Common use of Designation of Additional Issuing Banks Clause in Contracts

Designation of Additional Issuing Banks. The Borrower may, at any time and from time to time with notice to the Administrative Agent, designate as additional Issuing Banks one or more Revolving Lenders, that agree to serve in such capacity as provided below. The acceptance by a Revolving Lender of an appointment as an Issuing Bank hereunder shall be evidenced by an agreement, which shall be in form and substance reasonably satisfactory to the Administrative Agent and the Borrower and shall specify the LC Commitment of such Issuing Bank, executed by the Borrower, the Administrative Agent and such designated Revolving Lender and, from and after the effective date of such agreement, (i) such Revolving Lender shall have all the rights and obligations of an Issuing Bank under this Agreement and (ii) references herein to the term “Issuing Bank” shall be deemed to include such Revolving Lender in its capacity as an issuer of Letters of Credit hereunder. In addition, solely with respect to the Existing Letters of Credit set forth on Schedule 1.04, each issuing bank thereof may, to the extent it is not an Issuing Bank under this Agreement on the Effective Date, become an Issuing Bank hereunder with respect to the Existing Letters of Credit issued by it by executing and delivering to the Administrative Agent a duly executed counterpart to this Agreement, whereupon such issuing bank shall constitute an Issuing Bank for all purposes hereof with respect to such Existing Letters of Credit as if originally a party hereto in such capacity.

Appears in 3 contracts

Samples: Credit Agreement (Arconic Corp), Credit Agreement (Arconic Inc.), Credit Agreement (Arconic Rolled Products Corp)

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Designation of Additional Issuing Banks. The Borrower may, at any time and from time to time time, with notice to the consent of the Administrative AgentAgent (which consent shall not be unreasonably withheld), designate as additional Dollar Issuing Banks or Multi-Currency Issuing Banks one or more Dollar Revolving Lenders or Multi-Currency Revolving Lenders, respectively, that agree to serve in such capacity as provided below. The acceptance by a Revolving Lender of an appointment as an Issuing Bank hereunder shall be evidenced by an agreement, which shall be in form and substance reasonably satisfactory to the Administrative Agent and the Borrower and shall specify the LC Commitment of such Issuing BankAgent, executed by the Borrower, the Administrative Agent and such designated Revolving Lender and, from and after the effective date of such agreement, (i) such Revolving Lender shall have all the rights and obligations of an a Dollar Issuing Bank or a Multi-Currency Issuing Bank, as applicable, under this Agreement and (ii) references herein to the term terms “Dollar Issuing Bank” or “Multi-Currency Issuing Bank”, as applicable, and “Issuing Bank” shall be deemed to include such Revolving Lender in its capacity as an issuer of the applicable Class of Letters of Credit hereunder. In addition, solely with respect to the Existing Letters of Credit set forth on Schedule 1.04, each issuing bank thereof may, to the extent it is not an Issuing Bank under this Agreement on the Effective Date, become an Issuing Bank hereunder with respect to the Existing Letters of Credit issued by it by executing and delivering to the Administrative Agent a duly executed counterpart to this Agreement, whereupon such issuing bank shall constitute an Issuing Bank for all purposes hereof with respect to such Existing Letters of Credit as if originally a party hereto in such capacity.

Appears in 2 contracts

Samples: Credit Agreement (Allegion PLC), Credit Agreement (Allegion PLC)

Designation of Additional Issuing Banks. The Borrower may, at any time and from time to time with notice to the Administrative Agent, designate as additional Issuing Banks one or more Revolving Lenders, that agree to serve in such capacity as provided below. The acceptance by a Revolving Lender of an appointment as an Issuing Bank hereunder shall be evidenced by an agreement, which shall be in form and substance reasonably satisfactory to the Administrative Agent and the Borrower and shall specify the LC Commitment of such Issuing Bank, executed by the Borrower, the Administrative Agent and such designated Revolving Lender and, from and after the effective date of such agreement, (i) such Revolving Lender shall have all the rights and obligations of an Issuing Bank under this Agreement and (ii) references herein to the term “Issuing Bank” shall be deemed to include such Revolving Lender in its capacity as an issuer of Letters of Credit hereunder. In addition, solely with respect to the Existing Letters of Credit set forth on Schedule 1.04, each issuing bank thereof may, to the extent it is not an Issuing Bank under this Agreement on the Effective Closing Date, become an Issuing Bank hereunder with respect to the Existing Letters of Credit issued by it by executing and delivering to the Administrative Agent a duly executed counterpart to this Agreement, whereupon such issuing bank shall constitute an Issuing Bank for all purposes hereof with respect to such Existing Letters of Credit as if originally a party hereto in such capacity.

Appears in 1 contract

Samples: Zimvie Credit Agreement (ZimVie Inc.)

Designation of Additional Issuing Banks. The Borrower may, at any time and from From time to time with time, the Borrower may by notice to the Administrative Agent, Agent and the Lenders designate one or more Lenders (with the consent of each such Lender) reasonably acceptable to the Administrative Agent as additional Issuing Banks one or more Revolving Lenders, that agree to serve in such capacity as provided belowBanks. The acceptance by a Revolving Lender of an any appointment as an Issuing Bank hereunder shall be evidenced by an agreementagreement (an “Issuing 42 Bank Agreement”), which shall be in a form and substance reasonably satisfactory to the Borrower and the Administrative Agent Agent, shall set forth the L/C Commitment and Issuing Bank Fees of such Lender and shall be executed by such Lender, the Borrower and shall specify the LC Commitment of such Issuing Bank, executed by the Borrower, the Administrative Agent and such designated Revolving Lender and, from and after the effective date of such agreement, (i) such Revolving Lender shall have all the rights and obligations of an Issuing Bank under this Agreement and the other Loan Documents and (ii) references herein and in the other Loan Documents to the term “Issuing Bank” shall be deemed to include such Revolving Lender in its capacity as an issuer Issuing Bank. Any Lender designated as an issuing bank pursuant to this paragraph (j) shall be deemed to be an “Issuing Bank” (in addition to being a Lender) in respect of Letters of Credit hereunder. In addition, solely with respect issued or to the Existing Letters of Credit set forth on Schedule 1.04, each issuing bank thereof may, to the extent it is not an Issuing Bank under this Agreement on the Effective Date, become an Issuing Bank hereunder with respect to the Existing Letters of Credit be issued by it by executing and delivering to the Administrative Agent a duly executed counterpart to this Agreementsuch Lender, whereupon such issuing bank shall constitute an Issuing Bank for all purposes hereof and, with respect to such Existing Letters of Credit as if originally a party hereto in Credit, such capacityterm shall thereafter apply to the other Issuing Bank and such Lender.

Appears in 1 contract

Samples: Credit Agreement (King Pharmaceuticals Inc)

Designation of Additional Issuing Banks. The Borrower may, at any time and from From time to time with time, the Borrower may by notice to the Administrative Agent, Agent and the Lenders designate one or more Lenders (with the consent of each such Lender) reasonably acceptable to the Administrative Agent as additional Issuing Banks one or more Revolving Lenders, that agree to serve in such capacity as provided belowBanks. The acceptance by a Revolving Lender of an any appointment as an Issuing Bank hereunder shall be evidenced by an agreementagreement (an “Issuing Bank Agreement”), which shall be in a form and substance reasonably satisfactory to the Borrower and the Administrative Agent Agent, shall set forth the L/C Commitment and Issuing Bank Fees of such Lender and shall be executed by such Lender, the Borrower and shall specify the LC Commitment of such Issuing Bank, executed by the Borrower, the Administrative Agent and such designated Revolving Lender and, from and after the effective date of such agreement, (i) such Revolving Lender shall have all the rights and obligations of an Issuing Bank under this Agreement and the other Loan Documents and (ii) references herein and in the other Loan Documents to the term “Issuing Bank” shall be deemed to include such Revolving Lender in its capacity as an issuer Issuing Bank. Any Lender designated as an issuing bank pursuant to this paragraph (j) shall be deemed to be an “Issuing Bank” (in addition to being a Lender) in respect of Letters of Credit hereunder. In addition, solely with respect issued or to the Existing Letters of Credit set forth on Schedule 1.04, each issuing bank thereof may, to the extent it is not an Issuing Bank under this Agreement on the Effective Date, become an Issuing Bank hereunder with respect to the Existing Letters of Credit be issued by it by executing and delivering to the Administrative Agent a duly executed counterpart to this Agreementsuch Lender, whereupon such issuing bank shall constitute an Issuing Bank for all purposes hereof and, with respect to such Existing Letters of Credit as if originally a party hereto in Credit, such capacityterm shall thereafter apply to the other Issuing Bank and such Lender.

Appears in 1 contract

Samples: Credit Agreement (Alpharma Inc)

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Designation of Additional Issuing Banks. The Borrower may, at any time and from From time to time with time, the Borrower may by notice to the Administrative Agent, Agent and the Lenders designate one or more Lenders reasonably acceptable to the Administrative Agent as additional Issuing Banks one or more Revolving Lenders, that agree to serve in such capacity as provided belowBanks. The acceptance by a Revolving Lender of an any appointment as an Issuing Bank hereunder shall be evidenced by an agreementagreement (an “Issuing Bank Agreement”), which shall be in a form and substance reasonably satisfactory to the Borrower and the Administrative Agent Agent, shall set forth the L/C Commitment and Issuing Bank Fees of such Lender and shall be executed by such Lender, the Borrower and shall specify the LC Commitment of such Issuing Bank, executed by the Borrower, the Administrative Agent and such designated Revolving Lender and, from and after the effective date of such agreement, (i) such Revolving Lender shall have all the rights and obligations of an Issuing Bank under this Agreement and the other Loan Documents and (ii) references herein and in the other Loan Documents to the term “Issuing Bank” shall be deemed to include such Revolving Lender in its capacity as an issuer Issuing Bank. Any Lender designated as an issuing bank pursuant to this paragraph (j) shall be deemed to be an “Issuing Bank” (in addition to being a Lender) in respect of Letters of Credit hereunder. In addition, solely with respect issued or to the Existing Letters of Credit set forth on Schedule 1.04, each issuing bank thereof may, to the extent it is not an Issuing Bank under this Agreement on the Effective Date, become an Issuing Bank hereunder with respect to the Existing Letters of Credit be issued by it by executing and delivering to the Administrative Agent a duly executed counterpart to this Agreementsuch Lender, whereupon such issuing bank shall constitute an Issuing Bank for all purposes hereof and, with respect to such Existing Letters of Credit as if originally a party hereto in Credit, such capacityterm shall thereafter apply to the other Issuing Bank and such Lender.

Appears in 1 contract

Samples: Credit Agreement (King Pharmaceuticals Inc)

Designation of Additional Issuing Banks. The From time to time, Borrower may, at any time and from time to time with by notice to the Administrative Agent, designate as additional Issuing Banks one or more Revolving Lenders, or such Lenders’ Affiliates, that agree to serve in such capacity as provided belowbelow and are acceptable to the Administrative Agent. The acceptance by a Revolving Lender or such Lender’s Affiliate of an any appointment as an a Issuing Bank hereunder shall be evidenced by an agreementagreement (an “Issuing Bank Agreement”), which shall be in a form and substance reasonably satisfactory to Borrower and the Administrative Agent Agent, and shall be executed by such Lender or such Lender’s Affiliate, Borrower, and the Borrower and shall specify the LC Commitment of such Issuing Bank, executed by the Borrower, the Administrative Agent and such designated Revolving Lender and, from Agent. From and after the effective date of such agreement, (i) such Revolving Lender or such Lender’s Affiliate shall have all the rights and obligations of an a Issuing Bank under this Agreement and the other Loan Documents and (ii) references herein and in the other Loan Documents to the term “Issuing Bank” shall be deemed to include such Revolving Lender or such Lender’s Affiliate in its capacity as an issuer a Issuing Bank. The Issuing Bank Agreement of any Issuing Bank may limit the total stated amounts and the currencies in which such Issuing Bank will issue Letters of Credit hereunder. In additionCredit, solely with respect and any such limitations will, as to the Existing Letters of Credit set forth on Schedule 1.04such Issuing Bank, each issuing bank thereof may, be deemed to the extent it is not an Issuing Bank under this Agreement on the Effective Date, become an Issuing Bank hereunder with respect to the Existing Letters of Credit issued by it by executing and delivering to the Administrative Agent a duly executed counterpart to be incorporated in this Agreement, whereupon such issuing bank shall constitute an Issuing Bank for all purposes hereof with respect to such Existing Letters of Credit as if originally a party hereto in such capacity.

Appears in 1 contract

Samples: Credit Agreement (Nabors Industries LTD)

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