Common use of Commitment to Issue Letters of Credit Clause in Contracts

Commitment to Issue Letters of Credit. Subject to the requirements set forth below, the Borrower may request that the Issuing Bank issue standby Letters of Credit for the account of the Borrower in an aggregate face amount, subject to clause (h) below, not to exceed $15,000,000 (the “Letter of Credit Sublimit”), provided that (a) the Borrower executes and delivers a letter of credit application and reimbursement agreement in a form acceptable to the Issuing Bank and complies with any conditions to the issuance of such Letter of Credit (including the payment of any applicable fees) set forth therein; (b) the Issuing Bank approves the form of such Letter of Credit; (c) such Letter of Credit bears an expiration date not later than the earlier of (i) one year after the date of issuance (provided that, in the sole discretion of the Issuing Bank, the Issuing Bank may issue auto-extension or evergreen Letters of Credit so long as the same allow the Issuing Bank at least once per year to decide whether or not to extend the same) and (ii) thirty (30) days prior to the Maturity Date; (d) the Issuing Bank receives a request for issuance three (3) Business Days prior to the date of issuance (unless the Issuing Bank, in its sole and absolute discretion, agrees to shorter notice in any instance); (e) the purpose of such Letter of Credit shall be acceptable to the Issuing Bank and the Majority Lenders; (f) the conditions set forth in Section 4.2 (Requirements for Each Loan/Letter of Credit) are fulfilled to the satisfaction of the Issuing Bank and the Majority Lenders as of the date of the issuance of such Letter of Credit; (g) the provisions of Section 3.1.9 are complied with; and (h) until M&T has been replaced as an Issuing Bank, the Letter of Credit Sublimit shall be $12,500,000. Each letter of credit referenced on Schedule 3.1.1 hereto shall be deemed to be a Letter of Credit issued under this Subsection 3.1.

Commitment to Issue Letters of Credit. Subject to the requirements set forth below, the Borrower may request that use a portion of the RC Commitment, which portion shall not exceed, in the aggregate, (1) at any time prior to April 27, 2016, Thirty Million Dollars ($30,000,000) and (2) thereafter, Twenty Five Million Dollars ($25,000,000) (the “Letter of Credit Sublimit”) for the purpose of causing the Issuing Bank to issue standby Letters of Credit for the account of the Borrower in an aggregate face amountor any of its U.S. Subsidiaries; provided, subject to clause (h) below, not to exceed $15,000,000 (the “Letter of Credit Sublimit”), provided that (a) the Borrower or the applicable Subsidiary executes and delivers a letter of credit application and reimbursement agreement in a form acceptable to the Issuing Bank and complies with any conditions to the issuance of such Letter of Credit (including the payment of any applicable fees) set forth therein; (b) the Issuing Bank approves the form of such Letter of Credit; (c) except for evergreen Letters of Credit approved by the Issuing Bank in its sole discretion, but which will not be extended for a period past the RC Maturity Date, such Letter of Credit bears an expiration date not later than the earlier of (i) one (1) year after the date of issuance (provided that, in the sole discretion of the Issuing Bank, the Issuing Bank may issue auto-extension or evergreen Letters of Credit so long as the same allow the Issuing Bank at least once per year to decide whether or not to extend the same) and (ii) thirty (30) days prior to the RC Maturity Date; (d) the Issuing Bank receives a request for issuance three (3) Business Days prior to the date of issuance (unless the Issuing Bank, in its sole and absolute discretion, agrees to shorter notice in any instance); (e) the purpose of such Letter of Credit shall be acceptable to the Issuing Bank Bank; and the Majority Lenders; (f) the conditions set forth in Section 4.2 (Requirements for Each Loan/Letter of Credit) are fulfilled to the satisfaction of the Issuing Bank and the Majority Lenders as of the date of the issuance of such Letter of Credit; (g) the provisions of Section 3.1.9 are complied with; and (h) until M&T has been replaced as an Issuing Bank. Notwithstanding anything in this Article 3, the Issuing Bank shall be under no obligation to issue any Letter of Credit Sublimit if there is a Defaulting Lender, unless the Issuing Bank has entered into arrangements satisfactory to the Issuing Bank with the Borrower or such Lender to eliminate the Issuing Bank’s risk with respect to such Defaulting Lender. On and as of the Closing Date, each Existing Letter of Credit shall be $12,500,000. Each letter of credit referenced on Schedule 3.1.1 hereto shall be deemed to be constitute a Letter of Credit issued under this Subsection 3.1hereunder.

Commitment to Issue Letters of Credit. Subject to the requirements set forth below, the Borrower may request that use a portion of the Commitment, which portion shall not exceed the sum of Fifteen Million Dollars ($15,000,000) (the “Base Amount Sublimit") plus the EBITDA/LOC Limit (the “Special Litigation Sublimit” and, together with the Base Amount Sublimit, the “Letter of Credit Sublimit") for the purpose of causing the Issuing Bank to issue standby Letters of Credit for the account of the Borrower in an aggregate face amountor any of its U.S. Subsidiaries; provided, subject to clause (h) below, not to exceed $15,000,000 (the “Letter of Credit Sublimit”), provided that (a) the Borrower or the applicable Subsidiary executes and delivers a letter of credit application and reimbursement agreement in a form acceptable to the Issuing Bank and complies with any conditions to the issuance of such Letter of Credit (including the payment of any applicable fees) set forth therein; (b) the Issuing Bank approves the form of such Letter of Credit; (c) except for evergreen Letters of Credit approved by the Issuing Bank it is sole discretion, but which will not be extended for a period past the Maturity Date, such Letter of Credit bears an expiration date not later than the earlier of (i) one year after the date of issuance (provided that, in the sole discretion of the Issuing Bank, the Issuing Bank may issue auto-extension or evergreen Letters of Credit so long as the same allow the Issuing Bank at least once per year to decide whether or not to extend the same) and (ii) thirty (30) 30 days prior to the Maturity Date; (d) the Issuing Bank receives a request for issuance three (3) Business Days prior to the date of issuance (unless the Issuing Bank, in its sole and absolute discretion, agrees to shorter notice in any instance); (e) the purpose of such Letter of Credit shall be acceptable to the Issuing Bank Bank; and the Majority Lenders; (f) the conditions set forth in Section 4.2 (Requirements for Each Loan/Letter of Credit) are fulfilled to the satisfaction of the Issuing Bank and the Majority Lenders as of the date of the issuance of such Letter of Credit; (g) the provisions of Section 3.1.9 are complied with; and (h) until M&T has been replaced as an Issuing Bank, provided, however, the Letter Borrower may only request Letters of Credit Sublimit using the Special Litigation Sublimit, and the Issuing Banks shall be $12,500,000. Each letter of credit referenced on Schedule 3.1.1 hereto shall be deemed to be a Letter only issue Letters of Credit issued under this Subsection 3.1from the Special Litigation Sublimit, for purposes related to the Subject Litigation, including for purposes associated with any appeal thereof or bonding of any such appeal.

Commitment to Issue Letters of Credit. Subject to the requirements set forth below, the U.S. Borrower may request that the Issuing Bank issue standby Letters of Credit for the account use a portion of the Borrower in an aggregate face amountRC Commitment, subject to clause (h) below, which portion shall not to exceed $15,000,000 10,000,000 (the “Letter of Credit Sublimit”), for the purpose of causing an Issuing Bank to issue standby Letters of Credit denominated in Dollars for the account of the U.S. Borrower, U.S. Subsidiary Guarantors and/or the Canadian Borrower; provided that (a) the U.S. Borrower executes and delivers, and if the Letter of Credit is for the account of the Canadian Borrower or a U.S. Subsidiary Guarantor, then such Person also so executes and delivers as a co-applicant, a letter of credit application and reimbursement agreement in a form acceptable to the such Issuing Bank and complies with any conditions to the issuance of such Letter of Credit (including the payment of any applicable fees) set forth therein; (b) the such Issuing Bank approves the form of such Letter of Credit; (c) such Letter of Credit bears an expiration date not later than the earlier of (i) one year after the date of issuance (provided that, in the sole discretion of the Issuing Bank, the Issuing Bank may issue auto-extension or evergreen Letters of Credit so long as the same allow the Issuing Bank at least once per year to decide whether or not to extend the same) and (ii) thirty (30) 30 days prior to the Maturity Date; provided that any Letter of Credit with a one-year tenor may provide for the automatic renewal thereof for additional one-year periods (which shall in no event extend beyond the date referred to in clause (ii) above); (d) the such Issuing Bank receives a request for issuance three (3) Business Days prior to the date of issuance (unless the such Issuing Bank, in its sole and absolute discretion, agrees to shorter notice in any instance)) a copy of which shall concurrently be delivered to the Agent by the Borrower; (e) the purpose of such Letter of Credit shall be acceptable to the such Issuing Bank and the Majority LendersBank; (f) the conditions set forth in Section 4.2 (Requirements for Each Loan/Letter of Credit) are fulfilled to the satisfaction of the such Issuing Bank and the Majority Lenders as of the date of the issuance of such Letter of Credit; Credit and (g) no later than the provisions date of Section 3.1.9 are complied with; and (h) until M&T has been replaced issuance of any such Letter of Credit, the Borrower shall have delivered to the Agent a certification as an to the name of the Issuing Bank, the face amount of the Letter of Credit, and a statement that all of the conditions hereunder have been complied with. Notwithstanding anything in this ARTICLE 3, each Issuing Bank shall be under no obligation to issue any Letter of Credit Sublimit shall be $12,500,000. Each letter of credit referenced on Schedule 3.1.1 hereto shall be deemed if there is a Defaulting Lender, unless such Issuing Bank has entered into arrangements satisfactory to be a Letter of Credit issued under this Subsection 3.1such Issuing Bank and to the Agent, with the U.S. Borrower or such Defaulting Lender to eliminate such Issuing Bank’s risk with respect to such Defaulting Lender.

Commitment to Issue Letters of Credit. Subject to the requirements set forth below, the Borrower may request that use a portion of the RC Commitment, which portion shall not exceed $12,000,000 (the “Letter of Credit Sublimit”) for the purpose of causing the Issuing Bank to issue standby Letters of Credit for the account of the Borrower in an aggregate face amount, subject to clause (h) below, not to exceed $15,000,000 (the “Letter of Credit Sublimit”)Borrower, provided that (a) the Borrower executes and delivers a letter of credit application and reimbursement agreement in a form acceptable to the Issuing Bank and complies with any conditions to the issuance of such Letter of Credit (including the payment of any applicable fees) set forth therein; (b) the Issuing Bank approves the form of such Letter of Credit; (c) such Letter of Credit bears an expiration date not later than the earlier of (i) one year after the date of issuance (provided that, or in the sole discretion of the Issuing Bank, Bank provides that such Letter of Credit will automatically renew for additional periods of one year subject to the Issuing Bank may issue auto-extension or evergreen Letters Bank’s right to elect to terminate the Letter of Credit so long as at the same allow original expiration date or any subsequent expiration date upon prior written notice of a duration acceptable to the Issuing Bank at least once per year to decide whether or not to extend the sameBank) and (ii) thirty (30) 30 days prior to the RC Maturity Date; (d) the Issuing Bank receives a request for issuance three (3) Business Days prior to the date of issuance (unless the Issuing Bank, in its sole and absolute discretion, agrees to shorter notice in any instance); (e) the purpose of such Letter of Credit shall be acceptable to the Issuing Bank Bank; and the Majority Lenders; (f) the conditions set forth in Section 4.2 3.2 (Requirements for Each Loan/Letter of Credit) are fulfilled to the satisfaction of the Issuing Bank and the Majority Lenders as of the date of the issuance of such Letter of Credit; (g) the provisions of Section 3.1.9 are complied with; and (h) until M&T has been replaced as an Issuing Bank, the Letter of Credit Sublimit shall be $12,500,000. Each letter of credit referenced on Schedule 3.1.1 2.1.1 hereto shall be deemed to be a Letter of Credit issued under this Subsection 3.1Section 2.1.1(1).

Commitment to Issue Letters of Credit. Subject to the requirements set forth below, the U.S. Borrower may request that the Issuing Bank issue standby Letters of Credit for the account use a portion of the Borrower in an aggregate face amountRC Commitment, subject to clause (h) below, which portion shall not to exceed $15,000,000 10,000,000 (the “Letter of Credit Sublimit”), for the purpose of causing the Issuing Bank to issue standby Letters of Credit denominated in Dollars for the account of the U.S. Borrower, U.S. Subsidiary Guarantors and/or the Canadian Borrower, provided that (a) the U.S. Borrower executes and delivers, and if the Letter of Credit is for the account of the Canadian Borrower or a U.S. Subsidiary Guarantor, then such Person also so executes and delivers as a co-applicant, a letter of credit application and reimbursement agreement in a form acceptable to the Issuing Bank and complies with any conditions to the issuance of such Letter of Credit (including the payment of any applicable fees) set forth therein; (b) the Issuing Bank approves the form of such Letter of Credit; (c) such Letter of Credit bears an expiration date not later than the earlier of (i) one year after the date of issuance (provided that, in the sole discretion of the Issuing Bank, the Issuing Bank may issue auto-extension or evergreen Letters of Credit so long as the same allow the Issuing Bank at least once per year to decide whether or not to extend the same) and (ii) thirty (30) 30 days prior to the Maturity Date; provided that any Letter of Credit with a one-year tenor may provide for the automatic renewal thereof for additional one-year periods (which shall in no event extend beyond the date referred to in clause (ii) above); (d) the Issuing Bank receives a request for issuance three (3) Business Days prior to the date of issuance (unless the Issuing Bank, in its sole and absolute discretion, agrees to shorter notice in any instance); (e) the purpose of such Letter of Credit shall be acceptable to the Issuing Bank Bank; and the Majority Lenders; (f) the conditions set forth in Section 4.2 4.3 (Requirements for Each Loan/Letter of Credit) are fulfilled to the satisfaction of the Issuing Bank and the Majority Lenders as of the date of the issuance of such Letter of Credit; (g) the provisions of Section 3.1.9 are complied with; and (h) until M&T has been replaced as an Issuing Bank. Notwithstanding anything in this Article 3, the Issuing Bank shall be under no obligation to issue any Letter of Credit Sublimit shall be $12,500,000. Each letter of credit referenced on Schedule 3.1.1 hereto shall be deemed if there is a Defaulting Lender, unless the Issuing Bank has entered into arrangements satisfactory to be a Letter of Credit issued under this Subsection 3.1the Issuing Bank with the U.S. Borrower or such Defaulting Lender to eliminate the Issuing Bank’s risk with respect to such Defaulting Lender.

Commitment to Issue Letters of Credit. Subject to the requirements set forth below, the Borrower may request that the Issuing Bank issue standby Letters of Credit for the account use a portion of the Borrower in an aggregate face amountRC Commitment, subject to clause (h) below, which portion shall not to exceed $15,000,000 (the “Letter of Credit Sublimit”)) for the purpose of causing the Issuing Bank to issue standby Letters of Credit for the account of the Borrower, provided that (a) the Borrower executes and delivers a letter of credit application and reimbursement agreement in a form acceptable to the Issuing Bank and complies with any conditions to the issuance of such Letter of Credit (including the payment of any applicable fees) set forth therein; (b) the Issuing Bank approves the form of such Letter of Credit; (c) such Letter of Credit bears an expiration date not later than the earlier of (i) one year after the date of issuance (provided that, in the sole discretion of the Issuing Bank, the Issuing Bank may issue auto-extension or evergreen Letters of Credit so long as the same allow the Issuing Bank at least once per year to decide whether or not to extend the same) and (ii) thirty (30) days prior to the Maturity Date; (d) the Issuing Bank receives a request for issuance three (3) Business Days prior to the date of issuance (unless the Issuing Bank, in its sole and absolute discretion, agrees to shorter notice in any instance); (e) the purpose of such Letter of Credit shall be acceptable to the Issuing Bank Bank; and the Majority Lenders; (f) the conditions set forth in Section 4.2 (Requirements for Each Loan/Letter of Credit) are fulfilled to the satisfaction of the Issuing Bank and the Majority Lenders as of the date of the issuance of such Letter of Credit; (g) the provisions of Section 3.1.9 are complied with; and (h) until M&T has been replaced as an Issuing Bank, the Letter of Credit Sublimit shall be $12,500,000. Each letter of credit referenced on Schedule 3.1.1 hereto shall be deemed to be a Letter of Credit issued under this Subsection 3.1.

Commitment to Issue Letters of Credit. Subject to the requirements set forth below, the Borrower may request that use a portion of the RC Commitment, which portion shall not exceed the sum of Fifteen Million Dollars ($15,000,000) (the “Letter of Credit Sublimit”) for the purpose of causing the Issuing Bank to issue standby Letters of Credit for the account of the Borrower in an aggregate face amountor any of its U.S. Subsidiaries; provided, subject to clause (h) below, not to exceed $15,000,000 (the “Letter of Credit Sublimit”), provided that (a) the Borrower or the applicable Subsidiary executes and delivers a letter of credit application and reimbursement agreement in a form acceptable to the Issuing Bank and complies with any conditions to the issuance of such Letter of Credit (including the payment of any applicable fees) set forth therein; (b) the Issuing Bank approves the form of such Letter of Credit; (c) except for evergreen Letters of Credit approved by the Issuing Bank it is sole discretion, but which will not be extended for a period past the RC Maturity Date, such Letter of Credit bears an expiration date not later than the earlier of (i) one year after the date of issuance (provided that, in the sole discretion of the Issuing Bank, the Issuing Bank may issue auto-extension or evergreen Letters of Credit so long as the same allow the Issuing Bank at least once per year to decide whether or not to extend the same) and (ii) thirty (30) 30 days prior to the RC Maturity Date; (d) the Issuing Bank receives a request for issuance three (3) Business Days prior to the date of issuance (unless the Issuing Bank, in its sole and absolute discretion, agrees to shorter notice in any instance); (e) the purpose of such Letter of Credit shall be acceptable to the Issuing Bank Bank; and the Majority Lenders; (f) the conditions set forth in Section 4.2 (Requirements for Each Loan/Letter of Credit) are fulfilled to the satisfaction of the Issuing Bank and the Majority Lenders as of the date of the issuance of such Letter of Credit; (g) the provisions of Section 3.1.9 are complied with; and (h) until M&T has been replaced as an Issuing Bank. Notwithstanding anything in this Article 3, the Issuing Bank shall be under no obligation to issue any Letter of Credit Sublimit shall be $12,500,000. Each letter of credit referenced on Schedule 3.1.1 hereto shall be deemed if there is a Defaulting Lender, unless the Issuing Bank has entered into arrangements satisfactory to be a Letter of Credit issued under this Subsection 3.1the Issuing Bank with the Borrower or such Lender to eliminate the Issuing Bank’s risk with respect to such Defaulting Lender.

Commitment to Issue Letters of Credit. Subject to the requirements set forth below, the Borrower may request that use a portion of the Commitment, which portion shall not exceed the sum of Fifteen Million Dollars ($15,000,000) (the “Letter of Credit Sublimit”) for the purpose of causing the Issuing Bank to issue standby Letters of Credit for the account of the Borrower in an aggregate face amountor any of its U.S. Subsidiaries; provided, subject to clause (h) below, not to exceed $15,000,000 (the “Letter of Credit Sublimit”), provided that (a) the Borrower or the applicable Subsidiary executes and delivers a letter of credit application and reimbursement agreement in a form acceptable to the Issuing Bank and complies with any conditions to the issuance of such Letter of Credit (including the payment of any applicable fees) set forth therein; (b) the Issuing Bank approves the form of such Letter of Credit; (c) except for evergreen Letters of Credit approved by the Issuing Bank it is sole discretion, but which will not be extended for a period past the Maturity Date, such Letter of Credit bears an expiration date not later than the earlier of (i) one year after the date of issuance (provided that, in the sole discretion of the Issuing Bank, the Issuing Bank may issue auto-extension or evergreen Letters of Credit so long as the same allow the Issuing Bank at least once per year to decide whether or not to extend the same) and (ii) thirty (30) 30 days prior to the Maturity Date; (d) the Issuing Bank receives a request for issuance three (3) Business Days prior to the date of issuance (unless the Issuing Bank, in its sole and absolute discretion, agrees to shorter notice in any instance); (e) the purpose of such Letter of Credit shall be acceptable to the Issuing Bank Bank; and the Majority Lenders; (f) the conditions set forth in Section 4.2 (Requirements for Each Loan/Letter of Credit) are fulfilled to the satisfaction of the Issuing Bank and the Majority Lenders as of the date of the issuance of such Letter of Credit; (g) the provisions of Section 3.1.9 are complied with; and (h) until M&T has been replaced as an Issuing Bank. Notwithstanding anything in this Article 3, the Issuing Bank shall be under no obligation to issue any Letter of Credit Sublimit shall be $12,500,000. Each letter of credit referenced on Schedule 3.1.1 hereto shall be deemed if there is a Defaulting Lender, unless the Issuing Bank has entered into arrangements satisfactory to be a Letter of Credit issued under this Subsection 3.1the Issuing Bank with the Borrower or such Lender to eliminate the Issuing Bank’s risk with respect to such Defaulting Lender.

Commitment to Issue Letters of Credit. Subject to the requirements set forth below, the Borrower Company may request that use a portion of the Revolving Credit Commitment, which portion shall not exceed Fifty Million Dollars ($50,000,000) (the "Letter of Credit Sublimit") for the purpose of causing the Issuing Bank to issue standby Letters of Credit for the account of the Borrower in an aggregate face amount, subject to clause (h) below, not to exceed $15,000,000 (the “Letter of Credit Sublimit”)Company, provided that (ai) the Borrower Company executes and delivers a letter of credit application and reimbursement agreement in a form acceptable to the Issuing Bank and complies with any conditions to the issuance of such Letter of Credit (including the payment of any applicable fees) set forth therein; (bii) the Issuing Bank approves the form of such Letter of Credit; (ciii) such Letter of Credit bears an expiration date not later than the earlier of (i) one year after the date of issuance (provided that, in the sole discretion of the Issuing Bank, the Issuing Bank may issue auto-extension or evergreen Letters of Credit so long as the same allow the Issuing Bank at least once per year to decide whether or not to extend the same) and (ii) thirty (30) days prior to the Revolver Maturity Date; (div) the Issuing Bank receives a request for issuance three (3) Business Days prior to the date of issuance (unless the Issuing Bank, in its sole and absolute discretion, agrees to shorter notice in any instance); ) and (e) the purpose of such Letter of Credit shall be acceptable to the Issuing Bank and the Majority Lenders; (fv) the conditions set forth in Section 4.2 5.2 (Requirements for Each Loan/Letter of Credit) are fulfilled to the satisfaction of the Issuing Bank and the Majority Lenders satisfied as of the date of the issuance of such Letter of Credit; (g) the provisions of Section 3.1.9 are complied with; and (h) until M&T has been replaced as an Issuing Bank, the Letter of Credit Sublimit shall be $12,500,000. Each letter The letters of credit referenced listed on Schedule 3.1.1 4.1 hereto shall be deemed to be a Letter Letters of Credit issued under this Subsection 3.1Agreement.

Commitment to Issue Letters of Credit. Subject to the requirements set forth below, the Borrower may request that the Issuing Bank issue standby Letters of Credit for the account use a portion of the Borrower in an aggregate face amountCommitment, subject to clause (h) below, which portion shall not to exceed $15,000,000 5,250,000 (the “Letter of Credit Sublimit”)) for the purpose of causing the Issuing Bank to issue standby Letters of Credit denominated in Dollars for the account of the Borrower, provided that (a) the Borrower executes and delivers a letter of credit application and reimbursement agreement in a form acceptable to the Issuing Bank and complies with any conditions to the issuance of such Letter of Credit (including the payment of any applicable fees) set forth therein; (b) the Issuing Bank approves the form of such Letter of Credit; (c) such Letter of Credit bears an expiration date not later than the earlier of (i) one year after the date of issuance (provided that, in the sole discretion of the Issuing Bank, the Issuing Bank may issue auto-extension or evergreen Letters of Credit so long as the same allow the Issuing Bank at least once per year to decide whether or not to extend the same) and (ii) thirty (30) 30 days prior to the Maturity Date; (d) the Issuing Bank receives a request for issuance three (3) Business Days prior to the date of issuance (unless the Issuing Bank, in its sole and absolute discretion, agrees to shorter notice in any instance); (e) the purpose of such Letter of Credit shall be acceptable to the Issuing Bank Bank; and the Majority Lenders; (f) the conditions set forth in Section 4.2 (Requirements for Each Loan/Letter of Credit) are fulfilled to the satisfaction of the Issuing Bank and the Majority Lenders as of the date of the issuance of such Letter of Credit; (g) the provisions of Section 3.1.9 are complied with; and (h) until M&T has been replaced as an Issuing Bank. Notwithstanding anything in this Article 3, the Issuing Bank shall be under no obligation to issue any Letter of Credit Sublimit shall be $12,500,000. Each letter of credit referenced on Schedule 3.1.1 hereto shall be deemed if there is a Defaulting Lender, unless the Issuing Bank has entered into arrangements satisfactory to be a Letter of Credit issued under this Subsection 3.1the Issuing Bank with the Borrower or such Defaulting Lender to eliminate the Issuing Bank’s risk with respect to such Defaulting Lender.