Common use of Revolving Lenders’ Purchase of Participations in Letters of Credit Clause in Contracts

Revolving Lenders’ Purchase of Participations in Letters of Credit. Immediately upon the issuance of each Letter of Credit, each Lender having a Revolving Commitment shall be deemed to have purchased, and hereby agrees to irrevocably purchase, from the Issuing Bank a participation in such Letter of Credit and any drawings honored thereunder in an amount equal to such Revolving Lender’s Revolving Commitment Percentage (with respect to the Revolving Commitments) of the maximum amount which is or at any time may become available to be drawn thereunder. In the event that the Borrower shall fail for any reason to reimburse an Issuing Bank as provided in Section 2.3(d), the Issuing Bank shall promptly notify each Revolving Lender of the unreimbursed amount of such honored drawing and of such Revolving Lender’s respective participation therein based on such Revolving Lxxxxx’s Revolving Commitment Percentage. Each Revolving Lender shall make available to the Issuing Bank an amount equal to its respective participation, in Dollars and in same day funds, at the office of the Issuing Bank specified in such notice, not later than 12:00 p.m. on the first Business Day (under the laws of the jurisdiction in which such office of the Issuing Bank is located) after the date notified by the Issuing Bank. In the event that any Revolving Lender fails to make available to the Issuing Bank on such Business Day the amount of such Revolving Lender’s participation in such Letter of Credit as provided in this Section 2.3(e), the Issuing Bank shall be entitled to recover such amount on demand from such Revolving Lender together with interest thereon for three (3) Business Days at the rate customarily used by the Issuing Bank for the correction of errors among banks and thereafter at the Base Rate. Nothing in this Section 2.3(e) shall be deemed to prejudice the right of any Revolving Lender to recover from the Issuing Bank any amounts made available by such Revolving Lender to the Issuing Bank pursuant to this Section in the event that it is determined that the payment with respect to a Letter of Credit in respect of which payment was made by such Revolving Lender constituted gross negligence or willful misconduct on the part of the Issuing Bank, as determined by a court of competent jurisdiction in a final, non-appealable order. In the event an Issuing Bank shall have been reimbursed by other Revolving Lenders pursuant to this Section 2.3(e) for all or any portion of any drawing honored by the Issuing Bank under a Letter of Credit, the Issuing Bank shall distribute to each Revolving Lender which has paid all amounts payable by it under this Section 2.3(e) with respect to such honored drawing such Revolving Lender’s Revolving Commitment Percentage of all payments subsequently received by the Issuing Bank from the Borrower in reimbursement of such honored drawing when such payments are received. Any such distribution shall be made to a Revolving Lender at its primary address set forth below its name on Appendix B or at such other address as such Revolving Lender may request.

Appears in 3 contracts

Samples: Credit Agreement (Physicians Realty Trust), Credit Agreement (Healthpeak Properties, Inc.), Credit Agreement (Healthpeak Properties, Inc.)

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Revolving Lenders’ Purchase of Participations in Letters of Credit. Immediately upon the issuance of each Letter of Credit, each Revolving Lender having a Revolving Commitment shall be deemed to have purchased, and hereby agrees to irrevocably purchase, from the Issuing Bank a participation in such Letter of Credit and any drawings honored thereunder in an amount equal to such Revolving Lender’s Revolving Commitment Percentage Pro Rata Share (with respect to the Revolving Commitments) of the maximum amount which that is or at any time may become available to be drawn thereunder. In the event that the Borrower shall fail for any reason to reimburse an Issuing Bank as provided in Section 2.3(d), the Issuing Bank shall promptly notify each Revolving Lender of the unreimbursed amount of such honored drawing and of such Revolving Lender’s respective participation therein based on such Lender’s Pro Rata Share of the Revolving Lxxxxx’s Revolving Commitment PercentageCommitments. Each Revolving Lender shall make available to the Issuing Bank an amount equal to its respective participation, in Dollars and in same day funds, at the office of the Issuing Bank specified in such notice, not later than 12:00 p.m. (New York City time) on the first Business Day business day (under the laws of the jurisdiction in which such office of the Issuing Bank is located) after the date notified by the Issuing Bank. In the event that any Revolving Lender fails to make available to the Issuing Bank on such Business Day business day the amount of such Revolving Lender’s participation in such Letter of Credit as provided in this Section 2.3(e), the Issuing Bank shall be entitled to recover such amount on demand from such Revolving Lender together with interest thereon for three (3) Business Days at the rate customarily used by the Issuing Bank for the correction of errors among banks banks, and thereafter at the Base Rate. Nothing in this Section 2.3(e) shall be deemed to prejudice the right of any Revolving Lender to recover from the Issuing Bank any amounts made available by such Revolving Lender to the Issuing Bank pursuant to this Section 2.3(e) in the event that it is determined that the payment with respect to a Letter of Credit in respect of which payment was made by such Revolving Lender constituted gross negligence or willful misconduct on the part of the Issuing Bank, as finally determined by a court of competent jurisdiction in a final, non-appealable ordernonappealable decision. In the event an Issuing Bank shall have been reimbursed by other Revolving Lenders pursuant to this Section 2.3(e) for all or any portion of any drawing honored by the Issuing Bank under a Letter of Credit, the such Issuing Bank shall distribute to each Revolving Lender which that has paid all amounts payable by it under this Section 2.3(e) with respect to such honored drawing such Revolving Lender’s Revolving Commitment Percentage Pro Rata Share of all payments subsequently received by the Issuing Bank from the Borrower in reimbursement of such honored drawing when such payments are received. Any such distribution shall be made to a Revolving Lender at its primary address set forth below its name on Appendix B or at such other address as such Revolving Lender may request.

Appears in 2 contracts

Samples: Credit Agreement (Regal Entertainment Group), Credit Agreement (Regal Entertainment Group)

Revolving Lenders’ Purchase of Participations in Letters of Credit. Immediately upon the issuance of each Letter of Credit, each Revolving Lender having a Revolving Commitment shall be deemed to have purchased, and hereby agrees to irrevocably purchase, from the each Issuing Bank a participation in such Letter of Credit and any drawings honored thereunder in an amount equal to such Revolving Lender’s Revolving Commitment Percentage Pro Rata Share (with respect to the Revolving Commitments) of the maximum amount which that is or at any time may become available to be drawn thereunder. In the event that the Borrower shall fail for any reason to reimburse an such Issuing Bank as provided in Section 2.3(d), the such Issuing Bank shall promptly notify each Revolving Lender of the unreimbursed amount of such honored drawing and of such Revolving Lender’s respective participation therein based on such Lender’s Pro Rata Share of the Revolving Lxxxxx’s Revolving Commitment PercentageCommitments. Each Revolving Lender shall make available to the such Issuing Bank an amount equal to its respective participation, in Dollars and in same day funds, at the office of the such Issuing Bank specified in such notice, not later than 12:00 p.m. (New York City time) on the first Business Day business day (under the laws of the jurisdiction in which such office of the such Issuing Bank is located) after the date notified by the such Issuing Bank. In the event that any Revolving Lender fails to make available to the such Issuing Bank on such Business Day business day the amount of such Revolving Lender’s participation in such Letter of Credit as provided in this Section 2.3(e), the such Issuing Bank shall be entitled to recover such amount on demand from such Revolving Lender together with interest thereon for three (3) Business Days at the rate customarily used by the such Issuing Bank for the correction of errors among banks banks, and thereafter at the Base Rate. Nothing in this Section 2.3(e) shall be deemed to prejudice the right of any Revolving Lender to recover from the any Issuing Bank any amounts made available by such Revolving Lender to the such Issuing Bank pursuant to this Section 2.3(e) in the event that it is determined that the payment with respect to a Letter of Credit in respect of which payment was made by such Revolving Lender constituted gross negligence or willful misconduct on the part of the such Issuing Bank, as finally determined by a court of competent jurisdiction in a final, non-appealable ordernonappealable decision. In the event an any Issuing Bank shall have been reimbursed by other Revolving Lenders pursuant to this Section 2.3(e) for all or any portion of any drawing honored by the such Issuing Bank under a Letter of Credit, the such Issuing Bank shall distribute to each Revolving Lender which that has paid all amounts payable by it under this Section 2.3(e) with respect to such honored drawing such Revolving Lender’s Revolving Commitment Percentage Pro Rata Share of all payments subsequently received by the such Issuing Bank from the Borrower in reimbursement of such honored drawing when such payments are received. Any such distribution shall be made to a Revolving Lender at its primary address set forth below its name on Appendix B or at such other address as such Revolving Lender may request.

Appears in 1 contract

Samples: Credit Agreement (Regal Entertainment Group)

Revolving Lenders’ Purchase of Participations in Letters of Credit. Immediately upon the issuance of each Letter of Credit, each Lender having a Revolving Commitment shall be deemed to have purchased, and hereby agrees to irrevocably purchase, from the Issuing Bank a participation in such Letter of Credit and any drawings honored thereunder in an amount equal to such Revolving Lender’s Revolving Commitment Percentage (with respect to the Revolving Commitments) of the maximum amount which is or at any time may become available to be drawn thereunder. In the event that the Borrower shall fail for any reason to reimburse an Issuing Bank as provided in Section 2.3(d), the Issuing Bank shall promptly notify each Revolving Lender of the unreimbursed amount of such honored drawing and of such Revolving Lender’s respective participation therein based on such Revolving LxxxxxLender’s Revolving Commitment Percentage. Each Revolving Lender shall make available to the Issuing Bank an amount equal to its respective participation, in Dollars and in same day funds, at the office of the Issuing Bank specified in such notice, not later than 12:00 p.m. on the first Business Day (under the laws of the jurisdiction in which such office of the Issuing Bank is located) after the date notified by the Issuing Bank. In the event that any Revolving Lender fails to make available to the Issuing Bank on such Business Day the amount of such Revolving Lender’s participation in such Letter of Credit as provided in this Section 2.3(e), the Issuing Bank shall be entitled to recover such amount on demand from such Revolving Lender together with interest thereon for three (3) Business Days at the rate customarily used by the Issuing Bank for the correction of errors among banks and thereafter at the Base Rate. Nothing in this Section 2.3(e) shall be deemed to prejudice the right of any Revolving Lender to recover from the Issuing Bank any amounts made available by such Revolving Lender to the Issuing Bank pursuant to this Section in the event that it is determined that the payment with respect to a Letter of Credit in respect of which payment was made by such Revolving Lender constituted gross negligence or willful misconduct on the part of the Issuing Bank, as determined by a court of competent jurisdiction in a final, non-appealable order. In the event an Issuing Bank shall have been reimbursed by other Revolving Lenders pursuant to this Section 2.3(e) for all or any portion of any drawing honored by the Issuing Bank under a Letter of Credit, the Issuing Bank shall distribute to each Revolving Lender which has paid all amounts payable by it under this Section 2.3(e) with respect to such honored drawing such Revolving Lender’s Revolving Commitment Percentage of all payments subsequently received by the Issuing Bank from the Borrower in reimbursement of such honored drawing when such payments are received. Any such distribution shall be made to a Revolving Lender at its primary address set forth below its name on Appendix B or at such other address as such Revolving Lender may request.

Appears in 1 contract

Samples: Credit Agreement (Physicians Realty Trust)

Revolving Lenders’ Purchase of Participations in Letters of Credit. Immediately upon the issuance of each Letter of Credit, each Revolving Lender having a Revolving Commitment shall be deemed to have purchased, and hereby agrees to irrevocably purchase, from the Issuing Bank a participation in such Letter of Credit and any drawings honored thereunder in an amount equal to such Revolving Lender’s Revolving Commitment Percentage Pro Rata Share (with respect to the Revolving Commitments) of the maximum amount which is or at any time may become available to be drawn thereunder. In the event that the Borrower shall fail for any reason to reimburse an Issuing Bank as provided in Section 2.3(d2.04(d), the Issuing Bank shall promptly notify each Revolving Lender of the unreimbursed amount of such honored drawing and of such Revolving Lender’s respective participation therein based on such Revolving LxxxxxLender’s Pro Rata Share of the Revolving Commitment PercentageCommitments. Each Revolving Lender shall make available to the Issuing Bank an amount equal to its respective participation, in Dollars and in same day funds, at the office of the Issuing Bank specified in such notice, not later than 12:00 p.m. (New York City time) on the first Business Day business day (under the laws of the jurisdiction in which such office of the Issuing Bank is located) after the date notified by the Issuing Bank. In the event that any Revolving Lender fails to make available to the Issuing Bank on such Business Day business day the amount of such Revolving Lender’s participation in such Letter of Credit as provided in this Section 2.3(e2.04(e), the Issuing Bank shall be entitled to recover such amount on demand from such Revolving Lender together with interest thereon for three (3) Business Days at the rate customarily used by the Issuing Bank for the correction of errors among banks and thereafter at the Base Rate. Nothing in this Section 2.3(e) shall be deemed to prejudice the right of any Revolving Lender to recover from the Issuing Bank any amounts made available by such Revolving Lender to the Issuing Bank pursuant to this Section in the event that it is determined that the payment with respect to a Letter of Credit in respect of which payment was made by such Revolving Lender constituted gross negligence or willful misconduct on the part greater of the Issuing Bank, as Federal Funds Effective Rate and a rate determined by a court of competent jurisdiction Administrative Agent in a final, non-appealable orderaccordance with banking industry rules on interbank compensation. In the event an Issuing Bank shall have been reimbursed by other Revolving Lenders pursuant to this Section 2.3(e2.04(e) for all or any portion of any drawing honored by the Issuing Bank under a Letter of Credit, the such Issuing Bank shall distribute to each Revolving Lender which has paid all amounts payable by it under this Section 2.3(e2.04(e) with respect to such honored drawing such Revolving Lender’s Revolving Commitment Percentage Pro Rata Share of all payments subsequently received by the Issuing Bank from the Borrower in reimbursement of such honored drawing when such payments are received. Any such distribution shall be made to a Revolving Lender at its primary address set forth below its name on Appendix B or at such other address as such Revolving Lender may request.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (NewPage CORP)

Revolving Lenders’ Purchase of Participations in Letters of Credit. Immediately upon the issuance of each Letter of Credit, each Revolving Lender having a Revolving Commitment shall be deemed to have purchased, and hereby agrees to irrevocably purchase, from the Issuing Bank a participation in such Letter of Credit and any drawings honored thereunder in an amount equal to such Revolving Lender’s Revolving Commitment Percentage 's Pro Rata Share (with respect to the Revolving Commitments) of the maximum amount which that is or at any time may become available to be drawn thereunder. In the event that the Borrower shall fail for any reason to reimburse an Issuing Bank as provided in Section 2.3(d2.4(d), the Issuing Bank shall promptly notify each Revolving Lender of the unreimbursed amount of such honored drawing and of such Revolving Lender’s 's respective participation therein based on such Lender's Pro Rata Share of the Revolving Lxxxxx’s Revolving Commitment PercentageCommitments. Each Revolving Lender shall make available to the Issuing Bank an amount equal to its respective participation, in Dollars and in same day funds, at the office of the Issuing Bank specified in such notice, not later than 12:00 p.m. (New York City time) on the first Business Day business day (under the laws of the jurisdiction in which such office of the Issuing Bank is located) after the date notified by the Issuing Bank. In the event that any Revolving Lender fails to make available to the Issuing Bank on such Business Day business day the amount of such Revolving Lender’s 's participation in such Letter of Credit as provided in this Section 2.3(e)2.4(e) , the Issuing Bank shall be entitled to recover such amount on demand from such Revolving Lender together with interest thereon for three (3) Business Days at the rate customarily used by the Issuing Bank for the correction of errors among banks banks, and thereafter at the Base Rate. Nothing in this Section 2.3(e2.4(e) shall be deemed to prejudice the right of any Revolving Lender to recover from the Issuing Bank any amounts made available by such Revolving Lender to the Issuing Bank pursuant to this Section 2.4(e) in the event that it is determined that the payment with respect to a Letter of Credit in respect of which payment was made by such Revolving Lender constituted gross negligence or willful misconduct on the part of the Issuing Bank, as finally determined by a court of competent jurisdiction in a final, non-appealable ordernonappealable decision. In the event an Issuing Bank shall have been reimbursed by other Revolving Lenders pursuant to this Section 2.3(e2.4(e) for all or any portion of any drawing honored by the Issuing Bank under a Letter of Credit, the such Issuing Bank shall distribute to each Revolving Lender which that has paid all amounts payable by it under this Section 2.3(e2.4(e) with respect to such honored drawing such Revolving Lender’s Revolving Commitment Percentage 's Pro Rata Share of all payments subsequently received by the Issuing Bank from the Borrower in reimbursement of such honored drawing when such payments are received. Any such distribution shall be made to a Revolving Lender at its primary address set forth below its name on Appendix B or at such other address as such Revolving Lender may request.

Appears in 1 contract

Samples: Credit Agreement (Regal Entertainment Group)

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Revolving Lenders’ Purchase of Participations in Letters of Credit. Immediately upon the issuance of each Letter of Credit, each Revolving Lender having a Revolving Commitment shall be deemed to have purchased, and hereby agrees to irrevocably purchase, from the Issuing Bank a participation in such Letter of Credit and any drawings honored thereunder in an amount equal to such Revolving Lender’s Revolving Commitment Percentage Pro Rata Share (with respect to the Revolving Credit Commitments) of the maximum amount which is or at any time may become available to be drawn thereunder. In the event that the Borrower shall fail for any reason to reimburse an the Issuing Bank as provided in Section 2.3(d2.04(d), the Issuing Bank shall promptly notify each Revolving Lender of the unreimbursed amount of such honored drawing and of such Revolving Lender’s respective participation therein based on such Lender’s Pro Rata Share of the Revolving Lxxxxx’s Revolving Commitment PercentageCredit Commitments. Each Revolving Lender shall make available to the Administrative Agent, for the account of the Issuing Bank Bank, an amount equal to its respective participation, in Dollars and in same day funds, at not later than 1:00 p.m. on the office of the Issuing Bank Business Day specified in such notice, not later than 12:00 p.m. on . No such funding of its participation by a Lender shall relieve or otherwise impair the first Business Day (under the laws obligation of the jurisdiction in which such office of Borrower to reimburse the Issuing Bank is located) after for the date notified amount of any payment by the Issuing BankBank under any Letter of Credit, together with interest as provided herein. In the event that any Revolving Lender fails to make available to the Issuing Bank on such Business Day by the time specified herein the amount of such Revolving Lender’s participation in such Letter of Credit as provided in this Section 2.3(e2.04(e), then, without limiting the other provisions of this Agreement, the Issuing Bank shall be entitled to recover such amount on demand from such Revolving Lender Lender, together with interest thereon for three (3) Business Days at the rate customarily used per annum equal to the greater of the Federal Funds Rate and a rate determined by the Issuing Bank for Administrative Agent in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the correction of errors among banks and thereafter at Administrative Agent in connection with the Base Rate. Nothing in this Section 2.3(e) shall be deemed to prejudice the right of any Revolving Lender to recover from the Issuing Bank any amounts made available by such Revolving Lender to the Issuing Bank pursuant to this Section in the event that it is determined that the payment with respect to a Letter of Credit in respect of which payment was made by such Revolving Lender constituted gross negligence or willful misconduct on the part of the Issuing Bank, as determined by a court of competent jurisdiction in a final, non-appealable orderforegoing. In the event an the Issuing Bank shall have been reimbursed by other Revolving Lenders pursuant to this Section 2.3(e2.04(e) for all or any portion of any drawing honored by the Issuing Bank under a Letter of Credit, the Issuing Bank shall distribute to each Revolving Lender which has paid all amounts payable by it under this Section 2.3(e2.04(e) with respect to such honored drawing such Revolving Lender’s Revolving Commitment Percentage Pro Rata Share of all payments subsequently received by the Issuing Bank from the Borrower in reimbursement of such honored drawing when such payments are received. Any such distribution shall be made to a Revolving Lender at its primary address set forth below its name on Appendix B or at such other address as such Revolving Lender may request.

Appears in 1 contract

Samples: Credit Agreement (DigitalOcean Holdings, Inc.)

Revolving Lenders’ Purchase of Participations in Letters of Credit. Immediately upon the issuance of each Letter of Credit, each Revolving Lender having a Revolving Commitment shall be deemed to have purchased, and hereby agrees to irrevocably purchase, from the applicable Issuing Bank a participation in such Letter of Credit and any drawings honored thereunder in an amount equal to such Revolving Lender’s Revolving Commitment Percentage Pro Rata Share (with respect to the Revolving Credit Commitments) of the maximum amount which is or at any time may become available to be drawn thereunderthereunder (calculated, in the case of any Alternate Currency Letter of Credit, based on the Dollar Equivalent thereof). In If the event that the Borrower Borrowers shall fail for any reason to reimburse an such Issuing Bank as provided in Section 2.3(d2.4(d), the such Issuing Bank shall promptly notify each Revolving Lender of the unreimbursed amount of such honored drawing and of such Revolving Lender’s respective participation therein based on such Lender’s Pro Rata Share of the Revolving Lxxxxx’s Revolving Commitment PercentageCredit Commitments (calculated, in the case of any Alternate Currency Letter of Credit, based on the Dollar Equivalent thereof). Each Revolving Lender shall make available to the such Issuing Bank an amount equal to its respective participation, in Dollars and in same day fundsfunds (calculated, in the case of any Alternate Currency Letter of Credit, based on the Dollar Equivalent thereof), at the office of the such Issuing Bank specified in such notice, not later than 12:00 p.m. noon on the first Business Day business day (under the laws Laws of the jurisdiction in which such office of the such Issuing Bank is located) after the date notified by the such Issuing Bank. In the event that If any Revolving Lender fails to make available to the such Issuing Bank on such Business Day business day the amount of such Revolving Lender’s participation in such Letter of Credit as provided in this Section 2.3(e2.4(e), the such Issuing Bank shall be entitled to recover such amount on demand from such Revolving Lender Lender, together with interest thereon for three (3) Business Days at the rate customarily used by the such Issuing Bank for the correction of errors among banks and thereafter at the Base Rate. Nothing in this Section 2.3(e2.4(e) shall be deemed to prejudice the right of any Revolving Lender to recover from the any Issuing Bank any amounts made available by such Revolving Lender to the such Issuing Bank pursuant to this Section in the event that if it is determined that the payment with respect to a Letter of Credit in respect of which payment was made by such Revolving Lender constituted gross negligence or willful misconduct on the part of the such Issuing Bank, Bank as determined by a court of competent jurisdiction in a final, non-appealable orderjudgment of a court of competent jurisdiction. In the event If an Issuing Bank shall have been reimbursed by other Revolving Lenders pursuant to this Section 2.3(e2.4(e) for all or any portion of any drawing honored by the such Issuing Bank under a Letter of Credit, the such Issuing Bank shall distribute to each Revolving Lender which has paid all amounts payable by it under this Section 2.3(e2.4(e) with respect to such honored drawing such Revolving Lender’s Revolving Commitment Percentage Pro Rata Share of all payments subsequently received by the such Issuing Bank from the Borrower Borrowers in reimbursement of such honored drawing when such payments are received. Any such distribution shall be made to a Revolving Lender at its primary address set forth below its name on Appendix B or at such other address as such Revolving Lender may request.

Appears in 1 contract

Samples: Credit and Guaranty Agreement (NRC Group Holdings Corp.)

Revolving Lenders’ Purchase of Participations in Letters of Credit. Immediately upon the issuance of each Letter of Credit, each Revolving Lender having a Revolving Commitment shall be deemed to have purchased, and hereby agrees to irrevocably purchase, from the Issuing Bank a participation in such Letter of Credit and any drawings honored thereunder in an amount equal to such Revolving Lender’s Revolving Commitment Percentage Pro Rata Share (with respect to the Revolving Commitments) of the maximum amount which that is or at any time may become available to be drawn thereunder. In the event that the Borrower shall fail for any reason to reimburse an Issuing Bank as provided in Section 2.3(d2.4(d), the Issuing Bank shall promptly notify each Revolving Lender of the unreimbursed amount of such honored drawing and of such Revolving Lender’s respective participation therein based on such Lender’s Pro Rata Share of the Revolving Lxxxxx’s Revolving Commitment PercentageCommitments. Each Revolving Lender shall make available to the Issuing Bank an amount equal to its respective participation, in Dollars and in same day funds, at the office of the Issuing Bank specified in such notice, not later than 12:00 p.m. (New York City time) on the first Business Day business day (under the laws of the jurisdiction in which such office of the Issuing Bank is located) after the date notified by the Issuing Bank. In the event that any Revolving Lender fails to make available to the Issuing Bank on such Business Day business day the amount of such Revolving Lender’s participation in such Letter of Credit as provided in this Section 2.3(e2.4(e), the Issuing Bank shall be entitled to recover such amount on demand from such Revolving Lender together with interest thereon for three (3) Business Days at the rate customarily used by the Issuing Bank for the correction of errors among banks banks, and thereafter at the Base Rate. Nothing in this Section 2.3(e2.4(e) shall be deemed to prejudice the right of any Revolving Lender to recover from the Issuing Bank any amounts made available by such Revolving Lender to the Issuing Bank pursuant to this Section 2.4(e) in the event that it is determined that the payment with respect to a Letter of Credit in respect of which payment was made by such Revolving Lender constituted gross negligence or willful misconduct on the part of the Issuing Bank, as finally determined by a court of competent jurisdiction in a final, non-appealable ordernonappealable decision. In the event an Issuing Bank shall have been reimbursed by other Revolving Lenders pursuant to this Section 2.3(e2.4(e) for all or any portion of any drawing honored by the Issuing Bank under a Letter of Credit, the such Issuing Bank shall distribute to each Revolving Lender which that has paid all amounts payable by it under this Section 2.3(e2.4(e) with respect to such honored drawing such Revolving Lender’s Revolving Commitment Percentage Pro Rata Share of all payments subsequently received by the Issuing Bank from the Borrower in reimbursement of such honored drawing when such payments are received. Any such distribution shall be made to a Revolving Lender at its primary address set forth below its name on Appendix B or at such other address as such Revolving Lender may request.

Appears in 1 contract

Samples: Credit Agreement (Regal Entertainment Group)

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