Examples of Downgraded Lender in a sentence
Any Issuing Bank may be replaced at any time by written agreement among the Borrowers, the Administrative Agent (whose consent shall not be unreasonably withheld), the replaced Issuing Bank (so long as it is not a Defaulting Lender or a Downgraded Lender) and the successor Issuing Bank.
Each such Downgraded Lender agrees to pay promptly on demand the reasonable fees and expenses of Issuing Lenders and Administrative Agent (including reasonable costs, fees and expenses of counsel) in connection with the arrangements for such fronting institution, such guaranty or similar support or such cash collateral.
Section 1.01 is amended by adding the following definitions in proper alphabetical order: “Designated Lender” means a Defaulting Lender or a Downgraded Lender.
At any time the Issuing Bank is a Downgraded Lender or at such other times as the Issuing Bank and RenRe may agree, RenRe may, upon not less than three Business Days' notice to the Issuing Bank (in this Section sometimes referred to as the "Old Issuing Bank") and the Administrative Agent, designate any Lender (so long as such Lender has agreed to such designation) as an additional Issuing Bank hereunder (in this Section sometimes referred to as the "New Issuing Bank").
Any funds provided by a Downgraded Lender for such purpose shall be maintained in a segregated deposit account in the name of the Issuing Bank at the Issuing Bank's principal office in the United States (a "Downgrade Account").