Common use of Participations; Voting Rights; Setoffs by Participants Clause in Contracts

Participations; Voting Rights; Setoffs by Participants. 11.2.1. The Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other entities (each a "Participant") participating interests in any Loan owing to the Lender, the Note, the Commitment or any other interest of the Lender under the Loan Documents. In the event of any such sale by the Lender of participating interests to a Participant, the Lender's obligations under the Loan Documents shall remain unchanged, the Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, the Lender shall remain the holder of the Note for all purposes under the Loan Documents, all amounts payable by the Borrower under this Agreement shall be determined as if the Lender had not sold such participating interests, and the Borrower shall continue to deal solely and directly with the Lender in connection with the Lender's rights and obligations under the Loan Documents.

Appears in 2 contracts

Samples: Credit Agreement (Alpine Summit Energy Partners, Inc.), Credit Agreement (Alpine Summit Energy Partners, Inc.)

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Participations; Voting Rights; Setoffs by Participants. 11.2.112.2.1. The Any Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other entities (each a "Participant") participating interests in any Loan owing to the such Lender, the Noteany Note held by such Lender, the any Commitment of such Lender or any other interest of the such Lender under the Loan Documents. In the event of any such sale by the a Lender of participating interests to a Participant, the such Lender's ’s obligations under the Loan Documents shall remain unchanged, the such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, the such Lender shall remain the holder of the any such Note for all purposes under the Loan Documents, all amounts payable by the Borrower under this Agreement shall be determined as if the such Lender had not sold such participating interests, and the Borrower and the Administrative Agent shall continue to deal solely and directly with the such Lender in connection with the such Lender's ’s rights and obligations under the Loan Documents.

Appears in 1 contract

Samples: Credit Agreement (Lynden Energy Corp.)

Participations; Voting Rights; Setoffs by Participants. 11.2.1. The Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other entities (each a "Participant") participating interests in any Loan owing to the Lender, the Note, the Commitment or any other interest of the Lender under the Loan Documents. In the event of any such sale by the Lender of participating interests to a Participant, the Lender's ’s obligations under the Loan Documents shall remain unchanged, the Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, the Lender shall remain the holder of the Note for all purposes under the Loan Documents, all amounts payable by the Borrower under this Agreement shall be determined as if the Lender had not sold such participating interests, and the Borrower shall continue to deal solely and directly with the Lender in connection with the Lender's ’s rights and obligations under the Loan Documents.

Appears in 1 contract

Samples: Credit Agreement (Starboard Resources, Inc.)

Participations; Voting Rights; Setoffs by Participants. 11.2.1. The 12.2.1 Any Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other entities (each a "ParticipantParticipants") participating interests in any Loan or Letter of Credit owing to the such Lender, the Noteany Note held by such Lender, the any Commitment of such Lender or any other interest of the such Lender under the Loan Documents. In the event of any such sale by the a Lender of participating interests to a Participant, the such Lender's obligations under the Loan Documents shall remain unchanged, the such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, the such Lender shall remain the holder of the Note any such Loan for all purposes under the Loan Documents, all amounts payable by the Borrower under this Agreement shall be determined as if the such Lender had not sold such participating interests, and the Borrower and the Administrative Agent shall continue to deal solely and directly with the such Lender in connection with the such Lender's rights and obligations under the Loan Documents.

Appears in 1 contract

Samples: Credit Agreement (Pinnacle Gas Resources, Inc.)

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Participations; Voting Rights; Setoffs by Participants. 11.2.112.2.1. The Any Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to one or more banks or other entities (each a "ParticipantParticipants") participating interests in any Loan owing to the such Lender, the Noteany Note held by such Lender, the any Commitment of such Lender or any other interest of the such Lender under the Loan Documents. In the event of any such sale by the a Lender of participating interests to a Participant, the such Lender's obligations under the Loan Documents shall remain unchanged, the such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, the such Lender shall remain the holder of the any such Note for all purposes under the Loan Documents, all amounts payable by the Borrower under this Agreement shall be determined as if the such Lender had not sold such participating interests, and the Borrower and the Administrative Agent shall continue to deal solely and directly with the such Lender in connection with the such Lender's rights and obligations under the Loan Documents.

Appears in 1 contract

Samples: Credit Agreement (Pinnacle Gas Resources, Inc.)

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