Common use of Addition of Lenders Clause in Contracts

Addition of Lenders. From time to time upon written request of the Trust addressed to the Liquidity Agent, the Trust may request that one or more bank(s) or other financial institution(s) having a long term unsecured debt rating of AA (low) or higher or a short term unsecured debt rating of R-1 (middle) or higher (or the equivalent ratings) by the Rating Agency be added as parties to this agreement with the (respective) Lender's Commitment(s) specified in the request. If such bank(s) or other financial institution(s) are acceptable to each of the Trust, the Liquidity Agent and the Rating Agency, this agreement will be amended to add such bank(s) or other financial institution(s) as Lender(s) with the (respective) Lender's Commitment(s) as may be agreed. Each additional Lender shall have the same rights and obligations had it been an original signatory to this agreement (except with respect to standby fees which may be different for different Lenders as specified in the agreements entered into between the Trust and the Liquidity Agent as specified in Section 5.1). For greater certainty, should the Liquidity Agent be holding any Notes for the benefit of the Lenders which have been purchased under this agreement at the time such bank(s) or other financial institution(s) becomes (or become) a Lender(s) under this agreement, the Liquidity Agent shall hold such Notes for the benefit of all the Lenders, including the additional Lender(s), pro rata (based on the respective Lender's Commitments after the addition of such bank(s) or other financial institution(s)). In such event, the additional Lender(s) shall pay to the Liquidity Agent, for distribution to the other Lenders pro rata (based on the respective Lender's Commitments of such other Lenders after the addition of such bank(s) or other financial institution(s)), an amount equal to the pro rata share (determined as provided above) of the additional Lender(s) in such Notes. The addition of bank(s) or other financial institution(s) shall become effective when the additional bank(s) or other financial institution(s) execute an agreement in a form satisfactory to the Trust and the Liquidity Agent agreeing to be bound by the terms of this agreement. Effective upon the date of such agreement, Schedule 1 hereto shall be amended to reflect the additional Lender(s) and the Lender's Commitment of each additional Lender, and the Liquidity Agent shall amend its books of account accordingly.