|
|
 | | | |
- close
- close
- close
- close
| |||||||||
This excerpt taken from the CBL 8-K filed Sep 1, 2006. Revolving Advances. (a) The fourth sentence of the second full paragraph of Section 2.1(c), which did read:
“Agent is not obligated or required in any way to take any actions to detect errors in information provided by Borrower.”
is hereby deleted in its entirety, and the following is hereby inserted in lieu thereof:
“Agent will inform Borrower of any errors actually known by Agent in any information provided by Borrower, but is not obligated or required in any way to take any actions to detect errors in information provided by Borrower.”
“Agent will, in its sole discretion, determine the funds transfer system and the means by which each transfer will be made. Agent may delay or refuse to accept a funds transfer request if the transfer would: (i) violate the terms of this authorization; (ii) require use of a bank unacceptable to Agent or prohibited by Government Authority; (iii) cause Agent to violate any Federal Reserve or other regulatory risk control program or guideline, or (iii) otherwise cause Agent to violate any applicable law or regulation.” is hereby deleted in its entirety, and the following is hereby inserted in lieu thereof:
“Agent will, in its sole discretion, determine the funds transfer system and the means by which each transfer will be made. Agent may delay or refuse to accept a funds transfer request if the transfer would: (i) violate the terms of this authorization; (ii) require use of a bank unacceptable to Agent or prohibited by any Governmental Authority; (iii) cause Agent to violate any Federal Reserve or
5 1672300_7.DOC
other regulatory risk control program or guideline; or (iv) otherwise cause Agent to violate any Applicable Law.”
“In examining documents presented in connection with drawings under Letters of Credit and making payments under such Letters of Credit against such documents, the Agent shall only be required to use the same standard of care as it uses in connection with examining documents presented in connection with drawings under letters of credit in which it has not sold participations and making payments under such letters of credit.” is hereby deleted in its entirety.
“(iii) failure of the beneficiary of any Letter of Credit to comply fully with conditions required in order to draw upon such Letter of Credit;” is hereby deleted in its entirety, and the following is hereby inserted in lieu thereof: “(iii) failure of the beneficiary of any Letter of Credit to comply fully with conditions required in order to draw upon such Letter of Credit (provided however, the within limitation shall not affect Agent's liability for paying a drawing under any Letter of Credit when the beneficiary of such Letter of Credit has not substantially complied with the requirements imposed by such Letter of Credit for such drawing; provided further, Agent shall have no duty to verify the existence or reasonableness of any act or condition referenced in or in connection with, or any statement in or in connection with, any drawing or presentment under any Letter of Credit);”
“Swingline Lender will, in its sole discretion, determine the funds transfer system and the means by which each transfer will be made. Swingline Lender may delay or refuse to accept a funds transfer request if the transfer would: (i) violate the terms of this authorization; (ii) require use of a bank unacceptable to Swingline Lender or prohibited by Government Authority; (iii) cause Swingline Lender to violate any Federal Reserve or other regulatory risk control program or guideline, or (iii) otherwise cause Swingline Lender to violate any applicable law or regulation.” is hereby deleted in its entirety, and the following is hereby inserted in lieu thereof: “Swingline Lender will, in its sole discretion, determine the funds transfer system and the means by which each transfer will be made. Swingline Lender may delay or refuse to accept a funds transfer request if the transfer would: (i) violate the terms of this authorization; (ii) require use of a bank unacceptable to Swingline
6 1672300_7.DOC
Lender or prohibited by any Governmental Authority; (iii) cause Swingline Lender to violate any Federal Reserve or other regulatory risk control program or guideline; or (iv) otherwise cause Swingline Lender to violate any Applicable Law.”
(b) The phrase “Swingline Lender of the Swingline Lender” which appears at the end of clause (i) in the fourth full paragraph of Section 2.3(b) is hereby deleted, and the phrase “agent of the Swingline Lender” is hereby inserted in lieu thereof. 13. |
| |||||||
