If such notice has been given to each Bank by 12:00 Noon, Chicago time, each Bank agrees to pay the relevant L/C Issuer put Xxxxxx in immediately available and freely transferable funds on the same Business Day its Commitment Percentage of such Reimbursement ObligationDay. Funds shall be so made available at the account designated by the Agent Xxxxxx in such notice to the Banks. Upon the election by the Banks to treat such funding as additional Revolving Credit Loans hereunder and payment by each Bank, such Loans shall bear interest in accordance with Section 1.4(a1.3(a) hereof. The Agent Xxxxxx shall share with each Bank on a pro rata basis relative to its Commitment Percentage a portion of each payment of a Reimbursement Obligation (whether of principal or interest) and any L/C Participation Fee payable by the CompanyBorrower. Any such amount shall be promptly remitted to the Banks when and as received by the Agent Xxxxxx from the CompanyBorrower. The L/C Issuance Fee and L/C Administration Fee shall be solely for Xxxxxx' account and shall not be shared by the other Banks.

Participation in L/Cs. (a) Each of the Banks will acquire acquire, without recourse, representation or warranty, a risk participation in each L/C upon the issuance thereof, thereof ratably in accordance with its Commitment Percentage. In the event any Reimbursement Obligation is not immediately paid by the Company Borrower pursuant to Section 1.7 1.5 hereof, or if any L/C Issuer is required at any time to return to the Company or to a trustee, receiver, liquidator, custodian or other Person any portion of any payment of any Reimbursement Obligation, each Bank will pay to such L/C Issuer Xxxxxx funds in an amount equal to such Bank’s 's Commitment Percentage of the unpaid amount of such Reimbursement Obligation. At If the election of Banks fund Xxxxxx with respect to any Reimbursement Obligation that is not paid when due by the Borrower as described above, all of the Banks, Banks may elect to treat such funding by the Banks of the unpaid Reimbursement Obligations shall be treated as additional Revolving Credit Loans to the Company Borrower hereunder rather than a purchase of participations by the Banks in the related L/C Cs held by the applicable L/C IssuerXxxxxx. The obligation of the Banks to the L/C Issuers Xxxxxx under this Section 1.8 1.7 shall be absolute and unconditional and shall not be affected or impaired by any Event of Default or Potential Default which may then be continuing hereunder. The Agent Xxxxxx shall notify each Bank by telephone of its Commitment Percentage of such unpaid Reimbursement Obligation. If such notice has been given to each Bank by 12:00 Noon, Chicago time, each Bank agrees to pay the relevant L/C Issuer put Xxxxxx in immediately available and freely transferable funds on the same Business Day its Commitment Percentage of such Reimbursement ObligationDay. Funds shall be so made available at the account designated by the Agent Xxxxxx in such notice to the Banks. Upon the election by the Banks to treat such funding as additional Revolving Credit Loans hereunder and payment by each Bank, such Loans shall bear interest in accordance with Section 1.4(a1.3(a) hereof. The Agent Xxxxxx shall share with each Bank on a pro rata basis relative to its Commitment Percentage a portion of each payment of a Reimbursement Obligation (whether of principal or interest) and any L/C Participation Fee payable by the CompanyBorrower. Any such amount shall be promptly remitted to the Banks when and as received by the Agent Xxxxxx from the CompanyBorrower. The L/C Issuance Fee and L/C Administration Fee shall be solely for Xxxxxx' account and shall not be shared by the other Banks.

Participation in L/Cs. (a) Each of the Banks will acquire acquire, without recourse, representation or warranty, a risk participation in each L/C upon the issuance thereof, thereof ratably in accordance with its Commitment Percentage. In the event any Reimbursement Obligation is not immediately paid by the Company Borrower pursuant to Section 1.7 1.5 hereof, or if any L/C Issuer is required at any time to return to the Company or to a trustee, receiver, liquidator, custodian or other Person any portion of any payment of any Reimbursement Obligation, each Bank will pay to such L/C Issuer Xxxxxx funds in an amount equal to such Bank’s 's Commitment Percentage of the unpaid amount of such Reimbursement Obligation. At If the election of Banks fund Xxxxxx with respect to any Reimbursement Obligation that is not paid when due by the Borrower as described above, all of the Banks, Banks may elect to treat such funding by the Banks of the unpaid Reimbursement Obligations shall be treated as additional Revolving Credit DIP Loans to the Company Borrower hereunder rather than a purchase of participations by the Banks in the related L/C Cs held by the applicable L/C IssuerXxxxxx. The obligation of the Banks to the L/C Issuers Xxxxxx under this Section 1.8 1.7 shall be absolute and unconditional and shall not be affected or impaired by any Event of Default or Potential Default which may then be continuing hereunder. The Agent Xxxxxx shall notify each Bank by telephone of its Commitment Percentage of such unpaid Reimbursement Obligation. If such notice has been given to each Bank by 12:00 Noon, Chicago time, each Bank agrees to pay the relevant L/C Issuer put Xxxxxx in immediately available and freely transferable funds on the same Business Day its Commitment Percentage of such Reimbursement ObligationDay. Funds shall be so made available at the account designated by the Agent Xxxxxx in such notice to the Banks. Upon the election by the Banks to treat such funding as additional Revolving Credit DIP Loans hereunder and payment by each Bank, such Loans shall bear interest in accordance with Section 1.4(a1.3(a) hereof. The Agent Xxxxxx shall share with each Bank on a pro rata basis relative to its Commitment Percentage a portion of each payment of a Reimbursement Obligation (whether of principal or interest) and any L/C Participation Fee payable by the CompanyBorrower. Any such amount shall be promptly remitted to the Banks when and as received by the Agent Xxxxxx from the CompanyBorrower. The L/C Issuance Fee and L/C Administration Fee shall be solely for Xxxxxx' account and shall not be shared by the other Banks.

Participation in L/Cs. Each of the Banks will acquire a risk participation for its own account, without recourse to or representation or warranty from Harris, in each L/C upon the issuance thereof, xxxxxxce thereof ratably in accordance with its Commitment Percentage. In the event any Reimbursement Obligation is not immediately paid by the Company pursuant to Section 1.7 1.6 hereof, or if any L/C Issuer is required at any time to return to the Company or to a trustee, receiver, liquidator, custodian or other Person any portion of any payment of any Reimbursement Obligation, each Bank will pay to such L/C Issuer Harris funds in an amount equal to equax xx such Bank’s Commitment Percentage 's ratable share of the unpaid amount of such Reimbursement ObligationObligation (based upon its proportionate share relative to its percentage of the Revolving Credit (as set forth in Section 1.1 hereof)). At the election of all of the Banks, such funding by the Banks of the unpaid Reimbursement Obligations shall be treated as additional Revolving Credit Loans to the Company hereunder rather than a purchase of participations by the Banks in the related L/C Cs held by Harris. The availability of fuxxx xx the applicable Company under the Revolving Credit shall be reduced in an amount equal to any such L/C Issuer. C. The obligation of the Banks to the L/C Issuers Harris under this Section 1.8 shall be sxxxx xe absolute and unconditional and shall not be affected or impaired by any Event of Default or Potential Default which may then be continuing hereunder. The Agent Harris shall notify each Bank by telephone bx xxxxphone of its Commitment Percentage proportionate share relative to its percentage of the total Banks' Revolving Credit Commitments set forth in Section 1.1 hereof (a "COMMITMENT PERCENTAGE") of such unpaid Reimbursement Obligation. If such notice has been given to each Bank by 12:00 Noon, Chicago time, each Bank agrees to pay the relevant L/C Issuer Harris in immediately available and xxx freely transferable funds on the same Business Day its Commitment Percentage of Day. If such Reimbursement Obligationnotice is received after 12:00 noon, Chicago time, each Bank agrees to pay Harris in immediately available xxx xreely transferable funds no later than the following Business Day. Funds shall be so made available at the account designated by the Agent Harris in such notice to the Banksthx Xxxks. Upon the election by the Banks to treat such funding as additional Revolving Credit Loans hereunder and payment by each Bank, such Loans shall bear interest in accordance with Section 1.4(a1.3(a) hereof. The Agent Harris shall share with each Bank on Baxx xx a pro rata basis relative to its Commitment Percentage a portion of each payment of a Reimbursement Obligation (whether of principal or interest) and any L/C Participation Fee (but not any L/C Issuance Fee) payable by the Company. Any such amount shall be promptly remitted to the Banks when and as received by the Agent Harris from the Company.

Participation in L/Cs. Each of the Banks will acquire a risk participation for its own account, without recourse to or representation or warranty from Xxxxxx, in each L/C upon the issuance thereof, thereof ratably in accordance with its Commitment Percentage. In the event any Reimbursement Obligation is not immediately paid by the Company pursuant to Section 1.7 hereof, or if any L/C Issuer is required at any time to return to the Company or to a trustee, receiver, liquidator, custodian or other Person any portion of any payment of any Reimbursement Obligation, each Bank will pay to such L/C Issuer Xxxxxx funds in an amount equal to such Bank’s Commitment Percentage 's ratable share of the unpaid amount of such Reimbursement ObligationObligation (based upon its proportionate share relative to its percentage of the Revolving Credit (as set forth in Section 1.1 hereof)). At the election of all of the Banks, such funding by the Banks of the unpaid Reimbursement Obligations shall be treated as additional Revolving Credit Loans to the Company hereunder rather than a purchase of participations by the Banks in the related L/C Cs held by Xxxxxx. The availability of funds to the applicable Company under the Revolving Credit shall be reduced in an amount equal to any such L/C Issuer. C. The obligation of the Banks to the L/C Issuers Xxxxxx under this Section 1.8 1.9 shall be absolute and unconditional and shall not be affected or impaired by any Event of Default or Potential Default which may then be continuing hereunder. The Agent Xxxxxx shall notify each Bank by telephone of its proportionate share relative to its percentage of the total Banks' Revolving Credit Commitments set forth in Section 1.1 hereof (a "Commitment Percentage Percentage") of such unpaid Reimbursement Obligation. If such notice has been given to each Bank by 12:00 Noon, Chicago time, each Bank agrees to pay the relevant L/C Issuer Xxxxxx in immediately available and freely transferable funds on the same Business Day its Commitment Percentage of Day. If such Reimbursement Obligationnotice is received after 12:00 noon, Chicago time, each Bank agrees to pay Xxxxxx in immediately available and freely transferable funds no later than the following Business Day. Funds shall be so made available at the account designated by the Agent Xxxxxx in such notice to the Banks. Upon the election by the Banks to treat such funding as additional Revolving Credit Loans hereunder and payment by each Bank, such Loans shall bear interest in accordance with Section 1.4(a1.3(a) hereof. The Agent Xxxxxx shall share with each Bank on a pro rata basis relative to its Commitment Percentage a portion of each payment of a Reimbursement Obligation (whether of principal or interest) and any L/C Participation Fee (but not any L/C Issuance Fee) payable by the Company. Any such amount shall be promptly remitted to the Banks when and as received by the Agent Xxxxxx from the Company."

Participation in L/Cs. Each of the Banks will acquire a risk participation in each L/C upon the issuance thereof, ratably in accordance with its Commitment Percentage. In the event any Reimbursement Obligation is not immediately paid by the Company pursuant to Section 1.7 hereof, or if any L/C Issuer Harris is required at any time to return to the Company or to a trusteetrustxx, receiverxxceiver, liquidator, custodian or other Person any portion of any payment of any Reimbursement Obligation, each Bank will pay to such L/C Issuer Harris funds in an amount equal to such Bank’s 's Commitment Percentage of such xx xxxh Reimbursement Obligation. At the election of all of the Banks, such funding by the Banks of the unpaid Reimbursement Obligations shall be treated as additional Revolving Credit Loans to the Company hereunder rather than a purchase of participations by the Banks in the related L/C held by the applicable L/C IssuerHarris. The obligation of the Banks to the L/C Issuers Harris under this Section 1.8 shall xxxxx be absolute and unconditional and shall xxxxx not be affected or impaired by any Event of Default or Potential Default which may then be continuing hereunder. The Agent Harris shall notify each Bank by telephone of its Commitment Percentage of Percentaxx xx such unpaid Reimbursement Obligation. If such notice has been given to each Bank by 12:00 Noon, Chicago time, each Bank agrees to pay the relevant L/C Issuer Harris in immediately available and freely transferable funds on the same Business xxxx Xusiness Day its Commitment Percentage of such Reimbursement Obligation. Funds shall be so made available at the account designated by the Agent Harris in such notice to the Banks. Upon the election by the Banks to treat xxxxx such funding as additional Revolving Credit Loans hereunder and payment by each Bank, such Loans shall bear interest in accordance with Section 1.4(a) hereof. The Agent Harris shall share with each Bank on a pro rata basis relative to its Commitment Xxxxxtment Percentage a portion of each payment of a Reimbursement Obligation (whether of principal or interest) and any L/C Participation Fee payable by the Company. Any such amount shall be promptly remitted to the Banks when and as received by the Agent Harris from the Company.

Participation in L/Cs. Each of the Banks will acquire a risk participation for its own account, without recourse to or representation or warranty from Xxxxxx, in each L/C upon the issuance thereof, thereof ratably in accordance with its Commitment Percentage. In the event any Reimbursement Obligation is not immediately paid by the Company pursuant to Section 1.7 1.6 hereof, or if any L/C Issuer is required at any time to return to the Company or to a trustee, receiver, liquidator, custodian or other Person any portion of any payment of any Reimbursement Obligation, each Bank will pay to such L/C Issuer Xxxxxx funds in an amount equal to such Bank’s Commitment Percentage 's ratable share of the unpaid amount of such Reimbursement ObligationObligation (based upon its proportionate share relative to its percentage of the Revolving Credit (as set forth in Section 1.1 hereof)). At the election of all of the Banks, such funding by the Banks of the unpaid Reimbursement Obligations shall be treated as additional Revolving Credit Loans to the Company hereunder rather than a purchase of participations by the Banks in the related L/C Cs held by Xxxxxx. The availability of funds to the applicable Company under the Revolving Credit shall be reduced in an amount equal to any such L/C Issuer. C. The obligation of the Banks to the L/C Issuers Xxxxxx under this Section 1.8 shall be absolute and unconditional and shall not be affected or impaired by any Event of Default or Potential Default which may then be continuing hereunder. The Agent Xxxxxx shall notify each Bank by telephone of its Commitment Percentage proportionate share relative to its percentage of the total Banks' Revolving Credit Commitments set forth in Section 1.1 hereof (a "COMMITMENT PERCENTAGE") of such unpaid Reimbursement Obligation. If such notice has been given to each Bank by 12:00 Noon, Chicago time, each Bank agrees to pay the relevant L/C Issuer Xxxxxx in immediately available and freely transferable funds on the same Business Day its Commitment Percentage of Day. If such Reimbursement Obligationnotice is received after 12:00 noon, Chicago time, each Bank agrees to pay Xxxxxx in immediately available and freely transferable funds no later than the following Business Day. Funds shall be so made available at the account designated by the Agent Xxxxxx in such notice to the Banks. Upon the election by the Banks to treat such funding as additional Revolving Credit Loans hereunder and payment by each Bank, such Loans shall bear interest in accordance with Section 1.4(a1.3(a) hereof. The Agent Xxxxxx shall share with each Bank on a pro rata basis relative to its Commitment Percentage a portion of each payment of a Reimbursement Obligation (whether of principal or interest) and any L/C Participation Fee (but not any L/C Issuance Fee) payable by the Company. Any such amount shall be promptly remitted to the Banks when and as received by the Agent Xxxxxx from the Company.

Participation in L/Cs. Each of the Banks will acquire a risk participation in each L/C upon the issuance thereof, ratably in accordance with its Commitment Percentage. In the event any Reimbursement Obligation is not immediately paid by the Company pursuant to Section 1.7 hereof, or if any L/C Issuer is required at any time to return to the Company or to a trustee, receiver, liquidator, custodian or other Person any portion of any payment of any Reimbursement Obligation, each Bank will pay to such L/C Issuer funds in an amount equal to such Bank’s Commitment Percentage of such Reimbursement Obligation. At the election of all of the Banks, such funding by the Banks of the unpaid Reimbursement Obligations shall be treated as additional Revolving Credit Loans to the Company hereunder rather than a purchase of participations by the Banks in the related L/C held by the applicable L/C Issuer. The obligation of the Banks to the L/C Issuers under this Section 1.8 shall be absolute and unconditional and shall not be affected or impaired by any Event of Default or Potential Default which may then be continuing hereunder. The Agent shall notify each Bank by telephone of its Commitment Percentage of such unpaid Reimbursement Obligation. If such notice has been given to each Bank by 12:00 Noon, Chicago time, each Bank agrees to pay the relevant L/C Issuer in immediately available and freely transferable funds on the same Business Day its Commitment Percentage of such Reimbursement Obligation. Funds shall be so made available at the account designated by the Agent in such notice to the Banks. Upon the election by the Banks to treat such funding as additional Revolving Credit Loans hereunder and payment by each Bank, such Loans shall bear interest in accordance with Section 1.4(a) hereof. The the Agent shall share with each Bank on a pro rata basis relative to its Commitment Percentage a portion of each payment of a Reimbursement Obligation (whether of principal or interest) and any L/C Participation Fee payable by the Company. Any such amount shall be promptly remitted to the Banks when and as received by the Agent from the Company.