Adjustments; Issuing Bank Clause Samples

Adjustments; Issuing Bank. Upon the occurrence and any time during the continuance of an Event of Default, adjustments shall be made among the Lenders as set forth in this Section 12.1(1). (a) The Lenders shall make such adjusting payments amongst themselves in the manner contemplated by Section 12.1(2) as may be required to ensure their respective participations in outstanding Advances and Letters of Credit under the Credit Facility reflect their respective Rateable Portion. If any Swingline Advances are outstanding, the Swingline Lender may at any time in its sole and absolute discretion, on behalf of the Borrower (which hereby irrevocably directs and authorizes the Swingline Lender to make such request on its behalf), request that each Lender, through the Administrative Agent, make a Prime Rate Advance or a Base Rate Advance (or a combination thereof) to the Borrower in an amount equal to the Lender's Rateable Portion of the principal amount of such Swingline Advances (the "Refunded Swingline Advances") outstanding on the date such notice is given, provided that the provisions of this paragraph shall not affect the Borrower's obligation to repay the Swingline Advances to the extent they remain outstanding. Each Lender will make the proceeds of any such Prime Rate Advance or Base Rate Advance available to the Swingline Lender on the Business Day next following the date such notice is given in immediately available funds. The proceeds of such Prime Rate Advance or Base Rate Advance shall be applied by the Swingline Lender to the payment in full of the Refunded Swingline Advances. If any Swingline Letters of Credit are outstanding, the Swingline Lender may at any time in its sole and absolute discretion give written notice to the Administrative Agent that, as of the date such notice is given, the Swingline Letters of Credit shall constitute Fronted Letters of Credit for all purposes of this Agreement (including without limitation Sections 12.1(1)(b), (c), (d) and (e) and the first and last paragraphs of this Section 12.1(1)(a)), with the Swingline Lender being the Issuing Bank with respect to the Fronted Letters of Credit which were previously Swingline Letters of Credit. If the Pension LC (if issued) is drawn upon which results in a payment by the Pension LC Lenders (in this Section 12.1(1), a "Pension LC Payment"), any Pension LC Lender may promptly request the Administrative Agent on behalf of the Borrower (and for this purpose each Pension LC Lender is irrevocably authorized by ...
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Related to Adjustments; Issuing Bank

  • Issuing Bank For purposes of Section 2.17(e) and (f), the term “Lender” includes the Issuing Bank.

  • Issuing Lender For purposes of this Section 5.9, the term “Lender” includes the Issuing Lender and the term “applicable Law” includes FATCA.

  • Replacement of an Issuing Bank An Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent, the replaced Issuing Bank and the successor Issuing Bank. The Administrative Agent shall notify the Lenders of any such replacement of an Issuing Bank. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant to Section 2.12. From and after the effective date of any such replacement, (i) the successor Issuing Bank shall have all the rights and obligations of the replaced Issuing Bank under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of such Issuing Bank under this Agreement with respect to Letters of Credit issued by it prior to such replacement but shall not be required to issue additional Letters of Credit.

  • Issuing Lender Fees In addition to the Letter of Credit Fees payable pursuant to subsection (b) hereof, the Borrower shall pay to the Issuing Lender for its own account without sharing by the other Lenders the reasonable and customary charges from time to time of the Issuing Lender with respect to the amendment, transfer, administration, cancellation and conversion of, and drawings under, such Letters of Credit (collectively, the "Issuing Lender Fees").

  • Issuing Bank Reports to the Administrative Agent Unless otherwise agreed by the Administrative Agent, each Issuing Bank shall, in addition to its notification obligations set forth elsewhere in this Section, report in writing to the Administrative Agent (i) periodic activity (for such period or recurrent periods as shall be requested by the Administrative Agent) in respect of Letters of Credit issued by such Issuing Bank, including all issuances, extensions, amendments and renewals, all expirations and cancelations and all disbursements and reimbursements, (ii) reasonably prior to the time that such Issuing Bank issues, amends, renews or extends any Letter of Credit, the date of such issuance, amendment, renewal or extension, and the stated amount of the Letters of Credit issued, amended, renewed or extended by it and outstanding after giving effect to such issuance, amendment, renewal or extension (and whether the amounts thereof shall have changed), (iii) on each Business Day on which such Issuing Bank makes any LC Disbursement, the date and amount of such LC Disbursement, (iv) on any Business Day on which the Borrower fails to reimburse an LC Disbursement required to be reimbursed to such Issuing Bank on such day, the date of such failure and the amount of such LC Disbursement, and (v) on any other Business Day, such other information as the Administrative Agent shall reasonably request as to the Letters of Credit issued by such Issuing Bank.