Common use of New Letters of Credit Clause in Contracts

New Letters of Credit. So long as any Lender is a Defaulting Lender, the Issuing Lender shall not be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will either have no Fronting Exposure after giving effect thereto or that the related Fronting Exposure will be covered by Cash Collateral provided pursuant to Section 2.15 or Section 2.16(a)(ii), the reallocation described in Section 2.16(a)(iv), or a combination of the foregoing.

New Letters of Credit. So long as any Lender is a Defaulting Lender, the Issuing Lender shall not be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will either have no Fronting Exposure after giving effect thereto or that the related Fronting Exposure will be covered by Cash Collateral provided pursuant to Section 2.15 or Section 2.16(a)(ii), the reallocation described in Section 2.16(a)(iv), or a combination of the foregoing.

New Letters of Credit. So long as any Lender is a Defaulting Lender, the Issuing Lender shall not be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will either such Defaulting Lender’s L/C Obligations have no been fully reallocated among the Non-Defaulting Lenders in accordance with subsection 4.18(a)(iv) or Borrower shall have Cash Collateralized the Issuing Lender’s Fronting Exposure after giving effect thereto or that the related Fronting Exposure will be covered by Cash Collateral provided pursuant with respect to Section 2.15 or Section 2.16(a)(ii), the reallocation described in Section 2.16(a)(iv), or a combination any such Letter of the foregoingCredit.