Common use of Reallocation of LC Exposure Clause in Contracts

Reallocation of LC Exposure. Upon the effectiveness of the First Revolving Increase, each existing Revolving Lender immediately prior thereto will automatically and without further act be deemed to have assigned to the First Revolving Increase Lender, and the First Revolving Increase Lender will automatically and without further act be deemed to have assumed, a portion of such existing Revolving Lender’s participations under the Credit Agreement in outstanding Letters of Credit such that, after giving effect to the First Revolving Increase and each such deemed assignment and assumption of participations, each such existing Revolving Lender and the First Revolving Increase Lender holds a percentage of the aggregate outstanding participations in Letters of Credit in accordance with its Applicable Percentage.

Appears in 3 contracts

Samples: Credit Agreement (New Whale Inc.), Credit Agreement (Endeavor Group Holdings, Inc.), Credit Agreement (Endeavor Group Holdings, Inc.)

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Reallocation of LC Exposure. Upon the effectiveness of the First Second Revolving Increase, each existing Revolving Lender immediately prior thereto will automatically and without further act be deemed to have assigned to the First each Second Revolving Increase Lender, and the First each Second Revolving Increase Lender will automatically and without further act be deemed to have assumed, a portion of such existing Revolving Lender’s participations under the Credit Agreement in outstanding Letters of Credit such that, after giving effect to the First Second Revolving Increase and each such deemed assignment and assumption of participations, each such existing Revolving Lender and the First each Second Revolving Increase Lender holds a percentage of the aggregate outstanding participations in Letters of Credit in accordance with its Applicable Percentage.

Appears in 2 contracts

Samples: Credit Agreement (New Whale Inc.), Credit Agreement (Endeavor Group Holdings, Inc.)

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