Common use of Participation in Letters of Credit Clause in Contracts

Participation in Letters of Credit. Immediately upon the issuance by Agent of any Letter of Credit, each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Agent, without recourse or warranty, an undivided interest and participation, to the extent of such Lender's Pro Rata Share, in such Letter of Credit and any security therefore and any guaranty pertaining thereto. Notwithstanding the foregoing, by its purchase of such participation, no Lender shall be deemed to have assumed any liability to the beneficiary of any Letter of Credit. The Agent shall promptly upon receipt thereof, remit to the Lenders, in accordance with their respective Pro Rata Shares, all Letter of Credit fees received by the Agent under subsection 2.6(c). In the event Agent makes any payment to any Person with respect to any Letter of Credit, Agent shall promptly notify the other Lenders with a participating interest in such Letter of Credit specifying the amount reimbursable by the Borrower thereunder. If such reimbursement is not made by the Borrower on the day when due the amount of such reimbursement obligation shall be deemed to be a Revolving Loan made pursuant to Section 2.1.

Participation in Letters of Credit. Immediately upon the ---------------------------------- issuance by Agent of any Letter of Credit, each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Agent, without recourse or warranty, an undivided interest and participation, to the extent of such Lender's Pro Rata Share, in such Letter of Credit and any security therefore and any guaranty pertaining thereto. Notwithstanding the foregoing, by its purchase of such participation, no Lender shall be deemed to have assumed any liability to the beneficiary of any Letter of Credit. The Agent shall promptly upon receipt thereof, remit to the Lenders, in accordance with their respective Pro Rata Shares, all Letter of Credit fees received by the Agent under subsection 2.6(c). In the event Agent makes any payment to any ----------------- Person with respect to any Letter of Credit, Agent shall promptly notify the other Lenders with a participating interest in such Letter of Credit specifying the amount reimbursable by the Borrower thereunder. If such reimbursement is not made by the Borrower on the day when due the amount of such reimbursement obligation shall be deemed to be a Revolving Loan made pursuant to Section 2.1.

Participation in Letters of Credit. Immediately upon the issuance by Agent of any Letter of Credit, each Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Agent, without recourse or warranty, an undivided interest and participation, to the extent of such Lender's Pro Rata Share, in such Letter of Credit and any security therefore therefor and any guaranty pertaining thereto. Notwithstanding the foregoing, by its purchase of such participation, participation no Lender shall be deemed to have assumed any liability to the beneficiary of any Letter of Credit. The Agent shall promptly upon receipt thereof, remit to the Lenders, in accordance with their respective Pro Rata Shares, all Letter of Credit fees received by the Agent under subsection 2.6(c). In the event Agent makes any payment to any Person with respect to any Letter of Credit, Agent shall promptly notify the other Lenders with a participating interest in such Letter of Credit specifying the amount reimbursable by the Borrower Borrowers thereunder. If such reimbursement is not made by the Borrower Borrowers on the day date when due the amount of such reimbursement obligation shall be deemed to be a Revolving Loan made pursuant to Section 2.1subsection 2.2(A) hereof.