Making Exchanges Clause Samples

Making Exchanges. (a) Letters of Credit and L/C Exposure for Letter of Credit Advances. Other than an expiration or termination occurring on the fifth day before the date specified in clause (a) of the definition of "Final Maturity Date," if a Letter of Credit shall expire or terminate without the Refinancing Issuing Bank receiving drawing requests thereunder for the full Available Amount thereof, unless (A) the Borrower has notified the Refinancing Lender Agent to the contrary no later than three Business Days prior to such expiration or termination, on such expiration or termination, subject to the satisfaction or waiver of the conditions in Section 3.02 (the satisfaction or waiver of which the Refinancing Issuing Bank has no duty to ascertain) or (B) an Event of Default has occurred and is continuing and the Refinancing Lender Agent has received a Blocking Notice (which has not been rescinded) prior to the date of such Exchange, the L/C Exposure of each Refinancing Lender with respect to such Letter of Credit shall be Exchanged for a Letter of Credit Advance (which shall, subject to Section 2.05, be a Base Rate Advance) by such Refinancing Lender in the principal amount equal to its L/C Exposure with respect to such Letter of Credit and proceeds of such Letter of Credit Advances shall be made available to the Borrower in accordance with Section 2.03(a)(iv).