Common use of Lenders' Obligations Relating to L/Cs Clause in Contracts

Lenders' Obligations Relating to L/Cs. (a) Notwithstanding that L/Cs are issued by the Issuing Bank, it is the intention of the Parties that the ultimate credit risk and exposure of any Lender be in accordance with its overall Applicable Percentage of the Credit. Each Lender shall immediately indemnify the Issuing Bank for that Lender’s Applicable Percentage of any payment made by the Issuing Bank in respect of an L/C for which the Issuing Bank is not immediately reimbursed by the Borrower, and shall do all such things, including purchases of participations in Advances made by the Issuing Bank, as shall be required to ensure that result. Any such action on the part of the Lenders shall be binding on the Borrower. If the rating by Standard & Poors or Xxxxx’x of the non-credit-enhanced senior debt of any Lender (other than a Lender at the date of this Agreement) is at any time less than “A” or “A2” respectively, that Lender shall, if requested by an Issuing Bank, provide Cash Collateral (in a form satisfactory to the Issuing Bank acting reasonably) to secure that Lender’s obligations with respect to L/Cs under this Section 5.1.

Lenders' Obligations Relating to L/Cs. (a) Notwithstanding that L/Cs are issued by the Issuing Bank, it is the intention of the Parties that the ultimate credit risk and exposure of any Lender be in accordance with its overall Applicable Percentage of the Credit. Each Lender shall immediately indemnify the Issuing Bank for that Lender’s 's Applicable Percentage of any payment made by the Issuing Bank in respect of an L/C for which the Issuing Bank is not immediately reimbursed by the Borrower, and shall do all such things, including purchases of participations in Advances made by the Issuing Bank, as shall be required to ensure that result. Any such action on the part of the Lenders shall be binding on the Borrower. If the rating by Standard & Poors S&P or Xxxxx’x Xxxxx'x of the non-credit-enhanced senior debt of any Lender (other than a Lender at the date of this Agreement) is at any time less than “"A” " or “"A2” " respectively, that Lender shall, if requested by an Issuing Bank, provide Cash Collateral (in a form satisfactory to the Issuing Bank acting reasonably) to secure that Lender’s 's obligations with respect to L/Cs under this Section 5.1.

Lenders' Obligations Relating to L/Cs. (a) Notwithstanding that L/Cs are issued by the Issuing BankBanks, it is the intention of the Parties that the ultimate credit risk and exposure of any Lender be in accordance with its overall Applicable Percentage of the Credit. Each Lender shall immediately indemnify the Issuing Bank Banks for that Lender’s Applicable Percentage of any payment made by the Issuing Bank Banks in respect of an L/C for which the Issuing Bank Banks is not immediately reimbursed by the applicable Borrower, and shall do all such things, including purchases of participations in Advances made by the Issuing BankBanks, as shall be required to ensure that result. Any such action on the part of the Lenders shall be binding on the BorrowerBorrowers. If the rating by Standard & Poors or Xxxxx’x of the non-credit-enhanced senior debt of any Lender (other than a Lender at the date of this Agreement) is at any time less than “A” or “A2” respectively, that Lender shall, if requested by an either of the Issuing BankBanks, provide Cash Collateral (in a form satisfactory to the Issuing Bank Banks acting reasonably) to secure that Lender’s obligations with respect to L/Cs under this Section 5.16.1.

Lenders' Obligations Relating to L/Cs. (a) Notwithstanding that L/Cs are issued by the Issuing Bank, it is the intention of the Parties that the ultimate credit risk and exposure of any Lender be in accordance with its overall Applicable Percentage of the Credit. Each Lender shall immediately indemnify the Issuing Bank for that Lender’s 's Applicable Percentage of any payment made by the Issuing Bank in respect of an L/C for which the Issuing Bank is not immediately reimbursed by the Borrower, and shall do all such things, including purchases of participations in Advances made by the Issuing Bank, as shall be required to ensure that result. Any such action on the part of the Lenders shall be binding on the Borrower. If the rating by Standard & Poors or Xxxxx’x of Moxxx'x xf the non-credit-enhanced senior debt of any Lender (other than a Lender at the date of this Agreement) is at any time less than “"A” " or “"A2” " respectively, that Lender shall, if requested by an Issuing Bank, provide Cash Collateral (in a form satisfactory to the Issuing Bank acting reasonably) to secure that Lender’s 's obligations with respect to L/Cs under this Section 5.1.

Lenders' Obligations Relating to L/Cs. (a) Notwithstanding that L/Cs are issued by the Issuing Bank, it is the intention of the Parties that the ultimate credit risk and exposure of any Lender be in accordance with its overall Applicable Percentage of the Credit. Each Lender shall immediately indemnify the Issuing Bank for that Lender’s Applicable Percentage of any payment made by the Issuing Bank in respect of an L/C for which the Issuing Bank is not immediately reimbursed by the Borrower, and shall do all such things, including purchases delivery of participations in indemnity agreements and assignments to other Lenders of Advances made by the Issuing Bank, as shall be required to ensure that result. Any such action on the part of the Lenders shall be binding on the Borrower. If the rating by Standard & Poors or Xxxxx’x of the non-credit-enhanced senior debt of any Lender (other than a Lender at the date of this Agreement) is at any time less than “A” or “A2” respectively, that Lender shall, if requested by an Issuing Bank, provide Cash Collateral (in a form satisfactory to the Issuing Bank acting reasonably) to secure that Lender’s obligations with respect to L/Cs under this Section 5.1.

Lenders' Obligations Relating to L/Cs. (a) Notwithstanding that L/Cs are issued by the Issuing BankBanks, it is the intention of the Parties that the ultimate credit risk and exposure of any Lender be in accordance with its overall Applicable Percentage of the Credit. Each Lender shall immediately indemnify the Issuing Bank Banks for that Lender’s Applicable Percentage of any payment made by the Issuing Bank Banks in respect of an L/C for which the Issuing Bank Banks is not immediately reimbursed by the applicable Borrower, and shall do all such things, including purchases of participations in Advances made by the Issuing BankBanks, as shall be required to ensure that result. Any such action on the part of the Lenders shall be binding on the BorrowerBorrowers. If the rating by Standard & Poors Poor’s or Xxxxx’x of the non-credit-enhanced senior debt of any Lender (other than a Lender at the date of this AgreementEffective Date) is at any time less than “A” or “A2” respectively, that Lender shall, if requested by an either of the Issuing BankBanks, provide Cash Collateral (in a form satisfactory to the Issuing Bank Banks acting reasonably) to secure that Lender’s obligations with respect to L/Cs under this Section 5.16.1.

Lenders' Obligations Relating to L/Cs. (a) Notwithstanding that L/Cs are issued by the Issuing BankBanks, it is the intention of the Parties that the ultimate credit risk and exposure of any Lender be in accordance with its overall Applicable Percentage of the Credit. Each Lender shall immediately indemnify the relevant Issuing Bank for that Lender’s Applicable Percentage of any payment made by the an Issuing Bank in respect of an L/C for which the relevant Issuing Bank is not immediately reimbursed by the Borrower, and shall do all such things, including purchases of participations in Advances made by the relevant Issuing Bank, as shall be required to ensure that result. Any such action on the part of the Lenders shall be binding on the Borrower. If the rating by Standard & Poors any one or Xxxxx’x both of S&P or Mxxxx’x of the non-credit-enhanced long-term senior debt of any Lender (other than a Lender at the date of this Agreement) is at any time less than “A” or “A2” respectively, that Lender shall, if requested by an the relevant Issuing Bank, provide Cash Collateral (in a form satisfactory to the relevant Issuing Bank acting reasonably) to secure that Lender’s obligations with respect to L/Cs under this Section 5.16.1.

Lenders' Obligations Relating to L/Cs. (a) Notwithstanding that L/Cs are issued by the Issuing Bank, it is the intention of the Parties that the ultimate credit risk and exposure of any Lender be in accordance with its overall Applicable Percentage of the Credit. Each Lender shall immediately indemnify the Issuing Bank for that Lender’s Applicable Percentage of any payment made by the Issuing Bank in respect of an L/C for which the Issuing Bank is not immediately reimbursed by the Borrower, and shall do all such things, including purchases of participations in Advances made by the Issuing Bank, as shall be required to ensure that result. Any such action on the part of the Lenders shall be binding on the Borrower. If the rating by Standard & Poors any one or both of S&P or Xxxxx’x of the non-credit-enhanced long-term senior debt of any Lender (other than a Lender at the date of this Agreement) is at any time less than “A” or “A2” respectively, that Lender shall, if requested by an the Issuing Bank, provide Cash Collateral (in a form satisfactory to the Issuing Bank acting reasonably) to secure that Lender’s obligations with respect to L/Cs under this Section 5.16.1.

Lenders' Obligations Relating to L/Cs. (a) Notwithstanding that L/Cs are issued by the Issuing BankBanks, it is the intention of the Parties that the ultimate credit risk and exposure of any Lender be in accordance with its overall Applicable Percentage of the Credit. Each Lender shall immediately indemnify the Issuing Bank Banks for that Lender’s Applicable Percentage of any payment made by the Issuing Bank Banks in respect of an L/C for which the Issuing Bank Banks is not immediately reimbursed by the applicable Borrower, and shall do all such things, including purchases of participations in Advances made by the Issuing BankBanks, as shall be required to ensure that result. Any such action on the part of the Lenders shall be binding on the BorrowerBorrowers. If the rating by Standard & Poors S&P or Xxxxx’x of the non-credit-enhanced senior debt of any Lender (other than a Lender at the date of this AgreementEffective Date) is at any time less than “A” or “A2” respectively, that Lender shall, if requested by an either of the Issuing BankBanks, provide Cash Collateral (in a form satisfactory to the Issuing Bank Banks acting reasonably) to secure that Lender’s obligations with respect to L/Cs under this Section 5.16.1.