Common use of Sharing of Payments Among Lenders Clause in Contracts

Sharing of Payments Among Lenders. If a Lender shall obtain payment of any principal of or interest on any Obligation held by it through the exercise of any right of setoff, banker's lien, counterclaim, or by any other means, it shall promptly purchase from the other Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Obligations of the other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable to the end that all the Lenders shall share the benefit of such payment (net of any expenses which may be incurred by such Lender in obtaining or preserving such benefit) pro rata in accordance with the unpaid principal and interest on the Obligations held by each of them. To such end the Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. Each of the Obligors agrees that any Lender so purchasing a participation (or direct interest) in the Obligations held by the other Lenders may exercise all rights of setoff, banker's lien, counterclaim or similar rights with respect to such participation (or direct interest). Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness of any Obligor or its affiliates.

Appears in 2 contracts

Samples: Credit Agreement (LCC International Inc), Credit Agreement (LCC International Inc)

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Sharing of Payments Among Lenders. If a Lender shall obtain payment of any principal of or interest on any Obligation held Syndicated Loan made by it it, or of any reimbursement obligation of the Parent as to Letters of Credit, through the exercise of any right of setoff, banker's lien, counterclaim, or by any other means, means it shall promptly purchase from the other Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Obligations of Loans made by the other Lenders and Letters of Credit in such amounts, and make such other adjustments from time to time as shall be equitable to the end that all the Lenders shall share the benefit of such payment (net of any expenses which may be incurred by such Lender in obtaining or preserving such benefit) pro rata in accordance with the unpaid principal and interest on the Obligations Loans and Letter of Credit participations held by each of them. To such end the Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. Each of the Obligors Borrower agrees that any Lender so purchasing a participation (or direct interest) in the Obligations held Loans made by the other Lenders or Letters of Credit may exercise all rights of setoff, banker's lien, counterclaim or similar rights with respect to such participation (or direct interest). Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness of any Obligor or its affiliatesBorrower.

Appears in 2 contracts

Samples: Credit Agreement (Movado Group Inc), Credit Agreement (Movado Group Inc)

Sharing of Payments Among Lenders. If a Lender shall obtain payment of any principal of or interest on any Obligation held Loan made by it through the exercise of any right of setoff, banker's lien, counterclaim, or by any other meansmeans (including any receipt of proceeds from the Collateral Account), it shall promptly purchase from the other Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Obligations of Loans made by the other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable to the end that all the Lenders shall share the benefit of such payment (net of any expenses which may be incurred by such Lender in obtaining or preserving such benefit) pro rata in accordance with the unpaid principal and interest on the Obligations Loans held by each of them. To such end the Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. Each of the Obligors The Borrower agrees that any Lender so purchasing a participation (or direct interest) in the Obligations held Loans made by the other Lenders may exercise all rights of setoff, banker's lien, counterclaim or similar rights with respect to such participation (or direct interest). Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness of any Obligor or its affiliatesthe Borrower.

Appears in 2 contracts

Samples: Credit Agreement (Act Manufacturing Inc), Credit and Security Agreement (Option Care Inc/De)

Sharing of Payments Among Lenders. If a Lender shall obtain payment of any principal of or interest on any Obligation held Syndicated Loan made by it it, or of any reimbursement obligation of the Borrower as to Letters of Credit, through the exercise of any right of setoff, banker's lien, counterclaim, or by any other means, means it shall promptly purchase from the other Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Obligations of Loans made by the other Lenders and Letters of Credit in such amounts, and make such other adjustments from time to time as shall be equitable to the end that all the Lenders shall share the benefit of such payment (net of any expenses which may be incurred by such Lender in obtaining or preserving such benefit) pro rata in accordance with the unpaid principal and interest on the Obligations Loans and Letter of Credit participations held by each of them. To such end the Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. Each of the Obligors The Borrower agrees that any Lender so purchasing a participation (or direct interest) in the Obligations held Loans made by the other Lenders or Letters of Credit may exercise all rights of setoff, banker's lien, counterclaim or similar rights with respect to such participation (or direct interest). Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness of any Obligor or its affiliatesthe Borrower. 9.32. 9.33. Section 11.18.

Appears in 1 contract

Samples: Credit Agreement (Movado Group Inc)

Sharing of Payments Among Lenders. If a Lender shall obtain payment of any principal of or interest on any Obligation held Loan made by it through the exercise of any right of setoff, banker's ’s lien, counterclaim, or by any other meansmeans (including any payment obtained from or charged against any third party), it shall promptly purchase from the other Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Obligations of Loans made by the other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable to the end that all the Lenders shall share the benefit of such payment (net of any expenses which may be incurred by such Lender in obtaining or preserving such benefit) pro rata in accordance with the unpaid principal and interest on the Obligations Loans held by each of them. To such end the Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or or, must otherwise be restored. Each of the Obligors XXXX agrees that any Lender so purchasing a participation (or direct interest) in the Obligations held Loans made by the other Lenders may exercise all rights of setoff, banker's ’s lien, counterclaim or similar rights with respect to such participation (or direct interest). Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness of any Obligor or its affiliatesDART.

Appears in 1 contract

Samples: Revolving Credit Agreement

Sharing of Payments Among Lenders. If a Lender shall obtain --------------------------------- payment of any principal of or interest on any Obligation held Loan made by it through the exercise of any right of setoff, banker's lien, counterclaim, or by any other meansmeans (including any receipt of proceeds from the Collateral Account), it shall promptly purchase from the other Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Obligations of Loans made by the other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable to the end that all the Lenders shall share the benefit of such payment (net of any expenses which may be incurred by such Lender in obtaining or preserving such benefit) pro rata in accordance with the unpaid principal and interest on the Obligations Loans held by each of them. To such end the Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. Each of the Obligors The Borrower agrees that any Lender so purchasing a participation (or direct interest) in the Obligations held Loans made by the other Lenders may exercise all rights of setoff, banker's lien, counterclaim or similar rights with respect to such participation (or direct interest). Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness of any Obligor or its affiliatesthe Borrower.

Appears in 1 contract

Samples: Credit Agreement (Act Manufacturing Inc)

Sharing of Payments Among Lenders. If a Lender shall obtain payment of any principal of or interest on any Obligation held Loan made by it through the exercise of any right of setoff, banker's lien, counterclaim, or by any other meansmeans (including any payment obtained from or charged against any Third Party), it shall promptly purchase from the other Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Obligations of Loans made by the other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable to the end that all the Lenders shall share the benefit of such payment (net of any expenses which may be incurred by such Lender in obtaining or preserving such benefit) pro rata in accordance with the unpaid principal and interest on the Obligations Loans held by each of them. To such end the Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. Each of the Obligors agrees The Borrowers agree that any Lender so purchasing a participation (or direct interest) in the Obligations held Loans made by the other Lenders may exercise all rights of setoff, banker's lien, counterclaim or similar rights with respect to such participation (or direct interest). Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness of any Obligor or its affiliatesthe Borrowers.

Appears in 1 contract

Samples: Credit Agreement and Guaranty (Biscayne Apparel Inc /Fl/)

Sharing of Payments Among Lenders. If a Lender shall obtain payment of any principal of or interest on any Obligation held Loan made by it through the exercise of any right of setoff, banker's lien, counterclaim, or by any other meansmeans (including any receipt of proceeds from the Collection Account), it shall promptly purchase from the other Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Obligations of Loans made by the other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable to the end that all the Lenders shall share the benefit of such payment (net of any expenses which may be incurred by such Lender in obtaining or preserving such benefit) pro rata in accordance with the unpaid principal and interest on the Obligations Loans held by each of them. To such end the Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. Each of the Obligors The Borrower agrees that any Lender so purchasing a participation (or direct interest) in the Obligations held Loans made by the other Lenders may exercise all rights of setoff, banker's lien, counterclaim or similar rights with respect to such participation (or direct interest). Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise, 77 79 and retain the benefits of exercising, any such right with respect to any other indebtedness of any Obligor or its affiliatesthe Borrower.

Appears in 1 contract

Samples: Credit Agreement (Computer Task Group Inc)

Sharing of Payments Among Lenders. If a Lender shall obtain payment of any principal of or interest on any Obligation held Loan made by it through the exercise of any right of setoff, banker's lien, counterclaim, or by any other means, it shall promptly purchase from the other Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Obligations of Loans made by the other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable to the end that all the Lenders shall share the benefit of such payment (net of any expenses which may be incurred by such Lender in obtaining or preserving such benefit) pro rata in accordance with the unpaid principal and interest on the Obligations Loans held by each of them. To such end the Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. Each of the Obligors The Borrowers agrees that any Lender so purchasing a participation (or direct interest) in the Obligations held Loans made by the other Lenders may exercise all rights of setoff, banker's lien, counterclaim or similar rights with respect to such participation (or direct interest). Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness of any Obligor or its affiliatesthe Borrowers.

Appears in 1 contract

Samples: Credit Agreement (Gleason Corp /De/)

Sharing of Payments Among Lenders. If a Lender shall obtain payment of any principal of or interest on any Obligation held Loan made by it through the exercise of any right of setoff, banker's lien, counterclaim, or by any other meansmeans (including any receipt of proceeds from the Collateral Account), it shall promptly purchase from the other Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Obligations of Loans made by the other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable to the end that all the Lenders shall share the benefit of such payment (net of any expenses which may be incurred by such Lender in obtaining or preserving such benefit) pro rata in accordance with the unpaid principal and interest on the Obligations Loans held by each of them. To such end the Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. Each of the Obligors agrees The Borrowers agree that any Lender so purchasing a participation (or direct interest) in the Obligations held Loans made by the other Lenders may exercise all rights of setoff, banker's lien, counterclaim or similar rights with respect to such participation (or direct interest). Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness of any Obligor or its affiliatesthe Borrowers.

Appears in 1 contract

Samples: Credit Agreement (Huttig Building Products Inc)

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Sharing of Payments Among Lenders. If a Lender shall obtain payment of any principal of or interest on any Obligation held Loan made by it through the exercise of any right of setoff, banker's ’s lien, counterclaim, or by any other meansmeans (including any payment obtained from or charged against any third party), it shall promptly purchase from the other Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Obligations of Loans made by the other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable to the end that all the Lenders shall share the benefit of such payment (net of any expenses which may be incurred by such Lender in obtaining or preserving such benefit) pro rata in accordance with the unpaid principal and interest on the Obligations Loans held by each of them. To such end the Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or or, must otherwise be restored. Each of the Obligors DART agrees that any Lender so purchasing a participation (or direct interest) in the Obligations held Loans made by the other Lenders may exercise all rights of setoff, banker's ’s lien, counterclaim or similar rights with respect to such participation (or direct interest). Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness of any Obligor or its affiliatesDART.

Appears in 1 contract

Samples: Revolving Credit Agreement

Sharing of Payments Among Lenders. If a Lender shall obtain payment of any principal of or interest on any Obligation held Loan made by it it, through the exercise of any right of setoff, banker's lien, counterclaim, or by any other means, means it shall promptly purchase from the other Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Obligations of Loans made by the other Lenders in such amountsLenders, and make such other adjustments from time to time as shall be equitable to the end that all the Lenders shall share the benefit of such payment (net of any expenses which may be incurred by such Lender in obtaining or preserving such benefit) pro rata in accordance with the unpaid principal and interest on the Obligations Loans held by each of them. To such end the Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. Each of the Obligors Borrower agrees that any Lender so purchasing a participation (or direct interest) in the Obligations held Loans made by the other Lenders may exercise all rights of setoff, banker's lien, counterclaim or similar rights with respect to such participation (or direct interest). Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness of any Obligor or its affiliatesBorrower.

Appears in 1 contract

Samples: Credit Agreement (Movado Group Inc)

Sharing of Payments Among Lenders. If a Lender shall obtain payment of any principal of or interest on any Obligation held Loan made by it through the exercise of any right of setoff, banker's lien, counterclaim, or by any other meansmeans (including any receipt of proceeds from the Collection Account), it shall promptly purchase from the other Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Obligations of Loans made by the other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable to the end that all the Lenders shall share the benefit of such payment (net of any expenses which may be incurred by such Lender in obtaining or preserving such benefit) pro rata in accordance with the unpaid principal and interest on the Obligations Loans held by each of them. To such end the Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. Each of the Obligors agrees The Borrowers agree that any Lender so purchasing a participation (or direct interest) in the Obligations held Loans made by the other Lenders may exercise all rights of setoff, banker's lien, counterclaim or similar rights with respect to such participation (or direct interest). Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness of any Obligor or its affiliatesthe Borrower.

Appears in 1 contract

Samples: Credit Agreement (Computer Task Group Inc)

Sharing of Payments Among Lenders. If a Lender shall obtain payment of any principal of its Note or of interest on any Obligation held by it thereon through the exercise of any right of setoff, banker's lien, counterclaim, or by any other meansmeans (including direct payment), and such payment results in such Lender receiving a greater payment than it would have been entitled to had such payment been paid directly to Administrative Agent for disbursement to Lenders, then such Lender shall promptly purchase for cash from the other Lenders participations Participations in (or, if and to the extent specified by such Lender, direct interests in) the Obligations of the other Lenders Loan in such amounts, and make such other adjustments from time to time as shall be equitable equitable, to the end that all the Lenders shall share ratably the benefit of such payment (net of any expenses which may be incurred by such Lender in obtaining or preserving such benefit) pro rata in accordance with the unpaid principal and interest on the Obligations held by each of thempayment. To such end the Lenders shall make appropriate adjustments among themselves (by the resale of participations Participations sold or otherwise) if such payment is rescinded or must otherwise be restored. Each of the Obligors Borrower agrees that any Lender so purchasing a participation (or direct interest) Participation in the Obligations held by the Loan from other Lenders may exercise all rights of setoff, banker's lien, counterclaim or similar rights with respect to such participation (or direct interest)Participation. Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness of any Obligor or its affiliatesBorrower.

Appears in 1 contract

Samples: Building Loan Agreement (Taubman Centers Inc)

Sharing of Payments Among Lenders. If a Lender shall obtain payment of any principal of or interest on any Obligation held Loan made by it through the exercise of any right of setoff, banker's lien, counterclaim, counterclaim or by any other meansmeans (including any receipt of proceeds from the Collateral Account), it shall promptly purchase from the other Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Obligations of Loans made by the other Lenders in such amounts, and make such other adjustments from time to time as shall be equitable to the end that all the Lenders shall share the benefit of such payment (net of any expenses which may be incurred by such Lender in obtaining or preserving such benefit) pro rata in accordance with the unpaid principal and interest on the Obligations Loans held by each of them. To such end end, the Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded or must otherwise be restored. Each of the Obligors agrees The Borrowers agree that any Lender so purchasing a participation (or direct interest) in the Obligations held Loans made by the other Lenders may exercise all rights of setoff, banker's lien, counterclaim or similar rights with respect to such participation (or direct interest). Nothing contained herein shall require any Lender to exercise any such right or shall affect the right of any Lender to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness Indebtedness of any Obligor or its affiliatesthe Borrowers.

Appears in 1 contract

Samples: Credit Agreement (Hawk Corp)

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