Common use of Equalization Provision Clause in Contracts

Equalization Provision. Each Bank agrees with the other Banks that if it, at any time, shall obtain any Advantage over the other Banks or any thereof in respect of the Debt (except under Article III hereof), it shall purchase from the other Banks, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such Bank) ratably to the extent of the recovery. Each Bank further agrees with the other Banks that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness owing by Borrower to that Bank by reason of offset of any deposit or other indebtedness, it will apply such payment first to any and all Debt owing by Borrower to that Bank (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Borrower agrees that any Bank so purchasing a participation from the other Banks or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was a direct creditor of Borrower in the amount of such participation.

Appears in 5 contracts

Sources: Credit Agreement (Davey Tree Expert Co), Credit Agreement (Davey Tree Expert Co), Credit Agreement (Park Ohio Industries Inc/Oh)

Equalization Provision. Each Bank agrees with the other Banks that if it, at any time, shall obtain any Advantage over the other Banks or any thereof in respect of the Debt (except as to Swing Loans and except under Article III hereof), it shall purchase from the other Banks, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such Bank) ratably to the extent of the recovery. Each Bank further agrees with the other Banks that if it at any time shall receive any payment for or on behalf of any Borrower on any indebtedness owing by such Borrower to that Bank by reason of offset of any deposit or other indebtedness, it will apply such payment first to any and all Debt owing by such Borrower to that Bank (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Each Borrower agrees that any Bank so purchasing a participation from the other Banks or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was a direct creditor of such Borrower in the amount of such participation.

Appears in 5 contracts

Sources: Credit Agreement (Nordson Corp), Credit Agreement (Nordson Corp), Credit Agreement (Nordson Corp)

Equalization Provision. Each Bank Lender agrees with the other Banks Lenders that if it, at any time, shall obtain any Advantage over the other Banks applicable Lenders or any thereof in respect of the Applicable Debt (except under Article III hereof), it shall purchase from the other Banksapplicable Lenders, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank Lender receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank Lender receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such BankLender) ratably Ratably to the extent of the recovery. Each Bank Lender further agrees with the other Banks Lenders that if it at any time shall receive any payment for or on behalf of Borrower Borrowers on any indebtedness Indebtedness owing by Borrower Borrowers to that Bank Lender by reason of offset of any deposit or other indebtednessIndebtedness, it will apply such payment first to any and all Applicable Debt owing by Borrower Borrowers to that Bank Lender (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Borrower agrees Borrowers agree that any Bank Lender so purchasing a participation from the other Banks Lenders or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-set off) with respect to such participation as fully as if such Bank Lender was a direct creditor of Borrower Borrowers in the amount of such participation.

Appears in 4 contracts

Sources: Credit and Security Agreement, Credit and Security Agreement (Ultralife Corp), Credit and Security Agreement (Regional Brands Inc.)

Equalization Provision. Each Bank agrees with the other Banks that if it, at any time, shall obtain any Advantage over the other Banks or any thereof in respect of the Debt (except under Article III hereof), it shall purchase from the other Banks, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such Bank) ratably to the extent of the recovery. Each Bank further agrees with the other Banks that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness owing by Borrower to that Bank by reason of offset of any deposit or other indebtedness, it will apply such payment first to any and all Debt owing by Borrower to that Bank (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Borrower agrees that any Bank so purchasing a participation from the other Banks or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was a direct creditor of Borrower in the amount of such participation.

Appears in 3 contracts

Sources: Term Loan Facility (Nordson Corp), Term Loan Facility Agreement (Nordson Corp), Credit Agreement (Nordson Corp)

Equalization Provision. Each Bank agrees with the other Banks that if it, at any time, shall obtain any Advantage over the other Banks or any thereof in respect of the Debt (except as to Swing Loans and except under Article III hereof), it shall purchase from the other Banks, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such Bank) ratably to the extent of the recovery. Each Bank further agrees with the other Banks that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness owing by Borrower to that Bank by reason of offset of any deposit or other indebtedness, it will apply such payment first to any and all Debt owing by Borrower to that Bank (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Borrower agrees that any Bank so purchasing a participation from the other Banks or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was a direct creditor of Borrower in the amount of such participation.

Appears in 3 contracts

Sources: Credit Agreement (Nordson Corp), Credit Agreement (Standard Register Co), Credit Agreement (Nordson Corp)

Equalization Provision. Each Bank agrees with the other Banks that if it, at any time, shall obtain any Advantage over the other Banks or any thereof in respect of the Debt (except under Article III hereof), it shall purchase from the other Banks, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person person recovering the Advantage from such Bank) ratably to the extent of the recovery. Each Bank further agrees with the other Banks that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness owing by Borrower to that Bank by reason of offset of any deposit or other indebtedness, it will apply such payment first to any and all Debt indebtedness owing by Borrower to that Bank pursuant to this Agreement (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Borrower agrees that any Bank so purchasing a participation from the other Banks or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was a direct creditor of Borrower in the amount of such participation.

Appears in 3 contracts

Sources: Credit Agreement (Oglebay Norton Co), Credit Agreement (Greif Brothers Corp), Credit Agreement (Park Ohio Industries Inc)

Equalization Provision. Each Bank Lender agrees with the other Banks Lenders that if it, at any time, shall obtain any Advantage over the other Banks Lenders or any thereof in respect of the Debt (except as to Swing Loans and Letters of Credit prior to Agent's giving of notice to participate and except under Article III hereof), it shall purchase from the other BanksLenders, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank Lender receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank Lender receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such BankLender) ratably to the extent of the recovery. Each Bank Lender further agrees with the other Banks Lenders that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness owing by Borrower to that Bank Lender (whether by voluntary payment, by realization upon security, by reason of offset of any deposit or other indebtedness, by counterclaim or cross-action, by the enforcement of any right under any Loan Document, or otherwise), it will apply such payment first to any and all Debt owing by Borrower to that Bank Lender (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Borrower agrees that any Bank Lender so purchasing a participation from the other Banks Lenders or any thereof pursuant to this Section may exercise all of its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank Lender was a direct creditor of Borrower in the amount of such participation.

Appears in 2 contracts

Sources: Credit Agreement (Pioneer Standard Electronics Inc), Credit Agreement (Sykes Enterprises Inc)

Equalization Provision. Each Bank Lender agrees with the other Banks Lenders that if it, at any time, shall obtain any Advantage over the other Banks Lenders or any thereof in respect of the Debt (except under Article III hereof), it shall purchase from the other BanksLenders, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank Lender receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank Lender receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such BankLender) ratably to the extent of the recovery. Each Bank Lender further agrees with the other Banks Lenders that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness owing by Borrower to that Bank Lender by reason of offset of any deposit or other indebtedness, it will apply such payment first to any and all Debt owing by Borrower to that Bank Lender (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Borrower agrees that any Bank Lender so purchasing a participation from the other Banks Lenders or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank Lender was a direct creditor of Borrower in the amount of such participation.

Appears in 2 contracts

Sources: Term Loan Agreement (Nordson Corp), Term Loan Agreement (Nordson Corp)

Equalization Provision. Each Bank agrees with the other Banks that if it, at any time, shall obtain any Advantage over the other Banks or any thereof in respect of the Debt (except under Article III hereof), it shall purchase from the other Banks, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such Bank) ratably to the extent of the recovery. Each Bank further agrees with the other Banks that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness owing by Borrower to that Bank by reason of offset of any deposit or other indebtedness, it will apply such payment first to any and all Debt owing by Borrower to that Bank (including, without limitation, any participation purchased or to be purchased pursuant to this Section 8.5 or any other Section of this Agreement). Borrower agrees that any Bank so purchasing a participation from the other Banks or any thereof pursuant to this Section 8.5 may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was a direct creditor of Borrower in the amount of such participation.

Appears in 2 contracts

Sources: Credit Agreement (Davey Tree Expert Co), Credit Agreement (Davey Tree Expert Co)

Equalization Provision. Each Bank Lender agrees with the other Banks Lenders that if it, at any time, shall obtain any Advantage over the other Banks Lenders or any thereof in respect of the Debt Obligations (except as to Swing Loans and Letters of Credit prior to Agent’s giving of notice to participate and except under Article III hereof), it shall purchase from the other BanksLenders, for cash and at par, such additional participation in the Debt Obligations as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank Lender receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank Lender receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such BankLender) ratably to the extent of the recovery. Each Bank Lender further agrees with the other Banks Lenders that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness Indebtedness owing by Borrower pursuant to that Bank this Agreement (whether by voluntary payment, by realization upon security, by reason of offset of any deposit or other indebtedness, by counterclaim or cross-action, by the enforcement of any right under any Loan Document, or otherwise), it will apply such payment first to any and all Debt Obligations owing by Borrower to that Bank Lender (including, without limitation, any participation purchased or to be purchased pursuant to this Section 8.5 or any other Section of this Agreement). Borrower agrees that any Bank Lender so purchasing a participation from the other Banks Lenders or any thereof pursuant to this Section 8.5 may exercise all of its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank Lender was a direct creditor of Borrower in the amount of such participation.

Appears in 2 contracts

Sources: Credit Agreement (Teletech Holdings Inc), Credit Agreement (Teletech Holdings Inc)

Equalization Provision. Each Bank agrees with the other Banks that if it, at any time, shall obtain any Advantage over the other Banks or any thereof in respect of the Debt (except under Article III hereof), it shall purchase from the other Banks, for cash and at par, such additional participation in the Applicable Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such Bank) ratably to the extent of the recovery. Each Bank further agrees with the other Banks that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness owing by Borrower to that Bank by reason of offset of any deposit or other indebtedness, it will apply such payment first to any and all the Debt owing by Borrower to that Bank (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement), subject to the Tranche D Conditions. Borrower agrees that any Bank so purchasing a participation from the other Banks or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was a direct creditor of Borrower in the amount of such participation. 15. The Credit Agreement is hereby amended to delete Section 9.9 therefrom and to insert in place thereof the following:

Appears in 2 contracts

Sources: Credit Agreement (Park Ohio Holdings Corp), Credit Agreement (Park Ohio Industries Inc/Oh)

Equalization Provision. Each Bank Lender agrees with the other Banks Lenders that if it, at any time, shall obtain any Advantage over the other Banks Lenders or any thereof in respect of the Debt (except as to Swing Loans and except under Article III hereof), it shall purchase from the other BanksLenders, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank Lender receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank Lender receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such BankLender) ratably to the extent of the recovery. Each Bank Lender further agrees with the other Banks Lenders that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness owing by Borrower to that Bank Lender by reason of offset of any deposit or other indebtedness, it will apply such payment first to any and all Debt owing by Borrower to that Bank Lender (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Borrower agrees that any Bank Lender so purchasing a participation from the other Banks Lenders or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank Lender was a direct creditor of Borrower in the amount of such participation.

Appears in 2 contracts

Sources: Credit Agreement (Steris Corp), Credit Agreement (Steris Corp)

Equalization Provision. Each Bank Lender agrees with the other Banks Lenders that if it, at any time, shall obtain any Advantage over the other Banks Lenders or any thereof in respect of the Debt Obligations (except as to Swing Loans and Letters of Credit prior to Agent’s giving of notice to participate and except under Article III hereof), it shall purchase from the other BanksLenders, for cash and at par, such additional participation in the Debt Obligations as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank Lender receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank Lender receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such BankLender) ratably to the extent of the recovery. Each Bank Lender further agrees with the other Banks Lenders that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness owing by Borrower to that Bank Lender (whether by realization upon security, by reason of offset of any deposit or other indebtedness, by counterclaim or cross-action or by the enforcement of any right under any Loan Document), it will apply such payment first to any and all Debt Obligations owing by Borrower to that Bank Lender (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Borrower agrees that any Bank Lender so purchasing a participation from the other Banks Lenders or any thereof pursuant to this Section may exercise all of its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank Lender was a direct creditor of Borrower in the amount of such participation.

Appears in 2 contracts

Sources: Credit Agreement (Cintas Corp), Credit Agreement (Cintas Corp)

Equalization Provision. Each Bank agrees with the other Banks that if it, it at any time, time shall obtain any Advantage over the other Banks or any thereof in respect of Borrower’s Debt to the Debt Banks including without limitation in respect of the letters of credit described in Schedule 3.01 hereof (except as to Swing Loans prior to the Agent’s giving of notice to participate and under Article III Sections 4.06, 4.07, 4.08, 4.09, 4.10 and/or 4.11, hereof), it shall will purchase from the other Banks, for cash and at par, such additional participation in Borrower’s Debt to the Debt Banks as shall be necessary to nullify the Advantage. If any such said Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, Advantage each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such Bank) ratably to the extent of the recovery. Each Bank further agrees with the other Banks that if it at any time shall receive any payment for from or on behalf of Borrower on any indebtedness Indebtedness owing by the Borrower to that Bank by reason of offset of any deposit or other indebtednessIndebtedness, it will apply such payment first to any and all Debt owing by Borrower to that Bank pursuant to this Agreement (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement)12.13) until Borrower’s Debt has been paid in full. The Borrower agrees that any Bank so purchasing a participation from the other Banks or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was were a direct creditor of the Borrower in the amount of such participation.

Appears in 2 contracts

Sources: Credit Agreement (Forest City Enterprises Inc), Credit Agreement (Forest City Enterprises Inc)

Equalization Provision. Each Bank agrees with the other Banks that if it, at any time, shall obtain any Advantage over the other Banks or any thereof in respect of the Debt (except under Article III hereofhereof and except as to Competitive Bid Loans), it shall purchase from the other Banks, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person person recovering the Advantage from such Bank) ratably to the extent of the recovery. Each Bank further agrees with the other Banks that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness owing by Borrower to that Bank by reason of offset of any deposit or other indebtedness, it will apply such payment first to any and all Debt indebtedness owing by Borrower to that Bank pursuant to this Agreement (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Borrower agrees that any Bank so purchasing a participation from the other Banks or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was a direct creditor of Borrower in the amount of such participation.

Appears in 2 contracts

Sources: Credit Agreement (Amcast Industrial Corp), Credit Agreement (Amcast Industrial Corp)

Equalization Provision. Each Bank agrees with the other Banks that if it, it at any time, time shall obtain any Advantage over the other Banks or any thereof in respect of Borrower's Debt to the Debt Banks including without limitation in respect of the letters of credit described in Schedule 3.06 hereof (except under Article III Sections 4.06, 4.07, 4.08, 4.09, 4.10 and/or 4.11, hereof), it shall will purchase from the other Banks, for cash and at par, such additional participation in Borrower's Debt to the Debt Banks as shall be necessary to nullify the Advantage. If any such said Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, Advantage each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such Bank) ratably to the extent of the recovery. Each Bank further agrees with the other Banks that if it at any time shall receive any payment for from or on behalf of Borrower on any indebtedness Indebtedness owing by the Borrower to that Bank by reason of offset of any deposit or other indebtednessIndebtedness, it will apply such payment first to any and all Debt owing by Borrower to that Bank pursuant to this Agreement (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement)12.12) until Borrower's Debt has been paid in full. The Borrower agrees that any Bank so purchasing a participation from the other Banks or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was were a direct creditor of the Borrower in the amount of such participation.

Appears in 1 contract

Sources: Credit Agreement (Forest City Enterprises Inc)

Equalization Provision. Each Bank agrees with the other Banks that if it, at any time, shall obtain any Advantage over the other Banks or any thereof in respect of the Debt (except as to Swing Loans and Letters of Credit prior to Agent’s giving of notice to participate and except under Article III hereof), it shall purchase from the other Banks, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such Bank) ratably to the extent of the recovery. Each Bank further agrees with the other Banks that if it at any time shall receive any payment for or on behalf of any Borrower on any indebtedness owing by any Borrower to that Bank (whether by voluntary payment, by realization upon security, by reason of offset of any deposit or other indebtedness, by counterclaim or cross-action, by the enforcement of any right under any Loan Document, or otherwise) it will apply such payment first to any and all Debt owing by such Borrower to that Bank (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Each Borrower agrees that any Bank so purchasing a participation from the other Banks or any thereof pursuant to this Section may exercise all of its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was a direct creditor of such Borrower in the amount of such participation.

Appears in 1 contract

Sources: Credit and Security Agreement (MTC Technologies Inc)

Equalization Provision. Each Bank agrees with the other Banks that if it, at any time, shall obtain any Advantage over the other Banks or any thereof in respect of the Debt (except as to Swing Loans prior to Agent's giving of notice to participate and except under Article III hereof), it shall purchase from the other Banks, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such Bank) ratably to the extent of the recovery. Each Bank further agrees with the other Banks that if it at any time shall receive any payment for or on behalf of any Borrower on any indebtedness owing by any Borrower to that Bank (whether by voluntary payment, by realization upon security, by reason of offset of any deposit or other indebtedness, by counterclaim or cross-action, by the enforcement of any right under any Loan Document, or otherwise) it will apply such payment first to any and all Debt owing by such Borrower to that Bank (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Each Borrower agrees that any Bank so purchasing a participation from the other Banks or any thereof pursuant to this Section may exercise all of its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was a direct creditor of such Borrower in the amount of such participation.

Appears in 1 contract

Sources: Credit and Security Agreement (MTC Technologies Inc)

Equalization Provision. Each Bank agrees with the other Banks that if it, at any time, shall obtain any Advantage over the other Banks or any thereof in respect of the Debt (except as to Swing Loans as set forth in Section 2.1B hereof and except under Article III hereof), it shall purchase from the other Banks, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such Bank) ratably to the extent of the recovery. Each Bank further agrees with the other Banks that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness owing by Borrower to that Bank by reason of offset of any deposit or other indebtedness, it will apply such payment first to any and all Debt owing by Borrower to that Bank (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Borrower agrees that any Bank so purchasing a participation from the other Banks or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was a direct creditor of Borrower in the amount of such participation.

Appears in 1 contract

Sources: Credit Agreement (Steris Corp)

Equalization Provision. Each Bank Lender agrees with the other Banks Lenders that if it, at any time, shall obtain any Advantage over the other Banks Lenders or any thereof in respect of the Debt (except under Article ‎Article III hereof), it shall purchase from the other BanksLenders, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank Lender receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank Lender receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such BankLender) ratably to the extent of the recovery. Each Bank Lender further agrees with the other Banks Lenders that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness owing by Borrower to that Bank Lender by reason of offset of any deposit or other indebtedness, it will apply such payment first to any and all Debt owing by Borrower to that Bank Lender (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Borrower agrees that any Bank Lender so purchasing a participation from the other Banks Lenders or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank Lender was a direct creditor of Borrower in the amount of such participation.

Appears in 1 contract

Sources: Term Loan Agreement (Nordson Corp)

Equalization Provision. Each Bank agrees with the other Banks that if it, at any time, shall obtain any Advantage over the other Banks or any thereof in respect of the Debt (except as to Swing Loans as set forth in subpart 2 of Section 2.1A hereof or subpart 2 of Section 2.1B hereof and except under Article III hereof), it shall purchase from the other Banks, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such Bank) ratably to the extent of the recovery. Each Bank further agrees with the other Banks that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness owing by Borrower to that Bank by reason of offset of any deposit or other indebtedness, it will apply such payment first to any and all Debt owing by Borrower to that Bank (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Borrower agrees that any Bank so purchasing a participation from the other Banks or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was a direct creditor of Borrower in the amount of such participation.

Appears in 1 contract

Sources: Credit Agreement (Steris Corp)

Equalization Provision. Each Bank Lender agrees with the other Banks Lenders that if it, at any time, shall obtain any Advantage over the other Banks Lenders or any thereof in respect of the Debt Obligations (except under Article III hereof), it shall purchase from the other BanksLenders, for cash and at par, such additional participation in the Debt Obligations as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank Lender receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank Lender receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such BankLender) ratably to the extent of the recovery. Each Bank Lender further agrees with the other Banks Lenders that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness Indebtedness owing by Borrower to that Bank Lender (whether by voluntary payment, by realization upon security, by reason of offset of any deposit or other indebtedness, by counterclaim or cross-action, by the enforcement of any right under any Loan Document, or otherwise), it will apply such payment first to any and all Debt Obligations owing by Borrower to that Bank Lender (including, without limitation, any participation purchased or to be purchased pursuant to this Section 8.4 or any other Section of this Agreement). Borrower Each Credit Party agrees that any Bank Lender so purchasing a participation from the other Banks Lenders or any thereof pursuant to this Section 8.4 may exercise all of its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was Lender were a direct creditor of Borrower such Credit Party in the amount of such participation.

Appears in 1 contract

Sources: Credit Agreement (Bea Systems Inc)

Equalization Provision. Each Bank Lender agrees with the other Banks Lenders that if it, at any time, shall obtain any Advantage over the other Banks Lenders or any thereof in respect of the Debt Obligations (except as to Swing Loans and Letters of Credit prior to Agent’s giving of notice to participate and except under Article III hereof), it shall purchase from the other BanksLenders, for cash and at par, such additional participation in the Debt Obligations as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank Lender receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank Lender receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such BankLender) ratably to the extent of the recovery. Each Bank Lender further agrees with the other Banks Lenders that if it at any time shall receive any payment for or on behalf of any Borrower on any indebtedness Indebtedness owing by any Borrower pursuant to that Bank this Agreement (whether by voluntary payment, by realization upon security, by reason of offset of any deposit or other indebtedness, by counterclaim or cross-action, by the enforcement of any right under any Loan Document, or otherwise) it will apply such payment first to any and all Debt Obligations owing by such Borrower to that Bank Lender (including, without limitation, any participation purchased or to be purchased pursuant to this Section 8.5 or any other Section of this Agreement). Borrower Each Credit Party agrees that any Bank Lender so purchasing a participation from the other Banks Lenders or any thereof pursuant to this Section 8.5 may exercise all of its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was Lender were a direct creditor of Borrower such Credit Party in the amount of such participation.

Appears in 1 contract

Sources: Credit Agreement (IHS Inc.)

Equalization Provision. Each Bank Lender agrees with the other Banks Lenders that if it, at any time, shall obtain any Advantage over the other Banks Lenders or any thereof in respect of the Debt (except as to Swing Loans and except under Article III hereof), it shall purchase from the other BanksLenders, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank Lender receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank Lender receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such BankLender) ratably to the extent of the recovery. Each Bank Lender further agrees with the other Banks Lenders that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness owing by Borrower to that Bank Lender by reason of offset of any deposit or other indebtedness, it will apply such payment first to any and all Debt owing by Borrower to that Bank Lender (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Borrower agrees that any Bank Lender so purchasing a participation from the other Banks Lenders or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-offset‑off) with respect to such participation as fully as if such Bank Lender was a direct creditor of Borrower in the amount of such participation.

Appears in 1 contract

Sources: Credit Agreement (Steris Corp)

Equalization Provision. Each Bank Lender agrees with the other Banks Lenders that if it, at any time, shall obtain any Advantage over the other Banks Lenders or any thereof in respect of the Debt Obligations (except as to Swing Loans and Letters of Credit prior to Agent’s giving of notice to participate and except under Article III hereof), it shall purchase from the other BanksLenders, for cash and at par, such additional participation in the Debt Obligations as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank Lender receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank Lender receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such BankLender) ratably to the extent of the recovery. Each Bank Lender further agrees with the other Banks Lenders that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness owing by Borrower to that Bank Lender (whether by voluntary payment, by realization upon security, by reason of offset of any deposit or other indebtedness, by counterclaim or cross-action, by the enforcement of any right under any Loan Document, or otherwise), it will apply such payment first to any and all Debt Obligations owing by Borrower to that Bank Lender (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Borrower agrees that any Bank Lender so purchasing a participation from the other Banks Lenders or any thereof pursuant to this Section may exercise all of its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank Lender was a direct creditor of Borrower in the amount of such participation.

Appears in 1 contract

Sources: Credit Agreement (Teletech Holdings Inc)

Equalization Provision. Each Bank agrees with the other Banks that if it, at any time, shall obtain any Advantage over the other Banks or any thereof in respect of the Debt (except under Article III hereofand except as to Competitive Bid Loans), it shall purchase from the other Banks, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such Bank) ratably to the extent of the recovery. Each Bank further agrees with the other Banks that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness owing by Borrower to that Bank by reason of offset of any deposit or other indebtedness, it will apply such payment first to any and all Debt owing by Borrower to that Bank (including, without limitation, any participation purchased or to be purchased pursuant to this Section 8.4 or any other Section of this Agreement). Borrower agrees that any Bank so purchasing a participation from the other Banks or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was a direct creditor of Borrower in the amount of such participation.

Appears in 1 contract

Sources: Credit Agreement (Timken Co)

Equalization Provision. Each Bank Lender agrees with the other Banks Lenders that if it, at any time, shall obtain any Advantage over the other Banks Lenders or any thereof in respect of the Debt Obligations (except as to Swing Loans and Letters of Credit prior to Agent’s giving of notice to participate and except under Article III hereof), it shall purchase from the other BanksLenders, for cash and at par, such additional participation in the Debt Obligations as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank Lender receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank Lender receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such BankLender) ratably to the extent of the recovery. Each Bank Lender further agrees with the other Banks Lenders that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness owing by Borrower to that Bank Lender pursuant to this Agreement (whether by voluntary payment, by realization upon security, by reason of offset of any deposit or other indebtedness, by counterclaim or cross-action, by the enforcement of any right under any Loan Document, or otherwise), it will apply such payment first to any and all Debt Obligations owing by Borrower to that Bank Lender (including, without limitation, any participation purchased or to be purchased pursuant to this Section 8.5 or any other Section of this Agreement). Borrower Each Credit Party agrees that any Bank Lender so purchasing a participation from the other Banks Lenders or any thereof pursuant to this Section 8.5 may exercise all of its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was Lender were a direct creditor of Borrower such Credit Party in the amount of such participation.

Appears in 1 contract

Sources: Credit Agreement (Nautilus, Inc.)

Equalization Provision. Each Bank agrees with the other Banks that if it, at any time, shall obtain any Advantage over the other Banks or any thereof in respect of the Debt (except under Article III hereof), it shall purchase from the other Banks, for cash and at par, such additional participation in the Applicable Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such Bank) ratably to the extent of the recovery. Each Bank further agrees with the other Banks that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness owing by Borrower to that Bank by reason of offset of any deposit or other indebtedness, it will apply such payment first to any and all the Debt owing by Borrower to that Bank (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any 10 other Section of this Agreement), subject to the Tranche D Conditions. Borrower agrees that any Bank so purchasing a participation from the other Banks or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was a direct creditor of Borrower in the amount of such participation.

Appears in 1 contract

Sources: Credit Agreement (Park Ohio Holdings Corp)

Equalization Provision. Each Bank Lender agrees with the other Banks Lenders that if it, at any time, shall obtain any Advantage over the other Banks Lenders or any thereof in respect of the Debt Obligations (except as to Swing Loans and Letters of Credit prior to Agent's giving of notice to participate and except under Article III hereof), it shall purchase from the other BanksLenders, for cash and at par, such additional participation in the Debt Obligations as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank Lender receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank Lender receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such BankLender) ratably to the extent of the recovery. Each Bank Lender further agrees with the other Banks Lenders that if it at any time shall receive any payment for or on behalf of any Borrower on any indebtedness owing by any Borrower to that Bank Lender pursuant to this Agreement (whether by voluntary payment, by realization upon security, by reason of offset of any deposit or other indebtedness, by counterclaim or cross-action, by the enforcement of any right under any Loan Document, or otherwise), it will apply such payment first to any and all Debt Obligations owing by such Borrower to that Bank Lender (including, without limitation, any participation purchased or to be purchased pursuant to this Section 8.5 or any other Section of this Agreement). Borrower Each Credit Party agrees that any Bank Lender so purchasing a participation from the other Banks Lenders or any thereof pursuant to this Section 8.5 may exercise all of its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was Lender were a direct creditor of Borrower such Credit Party in the amount of such participation.

Appears in 1 contract

Sources: Credit Agreement (Agilysys Inc)

Equalization Provision. Each Bank agrees with the other Banks that if it, at any time, shall obtain any Advantage over the other Banks or any thereof in respect of the Debt (except under Article III hereof), it shall purchase from the other Banks, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such Bank) ratably to the extent of the recovery. Each Bank further agrees with the other Banks that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness owing by Borrower to that Bank by reason of offset of any deposit or other indebtedness, it will apply such payment first to any and all Debt owing by Borrower to that Bank (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Borrower ▇▇▇▇▇▇▇▇ agrees that any Bank so purchasing a participation from the other Banks or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was a direct creditor of Borrower in the amount of such participation.

Appears in 1 contract

Sources: Loan Agreement (Oglebay Norton Co /New/)

Equalization Provision. Each Bank Lender agrees with the other Banks Lenders that if it, at any time, shall obtain any Advantage over the other Banks Lenders or any thereof in respect of the Debt (except under Article III hereofhereof or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans), it shall purchase from the other BanksLenders, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank Lender receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank Lender receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such BankLender) ratably to the extent of the recovery. Each Bank Lender further agrees with the other Banks Lenders that if it at any time shall receive any payment for or on behalf of Borrower Borrowers on any indebtedness owing by Borrower Borrowers to that Bank Lender by reason of offset of any deposit or other indebtedness, it will apply such payment first to any and all Debt owing by Borrower Borrowers to that Bank Lender (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Borrower agrees Borrowers agree that any Bank Lender so purchasing a participation from the other Banks Lenders or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank ▇▇▇▇▇▇ was a direct creditor of Borrower Borrowers in the amount of such participation.

Appears in 1 contract

Sources: Term Loan Agreement (Nordson Corp)

Equalization Provision. Each Bank agrees with the other Banks that if it, it at any time, time shall obtain any Advantage over the other Banks or any thereof in respect of Borrower's Debt to the Debt Banks including without limitation in respect of the letters of credit described in Schedule 3.01 hereof (except under Article III Sections 4.06, 4.07, 4.08, 4.09, 4.10 and/or 4.11, hereof), it shall will purchase from the other Banks, for cash and at par, such additional participation in Borrower's Debt to the Debt Banks as shall be necessary to nullify the Advantage. If any such said Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, Advantage each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such Bank) ratably to the extent of the recovery. Each Bank further agrees with the other Banks that if it at any time shall receive any payment for from or on behalf of Borrower on any indebtedness Indebtedness owing by the Borrower to that Bank by reason of offset of any deposit or other indebtednessIndebtedness, it will apply such payment first to any and all Debt owing by Borrower to that Bank pursuant to this Agreement (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement)12.13) until Borrower's Debt has been paid in full. The Borrower agrees that any Bank so purchasing a participation from the other Banks or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was were a direct creditor of the Borrower in the amount of such participation.

Appears in 1 contract

Sources: Credit Agreement (Forest City Enterprises Inc)

Equalization Provision. Each Bank Lender agrees with the other Banks Lenders that if it, at any time, shall obtain any Advantage over the other Banks applicable Lenders or any thereof in respect of the Applicable Debt (except under Article III hereof), it shall purchase from the other Banksapplicable Lenders, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank Lender receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank Lender receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such BankLender) ratably Ratably to the extent of the recovery. Each Bank Lender further agrees with the other Banks Lenders that if it at any time shall receive any payment for or on behalf of Borrower Borrowers on any indebtedness Indebtedness owing by Borrower Borrowers to that Bank Lender by reason of offset of any deposit or other indebtednessIndebtedness, it will apply such payment first to any and all Applicable Debt owing by Borrower Borrowers to that Bank Lender (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Borrower agrees Borrowers agree that any Bank Lender so purchasing a participation from the other Banks Lenders or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-set off) with respect to such participation as fully as if such Bank ▇▇▇▇▇▇ was a direct creditor of Borrower Borrowers in the amount of such participation.

Appears in 1 contract

Sources: Third Amendment Agreement (Ultralife Corp)

Equalization Provision. Each Bank Lender agrees with the other Banks Lenders that if it, at any time, shall obtain any Advantage over the other Banks Lenders or any thereof in respect of the Debt Obligations (except as to Swing Loans and Letters of Credit prior to Agent’s giving of notice to participate and except under Article III hereof), it shall purchase from the other BanksLenders, for cash and at par, such additional participation in the Debt Obligations as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank Lender receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank Lender receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such BankLender) ratably to the extent of the recovery. Each Bank Lender further agrees with the other Banks Lenders that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness Indebtedness owing by Borrower pursuant to that Bank this Agreement (whether by voluntary payment, by realization upon security, by reason of offset of any deposit or other indebtedness, by counterclaim or cross-action, by the enforcement of any right under any Loan Document, or otherwise), it will apply such payment first to any and all Debt Obligations owing by Borrower to that Bank Lender (including, without limitation, any participation purchased or to be purchased pursuant to this Section 8.5 or any other Section of this Agreement). Borrower Each Credit Party agrees that any Bank Lender so purchasing a participation from the other Banks Lenders or any thereof pursuant to this Section 8.5 may exercise all of its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was Lender were a direct creditor of Borrower such Credit Party in the amount of such participation.

Appears in 1 contract

Sources: Credit Agreement (Parametric Technology Corp)

Equalization Provision. Each Bank agrees with the other Banks that if it, at any time, shall obtain any Advantage over the other Banks or any thereof in respect of the Debt (except as to Swing Loans as set forth in Section 2.1C and except under Article III hereof), it shall purchase from the other Banks, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person person recovering the Advantage from such Bank) ratably to the extent of the recovery. Each Bank further agrees with the other Banks that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness owing by Borrower to that Bank by reason of offset of any deposit or other indebtedness, it will apply such payment first to any and all Debt indebtedness owing by Borrower to that Bank pursuant to this Agreement (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Borrower agrees that any Bank so purchasing a participation from the other Banks or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was a direct creditor of Borrower in the amount of such participation.

Appears in 1 contract

Sources: Credit Agreement (Standard Products Co)

Equalization Provision. Each Bank Lender agrees with the other Banks Lenders that if it, at any time, shall obtain any Advantage over the other Banks Lenders or any thereof in respect of the Debt (except as to Swing Loans and except under Article III hereof), it shall purchase from the other BanksLenders, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank Lender receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank Lender receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such BankLender) ratably to the extent of the recovery. Each Bank Lender further agrees with the other Banks Lenders that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness owing by Borrower to that Bank Lender by reason of offset of any deposit or other indebtedness, it will apply such payment first to any and all Debt owing by Borrower to that Bank Lender (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Borrower agrees that any Bank Lender so purchasing a participation from the other Banks Lenders or any thereof pursuant to this Section may exercise all its rights of payment (including Table of Contents the right of set-off) with respect to such participation as fully as if such Bank Lender was a direct creditor of Borrower in the amount of such participation.

Appears in 1 contract

Sources: Credit Agreement (Steris Corp)

Equalization Provision. Each Bank Lender agrees with the other Banks Lenders that if it, at any time, shall obtain any Advantage over the other Banks applicable Lenders or any thereof in respect of the Applicable Debt (except including Letters of Credit and Swing Loans but excluding amounts under Article III hereof), it shall purchase from the other Banksapplicable Lenders, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank Lender receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank Lender receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such BankLender) ratably Ratably to the extent of the recovery. Each Bank Lender further agrees with the other Banks Lenders that if it at any time shall receive any payment for or on behalf of Borrower Borrowers on any indebtedness Indebtedness owing by Borrower Borrowers to that Bank Lender by reason of offset of any deposit or other indebtednessIndebtedness, it will apply such payment first to any and all Applicable Debt owing by Borrower Borrowers to that Bank Lender (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Borrower agrees Borrowers agree that any Bank Lender so purchasing a participation from the other Banks Lenders or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-set off) with respect to such participation as fully as if such Bank ▇▇▇▇▇▇ was a direct creditor of Borrower Borrowers in the amount of such participation.

Appears in 1 contract

Sources: Credit and Security Agreement (Ultralife Corp)

Equalization Provision. Each Bank agrees with the other Banks that if it, at any time, shall obtain any Advantage over the other Banks or any thereof in respect of the Debt Obligations (except under Article III hereof), it shall purchase from the other Banks, for cash and at par, such additional participation in the Debt Obligations as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such Bank) ratably to the extent of the recovery. Each Bank further agrees with the other Banks that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness Indebtedness owing by Borrower to that Bank by reason of offset of any deposit or other indebtednessIndebtedness, it will apply such payment first to any and all Debt Obligations owing by Borrower to that Bank (including, without limitation, any participation purchased or to be purchased pursuant to this Section 8.5 or any other Section of this Agreement). Borrower B▇▇▇▇▇▇▇ agrees that any Bank so purchasing a participation from the other Banks or any thereof pursuant to this Section 8.5 may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was a direct creditor of Borrower in the amount of such participation.

Appears in 1 contract

Sources: Credit Agreement (Davey Tree Expert Co)

Equalization Provision. Each Bank Lender agrees with the other Banks Lenders that if it, at any time, shall obtain any Advantage over the other Banks Lenders or any thereof in respect of the Debt Obligations (except as to Swing Loans and Letters of Credit prior to Agent’s giving of notice to participate and except under Article III hereof), it shall purchase from the other BanksLenders, for cash and at par, such additional participation in the Debt Obligations as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank Lender receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank Lender receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such BankLender) ratably to the extent of the recovery. Each Bank Lender further agrees with the other Banks Lenders that if it at any time shall receive any payment for or on behalf of any Borrower on any indebtedness Indebtedness owing by any Borrower to that Bank Lender (whether by voluntary payment, by realization upon security, by reason of offset of any deposit or other indebtedness, by counterclaim or cross-action, by the enforcement of any right under any Loan Document, or otherwise) it will apply such payment first to any and all Debt Obligations owing by such Borrower to that Bank Lender (including, without limitation, any participation purchased or to be purchased pursuant to this Section 8.5 or any other Section of this Agreement). Borrower Each Credit Party agrees that any Bank Lender so purchasing a participation from the other Banks Lenders or any thereof pursuant to this Section 8.5 may exercise all of its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was Lender were a direct creditor of Borrower such Credit Party in the amount of such participation.

Appears in 1 contract

Sources: Credit Agreement (IHS Inc.)

Equalization Provision. Each Bank agrees with the other Banks that if it, at any time, shall obtain any Advantage over the other Banks or any thereof in respect of the Debt (except under Article III hereof), it shall purchase from the other Banks, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such Bank) ratably to the extent of the recovery. Each Bank further agrees with the other Banks that if it at any time shall receive any payment for or on behalf of a Borrower on any indebtedness owing by such Borrower to that Bank by reason of offset of any deposit or other indebtedness, it will apply such payment first to any and all Debt owing by such Borrower to that Bank (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Each Borrower agrees that any Bank so purchasing a participation from the other Banks or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was a direct creditor of such Borrower in the amount of such participation.

Appears in 1 contract

Sources: Credit Agreement (Schulman a Inc)

Equalization Provision. Each Bank agrees with the other Banks that if it, at any time, shall obtain any Advantage over the other Banks or any thereof in respect of the Debt (except under Article III hereof), it shall purchase from the other Banks, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such Bank) ratably to the extent of the recovery. Each Bank further agrees with the other Banks that if it at any time shall receive any payment for or on behalf of any Borrower on any indebtedness Indebtedness owing by such Borrower to that Bank by reason of offset of any deposit or other indebtednessIndebtedness, it will apply such payment first to any and all Debt owing by such Borrower to that Bank (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Each Borrower agrees that any Bank so purchasing a participation from the other Banks or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was a direct creditor of Borrower in the amount of such participation.

Appears in 1 contract

Sources: Credit and Security Agreement (Res Care Inc /Ky/)

Equalization Provision. Each Bank agrees with the other Banks that if it, at any time, shall obtain any Advantage over the other Banks or any thereof in respect of the Debt (except as to Swing Loans prior to Agent's giving of a notice to participate and except under Article III hereof), it shall purchase from the other Banks, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such Bank) ratably to the extent of the recovery. Each Bank further agrees with the other Banks that if it at any time shall receive any payment for or on behalf of any Borrower on any indebtedness owing by Borrower Borrowers to that Bank by reason of offset of any deposit or other indebtedness, it will apply such payment first to any and all Debt owing by such Borrower to that Bank (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Each Borrower agrees that any Bank so purchasing a participation from the other Banks or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was a direct creditor of such Borrower in the amount of such participation.

Appears in 1 contract

Sources: Credit Agreement (Cedar Fair L P)

Equalization Provision. Each Bank Lender agrees with the other Banks Lenders that if it, at any time, shall obtain any Advantage over the other Banks Lenders or any thereof in respect of the Debt Obligations (except as to Letters of Credit prior to Agent's giving of notice to participate and except under Article III hereof), it shall purchase from the other BanksLenders, for cash and at par, such additional participation in the Debt Obligations as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank Lender receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank Lender receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such BankLender) ratably to the extent of the recovery. Each Bank Lender further agrees with the other Banks Lenders that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness Indebtedness owing by Borrower to that Bank Lender (whether by voluntary payment, by realization upon security, by reason of offset of any deposit or other indebtedness, by counterclaim or cross-action, by the enforcement of any right under any Loan Document, or otherwise), it will apply such payment first to any and all Debt Obligations owing by Borrower to that Bank Lender (including, without limitation, any participation purchased or to be purchased pursuant to this Section 8.5 or any other Section of this Agreement). Borrower agrees that any Bank Lender so purchasing a participation from the other Banks Lenders or any thereof pursuant to this Section 8.5 may exercise all of its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank Lender was a direct creditor of Borrower in the amount of such participation.

Appears in 1 contract

Sources: Credit Agreement (Schulman a Inc)

Equalization Provision. Each Bank agrees with the other Banks that if it, at any time, shall obtain any Advantage over the other Banks or any thereof in respect of the Debt (except under Article III hereof), it shall purchase from the other Banks, for cash and at par, such additional participation in the Debt as shall be necessary to nullify the Advantage. If any such Advantage resulting in the purchase of an additional participation as aforesaid shall be recovered in whole or in part from the Bank receiving the Advantage, each such purchase shall be rescinded, and the purchase price restored (but without interest unless the Bank receiving the Advantage is required to pay interest on the Advantage to the Person recovering the Advantage from such Bank) ratably to the extent of the recovery. Each Bank further agrees with the other Banks that if it at any time shall receive any payment for or on behalf of Borrower on any indebtedness owing by Borrower to that Bank by reason of offset of any deposit or other indebtedness, it will apply such payment first to any and all Debt owing by Borrower to that Bank (including, without limitation, any participation purchased or to be purchased pursuant to this Section or any other Section of this Agreement). Borrower agrees that any Bank so purchasing a participation from the other Banks or any thereof pursuant to this Section may exercise all its rights of payment (including the right of set-off) with respect to such participation as fully as if such Bank was a direct creditor of Borrower in the amount of such participation.the

Appears in 1 contract

Sources: Credit Agreement (Davey Tree Expert Co)