Common use of Sale and Purchase of Participation Clause in Contracts

Sale and Purchase of Participation. Each Participating Bank hereby irrevocably and unconditionally agrees to purchase, and Letter of Credit Issuing Bank hereby agrees to sell and transfer to each Participating Bank, an undivided fractional interest equal to such Participating Bank’s Pro Rata Share in each Letter of Credit upon issuance thereof and each draw thereunder upon such drawing, and in the obligations of the Letter of Credit Account Parties in respect of each such Letter of Credit under this Agreement and the Letter of Credit (including all related payments and recoveries to which such Participating Bank is entitled pursuant to Section 4.05 hereof).

Sale and Purchase of Participation. Each Participating Bank hereby irrevocably and unconditionally agrees to purchase, and Letter of Credit Issuing Bank hereby agrees to sell and transfer to each Participating Bank, an undivided fractional interest equal to such Participating Bank’s 's Pro Rata Share in each Letter of Credit upon issuance thereof and each draw thereunder upon such drawing, and in the obligations of the Letter of Credit Account Parties in respect of each such Letter of Credit under this Agreement and the Letter of Credit (including all related payments and recoveries to which such Participating Bank is entitled pursuant to Section 4.05 hereof).

Sale and Purchase of Participation. Each Participating Bank hereby irrevocably and unconditionally agrees to purchase, and Letter of Credit Issuing Bank Chase hereby agrees to sell and transfer to each Participating Bank, an undivided fractional interest equal to such Participating Bank’s 's Pro Rata Share in each Letter of Credit upon issuance thereof and each draw thereunder upon such drawing, drawing and in the obligations of the Letter of Credit Account Parties Borrower in respect of each such Letter of Credit under this Agreement and the Letter of Credit (including all related payments and recoveries to which such Participating Bank is entitled pursuant to Section 4.05 hereof).

Sale and Purchase of Participation. Each Participating Bank hereby irrevocably and unconditionally agrees to purchase, and Letter of Credit Issuing Bank Chase hereby agrees to sell and transfer to each Participating Bank, an undivided fractional interest equal to such Participating Bank’s 's Pro Rata Share in each Letter of Credit upon issuance thereof and each draw thereunder upon such drawing, and in the obligations of the Letter of Credit Account Parties Borrower in respect of each such Letter of Credit under this Agreement and the Letter of Credit (including all related payments and recoveries to which such Participating Bank is entitled pursuant to Section 4.05 hereof).